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NUMISMATIC
COMMENTARY
THE IMPORTANCE OF CONDITION AS RELATED TO EARLY AMERICAN COPPER COINS FALL 2011 BY
JOHN DIRNBAUER
Have you ever looked at a coin and your first impression, even before knowing the attribution, was something like “ugh,” “ WOW,” or “oh my?” This reaction was an interpretation and expression of your personal view of the condition of the coin. Eye-appeal is the first and, for many collectors, the most important point of analysis of a coin. Experienced collectors use eye-appeal as the first litmus test of the desirability of a coin being considered for purchase. If the coin doesn’t “speak to you,” I suggest that you pass it up and keep hunting. Aficionados of early American copper coins understand that the pursuit of these treasures is complicated and, really, that is why the quest holds collectors’ attention for long periods of time. Dr. William Sheldon in his opus, Penny Whimsy, tells us that many collectors who stay active in the hobby for a long period of time eventually find themselves attracted to the historical significance and challenges of the large copper cents. Now, let’s look back to Jack Robinson to capture the very essence of what is popularly called “EAC Grading” or “net grading.” The steps to truly determine the grade of a piece of early American copper coinage, be it a colonial coin, a half cent, or a large cent, are as follows: 1. Determine the condition of the coin as Choice, Average, or Scudzy –the focus of this paper. 2. Determine the sharpness grade of the coin –use ANA standards. 3. Determine the net grade of the coin—sharpness grade minus points for damage and indignities suffered. Use the net grade of the coin as the point of discussion to determine the value of the coin. To truly understand this process, one must develop a personal operational definition of net grading by looking at hundreds, if not thousands, of early American copper coins. You must look at the coins “in the metal.” Looking at images on websites or in auction catalogs does not serve the purpose. You must spend time intimately involved with the real thing. The key point in collecting these coins is the intrinsic satisfaction of in-the-hand connections to times long ago with an artifact that is often, in and of itself, a fine piece of art. It is also great fun. Let’s proceed to define Choice, Average, and Scudzy. These powerful words should bring to mind a picture that you must translate into your own operational definition to evaluate copper coins. CHOICE : The color of the coin should be an original and pleasing brown. The surfaces should be smooth. The rims should be clean and free of dings. Eye-appeal should be of a high level. The coin should have never been cleaned. There should be no significant marks or damage to the coin that are inconsistent with the sharpness grade. There could be marks on the surfaces of the coin but they must be few and insignificant because the net grade must equal the sharpness grade. This condition called CHOICE does not mean perfection, but it does mean as close to perfection within reasonable tolerances. One must realize that truly CHOICE coins are few and far between. AVERAGE: The color of the coin must be reasonably attractive. If any granularity or porosity is present, it should not detract from the overall eye-appeal of the coin. If any corrosion or verdigris is present, it should not be more than a small spot or two and it should not detract from the all-important eye-appeal. Cleaning and/or dirt in the devices should be expected to a small degree. Minor rim disturbances are within the scope of AVERAGE coins. If point deductions are appropriate, it is up to the parties involved in the discussion to agree on the value of a point. AVERAGE coins are generally considered to be the norm within our standards of evaluation. Let’s step to the side for a moment to look at the meaning of Average + and Average -. AVERAGE +: This characterization defines a coin that falls short of being Choice but is clearly better than a plain old Average coin. This category becomes one of interpretation of minor spots, tiny field marks, minor mint-made flaws, and similar infirmities. AVERAGE-: There are many pieces around that are simply not Scudzy but are really difficult to call full Average. This category also becomes one of interpretation and there is no substitute for good judgement when coming to conclusions about the desirability of a coin. SCUDZY: This is a term invented by Jack Robinson and exclusive to the evaluation of an early American copper coin. A coin that is VF30 in sharpness but so porous, for example, that it must be called net F12 or net VG10 or even net G6 is an example of a Scudzy copper piece. Another way to look at this is if your first reaction to the coin is “boy, that certainly is one ugly piece of metal,” then you understand the concept of Scudzy. This area of condition, while subject to discussion between potential buyer and seller, is not as hotly contested as a similar situation between Choice and Average. It is assumed, by the way, that no coin with a net grade of VF30 or better could be called Scudzy. Scudzy does not imply that a coin is not collectable, but such a coin is clearly less desirable than one in higher condition. The above information is not as complicated as it may at first seem. Your personal operational definition of these concepts will develop as you read, study, think about, and look at real-life examples of colonial coins, half cents, and large cents. Please check out the coins and related pieces of numismatic literature that I have for sale on this website. Each coin is rated C, A+, A, A-. I do not deal in Scudzy coins unless R5 or higher on the Rarity Scale. John Dirnbauer Rare Coins, LLC takes great pride in offering coins that most collectors would be pleased to have in their collections. Check back in January, 2012 for the next installment of Numismatic Commentary. Please feel free to suggest topics for this blog. Send ideas by email to me at john@johndirnbauercoins.com. www.johndirnbauercoins.com |
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coins kept on premises.