P JULY / AUGUST 2022 – $14.95 PROFESSIONAL COIN GRADING SERVICE P C G S . C O M RareCoin M A R K E T R E P O R T S C G COIN OF THE ISSUE: 1837 Classic Head Half Eagle PCGS MS66+ RAINBOW-TONED MORGAN DOLLARS: What Makes Toned Silver Dollars Sizzle?
MAY JUNE 2022 IIRARE COIN MARKET REPORT INFO@LEGENDAUCTIONS.COM • 732-935-1168 WWW.LEGENDAUCTIONS.COM 50C 1823 PCGS MS66 CAC THE DALE FRIEND COLLECTION, PART II REALIZED: $70,500 50C 1827 SQUARE 2 PCGS MS66 CAC THE DALE FRIEND COLLECTION, PART II REALIZED: $55,812.50 $3 1877 PCGS MS64+ CAC THE OAK COLLECTION REALIZED: $102,812.50 1C 1855 J 170A PCGS PR65 CAC THE GLORIOUS PATTERN COLLECTION, PART II REALIZED: $24,675 50C 1879 J 1602 PCGS PR66 RB CAC THE GLORIOUS PATTERN COLLECTION, PART II REALIZED: $36,425
MAY JUNE 2022 1RARE COIN MARKET REPORT GREG COHEN SENIOR732-935-1168NUMISMATIST JESSICA732-935-1168PRESIDENTBERKMAN CONSIGN NOW TO THE REGENCY AUCTION WE ARE ALWAYS ACCEPTING QUALITY CONSIGNMENTS! 50C 1828 SQ B 2 SM 8’S PCGS MS66+ THECAC DALE FRIEND COLLECTION, PART II REALIZED$3$43,4751889PCGS MS66 CAC THE OAK REALIZEDCOLLECTION$30,550 $1 1878 J-1550A. PCGS PR65 CAC THE GLORIOUS PATTERNS COLLECTION PART II REALIZED $30,550 $3 1854-D PCGS AU55 THE OAK REALIZEDCOLLECTION$79,312.50
SPEAKING OF COINS
Sanjay Gandhi examines many of the collecting paths one can venture along with modern coins in the PCGS Set Registry, which is free to join and rewarding for collectors who wish to show off their collections while competing for prizes. Peter Anthony looks at another avenue of modern coins with his article “The Bamboo Bear,” profiling China’s gorgeous Endangered Wildlife coinage program. Stateside, Doug Winter reveals some of the big winners among the rare and beautiful double eagles from the Hendricks Set of the Fairmont Collection, which was sold by Stack’s Bowers Galleries in April 2022. Some may believe there are few surprises to be had in numismatics any more, but Philip Thomas proves otherwise with his report on the new discovery of a rare $50 National Bank Note from Ohio. Jay Turner takes us over to Chicago for a trip down memory lane with the So-Called Dollars of the 1893 Chicago World’s Fair and the fascinating medals that commemorate the first Ferris wheel. Forward the hands of time move from the 19th century to the 21st as Kyle Knapp covers the brave new world of grading physical cryptocurrency tokens. And Jay Turner shares a treasure that turned up in the PCGS grading room in Paris. Meanwhile, error dealer Jon Sullivan dishes on double-strike coins. We also feature a bevy of market analysis reports from all your favorite columnists, including Mark Ferguson, Vic Bozarth, and Jaime Hernandez. Finally, check out the great story by Seth Chandler of Witter Coin, who shares the joy of holding an 1837 Classic Half Eagle, which just so happens to be the incredible Coin of the Issue featured on the cover. We know it’s time to hit the beach or take to the lake, but we hope you’ll play it cool in the summertime heat and meet us at one of the many shows we’ll be attending this
It’s safe to say that many dealers have been buying from other dealers at the big coin shows around the country this summer. Not that this is unusual – wholesale transactions often make up the lion’s share of business at any show. But with some dealers’ stocks running on empty, wholesale trading is on the upswing. Meanwhile, collectors continue buying in big numbers. Ultimately, it’s a big cycle, and a rising tide lifts all ships. As we see in this issue of PCGS Rare Coin Market Report, the hobby offers diverse opportunities for everyone. Among the most popular facets of the marketplace is the area of toned Morgan Dollars and Peace Dollars, and Kyle Knapp profiles the allure of these stunning coins and some of the conditions under which their dazzling hues naturally arise. Toned Morgan Dollars and other ravishing pieces are the purviews of young numismatist Timothy Chen, who we hear from in this issue.
2 JULY - AUGUST 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 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 subjectpersonThpricingfactsometimesAdvertising,listed herein.articlesandothercontentsofthismagazinecontaininadvertenttypographicalerrors,areadersshouldbearinmindwhenencounteringquotedatafractionofprevailingmarketvalues.epublisherisnotresponsibleforactionstakenbyanybecauseofsucherrors.Advertisingpricesaretochangewithoutnotice. 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
EditorJoshuaWarmsummer!Wishes,McMorrow-HernandezinChief,
PCGS Rare Coin Market Report
Along with classic collector favorites like silver dollars are new stars, and we turn the spotlight on the American Women Quarters – coins that in a few short months have become the most popular modern issues since the 50 State Quarters of yesteryear.
It’s been a sizzling summer for numismatics, with continued marketplace strength across many areas. Numerous dealers I speak with still report difficulty in procuring inventory, a problem that became pronounced during the spring and summer of 2020 and apparently still has not eased in some sectors of the marketplace. Regardless of coin or cost, collectors want nice, high-quality coins and strong demand for these coins is pushing prices up across the board.
The Big Three of U.S. Coins Purchased by GreatCollections for $13,350,000 • 1907 Saint-Gaudens Ultra High Reliefs • Key date $10 Gold Indians • 1884 and 1885 Proof Trade Dollars • Gold Patterns and Territorials • High grade Saint Gaudens Mint State & Proof • And Your Coins/Collection GreatCollections www.GreatCollections.com D FOR IMMEDIATE PURCHASE OR AUCTION – YOUR CHOICE u.S. Coin rarities - including (but not limited to): • 1870-CC and 1871-CC Double Eagles & other key Carson City issues • High end CAC approved coins of all types/grades, especially gold Ian Russell #785 GreatCollections Certified Coin & Currency Auctions 17500 Red Hill Avenue Suite 160 • irvine, CA 92614 Tel: 1.800.44.COINS (+1.949.679.4180) Email: info@greatcollections.com www.GreatCollections.comIan Russell President Andy Wedding ConsignmentDirector Raeleen Endo Director of Client Services We recently had the pleasure of purchasing the Big Three of U.S. Coins – the 1913 Liberty Head Nickel, 1894-S Barber Dime and 1804 Silver Dollar in a single record-breaking $13.35 million transaction. The deal was consummated within 24 hours. We have the strongest wantlists from major collectors worldwide. And we’re focused on crossing coins off one at a time. If you own any of the coins listed below, please call Ian or Andy today at 1-800-442-6467 x101 for our no obligation offer to purchase, as well as an auction proposal to be featured at GreatCollections. If you sell to us outright, you will receive immediate payment in full. If you consign to our auctions, we can advance up to 75% of the value of your coins, again, immediately. There is no deal too small, and no deal too big. Again, call Ian or Andy at 1-800-442-6467 x101 or e-mail ian@greatcollections.com The Big Three of U.S. Coins Purchased by GreatCollections for $13,350,000 WANTED FOR IMMEDIATE PURCHASE OR AUCTION – YOUR CHOICE u.S. Coin rarities - including (but not limited to): • 1907 Saint-Gaudens Ultra High Reliefs • Key date $10 Gold Indians • 1870-CC and 1871-CC Double Eagles & other key Carson City issues • 1884 and 1885 Proof Trade Dollars • Gold Patterns and Territorials • High-end CAC approved coins of all types/grades, especially gold • High grade Saint-Gaudens - Mint State & Proof • And Your Coins/Collection
1839-D Quarter Eagle. HM-1. Rarity-5. MS-64 (PCGS). CAC. From the Georgia Gold Rush Collection. None Finer at PCGS or CAC.
1907 Saint-Gaudens Double Eagle. High Relief. Wire Rim. MS-64 (PCGS). CAC. From the Augustana Colleciton. 1931-D Saint-Gaudens Double Eagle. MS-63 (PCGS). CAC. From the Augustana Collection. 1855 Wass, Molitor & Co. $50. K-9. Rarity-5. EF-40 (PCGS). CAC.
Consign U.S. Coins by July 1, 2022
1856-D Quarter Eagle. AU-58 (PCGS). CAC. From the Georgia Gold Rush Collection. Just One Finer at CAC.
1854-D Three-Dollar Gold Piece. MS-62 (PCGS). CAC. From the Georgia Gold Rush Collection. The Sole Finest Known. 1835 Half Eagle. HM-8. Rarity-3+. MS-64 (PCGS). CAC. From the Haynor Collection. None Finer at PCGS or CAC. 1837 Half Eagle. HM-2. Rarity-3+. MS-64+ (PCGS). CAC. From the Haynor Collection. 1838 Half Eagle. HM-1. Rarity-3. MS-64 (PCGS). CAC. From the Haynor Collection. Only Two Finer at CAC.
