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Let's test our grading skills on this submission to PCGS
Grades are in, and for once they are well above expectations:
Keith' s 1983 DDR: PCGS MS62BN
My 1983 DDR: PCGS MS64RD
Not bad for a couple of cents plucked from circulation!
There it is!!! Doubts about the grading service????? So would you guys pay the price for a coin slabbed by PCGS even if you didn't agree with their decision? I am very much a rookie at this game but my understanding so far is that you can substantially increase the value of a coin by having it graded and slabbed. And I,like you BadThad, am astonished at the outcome of that coin, I was hoping for AU at best. I just don't know what to think. Help me understand guys!!!!
There it is!!! Doubts about the grading service????? So would you guys pay the price for a coin slabbed by PCGS even if you didn't agree with their decision?
I don't think they were very much off on the 64. We were looking at a huge pic, I thought it was probably red and I dinged it a bit for the tiny spots but the graders liked it a little better. I wouldn't say they were out of the ballpark on it but I did expect 62-63.
The other one might technically be a decent grade but it does not have great eye appeal. I think it was an AU at best because it looks like it has a lot of rub. I'm not agreeing with the grade, I was thinking more like 45-AU50.
One thing to remember is that grades from something around AU55-MS62 are really tough to judge. Based on that I'd explain their grade by saying it managed to get from what I thought of as 45-50 into the next group which is like 55-62. That group is very hard to judge. Sometimes the AUs can be nicer than the low grade uncs because the AUs might have even toning but the low grade uncs might have almost no wear but something brought them down like dings or ugly stains but they still made an unc grade.
In the case of that coin I think it's more marketable in the holder than raw but still value it around the AU price. In reality the AU-MS62 price might be very similar regardless of the price guides, often a nice AU58 looks better and costs more than a low unc grade. Then there's a good jump to the 63-64 grades depending on how appealing they are and a big jump once they reach 65RB or RD. (maybe someone can post the values for it from the PCGS price guide)
Back to your question of "would you pay the price"... I would value it about as an AU even in the 62 holder. It might be a harder sell than a nice even looking AU55-58 and might sell for about the same. Might be harder to sell, some collectors prefer a more appealing AU to a less appealing unc.
That good news for you both. I had MS62 maybe 3 RD and only EF40 on the other. Was I wrong on that. But not seeing in person can attribute to that. Congratulations still.
I think we all have to keep in mind differences in market grading and technical grading, which are not at all the same, but what comes often into play with TPGs. Prices realized are also not set in stone and should be used as loose guidelines at the very best. Slabs to me only get me some one else opinion that I can use in my decision making about purchasing or not. Again, buy the coin and not the slab. I'm still struggling with market grading and slightly under graded both coins from a strict technical aspect. I've talked to a lot of graders the past few months on the aspects of these 2 systems and there are strong opinions on all sides.
Perhaps we need a new thread to clarify what the differences are and how the TPGs apply them.
Good conversation! I appreciate all the input. I like Peter's idea of a new thread to learn more about grading. Right now all I know is I have a little "Ugly Duckling" in a slab. I will probably throw it in the safe til a rainly day and then pull it out and look at it again then put it back and let the grandkids worry about it!.................... Although, everything does have a price!
Nothing "ugly" about your coin, Keith, and I hope you don't feel like that. It was a great find, and it is now graded by the premier TPG service in the industry. I think their pictures depict the coin very well, a solid eye appealing cent with very minor wear caused by 30 years of being in the wild.
For what it's worth, and having been the only person other than PCGS to have seen both coins in hand, I had them graded at AU55 and MS63RD, respectively. We all have to take note that that when small coins are enlarged by digital photography we see all of their nicks, marks, and spots in grand form. This often leads to over grading as a typical loupe between 3x-5x is recommended.
Yes, there is some wear on the high points of the memorial on Keith's example. I'll say the pockets of mint red on a memorial with some luster showing sometimes give a Lincoln a bump up to low mint state status. I believe that is what happened here. Technical grade is certainly not below AU, and the graders liked the color/luster and gave it the nod at MS62BN.
As for my example, I see a MS63RD coin in hand. It is certainly uncirculated. In hand, there is no sign of wear, and it's dripping in luster with no sign of mellowing of it's original red preservation. The reverse is probably 65. The obverse concerned me for two reasons : spot #1 to the east field of Lincoln's face, and spot #2, the discoloration right on a prime focal point, Lincoln's nose. Sometimes a TPG will take an otherwise high mint state coin and call it MS62 for spotting/distractions. Again, photography can accentuate blemishes on the coin, and I don't feel in hand that these two issues stand out all that much. PCGS didn't either, and they rewarded it with a 64. I'll take it.
I'd like to do this again sometime. I think it was a lot of fun, and it leads to a better understanding of grading as well as the mindset of the professional graders.
Congratulations again, Keith for a really special find.
Thanks Dennis, the "Ugly" part was just my affectionate term for my biggest find ever. I am very proud of this coin and I am very appreciative of your offer to send it in and have graded. When you feel the urge to do this again, I would encourage anyone who has something they would like to have graded to be a part of this. A lot of fun to guess the grade and see how we do. I learned a lot from this and am anxious to do it again, just have to find another "Biggie"!
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Be verwy verwy quiet... I'm hunting coins!!! 
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