CAC - Folly or Genius? — The Christopher Collection

The Christopher Collection features many CAC coins and has plenty of opinions on the subject but first let’s dispel some misconceptions:

If your coin does not CAC it does not imply it is “over graded”. CAC simply does not think it rates as an A or a B.
A CAC approved coin should easily cross from one grading services holder to another. This is false as the CC can attest.
A “plus” coin should be more likely to receive a green CAC sticker. Not true as the CC can again confirm first hand. Note: CAC does not validate whether a coin deserves a plus.
It is easy to discern why one coin receives a sticker and another doesn’t. Many times yes, but sometimes it seems completely random.
A gold stickered coin (CAC’s way of saying it is under graded) should easily upgrade. Sadly, not true.

Many collectors loathe CAC (I had to look it up - loath is to be reluctant and loathe is to hate) and for that matter disdain slabs too. Their central argument is the collector should use their own judgment and not rely on what any third-party says. Few collectors, and certainly no amateur collectors, have the knowledge base or experience of the grading services or the CAC folks so I’m not sure that argument is compelling.

CAC was intended to allow collectors and dealers to trade coins sight unseen. In this digital age is that a solution in search of a problem? Each coin is unique and has differing eye appeal, green sticker or not. Don’t buy any coin just because it has a sticker and never buy one without seeing it (or a good image) first. CC contends CAC stickers too many coins with a poor strike or eye appeal for the grade. Note the strike on this 1926-S that recently sold for $36,000.

The obverse is clearly deserving of a sticker especially since the 1926-S is one of if not the most conditionally challenged years in the entire Lincoln series. Look at the weak “America” on the reverse though. I know, I know, the obverse is the preponderance of the grade but it is hard for the CC to get past the weak strike on the reverse.

What do you think of the eye appeal of these two Lincolns?

On the first coin the color is off and while not entirely clear in this tiny picture it is covered with spots. Was it dipped sometime in the past? Hard to tell what is going on with the second coin but I don’t think the word beautiful comes to mind.

Many coins the CC falls in love with have CAC stickers and yes, all things being equal, CC prefers CAC stickered coins but not if the eye appeal or strike are as shown above. If you strive for quality it is impossible to build a collection without CAC approved coins (I guess you could simply peel the stickers off).

It is generally true CAC approved coins command higher prices. Is this because of the sticker itself or because by definition the sticker will be affixed to the best coins in any given population? It is likely both factors come into play.

CAC is very opaque on the standards they use and I think this creates much consternation in the collecting community. I understand CAC is concerned that they are reaching a saturation point and soon there will be no more coins left to sticker (they don’t grade moderns). Why don’t they monetize their expertise more? I would cheerfully pay $10 - $20 for a half sentence on why a coin was rejected. It could be “beard detail lacking” or even a single word such as “strike”.

CAC is here to stay and continues to gain traction. CC feels CAC is neither folly or genius but is simply another data point available to collectors.