Expert: Dmitry Livshits - 12/5/2009

Question
Hi Dmitry!

I began collecting in the early 1970's at age 8.  My focus is nickels, although my interest in Indian Heads is lower than Shield, Liberty Head, and Jefferson (well at least until they changed the bust to an eerie profile, which I strongly dislike.  Having said that, I can spend several minutes examining a particular coin.  

My question mainly pertains to the Liberty Head, but the overall observation I have continues to perplex me.  How is it that just because the 'I' is weak, the coin grades lower, even if the remainer of the detail is very crisp (i.e. strong strike), while bold "LIBERTY", even with low overall detail (i. e. weak strike) commands a higher grade?

Additionally, who made/makes these determinations and why aren't these old standards subject to review or modification?

Further, the 'Full Steps' Jeffersons command insanely higher values (when professionally graded), even when it is clear that many BU Jeffersons suffer only from microscopic die filling (although I am fully aware that many are also a result of bag scratches), even when the FS Jefferson (or the bold-I Liberty Head) has less 'eye appeal' than the supposedly 'lesser' coin.

Regarding the Jeffersons, I'm not talking about the BU's that are fraught with die-filling, but a nice, crisp strike, which has no bag scratches on the steps, or what is supposed to be the steps...sometimes the steps are practically complete but not quite, and the weakness is always worse on the left side of the main set of steps, but I have 'full step' Jeffersons and bold 'Liberty' Liberty Heads that are not nearly as nice as some of the 'weaker' (and of particular irritation, lower valued) coins.

Doesn't issues like these bring the subjectivity of grading into serious question?

Your insight into this matter is greatly appreciated!

Answer
Hi Vince,
The inconsistency you mention is absolutely due to subjective grading. This is true for some types of foreign coins also, which are known to have weakly struck features. People who pay top dollar really want a perfect coin, not just one without wear. And the fact is that relatively few coins within such a series will be perfect. World coin books often have notes stating that for a certain type to grade as UNC specific features must be fully struck.
I believe the plight of counter-stamped and over-struck coins is relative here. Although a coin that has been stamped or struck over another can technically be uncirculated, the highest possible "official" grade for a coin like this is EF.
The responsible parties for propagating and keeping these policies would be a combination of the grading companies and the capitalistic markets.
Some collector probably looked at two examples of the same coin and realized that while both are not circulated, one is sharper overall... and chose to spend a premium on that.
You may have also noticed that nice luster and toning can affect the grade as well, despite having nothing to do with the details. We would like to think that grading should be objective, from an almost philosophical perspective. However, my own experience selling coins on eBay tells me that this is far from the truth.
Thanks for the question! =)