Posted on January 7, 2011 by Jaime Hernandez
Can you believe that a coin graded PCGS Poor 1 will bring a higher premium than a coin that is graded PCGS MS63. It’s unbelievable.
(Image Courtesy of vamhead)
This 1897-S Morgan Dollar graded PCGS Poor 1 sold for $565 on November 2010. The same coin in Uncirculated PCGS MS63 grade sells for under $120. And there are many more PCGS Poor 1 examples in the market realizing even more.
Who would have ever thought that a coin that is almost completely worn and has the date and design just visible could be worth more than a coin in Uncircualted grades.
At PCGS, a coin assigned a grade of Poor 1 is a coin that has most of the design and date missing due to excessive wear from circulation. However, in most cases the coin has to be identifiable by its date, mint mark and type before PCGS assigns it a grade of Poor 1.
Not only do some coins in grades of Poor 1 command higher premiums than in most other grades. Numerous times collectors have sent in coins graded PCGS Fair 2 under a grade review, in hopes of getting their coin downgraded to a grade of Poor 1.
Perhaps coins in grades of Poor 1 are much more desirable because they circulated heavily, and therefore have much more historical significance. Or, it can be because this is the lowest grade possible and it’s really hard to find a coin in this one specific grade. Is it because it takes just a bit more wear before it becomes un-greadable. Or, is it because of the Set Registry and several collectors want to compete in Low Ball sets? Or it may be because collecting Low Ball coins is really fun.
Whatever the reason is, its fun to see Low Ball coins attract this much attention in the marketplace.
Filed Under: News