P C G S MAY / JUNE 2022 – $14.95 PROFESSIONAL COIN GRADING SERVICE P RareCoin MARKET REPORT COIN OF THE ISSUE: 1834 Classic Head Quarter Eagle HM-1 & 1838 Classic Head Half Eagle HM-2 PCGS RARE COIN MARKET REPORT More Content - More of What Our Readers Love
GREG COHEN SENIOR732-935-1168NUMISMATIST JESSICA BERKMAN VICE732-935-1168PRESIDENT CONSIGN NOW TO THE REGENCY CAUCTION ONSIGN AUCTION WE ARE ALWAYS ACCEPTING QUALITY CONSIGNMENTS! $10 1907 ROLLED EDGE PCGS MS65+ CAC REALIZED $587,500 $1 1902 PCGS PR66 CAM REALIZEDCAC $34,075 $4 1879 FLOWINGSTELLA,HAIR. PCGS PR64 DCAM CAC REALIZED $217,375 $1 1776 CURRENCY, EG FECIT. PCGS MS64 REALIZEDCAC$146,875
EditorJoshuaHappysummer?collecting,McMorrow-HernandezinChief, Rare Coin Market Report
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2 MAY - JUNE 2022 RARE COIN MARKET REPORT A Collectors Universe Company www.PCGS.com Editor-in-Chief Joshua McMorrow-Hernandez Advertising Director Rebecca Tran Content Manager Arianna Tortomasi Lead Designer James Davis Supporting Designer Darnell Dialls Technical Liaison Cook's Printing Numismatic Photographer Phil Arnold Distribution Coordinator Joseph Facundo Subscriptions: Single Issue: $14.95 One-Year Subscription (6 Issues): $79.99 RCMR is offered as a premium to PCGS Authorized Dealers and PCGS Collectors Club members. To become a PCGS Authorized Dealer, contact: Sandy Locker, PCGS Dealer Liaison P.O. Box 9458, Newport Beach, CA 92658 949-833-0600 Extension 131 To become a PCGS Collectors Club member, go to www.PCGS.com/join isanyUniverse,PrintedintheUnitedStates.Copyright2022CollectorsInc.Allrightsreserved.Reproductionofkindwithoutwrittenpermissionofthepublisherprohibitedbylaw. 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. Publication of this magazine is not a solicitation by the publisher, editor, or staff to buy or sell the coins Advertisements,listed herein. articles and the PCGS Price Guide section of this magazine sometimes contain inadvertent typographical errors, a fact readers should bear in mind when encountering pricing quoted at a fraction of prevailing market values. The publisher is not responsible for actions taken by any person because of such errors. Advertising prices are subject to change without notice. RareCoin MARKET REPORT HAVE QUESTIONS OR FEEDBACK? Think our pricing is too low? Too high? Email us at CoinPrices@Collectors.com with the coin number, description, grade, published price, proposed price, reasoning and supportive evidence (like auction results). We'll be happy to review it! For advertising and content inquiries please email us at RCMR@PCGS.com We’ve been pretty busy here at the PCGS Rare Coin Market Report these days – not that we aren’t always. But our team has been immersed in working on a new format for this magazine, one that puts the spotlight on informational, educational, and groundbreaking content. Those who have been reading Rare Coin Market Report for a while now may have noticed that over the last couple of years, we have increased the content with new columns and expanded articles. However, we feel that the time is right to recenter the focus of the magazine exclusively on greater market analyses, more series reviews, a larger number of articles featuring historic coins and collections, and a larger array of other pieces that our readers have been craving more of.
OFSPEAKINGCOINS
So, why the change now? As I go into my second year as the editor-in-chief of Rare Coin Market Report, I’m parsing over some of the things our readers have told us they’re looking for. Some folks may even recall a survey about this very subject that we sent out some months back via email. While many people have told us they love the content we cover in the magazine, others have said they want more marketplace coverage, more history, and more in-depth information on various coins. We’re listening… At the same time, the PCGS Price Guide Team has reported something else is going on. The market pricing is moving so quickly these days, we may have eventually arrived at a point where printed prices would become outdated before magazines reach our readers. Various team leaders and I came together and had a discussion about this evolving situation. We wanted to find a way to expand our content while ensuring our market pricing is accurate no matter when and where you need it. The solution? Remove the printed prices in favor of directing our readers to our free online pricing – which is always updated as the market moves – while expanding the number of pages we devote to educational and informational content. A winwin, we say. With up-to-the-moment pricing available at www.pcgs.com/prices and on the convenient PCGS CoinFacts app for smartphones, it made perfect sense –especially given that more and more people are using digital technology to check current coin prices. So, you’ll still find all your favorite columnists here including new market analysis sections from the PCGS Price Guide team. Plus, we have a variety of features covering diverse angles of the hobby, including the 40th anniversary of modern commemorative coins, Chinese Zodiac coins, a special 18th-century lottery medal from Great Britain, special Set Registry selections from around the world, and a young numismatist who specializes in collecting Filipino coinage. Finally, don’t forget to check out the incredible collection of Classic Head Quarter Eagles and Half Eagles from the personal collection of numismatic author Daryl J. Haynor, whose cabinet highlights share the stage in Coin of the Issue. We expect that as spring transitions into summer the longer days and warmer temperatures will translate into simmering action on the bourse floor. And with a lineup of major coin shows just around the corner, there is bound to be some spicy action with the hottest coins on the auction block. It will be exciting to watch all of this unfold. Perhaps we’ll see you at one of the many events we plan to attend this
1839-O $2.50. HM-1. MS-64+ (PCGS) CAC. The Finest Known. 1550 Scenic Ave., Suite 150, Costa Mesa, CA 92626 • 949.253.0916 470 Park Ave., New York, NY 10022 • 212.582.2580 • NYC@StacksBowers.com 1735 Market St., Philadelphia, PA 19103 • 267.609.1804 • Philly@StacksBowers.com Info@StacksBowers.com • StacksBowers.com California • New York • Philadelphia • New Hampshire • Oklahoma • Hong Kong • Paris SBG RCMR HaynorHL 220501 America’s Oldest and Most Accomplished Rare Coin Auctioneer Consign to Our August 2022 Global Showcase Auction Alongside the Daryl J. Haynor Collection 800.458.4646 California • 800.566.2580 New York • Info@StacksBowers.com DARYL J. HAYNOR COLLECTION of Classic Gold Coins 1834-1839 Featured in the August 2022 Global Showcase Auction LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Stack’s Bowers is pleased to announce the upcoming presentation of The Daryl J. Haynor Collection as a featured collection in the August 2022 Global Showcase Auction. Daryl Haynor is well known in the hobby for his expertise as the consummate collector, with the current finest Classic Head $5 PCGS Set Registry. He is also author of United States Classic Gold Coins of 1834-1839, NLG Book of the Year award winner for 2020 and the reference that introduced the HaynorMcCloskey (HM) attribution system. The Haynor Collection is a comprehensive cabinet of Classic Head quarter eagles and half eagles assembled by HM variety. It is one of the most impressive collections of these series ever built, and showcases Condition Census quality, including many of the sole finest known survivors. Certified by PCGS and featuring considerable approval by CAC, the cabinet will be offered in its own catalog as part of the Stack’s Bowers Galleries August 2022 Showcase Event. 1838-C $2.50. HM-1. MS-64 (PCGS) CAC. The Finest Known. 1834 $5. HM-3. MS-65 (PCGS) CAC. The Finest Known. 1837 $5. HM-2. MS-64+ (PCGS). CAC. The Finest Known. 1838 $5. HM-2. MS-66 (PCGS) CAC. The Finest Known. Stack’s Bowers Galleries is pleased to present the
7 Jernegan's Silver Lottery Medal
YOUNG NUMISMATIST YOUNG NUMISMATIST YOUNG NUMISMATIST
20 Five Collecting Trends for the 2022 Rare Date Gold Market
Half Eagle
highlights
variety
17 Most Active Countries within the PCGS Set Registry Universe
Sanjay Gandhi looks at three nations represented in the PCGS Set Registry whose coinage is seeing incredible growth these days, plus he takes a look at some of the special coins enticing collectors to go big on their world Registry Sets.
The year 2022 marks the 40th anniversary of the modern United States commemorative coinage program. Joshua McMorrow-Hernandez takes us on a colorful trip back to the early 1980s to reveal how this popular series evolved over the last four decades.
51 A New Era for the PCGS Rare Coin Market Report
What’s old is new again, or at least that’s the case with some of the latest trends in gold collecting. U.S. classic gold coin expert Doug Winter reveals what collecting habits are making a comeback in the arena of gold coins and which ones are breaking out for the first time.
26 U.S. Modern Commemorative Coins Turn 40
23 Collector Spotlight: Tony Littlejohn Meet PCGS Set Registry collector Tony Littlejohn, a numismatist whose fascinating adventure with coins traces from the 1960s to today and involves two very different kinds of coins – classic Standing Liberty Quarters and modern Susan B. Anthony Dollars.
36 This YN Loves Filipino Coins Meet 16-year-old young numismatist Nathan Infante, an enthusiastic collector who loves coins from the Philippines and shares why these classic coins from southeast Asia mean so much to him.
PCGS
There are few coins as epic as Chinese Zodiac coinage, and Peter Anthony brings us a tale nearly as gripping as the tiger coinage he unveils.
11 Stripes
1 A P C G SG R A D E D C O I N S
36 38 FromthePCGSGradingRoom 41 AuctionHighlights 43 PCGSAroundtheWorld 45 NoteworthyNotes 48 PCGSCoinoftheIssue 52 PCGSGradingStandards 57 MarketMatters 59 MarketMoversandShakers 62 CoinMarketFundamentals 64 ShowSchedule&AdvertisingIndex YOUNG NUMISMATIST
How often is it that a consolation prize is almost as good as the grand prize? Not too often, but Jay Turner explores one such situation that leaves coin and medal collectors today with an 18thcentury silver numismatic trophy virtually worth its weight in gold.
7 20 23 17 11 MAY - JUNE 2022 26 Features T # ON THE COVER The 1834 Classic Head Quarter Eagle
PCGS Rare Coin Market Report Editor-in-Chief Joshua McMorrow-Hernandez introduces revolutionary changes to this publication that will provide more educational content and market analysis than ever before. HM-1 graded PCGS MS65 and the 1838 Classic Head HM-2 variety graded MS66 – two gorgeous from the collection of esteemed collector Daryl J. Haynor.
Determined to sell the masterpiece, Jernegan was successful in getting Parliament to permit him to hold a lottery, with the winner claiming the cistern for the cost of an entry ticket priced at a mere five or six shillings. With each ticket purchase came a silver medal, each then boasting a value of about three shillings. A work of art itself, the silver medal sweetened the deal for lottery participants and helped drum up plenty of interest for Jernegan and the novel grand prize.
MedalSilverJernegan'sLottery
1736 Medal Betts-169 Silver Jernegan’s Lottery, PCGS MS63. Courtesy of PCGS TrueView.
A Prized Prize Medal
The medal features Minerva, symbolic of law and commerce, on the obverse with inscriptions declaring “BOTH HANDS FILLED FOR BRITAIN” and “GEORGE REIGNING.”
Just as impressive as the art is the bowl’s sheer size. The cistern can hold 60 gallons and tips the scales with its 8,000 ounces of silver. Immensity was the goal of the piece when commissioned by Henry Jernegan, a goldsmith and banker on Russell Street in the sophisticated Covent Garden section of London, on behalf of Littleton Pointz Meynell. Silversmith Charles Kandler designed and produced the piece in 1734 making it the largest and most elaborate piece of silverwork in the world at that time. When the work was finally finished, Meynell had changed his mind and left Jernegan stuck with the cistern and its costs. Jernegan tried for private sale of the extravagant creation but was unable to find a buyer.
The reverse features Queen Caroline watering trees with the legend “GROWING ARTS ADORN EMPIRE” and “CAROLINE PROTECTING 1736.”
If the cistern was the prize, the medal proved handsome consolation for the thousands unable to hoist it home. The medals, sold along with the lottery tickets, lured many to participate in the drawing and – with the magnificent grand prize of the cistern – an estimated 30,000 medals were produced and sold. The bulk of the ticket revenue from the successful lottery went to Henry Jernegan, but some lottery proceeds were also used to build a bridge over the River Thames at Westminster that is now known as Westminster Bridge. The winner of the lottery was Major William Battine, who then sold the piece to Regent Anna Leopoldovna of Russia in 1738. Since 1743 the cistern has been in the Hermitage collection in St. Petersburg.
By Jay Turner
The glistening silver wine cistern, a masterpiece fit for royalty, stood available for anyone to win for the cost of only five or six shillings. This piece would have stopped anyone in their tracks for both its size and beauty. The bowl, decorated with an abundance of grapevines holding leaves and great clusters, drifts from the rim to the outer design of a scene of children dancing and playing. The handles are that of male and female figures from the waist up, below ornate designs melding them to the cistern. The base boasts two ferrets on whose backs the bowl sits, both animals yawning mouths agape while wearing collars chained to the bowl whose weight they are carrying.
An unusual piece for the period, the medal was designed by John Sigismund Tanner and cut by John Croker at the mint.
MAY - JUNE 2022 7RARE COIN MARKET REPORT
Today there is an unfathomable amount of information about numismatics at the touch of a screen. This wasn’t always the case. The information superhighway hasn’t been around Wyllysnumismaticswithpublishedrepeatedtrees.beliefforThproductiontheSouthasmuchaschangedhistory,theforThmorethanafewdecadesandpeopleoftenhaveshortmemories.elotteryhaslongbeenoverandthosewhowerepresentitarenolongerwithustosharedetailsandmemoriesofevent.Some30,000medalsnowdispersed,theoriginalreason,andcontextofthemedalscouldbecomeorevenforgotten.ThisishowaBritishmedalgivenagiftforalotteryentrybecomesan“American”medal.WhileitislikelytheAmericanizationofthemedaloccurredearlier,itisfirstdocumentedinapublicationin1863amedaltocommemoratetheseparationofNorthandCarolinain1736byW.H.StrobridgewhilecatalogingLilliendahlCollection.StrobridgealsoattributedtheofthemedalbytheLegislatureofNorthCarolina.eexampleinthe1863saleachieved$14(over$300adjustedinflationtoday).ThecontextforthisattributionisthethatthetreesQueenCarolineiswateringarepalmettoThisattributiontothemedalbeingAmericanwouldbeagainintheimportantcatalogofJulesFonrobertin1878,whichattributesthemedaltoconnectionsNorthCarolina.TheFonrobertcatalogwasremarkablyimportantinandisstillusedforreferencetoday.WhenBettspublishedhiscatalog
JERNEGAN'S SILVER LOTTERY MEDAL
8 MAY - JUNE 2022 RARE COIN MARKET REPORT
American Colonial History Illustrated by Contemporary Medals in 1894, he included Jernegan’s lottery medal as number 169 in the hopes of correcting attribution. Betts notes that the Queen is “watering a plantation of young palmettos” but also corrects the record for it being a lottery medal and pointing out the erroneous placement in Fonrobert as a connection to North Carolina. Betts’s work was incredibly influential and became a popular set to collect. The inclusion of the medal in his work on American colonial medals even to correct the record continued the marketing of the piece as an “American” or “Betts” piece to this day. The original cistern is still housed today in the Hermitage in St. Petersburg. In the 1880s the cistern was electrotype copied in the Hermitage to produce three copies of the masterpiece, one of about 200 examples of English silver in Russia to be electrotyped. The three copies were distributed to the Queen’s Regimental Silver in England, the Victoria and Albert Museum in London, and the Metropolitan Museum (“The Met”) in New York. Westminster Bridge, which is said to have received some of the proceeds from the lottery, began construction in 1739 and was completed in 1750. The addition of the bridge went on to shape London and change population growth in the city. The Jernegan’s lottery medals that were sold with the lottery are still readily available for collectors and frequently list for relatively small sums of just a couple hundred dollars. At almost 300 years old, this historic medal is a true prize for the price. Jay began collecting coins at the age of 13, when he inherited his uncle’s coin collection. Turner is proficient in U.S. and world coins, token and medal variety attribution, grading, and counterfeit detection. In 2017, Turner joined PCGS as a grader specializing in world coins. He is stationed at the PCGS U.S. headquarters and grades on-site for the Shanghai, Hong Kong, and Paris offices.