Let Our Success Be Your Success! – For More Information: 800.458.4646 California • 800.566.2580 New York • Consign@StacksBowers.com
America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM 1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 • 800.458.4646 470 Park Ave., New York, NY 10022 • 800.566.2580 • NYC@stacksbowers.com 1735 Market St., Ste. 130, 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 Aug2022Consign 220701 Consign Alongside these Highlights in the August Stack’s Bowers Galleries Global Showcase Auction AN ANA WORLD’S FAIR OF MONEY® AUCTIONEER PARTNER • AUGUST A2022 A O ’S O O A CT O A G ST 1792 Copper Disme. Judd-10. Rarity-6+. MS-62 BN (PCGS). CAC. From the Cardinal Collection Educational Foundation. The Judd Specimen. 1895 Morgan Dollar. Proof-64 (PCGS). CAC. A Legendary Rarity. 1921 Peace Dollar. High Relief. MS-66+ (PCGS). CAC. Just Two Finer at CAC. 1861-D Gold Dollar. MS-63 (PCGS). CAC. From the Georgia Gold Rush Collection. Just One Finer at CAC. 1836 Quarter Eagle. HM-4. Rarity-1. MS-65+ (PCGS). CAC. From the Haynor Collection. Ex Bass-Pogue.
11 7 26 46 37 35 16 19 31 Features 56 39 FromthePCGSGradingRoom 41 AuctionHighlights 42 PCGSAroundtheWorld 44 NoteworthyNotes 50 PCGSCoinoftheIssue 52 PCGSGradingStandards 58 MarketMatters 60 MarketMoversandShakers 62 CoinMarketFundamentals 64 ShowSchedule&AdvertisingIndex JULY - AUGUST 2022 T # 1 C G
ON THE COVER
Rainbow-TonedMorganDollars
7
Joshua McMorrow-Hernandez explores the American Women Quarters series, a multiyear United States Mint program released earlier this year and among the most popular new coins on the block.
Sanjay Gandhi uncovers several exciting PCGS Registry Sets that can be built with modern coins that are relatively affordable for collectors on a budget.
A U T H O R I T Y F O R P C G SG R A D E D C O I N S YOUNG NUMISMATIST YOUNG NUMISMATIST YOUNG NUMISMATIST
Kyle Knapp unveils how some Morgan Dollars naturally acquire attractive colors and what drives their dominance in the marketplace.
31
Find out why young numismatist Timothy Chen, a 19-year-old collector’s collector, enjoys pursuing the historic coins of yesteryear.
46 Double-StruckMintErrors
37 YNCorner:YNBelievesCoinsAreHistoryintheHand
The Classic Head Half Eagle is one of Seth Chandler’s favorite early gold coins, and he explores one particularly stunning 1837 example graded PCGS MS66+ and featured as the Coin of the Issue.
35 CollectorSpotlight:DanielWhyman Meet PCGS Set Registry collector Daniel Whyman, whose outstanding collection of Mexican 8 Reales silver coins is one of the most comprehensive around.
Douglas Winter dives into the results of a landmark April 2022 sale in which some of the rarest double eagles scored phenomenal prices.
Error dealer Jon Sullivan examines the four types of double-struck error coins and how this family of numismatic oddities differs from the popular doubled die varieties.
11 AmericansRallyAroundQuartersHonoringWomen
16 PCGSSetRegistry:SetsToBuildThatMayNotBreaktheBank
19 TheBambooBear Peter Anthony covers the range of China’s Endangered Wildlife coin program, which features some of the world’s most loveable creatures great and small, including the iconic panda.
26 Analyzing the Market for High-Grade Type 1 Liberty Double Eagles Based on Hendricks Sale Prices
TheFerrisWheel Jay Turner takes us on a ride back to the 1893 Columbian World’s Fair in Chicago, where one of the most famous amusement rides known debuted before excited fairgoers and on So-Called Dollars.
56 Kagin’s Offers & PCGS Certifies Inaugural 2021-22 Spanish Doubloon Gold Bullion Coins Don Kagin dishes on new Spanish gold coins emblazoned with exquisite designs and that are being graded in limited numbers by PCGS.
ANA World’s Fair of Money – Auctioneer Event Partner Important Selections from the Bob R. Simpson Collection, Part IX For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-835-6000 1915 Half Dollar, No S, PR65Pollock-2029,Judd-1791/1961R.8PCGS.CAC 1838 Dollar, Name Omitted, Judd-85 Pollock-94,RestrikeHighR.7PR65PCGS 1861 PR66OC-P2,DollarR.4.PCGS 1870 Dollar OC-P1, Low R.3. PR67 Cameo PCGS 1852 Gold ld Dollar, Judd 145 Judd-145 Thick, Pollock-173, Low R.6 PR67+ PCGS. CAC 11862862 Gold Dollar JD-1, High R.6 PR65 Deep Cameo PCGS. CAC 1798/7 Ten Dollar 9x4 Stars BD-1, High R.4 MS62+ PCGS 1886 Ten Dollar JD-1, R.6 PR66+ Deep Cameo PCGS. CAC PLATINUM SESSION & SIGNATURE® AUCTION Chicago – Dallas | August 22-28 Paul R. Minshull #16591. BP 20%; see HA.com. 65125 DALLAS|NEW YORK|BEVERLY HILLS|CHICAGO|PALM BEACH LONDON|PARIS|GENEVA|BRUSSELS | AMSTERDAM|HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.5 Million+ Online Bidder-Members
An 1881-S Morgan Dollar graded PCGS MS67+ and bearing a price guide value of $1,100 realized $19,387… A PCGS MS65 1885-O in MS65 with a price guide listing of $250 brought $8,812.50. It’s not inflation! The drama of the prices at the recent Central States Numismatic Society Convention in Illinois was matched only by the dazzle of the coins themselves. Colorfully toned Morgan Dollars, with surfaces oxidized just enough to radiate an electrified, oversaturated version of the polychromatic patination of a fine silverware set long untouched, have always catalyzed heart rates and bidder paddles.
Morgan
from the early years of the series – remaining untouched in government vaults for decades. The release of the Continental Bank Hoard in 1982 spurred interest by bringing many choice pieces to the market. The “textile” pattern seen on the face of this piece mirrors the thickly woven fabric of the bag.
Rainbow-Toned Dollars
1882 S Morgan Dollar, PCGS MS66ollar, Courtesy of PCGS TrueView.
By Kyle Knapp
More complex, geometric patterns arise from long-term storage against the folded, sulfur-rich ends of a paper coin roll. The pictured PCGS MS66+ 1888-O was famously featured on the poster for a Mid-America Coin Auctions sale in 1988. In 2014, it realized $20,562.50, still a record price for any example of the date.
“Rainbow” toning can arise from prolonged exposure to any of a multitude of reactive environments. Wayne Miller’s Morgan and Peace Dollar Textbook, the authoritative reference on the series, includes several color plates illustrating spectacular examples. The most vividly hued Morgan Dollars, like the 1882-S pictured above, are those which were toned as a result of being stored in the sulfur-rich canvas bags (each containing 1,000 pieces) used by the United States Mint. The inenormousoutputsdemandedbytheBland-AllisonActresultedlargequantitiesofcoins–mostnotablySanFranciscoissues
JULY - AUGUST 2022 7RARE COIN MARKET REPORT
The strong prices that such pieces command is the product of both the passion they inspire from collectors with a keen eye for aesthetics and their relative scarcity. Coins must remain undisturbed near an oxidation source for many years for the thickness of the resultant thin-film layer to be just great enough to impart dazzling color without pitching the surfaces into luster-eroding darkness. In any given bag of 1,000 pieces, it is generally only those few resting against the surface of the canvas that have even the theoretical opportunity to tone in such an attractive fashion.
1888 O Morgan Dollar, PCGS MS66+ MS66+. Courtesy of PCGS TrueView.
The pictured 1896 has coloration in a crescent-shape, purporting to be a mint-bag toned example, but note the overdominance of an unnatural fruit-drink red-orange. Contrast this hue with the vivid, fiery magenta band near the top of the 1880-S. This piece is artificially toned.
1880 S Morgan Dollar, MS66.organ Courtesy of PCGS TrueView. Mint-bag toning on Morgan Dollars should proceed in thickening iterations of yellow, magenta, and cyan. The 1880-S shown above illustrates this pattern, repeated twice and covering the entirety of the obverse; it is very likely a Continental Hoard coin. Upon close examination, one will find that even the narrowest of rainbow “crescents” also follow this tritonal pattern.
