RCMR - 2017 #5 September/October

SPEAKING OF COINS

A Collectors Universe Company • NASDAQ: CLCT www.PCGS.com

Editor-in-Chief Michael Sherman

PCGS Price Guide Editor David Hall

Advertising Director Rebecca Tran Pricing Specialist Jaime Hernandez

Managing Editor Ta’Cora Burgess

Art Director Mindy Strouse

Graphic Designer Darnell Dialls

Copy Editor Ryan Gaeta Technical Liason Type “F”

Numismatic Photographer Phil Arnold

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Printed in the United States. Copyright 2017 Collectors Universe, Inc. All rights reserved. Reproduction of any kind without written permission of the publisher is prohibited by law. PCGS Rare Coin Market Report is published bi-monthly by Collectors Universe, Inc. at P.O. Box 9458, Newport Beach, CA 92658. Postmaster, send address change to Rare Coin Market Report c/o PCGS, Publication Department, P.O. Box 9458, Newport Beach, CA 92658.

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Welcome back to the Rare Coin Market Report. Yes,it’sbeenalmost10yearssincewelastpublished this magazine, and while the world continues to move towards electronic delivery of information, we here at PCGS believe there is still great value in “holding something in your hands.” In numerous surveys, people in nearly all demographics still prefer print magazines to digital, and not only spend more time reading printed content, but subscribe more often as well.

In reincarnating the Rare Coin Market Report though, we are striving for the best of both worlds, as we plan to integrate our vast online resources into the magazine using state-of-the-art technology. This will allow you, the reader, to access the latest pricing information as well as tips on grading and other numismatic data (such as population or condition census) on your phone, tablet or electronic device of choice.

Over the past decade, great strides have been made in making information accessible to the general public. In fact, smart phones and tablets were almost unknown when we last published in 2007-2008. Auction results for the past 15 or 20 years are now available in seconds, and high quality online photographs permit prospective buyers to easily compare and analyze comparable pieces that have sold recently. Data that previously took hours or days to compile (not to mention shelves of auction catalogs and reference books) can now be at your fingertips almost instantly. All this helps to level the playing field between collectors and dealers and makes numismatics more interesting and competitive

As incredible as electronic data is though, it does require a device and a data connection. And for those times when these are not available, or just for an evening at home in the den, we are again offering a traditional print version of our price guide along with some topical and hopefully thought-provoking articles.

We’ll be publishing the RCMR bi-monthly, and we hope you will enjoy reading and having this resource available. As always, we welcome any comments or suggestions you may have regarding the content or presentation of the material. Again, welcome back to our former readers and to our newer readers we'll simply offer a welcome!

Download the PCGS Price Guide App for the latest coin pricing information.

Michael Sherman Editor-in-Chief

THE ROMANCE

1794 SILVER DOLLAR OF THE AND A BIT OF PHILOSOPHY

By Q. David Bowers

Among American coins the 1794 silver dollar is one of my favorites. One of the finest—the Lord St. Oswald / Norweb coin (illustrated on the cover) will be offered by Stack’s Bowers Galleries at the World’s Fair of Money show in Denver.

camera to memorialize the transaction for CoinWeek.

Lord St. Oswald

But I digress. Back to the 1794 dollar. Today it is estimated that from the about 2,000 minted and 1,758 released, relatively few survive. At the time there were no collectors in America who are known to have saved current federal coins. The new dollars slipped into the channels of commerce. The aforementioned Cardinal gem might have been saved at the time, but no record exists. In any event, it was carefully preserved from day one.

All are from the same pair of dies. As the die faces were not perfectly parallel in the hand-operated press, all examples have slight weakness at the lower left of the obverse and the corresponding part of the reverse.

By early December 1794, a few of the new dollars had traveled north to the Granite State, where the New Hampshire Gazette reported the following on December 2nd:

Collection 1913 Head n don’t know the answer, but it woul interesting back in history a

Whenever our company offers a 1794 dollar at auction it is a special occasion. Sometimes it is very special, such is in our sale of the Cardinal Collection coin. Graded by PCGS as SP-66, it crossed the block in January 2013 when auctioneer Melissa Karstedt cried, “Sold!” The price of $10,016,875 stands today as the world’s record for any coin. Hmm. Another nice memorywasin1996whenIwasauctioneerandwesold the first million-dollar coin, the Louis E. Eliasberg Collection 1913 Liberty Head ni k l I don’t know the answer, but it would interesting to go back in history an findwhatthefirst$100,000,$10,000, and even $1,000 coins were. I hope I live long enough to see the first $100,000,000 coin! We’ll see.

The dynamic market of recent decades has produced many valuable coins in the hundreds of thousands or even millions of dollars. Back in 1957 when I paid $4,750 for an 1894-S dime in Stack Empire Collection it was a sensa covered by newspapers and magazines nationwide, and landed me a spot on the NBC Today Show. Right now, in 2017, if anyone pays $4,750 for a coin, who cares? Actually, a lot of us care, but it won’t make the cover of Coin World or Numismatic News, and Charles Morgan will not rush up with a video

for an 1894-S dime in Stac Collection it was a sens

tates have their way to this . A put one into the itor’s hands Its

he tout ensemble has a ect to a but the touches graver are too delicate, and there is

"Some of the dollars now coining at the Mint of the U i d States have found their way to this n. A correspondent put one into the ditor’s hands yesterday. Its weight is equal to that of a Spanish dollar, encircled by Fifteen Stars, and has the word “LIBERTY” at the top, and the date, 1794, at the bottom. On the reverse, is the Bald Eagle, enclosed in an Olive Branch, round which are the words “One Dollar, or Unit, Hundred Cents.” The tout ensemble has a pleasing ffect to a connoisseur; but the touches f e graver are too delicate, and there is a want of that boldness of execution which is necessary to durability and currency."

