How Do You Rate This One?

This isn't a 100 on any planet. Even if it didn't have short perfs, the stain/inclusion, and regumming ("other than that, Mrs. Lincoln, how did you enjoy the show?"), it still isn't a 100. The centering isn't even left to right.

This is the sort of result that gets conspiracy theorists humming. On the coin collecting side, there have long been claims that grades can be affected by (1) payola, and (2) favoratism given to high-profile collections or high-volume submittors.

This one stamp is exhibit one for how idiotic professional stamp grading is.

Good grief.

A look at the marketplace on their website so stamps graded 80-90 with rounded corners and missing perfs. Apparently these are not part of the grading process. Strangely there are a number of stamps for sale as well that have not been graded by PSE.

I was browsing through Washington/Franklins on their Marketplace, and came across this one: http://www.collectorscorner.com/Pro...?id=15894519
Grade 98? Seriously? Looks more like a 90 IMO.

Regarding the 98 stamp - There is a pulled perf on the top, right. Some perfs are flat in the middle rather than rounded. That is a strange stamp.

Strange stamp indeed. It looks like a perforation training exercise

Actually they treat the gum separately. There can be a 100 NH, a 100 hinged, and a 100 no gum (no gum is how regummed is treated). Its the other problems they are supposed to take into account for a grade that makes this stamp not a 100.

Just a quick update on the OP stamp. It came up for auction today, opening at $500, and I am sure it will come as a surprise to no one that it did not sell.

How the mighty are fallen!

No surprise....

The OP stamp hammered for the opening price of $500. Not sure where you got your information that it did not sell; it is showing as sold for $500 hammer at SAN and $590 (hammer plus 18% buyer's fee) at Kelleher.

You could be right, Rhett.

Perhaps I misinterpreted what the auctioneer had said, but I was a participant in the sale and got my "information" from the floor. He called attention to the inclusion and the lack of gum, but defended the 100J rating and touted the stamp. But the floor was not buying it, so he opened it at the published start bid but got no bids from the floor. However, I do not recall whether he said "I have 500..." or "Lot xxx is opening at 500..." But after today's action closes I will check to see if it in fact sold. [Sometimes unsolds get listed at the start level anyway.] Usually SAN lists unsolds as "CLOSED" but gave the start level for this one, so you may be correct that it sold to a book bidder.

Also, sometimes the auctioneer will reopen a previous unsold lot for bidding at a later time in the auction, if there is an indicated interest from a bidder (floor or other). That could be the explanation as well.

I stayed with the sale into the Columbians, and the lot was not reopened during that time. It is dubious, but in special circumstances barely possible, that they would have reopened such a lot much later than that. Nonetheless, if it would otherwise be unsold without action they might do it for an assured sale.

However, if it sold to the book at open, I am always suspicious that it merely sold back to the consigner at his reserve or below. That trick is used to get a sales track record for material of uncertain market value. It doesn't really sell, but the stats give it an ersatz pricing index. So when I call and ask them about it, I intend to put that option to rest if possible. Since I am a successful bidder in this sale, and a regular bidder with them, they may give me the straight story. We shall see.

Yes, agreed that they usually do not reopen unsold lots at a time that much further into the auction. So my possible explanation is not likely; it will be interesting to hear what they tell you when you call them.

The realized prices for this auction were just posted - they are showing a realized price of $590 for this lot which presumably includes their buyer's premium.

Boy, you guys are particular. I'd love to have it, but not at that price.

Question: What or who is PSE? I tried to look it up but all I got was Philipine Stock Exchange, an electric conglomerate out west, and a company that makes bows. I suppose they make arrows too.

Don