Friday, March 24, 2017

Binion Collection – Appearance & Grading

Binion Collection – Appearance & Grading

I have covered this topic in a previous blog a few years ago but thought it may be of value to repeat it for the new Binion collectors entering the hunt.

Appearance & Grading 

Eye appearance:  Compared to other hoards, collections and general population coins, Binion silver dollars do not have great (or in many cases even good) eye appeal. This is largely due to the storage and handling the coins received while under Binion ownership and the storage as evidence by the State of Nevada.  In both cases, the coins were commodities (evidence) and not collectibles.  They received rough handling in loading, unloading, transfer and storage activities.  The coins were transferred in work trucks, tossed about like lumps of coal and work equipment was used to load and unload the coins.

Grading:  The NGC labeled Binion coins fall into 3 grading categories.  Coins in the first category were authenticated as being from the hoard and graded.  Graded coins have a “hard” grade like MS63 or AU55. They have a specific and defined grade.  Coins in the second category were authenticated and received “soft” grades.  Examples of soft grades are “Uncirculated” or “Brilliant Uncirculated”.  No numeric grade is assigned. Coins in this group are less desirable than “hard” graded coins.  And coins in the third category were authenticated as from the Binion hoard, but did not receive any grade.  Many difficult to find dated coins fall into this category.  While they are the least desirable to the refined collector, in many cases the rarity of the date/mintmark still creates a market premium for the coin.