1887 Morgan Dollar, PCGS Genuine UNC Details Details. Courtesy of PCGS TrueView.
guides,motivateswhatoriginalityformsatmanyexamplesoxidationonoftheintegratingnaturalpalette:Theimaged1887-Palsodemonstratesaninappropriatecolortheartificialpastelhueslacktheenergyandvigorofcolorandappeartofloatatopthesurfaceratherthanwiththecoin’slusterandsurfacefabric.Also,noteduplicationofsimilarpatternsontheobverseandreversethesamepiece.Whilenotimpossible,thisisquiteunusualnaturalpieces,asitwouldrequirelong-termstoragewithsourcesnearbothsides.Whiletheintimidatingpricesofthemostjaw-droppingmayrelegatethemtothecabinetsofaselectfew,beautifullytonedMorganDollarscanstillbeacquiredthethree-andlow-four-figurepricepoints.Aswithallofpatination,multicoloredtoningatteststoasurface’sandstability,addsidentityandcharactertocanbeotherwisecommonissues,andinitsbestform,sophisticatedcollectorstodispatchwithpricepopulationreports,andinhibitions.
11896896 Morgan Dollar, PCGS Genuine UNC Detailsenuine Courtesy of PCGS TrueView.
8 JULY - AUGUST 2022 RARE COIN MARKET REPORT
Artificial toning, or the intentional, accelerated oxidation of a coin, was historically employed largely as a concealing or obfuscating device. Writing for prospective buyers in the pre-certification era, Miller warns of traps such as supposedly uncirculated examples of the rare 1892-S having light amounts of circulation hidden beneath the oxide veil, or 1921 Peace Dollars with color added to muddle evidence of an incomplete strike. However, as premiums for spectacular toning have increased in recent decades, attempts to add valuable artificial patination to otherwise problem-free or even gem-quality coins have been made. When seeking to distinguish artificial from original color, it is perhaps most helpful to examine the palettes and progressions of those most well-substantiated genuine pieces and use their aesthetic as a template or standard when considering new pieces.
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. RAINBOW-TONED MORGAN DOLLARS
THE STANDARD FOR THE RARE COIN INDUSTRY Have Your Coins Graded & Encapsulated By The Most Trusted Brand In The Industry YOU COLLECT. WE PROTECT. PCGS has graded near 50 million coins, medals, and tokens. We have offices and submission centers all over the world. GET STARTED PCGS.COM Australia • China • France • Hong Kong • United States Phone: 1-800-447-8848 | Email: Info@PCGS.com PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.
Americans Rally Around Quarters
The American Women Quarters series debuted in 2022 with much fanfare, beckoning some of the most enthusiastic public reception since the 50 State Quarters program of 1999-2008. Courtesy of the United States Mint.
JULY - AUGUST 2022 11RARE COIN MARKET REPORT
Kermit the Frog of Muppets fame was the innovative program’s “spokesfrog,” each state quarter’s gala release ceremony garnered coverage from evening television news outlets, and even late-night talk show host Conan O’Brien parodied the coins on a regular basis with his hilarious recurring “New State Quarters” segment. And after years of other long-running coin programs falling short of building the fervor the 50 State Quarters mustered, it looks like the U.S. Mint has coined another success with the American Women Quarters.
The American Women Quarters program launched in 2022 and will carry through until 2025 honoring five women each year. The commemorative initiative was authorized by Public Law 116-330, Circulating Collectible Coin Redesign Act of 2020, and stipulates the following: “The design on the reverse side of each quarter dollar issued under this subsection shall be emblematic of the accomplishments and contributions of one prominent woman of the United States, and may include contributions to the United States in a wide spectrum of accomplishments and fields, including but not limited to suffrage, civil rights, abolition, government, humanities, science, space, and arts, and should honor women from ethnically, racially, and geographically diverse backgrounds.”
Honoring Women
The 50 State Quarters became a once-in-a-generation hit when they were released by the United States Mint in 1999.
By Joshua McMorrow-Hernandez
Meanwhile, the obverse carries a portrait of President George Washington designed by Laura Gardin Fraser. While this particular portrait of Washington may seem new to most Americans who find the redesigned quarters in circulation, it’s
Honoring Pioneers
The decade-long series that honored each of the 50 states in the order they joined the Union enjoyed unprecedented popularity that hasn’t been seen by a U.S. coin program before or since. The U.S. Mint estimated 147 million people – nearly half of the nation’s population – were passively or actively collecting the 50 State Quarters during their 10-year run that began in 1999 and ended in 2008.
12 JULY - AUGUST 2022 RARE COIN MARKET REPORT
AMERICANS RALLY AROUND QUARTERS HONORING WOMEN a classic motif that was originally recommended for the quarter in 1932. However, Treasury Secretary Andrew Mellon instead chose the familiar Washington bust by John Flanagan, which was used in its original form from 1932 until 1998 and one last time for most of 2021, as seen on the 2021 Washington Crossing the Delaware Quarter. Those who collect modern United States commemorative coins may remember the Fraser version of the Washington bust appearing on the 1999 George Washington Commemorative Half Eagle.
The 1999 $5 Washington commemorative coin honoring thee 200th anniversary of George Washington’s death features the Laura Gardin Fraser bust of the nation’s first president that was proposed for the quarter in 1932 but ultimately rejected in favor of John Flanagan’s design (right). Courtesy of PCGS TrueView. Making Waves
Most collectors have come to expect coin releases to make headlines in the numismatic media. U.S. Mint news is pretty much standard reading fare in many of the hobby’s publications, but for the most part that is the extent to which the news circulates. Relatively few people beyond coin collecting circles seem to catch wind about the latest commemorative coin releases, proof coin offerings, and the like. But it’s been pretty hard to miss the buzz about American Women Quarters. They’re in the news. They’re on social media. Even friends and neighbors are talking about them. No United States coin program has cultivated this much organic interest and widespread attention since the 50 State Quarters. It’s shades of 1999 all over again, when the statehood quarters had become the focus of a nationwide treasure hunt. Perhaps some of the excitement is because the American Women Quarter series is giving women, particularly those of historically underrepresented groups, a space on circulating coins. But it’s also more than that. Many of the faces appearing on these coins are modern-day household names that, while sadly no longer with us, were alive and actively making history during the memory spans of most Americans living today. Then there are the names that many Americans may not immediately recognize but about whom curiosity swirls because designs honoring them are turning up in pocket change. Dr. Maya Angelou (left) and Dr. Sally Ride (right) are two of the women whose likenesses grace the reverse of the 2022 Quarters. Angelou was an inspiring poet and social activist, while Ride became the first U.S. female astronaut and spent the rest of her life promoting the sciences. Public domain images sourced from Wikimedia Commons.
• physicist,Dr.SallyRide–Thefirstwomaninspace,accomplishedandrespectededucator
Some names may sound familiar, with activist and poet Dr. Maya Angelou and first American woman astronaut Dr. Sally Ride among the first to appear on these new quarters. Then there are other figures whose names have largely flown under the radar of general pop culture and who may be appearing before the conscious eyes of many for the first time.
• Anna May Wong – A pioneering Chinese American Hollywood movie actor
JULY - AUGUST 2022 13RARE COIN MARKET REPORT
The first Maya Angelou Quarters were hitting pockets and purses
The list of 2023 honorees have also been revealed, and they are:
The Citizens Coinage Advisory Committee (CCAC) will be discussing which designs will be recommended for the future issues. Members of the public who are interested in learning more about attending these meetings should call the CCAC Hotline at (202) 354-7502.
• Jovita Idar – An acclaimed Mexican American journalist, educator, and activist
within the first few weeks of the year in winter. Sally Ride Quarters began orbiting channels of commerce during theDoHowardanAmericanAmongupandoutlookrolls,demand.billionWomenandcumulativelylastendnotsurpassintofromDenver595,400,000Quartersdayswillthespring,andnow2022QuartershonoringWilmaMankillerbeginturningupincirculationacrossthecountrywithinoftheirJune14release.Formany,theAmericanWomenhavebeenremarkablyeasytofind.AccordingtoUnitedStatesMintagefigures,atotalofquartersweremintedatthePhiladelphiaandMintsduringthefirstquarterof2022.Ifnumbersthosefirstthreemonthsofproductionareextrapolatedtherestoftheproductionyear,theU.S.Mintcouldeasily2billionquartersfortheentiretyof2022.Whetherorthatbearsoutwhenproductionfortheyearceasesaftertheof2022remainstobeseen,butthatwouldbeonparwithyear’stotaloutputofcirculating2021Quarters,whichcameto2,168,200,000fromthePhiladelphiaDenverMintscombined.Nottooshabby!AndgiventheincredibledemandfortheAmericanQuartersfromvirtuallyallcornersofsociety,2(ormore)mightjustbarelybeenoughtosatisfytheCountlesscollectorsaresearchingpocketchange,andbagsnotjusttofillholesintheirsetsbutalsotoforanyvarietiesanderrorsthatmaybefloatingaroundthere.Manyofthehigh-endpiecesstraightfromrollsbags,includingattractiveindividualspecimensturninginchange,arebeingsubmittedtoPCGSforgrading.theoptionscollectorshavewhensubmittingtheirWomenQuartersforgradingisencapsulationwithexcitingAmericanWomenQuarterslabelinspiredbyJ.Miller’sWorldWarII-eraposterknownas“WeCanIt,”featuringtimelessiconoffemaleempowermentRosieRiveter. AMERICANS RALLY AROUND QUARTERS HONORING WOMEN
• Maria Tallchief – The first major prima ballerina in the United States
• entertainer,EdithKanaka'ole–AnindigenousHawaiiancomposer,andteacher
PCGS Rare Coin Market Report Editor-in-Chief Joshua McMorrow-Hernandez holds the first 2022 Maya Angelou Quarter he found in circulation in February 2022.
