Mint State 70 1989 American Eagle 1-ounce gold $50 bullion coin brings $22,550

Numismatic Guaranty Corp. graded coin sells at GreatCollections.com auction
By , Coin World
Published : 09/08/14
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A 1989 American Eagle 1-ounce gold $50 bullion coin graded Mint State 70 by Numismatic Guaranty Corp. sold for $22,550 at a Sept. 7, 2014, GreatCollections.com auction

The coin is one of just eight similarly graded by NGC and the auction firm noted that it was the first NGC MS-70 example of the date to appear at auction. Nine bidders competed for the piece, which opened on Aug. 20 with a bid of $1. NGC defines a Mint State or Proof 70 coin as having no post-production imperfections at 5x magnification.

This issue is usually encountered in MS-69 condition and GreatCollections.com sold an example graded NGC MS-69 for $1,331 at a June 1 auction (for reference gold was hovering around the $1,250 an ounce level at that time as was on Sept. 7). 

Professional Coin Grading Service has graded nine examples of this date MS-70.

Typically, for a coin to achieve a substantial premium for a "perfect" MS-70 grade, it needs to be certified by a major third-party grading service. 

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