Today, the 1794 dollar is recognized as a great classic, not only because it is rare, but because it stands as the first silver dollar produced by the fledgling Philadelphia Mint.

From the inception of coin auction sales on a large scale in the 1860s, to the present day, the appearance of a 1794 silver dollar in an auction usually has provided the opportunity for the cataloguer to provide an extended comment. Similarly, 1794 dollars have occupied the spotlight in numerous dealers’ fixed-price lists over the years.

When numismatics became widely popular in the late 1850s, the 1794 dollar was one of the coins that bank tellers, exchange houses, and others were told to watch for. A nice example could bring $5 or more. From then until today, in every grade from About Good on up, these have increased in value, if measured by 10year market intervals (to avoid interim ups and downs). Today a 1794 dollar in Very Fine or Extremely Fine is likely to land on the cover of a catalog. That cannot be said for many coins.

How many exist?

In 1993 when I completed my two-volume Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia, I consulted with Jack Collins, who for years had built a file of auction and other listings. This was a challenge, for it was not until well into the 20th century that they were widely illustrated. Even then, for a period in the 1940s B. Max Mehl, Stack’s, and Numismatic Gallery—the three leading auction companies of the decade—often used “stock” pictures not representing the actual coins offered. Jack estimated in 1993 that about 120 to 130 different coins existed. Since then others have raised the estimate to 140 or so, but this is still mostly a guess. Mint State coins are a bit easier to track, but for conservatively graded pieces, probably fewer than 10 different can be accounted for.

One of the pleasures of auctioning fine coins and collections is to handle the same coin several times. Rarities and other coins become “old friends” in a way. In our section of the ANA World’s Fair of Money auction at the ANA convention in Denver is one of the most famous 1794 dollars—the Lord St. Oswald coin. I first saw this in London in 1964 when viewing the items that Christie’s was about to sell from a holding that had been hidden away since the 1790s. A nice group of coins had been obtained in America by William Strickland, who came from England and toured New England and the Mid-Atlantic states, even meeting with Thomas Jefferson at Monticello and with thenPresident George Washington at Mount Vernon. Along the way he saw and saved a nice group of newly minted

1793, 1794, and 1795 coins and some pre-federal issues — 84 in all. Speculation is dangerous as one can be proven wrong, but I cannot help but wonder if he might have shown some coins to Thomas Jefferson, whose Monticello mansion had many medals on display

There were two 1794 dollars, each beautiful Mint State, in the Lord St. Oswald treasure. In September 2015 we offered one of them as part of the D. Brent Pogue Collection, where it was graded MS-66+ (PCGS) and crossed the block for $4,993,750, a record for the grade and one of the highest prices ever.

Now comes its sister, a gorgeous MS64 (PCGS) coin, an “old friend” from our sale of the Norweb Collection in 1988. I am sure that this will gain its own share of attention in August in Denver.

This reminds me to say that not only can coins be “old friends,” but people are likewise so. I knew Emery May Holden Norweb when I was a teenager in the 1950s and later came to know her family. After we sold the collection they hosted our entire staff to a sea cruise and lobster feast at their summer home in Boothbay Harbor, Maine. Similarly, Brent Pogue and his family have been friends for years and will continue to be.

The buyer of the Lord St. Oswald-Norweb dollar may already be a good friend. If not, I look forward to him or her becoming so. To me, coin people are every bit as interesting and desirable as coins themselves.

I hope to see you at the ANA show. You will probably see me at the annual Set Registry® Awards Luncheon hosted by PCGS, always a memorable event. In the meantime I hope that you are doing or will do as I have always recommended—build a working library, to learn about the art, history, and romance of coins, and to take your time doing so. In that way you will enjoy numismatics for life.

FEATURE / THE ROMANCE OF THE 1794 SILVER DOLLAR AND A BIT OF PHILOSOPHY

Q. David Bowers is founder of Stack’s Bowers Galleries and can be reached at his private email: qdbarchive@metrocast.net.

The rarest of all five liberties and arguably the finest in existence. We have prior experience with this great coin. First purchased it in 2012 and placed it shortly thereafter. With only 9 known this is the 17/4 half dollar of five Libs. It is the only example that has qualified for CAC status. A handsome well struck coin with that all important original color that so many rare gold coins lack. If you are building a world class 5 lib set, and want a coin to add value to all your other coins do not miss this opportunity.

WHAT HAS HAPPENEDTO OUR POCKET CHANGE?

By Michael Sherman

Afew months ago, I undertook a study of coin prices over the past 70 years. Using the Guidebook of United States Coins (a.k.a. the “Redbook”) I tracked a group of 70 coins at 10-year intervals from the first edition in 1947 through the 2017 edition. One of the major conclusions of the study was that while coin prices have certainly grown tremendously since 1947, the effects of inflation overthisperiodoftimewereanythingbutinsignificant.

Roughly speaking, our dollar today has the approximate buying power of the dime in 1947. Expressed another way, prices today are about 10x their levels of seventy years ago. That being the case, our grandparents carried in their pockets coins that today would have the following values (if spending power is held constant):

10 cents, 50 cents, $1, $2.50 and $5

Goingbackanothergeneration,totheestablishment of the Federal Reserve in 1913, the statistics are even more dramatic. Today’s dollar buys what roughly cost four cents in 1913, for an increase in prices of approximately 25 times. (This statistic as measured by the Bureau of Labor Statistics’ annual Consumer Price Index, established in 1913.)

Yet, today, in 2017, we are using the same denominations (in both our coin and currency) as we did in 1913. In our hard coins, we use the cent, nickel, dime, quarter, and half, while our major circulating currency consists of the $1, $5, $10, $20, $50 and $100 notes. There has been no change in over 100 years, despite prices having risen by about 2500%.