Copy of the Wine Cistern offered in Lottery. Courtesy of The Metropolitan Museum in New York and labeled “Public Domain.”
SPANISH DOUBLOON features the Iberian LYNX struck as a Reverse Proof of which 4,000 were struck on December 1, 2021. Of those only 1000 were designated as First-Dayof-Issue by PCGS and NGC. Columnarios — the Pillars of Hercules design representing the joining of the two Old and New World hemispheres — with two globes crowned over the sea, and the motto “PLVS VLTRA” on ribbons mounted on opposite pillars. crowned symbol of the Spanish Mint. Legends identify Spain’s current monarch, Felipe VI, the coin’s weight—31.21 grams — and 999.9 contact Kagins, Inc. by email at info@Kagins.com or by phone at 888 8KAGINS (852 4467)or online at Kagins.com Act Now! Limited Quantities! Purchase this historical SPANISH DOUBLOON online today at www.Kagins.com ——— A UNIQUE TIME SENSITIVE OFFER ——— A limited number of FIRST-DAY-OF-ISSUE • First-Day-Of-Issue • First Strike (1 of 200) coins are $3950 for PR70 and $3250 for PR69. Because these coins are: orders are limited to 4 per customer while they last. reverse proofs and of limited quantity. Contact us to reserve your coins!
Then to Wu’s amazement the tigers stand up. These “tigers” are really men dressed in tiger skins “Have you the heart of a lion that you’re so brave?” one yells furiously at him and levels a pitchfork in Wu’s direction. “No one walks alone and unarmed here at night. Turn around while you can, if you are a man and not some demon!”
“Look at the detail – this was all carved by hand because
MAY - JUNE 2022 11RARE COIN MARKET REPORT
The deserted Beijing playground is blanketed in white as a gray cat noses around a bench. Snowflakes dance in the wind as four-year-old Sisi turns her eyes away from the frigid courtyard outside the apartment window. There will be no running down the four flights of concrete stairs to play with friends today. “Should we continue?” asks Yeye (pronounced Yeh-Yeh), her grandfather. She snuggles closer to him and feels the softness of his sweater. “Yes, please, tell me more!”
The old man closes his eyes and then abruptly opens them wide as he speaks, “Hey, hey, where are you going?” the innkeeper shouts at a traveler. “Night is coming and tigers prowl this area! It’s against the law to travel at night – the order is posted.”“WuSong hears this, but says to himself, ‘This joker only wants to take my money. Tiger? Nonsense!’ and ignores the calls. The light on the tree tops is golden now as the shadows around him darken, yet on he marches. Suddenly two tigers spring out of the bushes and block his path. Wu’s heart sinks and his life passes before his eyes. ‘This is it,’ he mutters as he grips his staff and prepares to put up the best fight he can.”
Yeye pauses, “You know Sisi, the tiger is one of 12 animal years in the calendar and long ago people believed it could even travel between Heaven and Earth. For them the tiger was a symbol of good fortune, happiness, and safety from evil spirits. This makes the Year of the Tiger very special; it is a time of prosperity, progress, and success. Here, let me show youHesomething.”gentlylifts Sisi up and settles her onto the couch. From a well-worn wooden bureau, her grandfather opens a drawer and pushes aside some shirts. He pulls out an object covered in black velvet. The box inside the velvet bag has several trays. Yeye pulls one out; it is filled with gleaming silver coins, each decorated with the image of a Zodiac animal: rabbit, snake, rat, dragon, and more. On one a tiger roars as it descends a rock. “Look Sisi, this is from 1986. It’s not very big and weighs just 15 grams of silver, but it is the very first New Year coin that I saw. It was in a shop window in Hong Kong. I went there as a translator for our company. I did not buy it then, but told myself that one day I would find it again.”
Stripes
By Peter Anthony 1986 10 Yuan 15-gram .900 silver, diameter 33 millimeters, mintage 10,000. Courtesy of Peter Anthony.
Continuing, he notes, “Four years is a long time, Sisi. So many things happen. Four years from now you will be eight years old, a big girl.” Yeye then lifted another coin. “This one was made 12 years later. Each cycle of the calendar lasts 12 years, so after 1986 the next Year of the Tiger was 1998. It shows a tiger climbing up a rock.”
there were no computers for coin design back then. You know how dolls, or cell phones, are made in factories? Well, a mint is a factory that makes coins. This one was made at the Shenyang Mint in Liaoning Province.”
12 MAY - JUNE 2022 RARE COIN MARKET REPORT STRIPES
He says, “The design and the carving, we call it engraving, of this tiger coin is by Mr. Wang Fude (Foo-Duh). Many Chinese coins use his artwork. His design in 1982 for the Year of the Dog coin was China’s first-ever winner of the International Coin of the Year Award. I once heard Master Wang speak. He told us about how the pose of this dog is based on a wonderful painting by the artist Liu Jiyou and that another designer was first chosen to work on it. However, the other designer’s idea was not approved. The project then came to him. Master Wang took the approach that it was important to render the fur and details well and his work was accepted. Four years later, he designed another Lunar Year coin — the one we have with a tiger on it. Its design is also based on a painting, this one by a lady artist named Ms. He Xiangning. That is the coin we have here.”
1998 10 Yuan 1 ounce .999 silver, diameter 40 millimeters, mintage, 50,000. Courtesy of Peter Anthony.
1998 1,000 Yuan 12 ounces .999 gold, diameter 70 millimeters, mintage 99. Courtesy of Peter Anthony.
MAY - JUNE 2022 13RARE COIN MARKET REPORT
The girl asks, “And what about this tiger coin? It looks like a big cat, Yeye.” The old man chuckles, “This 2010 coin shows the tiger at rest. Its design is by two coin artists at the mint in Shanghai: Zhu Xihua and He Yun. Mr. Zhu has created many, many famous designs for the People’s Republic. Also, do you notice anything special about the shape of this coin? It looks like a plum blossom. Do you know why?”
Sisi leans against her grandfather’s shoulder as he intones sharply, “‘Who are you? What are you doing here?’ Wu Song demands.”Thegrandfather tells, “Haven’t you heard?” the two men dressed up as tigers reply together. “There’s a vicious tiger that prowls this ridge at night. It has attacked more people than anyone can count! The local governor ordered us to find and subdue it, but we can’t, so it is still somewhere nearby ready to pounce. Go back, or it will find you, too.”
He continues, “But, Wu Song thinks, ‘If I turn around that inn-keeper will call me a coward and probably charge twice as much as normal.’ So, with a laugh, he walks right past the woodsman and ventures deeper into the forest. Darkness now cloaks the trail and it is hard to follow. Wu grips his stout staff tightly and says out loud to no one, ‘Don’t worry, don’t worry, it’s not very far to the other side. People are like deer, easily scared. There is no tiger here.’” He declares, “The slope gets steeper and Wu Song starts to sweat despite the evening chill. By the time he reaches the summit he feels worn out. There he eyes a large smooth rock. ‘Ah, a good resting spot,’ he says to himself and lays his staff and pack down beside it. Wu Song then sits and leans against the rock. He is half asleep when a gust of wind grabs his hat, but he snatches it just in time. As the roar of the wind subsides he hears another roar. Wu Song is suddenly wide awake. From out of the bushes strides an immense white tiger with eyes that measure the man. His staff in hand Wu Song quickly scampers behind the rock. Claws bared the great beast leaps toward him.” At that moment there is a sound — a key turns in the apartment’s door. A moment later they hear footsteps in the hallway – it is Sisi’s mother. “Ni hao, hello,” she calls. “Mama,” Sisi cries and runs to her. “We were talking about tigers!” Yeye puts the black velvet cover over the coin box and replaces it in the bureau. As the days pass the snow melts and green covers the trees outside the apartment. White magnolia blossoms mingle with red lanterns hung from the trees as magpies peck in the courtyard grass — in search of whatever is a treasure to them. Sisi stares out the window at the birds. Then, she notices a gray cat creeping slowly through the grass towards the flock, stalking them tiger-like. But before the feline can pounce a kicked ball comes rolling along with a boy in hot pursuit. The STRIPES 1998 500 Yuan 5 ounces .999 gold, diameter 60 millimeters, mintage 99. Courtesy of Peter Anthony.
Speaking of bravery, let’s return to our story. There is a rock and a tiger in it, too.”
“It means that spring is coming!” Sisi exclaims. Her grandfather smiles. “Exactly. This tree bravely blossoms and brings color into our lives during the gray winter months.
“Not long after he returned with his three sons and a cart full of hay. I have brought you wisdom. The hay was soon spread around the base of the tree. The man then set it on fire. The tiger howled. Then at last he broke free and ran to the river to soothe his burns.” He said, “The wounds healed with time, but from that day on wherever the tiger was burned is orange and where the ropes held him are black stripes.” 2010 50 Yuan 5 ounces .999 silver, diameter 70 millimeters, mintage 8,800. Courtesy of Peter Anthony.
“’I don’t know,’” replied the buffalo ‘Go talk to my master.’”
Sisi realizes a story is coming and sits down on the couch next to Yeye. He looks at her, smiles, and begins, “Long ago, when animals could talk, tigers had no stripes. One day a tiger watched a rice field. There, a huge water buffalo stood waiting as its master ate lunch. The tiger crept forward until it was near the buffalo. Then it whispered, ‘Don’t worry, I will not hurt you. Just tell me, why do you allow this puny human to command you? You are much mightier than he is, but I was told that wisdom is more powerful than any beast. Please, tell me, what is wisdom?’”
magpies instantly flutter off and the cat bounds away. “Yeye,” Sisi says, “there was a cat in the yard. It looked just like a little tiger except without stripes.”
“Do you know how the tiger got its stripes, little one?”
14 MAY - JUNE 2022 RARE COIN MARKET REPORT STRIPES
“So, the tiger snuck up on the man. When he saw the great cat the man was panic-stricken, but the tiger said, ‘Calm down, I will not hurt you. Just tell me, what is wisdom? Can you give me some?’”
“The tiger answered, ‘I will wait, but if you do not return I will be angry and you will regret breaking your word.’”
“The farmer hurried off, but then stopped and addressed the tiger, “Wait. How can I leave my animals alone with you? What if you get hungry? Will you allow me to tie you to this tree just until I return? After all, I am bringing you wisdom.’”
“The trembling man replied, ‘I must go get it, but if you go with me you will scare my family witless. Can you wait here?’”
“The tiger thought about how mighty he would become if he could combine wisdom and strength, so he agreed. The man then firmly bound the great beast’s legs and paws before he tied it to a tree.”
STRIPES
2022 5 Yuan 15-gram .999 silver, diameter 33 millimeters, mintage 300,000. Courtesy of Peter Anthony.
Sisi claps her hands and giggles. “Here is a medal that really captures the spirit of the tiger. Can you feel it? It is designed by one of China’s greatest coin artists, Mr. Luo Yonghui. And this coin shows a baby tiger,” Yeye says as he picks up a silver coin. “Isn’t it cute? It is almost like a house cat. It is also interesting because it is one of only a few Chinese coins that were not made in China. In 1998, a company called PAMP minted it in a country far, far away called Switzerland. Until this year it was the only coin with a tiger cub on it. In 2022, though, there are several designs with cubs. That includes a 10-kilo gold coin that is as big as one of your mother’s dinner plates. It shows a mother tiger and her baby. There’s a cub on a 15-gram gold plum blossom and another one on a little 15-gram silver coin, too. Baby tigers are everywhere this year!”
Peter Anthony is a PCGS consultant on modern Chinese coins and is the author of The Gold and Silver Panda Coin Buyer's Guide 3, a two-time Numismatic Literary Guild winner. He is also the publisher of China Pricepedia, a monthly journal and price guide for modern Chinese coinage.
MAY - JUNE 2022 15RARE COIN MARKET REPORT
“Ah well, the tiger is quick, but Wu Song is quicker. As it leaps, Wu Song ducks out of the way. Furious, the tiger charges once more, swipes at the man, but claws only air. Frustrated, it does not notice where it lands – on the very edge of the ridge. Wu song notices though. He suddenly jumps up from behind the smooth rock and waves his arms. Surprised, the beast instantly coils to spring at him when it feels the ground under it crumble. With a startled yelp, the tiger drops out of sight. Minutes tick by as Wu Song stands motionless, breathing hard. Then he wearily lifts the pack and heads down the mountain, none the worse for wear. And look, here is a silver coin that shows Wu Song fighting that tiger!”
“Wow, Yeye, I think that the real tiger in your story was Wu Song.” Yeye stares at Sisi and then they both laugh.
Sisi looks up at her grandfather, “Yeye, what happened to Wu Song when he fought the tiger?”
“So, Sisi, that is why tigers have stripes.”
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“Hi Liz This is John I just received the 1852-O CAC quarter in VF-25 and I just wanted to give you some feedback because this is the most beautiful coin I have seen in my life as far as the 1852-O. I’ve looked at so many 52-Os and for this kind of money this is a primo coin. I’ve been looking for this coin and quality for a long time and I am sure you appreciate that feedback. Your inventory is just really superior and I am going to keep looking through it and picking out some more. This is really a prize. . .” John K, Florida "Hi Liz, ...Although our conversation was brief I enjoyed it. I read your bio online and knew that you "know your stuff". I was pleasantly surprised that there are still people in this world that sense the people they can trust. May you have a GREAT day and God Bless!" Tom B, Ohio As my father told me years ago, you only get one name, so guard it with integrity and fair dealings. I have taken that advice to heart. So, what does the (nearly 40 (PCGS innovation winner Everyman Registry) I are confident we can help you as well Give us a try, you won’t be disappointed of quality collector listed on our website at www.lizcoggan.com. encouraged welcomed
By Sanjay Gandhi 1904 20 Centavos from The Maharlika Collection, PR67. Courtesy of PCGS ValueView.
