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with Ira M. Goldberg (Mr. Goldberg), who was a part owner of
Superior and its primary manager.
In order to determine a coin's market value, the coin
generally must be graded on a scale from 1 to 70. Uncirculated
coins are graded at between 60 and 70, and grade differences of
one point for uncirculated coins may account for percentage
differences in value of 50 percent or substantially more. Every
increase in grade above a 62 increases the value of the coin
dramatically, and the difference in value between a coin that is
graded a 62 and a coin that is graded a 63 is material. An
escalation in value is most apparent when the grade increases
above 63.
Beginning in April 1991, the decedent began grading each
coin in the Trompeter Collection in preparation for the auction,
and he began assigning each coin a value and reserve price; the
reserve price is the lowest amount at which a coin may sell at
auction. The decedent was assisted in this process by Mr.
Goldberg. Both Mr. Goldberg and the decedent were experienced in
grading and pricing gold coins. The decedent, in particular, had
been grading gold coins for at least 20 years. Of the 400 coins
in the Trompeter Collection, the decedent graded 174 according to
the 70 point grade scale mentioned above, and he graded each of
the remaining 226 coins as either "proof", "general proof",
"choice proof", or "general to choice proof". The decedent did
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