Owner Comments:
Before one can ever hope to successfully collect a series, one must learn to properly grade the coins. Grading is a difficult and complex subject to learn, and takes years of practice to properly appreciate all its subtleties. A collector must look at numerous coins of all grades and, just like with toning, only through experience can a good judgment be made.
Different collectors place their priority on different aspects of grading, but there are four main things you need to be concerned with: strike, luster, marks, and eye appeal. Some numismatists claim luster is the most important. Some graders completely ignore strike. I prefer a more holistic approach; as you can see, grading can be a very philosophical endeavor. When I look at a coin, I usually have some idea of what grade it should be within the first few seconds. These first impressions tend to be a good starting place, but close examination will reveal things that you might have missed the first time.
Some collectors are not sure strike is very important to grading a coin, but I tend to think it is. A piece with a soft strike should never grade higher than 65. Of course, this does not mean that all 66s should be FBL – FBL is reserved only for the very best strikes. But if there is more than average weakness, a coin should be downgraded to 64 or lower.
An MS-65 must also have good luster. Allowances must be made for the peculiarities of the particular issue in question – a 1950P is almost always going to have exceptional luster, whereas a 1952D is usually going to have frosty luster.
Marks are very important, but should be just one facet in the process. They are the easiest to see, and thus many people focus on marks when grading. The Franklin half has a simple and open design, with numerous large open spaces which tend to show marks easily. The prime focal points are on Franklin’s cheek and jaw, the field in front of his face, and the bell. Large hits in any of these areas should knock a coin out of 65. Secondary focal areas are the bottom of the bust, Franklin’s head, the top of the bell and frame, and the eagle. Too many hits or ticks in these areas will keep a coin at 64.
Finally, all these characteristics must be weighed with the eye appeal of the coin. An otherwise 66 coin that also has ugly, dark unappealing toning probably should not grade 66. On the other hand, a coin that has decent luster and marks, but has vivid and eye appealing toning will probably get bumped up to a 65. This aspect of grading is highly controversial, but often happens with the TPGs. My 1957D is a good example of this – there are more marks than normally allowed on a 65, including one on Franklin’s cheek. And yet, because it is attractively toned, the piece was graded at 65. I will let you make your own decision on whether or not this is right, but that is how it goes.
The 1954 seems to be a pretty good date. Its one of the better P mint issues; it’s also one of the easiest to find a nice example of. Luster tends be above average, and bagmarks seem to be below average. The strike is generally pretty good, but by this time the master had worn significantly. Full Bell Lines are hard to find, but no more than many other P mint issues. Lines on the 1954 generally tend to be a bit mushy. Color, like many Franklins, is usually of the mint set variety.
Overall, my MS-65 FBL example is a standard 1954 in just about every way. The luster shines, bagmarks are few, there is a bit of brown mint set toning, but the strike is above average. The bell lines are strong, and Pass & Stow is well defined. I got this gem on Teletrade for $75 in October, 2008. This was my first coin that I ever got from Teletrade.
Notable events in 1954:
The first nuclear powered submarine, the USS Nautilus, is launched.
RCA manufactures the first color TV set.
The Boeing 707 is released.
The words “under God” are added to the Pledge of Allegiance.
The last episode of “The Lone Ranger” airs on the radio.
The Senate votes to censure Senator McCarthy, due in large part to his hearings on the Army. This effectively ended McCarthyism.