As someone that follows stars, interesting labels, and unusual holders, I found this coin to be quite cool. I believe it might be the first MS 70 graded coin by NGC that also received a star (previously I've only seen a handful of PF 69 and MS 69 coins with stars). This one likely received the star from being proof-like on one side (or semi-pl overall). I was following the auction, but bowed out early. The final price was $2,466.01 (that is including the buyer's fee). That price is 3x-5x more than the average MS 70 examples have sold for recently.
Yes, I had seen that one. I was a bidder at a few hundred dollars. Obviously, I got destroyed. I'm not familiar with any other 70 Stars, but the obverse on this one looks fully PL. I don't think the reverse made it, hence no PL. Not being familiar with the date at all, is this one that normally goes for high prices in 70?
Well I was willing to bid in the $800s and still got destroyed so we are both in the same boat. Several MS 70 (no stars) have sold at Heritage between $430-$500. And a few have went as high as $800 on eBay.
I have found a few pictures online-although they aren't the best to show the PL. ~A 1986 MS 68 PL from PCGS (TruView photo): https://www.pcgs.com/coinfacts/coin/1986-1-silver-eagle-pl/89801 ~There are 90 of the 1986 MS 69 PL at NGC 3077415-057 ....looking up that cert number will bring up a photo of one of the MS 69 PL (it's one of the NGC scans)...this one sold for $2,600 in late 2014. ~One offered at the Coin Vault for $5,500 and apparently sold out! https://www.thecoinvault.com/p-6280-1986-silver-eagle-ngc-ms69-pl.aspx ~And one currently on eBay for $1,336...the picture doesn't really tell me much on this one
To me that OP coin is not a 70. 69 is what I would say, for more than one reason. People went nuts with the money! I also don't care for near-PL surfaces, or even PL surfaces, so the coins doesn't look exceptional to me in any way, so I would also not have given it a star. But I know that PL is one of the ways to earn a Star, and what I think doesn't matter in the slightest. My observation is this: NGC seems to hand it out the star designation as a consolation prize when both sides don't meet Proof-Like status on otherwise generic looking coins that have no other "special" attributes. They basically admit that here by saying "For example, an untoned PF 65 Cameo coin is not necessarily close to the PF 66 grade, but may be close to an Ultra Cameo designation." So, for me, these sort of examples cheapen what the STAR implies, or should imply, specialness. I don't know how being close, but failing to meet, a DCAM or PL, makes something have "exceptional eye appeal". So we fall back on this NGC quote, "characteristics that distinguish them from other coins of the same technical grade" Well, if that is the case, all sort of coins should get the STAR, for all sorts of reasons. A coin just being weird seems to meet that criteria! Again, I know I am in the minority opinion when it comes to this. I guess I will continue to think of STAR = Special, even though that is not really true. NGC seems to use it on examples like this to mean "better than average" and "close, but no cigar." For this particular coin, this quote should fail the coin alone: "To receive a ★, coins must be free of any obvious planchet irregularities, and display no bothersome spots or blemishes." I guess "bothersome" is debatable here.
Silver eagles should not be PL. The dies when new should have a satin or matte finish. A PL surface would indicate a worn die that either needs to be "refinished" (Which they used to, and possibly still do, by striking a coin through a piece of emery cloth/paper.) or discarded.
Oh, I absolutely agree that Silver and Gold eagles are both incredibly rare in PL. But, as ddddd mentions, they exist. I've seen a couple of the silver eagles in hand, and they are lovely. I just can't justify the money. I saw a couple gold eagles in 69PL at the FUN show. Again, I just can't justify spending that much on them. They're bullion.
Never said they didn't exist, they are just from worn dies. Which in my opinion makes them less desirable.
We all have different opinions on this and that's what keeps things interesting. Personally, I like the look of PL coins and Cameo Proofs. So, to me a coin that has PL qualities on one side is more appealing than a coin that isn't pl at all (same with cameo). Thus, I like the idea of NGC having a designation that recognizes these types of coins. Even if I didn't like PL, I do find it useful to have a designation that tells me if a coin is close or only has it on one side. It might not be totally necessary in hand, but could be useful for online or other sight unseen purchases. A different method to consider could be what Anacs does: write something like "Obv PL" on the label. If NGC used that (including Rev PL, Rev Cameo, etc) it might be even clearer than the star. Then they could have kept the star for truly special and eye appealing coins.
I can understand your point. Many PL's are from repolished dies. That doesn't bother me. But that's my choice.
