Who doesn't appreciate something that's nice? Of course, there's nice, and then there's "nice."

Let's say you admire a nice home. General appearances suggest it's perfect. The asking price is $500,000, and you're willing to seal the deal. Then, an inspection uncovers a cracked foundation. Suddenly, that price may be way high. The same might be true for a nice Persian rug. The $1,000 price tag seems fair. But, a closer look reveals a tear and cigarette burns. Those could drop the value substantially.

The adage "Don't sweat the small stuff" may be fine for self-help books, but when it comes to material goods — especially collectibles — people sweat plenty. As recently as 20 years ago, collectible coins, stamps and currency might have had their condition described as "fine," "very fine," "extremely fine," etc. Not anymore.

Today, those collectibles have exacting grading scales that take into account even the slightest imperfection. For stamps that scale spans from "1" to "100." For coins and currency the numeric range is "1" to "70." In both cases, the higher the number, the better the grade.

Third-party companies do the grading charging from $10 or $15 to $100 or more depending on its value of the item. Because of the cost it's wise to take the stamps, coins or currency to a local dealer for an initial evaluation. If he or she believes the item can receive a favorable grade, the dealer can often help with the submission process. If the collectible "makes the grade," its value may be substantially higher than one that hasn't been certified. But be forewarned, the graders look very closely.

Take, for instance, a piece of vintage currency.

On the surface it may appear pristine. You figure it has to grade close to 70 and be worth a considerable chunk of change. Now, hold it up to the light. If there's a tiny hole or pinprick, the grade will quickly drop 10 to 15 points. Was it ever folded? They'll see the fiber of the paper was still broken and take off another 10 points. Are the borders even? If not, subtract five more points. Any dirt or smudges? If so, shave off another five or 10 points.

All of a sudden, that "nice" bill that seemed to be a perfect 70 might only receive a grade of 35. And, if in any way it's torn or missing a corner, the grade would plummet. In the end you might spend as much having the bill graded as it's worth. That's why getting an initial opinion is valuable.

With this perceived search for perfection some who own used or circulated stamps, coins or currency might feel frustrated that theirs isn't top grade. Not so fast. Maybe I'm a bit of a contrarian, but to me the allure of historic collectibles is just that — their history, including the journey.

Some years ago, I purchased a one-cent coin minted in 1787 — technically the first official U.S. copper coin. I could have bought one in pristine uncirculated condition for about $800. I chose one that showed some wear. It cost only $250, but I enjoy it more. Why? Because it may well have passed through the hands of George Washington, Ben Franklin, John Adams or others patriots. It may not be as perfect or valuable as some others, but I prefer it.

The same could be true of paper money from the 1860s. If it's folded or torn, it's entirely probable it was carried in the wallet or pouch of a Civil War soldier. To me, a legacy of that sort will always make the grade.

(Note to Editors: A JPEG visual of a graded $2 note from 1917 is being sent for your use with this column.)

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.

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