What Makes a Coin a "GEM" ??

[Paul]

why are some coins called a "GEM" ??
is it the "GRADE"alone ??
can a 'RAW' coin be called a "GEM" if it has not been TPG ??
can a "GEM" have any water spots or itty blemishes ??
:eureka:
if your MS/PF-65 TPG coin has water spots, or any blemishes, is it truthfully a "GEM"??

[Daniel]

I think an unofficial gem is a coin that looks to grade MS65 or above for business strikes, but proofs would be help to a higher mark since they're collector's pieces and less dies were used and they were supposed to have more care in their minting process.

[mhonzell]

I've always liked the Heritage Auction definitions for this:

• Uncirculated (MS-60, 61, 62): An uncirculated coin with noticeable deficiencies, generally either an overabundance of bagmarks, a poor strike, or poor luster. Although most price guides will give a price for coins in MS-60 condition, in many cases this is a very unusual grade, with typical uncirculated pieces often grading somewhere in the MS-62 to MS-64 range depending on the series.
  Select Uncirculated (MS-63): An uncirculated coin with fewer deficiencies than coins in lower uncirculated grades. In general, this will be an uncirculated coin with relatively ordinary eye appeal. Select Uncirculated is sometimes used to refer to a coin grading MS-62.
  Choice Uncirculated (MS-64): An uncirculated coin with moderate distracting marks or deficiencies. These coins generally have average to above average eye appeal. Choice Uncirculated is sometimes used to refer to a coin grading MS-63.
  Gem Uncirculated (MS-65, 66): An uncirculated coin with only minor distracting marks or imperfections. At this point, mint luster is expected to be full, although toning is quite acceptable.
  Superb Gem Uncirculated (MS-67, 68, 69): An uncirculated coin with only the slightest distracting marks or imperfections. Toning is still quite acceptable and in these grades will usually be pleasing. Many circulating coins even of relatively recent dates are quite rare in such lofty grades, although modern bullion coins and commemoratives are often found in grades as high as MS-69.
  Perfect Uncirculated (MS-70): An utterly flawless coin.

These terms all apply to "Business strikes", but through use are sometimes applied to "Proof" coins.
But, more importantly, remember that "Proof" is not a grade. It is a method of manufacture just as "Business strike" is a method.
Mint State means that there is 100% of the detail available on the coin, or "No Wear". From grade 60 to grade 70 you should only see changes in luster and number of bagmarks.

So, in answer to P, yes a coin can have water spots and be called "Gem" with the caveat that "eye appeal" is the discerning factor.

[Paul]

D, how about a "Clashed PF69 UCAM"
hugeeyes

[Daniel]

D, how about a "Clashed PF69 UCAM"
hugeeyes

You know that's a GEM!

[Paul]

yea D,
only my second 'clashed proof' in all these years !!