Searching for American Women Quarters in Circulation
Courtesy of Joshua McMorrow-Hernandez. Who’s on the American Women Quarters?
• Nina Otero-Warren – A New Mexico suffrage leader and the first woman to serve as superintendent of Santa Fe public schools
The United States Mint has already begun producing the entire run of 2022 American Women Quarters, which honor the•following:Dr.Maya Angelou – A social activist, celebrated poet, and influential writer
• Eleanor Roosevelt – The first lady and innovative social reformer
• Bessie Coleman – The first African American and Native American pilot and first African American to earn an international pilot’s license
• Wilma Mankiller – The first female principal chief of the Cherokee Nation
14 JULY - AUGUST 2022 RARE COIN MARKET REPORT
Collectors still hoping to get in on the ground floor of this complex, multiyear coin program can do so in summer 2022.
AMERICANS AROUND QUARTERS
Thankfully, collectors who want to build an impressive set of these quarters can still get ahead of the issues yet to come, rather than having to play catch up while searching for the best examples of back issues down the pike. The American Women Quarters are poised to become one of the most widely collected coin series of the 2020s, which is exciting for the hobby and promising for collectors who begin building their American Women Quarters Registry Sets now.
In addition to the release of American Women Quarters in circulation, the U.S. Mint is offering rolls of each design, with new ones popping up about every 10 weeks. The U.S. Mint Uncirculated Sets and Proof Sets also contain examples of the new quarters. Many collectors are electing to submit their 2022 Quarters for encapsulation by PCGS in hopes that some might grade significantly better than others. While the proof specimens largely tend to grade at PR69DCAM or PR70DCAM, when it comes to the business strikes top grades are much tougher. Only small numbers of the circulation strikes are grading MS66 and MS67, owing to the true conditional rarity of highend 2022 American Women Quarters.
HONORING WOMEN
First Lady Eleanor Roosevelt (left) and famed pilot Bessie Coleman (right) are slated to appear on 2023 American Women Quarters. Public domain images sourced from Wikimedia Commons.
RALLY
Collectors who wish to build PCGS Registry Sets of American Women Quarters have at least two options at this point. They are the Washington Quarters American Women, Circulation Strikes (2022-2025) and Washington Quarters American Women, Proof (2022-2025). Both categories are extremely competitive, with collectors establishing these new sets with some impressive finds. At this point, a collector who manages to procure a specimen graded MS68 (or higher) might be the one who snags top honors, though the series is still young, and a lot of interesting twists and turns could play out. If any significant varieties emerge, all bets are off as to how expensive and challenging the American Women Quarters series will be.
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.
Building A Registry Set of American Women Quarters
years in the industry) nnovative
innovation award winner Everyman
Hundreds of quality
ealous I love coins, collectors and the coin business! price contributor to the Red Book since 1999 readth and depth to inventory offerings xemplary reputation rusted Name onest We are
THAT ARE A CUT ABOVE, AND THAT MAKE YOU ANT TO TAKE THE TIME TO SEND NICE MESS GES TO US...
“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 40 (PCGS Registry) confident can help you as well Give us a try, you won’t be disappointed collector listed on our website at www.lizcoggan.com. welcomed
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Cell 508 513 8383 LIZCOGGAN.COM Email Liz@lizcoggan.com PO BOX 194, North Easton, MA P02356 O A T E L I Z B E T H C O G G N N U M I S M T I C S , E L I Z A B E T H E S E L L O U COINS
16 JULY - AUGUST 2022 RARE COIN MARKET REPORT
When I browse through the Set Registry at times, I find that there are many jaw-dropping sets to view, and acquiring a coin from one of those sets could financially embarrass me. However, I still have an appreciation for these collections, which may have required large amounts of capital, passion, luck, and time. Some sets may have taken decades to assemble, others have the financial means to acquire whatever they want when they want; and good for those collectors. My 81-year-old mother to this day conveys the following phrase to me, most notably to me when I’m in a hurry: “Sanjay, oceans are built drop by drop.” In terms of the PCGS Set Registry, a number of collectors started out by acquiring one coin and focusing on a particular series, theme, or whatever floats their boat. I guess sometimes we have to tread to learn how to swim. Last year, the U.S. Mint did something pretty cool, which they frequently do for the collector community. They reintroduced George T. Morgan’s and Anthony de Francisi’s iconic designs bearing the date 2021 to celebrate the 100th anniversary of the Morgan and Peace Dollars. Both the obverse and reverse of these coins exhibit the magnificent work of these masterful engravers from yesteryear. These issues were highly anticipated by collectors and quickly sold out during each release. The PCGS Set Registry introduced two sets for collectors to build from this popular series that may not break the bank.
Sets To Build That May Not Break the Bank By Sanjay Gandhi “I’m Anna May Wong, I come from old Hong Kong. But now I'm a Hollywood star.” Images courtesy of the United States Mint.
PCGS SET REGISTRY
First, we offer a set with all six coins titled Morgan and Peace Dollars 100th Anniversary Set, Circulation Strikes (2021). This set can be completed in MS69 with a relatively small budget in comparison to larger silver commemorative sets within the Set Registry. The second set we offer collectors to potentially build is titled Morgan and Peace Dollars 100th Anthony de Francisi’s design on the 2021 Peace Dollar. Courtesy of PCGS TrueView. Anniversary Set with First Strikes, Circulation Strikes (2021), which is slightly more challenging to complete than the first set but may be somewhat affordable to complete over time.
In 2022, The U.S. Mint continues its cool and progressive streak. A few months ago, PCGS Editor-in-Chief Joshua McMorrow-Hernandez wrote an article called “Methods for Collecting American Women Quarters,” and he highlighted two sets that we offer our Set Registry members to potentially build. This newly minted series celebrates and honors women of diverse professional backgrounds and cultural diversity. The first series includes Dr. Maya Angelou, Dr. Sally Ride, Nina Otero-Warren, Wilma Mankiller, and Anna May Wong. Our first set we offer to members is titled, Washington Quarters American Women, Circulation Strikes (20222025). Maya Angelou 2022-P Quarters in the series could potentially be picked for about $15 or less on eBay in PCGS MS65. Some quarters are a little pricier than others and PCGS-graded examples seem to sell between $15 to $40 with shipping included. The second set members may build is titled Washington Quarters American Women, Proof (2022-2025), and these quarters sell in a range between $10 to $40 on eBay with free shipping to boot as well at times. Budgeting for me sometimes doesn’t work out as planned. Many times I have had to wrestle with my “actual” funds available and my fictitious “unicorn” budget. Unless I’m buying chocolate chip cookies, of course. Some collectors may potentially be intimidated by sets that PCGS Set Registry members have built. At one time, those same iconic collectors may have had budgetary constraints themselves and could afford but a single coin to start their collections that later blossomed. Dr. Maya Angelou didn’t blossom immediately in her life. She progressed with time. Your collection may not be what you want it to be today. But with time and perseverance on your side, anything is possible. We thank you for helping PCGS build the Set Registry into what it is today. Everyone is welcome to utilize the easiest inventory management system with a few clicks and access our community where almost anyone may display their numismatic marvels to view. We look forward to the upcoming 2022 Set Registry Awards. Happy Collecting in 2022 and yonder!
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PCGS SET REGISTRY: SETS TO BUILD THAT MAY NOT BREAK THE BANK
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. “I Know Why the Caged Bird Sings” the title of an American classic written by Dr. Maya Angelou. Images Courtesy of the United States Mint.
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.
Stitched into the Sichuan canyon wall like seams on a baseball, the two-lane road is barely wide enough to grip the mountainside. As the bus swerves back and forth the motion sickness bags tucked into the seatbacks no longer amuse me. I stare out the window at a gray, overcast morning. Misty fingers wrap around bamboo trees that cling to the steep slopes. Far below on the canyon floor, a stream tumbles between boulders. I once read that roads and rivers tend to follow earthquake fault lines because the fractured rock is weaker there. Sichuan is famous for its temblors, but hopefully, the Earth will slumber this day. Once out of the canyon, the bus chugs into a village square, and all the riders exit. At one end of this plaza is a trailhead.
The trail begins with a paved stairway that leads steeply up through a forest of tall, white-barked trees. Ahead of me are five backpackers; I try to keep them in sight as my breath forms clouds in the frigid air. After a half-hour of serious huffing and puffing the path levels off and runs through a hamlet.
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andmyforadvisedwalkingthough,ofThinEh-may)ThispathshouldleadallthewaytoMountEmei’s(pronouncedsummit,oneofthefoursacredBuddhistmountainsChina.Therearen’tanysignsinEnglish,butitlooksright.etimeisalreadypastnoonsohikingtothesummitisoutthequestion.TheancientWannian(Wah-nee-en)Temple,shouldbereachableandthatbecomesmygoal.Neartheentranceareseveralvendorshawkingbamboosticks.Accordingtotheinternet,thesearehighlytofendoffpacksofmonkeysthatcanattackhikerstheirfood.Thebamboosellersstronglyencouragebusiness.Fortwoyuan,Iselectasturdyshaft,everyonesmiles.