The comprehensive selection of sets created, requested, and available to our members is vast. Our most popular set within Australia is the 1966 Australian Proof Set with 60+
Most RegistrytheCountriesActiveWithinPCGSSetUniverse PCGS SET REGISTRY
The winter months have passed, we are in the spring season, and summer is right around the corner. Tchaikovsky would probably mention fall to complete The Seasons, which some say was his greatest work. Aficionados of classical music could debate what Tchaikovsky’s best work is until the break of dawn. But there is no debating that the PCGS Set Registry is a powerful inventory management tool built for coin collectors of all Somelevels.countries represented within the Set Registry are more active than others. Below we’ve highlighted three countries that have been popular with collectors over the past few months.
11984984 Decade For Women (1976 1985), PR68DCAM.ecade r 1976-1985), Courtesy of PCGS ValueView.
Australia When I joined PCGS, I knew little about the Set Registry and learned that our largest world market was Australia. Weighing in at 5,700+ sets, this country has a loyal member base, which we at PCGS appreciate. Nobody worldwide has a larger Australian Set Registry presence than PCGS. By working with our PCGS global partners and members “Down Under,” Australia continues to be the largest Set Registry country within our world coinage category.
Bulgaria A few months ago, one of our colleagues in Europe mentioned that PCGS members were asking for more sets to be added to the country of Bulgaria. We listened! Now we have more than 200+ active sets, which is the largest registry of Bulgarian coins offered by any numismatic company worldwide. One of the most active sets is the Bulgarian Three Rulers with 1916 Basic Set, Circulation Strikes (1881-1943), which consists of 72 items to complete the set. The late-19th-century silver issues within this set will be the most difficult to find in uncirculated grades as the metal content is .835-fine silver, and they were heavily circulated. The early 20th-century issues consist of the same silver purity, which are easier to locate, but the 1916 issues (50 Stotinki, 1 Lev, and 2 Leva) were nearly all melted. Few examples exist and beware of the forgeries that loom. Collectors may have to accept whatever their budgets permit as the elusive 1916-dated coins fetch lofty prices in any condition. PCGS will be adding modern issues to the country of Bulgaria soon.
MAY - JUNE 2022 17RARE COIN MARKET REPORT
Sanjay Gandhi is a senior content manager at PCGS. His knowledge base consists of a wide variety of world coinage, and he has a great appreciation for toned coins that display vibrant colors. In addition to contributing content to PCGS Rare Coin Market Report, he also assists collectors with the PCGS Set Registry. 2019 Queen Victoria Cameo 200th Anniversary $2, PCGS MS70. Courtesy of PCGS ValueView.
18 MAY - JUNE 2022 RARE COIN MARKET REPORT MOST ACTIVE COUNTRIES WITHIN THE PCGS SET REGISTRY UNIVERSE
In the last two years, earlier U.S. Philippines coinage has gone virtually parabolic in terms of price. Toned and visually appealing examples are commanding strong premiums, and Gem+ (MS66 and above) grades are highly sought after by collectors. Proof coinage from this era also has strong demand and the series is short-lived as the supply it seems. Members have been populating sets and one, The Maharlika Collection, boasts the finest proof sets for 1903, 1904, 1905, 1906, and 1908 – the whole gamut! Not only do they have all the sets, but 20 out of the 35 coins are top pop, and the eye appeal for some of these coins makes them masterpieces to view. This is another category where PCGS is the clear leader with the most members and sets available for members to build within any Set Registry. I remember the first time I heard “Canon in D” from Pachelbel, whom at the time I had never heard of. But I recall my ears could focus only on the music for six minutes, from beginning to end. I feel the same way about visual acuity within numismatics. The designs, shapes, colors, frost of a proof, and reds glowing on copper at times draw me into a deeper appreciation of the arts. Maybe other collectors feel the same way I do, and the places numismatics can take us to seem to be endless paths of learning, which is awesome. The PCGS Set Registry could possibly take one on an endless tour of history as I have described above with just a few clicks. We now have over 145,000+ registered sets and counting. By actively listening to our members, we have been withteamworkitsandabletocontinuetobuildonoursuccesswithintheSetRegistry,growwithyou,thecollector.ThePCGSSetRegistryowessuccesstoallmembers.Wewillcontinuetoinnovate,andmakesthedreamwork.Pleasefeelfreetocontactusanyquestionsorconcernsatsetregistry@collectors.com.
participants. Competition is so fierce that the winner for the last eight years was knocked out of first place by a new member in 2021. U.S. Philippines
JOIN THE ONLINE SET REGISTRY & FIND A CATEGORY THAT SUITS YOUR COLLECTING STYLE If you need any help getting set up and adding inventory, our Set Registry team is available to answer your questions. Learn more at: pcgs.com/setregistry U.S. Coins (109,930+ Sets) Africa (700+ Sets) Asia (2,580+ Sets) Europe (4,670+ Sets) North America (3,420+ Sets) South America (65+ Sets) Oceania (5,180+ Sets) Multi-Country (745+ Sets) Young Numismatists (65+ Sets) ORGANIZE / COMPETE / ACHIEVE 877-888-1318 SETREGISTRY@COLLECTORS.COM PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.
Due to the impact of thousands of Type One Double Eagles entering the market as the result of the Fairmont Hoard, the market for most of this series suffered price meltdowns in 2018-2020.In2021,the market for Type One Double Eagles saw price increases for slightly better dates in AU and Uncirculated grades. In 2022, I see this segment of the market showing further strength as more collectors become interested in this challenging series. Type Ones truly have “something for everyone,” as issues range from $2,000 to $500,000+. A trend within this market that I can see gaining traction in 2022 is a “year set” of Type One Double Eagles, which includes one example from each of the 17 years during the time this design was produced.
REGISTRY
As the rest of 2022 unfolds, gold coin expert Doug Winter sees five specific trends occurring in the marketplace. Courtesy of PCGS TrueView.
Five Gold2022TrendsCollectingfortheRareDateMarket PCGS SET By Doug Winter
Finding MS65 Indian Princess Three Dollar coins is difficult. Courtesy of PCGS TrueView. To make this set a bit more interesting, I would suggest adding “plus” coins (i.e., PCGS MS64+) when sensible and involving better dates; again, when sensible.
2. The Return of the Type One Liberty Head Double Eagle Market
This collecting trend died in the 1980s, but it is making a comeback in 2022. This set consists of three gold dollars, two quarter eagles, one three-dollar piece, two half eagles, two eagles, and two double eagles. Typically, all the coins in this set are uncirculated, with most grading at least MS63 to MS64. Every type in this 12-coin group is obtainable in MS65, although the Indian Princess Three Dollar and the Indian Head Half Eagle are challenging.
There appears to be plenty of new money in the 2022 coin market, and much of the high-priced items are trophy coins. These aren’t necessarily the trophy coins of yore, such as Stellas, 1907 High-Relief Double Eagles, Wire-Edge Indian Head Eagles, and Panama-Pacific $50s.
The coin market has been evolving quickly over the past 24 months. Here are five collecting trends that I see making a big impact in the rare date gold market in 2022.
20 MAY - JUNE 2022 RARE COIN MARKET REPORT
3. Trophy Coins Soar in Demand and Price
1. The Return of the 12-Piece Type Set
Trophy coins of 2022 struck in gold include highdenomination proof gold, choice and gem early gold (especially coins dated prior to 1800), ultra-rare Territorial and Pioneer issues, finest-known examples, or high condition census branch-mint rarities and coins with great eye appeal.
FIVE COLLECTING TRENDS FOR THE 2022 RARE DATE GOLD MARKET
Panama-Pacific $50 gold coins like this one are still in demand, but there’s a new kind of “trophy coin” in town. Courtesy of PCGS TrueView.
In November 2021, Heritage Auctions sold a PCGS AU58 1882-CC Double Eagle for $18,000. At the time the PCGS coin was sold, price guide information showed a value of $7,000. After this sale, the price was increased to $8,750, and it was increased again in January 2022 to $11,000. The market for CC-mint double eagles is very deep, and clearly this one price was an outlier. But it tells me that this coin is difficult to price right now.
5. Pricing Coins Becomes Very Difficult In a very strong market, like we are experiencing in 2022, it is almost impossible to find accurate pricing. A lot of this has to do with the difficulty of keeping up with price changes, especially when they occur rapidly. Another issue is how much does one extremely strong transaction impact the market.
Let’s look at a random example.
4. “Jump Coins” Become Popular (Again) Pricing gold coins may become far more complicated as the rest of this year progresses. Courtesy of PCGS TrueView. Many years ago, I wrote about a concept that I called “jump coins.” This entails buying good coins at the exact price point before they explode in value. Let’s say we’re looking at a rare-date Dahlonega quarter eagle listed in price guides for $7,500 in AU55 and $18,500 in AU58. If I were offered a nice original piece in an AU55 holder for $8,500 and had a chance to purchase a different example in an AU58 holder that was also a nice coin for $20,000, it is very likely that I’ll buy the lower-priced coin as it is likely a better value.
MAY - JUNE 2022 21RARE COIN MARKET REPORT
Of course, this isn’t true 100% of the time. In the case of the Dahlonega quarter eagle mentioned above, if the AU58 represents the best-available quality for the issue and it has a low population, I might well pay up for the higher-graded coin.
Doug is an award-winning author of over a dozen numismatic books and the recognized expert on U.S. gold. He can be reached at 214-675-9897, at dwn@ont.com or through his website, www.raregoldcoins.com.
MAY - JUNE 2022 23RARE COIN MARKET REPORT
After his retirement in 2011, he committed to building a top set of Standing Liberty Quarters with a focus on clean surfaces, full strike, and good eye appeal. He built his set sourcing coins from many of the nation’s best dealers and auctions. One of the highlights in his Standing Liberty Quarter set is a stunning 1927-S graded MS67+. “I was aware of the absolute scarcity of the 1927-S and had been on the lookout for any in high grade.” But his favorite Standing Liberty Quarter isn’t part of his set. It’s a pattern that is none other than the rare Judd-1989, a 1916 prototype piece that shows modifications that Mint Director F.J.H. von Engelken made by the "elimination of the two leaves in the angle of the letter 'L' in 'LIBERTY.'" This unique pattern along with Littlejohn's All-Time Finest Standing Liberty Quarter set will be displayed at both the May 25-27 PCGS Members Only Show in New Orleans and the June 30-July 2 Long Beach Expo as part of the PCGS Set Registry Showcase. Interestingly, he found it harder to build a top-rated set of Susan B. Anthony Dollars. “Very few top coins are ever offered for sale.” Searching led him to the sale of three pieces from a stellar Registry Set and included the 1979-P in MS68, the 1979-P Wide Rim in MS67, and the 1981-P in MS67. He also later landed a 1980-S in MS67+, which he says, “Is my pride and joy of this set.”
Tony Littlejohn began collecting coins during his boyhood in the early 1960s. School lunch money was a source of his early numismatic findings, with him eschewing contemporary Roosevelt Dimes and Washington Quarters for the occasional Mercury Dime, Standing Liberty Quarter, and Walking Liberty Half Dollar. “One thing I noticed at the time is that I could never find a Standing Liberty Quarter with a date on it, and I vowed to one day find one.” After college, he started a job, got married, and built a family. He took a break from the hobby for many years until a fateful trip to Denver changed things. “In the mid-’80s I took a youth group to Colorado to go camping and our group did a tour of the Denver Mint. At the end of the tour, we went to the mint store where they sold proof sets.” He searched for proof sets from the years his daughters were born in 1981 and 1983. “The mint did not have the 1981 set but told me I could purchase it at a coin shop, so when we returned to Texas, I went to a shop in Midland to buy the second proof set.” That’s where discussions of his old collection stirred memories of his numismatic youth. “And I wasHehooked.”initially began building sets of type coins, including a Barber Half Dollar set in the Fine-Very Fine range and a set of Standing Liberty Quarters in mint state. “I had finally purchased Standing Liberty Quarters with dates on them.” He sold these sets a few years later to shift his focus on a demanding job in the oil industry, taking a hiatus from the hobby for another 15 years. Online auctions brought him back into the fold around 2005, and he started another Standing Liberty Quarter set and worked on Eisenhower Dollar and Susan B. Anthony Dollar sets. “By that time the PCGS Set Registry existed, and I could put together a Registry Set of Ikes and SBAs relatively quickly and cheaply.” He ranked in the top 10 with his Eisenhower Dollars and Susan B. Anthony Dollars in short order. “However, my primary focus was on the coin I loved the most: the Standing Liberty Quarter.”
While the Standing Liberty Quarter and Susan B. Anthony Dollar series represent two vastly different eras and artistic philosophies, he finds both coins offer compelling stories. “An active Liberty and an active eagle, strong shield, beautiful flowing gown moving ahead through the end of World War I, through the Roaring ‘20s, through the start of the Great Depression…” he recalls of the Standing Liberty Quarter. “It is too bad that the series is so short, but it makes the series more like a flash of beauty during the days of my father's boyhood.” On the other hand, he remarks of the Susan B. Anthony Dollar, “I can't say I have ever had one in my pocket for any length of time. However, the personage of Susan B. Anthony is as symbolic to the women's movement as Lady Liberty is symbolic to a country emerging from the quagmire of a global war to face an uncertain future wanting peace, but ready for anything.”
The 1916 Standing Liberty Quarter pattern cataloged as Judd-1989 is Tony Littlejohn’s favorite coin. Courtesy of PCGS TrueView.
COLLECTOR SPOTLIGHT TONY LITTLEJOHN
FIND COINS AND CURRENCY AT COMPETITIVE PRICES TODAY COLLECTORS CORNER LISTINGSCOLLECTORS CORNER MARKETPLACE Dealers: If you're interested in selling your inventory on Collectors Corner, Email: Taryn@collectors.com We look forward to hearing from you soon! • 110+ PCGS Authorized Dealers • 98,353 Coins Available for Sale • 9,096 Notes Available for Sale • 10 Auction Houses • 50+ Live Auctions • Join Thousands of Active Collectors • Complete Marketplace – Coins, VISIT WWW.COLLECTORSCORNER.COM LL TORS C ETPLA 1949 10 Deutsche Mark Germany-Federal Republic / Bank Deutscher Länder PCGS Banknote SUPERB GEM UNC 67 PPQ Pick # 16a $450 Currency, Sports Cards, and Stamps 1941-S Half Dollar Walking Liberty PCGS$9,750MS64PL PCGS$101911-DIndianMS64$87,500 1839 Half Dollar Liberty Seated PCGS$247,500MS65+
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Zinc Lincoln Cents were first struck in 1982 and mark a departure from the traditional but increasingly expensive bronze (95% copper, 5% zinc) composition long used in striking “pennies.” Courtesy of PCGS TrueView.
CoinsCommemorativeModernTurn40
The 1982 George Washington Half Dollar kicked off the modern commemorative program. Courtesy of PCGS TrueView.
PresidentHillprogramSetpausethreatenedhundredsofjobsatthemintandbroughtatwo-yeartothelong-runningUnitedStatesMintUncirculatedprogram.ThebirthofthemoderncommemorativecoinbarelysurvivedpoliticalinfightingonCapitolandfiscalbelttighteningunderthenewlyinauguratedRonaldReagan.
