Automated Coin Grader Richard Bassett – April 3, 2002 Asst. Professor Information Systems Western CT State University
Goal of Project • Develop a system that will be used to grade, appraise and authenticate valuable collectibles items such as rare coins providing consistent and repeatable results.
Rationale • Rare coins are presently graded by human hand eye inspection that often produces varied, inconsistent and sometimes dubious results. • A difference of a single grade can often mean thousands of dollars in the value of the asset. • Judgment is suspect with subjectivity and great financial incentives entrenched in the process.
Diversity in Denominations creates tremendous challenges 1 Cent 5 Cent 10 Cent 25 Cent 50 Cent 1 Dollar Large Cent 1793 1857 Liberty 1883 – 1913 Barber 1892 – 1916 Barber 1982 – 1916 Walking Liberty 1916 1947 Eisenhower 1971 – 1978 Flying Eagle 1856 – 1858 Buffalo 1913 – 1938 Winged Mercury 1916 – 1945 Liberty 1916 – 1932 Franklin 1948 1963 SB Anthony 1979 – 1999 Lincoln Cent 1909 – Present Jefferson 1938 – Present Kennedy 1964 – Present Sacagawea 2000 – Present Roosevel Washingt t on 1946 1932 Present
What about my pocket change? • Modern business strike coins intended for circulation worth little more than face value as they are made in very large quantities.
Raw Coins • Loose coins • Can be circulating currency, like the change in your pocket. • Can be uncirculated currency, like rolls of coins, that are pulled / hoarded before reaching the public.
Slabbed Coins • Raw coins that are graded by for profit companies. • Coins are sealed in holders to protect them & prevent tampering. • A method of trading ‘sight unseen’ • Still a subjective process • Large inconsistencies between grading companies
What is a rare coin? • Factors that often determine the rarity of a coin, and hence the value, include: # struck, estimated surviving population, varieties market size and sometimes age.
Example of Rarities 1909 Lincoln Cent • Although almost 100 years old, the 1909 is not a rarity itself as 72. 7 million were struck. • But the 1909 -S (1. 8 million) and 1909 -S VDB (. 5 million) are rarities, especially the latter.
Example of Rarities 1909 -S VDB Cent Values • • • Good - $430 Fine - $590 Extra Fine - $700 MS-60 - $875 MS-63 - $975 MS-65 - $1250 Source: PCGS – Collectors Universe Apr. 2002
Example of Modern Rarity 1995 -W Silver Eagle • Only 30, 000 exist • Struck at West Point • This coin was free as part of Commemorative set in 1995 • Has a current value of $2, 000 - $4, 500 • It is the corner stone in completing a collection, thus creating a strong demand
Example of Rarities 1856 Flying Eagle Cent Values Less than 2500 of these pattern coins were minted • • • Good - $4, 550 Fine - $5, 600 Extra Fine - $6, 500 MS-60 - $8, 975 MS-63 - $14, 500 MS-65 - $19, 000 Source: PCGS – Collectors Universe Apr. 2002
Automated Coin Grader Wrap Up
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