Among its handful of buildings is an open-air teahouse with many empty tables. Only one is occupied – by the quintet of hikers who started ahead of me. Vapor rises in columns from their tea-filled mugs. The group motions to me to sit down and join them, which I happily do. We cannot really speak one another’s language, but the mood is festive and they are as curious about me as I am of them. It must have been in just such a Sichuan hamlet that another foreigner arrived in 1869. The villagers invited him and his guide to sit down and drink with them, too. That traveler’s name was Père Armand David, Father David, a French priest and probably the first European these villagers had ever seen. His life was dedicated to two causes, his faith and the natural world, particularly in China. He once wrote, “…It was the desire to honor life, the diversity of life, that drove me — to observe and Fascinateddescribe.”bynature since childhood, the father was a remarkably keen observer of plants and animals and was the first westerner to take notice of hundreds of species in China. These ranged from a Chinese wild peach to several famous
The Bamboo Bear
By Peter Anthony
20 JULY - AUGUST 2022 RARE COIN MARKET REPORT THE BAMBOO BEAR
returnedwasPèreflEngland.legally,Whennewsofthediscoverygotout,itwasarranged(perhapsperhapsnot)forsometobesenttoEurope,includingThatturnedoutwell.By1900,acombinationofoods,rebellion,andforeignsoldierswipedoutthelastofDavid’sDeerinChina.AbreedingprograminEnglandasuccess,though.In1985,20“PèreDavid’sDeer”toChina–totheverysameareawheretheyhad
faunas: in 1866, he found both the gerbil and a rare species of deer. A year later, he informed the world about a golden stump-tailed macaque, or monkey, from East-Central China.
The deer had been extinct in the wild for centuries, but one herd survived inside the Nanyuang Royal Hunting Garden in Nan Haizi, an imperial sanctuary. The area was absolutely out of bounds to visitors, but the determined padre convinced the guards to allow him to peek. One look confirmed that this animal was indeed unknown to western science. Their Chinese name was “milu,” or “the four unlikes.” With small ears, a mane, and cow-like hooves they resembled a deer, a donkey, a camel, and a cow all cobbled together. By the time Père David saw them no one could recall their history — biologists theorize that they originally inhabited swampy areas — but now existed only due to the emperor’s protection.
This 1994 27-gram silver Père David Deer coin is part of the fourth of China’s Endangered Wildlife series. Courtesy of Peter Anthony.
been discovered. More arrived later and were sent to other reserves. Today, thousands roam at least 80 locations inside theirThhomeland.esurvivalstory of these extraordinary animals — and others — in China is reflected in numismatics. On August 12, 1988, to mark the 10th anniversary of a friendship treaty with Japan, China issued the first in a series of endangered Chinese wildlife coins. By 1997, five groups were minted. They all feature the National Emblem of China on one side and an animal on the reverse. A single eight-gram .916-fine gold coin and two .925-pure silver coins make up each year’s group for 1988, 1989, 1992, 1994, and 1997. Additionally, the series includes one silver 1993 five-ounce and one gold 1997 five-ounce coin. The fourth group of Endangered Wildlife coins is from 1994. In it are two coins that display animals discovered by the French naturalist priest. One is the Père David Deer — which bears his name even today. Its image graces the reverse of a 27-gram silver proof coin of which 15,000 were minted. These coins were designed and struck at the Shenyang Mint; Zhang Wenjing designed and Li Chaoxhuan engraved them. The other coin has its own story.
theIwereintoortotheawkwardthenearlyme…invitedup…springopentodrinkingandworld.PèreIn1869,withthreeimportantfaunadiscoveriestohiscredit,DavidwasstillinsearchofsomethingtoastonishtheHetookhisquesttoSichuan.Muchlikemeacenturyahalflater,heandhisguideJeanLeefoundthemselveswithfriendlystrangersinthemountains.Accordingthepriest(translatedbyMollyPatterson),“weateintheairwithourcoatsbundledaroundus,foritwasstillearlyandrathercold.Ofcourse,therewasliquortowarmusIgrewsleepyandwarm.Itooktoomuch.Atlast,theymetotakearestinthehouse.”“TwoorthreehourslaterwhenIawoke…IlookedaboutAndwasconfrontedbyagiantpeltofblackandwhitefurcoveringthewallbehindme…Outinthecourtyard,men,stilldrinking,shoutedtheirwelcome…InmyChinese,andwithaseriesofgestures,Iimploredmasterofthehousetocomeintotheroomandexplainmewhatwastackedtothewall.Thewholegroup,seveneightmenaltogether,plusmyselfandJeanLee,crowdedthetinyroomandexclaimedovertheskin,forthemenexcited,too,seeingitwithfresheyes,andrealizingthathadneverencounteredsuchananimalbefore.Andatlast,thingwasgivenanameformetocallitby:chuhsiung,
The first confirmed reference to an animal (a “white bear”) that was probably a giant panda, occurs during the T’ang Dynasty in 621 AD. Two living “white bears” are also listed as gifts to the emperor of Japan 64 years later. This is quite astonishing, if the white bears were truly pandas, as even with modern methods they are difficult to move safely. Some have suggested that the “white bears” may have been some other kind of bear, even polar bears. In any case, written references to white bears are few and far between. In 1597, when an exhaustive Chinese encyclopedia of animals with medicinal properties (which was essentially all animals) was compiled, there was no mention of “white bears” in it. Nor do “white bears” appear in art or literature. One expert wrote, “this species was never sufficiently well-known to play any part in Chinese folklore. I have never seen any representation of it in THE BAMBOO BEAR
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the bamboo bear, which was not the scientific name I later assigned it, but the name by which I sometimes remember it all these years later.”
The Bamboo Bear. This is how the giant panda was first known to the western world. Could Père David have imagined that his discovery would one day be, possibly, the world’s most beloved animal, as well as a national treasure of China?
The 8-gram gold panda coin from 1994 is also part of the fourth of China’s Endangered Wildlife series. In the background a panda cub climbs a tree in Sichuan Province. Courtesy of Peter Anthony.
22 JULY - AUGUST 2022 RARE COIN MARKET REPORT THE BAMBOO BEAR
Chinese painting or in bronzes or jades.”
So, unlike other celebrated animals, the giant panda was largely unknown until that day in 1869 when Père David drank a little too much and woke up staring at a black-andwhite pelt. We should also remind ourselves that, despite all their popularity, pandas themselves are still rare — even here in their home range in Sichuan. So, it seems fitting for a giant panda to be the second of Père David’s discoveries to appear in the 1994 “Endangered Wildlife” coins group. An eight-gram .916 fine gold proof shows a giant panda cub clambering up a tree. Its mintage is just 5,000, but that’s still far more than the number of pandas in the world. Like the other coins in this group it was designed and struck in Liaoning Province at China’s oldest operating mint, the Shenyang Mint. The designer and engraver is Yan Jingkui. A couple of hours after we finish tea, my new friends and I arrive at our destination: the Wannian Temple. The final approach is up a long, steep set of stairs. As I plod upward, I think that this would be a good position to defend. Finally, at the top, a 10 yuan banknote buys me an entry ticket. The Wannian Temple was established during the Jin dynasty (266–420 AD). The gardens inside its walls are an island of well-tended serenity. Fruit tree branches brim with blossoms and cream-colored prayer cards. A flock of doves flutters toward the main temple building, the “Beamless Hall.” Waist-high statues of elephants line a center walkway that leads to it. At the Beamless Hall’s core glitters a large gold idol of the Bodhisattva Puxian seated on an elephant. This dates from 980 A.D. A Bodhisattva, or potential Buddha, is a person who sacrifices nirvana for themselves so they may bring healing and salvation to the people. Emei Mountain is dedicated to Puxian, the Bodhisattva of Benevolence. One tale tells of how many lives were saved when Puxian calmed a raging elephant by stroking its forehead. This idol places him atop a six-tusked pachyderm. Outside, on the temple steps rows of pilgrims in saffron and maroon robes, men and women who arrive here on foot from far-off places bow and pray.
The Bodhisattva Puxian appears on many Mt. Emei coins and medals. Among the most spectacular is a 2014 2,000 A 2014 20 Yuan coin containing two ounces of silver shows the Wannian Temple on Mt. Emei. It is part of the “Chinese Sacred Buddhist Mountain” series. The background photo is of a statue of Buddha inside the Wannian Temple. Courtesy of Peter Anthony
The Wannian Temple has a modern commemorative silver coin of its own, too: a two-ounce .999 silver piece that is 40 millimeters in diameter. It was struck at the Shanghai Mint in 2014 with an authorized mintage of 60,000. However, the standard catalog gives the actual mintage as 42,000. The coin shows a bird’s-eye view of the Beamless Hall and the grounds. A glance at my watch reminds me that the last bus of the day down the mountain will leave without me if I don’t get going. As the afternoon light fades I fairly leap from step to step down the path, the bamboo walking stick proving its worth with each stride. Though I encountered no monkeys or bamboo bears this day, that stick was a welcome addition.
