Perfect harmony ... perfect pitch ... a perfect figure ... a perfect 10 -- these are goals to which much of humankind aspires.

Coin collectors aren't any different. As price levels demonstrate dramatically, collectors and investors attach tremendous importance to the quality of the coins that they acquire.

Coins in the so-called "supergrade" range -- in grades of Mint State-66 or Proof-66 and above -- bring sharply higher premiums than those rated only slightly lower. And the premiums head for the stratosphere when the grades reach the lofty heights of 67, 68 and -- on rare occasions -- 69. These almost perfect coins command a king's ransom because they are so few and those who desire them are so numerous.

How much is a perfect coin worth? The answer, like the coin, is only theoretical at this point, because the grade of 70 -- the badge of utter perfection -- has never been awarded to a pre-modern U.S. coin by either of the two leading coin- grading services, the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation of America (NGC).

And now it may be time to ask yet another question: Will there EVER be a pre-modern coin deemed worthy of certification as MS-70 or Proof-70 by either of the top grading services?

I pose this question based on the recent experience of my company -- Scott Travers Rare Coin Galleries of New York City -- in selling the single most magnificent untoned coin I have ever encountered.

The coin is a proof 1892 Barber quarter, and it's difficult to imagine how any coin could be more exquisite, more radiant -- or more perfect. The most finicky connoisseur would be hard-pressed to find even a minuscule flaw.

If ever a coin seemed to have a chance to be judged Proof-70, this was it. But it wasn't: NGC graded it Proof-69.

There's certainly no shame in being called Proof-69. NGC has bestowed the numerical grade of 69 only eight times now in nearly seven years of operation -- seven times on proofs and once on a business strike. And during that time, the company has certified more than 1.2 million coins.

But this coin is clearly super-special. NGC's founder, John Albanese (who is no longer actively involved in the day- to-day operations of the firm), considers it "absolutely astounding." In a written testimonial prepared to accompany the coin, Albanese declared it to be "as awe-inspiring, flawless and well-preserved today as it was when it left the Mint over a century ago."

"This incredible example of Barber coinage possesses the most chromium-like reflective fields technically possible and the most deeply snow-white frosted devices I have ever seen or believe can exist," he exclaimed. "These unfathomable deep-mirror fields contrasted against the whitest devices imaginable combine to create a cameo contrast unlike any I've ever seen on any other United States coin of any date, denomination or type.

"In my personal opinion, this coin is a high-end or premium-quality Proof 69 and the closest to 70 of any Barber coin (dime, quarter and half) I've ever seen ... in my career. As a result of the peculiarities of the minting process of the late 1800s and early 1900s, I can reasonably expect that this specimen is the most aesthetically appealing and technically perfect Barber coin I will encounter in my lifetime."

This statement is truly remarkable, considering not only the depth and breadth of experience and knowledge John Albanese has amassed as a coin dealer and grader but also his conservative nature. Albanese isn't given to hyperbole; he hands out compliments sparingly -- especially in writing. But obviously, he believes that this particular coin deserves every superlative he can muster.

Given all this, why didn't NGC acknowledge the coin is perfect and grade it 70? Before attempting an answer, perhaps we should consider the elements that a 70 coin must possess.

In the second edition of my book "The Coin Collector's Survival Manual," I stated that to qualify as Mint State-70 or Proof-70, a coin "must be absolutely perfect in every respect."

"An MS-70 [or Proof-70] must have full, radiant, dynamic luster; dramatic, breathtaking and universally brilliant eye appeal; and no imperfections or flaws whatsoever," I wrote, noting that this includes the entire coin: obverse, reverse, edge and rims.

"Coins in the perfect classification must be fully struck, for anything less than a full strike would cause the coin to possess less-than-perfect aesthetic appeal," I added.

And finally:

"Coins classified as MS-70 cannot possess any mint-made imperfections. This, too, would cause the coin to possess less-than-perfect aesthetic appeal."

Mark Salzberg, NGC's president, has said that in his opinion, 70 "is a theoretical grade." "No matter how amazing a particular coin might be, you would always have to allow for the chance that there might be a better piece," Salzberg said.

For the first five years of NGC's existence, this philosophy faced few serious challenges: During that time, the company awarded the grade of 69 to only two coins -- an 1894-S half eagle ($5 gold piece) adjudged to be MS-69 and an 1893 Barber dime certified as Proof-69.

Then, in January of 1992, the firm had occasion to certify and encapsulate a spectacular run of proof sets dated from 1892 through 1916 -- sets that had been assembled at the time of the coins' issuance by famed collector John Story Jenks -- and NGC graders found six silver coins worthy of designation as Proof-69.

Salzberg said at the time that these were "the very best proof coins ever to come through NGC," and agreed that a case could be made for certifying some of them as 70. But, he said, he and his staff of graders decided to be conservative and err, if at all, on the side of caution.

To qualify even as MS- or Proof-69, a coin must be "technically perfect," Salzberg said.

"You'd have to use 40-power magnification to see an imperfection" on a technically perfect coin, he explained. "The surfaces are so pristine that even a novice could spot an imperfection. The color is like a sheet of glass. First of all, it's perfect; and second, it has exquisite color to enhance an absolutely flawless cameo effect."