If all this is amazing, keep in mind that we are still using basically the same coin denominations as set down in the original Mint Act of April, 1792. Aside from the elimination of the half cent in 1857 and the substitution of the five cent nickel for the half dime in 1866, the denominations we use today are identical to what we used 225 years ago! Oddly enough though, prices today are again only about 25 times what they were in 1792, thanks to both inflation and deflation throughout much of the 19th century.

So returning to 1913, if the denominations in use today mirrored those in use about 100 years ago (in terms of buying power) our circulating coins today would be denominated as follows:

25 cents, $1, $2.50, $6, and $12.50

Now of course, I realize times have changed, and credit cards (and to a lesser extent, checks) have taken over most of the monetary transactions we engage in today. Yet it seems to me, that we should at least update our circulating coins to absorb some of the inflation. Simply going about halfway there, our current circulating coin denominations should be :

rou hl as follows:

Ironically, including gold coins, all of these denominations were used in 1913 as well. (Silver dollars, though not minted between 1905 and 1920, were still in circulation.)

Hard to believe, but this little group of coins in 1913 packed the purchasing power of $208.75 in today’s dollars.

I find it rather humorous that when talk of coinage reform comes up today, people bemoan the loss of the cent as possibly inflationary. How silly is that?

First off, prices would be rounded both up and down, so the net effect would be close to zero. Secondly, remember that the smallest circulating coin in 1913 was equivalent to today’s quarter! Somehow, they managed to deal with it. And finally, since 1982, approximately 320 billion zinc cents have been struck. With our current population, that is around 1,000 cents for every man, woman and child in the United States. Can anyone tell me why we need more? We probably need more because they are all sitting in large jars around the house, since nobody starts the day with pennies their pockets.

So in a nutshell, I’d recommend eliminating the cent, nickel, and quarter, and replacing them with a circulating half dollar and dollar coin, and adding a $2.50 and $5 coin. (In addition, I’d eliminate the $1,

WHAT HAS HAPPENED TO OUR POCKET CHANGE? / OPINION

$2 and $5 note and simply print the $10, $20, $50 and $100.)

The 10 cent and 50 cent coin could be made of copper-colored zinc, the $1.00 coin made of nickel or a clad composition, and the $2.50 and $5 coins could be ringed, bi-metallic issues. A less radical approach might just be to eliminate the cent, and add a real circulating dollar coin but paper dollars would need to be eliminated in order for this to work at all

Sadly, I fear we may be moving in the opposite direction, with rumors of the elimination of the $100 bill. I suppose big brother needs to keep an eye on us. Just my two cents fifty cents worth

Michael Sherman is the Editor in Chief of the Rare Coin Market Report and the Director of Education for PCGS. Email: msherman@collectors.com

MEASURING SUCCESS

By Ron Guth

As human beings, we love to compare things to determine which is the best, the biggest, the baddest, the richest, or the prettiest. We measure success in the number of games won, yards gained, dollars earned, who wore it best, or a whole host of other metrics. We reward success with green jackets, Oscar statues, stock bonuses, ribbons, crowns, wrestling belts, participation trophies – you name it. We love to compete, to compare, and to win. Along the way, we live vicariously by reveling in the success of others. For instance, we may not be able to run a mile in under four minutes, but we want to know who did. We may not play football, but we want to know who won the Heisman trophy. The success of the Guinness Book of World Records is due to our intense desire to uncover the best of the best, even if it is the winner of a hot-dog eating contest.

In numismatics, success is measured in a variety of ways, including completeness, value, and quality. It should be noted that these measurements can be either straightforward or arbitrary. For instance, we know what is required to complete a collection of Buffalo Nickels by date and mint-mark. But, what if we want to add major varieties, or minor varieties, or error coins? Such arbitrary, personal decisions change the definition of completeness. In other words, we decide what and how we wish to collect.

Over three-quarters of a century ago, a man named Louis Eliasberg, Sr., a man of substantial means, decided to build a complete collection of U.S. coins. He used a straightforward checklist developed by the coin dealer, Ben E. Green, as a way to measure his progress.The arbitrary part of Mr. Eliasberg’s definition of completeness was that he considered Proofs and circulation strikes as equals for purposes of filling a slot. Eliasberg’s acquisition of the Clapp collection in 1942 was a major springboard to achieving his goal in terms of both completeness and quality.

In 1950, Eliasberg purchased the last coin he needed –the unique 1873-CC No Arrows Dime. He had finally filled every slot in the Green checklist. Contemporary images show a beaming Eliasberg surrounded by cases full of coins, clearly enjoying his accomplishment.

Measuring Eliasberg’s success in terms of value is somewhatproblematicbecausehiscollectionsweresold at different times over a span of decades. His collection of U.S. gold coins appeared at auction in 1982 and the remainder of his coins appeared in two sales in 1996 and 1997. Together, the three sales realized nearly $60 million, and that did not include his world gold coins sold many years later. Since then, other collections (such as the D. Brent Pogue Collection) have sold for more in terms of actual dollars, but if the value of the Eliasberg collection was adjusted for inflation, it might still be the most valuable collection of all-time.

Success in terms of quality is best measured by comparison on a level playing field. One of the best and easiest ways to make this comparison is within the PCGS Set Registry, where collectors compete with each other for top honors. For instance, Eliasberg’s collection appears in the “U.S. Coins Complete Basic Set, Circulation Strikes (1792-1964)” as the All-Time Finest collection with a completion percentage of 99.65% (not 100% because of coins that did not exist when Eliasberg was collecting). The average quality of his collection was 58.23 (the equivalent of AU58). By comparison, the next-best competitor, D.L. Hansen, is only 83.94% complete, but the quality of his collection is an impressive 62.52 (the equivalent of MS62-63). Thus, Eliasberg’s accomplishments have now become a goal for other collectors and a standard by which they measure their progress.

Measuring your own success as a collector depends on what you collect, how complete you wish to be, the quality you can afford, and the time in which you have to achieve your goals. Keep in mind that there is one measure of success that has not been mentioned here and it has to do with the smile on Eliasberg’s face. The BEST measure of your success as a collector is how much fun you have with your coins.