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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. This 2014 2,000 Yuan with five ounces of gold is another in the “Chinese Sacred Buddhist Mountain” series. It illustrates the statue on the summit of Mt. Emei of Puxian, the Bodhisattva of Benevolence. The background photo shows the Beamless Hall building inside the Wannian Temple on Mt. Emei. Courtesy of Peter Anthony.
THE BAMBOO BEAR
Yuan five-ounce gold coin. On it, Puxian sits astride a trio of elephants and is surrounded by a brilliant rainbow hologram, a view of the statue of Puxian on Mt. Emei’s summit. It is a product of the Shenyang Mint with outstanding design and engraving work by Chang Huan and Liao Bo. The official mintage of this 60-millimeter diameter coin is 2,000, but the Standard Catalog of Gold & Silver Coins of China lists only 1,400 as actually struck.
As I near the village, I try to imagine how I can take it home with me. I conclude that I can’t – it’s too large. Near the gate, I stop and carefully lean it against a tree to wait for another hiker to use.
PCGS COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2022 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC THE WORLD’S LARGEST ENCYCLOPEDIA OF U.S. COINS FITS IN YOUR POCKET • 100% free to use • Real-time updates • Price Guide values and population statistics • NFC technology and barcode scanning for instant coin look-up • 2,580 high-resolution coin photographs for comparisons and grade estimations Real in 2,58 co
The recent Stack’s Bowers Galleries Spring 2022 Showcase Auction of the Hendricks Set of United States Gold Coins from the Fairmont Collection contained an impressive run of high-grade Type 1 Liberty Head Double Eagles. This included a strong run of dates for which the Hendricks example was ranked quite high in the Condition Census for the issue. Before we delve into the specific coins that I think are especially interesting, let’s spend a moment taking a quick dive into the high-grade Type One market. (High grade means different things for each issue in the Type 1 series: for an 1855-O, high grade means AU53 to AU55; for an 1864-S, high grade refers to MS62+ to MS63.) From 2000 to around 2017, the Type 1 $20 market saw unprecedented upward growth in both demand and prices. This was true for both rarities and common dates in virtually all grade ranges. Then beginning in 2016, the market became oversaturated with coins that had been located overseas in bank hoards. These have been marketed on a large scale under various names (“Granite Lady” and “Eureka” as well as “Fairmont”). Many collectors (and dealers!) became apprehensive to purchase a coin such as an 1858 $20 in AU58, not knowing if the number of coins that would become available was five or 50. Turn the clock forward to April 2022, and I believe we saw the majority of the high-grade Type 1 issues from Fairmont. Yes, it is likely that there are other Uncirculated 1858 Double Eagles in the sale queue, but my gut instinct tells me that the exceptional PCGS MS63 (Lot 5382) that I purchased for $60,000 is the single best example of this date from Fairmont — and that the next best is likely to grade at least one full point lower – if not more. Let’s begin with the 1851-O $20, which was graded PCGS MS61 and realized $50,400 – a figure that initially seems like a very strong price until you realize that there are no other price reports for this date in PCGS MS61, and that a PCGS MS61 1852-O (a very good comparable) sold for $40,800 in March 2021. Speaking of the 1852-O, the Hendricks coin was a solid PCGS AU58 that sold for $19,200. The most recent data for this date in this grade was $16,450 in July 2021 and another coin brought $15,863 in May 2020.
1851-O Liberty Head Double Eagle, PCGS MS61. Courtesy of PCGS TrueView. 1853/“2” Liberty Head Double Eagle, PCGS MS62. Courtesy of PCGS TrueView.
26 JULY - AUGUST 2022 RARE COIN MARKET REPORT
By Doug WInter
Analyzing the Market for High-Grade Type 1 Liberty Double Eagles Based on Hendricks Sale Prices
A coin that I thought sold under market value in the sale was Lot 5368, the 1853/”2,” which realized $28,800. This was the nicest example of this variety that I’ve ever seen, but this variety has fallen out of favor as collectors have concluded (rightfully so) that this is a “fauxverdate.” I was surprised that I was able to purchase both the PCGS MS62 1854 Large Date and the PCGS 1854-S for less than my maximum bids. The former (Lot 5372) is tied with one other coin as the thirdfinest known and a very heavily abraded PCGS MS61 sold for $24,000 in June 2018. I paid $43,200 for this high-end piece. The 1854-S (Lot 5373) was among my favorite coins in the entire sale. It is the single best non-shipwreck example of this date and I paid $40,800 for it. As a basis of comparison, an MS62 graded by PCGS sold for $36,000 in April 2018. In June 2018, I purchased a nice PCGS MS60 1857-O with a Fairmont pedigree for $78,000. Imagine my “surprise” when I saw Lot 5380 in the Hendricks sale: the same date in PCGS MS61. This example brought $114,000, which is a strong price in my Anotheropinion.coin I was able to purchase for well under my maximum bid was Lot 5385, the 1859 in PCGS MS62. This is the single-rarest Philadelphia Type 1 issue in Uncirculated (not including, of course, the excessively rare 1861 Paquet) and the Hendricks coin was tied for the single-finest known. Luckily, the other one is owned by Dell Loy Hansen, which meant I wouldn’t have to battle him to own this coin. This likely saved me $30,000 to $40,000+, and I paid $72,000 for it instead of the six-figure price I was prepared to pay. One of the best deals in the sale was Lot 5386, an 1859-O graded PCGS AU53. It was totally natural in appearance and extremely rare as such. The coin sold for $55,200, and the only other report of one sold since 2004 was $66,000 which was achieved in June 2018 by another Fairmont example.
An expensive Type 1 that flew under the radar in the Hendricks sale was Lot 5403, a very nice 1866-S No Motto
I purchased Lot 5399, an 1864 graded PCGS MS62+ for $60,000. This is a pretty reasonable amount, as there is a sale of a PCGS MS62 in a 2014 sale. Also of note was the PCGS MS63+ 1864, which brought $88,125 in December 2020.
1859-O Liberty Head Double Eagle, PCGS AU53. Courtesy of PCGS TrueView.
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A coin whose record-smashing price surprised me was Lot 5387, the finest known 1859-S Doubled Die Obverse graded PCGS MS62+. It was the finest known by a large margin (the previous finest known was a PCGS MS61), but I can’t imagine anyone expected the coin to bring $69,000. In case you’re wondering, a PCGS MS62+ without the doubling is probably a $30,000 to $35,000 coin.
ANALYZING THE MARKET FOR HIGH-GRADE TYPE 1 LIBERTY DOUBLE EAGLES BASED ON HENDRICKS SALE PRICES
Lot 5398, the 1863-S, was graded PCGS MS63 and was spectacular. It brought $45,600, which is a record price for this date but still seemed a little light, especially when one considers that prior to this sale there were none sold at auction since late 2011 and that there was a report of $32,200 for a PCGS MS63 all the way back in June 2007.
ANALYZING THE MARKET FOR HIGH-GRADE TYPE 1 LIBERTY DOUBLE EAGLES BASED ON HENDRICKS SALE PRICES
1866-S No Motto Liberty Head Double Eagle, PCGS AU58. Courtesy of PCGS TrueView. I felt that while there were some very strong prices realized for Type 1 Liberty Head Double Eagles, the overall strength shown by this series was not nearly as strong as their nearest equivalents, the No Motto Half Eagles and Eagles. These two series showed considerable strength for virtually every date and mint, unlike the Type 1 Double Eagles, which were spotty. As I write this, it is clear to me that at the very top end of the Type 1 market there are fewer buyers than there were preFairmont. If a very low-population coin such as the 1859 in PCGS MS62 comes along, the price will be less than expected if the two or three end users already have an equivalent coin. It would have been interesting if the two key date Type 1 issues, the 1854-O and 1856-O, had been present. Assuming that they were of the same quality as the other key O-mints in the sale (i.e., in the AU53 to AU58 range and extremely nice for the issue), I’m almost certain that they would have set record prices for the date. It seems like this is a good time to be a buyer of high-end Type 1 Double Eagles. Prices are reasonable and the quality of these Fairmont coins is impressive, to say the least. I’m probably not going out on a limb to say that there are more Hendricks offerings to come, and they will present the new collector with the sort of opportunity that future generations will shake their head and go “can you believe the quality and availability of these coins?” 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.
PCGS AU58. This issue became the poster child for the overheated Liberty Head Double Eagle market in early 2007 when another PCGS AU58 brought $195,500. The example in this auction realized $120,000 in the first appearance for a PCGS AU58 since May 2009.