The Jenks coins triggered new interest in just what a "perfect coin" is, and new debate on whether the grade of 70 is indeed entirely theoretical, at least as it pertains to pre-modern coinage. (PCGS has graded several dozen "modern" coins -- coins produced since 1979 -- as MS- or Proof-70, but NGC never has graded ANY coin, modern or otherwise, as 70.)

In a real sense, the Jenks coins broke down a barrier: They showed us a level of quality seldom if ever seen before, and helped condition us to at least the possibility that an absolutely perfect coin -- a Proof- or MS-70 -- might exist. They also gave us a good idea of how perfect coin might look, by showing us what six NEARLY perfect coins looked like.

One of those six coins, an 1898 Morgan dollar, has received enormous publicity in the intervening months through the shrewd promotional efforts of its owner, well-known Long Island collector-entrepreneur Andrew Barnet. Barnet has touted his coin as the finest Morgan dollar in existence and hyped it on posters and wristwatches, gaining widespread favorable publicity not only for him and his coin but also for the hobby as a whole.

Scott Travers Rare Coin Galleries was privileged to acquire five of the Proof-69 Jenks coins on behalf of clients. One was Andrew Barnet's silver dollar; the others were an 1899 Morgan dollar, an 1899 Barber half dollar and Barber quarters dated 1898 and 1912. It's interesting to note, by the way, that PCGS has given the grade of 69 to just one Barber coin -- a proof 1898 quarter.

NGC's latest Proof-69 coin, the 1892 Barber quarter, also represents an important breakthrough, but in a different way. More so than the Jenks coins, and especially the three Proof-69 Barber quarters from the Jenks Collection, this is a TEXTBOOK example of how a virtually perfect coin should look.

The Jenks coins possess superb color and gorgeous toning and are certainly awe-inspiring in every respect. But they aren't coins you can look at and size up as "perfect" at a glance. They're sophisticated coins, and you have to examine them closely to appreciate fully the degree of their perfection.

By contrast, it's clear at once that the 1892 is a perfect coin -- or as close to being perfect as anyone's likely to see. It has no elaborate toning, so the flawlessness of its surfaces and breathtaking contrast of its fields and devices (its background areas and raised portions) literally jump right up and fill your eyes with wonder.

Even a novice can tell at a glance that this is an extraordinary coin; its virtues aren't hidden beneath a layer of toning, however attractive. This absence of artifice would make any imperfections more obvious, as well -- but there simply aren't any. I looked at the coin under a 50-power stereoscope and couldn't find a flaw.

The obverse unquestionably merits a grade of 70. The only thing that conceivably might keep the reverse from a similar perfect grade is a tiny piece of extra frost smaller than a pinhead, visible only under high magnification -- and this is a mint-made defect (assuming it's a defect at all).

This coin is almost dreamlike in its simple, straightforward perfection: It has no toning, no scratches, no hairlines, no distractions or detractions at all --nothing except a dramatic cameo contrast between the fields and devices.

Like John Albanese, I've examined and graded many coins and I'm cautious when it comes to tossing verbal bouquets at them. I'm particularly careful to accurately state a coin's positive features when documenting its pedigree for a client.

In fact, I don't like to make representations regarding ANY coin. But this coin is too incredible NOT to be lavished with praise. Accordingly, I wrote the following glowing tribute to accompany its pedigree: "I have closely examined the 1892 Barber quarter graded Proof 69 by the Numismatic Guaranty Corporation of America Inc. (NGC).

"It is as flawless and overwhelming as any coin I have ever seen -- or ever expect to see. The fields are reflective, mirror-like pools; the devices are ice-white. The depth and quality of the cameo contrast defies describing or imagining. It is an incomparable experience just to view this coin.

"At this point in a letter of professional opinion, protocol dictates a statement to the effect that the statements made are opinions and that there is no guarantee that others will not reach a different conclusion. But I would be very surprised if ANYONE would disagree with these opinions!"

One expert who surely doesn't disagree is Michael Keith Ruben, the principal of Numismatic Consultants of Silver Spring, Maryland, one of the savviest wholesale coin dealers in the business. He, too, plays his compliments close to the vest -- but here's what he had to say -- in writing -- about this coin:

"The 1892 Proof 69 Barber quarter is like nothing I've ever seen before at any time EVER! It must be a supernatural creation -- from the hand of God into an NGC holder. Talk about wild -- this coin is NOT like any mint product produced by mankind.

"Any other condition rarity would look like pocket change when compared with this coin, including the much- talked-about Jenks-Barnet 1898 NGC Proof-69 Morgan dollar [which Ruben owned at one time]. In sum: No other coin could ever be as technically perfect."

While I agree that the 1892 quarter is technically more perfect than the Jenks-Barnet silver dollar, it also should be understood that larger coins such as silver dollars are more prone to damage from mishandling and thus are encountered less frequently in flawless condition. Given this, the 1892 quarter and 1898 dollar can be considered to be of about the same level of desirability.

The purchaser of the quarter is a Midwestern collector who doesn't want his name or the purchase price disclosed. But while the buyer's keeping his identity under wraps, he's making no attempt to conceal his pride: He's having 4-foot posters made from a photo of the coin and giving one to NGC. The company plans to display this in a place of honor in its reception room.

Will there ever be a pre-modern coin graded 70? Possibly not -- for if this coin doesn't qualify, it's hard to imagine anything else that would.

Then again, perhaps it doesn't matter. This coin's perfection is so obvious, you don't need an expert to confirm what your eyes are seeing.

And in an imperfect world, even experts sometimes make a mistake!