The sands of time were shifting with the winds of change. The year 1982 marked a transitional period for the United States Mint. Sweeping changes had recently brought the end of the unsuccessful 1970s-era Susan B. Anthony Dollar, the last circulating bronze Lincoln Cents, the arrival of a new mint director in Donna Pope, installation of Elizabeth Jones as the mint’s new chief engraver (and first woman to hold that prestigious position), and stifling federal budget cuts that
By Joshua McMorrow-Hernandez
U.S.
The year was 1982. Steven Spielberg’s E.T. The ExtraTerrestrial was soaring across the silver screen, futuristic EPCOT (Experimental Prototype Community of Tomorrow) Center debuted at Walt Disney World in Florida, and Michael Jackson scored an iconic hit with Thriller – one of the first definitive albums of the 1980s music scene. Meanwhile, the United States Mint struck its first commemorative coins since 1954 with the production of the George Washington Half Dollar, commemorating the 250th anniversary of Washington's birth in 1732. Not only did the 1982 George Washington Half Dollar mark the nation’s first official commemorative coinage in 28 years, it was also a 90% silver coin, the first produced by the U.S. Mint since 1964. Many collectors were absolutely enthralled to see these new commemoratives, with enough enthusiasm behind these special silver coins to push their cumulative proof and business-strike mintages beyond seven million pieces. It became one of the most successful commemorative coins in United States Mint history.
While President Ronald Reagan slashed the federal budget in the early 1980s, he signed the George Washington Commemorative Coin Act (otherwise known as Public Law 97-104) to usher in the modern commemorative coin program that began in 1982. Public domain image sourced via Wikimedia Commons.
26 MAY - JUNE 2022 RARE COIN MARKET REPORT
Legislating a New Era in Coinage
The beginning of the modern commemorative coin era was hardly a capricious event landing at a random point in history.
coinsficommemorativeMintdrew1971Congressaestablished200thplanningRevolutiontheStatesbrassin1970s.andItwasrathertheculminationofabuildingseriesofnumismaticlegislativeeventsthatcanbeeasilytracedbacktotheearlyThatwaswhenUnitedStateslawmakerswereengagedanimpassionedtusslewithU.S.TreasuryandU.S.MintoverproposalsforcoinagecommemoratingtheUnitedBicentennial,whichmarkedthe200thanniversaryofsigningoftheDeclarationofIndependencein1776.AfewyearsafterCongresscharteredtheAmericanBicentennialCommissionin1966tobeginforthegalaextravaganzacelebratingthenation’sbirthday,aCoinsandMedalAdvisoryCommitteewaswithinthecommissionin1970toexploremintingcommemorativehalfdollarhonoringtheBicentennial.floatedaseriesofBicentennialcoinproposalsinand1972,butnoneofthesemeasurespassed.TheyalsostarkcriticismfromU.S.TreasuryofficialsandU.S.DirectorMaryBrooks,whoraisedconcernsthatanewcoinprogramcoulddrawthesamekindofnancialabusesthatplaguedmanyofthecommemorativeissuedinthe1930s,‘40s,and‘50s.
The Oregon Trail Commemorative Half Dollar is one of many pieces struck during the height of the classic commemorative coin era of the mid-1930s. Financial abuses associated with many of the private-sector promoters of these coins as well as an overabundance of offerings brought what many thought would be a permanent end to the commemorative coin program in 1954. Courtesy of PCGS TrueView.
MAY - JUNE 2022 27RARE COIN MARKET REPORT U.S. MODERN COMMEMORATIVE COINS TURN 40
Federal budget cuts signaled an end to many government programs, including the long-running United States Mint Uncirculated Set, headed for the chopping block after 1981. No official Mint Sets were issued by the U.S. government in 1982 or 1983, but collector demand brought the popular mint offering back in 1984. Courtesy of Joshua McMorrow-Hernandez.
28 MAY - JUNE 2022 RARE COIN MARKET REPORT U.S. MODERN COMMEMORATIVE COINS TURN 40 U.S. Mint Director Mary Brooks presents a set of 1776-1976 Bicentennial coins to President Gerald Ford on November 13, 1974, as American Revolutionary Bicentennial Administration Director John Warner looks on. A public domain image courtesy of the Gerald R. Ford Presidential Library & Museum. Further, as the Department of Treasury stated, there was concern that “multiplicity of designs on United States coins would tend to create confusion among the public, and to facilitate counterfeiting.” And, with some 21 different commemorative coins issued in 1936, the high-water mark for the classic commemorative series in terms of output, there was reason to be concerned about a glut of new commemoratives in the 1970s and beyond. Fortunes soon began turning, with congressional reviewed1981,waymachinery,suchtofiaspecialWashington’sBarnard,similaradditionalDollars,and1976,massivedollars”AmericancoinageanecessaryMintBicentennialcompromisesandconcessionsinthesizeandscopeofapotentialcoinageprogramthatgainedthesupportofDirectorBrooksandothersinstrumentalinbuildingthegroundswellofsupporttomakeBicentennialcoinagereality.OnOctober18,1973,anactthatprovidedfor“anewdesignanddateemblematicoftheBicentennialoftheRevolutionfordollars,halfdollars,andquarterwassignedintolawbyPresidentGeraldFord.ThesuccessoftheBicentennialcoinprogramin1975andwhichsawspecialpatrioticredesignsofcirculatingcladspecial40%silverWashingtonQuarters,KennedyHalfandEisenhowerDollars,ledmanytobelievethatcommemorativecoinprogramsmightalsoenjoypopularity.In1981,GeorgiaDemocraticRepresentativeDruieDouglasJr.,sawtheupcoming250thanniversaryofGeorgebirthmorethanwarrantingtheissuanceofacommemorativecoin.Hisbillproposedthemintingof90%silverhalfdollar“emblematicofthetwohundredandftiethanniversaryofthebirthofGeorgeWashington”andbeissuedin1982“atapriceequaltothecostofmintinghalfdollarcoins(includinglabor,materials,dies,useofandoverheadexpenses).”Barnard’sbillworkeditsthroughthehallsofCongressthroughoutthespringoftweakshereandthereascommitteesandsubcommitteesthebill. The United States Mint struck hundreds of millions of Bicentennial Quarters, Half Dollars, and Dollars featuring special obverse dual dating and reverse designs to honor the nation’s 200th birthday in 1976. Courtesy of PCGS TrueView.
40
U.S. COMMEMORATIVE COINS TURN
George Washington, a likeness of whom is seen here in this 1803 portrait by Gilbert Stuart Williamston, was born in 1732 and served as a military general before becoming the nation’s first president in 1789. He died in 1799 at the age of 67. Public domain image sourced via Wikimedia Commons.
Modern Commemoratives Take Root, Face Growing Pains
Courtesy of PCGS TrueView.
MAY - JUNE 2022 29RARE COIN MARKET REPORT
After various revisions and support from key figures such as Treasurer of the United States Angela “Bay” Buchanan, Deputy Director of the Bureau of the Mint Alan Goldman, and Chairman of the Subcommittee on Consumer Affairs and Coinage Frank Annunzio (a Democratic House Representative from Illinois), the bill passed the House with resounding support on May 19, 1981. Off to the Senate the proposal went, where it received positive nods from the Senate Committee on Banking and Congressional Budget Office. Passing the Senate on December 9, 1981, the bill authorizing the George Washington Commemorative Half Dollar was signed into law by President Ronald Reagan on December 23, 1981. A new day dawned in American numismatics.
The first George Washington Half Dollars were struck at the Denver Mint on July 1, 1982, ushering in a new era for commemorative coins with a bang. Congress approved the production of up to 10 million of the George Washington halves; all told, a cumulative 7,104,502 proofs and businessstrikes were sold, making the George Washington Half Dollar the most successful United States commemorative coin ever issued up to that point. Prospects were looking good for other commemoratives coming down the pike, including the various clad, silver, and gold pieces commemorating the 1984 Summer Olympics in Los Angeles and the upcoming 100th anniversary of the Statue of Liberty in New York City during 1986. The George Washington Half Dollar was designed by Elizabeth Jones, who became the first female chief engraver of the U.S. Mint in 1981. The Denver Mint struck uncirculated specimens bearing a “D” mint mark and the San Francisco Mint produced proofs carrying an “S” mint mark. A total of 2,210,458 uncirculated examples were sold while proofs sold 4,894,044 specimens.
MODERN
U.S. MODERN
Notably, the Olympic coin program spawned the 1984-W Eagle, a gold coin with a face value of $10 that became the first United States coin to bear a “W” mint mark representing the West Point Mint and the first legal-tender gold coin produced by the United States Mint since 1933. Meanwhile, the 1986 Statue of Liberty commemoratives, inclusive of a proof and business-strike clad half dollar, silver dollar, and gold half eagle, inspired the sale of 15,491,169, with surcharges from the sale of the commemoratives benefitting the massive, multiyear Statue of Liberty restoration to the tune of $78 million.
The first official United States Mint catalog of coins and medals was released in 1985, the last year the mint offered the George Washington Half Dollar for sale to the public. The George Washington halves garnered a two-page spread in this first U.S. Mint catalog, by which point the sales price had increased to $10 for uncirculated specimens and $12 for proofs. The catalog states any George Washington Half Dollars remaining in inventory after the final sales date of December 31, 1985, would be melted down. By that point, the U.S. Mint had already offered its 1983-84 Olympic coin program and unveiled the upcoming 1986 Statue of Liberty commemorative coinage. Courtesy of Joshua McMorrow-Hernandez.
The cover of the 1982 Annual Report of the Director of the Mint is emblazoned with images of the new George Washington commemorative, which easily became the biggest news of the day at the United States Mint. During Fiscal Year 1982, the U.S. Mint reported advertising the coins in “weekly magazines” and had then registered sales of 4,511,903 pieces, a number that would be eclipsed by continued U.S. Mint sales of the George Washington Half Dollar as late as 1985. Original issue prices for the 1982 George Washington halves were $8.50 for the uncirculated version and $10.50 for proofs. Courtesy of Joshua McMorrow-Hernandez. COMMEMORATIVE COINS TURN 40
30 MAY - JUNE 2022 RARE COIN MARKET REPORT
Counting all variations of designs, denominations, and finishes, the
MAY - JUNE 2022 31RARE COIN MARKET REPORT U.S. MODERN COMMEMORATIVE COINS TURN 40
numbered 32 issues, as seen here in a monstrous
offered
the
at the time. Courtesy
The 1984-W Olympic Commemorative Eagle (left) was the first U.S. coin to bear the W mint mark from the West Point Mint, while the 1986 Statue of Liberty Half Dollar became the first copper-nickel clad entry in the U.S. modern commemorative program. Courtesy of PCGS TrueView.
With a trio of successful commemorative programs in collector cabinets by the end of 1986, the United States' Mint seemed to have created a hit machine. An entire generation of collectors had been born and grown up without new United States commemorative coins minted during their lifetimes to that point, and they were finally getting to enjoy a fresh crop of new commemorative designs just as their parents and grandparents had decades earlier during the golden era of American commemoratives. A parade of new commemorative coins would carry collectors into the 1990s and beyond, including coins honoring the bicentennials of the United States Constitution and United States Congress, the 500th anniversary of explorer Christopher Columbus’ arrival in the Americas, and the 50th anniversary of World War II. case,32-piecemoreindividually,dollars,strikeprogramthe1996ThatcoinstooButsomecollectorsbeganfeelingtheremayhavebeenalittlemuchofagoodthing,asmoreandmorecommemorativewerebeginningtoenterthecollectiblesarena–perhapsaclipthatwasbecomingharderforsometokeepupwith.emonumentalcommemorativeprogramreleasedfortheSummerOlympicsinAtlantawasthestrawthatbrokecamel’sbackformanycollectors.Thismassive32-pieceinvolved16distinctdesignsinproofandbusiness-finishesencompassingfourhalfdollars,eightsilverandfour$5goldhalfeagles.Thecoinswereofferedbutthosewantingtheentireseriesfounditfarcosteffectivetobuytheentirekitandcaboodleasasetthat,packagedinalockingwoodenpresentationwasofferedatapriceof$2,261. 1995-1996 Olympic commemorative coins wooden-cased set by United States Mint of Heritage Auctions, www.HA.com.
32 MAY - JUNE 2022 RARE COIN MARKET REPORT
Modern Commemoratives Come of Age, Break New Barriers In terms of numismatic parlance, most collectors don’t generally categorize the 50 State Quarters that launched in 1999 as a “commemorative coin” program in the traditional sense. Yet, it’s difficult to believe that the decade-long circulating 50-coin series honoring each state in the order they entered the Union could have ever happened if not for the overall positive reception of the modern commemorative coin program that debuted in 1982. The 50 State Quarters program became one of the most successful initiatives ever undertaken by the U.S. Mint, generating profits reaching into the billions and helping bring the number of American coin collectors to more than 140 million, according to United States Mint data from the mid-2000s. As other circulating commemorative design programs spun off in the years that followed, the U.S. Mint’s modern commemorative coins continued trucking into the new millennium with gusto. In 2014, a major first was achieved for the U.S. Mint when it released its National Baseball Hall of Fame commemoratives, featuring curved planchets that showcased a concave catcher’s mitt obverse and convex baseball reverse, a common design marriage on the program’s clad half symbolizing“pink”Awarenessdollar,silverdollar,andgoldhalfeagle.The2018BreastCancerprogramofferedwhatbecametheU.S.Mint’sfirstgoldcoin,aproposgiventheubiquitouspinkribbonsupportforbreastcancersurvivors.Thetheme
The 50 State Quarters kicked off in 1999 with the Delaware Quarter and led to a parade of other long-term circulating coin programs that continue to this day. Courtesy of PCGS TrueView.
onbusycommemorativeWhile22coinprogramstookcoinClintonActthehallsofCongress,wheretheCommemorativeCoinReformof1996wasenactedandsignedintolawbyPresidentBilltorestrictthemaximumnumberofcommemorativeprogramsissuedinanygivenyeartojusttwo;thelaweffectin1998.Previously,asmanyassixdifferenthadbeenissuedduringthemoderncommemorativeera,aswasthecasein1994,andawhopping24andissueshadbeenreleasedin1995and1996,respectively.thatwasafarcryfromthenearlytwodozendifferentprogramskeepingU.S.Mintemployeesquitein1936,therewasclearlyaneedfortighterparameterscommemorativecoinproductionforthemodernday.
