On May 21, 2004, in United States v. Numisgroup International Corp., the Second Circuit considered whether the presence of objective and subjective grading factors in valuing coins immunizes a seller from a criminal charge of fraudulently misrepresenting the grade and value of coins to purchasers. The Court upheld the District Court's finding that even though there were certain subjective factors in valuing coins, no such factor accounted for the huge differential between the grading and the actual value of the coins. The decision can be found at the Second Circuit website.