Eliasberg inspecting one of his coins.

Ron Guth is President of PCGS CoinFacts. He has been active as a coin collector, dealer, writer and auctioneer since his introduction to numismatics in 1964.

Email: rguth@collectors.com

MARKET NEWS

Welcome to the Rare Coin Market Report’s From the Desk of the VP column! We plan to use this space to highlight some of the important events that are happening or coming up in the coin industry, as well as give some insights about what’s happening or coming up at PCGS. I’ll also talk about what I’m hearing from market makers and influencers in the business.

In doing the major coin show circuit, I sit down and talk with a lot of people, including the principles of all the large coin companies, and many of the small and medium ones as well. This gives me some insight as to where the coin business is, and where it’s headed. In coming issues, I’ll reveal a synthesis of these observations and put in my two cents as well (pun abashedly intended). Key dates remain in demand, as do coins with great eye appeal and original surfaces. Proof Barbers are realizing good prices, demonstrating their general scarcity. Morgans are just chugging along. Overall, I’m hearing that the market is doing ok, but some dealers are still finding it hard to find buyers with liquid cash.

The modern coin business is robust, with PCGS coins in high demand. The U.S. Mint is releasing a four-coin American Silver Liberty medal set this fall, which I anticipate will be very popular. Demand is growing steadily for PCGS coins with hand-signed labels by John Mercanti, Edmund Moy, and Thomas Cleveland. PCGS Reveal® is a new security enhancement, which adds a really cool printed layer to labels which can only be seen under ultraviolet light. PCGS Reveal labels can be found at select retailers.

You heard about the 1804 Dexter/Pogue Bust Dollar PCGS PR65 changing hands twice in a dramatic 48-hour span…didn’t you? Dealers Kevin Lipton and John Albanese partnered to purchase the coin out of the final Pogue sale when they saw that it appeared the coin was going to sell for much less

By Mark Stephenson

than they thought it was worth. After the sale ended, they immediately started fielding offers for the coin! Within 48 hours, they sold it to Legend Numismatics on behalf of collector Bruce Morelan, the proud new owner. PCGS displayed this incredible coin at our Members Only Show in July in Las Vegas. When I hear about major sales, discoveries, or anything just really cool, I’ll share it here with you.

PCGS will be providing on-site grading at the American Numismatic Association’s World Fair of Money in Denver in August, at the Long Beach Expo in September, and at the PCGS Members Only Show in Las Vegas at Caesar’s Palace, September 27-30. If you haven’t attended a Members Only Show, you really should make a trip out to either Las Vegas, where the show is held about four-five times per year, or to one of our “off-site” locations, such as New Orleans, Dallas, or Philadelphia. They are small and intimate affairs: as one major dealer put it, the Members Only Shows “are like no other coin shows… you actually can interact with several of the biggest players in the biz one on one.” We continue to be grateful to all the PCGS Authorized Dealers and Collectors Club members who attend the shows. I hope to see you at one soon!

Thank you for reading my inaugural column. I promise to make it as rich as I can with content you’ll enjoy in each issue. If you ever want to chat, feel free to reach out to me at mark@collectors.com. Happy collecting!

Mark Stephenson is a coin industry veteran dating back to 1996, where he got started as a shipping and operations clerk. He has worked for, helped to build, and/or managed successful rare coin companies, and is currently Vice President of PCGS. Email: mark@collectors.com

THE ULTIMATE COIN COLLECTOR Bruce Morelan

By BJ Searls

Bruce Morelan is a collector, investor, and business owner from Spokane, Washington. With the encouragement of his adopted grandfather, he started collecting coins at age six. His first coins came from his great grandmother who gave him three old coins that she saved in her teapot for many years: a trade dollar, a three cent nickel and a half dime. As with many kids, Bruce stopped collecting for many years to pursue other interests. And, as an adult he stopped for about a decade when he bought his own business.

Bruce was able to pay off his business in 1996, and began collecting again. In memory of the big coin his great grandmother had given him, he started with Trade dollars. His favorite series is the Gobrecht dollar because of its beautiful design, fantastic history, and lots of mystery and intrigue about when each variety was struck. Bruce’s long term goal is to build the finest and most memorable early dollar set from 1794-1885. Much of Bruce’s collection, including his Early dollar

set, can be seen in the PCGS Set Registry. “I love to share the beauty and history of my collection and the Registry is a great place to organize and view the collection - otherwise I’d never see it!”

Bruce has discerning taste. His all-time favorite coins are the Childs’ 1804 Class I dollar because of the fame and rarity, Eliasberg’s 1884 and 1885 Trade dollars because of the design, pairing, rarity and intrigue, the SP66 1794 dollar for the amazing condition and history (the first dollar struck!) and the Norweb 1838-O half dollar because of its rarity and branch mint proof status.

When it comes to collecting, Bruce’s philosophy is to never compromise on quality and to buy the absolute best that he can acquire, even if that means buying the same grade for more money to acquire the better coin.

Bruce has a B.S.E. degree in Nuclear Engineering from the University of Washington. He and his wife, Kelley, have five children: Marika, Kiera, Christopher, Foster and Jasper. Besides coin collecting, Bruce’s other hobby is golf, golf and more golf!

About the Morelan Collection

Bruce’s concentration is mainly on U.S. dollars. He currently has completed a run of dollars from 1794 to 1878.

Early Dollars Basic Set, Circulation Strikes

(1794-1803)

In 2016, this set was inducted into the PCGS Set Registry Hall of Fame for good reason. It is recognized as one of the landmark sets in American numismatics. The cornerstone of this set is the record-breaking $10 million 1794 PCGS SP66, the most paid in auction for any coin. No coin in the set is graded less than MS63 and considering the age and history of the 12 coins in the set, the weighted grade point average of

“

64.814 is astounding. Nine of the coins in the set come with impressive pedigrees from the likes of Carter, Eliasberg, Fairfield, Neil and Stellar. But, despite the impressive past ownership of many of the coins in the set, no one else has ever come close to assembling a set at the grade level Bruce Morelan has. This set is the finest date set of early U.S. Dollars ever assembled in the 150+ year history of American collecting.