The ambitious 1995-96 Olympic commemorative program hit many collectors hard in the pocketbook at a time when several other commemoratives were also being released by the United States Mint, including coins paying homage to the Special Olympics, Civil War battlefield preservation, national community service, and the 150th anniversary of the Smithsonian Institution. What some might characterize as an oversaturation of commemorative offerings and increasingly heavy purchase prices dissuaded many collectors from pursuing any of the commemoratives in the mid-1990s, resulting in relatively low mintage figures for many pieces from that period, particularly a good deal of the 1995-96 OlympicConcernscommemoratives.fromsomenumismatists began echoing through
U.S. MODERN COMMEMORATIVE COINS TURN 40
40
The past decade has seen many advances in the production of commemorative coins, including the domed planchets of the 2014 Baseball Hall of Fame coins, the “pink gold” 2018 Breast Cancer Awareness Half Eagle (made with an 85% gold, 14.8% copper, 0.2% zinc composition), and colorized 2020 Naismith Memorial Basketball Hall of Fame coinage. The 2014 Baseball Hall of Fame Dollar and 2018 Breast Cancer Awareness Half Eagle images courtesy of PCGS TrueView; the 2020 Naismith Memorial Basketball Hall of Fame Half Dollar image courtesy of the United States Mint.
breast cancer survivors. The theme of colorful breakthroughs continued into the 2020s, when the U.S. Mint kicked off the decade with the 2020 Naismith Memorial Basketball Hall of Fame commemoratives, the first United States coins to boast colorized features. As the modern era of the United States commemorative coin ventures into its fifth decade of existence, collectors have an astounding diversity of coins to add to their collections. Topics range from civil rights leaders to outer space pioneers and virtually everything else this side of the Sun. The PCGS Set Registry provides collectors with numerous opportunities to build exciting sets of modern commemorative coins, including sets specifically geared toward uncirculated specimens, proofs, gold issues, proof and uncirculated strikes, and various other permutations.
What does the future hold for the United States modern commemorative coin program? Surely only time will tell. The U.S. Mint has a broad array of commemorative coins lined up over the next several years, ensuring plenty of new material for collectors to pursue. Collectors will find that many modern commemoratives are obtainable at levels near or even below their original issue prices, making these coins particularly appealing to new collectors or those who were youths in the 1980s, 1990s, and 2000s and are coming into the fold today as numismatists. The 40th anniversary of the modern commemorative coin series therefore represents an ideal opportunity to start or expand upon a beautiful set of these unusual coins at attractive prices. Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history. U.S. MODERN COMMEMORATIVE COINS TURN
MAY - JUNE 2022 33RARE COIN MARKET REPORT
RESTORE THE BEAUTY OF YOUR COINS BEFORE AFTER SAFELY REVITALIZE AND PRESERVE YOUR FAVORITE PIECE OF HISTORY. Visit PCGS.com/Restoration today! PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.
www.WitterCoin.com Bring Your FullAspirationsCollectingtoTheirPotential. Partner with Seth Chandler to assemble a marquee PCGS CAC Registry Set. Call Seth to share your collecting endeavors (415) 781-5690 2299 Lombard St. San Francisco, CA 94123 sales@wittercoin.com
My favorite coin from the set that I own is a 1936-M Roosevelt-Quezon Peso, with beautiful orange toning on the rim of the coin, that has been graded MS63 by PCGS, demonstrating the Philippines’ complicated but interesting colonial past. Many collectors of Philippine coinage will agree with me that collecting coins representative of the nation and its colonial past is not easy, especially with today’s competitive market for coins and banknotes from that nation. However, learning the Philippines’ rich history through numismatics will never disappoint!
Being an avid collector of these types of coins and banknotes has surprisingly brought me much closer to my heritage and has been one of the most fulfilling aspects in my life. One of my greatest achievements in numismatics is having been able to put together a graded 1936 Philippine Commonwealth Commemorative set in MS63, a three-coin set commemorating the establishment of the Philippine Commonwealth, the transitional government meant to successfully transition the island nation from an American colony into a self-sufficient nation.
By Nathan Infante
Nathan Infante, posing here with his Philippines 1936-M 1 Peso graded PCGS MS63, is a fan of Filipino coinage.Courtesy of Nathan Infante.
“I love what I do and I take the covenant I make with my clients seriously. As opposed to just doing invitedmycollectingintransactions,Iaminterestedforminganongoingrelationshipwithnewclients.Pleasefeeltocontactme.” — Chris Victor McCawley e a r l y c e n t s . c o m Early American Coppers Specializing in Half Cents & Large Cents Chris McCawley with Lucas Baldridge and Travis Hollon P.O. Box 6400 • Austin, TX 78762 512-297-2116 • cmccawley@aol.com ebay - friscomint@live.com CHRIS VICTOR MCCAWLEY stores.ebay.com/friscomintEARLYCENTS.com
This YN Loves Filipino Coins
36 MAY - JUNE 2022 RARE COIN MARKET REPORT S S S
My name is Nathan Infante, and I am a 16-year-old numismatist from the San Francisco Bay Area who focuses on the coinage and banknotes of the Philippines. Recently, coinage and banknotes from the Philippines, specifically examples issued when the nation was still an American colony, have been receiving lots of interest from numismatists all around the world. I originally was not a collector of Filipino coins and banknotes. In fact, I was a collector of all sorts of coins and banknotes. However, it was not until my summer trip to the Philippines in 2014 that I seriously began to collect coins and banknotes from that country. As do many children of Filipino immigrants in the United States, my parents brought me back to the Philippines to meet my relatives and to learn of our Whileculture.spending my summer in the Philippines in 2014, I came across many banknotes there that were much more colorful than those I grew up using back in the United States. Seeing my growing interest in Filipino banknotes, my parents decided to bring me to a local coin shop in Manila so that I could learn more about these colorful pieces. This specific coin store was located on the second floor of a popular marketplace where people would buy and sell all sorts of items such as backpacks, clothes, used video games, and much more. At first, I was a bit nervous about visiting a coin shop for the first time, especially in a country where I hadn’t been in years. However, the owner of this Manila coin store was very helpful and welcoming to me, a budding numismatist, and taught me lots about Filipino coins and banknotes, even showing me some of his favorite coins. Among them were the 1897 Spanish-Philippine One Peso with the portrait of Alfonso XIII and the 1903-S U.S-Philippine One Peso with a Filipino version of Lady Liberty and Mt. Mayon Volcano erupting in the background. This in turn inspired me to begin dedicating myself to collecting the beautiful coins and banknotes of the Philippine Islands.
Mitchalways,andLarry
Central NumismaticStatesSociety
Mitch Ernst & Larry Shepherd
The “New” Central States Show: Bigger, Better, Safer, Friendlier
to learn how you can become a Central States member and be part of us working together for the future. We would love for you to join us! Best
A note of appreciation to PCGS, and an invitation to participate in our future: Our just-completed Central States Numismatic Society Show was a tremendous success, thanks largely to our new relationship with PCGS as our Official Grading Service and the Grand Official Sponsor of our show.
Working with PCGS, which has for decades been the hobby’s beacon of change and progress, we plan do our part as well. All like-minded organizations, working together toward common goals, can play a huge role in advancing the hobby to levels unthinkable just a few years ago.
The PCGS Set Registry Showdown -- Copper Faceoff: Colonel Steven Ellsworth and Walter J. Husak Collections of Large Cents, as well as Steve Feltner’s two sessions of Meet the Expert created wonderful experiences for our visitors and played a huge role in the excitement and enthusiasm that elevated the entire show. On behalf of everyone at Central States, thank you, Colonel Steven Ellsworth, Walt Husak, Steve Feltner, and the entire PCGS staff. We are thrilled to have you as partners and participants! Like PCGS, we are extremely optimistic and excited about the future of our hobby. But, unlike some hobby organizations that seem to fear change, we embrace it and realize it is the key to a bright future. We recognize that the future cannot be viewed through a rear-view mirror, and to promote and support the hobby of the future we have to anticipate and participate in the changing attitudes and practices of new and younger generations of collectors.
If you are a PCGS Set Registry or PCGS Collectors Club member, you have already hitched on for the ride. We invite you to hitch up with us, too, by becoming a Central States member. Every dollar we bring in goes to building and promoting the hobby, not bloated overhead.
Visit our website at www.centralstatesnumismaticsociety.org
11921921 Peace Dollar, PCGS MS65+eace ollar, Courtesy of PCGS TrueView.
In the example above, note the competition for planchet metal during striking is greatest at the point(s) on the coin By Kyle Knapp
38 MAY - JUNE 2022 RARE COIN MARKET REPORT
What would you grade this 1807 Draped Bust Half Dollar?
Start with physical evidence. The radiant “cartwheel” luster that first draws so many collectors to silver dollars and other brilliant uncirculated coins is not present on the washer-like blanks fresh from being punched out of the rolled metal strip. This dazzling “life” is brought to the coin’s surface only at the moment of striking, as the compressed metal of the planchet rushes along the surface of the finely polished die and adopts its contours both artistic and microscopic. Thus, portions of the coin that do not come into complete contact with the die due to a local insufficiency of metal will not only be missing the fine detail in the affected area but also the luster. Consider the following PCGS MS65+ 1921 Peace Dollar. Its high-relief design, with both obverse and reverse motives deepest around the coin’s center, make it vulnerable to striking incompleteness. The slight dullness in the incompletely struck region of the hair just to the right of its juncture with the cheek on the imaged coin is typical of this effect. On the corresponding portion of the reverse design, note the lack of wing detail just above the intersection with the leg, even though the upper wings and neck are sharply rendered. Aside from this small central area, the coin’s luster is unmitigated, its eye appeal exceptional, and it still garners a lofty grade.
From The PCGS Grading Room
Differentiating as-minted striking incompleteness from circulation-induced wear has long been a source of frustration and debate among numismatists at all levels. While this is unlikely to change anytime soon, there are some analytical tools that can make the distinction more comprehensible.
Finally, experience and study will bring some issue-specific familiarity useful in interpreting the most idiosyncratic of pieces. Though some of the central reverse detail on the following 1807 Draped Bust Half Dollar is incomplete, most noticeably the eagle’s head, specialists will quickly recognize this as the characteristic striking weakness of Overton-109a. An examination of the peripheral regions shows ample luster and still-crisp detail, supporting the PCGS AU55 grade. (The piece illustrated at the beginning of the article is from the same die pair, and grades PCGS VF25.)
MAY - JUNE 2022 39RARE COIN MARKET REPORT where the cumulative depth of the obverse and reverse design is greatest (and therefore the vertical distance between the die surfaces the farthest). The first traces of externally inflicted wear, by contrast, will show up on the highest topographic points of each side, independent of their alignment with the opposing motif.
Next, let’s examine a fully struck but lightly circulated piece. Note the subtle blending of design detail and loss of reflectivity on the eagle’s neck, the upper-right portions of the wing, and the strands of hair above and behind liberty’s forehead on the AU58 specimen. These are areas with trace amounts of circulation, even though the central portion is more fully struck than on the preceding coin.
1807 Draped Bust Half Dollar Overton-109a, PCGS AU55. Courtesy of PCGS TrueView. An avid childhood collector, Kyle first came to Collectors Universe in 2005 as a grading intern while in high school. Now a senior member of the grading and authentication team, some of his favorite coins include the Nova Constellatio coppers, Flowing Hair Dollars, and Flying Eagle Cents. FROM THE PCGS GRADING ROOM
1921 Peace Dollar, PCGS AU58, Courtesy of PCGS TrueView
PACK GRADING IS HERE Visit PCGS.com/Banknote for More Details
The 1886-O Morgan Dollar is not a scarce coin in lower circulated grades by any means. However, it is very rare in MS65 or higher. In fact, it is one of the rarest issues from the New Orleans Mint in that grade range. Comparing the mintage of a common 1880-S Morgan Dollar, with an original output of 8,900,000 versus the mintage of an 1886O Morgan Dollar, standing at 10,710,000, we see the 1886-O had a significantly higher mintage. Yet, we have graded over 39,000 examples of the 1880-S in MS65 versus only three specimens of the 1886-O at that same grade. One of the main reasons the 1886-O Morgan Dollar is scarce in higher uncirculated grades is that New Orleans Mint officials may have been more concerned with quantity rather than quality, spacing the dies farther apart from each other to try and preserve them so that more coins could be struck. It is also believed that many examples of the 1886-O Morgan Dollar were melted over the years. With only three examples in PCGS MS65 and one lone specimen graded PCGS MS65+, this issue is quite rare in high grades. Equate this with the tremendous demand for Morgan Dollars and that translates to very strong prices for the scarcest coins in the series. On February 24, 2022, a PCGS MS65 specimen of this prized conditional rarity sold for $156,000 at Heritage Auctions.
1928 $500 Federal Reserve Banknote, PCGS Superb Gem Uncirculated-67PPQ
This well-preserved and attractive 1928 $500 Federal Reserve Banknote from Chicago is a true treasure. The $500 Banknotes are scarce in uncirculated condition and even scarcer in unaltered or undamaged higher certified grades.
1943 Bronze Lincoln Cent, PCGS AU50BN
The year 2022 has been very active so far in the coin and banknote market, which is seeing strong prices across the board. One of the biggest issues in the marketplace today seems to be the relative lack of available nice and fresh coins, which then results in stronger prices for most material. There are so many illustrious coins and banknotes trading hands, that it can be challenging to highlight just a few items from recent auctions, but after careful review, these are some of the most compelling items that that caught our attention.
Recently a high-quality example of this rarity from Chicago with the reference FR-2200-G and bearing the signatures Woods and Mellon was offered at auction by Stack’s Bowers Galleries in November 2021. Graded PCGS Superb Gem Uncirculated-67 PPQ, this example realized $31,200, which is a strong price for a $500 Banknote. This is a good reminder that nice, quality banknotes are in high demand and continue to command robust prices. Jaime Hernandez is an editor for the PCGS Price Guide and has been a proud member of the PCGS team since 2005. By the time he reached his early 20s, Jaime was successfully buying and selling coins with some of the most prominent dealers and collectors in the country. Email: jhernandez@collectors.com
Auction Highlights
1886-O Morgan Dollar, PCGS MS65
The 1943 Philadelphia Bronze Lincoln Cent is one of the most iconic coins in numismatics, since these rare transitional errors receive much publicity and are sought after by collectors.
All regular-issue 1943 Lincoln Cents are supposed to have been made with zinc-coated steel planchets. However, it is believed that perhaps a couple dozen bronze planchets leftover from 1942 remained in the Philadelphia Mint machinery, resulting in the inadvertent production of 1943 Lincoln Cents struck in bronze. These errors turn many heads when they cross the auction block, as was the case on January 30, 2022, when a 1943 Bronze Lincoln Cent hailing from the Philadelphia Mint was offered by GreatCollections. Graded by PCGS AU50BN, this piece realized a total of $250,875.
By Jaime Hernandez
MAY - JUNE 2022 41RARE COIN MARKET REPORT
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Hong Kong –A China 1919 $10 Gold Coin PCGS AROUND THE WORLD
MAY - JUNE 2022 43RARE COIN MARKET REPORT
By Jay Turner China (1919) $10 L&M-1030 Y-330, PCGS AU58. Courtesy of PCGS TrueView.
