Collector Spotlight: Tom Koessl

COLLECTOR SPOTLIGHT

Tom Koessl

This 1911 Matte Proof Saint-Gaudens Double Eagle is among the highlights of the magnificent collection owned by Tom Koessl. Courtesy of PCGS TrueView.

Tom Koessl grew up in a small Wisconsin town and began his collecting ventures the way many children of his day did. He had a paper route. “Collection was done once a month, which resulted in my receiving a lot of coinage from my customers,” he said. “Being from a rather poor but very loving family, I did not have the necessary funds to purchase any of the rarer dates, so everything in the various albums was acquired at face value.”

Koessl moved on from collecting coins by the time he entered college. After serving four years in the military, he later became a dealer and collector of firearms. “One client specialized in collecting Morgan Dollars from single pieces to many original rolls. His comments, plus the Norweb sales of the mid-1980s rekindled my passion in coins.” Koessl was drawn by the beauty of a 1908 Indian Eagle that he saw in New York City on a preview of the Norweb auction. “However, at that time the deep-cameo Liberty gold also caught my eye and led me to purchase several of the $20 Liberties from the Norweb sale.”

Building close numismatic relationships with several notable gold specialists of the day, Koessl was eventually invited for a private viewing of the entire matte proof gold holdings at the Smithsonian. “It reinforced in me the nuances of each year and the desire to build a truly original set.”

He initially concentrated on the satin proofs of 1909 and 1910, but he was particularly enamored by what he called the “subtle beauty” of the eagles and double eagles. “After acquiring the four [gold] denominations of each of those years, I made the commitment of trying to put together a complete 32-piece set, one coin at a time, with originality and quality being of utmost importance.” He added, “I didn’t realize how long it would take, nor was it initially my intent to build the finest set.”

Yet, build the finest set he did.

He cobbled together his impressive matte-proof gold collection one coin at a time, attending coin shows and auctions of every size and manner around the country for years to accomplish the feat. “The most challenging aspect of building the set was trying to locate original specimens as time went by,” Koessl said, noting the challenges of finding coins that had not been doctored to alter the resilience of their appearance. “The final coin, a 1912 Indian Half Eagle graded PCGS PR67, was acquired in January 2018 from the owner of the High Desert type PCGS Registry Set, who was very gracious in trading it to me to complete the set.”

When the time came to sell his sets, Koessl became a PCGS Set Registry member himself at the encouragement of those who knew the quality and eye appeal of his matte-proof collection. His sets easily achieved “Finest” status for each of their respective PCGS Set Registry categories. Many of the hobby’s luminaries took notice. “Being very private, I never wanted the notoriety.”

Ian Russell of GreatCollections encouraged Koessl to display his unique matte-proof gold set at an American Numismatic Association World’s Fair of Money. “It brought a tremendous response from all the dealers I had worked with, as well as dealers and collectors who attended the show.” It was the crescendo of a four-decade journey that took a new path when Russell rehomed the Koessl Collection of Matte Proof Gold with a collector who kept the coins together. The new owner is now working with Russell to compile a highquality book that profiles the set and the 32 incredible rarities it contains, with extensive commentary on each piece from Koessl. “It was important for me to sell the collection intact to a new steward who will cherish the set as much as I have over the years.”

GRADING STANDARDS

A Guide to PCGS Grades & Designations

There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade.

For a description of all the grades and designations used in the PCGS Market Report, refer to the PCGS Grading Standards listed in this issue. Space does not permit us to show a comprehensive photographic grading guide here, but those interested in a detailed look at virtually all U.S. coins in all grades are referred to PCGS’s Photograde section, found at

www.PCGS.com/photograde.

PCGS COIN GRADING STANDARDS

Regular Strikes

For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which affect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal. A PCGS MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal. A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal. A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal. A PCGS MS66 will have a few marks and/or abrasions. The strike, luster, and eye appeal must be good. A PCGS MS65 will have some marks and/or abrasions, but they will be minor. The strike must be above average, and luster and eye appeal must be good. A PCGS MS64 will have some marks and/or abrasions, and they may be significant. The strike and eye appeal should be average or above and must not be negative. Luster may be somewhat subdued. A PCGS MS63 will have marks and abrasions that are moderate in number and/or size. Strike may not be full and eye appeal can be slightly negative. Luster may be somewhat dull. A PCGS MS62 will have no wear on high points. There may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull. A PCGS MS61 will have no wear on the high points. There may be multiple heavy marks and abrasions. Strike may not be full, luster may be dull, and/or eye appeal may be negative. A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative. A PCGS AU58 will show full detail with minor friction on only the highest points. A PCGS AU55 will show full detail with friction on less than 1/2 of the surface, mainly on the high points. A PCGS AU53 will show full detail with friction on 1/2 or more of the surface. There may be a very slight flatness on high points. A PCGS AU50 will show full detail with friction over most of the surface and slight flatness on high points. XF45 Detail is complete with most high points slightly flat. XF40 Detail is complete with some high points flat. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.

Components of Mint State Grading

Strike

The completeness/incompleteness of a coin’s intended detail when originally struck.

Luster

The strength and pattern of light reflected off a coin.

Surface Preservation

The condition of the surface of a coin, notably marks and/or scratches.

Eye Appeal

The element that “grabs” the viewer. The overall look of a coin. Often manifested as “toning.”