28 JULY - AUGUST 2022 RARE COIN MARKET REPORT
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 A s 1869 $5 Legal Tender Note PCGS Banknote 66 PPQ FR. 64 $14,250Currency, Sports Cards, and Stamps 1838 50C J-73 Org PCGS$54,500PR67 1799 $1 Draped Bust PCGS$12,250AU55 ner, 1929 $20 St. Gaudens PCGS$67,500MS64
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The original Ferris wheel at the 1893 World’s Columbian Exposition in Chicago. Public domain image sourced via Wikipedia. It had been four years since the Exposition Universelle in Paris, France, where the world had been introduced to the centerpiece of the fair – a tower built by Gustave Eiffel. This tower, the tallest structure on the globe at the time, had instantaneously become a world wonder. The 1893 World's Fair in Chicago was America’s chance to shine, but how could they compete with the exquisite exhibits on the ground, let alone the grand Eiffel Tower from Paris? The United States needed its own Eiffel Tower, something that would stun, amaze, and would be talked about for years.
Ferris had come to Chicago in 1891 with the news of the World’s Columbian Exposition to be held there in 1893. His proposed design for the exposition was a wheel that would rotate, allowing visitors to view the entire exhibition. The idea of a rotating wheel ride wasn’t unique. Concepts had existed since the 1600s, a rotating wheel was created for the 1854 New York State Fair, and in 1892 three 50-foot wooden wheels were installed in amusement parks in New York and New Jersey. Yet Ferris’ design called for a wheel of a size and design that was so unique that when proposed it was deemed unsafe. When Ferris returned a few weeks later with respectable endorsements from established engineers and local investors who were willing to cover the $400,000 construction costs, the plans were approved. When construction was done on Ferris’ wheel, the structure had a height of 264 feet, the tallest attraction at the World’s Columbian Exposition. While it was shorter than Eiffel’s Tower (1,063 feet), his structure didn’t move. The wheel had 36 passenger cars, each car had 40 revolving chairs and could hold 60 individuals, giving the attraction a total capacity of 2,160 people at any given time. On June 9, 1893, the wheel
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The proposals ran from the ridiculous to the impossible. One such proposal was a tower made from stacked logs that would measure 2,000 feet with a replica of Abraham Lincoln’s boyhood home at the top. Another absurd proposal called for a structure to be built so tall that visitors would ride an elevator to the top in Chicago and take a slide down allowing them to arrive in San Francisco or New York. An American civil engineer, George Washington Gale Ferris, Jr., stepped forward with plans that would “out-Eiffel Eiffel” and fit the planners’ criteria for something “original, daring, and unique.”
The Ferris Wheel By Jay Turner
(1893) So-Called Dollar Medal HK-171 Columbian Expo Ferris Wheel. Image Courtesy of Stack’s Bowers Galleries.
Some people tried to escape when they realized just how tall 264 feet really was, but most were just thrilled. Each day some 38,000 passengers paid 50 cents to take the 20-minute ride of two revolutions with nine stops. The newspapers, even some in France, called the Ferris wheel the marvel of the age, some saying it was even better than the Eiffel Tower. The World’s Columbian Exposition offered countless souvenirs and collectibles for visitors. The Ferris wheel was a popular highlight of the World’s Fair and, after having the experience of seeing and riding the attraction, it was something people wanted a keepsake of. Several medals were made featuring the Ferris wheel at the Columbian Exposition, including four medals that would be later cataloged as SoCalled Dollars. HK-170 features the Ferris wheel on the reverse with the inscription “GREATEST MECHANICAL ACHIEVEMENT OF THE AGE” and “HEIGHT 264 FEET WEIGHT 4300 TONS CAPACITY 2160 PERSONS ENGINES 2000 HORSE POWER.” This design is combined with an obverse featuring the Administration building.
32 JULY - AUGUST 2022 RARE COIN MARKET REPORT THE FERRIS WHEEL
was given its first test run and when it started bolts and debris fell from the sky, but it worked. The wonder of Ferris’ wheel was the design. Like a bicycle wheel, the towering structure doesn’t seem to have the support to keep itself up but with the spokes and design it works. The question was would people ride the wheel? It was terrifying at the time. It was an entirely new human experience, looking down from above, the movement from space up and out, down, and around again, no one had ever felt those things before.
HK-171 features the Ferris wheel on the obverse in prominence, again with the notes of height, weight, and capacity but with the added inscription “ONE OF THE WONDERS OF THE WORLD.” The reverse of HK-171 features five other exposition buildings, a die that is reused on other medals. HK-172 features the same reverse Ferris (1892-93) So-Called Dollar Medal HK-170 Columbian Expo Ferris Wheel Dollar, PCGS MS62. Courtesy of PCGS TrueView.
1893 So-Called Dollar Medal HK-173 Columbian Expo Ferris Wheel Dollar, PCGS MS62. Courtesy of PCGS TrueView. wheel design of HK-170 but now as the obverse with the Horticultural Building as the reverse. The last Ferris wheel SoCalled Dollar is HK-173 featuring the design of HK-171 but with a reverse design featuring a female effigy. Besides the SoCalled Dollars there are several other medals and exonumia related Ferris wheel pieces, but the So-Called Dollars are the most favored pieces by collectors. Ferris had accomplished what seemed to be the impossible task of making the United States exceed the brilliance of the Eiffel Tower. Yet, Ferris’ story went on with him encountering litigation to protect his Ferris wheel from patent infringement (he won) and to recover the portion of the $750,000 in profit the wheel made during the World’s Columbian Exposition. As for the Ferris wheel, it was closed in April 1894, was dismantled, and moved to Lincoln Park, Chicago, where it was reassembled and operated from 1895 until 1903. It was dismantled and transported by rail to St. Louis for the 1904 World’s Fair, also known as the Louisiana Purchase Exposition. When the 1904 fair closed on December 1, 1904, so did the Ferris wheel. What was crowned one of the wonders of the world and the “American Eiffel Tower” was demolished with dynamite on May 11, 1906, and sold for scrap. The original Ferris wheel is nothing more than a memory. Ephemera still exists from that moment in history where, for the first-time, people walked into the exposition and saw a moving structure so astonishing, so unbelievable that the world would never be the same. It was a moment, a place of firsts. For the first-time people were lifted through time and space to experience something never before experienced and look down at a world illuminated by electric lights, where Americans first ate hamburgers, Cracker Jacks, and a type of beef sausage that would become the hot dog. Pabst beer would win a blue ribbon. Women had, for the first time, a Woman’s Building built by a female architect. And, after 20 minutes of riding the Ferris wheel, how could you not want a souvenir, perhaps a metallic image, of this structure that could show everyone the world in a whole new light? 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. FERRIS WHEEL
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THE
The Ferris wheel was eventually demolished by way of dynamite in 1906. Public domain image.
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Whyman’s PCGS Registry Set now houses 350 coins out of a possible 1,104, a staggering number accounting for all dates, strikings by as many as 14 different mints, and numerous varieties. “I was very proud to have scored the 1867 Alamos Mint in PCGS AU58 and the 1829 EoMo (Estado de Mexico Mint) in PCGS MS63. Both are top pops and among my favorites.” Whyman also has several coins from an alternative service he hopes to cross over to PCGS. What’s next for his set? “Too many to mention,” he replies. “I only have about 675 coins to complete the set,” he adds. “As long as I’m healthy, I will keep collecting 8 Reales.”
DANIEL WHYMAN
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American coin collector Daniel Whyman started his numismatic journeys as a seven-year-old kid after his dad brought home a bank roll of nickels that was filled with Buffaloes and a few Liberty Heads “‘Wow,’ I thought,” recalls Whyman. “Back in those days, on Halloween, there was a kind man who gave us Morgan Dollars instead of candy! That is how my interest in coins started.” He adds, “I recall being very aware when [the U.S. Mint] stopped making silver coins after 1964.” So how did Whyman go from chasing after Buffalo Nickels and even the occasional free Morgan Dollar to pursuing one of the finest collections of Mexican 8 Reales coins this side of the Rio Grande? “At a Long Beach Expo in the mid-1970s, I stepped into the auction room where they were auctioning foreign coins. I was in wonder with the large-size crowns being offered. I knew diddly squat!” he laughs. “However, that experience rang a bell in my head that there were terrific coins from all over the world that people collect.”
By the mid-1980s, he was diving into the world of foreign coins, with a Gem 1913 Brazil 500 Reis as his first global acquisition. A decade later, Whyman met dealer Andy Lustig, “who has become a mentor in teaching me about world coinage with tips on how to build a great collection.” Before long, Whyman was focused on pursuing crowns. He soon found his heart leading him toward Mexican Cap and Rays 8 Reales silver coins struck from 1823 through 1897. “They are big and beautiful to behold in high grade.” Prices were strong on 8 Reales for a while, but as the market softened, he took the opportunity to invest more money buying mostly Gem common-date specimens for his collection. “You could buy these all day long for $450 to $550!”
COLLECTOR SPOTLIGHT
1829-EoMo LF Mexican 8 Reales, PCGS MS63. Courtesy of PCGS TrueView.
Whyman says he has also purchased many great coins from the well-known dealer of Mexican coins Kent Ponterio and has flown as far as London to pursue the best coins for his Mexican 8 Reales collection. Furthermore, he has found friends on the online PCGS Message Boards who have helped him build his collection.
1867-A DL As05 Mexican 8 Reales, PCGS AU58. Courtesy of PCGS TrueView.