China transitioning to a gold standard was a desire by many with the thought that it would bring better security and economics to the Chinese nation. While there had been attempts to adopt this standard, it wouldn’t be until 1919 that the first Central Mint circulation-issue gold pieces would be struck and produced in what would be another failed attempt to switch. With the outbreak of The Great War (World War I), China found itself in a difficult situation in terms of trade with western nations preoccupied with war. This shortfall left an opportunity for Minister of Finance Tsao Ju-lin to attempt his goal of getting China onto a gold standard. There were many factors persuading China to adopt a gold standard, including loans with foreign nations, indemnities in gold, and the constant fluctuations of the price of silver, along with the fact that many other successful and growing nations also ran on the gold standard. Tsao Ju-lin’s plan wasn’t just to issue gold coinage, but to also issue gold-backed banknotes that could be exchanged for gold and gold coinage. Under his plan, China was to be granted a loan by Japan for currency regulation purposes and the loan proceeds would be deposited back into government banks in Japan with gold currency notes being issued against this reserve. Furthermore, Tsao Ju-lin’s proposed gold system would spawn the issuance of gold coins in the denominations of $1, $5, $10, $20, $50, and $100. In 1919, the Tientsin Mint produced two of these coins, a gold $20 and a gold $10 coin featuring Yuan Shi-Kai, with both coins dated year 8, or 1919. Only a small amount of both coins was struck, and when they entered circulation were oddities in the mostly silverbased commerce system. The coins quickly disappeared from circulation, being placed in numismatic collections or melted for their metallic value. While some believe Tsao Ju-lin’s gold standard could succeed, the plan failed miserably. A national wave of anti-Japanese sentiment broke out in China, and calls to boycott everything Japanese related gained popularity on a national scale. The thought of Japan holding money reserves for China was effectively dead along with Tsao Ju-lin’s gold standardToday,plan.the1919 gold coinage from the Tientsin Mint is scarce. A piece from the famous Dr. Norman Jacobs Collection was submitted to the PCGS office in Hong Kong in 2021 for Crossover service and was removed from an alternative service’s holder. The coin is a 1919 $10 listed in the L&M Catalog as L&M-1030 and in Krause as Y-330. The coin is an authentic specimen with a great pedigree and graded AU58 by PCGS. Jay began collecting coins at the age of 13, when he inherited his uncle’s coin collection. Turner is proficient in U.S. and world coins, token and medal variety attribution, grading, and counterfeit detection. In 2017, Turner joined PCGS as a grader specializing in world coins. He is stationed at the PCGS U.S. headquarters and grades on-site for the Shanghai, Hong Kong, and Paris offices.
MAY - JUNE 2022 44RARE COIN MARKET REPORT TOP DOLLAR PAID FOR RARE NATIONAL NOTES BANKNATIONALNOTES PLEASE CALL RICHARD WHITMIRE 985-438-7453 THIBODAUX, LOUISIANA TAMPA, FLORIDA BUYING ALL STATES • ALL SERIES • ALL DENOMINATIONS
G’day, mate! In a bit of a geographic departure from the early American banknotes showcased in the most recent Noteworthy Notes features, this issue’s installment takes you down under to explore a piece of early Australian financial history that recently made the lengthy 7,500-mile trek across the Pacific Ocean to our Southern California grading room. Before we get started, it should be noted that PCGS maintains teams of banknote experts across the globe on multiple continents capable of delivering unparalleled expertise while authenticating and grading the full spectrum of world banknotes from every time period – not just early American material, of course. In nearly every nation, the 20th century saw the rise and eventual dominance of central banking, a financial era characterized by a more uniform assortment of circulating banknotes from fewer, larger issuers responsible for broader swaths of populations and economies. Prior to that, privately issued banknotes from smaller, localized financial institutions and municipalities were commonplace around the world, and Australia was no exception. From 1817 to 1910, hundreds upon hundreds of issues from many dozens of Australian private issuers and local governments have been cataloged, with the bulk of these banknotes being quite rare. Our featured note here is one formidable example: an 1889 £1 note from The Bank of North Queensland (Townsville branch) graded by PCGS as VG10. One of this private issue’s most appealing qualities involves the fact that it spent time in circulation as a fully issued banknote. Because of the small stature and footprint of most private issuers as well as the short length of time in business operating and issuing banknotes (bank failures of various forms were inevitable for many), unissued, unsigned, and undated remainders as well as printers’ proofs and specimens of banknote designs in high grades are much more frequently encountered. Unlike the overall trend in the universe of numismatics that prioritizes the loftiest grade possible, this particular banknote’s lower grade is a testament to its history, rarity, and desirability.
Several other arms of this institution were established as well, including branches existing in Sydney, Rockhampton, Cairns, andTheCooktown.mostnotable aspect of the bank’s history involves its two-month closure as a result of the Panic of 1893, a global economic phenomenon that reached the shores of Australia in April of that year with hard-hitting effects. On May 15, the Bank of North Queensland suspended operations (i.e. shut its doors! Crikey!) due to an unsustainable drain on cash deposits resulting from public fear that its money was at risk if left under the bank’s guardianship. Many Australian private banks at the time did not have sufficient liquidity to remain open, needing anywhere from one to six months to weather the storm. The Bank of North Queensland reopened on July 19. The vignette at center depicts Mercury, the Roman god of financial gain, carrying his caduceus and handing over a bag of coins to a female allegory representing commerce at what appears to be a shipping port. It’s such an elegant, scarce, and historically significant banknote to behold! Because banknote lots were hung on Southern California coin shop bid boards eye-level with a first-grader, a young Philip gravitated toward collecting notes versus their circular metal numismatic cousins in the mid-1980s. He has maintained his passion for banknotes ever since and joined PCGS in his current role as banknote specialist and research manager since the launch of PCGS Banknote in early 2020.
The Bank of North Queensland formally operated out of Brisbane – the capital and most populated city of the northeastern Australian state of Queensland – from its origin in 1888 until its amalgamation with the Bank of Queensland in 1917. However, its head office was located in the smaller coastal town of Townsville approximately 1,000 miles north of Brisbane and was responsible for the issuance of this example.
NOTEWORTHY
1889 Bank of North Queensland £1 By Philip Thomas NOTES
MAY - JUNE 2022 45RARE COIN MARKET REPORT
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MAY - JUNE 2022 47RARE COIN MARKET REPORT PCGS COM | THE STANDARD FOR THE RARE COIN INDUSTRY | ©2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, ©INC 2021 INC Followusfor exciting numismatic news, educational content, and the chance to win prizes!
The Classic Head gold coins of the 1830s are often viewed by numismatists as the earliest issues of the United States pre-1933 gold catalog that remain approachable by collectors in terms of overall availability and price. These gorgeous gold coins, the artistic brainchildren of Chief Engraver of the United States Mint William Kneass, were produced in generally larger numbers than their predecessors and represent a transitional period in U.S. gold minting history when the nation was enjoying the yellow fruits of its first gold rush in the foothills of the Great Smoky Mountains.
Daryl J. Haynor is a renowned collector of classic U.S. gold coinage and is the author of United States Classic Gold Coins of 1834-1839. Selections from his outstanding collection will be offered to the public in an August Stack’s Bowers Galleries auction. Courtesy of Daryl J. Haynor.
By Joshua McMorrow-Hernandez
QuarterGoldEagle
48 MAY - JUNE 2022 RARE COIN MARKET REPORT
Classic & Half Eagle Rarities
COIN OF THE ISSUE
The 1834 Classic Head HM-1 variety graded PCGS MS65 and the 1838 Classic Head Half Eagle HM-2 variety graded PCGS MS66, both from the heralded Virginian Collection, are two highlights from Daryl J. Haynor’s cabinet that will be among numerous classic gold rarities offered in the Stack’s Bowers Galleries August Showcase sale. Courtesy of PCGS TrueView.
To handle the increasing need for more gold coinage in a young and rapidly expanding nation, the U.S. Mint announced in the mid-1830s the construction of three new mints in New Orleans, Charlotte, and the small gold-mining town of Dahlonega in Georgia. These three mints – the first branch facilities of the U.S. Mint – came online by 1838, with gold coin production remaining an integral part of the duties at the “mother mint” in Philadelphia. Even as mintages for Kneass’ Classic Head gold coinage reached into the six figures, survivors are relatively small in number, and especially so in higherCirculatedgrades. specimens are relatively affordable, though many have been cleaned or bear damage and therefore it’s increasingly difficult to find these types of coins in PCGS holders regardless of grade. Classic gold coins are conditional rarities in the better grades, as they are among certain die
marriages. The sheer elusiveness of this historic gold coinage has long been a draw for Daryl J. Haynor, noted expert and author of United States Classic Gold Coins of 1834-1839.
“As a collector, I have always steered into unchartered waters, and the Classic Head gold series is the neglected stepchild in the family of United States gold coins that never garnered the respect it deserved. I wrote the book, in part, because I wanted to change that perception.”
Another outstanding marvel is the 1838 Half Eagle, an “HM-2” variety that is also a descendant of the Virginian Collection. Graded PCGS MS66, this piece is simply resplendent with its original, lustrous surfaces and exquisite toning. After over 15 years of searching, Haynor ranks this coin as the most eye-appealing Classic Head gold coin in existence. It boasts a population of just one with none graded higher. Quality counts when it comes to classic gold coinage, and these two specimens illustrate why collectors congregate around Gem-quality examples. They are the ultimate in rarity, beauty, and intrigue. The exclusive single-finest-known status of these two specimens also automatically launches the victorious bidder(s) of these stellar treasures that much closer to claiming the top spot in the respective and highly competitive PCGS Registry Sets for each of these series.
Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history.
MAY - JUNE 2022 49RARE COIN MARKET REPORT
United States Classic Gold Coins of 1834-1839
His exceptional collection of Classic Head gold will be showcased as a separate catalog in Stack's Bowers Galleries' August Showcase Auction. The sale is certain to shine a light on these short-lived but dynamic series, which offer tremendous opportunities and challenges for the intrepid collector. Haynor hopes that his book, which was recently awarded the Numismatic Literary Guild Book of the Year award, will attract collectors into the new frontier of Classic Head gold die marriages. However, collectors will also learn that gem-quality classic gold coins are far rarer than previously imagined.Consider just two of the selections from Haynor’s cabinet: the 1834 Classic Head Quarter Eagle and 1838 Classic Head Half Eagle, both of which represent the finest quality known for their respective varieties. The 1834 Quarter Eagle, classified as variety “HM-1,” hails from the prestigious Virginian Collection and is a showstopper by every measure. Haynor’s example is the only HM-1 specimen graded PCGS MS65, with none grading higher. It’s difficult to imagine any other yet to be encapsulated could possibly rival the crisp surface quality of this exemplary piece.
This is a icollect s collector’s must have definitive guide to collecting tthe o the Classic Gold quarter eagle and half eagle hseries alf series Included for the first time is a complete die cma omplete marriage listing for every date in each series, as ew ach well as emission sequencing, rarity ratings and a rde atings detailed system for identifying marriages with mh arriages high quality color photographs Also included Aar lso are condition census rankings, archival aresearch rchival research on the history of the series, and much amore nd more Both PCGS and NGC have adopted the aHM dopted HM (Haynor McCloskey) attribution system for fcoins or coins submitted through their services Thisihardbound s hardbound book is 368 pages with over 700 h n f full color illustrations and is llnow l ll d listed at a sale ap t price of $89. To order call 703 738 4485 or go to WizardCoinSupply.com/ClassicGold a $89. To by Daryl bJ y J. Haynor for submitted through their high resolution now Numismatic Literary Guild’s 2020 Book of the Year!
COIN OF THE ISSUE: CLASSIC GOLD QUARTER EAGLE & HALF EAGLE RARITIES
QUARTERL SPECIAL A p r i l 1 , 2 0 2 2 - J u n e 3 0 , 2 0 2 2 Learn More at PCGS.com/CCSpecial Gold Coin Special In celebration of gold’s recent spike in price, we are offering our customers savings for common date gold to help add even more liquidity to your collection! For a limited time, you can save $3 per coin when submitting 5 or more qualifying U.S. gold coins valued under $2,500! PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.
A New Era for the PCGS Rare Coin Market Report By Joshua McMorrow-Hernandez
MAY - JUNE 2022 51RARE COIN MARKET REPORT
If you’ve arrived at this page in the current issue of the Rare Coin Market Report, you’ve certainly noticed a difference in the thickness and weight of the magazine. What’s going on? It’s a simple matter of the dynamic marketplace today. Market pricing is moving so quickly nowadays that, by the time printed prices get to you, many are at risk of being obsolete. As countless collectors and dealers involved in the marketplace today know, this rapid activity means it is no longer practical to provide printed pricing and ensure that it is up to date when it gets to you. Our price guide team has been realizing for some time that the market, being as it may, could eventually arrive at a point where it would be moving more quickly than a bimonthly printed price guide could accurately reflect. And, as many know, this isn’t the first time this has happened. Those who remember the volatile markets of 1978-1981 and 1987-1990 can easily recall this effect – prevailing prices on the ground were often 10%, 20%, and even higher than printed price guides of those times were reporting. However, there is a big difference between the world of the 1970s and 1980s versus today. Now, we have the internet, an incredible resource that in those days simply did not exist in the form that it does now. In recent weeks, we who bring you the Rare Coin Market Report met on the matter and have come to the conclusion that betheHowever,preferredaccuratecontinuecoinshasthebestwaytoensureourreadersandallthenumismaticpublicthemostaccuratepricinginformationforPCGS-gradedistoeliminatepricingfromthemagazinealtogetherandpublishingallpricesonline,aplatformthatensuresup-to-the-momentpricingdata.Weunderstandtheremaybeafewpeoplewhohavereceivingpricinginformationprintedonpaper.therealityisthatwewerecomingtoapointinmarketwheresomepricinginformationcouldeffectivelyoutofdatebythetimeitreachedyourhands.AtPCGS, our mission is to provide the most accurate and up-to-date information in numismatics, and we have determined that we can best deliver that to you by exclusively serving you pricing information online. This was not a decision made in the vacuum of a boardroom. Our team attends coin shows of all sizes and manners –even those where we are not exhibiting, grading, or publicly interfacing with the crowds. In recent years our team has noted a seismic shift in the way collectors and dealers obtain their pricing information. While some people still use paper price guides, an ever-increasing majority of those we observe are relying on apps and other digital media for pricing. This is a trend surely to continue. So how do you obtain PCGS Price Guide information? It’s simple! You can click on www.pcgs.com/prices or download the free PCGS CoinFacts app on your smartphone via www.pcgs.com/apps. These innovative and comprehensive resources give you the power of the PCGS Price Guide right at your fingertips, wherever and whenever you need the latest and most accurate pricing for PCGS-graded coins. While the PCGS Price Guide is now accessible in its fullest capacity online, the Rare Coin Market Report will continue serving up the latest in marketplace trends and all the other information you need to be an informed, knowledgeable, and connected collector or dealer. Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history.
APCGSAU53 willshowfulldetailwith 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.
STANDARDS
APCGSMS60 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.
Regular Strikes For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which affect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal. A PCGS MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. 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.
There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade.
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.”
PCGS COIN GRADING STANDARDS
XF40 Detail is complete with some high points flat. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.
Components of Mint State CGrading omponents State Grading Strike
52 MAY - JUNE 2022 RARE COIN MARKET REPORT PROFESSIONAL COIN GRADING SERVICE
GRADING
XF45 Detail is complete with most high points slightly flat.
A Guide to PCGS Grades & Designations
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.
For a description of all the grades and designations used in the RCMR, refer to the PCGS Grading Standards listed in this issue. Space does not permit us to show a comprehensive photographic grading guide here, but those interested in a detailed look at virtually all U.S. coins in all grades are referred to PCGS’s Photograde section, found at www.PCGS.com/photograde.
Color for Copper Coins (MS60 or better)
VF25 Detail is 60 to 70% complete.