VF25 Detail is 60 to 70% complete. VF20 Detail is 50 to 60% complete. F15 Detail is full in recessed areas. All lettering is sharp. F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp. VG10 Design is worn with some detail evident. VG08 Design is worn with only slight detail evident. G06 Detail is flat, but rims are complete. Peripheral lettering is full. G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full. AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible. PO01 Barely identifiable as to date and type.

Proofs

For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of), reflectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning. A PCGS PR70 shows no imperfections under five-power magnification. Brilliant proofs must be 100% fully reflective. A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective. A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully reflective or virtually so. A PCGS PR66 will have a few hairlines and/or very minor marks. Eye appeal must be very good. Brilliant proofs must be fully reflective or nearly so. A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good reflectivity. A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity. A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull. A PCGS PR62 will have numerous hairlines and/or marks. Eye appeal may be quite negative. Brilliant proofs may be dull. A PCGS PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective. A PCGS PR60 will have no wear on the high points, but will be very hairlined and/or marked. Eye appeal is negative.

Brilliant proofs may not be reflective. Proofs below PR60 for proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes.

In addition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.

PCGS COIN DESIGNATIONS

Color for Copper Coins (MS60 or better)

Brown (BN) PCGS designates Brown for copper coins that have less than 5% of their original mint-red color. Red Brown (RB) PCGS designates Red and Brown for copper coins that grade MS60 or better and show between 5% and 95% of their original mint-red color. Red (RD) PCGS designates Red for copper coins that grade MS60 or better and show 95% or more of their original mint-red color.

Full Steps for Jefferson Nickels

Full Steps (FS) PCGS designates Full Steps for Jefferson Nickels that grade MS60 or better and show a full five or six steps in the portrait of Monticello (Thomas Jefferson’s home) on the reverse. To qualify for this designation, a coin must also have nomajor disturbances, including cuts and marks, to the separation of the steps. Full Bands for Mercury Dimes

Full Bands (FB) PCGS designates Full Bands for Mercury Dimes that grade MS60 or better and show full separation of the central crossbands on the crossbands on the reverse. To qualify for this designation, a coin must also have no major disturbances, including cuts and marks, of the separation of the crossbands. Full Bands for Roosevelt Dimes

Full Bands (FB) PCGS designates Full Bands for Roosevelt Dimes that grade MS60 or better and show full separation of the upper and lower horizontal bands of the torch on the reverse. To qualify for this designation, a coin must also show no significant cuts or marks across the horizontal bands. Full Head for Standing Liberty Quarters

Full Head (FH) PCGS designates Full Head for Standing Liberty Quarters that grade AU50 or better and show full detail of Miss Liberty’s hair (on Type Ones) or helmet (on Type Twos); Type Ones (1916-1917) must show a distinct separation between the hair cords and the cap. Type Twos (1917-1930) must show three complete and distinct leaves to the helmet, a complete outline to the bottom of the helmet, and a distinct ear hole. Note that on the ultra-rare 1918/7-S, PCGS will designate Full Head on coins that grade XF40 or better and that meet the Full Head criteria. Full Bell Lines for Franklin Half Dollars

Full Bell Lines (FBL) PCGS designates Full Bell Lines for Franklin Half Dollars that grade MS60 or better and show full separation of the lines on the bottom of the Liberty Bell on the reverse. To qualify for this designation, a coin must also show no major disturbances, including cuts and marks, of the separation of the bell lines. Prooflike Surfaces

Prooflike (PL) PCGS designates Prooflike for coins that grade MS60 or better and show clear reflectivity, i.e. mirrored surfaces at a distance of two to four inches. If the cartwheel effect or striations cause an area to lose clarity, the designation will not apply.

Prooflike Surfaces

Deep Mirror Prooflike (DMPL) PCGS designates Deep Mirror Prooflike for Morgan Dollars that grade MS60 or better and show deep reflectivity, i.e. deeply mirrored surfaces. The differences between PL and DMPL is one of degree.

No Grade Coins PCGS does not grade coins that are counterfeit, have been artificially toned, have had their surfaces altered, have been environmentally damaged, have been abrasively cleaned, have extremely large scratches, or have been repaired. Some allowances are made for ultra-rarities, Colonials, and Territorial gold coins, in which there are some instances when “net grading” is used by PCGS as a service to the numismatic community. PCGS Holder

No Grade coins are returned to the submitter with encapsulation.

Code Reason

82 Filed Rims 91 Questionable Color 92 Cleaning 93 Planchet Flaw 94 Altered Surfaces 95 Scratches 97 Environmental Damage 98 Damage No PCGS Holder

No Grade coins are returned to the submitter without encapsulation.

Code Reason

83 Peeling Lamination 86 Authenticity Unverifiable 90 Counterfeit 96 No Service 99 PVC Residue

Would you like further information about the PCGS Grading Standards, Designations, and No Grade Standards? View high-resolution images and in-depth videos for each at www.PCGS.com/grades. For PCGS Banknote grading standards visit www.PCGS.com/banknote/grades. Cameo Proofs

Cameo (CAM) PCGS designates Cameo for brilliant proofs that show light to moderate frosting of the devices. Both sides of a coin must have frosted devices to earn the Cameo designation. Deep Cameo (DCAM) PCGS designates Deep Cameo for brilliant proofs that display deep, even frosting on the devices of both sides of the coin.

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