1794-1885.

BRUCE MORELAN, THE ULTIMATE COIN COLLECTOR

Bruce’s long term goal is to build the finest and most memorable early dollar set from

Liberty Seated Dollars Basic Set, Circulation Strikes (1840-1873)

specimen known from each mint (1875 MS68, 1875-S MS68, 1878-CC MS66). It also includes several finest knowns by two grades (1874 MS67, 1874-CC MS66, 1876-CC MS65, 1877-CC MS66) and all but three coins in this 18-coin set have a population of 1 with none graded higher. Pedigrees abound. The 1876-CC PCGS MS65 and 1876-S PCGS MS66 are both from the Eliasberg collection. The 1874-CC PCGS MS66, 1875-CC PCGS MS66 and the 1875-S PCGS MS68 have a Carter pedigree.

Bruce Morelan’s collecting habits extend beyond dollars. Of the 10 most famous United States ultrararities, Bruce owns or has owned at some time in the past the following coins:

Bruce Morelan’s set of Mint State Seated Liberty Dollars is the finest collection ever assembled. Bruce has been working on this set for over a decade. He selected only quality coins, often rejecting those with higher numerical grades in favor of coins with exceptional eye appeal. The result is a plethora of stunningly beautiful coins, a slew of Top Pop coins (21 of which are unique Top Pops), and a roster of pedigrees that includes such great and familiar names as Garrett, Starr, Carter, Hayes, Childs, Stack, Share, Norweb, Fairfield, and others. This set is so nice and the coins are so rare in the condition they are in that it is almost impossible to imagine the existence of this set. The set received Hall of Fame status in 2004.

Trade Dollars with Major Varieties, Circulation Strikes

(1873-1878)

• 1913 Liberty Head Nickels, both the Eliasberg and Hawaii Five-O specimens

• 1894-S Dime PCGS SP64+

• 1876-CC Twenty Cent PCGS MS65

• 1838-O Half, Norweb specimen

• 1804 Class I Dollar, Dexter specimen

• 1870-S Dollars, both the J.A. Stack and Eliasberg specimens

• 1885 Trade Dollars, Norweb, Carter and Eliasberg specimens

• 1880 Coiled Hair Stella

In addition, he and his coin company, Legend Numismatics have owned the following:

• 1907 Ultra High Relief $20 PCGS PR67

• 1927-D Double Eagle MS66

Bruce Morelan has made his mark in the world of numismatics as the ultimate coin collector. There is no question that he will be remembered in years to come for his insistence on purchasing only high quality specimens with amazing eye appeal. He has assembled a truly rare collection of coins that is nothing short of historic.

Bruce Morelan’s sets can be found in the PCGS Set Registry® Established in 2001, the Registry has revolutionized coin collecting aroundtheworld.VisitPCGS.com/setregistry formoreinformation.

Not to sound like a broken record, but Bruce Morelan’s set of Trade dollars is also, and by far, the finest ever assembled. No coin in the set grades below MS65. It has a weighted grade point average of 65.931 and was inducted into the PCGS Set Registry Hall of Fame in 2002. The collection includes the finest

BJ Searls is a graduate of Pepperdine University with a Master’s in Business Administration. She has been involved in numismatics since 1973 and has worked for Collectors Universe since 1997. BJ is the Set Registry and Special Projects Director for PCGS, PSA and PSA/DNA. Email: bsearls@collectors.com.

BRUCE MORELAN, THE ULTIMATE COIN COLLECTOR / PCGS SET REGISTRY®

ROFESSIONAL COIN GRADING SERVICE

PRICE GUIDE

RICE GUID

EPTEMBER / OCTOBER 2017

The PCGS Rare Coin Market Report is published bi-monthly by the Professional Coin Grading Service (PCGS.) The prices listed in the PCGS Rare Coin Market Report Price Guide are meant to serve as a guide to assist the rare coin buying public in determining values for all significant United States coins. Before you use e PCGS Rare Coin Market Report Price Guide, you should read the following information ery carefully.

What do the RCMR Prices Mean?

The prices listed in the PCGS Rare Coin Market Report Price Guide are average dealer asking prices for PCGS-graded United States coins. The prices are compiled from various ources, including dealer ads in trade papers, dealer fixed price lists and websites, major uctions, and activity at major coin shows. The prices are what you should expect to pay, on average, for PCGS-graded coins. Note that RCMR prices do not apply to coins which have not been graded by PCGS, coins which have been graded by other grading services, or non-third party graded coins where the grade is represented by the seller, may not have been graded by the same standards as PCGS-graded coins and their market value may be different.

Time Sensitivity of Prices

Prices for U.S. rare coins can and do change frequently. Prices for more generic issues can move weekly and even daily. The PCGS Rare Coin Market Report is a bi-monthly publication and is subject to lead times for printing and mailing. Prices listed in the RCMR are derived from the more comprehensive PCGS Online Price Guide (www.pcgs.com). RCMR prices are the prices listed in the PCGS Online Price Guide the day the RCMR is sent to the printer. For up-to-date prices, check the PCGS Online Price Guide on www.pcgs.com/prices.