PCGS COIN DESIGNATIONS
G06 PeripheralDetailisflat,butrimsarecomplete.letteringisfull.
PCGS COIN DESIGNATIONS
Brown (BN) PCGS designates Brown for copper coins that have less than 5% of their original mint-red color. 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. Red (RD) PCGS designates Red for copper coins that grade MS60 or better and show 95% or more of their original mint-red color.
AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible.
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. VG08 Design is worn with only slight detail evident.
G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full.
PO01 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. APCGSPR70 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. APCGSPR66 willhaveafewhairlines 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 PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective. APCGSPR60 willhavenowearonthe 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.Inaddition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.
MAY - JUNE 2022 53RARE COIN MARKET REPORT
PCGS DESIGNATIONS
Prooflike (PL) PCGS designates Prooflike for coins that grade MS60 or better 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.
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.
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. Full Bands for Roosevelt Dimes
Full Bell Lines for Franklin Half Dollars
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
Full Bands for Mercury Dimes
Full Steps for Jefferson Nickels
54 MAY - JUNE 2022 RARE COIN MARKET REPORT
Prooflike Surfaces
COIN
Full Head (FH) PCGS designates Full Head for Standing Liberty Quarters that grade AU50 or better and show full detail of Miss 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 Steps (FS) PCGS designates Full Steps for Jefferson Nickels that grade MS60 or better and show a full five or six marks,nomajorforJeffstepsintheportraitofMonticello(Thomaserson’shome)onthereverse.Toqualifythisdesignation,acoinmustalsohavedisturbances,includingcutsandtotheseparationofthesteps.
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.
MAY - JUNE 2022 55RARE COIN MARKET REPORT Prooflike Surfaces
have had their surfaces altered,
been environmentally damaged,
Cameo Proofs Cameo (CAM) 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. Deep Cameo (DCAM) PCGS designates Deep Cameo for brilliant proofs that display deep, even frosting on the devices of both sides of the coin. Grade toned, have have
Coins PCGS does not grade coins that are counterfeit, have been artificially
PCGS COIN DESIGNATIONS No
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” is used by PCGS as a service to the numismatic community. PCGS Holder No Grade coins are returned to the submitter with encapsulation. Code Reason 82 Filed Rims 91 Questionable Color 92 Cleaning 93 Planchet Flaw 94 Altered Surfaces 95 Scratches 97 Environmental Damage 98 Damage No PCGS Holder No Grade coins are returned to the submitter without encapsulation. Code Reason 83 Peeling Lamination 86 Authenticity Unverifiable 90 Counterfeit 96 No Service 99 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. For PCGS Banknote grading standards visit www.PCGS.com/banknote/grades
PCGS COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC Get the most up-to-date pricing for rare and modern coins. • View current gold, silver & platinum prices • Track the top gainers and losers across the entire U.S. coin market • Make educated buying and selling decisions for your collection • Research the price history for significant coins sold at auction since 1941 Visit PCGS.com/Prices to begin your buying or selling journey today! Don’t forget to check out the CoinFacts App - the world’s largest encyclopedia of U.S. coins now fits in your pocket & is 100% free to use. You Collect. We Protect. The PCGS Price Guide is DIGITAL 100% PCGS.com/Prices
By Vic Bozarth
Having been an active dealer for decades, I find there is almost always a “play/pass” number in my head for a frequently traded item. For example, if you know you can readily sell an item for $500, even conservative dealers would pay $425. More aggressive market makers might make a $475 to $515 market. Sure, you as a collector would like to buy the item for $500, but if you want to handpick a pretty coin, you will probably have to pay $575 to $600 after the dealer has shipped the coin securely and taken a profit. Granted, this is for a readily traded item that has a pretty definitive market.
The PCGS numbering system, reflected on the labels of encapsulated PCGS coins, is a major component to determining the value of a coin. Courtesy of PCGS.
How Does the PCGS Price Guide Determine a Value?
Part One: The Mechanics Being able to easily quantify, record, and track information is essential to any modern business. Despite the fact that many still think numismatics is nothing more than a hobby, the number of million-dollar-plus coins that have sold in the last year alone makes one beg to differ! The rare coin business is no longer the quaint hobby it once was considered. Information systems have had a lot to do with our evolution. Today dealers have the ability to offer an authenticated and professionally graded product via the internet. That being said, the information to learn about and quantify these products has never been more important. The responsibility of the PCGS Price Guide Team is to keep the values as current as possible. Fortunately, information about coins is constantly expanding. Their corresponding values change depending on many factors. Most of these factors we refer to as “the market.”
Rare coins are a different animal. When a coin trades only a couple times each decade, how can one determine the market on that item? Historical records offer some insight, but depending on the date of the sale, how relevant is the data? Price data is good if timely, but depending on the market conditions at the point of sale the pertinence of the data might be weighted differently.
Getting back to the nuts and bolts of coin pricing, let’s first take a look at the PCGS numbering system. Most PCGSgraded coins have a PCGS coin number followed by a decimal point followed by the numerical grade on the front of each holder. The PCGS coin number is most often a four-, five-, or six-digit number so that every possible date and denomination combination can be covered. The PCGS coin numbering system is very straightforward. Starting with #0002, the original four-digit PCGS numbering system covered everything listed in the 1985 A Guide Book of United States Coins, including colonials, territorials, and commemoratives. This simple numbering system progressively numbers U.S. coin issues by the smallest denomination (our early half cents) and first date of issue (1793 for half cents). In a nutshell, the PCGS numbering system is pretty easy to golddimesbeforeAllafigureout.Itprogressesthroughthecopperdenominationswithbriefinterruptionfortrimesintothenickeldenominations.ofthenickelcompositiondenominationsarecoveredthenumberingsystemandstartwiththesilverhalfcontinuingthroughU.S.silver(orclad)dollars.Classicissuesfollowallthecopper,nickel,andsilvercomposition
Market Matters
MAY - JUNE 2022 57RARE COIN MARKET REPORT
58 MAY - JUNE 2022 RARE COIN MARKET REPORT MARKET MATTERS coins, but for the silver and gold commemorative issues near the end of the list.
Silver Issues Half Dimes through Peace Dollars #4250 to #7379
PCGS Certification Verification also lists any public auction sales of that particular coin in the last couple of decades.
The simple digitized information on the bottom of a PCGS coin holder allows the dealer and collector to access tremendous amounts of free information and PCGS updates on a continual basis. Not only does PCGS Certification Verification allow you to verify your particular coin, but the PCGS Price Guide, PCGS Population Report, and PCGS Coinfacts are all driven by the PCGS coin number.
Three Cent Nickels to Jefferson Nickels #3730 to #4238
With a simple four- to six-digit number, you can access all the up-to-date information available on your coins. The information is there, you just have to find it!
Some of the additions to the PCGS numbering system have included the addition of a “9” to the front of the four-digit Morgan Dollar prooflike number. For example, a frosty Mint State 1880-S Morgan Dollar is PCGS coin number 7118, an 1880-S Prooflike Morgan Dollar is coin number 7119, and the PCGS coin number for a 1880-S DMPL Morgan Dollar is 97119.Many of the classic proof issues had both cameo and deep cameo designations added to the existing PCGS fourdigit number once those categories of grading were offered. For example, an 1880 Liberty Seated Quarter in proof is PCGS number 5581. The proof cameo and proof deep cameo numbers for the date are 85581 and 95581, respectively. For the most part, classic cameo and deep cameo U.S. proof coins are designated with this additional “8” or “9” to the front of the existing PCGS proof coin number for the date.
The bottom line of the PCGS coin holder insert also contains a seven- or eight-digit serial number unique to that particular coin. The PCGS coin serial number is one of the most important security features for PCGS coins. The ability to track PCGS coins with their PCGS coin number is tantamount to both security as well as providing amazing price information available from any public sale. The PCGS Certification Verification website is an amazing tool that allows anyone to verify the authenticity of their PCGS coin by entering the PCGS certification or serial number.
Silver Commemoratives #9220 to #9449
Gold Commemoratives #7443 to #7487 Gold Issues Gold Dollars through Proof Saint-Gaudens $20 #7501 to #9212
Vic Bozarth is a familiar face on the bourse floor to many who have attended coin shows over the last five decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the finest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our industry.
A very basic order breakdown of the PCGS numbering system follows: Colonials through Proof 2 Cents #0002 to #3656 Trimes #3664 to #3724
The modern coin market has been extremely healthy in the past year. We recently reviewed the PCGS's U.S. Price Changes – Top 10 Gainers and Losers list for the past year to try and get a gauge for the modern coin market, and these are the top 15 coins that performed the best. Overall, it represents a good mixture of different denominations. A few Lincoln Cents were the top gainers, as well as a Roosevelt Dime, some Washington Quarters, a Kennedy Half Dollar, an Eisenhower Dollar, and even some bullion issues made it on the Top GainersBecauselist.of space limitations, we won’t discuss every coin on the Top Gainers list. However, we will mention a few of the highlights, including a stellar 1995 Lincoln Cent graded PCGS MS68RD. In March 2020, this coin had a PCGS Price Guide listing of $50 in MS68RD. That same coin in an identical grade today has a retail price of $185. That’s a 270% increase in just two years!
What’s so special about a 1995 Lincoln Cent? I will summarize in three words: PCGS Set Registry. Although the U.S. Mint struck over 6.4 billion examples, there are many collectors looking for a 1995 Lincoln Cent in PCGS MS68RD to add to their sets. With a population of just 121 coins graded PCGS MS68RD, it’s difficult to find one at this grade. When an example does turn up in the marketplace, you can be assured there will be many collectors trying to purchase it for their sets – not to mention coin dealers who are looking to fill their inventories with high-grade, low-population coins. Another coin doing well these days is the 2000-S New Hampshire Proof Silver Washington State Quarter. The 50 State Quarter Program began in 1999 and is one of the most popular coin programs in the history of the U.S. Mint. It is believed that during the height of the program there were about 147 million individuals collecting the 50 State Quarters. From those millions of collectors, there is a much smaller, sophisticated group of collectors buying the 50 State Quarters only in PCGS holders. Some of these collectors take
The 2000-S New Hampshire Proof Silver Washington State Quarter is climbing the charts as a top gainer, and it’s no surprise – the 50 State Quarters series from which this issue hails was one of the most popular U.S. Mint coin programs of all time. Courtesy of PCGS TrueView.
Market Movers & Shakers By Jaime Hernandez
The 1995 Lincoln Cent graded PCGS MS68RD is in hot demand by PCGS Set Registry collectors. Courtesy PCGS TrueView.
MAY - JUNE 2022 59RARE COIN MARKET REPORT
60 MAY - JUNE 2022 RARE COIN MARKET REPORT MARKET MOVERS & SHAKERS their goals a step further by pursuing only MS/PR70 examples. The 2000-S New Hampshire Proof Silver Washington State Quarter noted here is graded PCGS PR70DCAM. One year ago, the PCGS Price Guide value for this coin was $110. A year later, the price is $385 – that’s a 250% increase! The featured chart also reveals the top 15 modern coin gainers for the year. To view many more modern coin price changes for the year as well as for market data from other date ranges, you can visit the PCGS Price Guide and click on “Price Changes.” Once there, you can view many more coins listed on the PCGS Price Guide Gainers list, including the top daily gainers, weekly gainers, three-month gainers, one-year gainers, two-year gainers, three-year gainers, five-year gainers, and even the leading 10-year gainers. May the market keep humming along! Jaime Hernandez is an editor for the PCGS Price Guide and has been a proud member of the PCGS team since 2005. By the time he reached his early 20s, Jaime was successfully buying and selling coins with some of the most prominent dealers and collectors in the country. Email: jhernandez@collectors.com COIN # DENOMINATION DATE MS/PR PREVIOUS PRICE TODAY’S PRICE % INCREASE 1 3133 1c 1995-P Lincoln Cent MS68RD 50 185 270 2 913014 25c 2000-S New Hampshire Silver Quarter PR70 110 385 250 3 543601 50c 2015-S Kennedy Half Silver PR70 55 175 218 4 39199 25c 2008-S Hawaii Silver Quarter PR70 100 250 150 5 802442 25c 2019-P 5 oz. San Antonio First Strike SP70 210 485 130 6 14011 25c 2002-D Indiana Quarter MS68 70 160 128 7 913008 25c 2000-S Massachusetts Silver Quarter PR70 70 150 114 8 9850 $10 1991 Gold Eagle MS69 950 1950 105 9 85181 10c 1991-D Roosevelt Dime MS65 650 1250 92 10 2974 1c 1974-D Lincoln Cent MS67 60 115 91 11 9812 $25 1987 Gold Eagle MS69 1000 1900 90 12 53030 50c 2014-W Gold Kennedy Half PR70 1300 2400 84 13 9870 $10 1993 Gold Eagle MS69 750 1350 80 14 149576 $25 2007-W Platinum First Strike Eagle PR70 750 1350 80 15 7420 $1 1975-D Eisenhower MS66 160 275 71
for0%Seller’sFeeCoins/Currencyover$1,000!Sell Your Coins AND BANKNOTES for the Highest Bid at GreatCollections • Since 2011, Collections has sold over 900,000 certified coins and banknotes • Fast, safe and the lowest fees of all major coin auction companies • 0% Seller’s Fee for coins/ currency over $1,000 • Free appraisals and estimates • U.S. & World Coins, Classics & Moderns, Currency • The fastest turnaround and payment • Join tens of thousands of active bidders and sellers 1951-S Franklin Half Dollar PCGS MS66FBL Sold $3,912 PCGS Price Guide $650
Consign in Two Easy Steps 1. Use the consignment form at the right and fill out your information. 2. Mail the completed form with your consignment to: Great 17500CollectionsRedHillAvenue, Suite 160 Irvine, CA 92614 We will contact you the day your package arrives and update you when your items are posted on our Anywebsite.questions? Please call us at 1-800-442-6467 or e-mail info@GreatCollections.com Free Coin Appraisals If you are unsure of the current market value of your collection or holdings, please contact us and we will give you our assessment at no charge. Not Ready to Sell? Join GreatCollections as a Bidder! Visit www.GreatCollections.com to view our current auctions, create a saved search/wantlist, track our extensive prices realized and much more. It’s free to register and takes only a few minutes. VISIT www.GREATCOLLECTIONS.com 1.800.442.6467 Ian Russell #785 1954-D Lincoln Cent PCGS MS66BN CAC Sold $5,062 PCGS Price Guide $10 1906 Barber Quarter PCGS MS66 CAC Sold $5,343 PCGS Price Guide $1,300
9. If you consign raw coins/items to GreatCollections, we will send your coins/items to a major third party grading service such as PCGS, NGC and/or ANACS. For more information, please refer to the Raw Coin Consignment Form, which can be downloaded at 10.www.greatcollections.com/forms.GreatCollectionsshallremittoConsignor, within 30 days after the close of the Auction, the net proceeds, which equals the Hammer Price less Seller’s Fees, Listing Fees, Interest for Cash Advances, other monies owed to GreatCollections by Consignor and Cash Advances Principal (in order). In the event the Consignor’s sales do not exceed fees or monies owed to GreatCollections, the Consignor agrees to pay GreatCollections all monies owed within seven days of invoice date. In certain instances, an introductory commission may be paid by GreatCollections to an agent of Consignor for referring the Consignment to GreatCollections.
