1989 Mint State 70 $50 Gold Eagle at $22,550
- Published: Sep 8, 2014, 12 PM
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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