Price Sensitivity of Bullion-related Issues

Some U.S. coin prices are very sensitive to movements in the price of silver, gold, and platinum, and the prices of these metals change daily. Bullion-sensitive U.S. coins include most silver, gold and platinum Eagles, gold Buffalo, lower-grade examples of the more common date pre-1933 U.S. gold coins, and some modern gold commemoratives. As of July 2017, metals prices were approximately: Gold: $1,225 Silver: $15.75 Platinum: $925

Price Changes

Price changes are indicated by an arrow to the right of the price. A green arrow pointing up indicates a price that has moved up since the previous issue of the RCMR. A red arrow pointing down indicates a price that has moved down since the previous issue of the RCMR

Issues Priced

The PCGS Rare Coin Market Report Price Guide lists prices for all regular issue and commemorative United States coins minted from 1792 to date. Prices are listed for regular strikes, proofs and some special strikes. Prices are listed for all dates and mint marks and all major varieties. Prices are also listed for “type.” This listing appears at the start of each section for each type of coin and refers to the price for the most common date of a particular type.

Grades and Designations

There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade. Space considerations do not allow the PCGS Rare Coin Market Report to list prices for every grade. Consequently, the RCMR lists prices for up to 10 grades for individual coins. Grades listed are at intervals that should be the most useful to coin buyers. For “in-between” grades, readers should refer to the PCGS Online Price Guide. The RCMR lists prices at the highest end of the grading scale for the highest grade known, either

graded by PCGS or known to exist in that grade. The RCMR does not list prices for fantasy grades, i.e. grades higher than are known to exist for a certain coin. The RCMR lists prices for coins with special striking designations, such as full bands, red color, prooflike surfaces, etc. For a description of all the grades and designations used in the RCMR, refer to the PCGS Grading Standards listed in this issue.

Complete Set Prices

The PCGS Rare Coin Market Report Price Guide lists complete set prices for many coin series. There are three types of complete set prices. A “date set” is a set of one of each date of a particular series. A “date and mint mark” set is a set that includes every date and mint mark in a series. A “with major varieties” set is a set with one of every date, mint mark and major variety. Prices for complete sets are listed “per grade,” i.e. the price for the complete set if every coin in the set was in the particular grade listed.

Population Figures

Besides prices for every coin, the PCGS Rare Coin Market Report Price Guide lists the PCGS population, i.e. the number of coins graded by PCGS, for each coin.

Very Important Information Please Read Carefully

The coin market is volatile and thinly capitalized. Significant short-term price swings are always possible. Collectors Universe, its principals, and representatives do not guarantee a profit nor guarantee against a loss for any coin you buy or sell based on the information in the PCGS Rare Coin Market Report Price Guide Collectors Universe, its principals and representatives also do not guarantee the accuracy of the information in the PCGS Rare Coin Market Report Price Guide. You buy and sell rare coins at your own risk. The following are the general grading standards for both regular strikes and proofs.

PCGS GRADING STANDARDS

Space does not permit us to show a comprehensive photog grading guide here, but those interested in a detailed look at vi all U.S. coins in all grades are referred to PCGS’s Photograde s found at www.pcgs.com/photograde.

Regular Strikes

us a photo at v U S grades Photograde i e am th accordingly

For regular strikes, the primary attribute for circulated g i.e. Poor (PO1) to About Uncirculated (AU58), is the amo wear or the amount of the original design detail that is still e Other attributes contributing to the grade for circulated r strikes are surface preservation and eye appeal, either of can be positive, negative or neutral and which affect the accordingly. For regular strikes in Uncirculated condition to MS70), there are four primary attributes that determine marks, strike, luster and eye appeal.

Components of Mint State Grading

Strike

The completeness/incompleteness of a coin’s intended detail when originally struck.

Luster

The strength and pattern of light reflected off a coin.

Surface Preservation

The condition of the surface of a coin notably marks and/or scratches.

Eye Appeal

The element that “grabs” the viewer. The overall look of a coin. Often manifested as “toning.”

STANDARDS

A PCGS MS70 shows no imperfections under five-power magnification. Must be 100% fully struck and have full original luster and outstanding eye appeal.

A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal.

A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster and good eye appeal.

A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal.

A PCGS MS66 will have a few marks and/ or abrasions. The strike, luster, and eye appeal must be good.

A PCGS MS65 will have some marks and/ or abrasions, but they will be minor. The strike must be above average, and luster and eye appeal must be good.

A PCGS MS64 will have some marks and/ or abrasions, and they may be significant. The strike and eye appeal should be average or above and must not be negative. Luster may be somewhat subdued.

A PCGS MS63 will have marks and abrasions that are moderate in number and/or size. Strike may not be full and eye appeal can be slightly negative. Luster may be somewhat dull.

A PCGS MS62 will have no wear on high points. There may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull.

A PCGS MS61 will have no wear on the high points. There may be multiple heavy marks and abrasions. Strike may not be full, luster may be dull, and/or eye appeal may be negative.

A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative.

A PCGS AU58 will show full detail with minor friction on only the highest points.

A PCGS AU55 will show full detail with friction on less than 1/2 of the surface, mainly on the high points.

A PCGS AU53 will show full detail with friction on 1/2 or more of the surface. There may be a very slight flatness on high points.

A PCGS AU50 will show full detail with friction over most of the surface and slight flatness on high points.

XF45 Detail is complete with most high points flat.

XF40 Detail is complete with some high points slightly flat.

VF35 Detail is 80 to 85% complete.

VF30 Detail is 70 to 80% complete.

VF25 Detail is 60 to 70% complete.

VF20 Detail is 50 to 60% complete.

F15 Detail is full in recessed areas. All lettering is sharp.

F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp.

VG10 Design is worn with some detail evident.

VG8 Design is worn with only slight detail evident.

G6 Detail is flat, but rims are complete. Peripheral lettering is full.

G4 Detail is flat. Rims slightly worn. Peripheral lettering nearly full.

AG3 Rims are worn but most lettering is readable though worn.

FR2 Mostly worn, but some design details are visible.

PO1 Barely identifiable as to date and type.

PROOFS

For proof strikings, the primary attributes of grade are hairlines and/or marks (or lack of), reflectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning.