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ConsignorTerms & Conditions
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Cash Advances: We offer generous cash advances for all consignments at a competitive interest rate. Checks can be sent via overnight Fedex or Express Mail within 24 hours of your coins arriving at GreatCollections. Please check the box on the reverse of this form (below the signature line) and we will contact you as soon as we have reviewed your coins.
7. A Consignor is able to list a Minimum Bid on every coin/item consigned, according to the three options listed on the Consignment Form. It is up to the Consignor to verify that the correct Minimum Bids are entered as soon as their coins/items are uploaded to the GreatCollections website. Any corrections should be reported as early as possible before the end of the Auction. This Minimum Bid amount is disclosed on all items/coins listed at GreatCollections. Consignor may not withdraw any coin/item for any reason.
2. Consignor warrants that: (1) Consignor is the legal owner of and has full title and interest in the coins/items consigned to GreatCollections; (2) all coins/items consigned to GreatCollections are free and clear of any liens, encumbrances, security interests or contract rights restricting the unconditional right to sell all rights, title and interest in and to such coin/item; and (3) all consigned coins/items are authentic and in respect to certified coins, holders have not been tampered with or resealed.
ConsignmentInformation 0522
Certified Coins:GreatCollections welcomes coins graded by PCGS, NGC (NCS) and ANACS. Please remove all labels/stickers adhered to holders. RawCoins: If your coins are not graded, please use our Raw Coin Consignment Form. GreatCollections extends our discounted rates for coin grading directly to members. Insurance: From the moment your coins arrive at GreatCollections, they are covered by our extensive insurance policy with Lloyd’s of London... another benefit provided to all consignors at no cost.
8. If the successful bidder or buyer is in default and GreatCollections is not satisfied that the amount due for any particular Consignor’s lot[s] will be paid in full, GreatCollections reserves the right to take one or more of the following actions: (1) declare the sale null and void and return the coins/items to the Consignor; (2) declare the sale null and void and reoffer the coins/items in another Auction; and/or (3) proceed against buyer on behalf of Consignor. In addition, GreatCollections offers a return privilege to Buyers. Should your coin/item be returned, we will cancel the sale and relist your item. In the event that GreatCollections cancels the sale of your coins/items or your coins/ items are returned, all Listing Fees and Seller’s Fees will be refunded to Consignor.
Minimum Bids: We offer three convenient ways to set Minimum Bids at Great 1.YouCollections.mayselect GreatCollections to establish a Minimum Bid based on our knowledge of the coin market. We usually set opening bids at 70% of what we believe the coins are worth in today’s market. This is our recommended option that we have found to generate the most bidding activity while protecting you with a Minimum Bid.
5. Consignor acknowledges that the Hammer Price is the final bid price accepted by the Auctioneer. The Hammer Price does not include the Buyer’s Fee, which GreatCollections retains in full.
Contact Us: GreatCollections Coin Auctions 17500 Red Hill Ave. Suite 160 | Irvine, CA 92614 Phone: 1.800.44.COINS | 1.949.679.4180 Email: info@greatcollections.com | www.GreatCollections.com
2. You may select a percentage of the Values you have listed on the reverse of this form to use as Minimum Bids. Please check either the 50%, 65% or 80% 3.Youoption.may select that all coins start at a Minimum Bid of $1. This is recommended for liquid/popular coins and is used regularly by dealers, investors and representatives of estates. Regretfully, we cannot accept consignments where the Minimum Bids are higher than 80% of their listed value. If you have any questions regarding setting Minimum Bids, please call us at 1.800.44.COINS (+1.949.679.4180) or e-mail info@GreatCollections.com. Seller’s Fees: Our Seller’s fees are a low 5% for coins up to $1000, and 0% for coins over $1,000. Consignment Proceeds: Checks are mailed within 30 days of your coin(s) selling. To confirm the payment date, please login to your account at GreatCollections, click on MyGC and “View Consignor Statements”.
Minimum Bid Listing Fee $1-$99 $3 $100-$999 $5 $1,000 and up $10 UptoFiveListingsforOneFee: For one listing fee, GreatCollections will relist any coin that doesn’t sell, up to a maximum of five times without any additional listing fees. If you do not want your coins relisted, please let us know under “Special Instructions” on the reverse of this form.
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Values: If you are unsure of coin values, please leave this field blank. We review all coins that are consigned and will assign values and minimum bids accordingly.
Currency/Paper Money:GreatCollections also auctions certified currency and paper money graded by PCGS and PMG, together with our exclusive Grade & Auction program offering discounted grading rates. Please use our currency consignment forms. CAC: CAC is a third-party grade verifier founded by John Albanese that reviews PCGS and NGC-graded coins (excluding moderns). GreatCollections is an authorized submitter and can arrange CAC to review your coins prior to auctioning. The process takes about 10 days. Cost is $15 for coins valued up to $10,000, $30 for coins valued up to $25,000 and $50 for coins valued at over $25,000.
Listing Fees: Our listing fees are based on the following schedule and are charged the first time the coin is listed at GreatCollections.
TimingandScheduling: Coins are generally listed on our website within 7-21 days of arriving at GreatCollections. If you consign duplicates of the same year, denomination, grade and grading service, we will typically split the coins over multiple days of auctions. Once coins are entered in our system, you can view your coins by logging into MyGC and clicking on “Items Pending” or “Currently Selling”.
1. Consignor agrees that the Auction shall be conducted online by GreatCollections according to the Terms and Conditions published at www.greatcollections.com/terms. This agreement is subject to Arbitration.
3. Consignor agrees to pay GreatCollections a Listing Fee for each coins/items offered by Auction and for coins/items sold, a Seller’s Fee. All fees are detailed on the reverse of the Consignment Agreement.
4. In the event that your coins do not sell in their first Auction, GreatCollections agrees to relist coins/items up to four additional times. There will be no Listing Fees charged for these four additional relistings. Should you prefer your coins not to be relisted, please note this in the “Special Instructions” box on the Consignment Form.
6. GreatCollections has the right in its sole discretion to reject any Consignment, to cancel any Auction, to postpone or change the date/time of Auction and/or to rescind any sale. GreatCollections also reserves the right in its sole discretion to cancel or reject any bidder from bidding, when we believe it is not in the Consignor’s and/or GreatCollections’ best interest.
QUARTERL SPECIAL A p r i l 1 , 2 0 2 2 - J u n e 3 0 , 2 0 2 2 Submit 5 Modern World Ban notes, Get 1 Graded Free Celebrate paper currency from around the world with a new PCGS Banknote special for non-U.S. banknotes issues from 1960 to present. Learn More at PCGS.com/CCSpecial PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.
The market for moderns has held strong with many realizing record prices at auction. One example is a neverbefore-offered 1971-S Eisenhower Dollar prototype, graded PCGS SP67. It was sold in Heritage Auctions’ official Florida United Numismatists Show sale in January. Billed by Heritage Auctions as “one of the rarest of all silver dollars struck since 1794,” this Ike Dollar prototype brought an astounding $264,000.
Along with the flight to tangibles – namely, rare coins –prices for precious metals soared during the first quarter of 2022, adding even more stimulus to the rare coin market. Rising precious metals prices bring excitement to the coin market, as well as new buyers who begin by buying metals and then become attracted to collectible coins – frequently, nice-looking modern coins.
By Victor Bozarth & Mark Ferguson
The Indian $2.50 gold series is among many U.S. coins that have seen explosive growth since 2020. Courtesy of PCGS TrueView.
The popular $2.50 Indian series shows results for the top 10 gainers during the past year in the approximate range of 80% to nearly 130%. The two-year results for this series range from around 120% to about 160%, as of this writing. Even more momentum is illustrated by the Walking Liberty Half Dollar series. One-year top 10 gainers range from about 250% to more than 600%! Two-year top 10 gainers for this series show similar results. The “Walker” series is one that has received incredible demand during this period. After all, it’s one of America’s most beautiful and popular coins.
Unprecedented demand has forced rare coin prices to record-high levels across virtually all series of U.S. coinage. As auction prices climb, dealers are asking higher prices for coins in their inventories and selling has never been easier for them. However, replacing that inventory has been a huge problem for dealers. Yes, they’ve been having to pay ever-increasing prices, but that’s not the real problem. Simply locating nice coins to purchase is where the real problem lies. The market is starved for choice coins. This situation, which started gaining momentum during spring 2020, is a fundamental change for the U.S. coin market. Previously, we were in a more normal market with natural buying and selling taking place in an orderly two-way manner. Now, the market is being fueled by the huge amount of COVID-related stimulus money sloshing around the economy and people’s flight to tangibles for inflation hedges. Coins and precious metals are perfect for that. Typical rare-coin price increases can be illustrated by changes in the ever-popular Morgan Dollar series. In the online version of the PCGS Price Guide, you can click on “Price Changes” at the top of each series to see data for “Gainers” and “Losers.” The top 10 gainers have risen by about 125% to 175% during the past year. During the past two years, those percentages range from approximately 175% to 225%.
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FundamentalsMarket
62 MAY - JUNE 2022 RARE COIN MARKET REPORT
Overall, the market for modern coins has seen increased demand across all the denominations and finishes, which include mint state coins, proof coins, and even special strike (SP) coins. Price increases for moderns have taken place in
MAY - JUNE 2022 63RARE COIN MARKET REPORT COIN MARKET FUNDAMENTALS grades ranging from MS65 to the “perfect” 70 grade. Another important driver for the modern coin market is the PCGS Set Registry. Collectors of top-grade modern coins have the ability to check the PCGS Population Report to find out how scarce PCGS-graded modern coins are. Generally, the lower the population, the more competitive buyers will be at Priceauction.premiums over the spot silver price have increased coinageThgradedoccasionalexperiencingU.S.highermodernduringthepastyearformodernsilvercollectorcoins.Likewise,bullioncoinsarealsoshowingstrongdemandandprices.AmericanSilverEaglecoinsstruckbytheMintaswellasprivatelymintedsilverroundsarealsohigherpricepremiumsovertheirmeltvalues.Finally,thePCGSPriceGuideteamisrunningacrosshigh-outlierauctionpricesforcirculatedPCGS-collectorcoinsthatexceedourpriceguidevalues.eseincludecoinsinseriessuchasLibertySeatedandBarberintheVGtoVFgrades,forexample.Collectorsare stretching in competitive auctions to land the coins they really want. Indeed, demand for U.S. coins is exceedingly strong across the entire range of coin series and grades.
Vic Bozarth is a familiar face on the bourse floor to many who have attended coin shows over the last five decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the finest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our Markindustry.Ferguson began buying and selling coins in 1969. He graded coins for PCGS between 1986 and 1990 and currently serves as the company's senior price guide consultant. He’s a numismatic researcher, writer, appraiser, and advisor, and he authored The Dollar of 1804: The U.S. Mint’s Hidden Secret. A diverse array of U.S. coins is enjoying ever-loftier prices thanks to phenomenal growth in the rare coin market. Images are courtesy of PCGS TrueView.
64 MAY - JUNE 2022 RARE COIN MARKET REPORT APMEX 25 Blanchard and Company 10 Central States Numismatic Society 37 Certified Coin Exchange (CCE) 42 Chris V. McCawley, EarlyCents.com 36 CoinAdvisor.com 47 Collateral Finance Corporation 60 Collectors Corner 24 Drake Sterling Numismatics 44 Douglas Winter Numismatics 22 Elizabeth Coggan Numismatics 16 GreatCollections 3, Onsert Kagin's Inc. 9 Larry Shapiro Rare Coins 64 Legend Rare Coin Auctions Inside Front Cover, 1 Long Beach Expo Inside Back Cover PCGS 19, 34, 40, 46, 47, 50, 56, 61 Richard Whitmire, National Bank Notes 44 Stack's Bowers Galleries 4 U.S. Coins 6, Back Cover Witter Coin 35 Wizard Coin Supply 49 Morgan & Peace Dollars LSRareCoins.com (310) Larry@LSRareCoins.com541-7222 Low pop PCGS CAC type Coins 3 Cent Silvers 2022 MAY May 25 - 28 PCGS Members Only Show On-Site Grading | Legend Auctions Harrah's | New Orleans, LA 2022 JUNE June 9 - 11 Whitman Summer Expo Submissions Only | Stack's Bowers Galleries Baltimore, MD June 30 - July 2 Long Beach Expo (LBE) On-Site Grading | Heritage Auctions Long Beach, CA 2022 JULY July 8 - 10 Summer Florida United Numistmatists (FUN) Convention Submissions Only | Heritage Auctions Orlando, FL July 27 - 29 PCGS Members Only Show On-Site Grading | Legend Auctions Bellagio | Las Vegas, NV 2022 AUGUST August 16 - 20 American Numismatic Association (ANA) World's Fair of Money On-Site Grading | Stack's Bowers Galleries Rosemont, IL (Donald E. Stephens Convention Center) 2022 SEPTEMBER September 7 - 9 PCGS Members Only Show On-Site Grading | Legend Auctions The Omni Hotel | San Diego, CA September 29 - October 1 Long Beach Expo (LBE) On-Site Grading | Heritage Auctions Long Beach, CA 2022 OCTOBER October 27 - October 29 Whitman Winter Expo On-Site Grading | Stack's Bowers Galleries Baltimore, MD 2022 DECEMBER TBD PCGS Members Only Show On-Site Grading Las Vegas, NVSCHEDULESHOWPCGS ADVERTISING INDEX For the most up-to-date listing of shows including any cancelations, please visit www.PCGS.com/shows.
0056-04 THE LONG BEACH EXPO OFFERS A COMPLETE COLLECTIBLES EXPERIENCE INCLUDING: Mark your calendar, and Dealers, call 888-743-9316 or email info@LongBeachExpo.com to reserve your booth • Multi-million dollar auction by Heritage Auctions - the Official Auctioneer of the Long Beach Expo. • Hundreds of the nation’s top dealers ready to do business. • On-site coin and banknote grading by PCGS. • Daily gold coin drawing and more! Pre-Register before the Show and get $5 off General Admission! $5 off General Admission - June 30 - July 2, 2022 Admission is good for all three days. Coupon not valid with any other offers or discounted rates. Note: Cash only, no credit cards accepted. Admission Prices General Admission: $10 Seniors 65 and Up: $5 Children 8-16: $5 Children 7 and Under: Free Save $5 on General Admission. Use Code: RCMR22 When you pre-register your tickets online or bring this coupon with you when you purchase tickets at the show! Show Hours: Thursday: 10:00 a.m. – 5:30 p.m. • Friday: 10:00 a.m. – 5:30 p.m. • Saturday: 10:00 a.m. – 4:30 p.m. LongBeachExpo.com | 888-743-9316 Long Beach Convention Center | Hall C 100 South Pine Ave | Long Beach, CA 90802 Future Show Dates: September 29 - October 1, 2022 | February 2 - 4, 2023 Coupon not valid with any other offers or discounted rates. Register Here: longbeachexpo.com/visitors/registration Use code: RCMR22
