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 and 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 Liberty 1883 – 1913 Barber 1892 – 1916 Barber 1982 – 1916 Walking Liberty Eisenhower 1971 – 1978 Flying Eagle 1856 – 1858 Buffalo 1913 – 1938 Winged Mercury 1916 – 1945 Liberty 1916 – 1932 Franklin SB Anthony 1979 – 1999 Lincoln Cent 1909 – Present Jefferson 1938 – Present Roosevel t Present Washingt on Present Kennedy 1964 – Present Sacagawea 2000 – 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 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 Less than 2500 of these pattern coins were minted

Automated Coin Grader Wrap Up