A PCGS PR70 shows no imperfections under five-power magnification. Brilliant proofs must be 100% fully reflective.

A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective.

A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective.

A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully reflective or virtually so.

A PCGS PR66 will have a few hairlines and/or very minor marks. Eye appeal must be very good. Brilliant proofs must be fully reflective or nearly so.

A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good reflectivity.

A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity.

A PCGS PR63 will have obvious hairlines and/ or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull.

A PCGS PR62 will have numerous hairlines and/or marks. Eye appeal may be quite negative. Brilliant proofs may be dull.

A PCGS PR6l will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective.

A PCGS PR60 will have no wear on the high points, but will be very hairlined and/ or marked. Eye appeal is negative. Brilliant proofs may not be reflective.

Proofs below PR60 For proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes.

In addition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.

DESIGNATIONS

Color for Copper Coins (MS60 or better)

Full Steps for Jefferson Nickels

Full Bands for Roosevelt Dimes

Brown (BN) PCGS designates Brown for copper coins that have less than 5% of their original mint red color.

Full Steps (FS) PCGS designates full steps for Jefferson nickels that grade MS60 or better and show a full five or six steps in the portrait of Monticello (Thomas Jefferson’s home) on the reverse. To qualify for this designation, a coin must also have no major disturbances, including cuts and marks, to the separation of the steps.

Full Bands for Mercury Dimes

Full Bands (FB) PCGS designates full bands for Roosevelt dimes that grade MS60 or better and show full separation of the upper and lower horizontal bands of the torch on the reverse. To qualify for this designation, a coin must also show no significant cuts or marks across the horizontal bands.

Full Head for Standing Liberty Quarters

Red Brown (RB) PCGS designates Red and Brown for copper coins that grade MS60 or better and show between 5% and 95% of their original mint red color.

Full Bands (FB) PCGS designates full bands for Mercury dimes that grade MS60 or better and show full separation of the central crossbands on the crossbands on the reverse. To qualify for this designation, a coin must also have no major disturbances, including cuts and marks, of the separation of the crossbands.

Red (RD) PCGS designates Red for copper coins that grade MS60 or better and show 95% or more of their original mint red color.

Full Head (FH) PCGS designates full head for Standing Liberty quarters that grade AU50 or better and show full detail of Ms. Liberty’s hair (on Type Ones) or helmet (on Type Twos); Type Ones (1916-1917) must show a distinct separation between the hair cords and the cap. Type Twos (1917-1930) must show three complete and distinct leaves to the helmet, a complete outline to the bottom of the helmet, and a distinct ear hole. Note that on the ultra rare 1918/7-S, PCGS will designate full head on coins that grade XF40 or better and that meet the full head criteria.

Full Bell Lines for Franklin Half Dollars

Full Bell Lines (FBL) PCGS designates Full Bell Lines for Franklin half dollars that grade MS60 or better and show full separation of the lines on the bottom of the Liberty Bell on the reverse. To qualify for this designation, a coin must also show no major disturbances, including cuts and marks, of the separation of the bell lines.

Prooflike Surfaces for Morgan Dollars

Deep Mirror Prooflike (DMPL) PCGS designates deep mirror Prooflike for Morgan dollars that grade MS60 or better and show deep reflectivity, i.e. deeply mirrored surfaces. The differences between PL and DMPL is one of degree.

Cameo Proofs

Prooflike (PL) PCGS designates Prooflike forMorgandollarsthatgradeMS60orbetter and show clear reflectivity, i.e. mirrored surfaces at a distance of two to four inches. If the cartwheel effect or striations cause an area to lose clarity, the designation will not apply.

Cameo (CA) PCGS designates cameo for brilliant proofs that show light to moderate frosting of the devices. Both sides of a coin must have frosted devices to earn the cameo designation.

No Grade Coins

PCGS does not grade coins that are counterfeit, have been artificially toned, have had their surfaces altered, have been environmentally damaged, have been abrasively cleaned, have extremely large scratches, or have been repaired. Some allowances are made for ultra rarities, colonials and territorial gold coins, in which there are some instances when “net grading”isusedbyPCGSasaservicetothe numismatic community.

PCGS Holder

No grade coins returned to the submitter with encapsulation.

Code Reason 82 Filed Rims

Questionable Color 92 Cleaning

Planchet Flaw

Altered Surfaces

Stratch(s)

Environmental Damage

Damage No PCGS Holder No grade coins returned to the submitter without encapsulation. Code Reason

Lamination

Unverifiable

Counterfeit

Service

PVC Residue Would you like further information about the PCGS Grading Standards, Designations and No Grade Standards? View high-resolution images and in-depth videos for each at www.PCGS.com/grades.

Deep Cameo (DCAM) PCGS designates deep cameo for brilliant proofs that display deep, even frosting on the devices of both sides of the coin.

After three decades of being a major player in auctions and spending hundreds of millions of dollars in them, our Founder, Laura Sperber was tired of all the excess and pretty much torture of sitting through major sales until 1-2 a.m. In addition, the thought of seeing so many retreads and “stuff ” that fill typical phonebook size auctions was not appealing, nor did she feel it allowed sellers to realize maximum potential. With these thoughts in mind, Laura decided on a smaller boutique-style auction, hence the creation of Legend Rare Coin Auctions.

Legend Auctions was created to be smaller and different. Everything from service to the quality of the offerings to customer service had to meet the highest of standards. After too many years of headaches from doing monster sales, Laura knew she had to create a platform that was safe, relaxing and fun for buyers and sellers.

Here are several examples of what Legend Rare Coin Auctions actually does:

• Holds 500-550 lot Regency Auctions.

• Conducts Monthly Premier Sessions Internet Only Sales- Featuring 150-200 lots.

• Rejects coins deemed unsuitable for sale because of reserves, quality, etc.

• Strives to have little to no duplication of lots.

