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Distrust deep mirrors in lesser holders

For
example, an 1888-S coin with a mintage of only 657,000 is a semi-key in the
series, with DMPLs going for about $1,000 in Mint State 63. An 1888 Proof coin
graded PR-63 with a mintage of a mere 800 (and estimated survival rates of
about 235 in all grades) goes for about $3,000, with cameo counterparts selling
for thousands more.
In
the past I have written about how to tell deep mirror from
polished Morgans. A true DMPL coin is likely to have bag marks because they
occur easily against the glasslike surface, whereas no such marks are evident on
a polished coin. Also, DMPLs should have mirrors that reflect 6 inches or more
on both sides of the coin.
Look at the
1888-S in the photo above in the National Numismatic Certification holder. It
seems devoid of any mirrorlike effect, although the reverse of the coin might pass for prooflike, reflecting about two inches.
Compare it to the Heritage coin in the PCGS holder. You can see the mirror in
the latter but not in the NNC holder.
Admittedly, it
is difficult to tell deep mirror coins in online auctions. But this particular
Proxibid auctioneer, Weaver Signature Coin and Currency Auction, takes sharp
photos that rank among the best on the portal. So I can judge the NNC coin
lacks the required mirror qualities of a true DMPL.
Again we
encounter the argument that grading is subjective. What passes for DMPL at one
holdering company might fall short at another. That’s fine. However, if you
choose to bid on a coin in a lesser-known holder, you should not value the coin
at prices listed for PCGS, NGC, ANACS and ICG, generally considered to be the
best grading companies.
PCGS- and NGC-graded
coins often sell sight unseen because of the grading consistency and standards
of those companies.
Bidding online
is a risky venture, especially when consignors list raw coins as DMPL. If you
are viewing inferior photos or have not dealt with the seller before, my advice
is to go with major auction houses and bid in online auctions hosted by Heritage, Stacks
Bowers, Legend, Goldberg and GreatCollections.