• Produce a beautiful hardbound catalog as a keepsake for each Regency Auction.

• To date, all major Regency Auctions have been held in conjunction with the PCGS Members Only Shows, of which Legend is the official auctioneer. Stand alone, single consignor sales can also be scheduled in addition to the scheduled Regency Auctions.

• Legend Rare Coin Auctions has TWO fulltime bourse floor trained numismatists on staff because we do not employ commissioned sales people.

• Every coin is listed with a full description and quality images.

• Last, ALL Legend Regency and Monthly Premier Sessions Sales are aggressively patronized by the powerful customer base of Legend Numismatics.

Since its inception four years ago, Legend Rare Coin Auctions has been highly successful and is rapidly growing with every sale. We firmly believe our vision, quality, and standards are the highest and best in the auction business today.

PCGS / SHOW SCHEDULE

For more information visit PCGS.com/shows

AUGUST 2017

July 31 - August 5

PNG/ANA Numismatic Trade Show and World’s Fair of Money On-Site Grading | Stack’s Bowers Auction Denver, CO

August 18

PCGS Public Friday

Submissions Only Orange County, CA

SEPTEMBER

September 7 - 9

Long Beach Expo

On-Site Grading | Heritage Auction Long Beach, CA

September 27-30

PCGS Members Only Show

On-Site Grading Las Vegas, NV (Caesar’s Palace)

OCTOBER

October 18

PCGS Public Friday

Submissions Only Orange County, CA

October 25 - 28

PCGS Members Only Show

On-Site Grading | Regency Auction Philadelphia, PA

NOVEMBER

November 9 - 11

Whitman Baltimore Expo

On-Site Grading | Stack’s Bowers Auction Baltimore, MD

DECEMBER

December 13 - 16

PCGS Members Only Show

On-Site Grading | Regency Auction Las Vegas, NV (Caesar’s Palace)

JANUARY 2018

January 4 - 7

FUN Show

On-Site Grading | Heritage Auction Tampa, Florida

FEBRUARY

February 22 - 24

Long Beach Expo

On-site Grading | Heritage Auction Long Beach, CA

MARCH

March 8 - 10

ANA Money Show

Submissions Only | Heritage Auction Irving, TX

March 22 - 25

Whitman Baltimore Expo

On-Site Grading | Stack’s Bowers Auction Baltimore, MD

APRIL

April 25 - 28

Central States Numismatic Society On-Site Grading | Heritage Auction Schaumburg, IL

JUNE

June 14 - 16

Long Beach Expo

On-Site Grading | Heritage Auction Long Beach, CA

JULY

July 12 - 14

Summer FUN

Submissions Only | Heritage Auction Orlando, FL

Coin Treasure is Still Out There

By Jaime Hernandez

After the story was published, many were concerned that more examples would surface. This could have prevented potential buyers from bidding higher, or from bidding at all. Unfortunately, the story was more than likely fabricated, as those examples never surfaced, and whoever bought the discovery coin ended up getting a great deal

It has now been 17 years, and the coins still remain very rare and intriguing. These are just some of the few reasons I wanted to write about a very special coin for the first issue of the PCGS Rare Coin Market Report, as this coin has it all, rarity, intrigue, popularity and many other great components. This particular mule was struck by three different die pairs, meaning that tens of thousands of them were struck. However, after some of the first coins were found, the Mint issued a statement indicating they caught and destroyed most of them. Soon after the Mint made this statement, examples were still found, so it is very possible that some coins are still out there just waiting to be found in circulation.

I asked error coin expert Fred Weinberg what he would pay if someone found a real Washington Quarter/

SacagaweaDollarMuleinchangetoday.Hesaidhewould pay anywhere from $25,000 and higher for a circulated exampleand$50,000to$75,000forabrilliantuncirculated example. Note, before you try and cash in your reward, be aware that altered examples of the coins exist. The fake examples are usually hollowed out Sacagawea Dollar coins with a Washington Quarter obverse inserted into it. The imitations are then gold-plated in order to duplicate the appearance of normal Sacagawea manganese coins. So, before you send your coin to Fred, make sure you send him images first, as many imitations are out there.

Keep a sharp eye and good luck with your hunting.

Jaime Hernandez is an editor for the PCGS Price Guide, having joined PCGS in 2005. By the time he reached his early twenties, Jaime was successfully buying and selling coins with some of the most prominent dealers and collectors in the country.

Email:jhernandez@collectors.com

PCGS COIN OF THE MONTH

Centenary of the Type II Standing Liberty Quarter

This month, we’ll pay tribute to the Type II Standing Liberty Quarter, which entered circulation 100 years ago this Fall. While most numismatists today highly praise the original 1916 (Type I) design, many today lament the loss of MacNeil’s original artistic vision with the modifications made. Interestingly, according to Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, it was MacNeil himself who on January 11, 1917, wrote to the Mint Director requesting permission to modify the design.

Changes were made to both the obverse and reverse. The figure of Miss Liberty now wore a coat of chain mail over her previously exposed breast. Whether this was a move made to appease the more prudish elements in society or to signify America’s preparedness for her role in the First World War remains a matter of some debate, but the latest research into the topic suggests the latter may be a more accurate explanation. On the reverse, the position of the flying eagle was raised and three stars were placed below.

Close examination of the two types also show that modifications were made to the head of Liberty with a three-leaved laurel wreath now atop her head, a reduced number rivets in the shield, and larger and heavier lettering on both the obverse and reverse.

A comparison of the head and shield of the Type 1 (Left) and Type 2 (Right)

Reverse lettering on the Type 1 (Left) and Type 2 (Right)

Even these changes would not be the end though, for in 1925 a final change, recessing the date under Liberty to improve wearing characteristics would be made.

Despite these changes, most consider the Standing Liberty Quarter to be one of America’s more attractive and interesting designs, and we at PCGS are honored to pay a small tribute on its 100th birthday.