The Mastermind Behind the Epic Collection of the West
He learned that these coins had circulated heavily in China and that there was a strong demand from Chinese coin collectors. “I read books like Resplandores, written by Mike Dunigan and J.B. Parker. That marks my beginnings as a numismatist.” He now considers Dunigan, the foremost expert on this series, a major mentor and has developed a client relationship with him.
36 JULY - AUGUST 2022 RARE COIN MARKET REPORT If you need new customers or product, then Certified Coin Exchange is the dealer to dealer platform for you. In today’s world, the value of be ing a part of THE premier network has never been greater. Certified Coin Exchange is home to over 650 national coin dealers whom participate daily in the buys and sells It’s important to remember that our dealers not only represent themselves, but their clients as well Business has been drastically increasing across our platform as in person retail opportunities are dwindling by the minute. Our dealers want to buy and sell your product The op portunity for new business connections and deals are right in front of you, so why not take it? If you are ready to see what the premier network for dealer to dealer coin business has to offer, sign up with me today to try CCE for a one month free trial period Offer expires 7/31/22 Regards, Taryn Warrecker Sales Director (949) 435 2102 TWarrecker@collectors.com www certifiedcoinexchange com Numismatic Networking Made Easy.
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YN Believes Coins Are History in the Hand
Courtesy of Timothy Chen.
My name is Timothy Chen, and I’m a 19-year-old numismatist from Southern California. I am an enthusiast of 19th- to mid-20th-century U.S. toned coins. My journey into the world of coin collecting first began at the age of 12 when I was given a worn 1936-D Buffalo Nickel in change after purchasing A Guide Book of United States Coins (“The Red Book”) from my local coin shop. Despite only having a value of just a few cents today, that nickel was the spark that ignited my irresistible urge to research and hunt for rare coins. From that moment, I was instantly hooked on learning more about our nation’s history and the captivating stories behind each coin. It’s truly remarkable to own a coin from historically significant events that ultimately paved the way to the world we live in today. For instance, holding an 1863 Liberty Seated Dollar is a feeling unlike any other because that same coin could have been in the pockets of a Union soldier fighting against the Confederates in the Battle of Gettysburg, which became the turning point of the American Civil War. Furthermore, not only are these coins minted with beautifully intricate designs, but they also represent the groundwork of our economic system. As my passion grew, I went to as many coin shows as I could and picked the brains of many coin dealers who were patient enough to teach an overly excited 12-year-old kid about the ins and outs of the hobby. Although I was often the youngest collector at these shows by decades and, more often than not, the only Asian collector, I was still welcomed with open arms. It wasn’t before long that I became so intrigued by the sheer scale of numismatics that I began sharing my passion for coin collecting with my predominantly Asian community. The positive responses that I received were so great that I created my website, timsrarecoins.com, to teach new collectors how to get started with their own unique coin collection. I gradually developed my eye and unique taste for coins and began turning what started as just an interest into a business by selling coins and currency to coin dealers from around the world. After graduating high school, I upscaled my business to online platforms, including eBay and Instagram, under my profile name of Winged Liberty Rare Coins. Soon after, I was Timothy Chen serves up his knowledge and passion as a coin dealer. Courtesy of Timothy Chen. invited to work at Alhambra Coin Center, where I learned from some of the most experienced and successful dealers in theCurrently,hobby.
MA S MA S YN CORNER
MIS
I’m assembling a PCGS Set Registry Showcase of high eye-appeal toned coins ranging from modern Lincoln Cents to classic Morgan Dollars. What I love so much about this area of the hobby is that every high-end toned coin has a personality of its own and is a jaw-dropping sight. As one can imagine, pricing toned coins is arguably the most subjective aspect of the hobby simply because a collector can’t just look up the value of a beautifully toned coin. The value can only be determined by the eye of the beholder, allowing particularly outstanding examples to sell for astronomical prices. Along my journey, I’ve met so many young numismatists and renowned mentors who I am very lucky to call my friends. They have taught me that coins are much more than old relics — rather, they represent the foundation of our country and a symbol of the world we live in. Subsequently, whether or not I enter the coin business in my professional career, the many lessons that I’ve learned from this hobby will unequivocally continue to have a valuable, lasting impact on my life.
YOUNG NUMISM T M S ST M S ST
By Timothy Chen Timothy Chen is a young numismatist with an eye for history and color!
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Some of the most exciting pieces to come through the PCGS Grading Room in recent months include the headlinemaking physical Bitcoins that have become a newly familiar sight at numismatic auctions and events. Among these is the famous “1000 Cas” Casascius gold piece containing 1,000 BTC. Presently, PCGS grades intact, unredeemed physical cryptocurrency tokens issued by Casascius, Lealana, and BTCC,andunusedorredeemedshellsbythosemanufacturers.
CryptocurrencyPhysical
Tokens FROM THE PCGS GRADING ROOM
2013 Casascius 1 BTC Brass, PCGS MS65. Courtesy of PCGS TrueView. Physical cryptocurrency tokens conceal the private keys necessary to redeem their value beneath a holographic sticker designed to degrade upon peeling. While a digital currency may at first appear antithetical to the tangibility which is a fundamental thrust of traditional numismatics, the story is in fact one of shared origins. Both circulating currency in its bimetallic form and the integrated, double-entry ledger system underlying all modern banking and credit systems are historically rooted in the goldsmithing trade. Most cryptocurrencies seek to solve the same set of problems around immutability, acceptability, and value stability that have plagued nearly all attempts to devise a frictionless medium of exchange. Private attempts to meet the demand for both increased quantities and varied types of circulating coinage have carved some of the most picturesque valleys in the numismatic landscape, from John Chalmers’ silver pieces of Confederation-era Maryland to the pioneer gold issues of the American West. While these issues base much of their claim to value on their metallic content, their paper equivalents – in the form of warehouse receipts, bullion deposit records, and many ill-fated private banknotes – paved the way for global capitalism’s development. Largely folded into the realm of officialdom in the recent era, the currency makers’ travails with counterfeiting, fluctuating relative values, and exchange liquidity provided thought-provoking ground for study and reflection, out of which have risen several alternative blueprints for currency construction.
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1783 John Chalmers Shilling, PCGS AU53. Chalmers was ahilling, wasa goldsmith in Confederation Annapolis. Courtesy of PCGS. “Token” is the proper numismatic term for any piece that is denominated but not struck under a sovereign authority. Casascius and other makers of physical cryptocurrency tokens seek to combine the allure of tactility with what their advocates believe is a better solution to the anti-counterfeiting and inflation-management problem, in this case via the use of a public ledger and pre-defined supply. As such, they fit nicely into the historic arc of numisma as something which will always in the end derive its value from the consent of its users. The ubiquitous change in our pockets today is in fact comprised of physical-token claims on a different ledger, that of the Federal Reserve.
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. By Kyle Knapp
PACK GRADING IS HERE Visit PCGS.com/Banknote for More Details
1907 $10 Rolled Edge Indian Eagle, PCGS MS67
It’s been another busy couple of months in the marketplace, with tens of thousands of coins and banknotes selling at auction. Here’s a snapshot of some prime coins and banknotes that recently took big bucks on the block.
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.
By Jaime Hernandez wyka
1864 2 Cents Proof Small Motto, PCGS PR65BN This extremely rare 1864 Proof Small Motto 2 Cents has a reported mintage of just 25, while PCGS has graded a total of 18 examples in all grades combined. In 1864, the Mint struck two different types of 1864 2 Cent Proofs, one with a large motto and the second with a small motto. The Small Motto type is much rarer than the Large Motto, which has a mintage of about 100. On March 21, 2022, Heritage Auctions offered a PCGS PR65BN example that sold for $52,800. This piece has a razor-sharp strike with nice mottled light brown toning throughout the surfaces.
PCGS Choice Unc 64 PPQ
Email: jhernandez@collectors.com
AUCTION
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HIGHLIGHTS
This Treasury Note has a beautiful design, displaying black and white fonts with a prominent red seal and serial numbers. Some collectors confuse the star, located to the right of the serial number for a replacement note, but this is not the case as it is normal for 1891 Treasury Notes to have a star after the serial number. In fact, this is one of the most interesting and attractive features on these notes. The obverse design of the $10 1891 Treasury Note features Phillip H. Sheridan, Commander of the 1884 Army. Sheridan’s portrait is prominently located as the central vignette. The reverse of the note displays white and green colors with several “10” numerals and “X”s throughout the design. Overall, this is unquestionably a nice and attractive historical design. On April 24, 2022, GreatCollections sold a very nice example of this note graded PCGS Unc. 64 PPQ.
1891 $10 Treasury Note Fr. 369 Rosecrans / Nebeker
This issue is very rare, as only 41 examples are believed to have been spared the melting pot shortly after they were struck. Because of its low survival rate, the 1907 $10 Rolled Edge is one of the rarest U.S. coins to have ever been produced. The 1907 Rolled Edge Indian Eagle was struck for several reasons, primarily because the coins did not stack up well compared to their wire edge counterparts of the same year. Another notable aspect of this coin is its beautiful Indian obverse design. Many collectors would agree that this is one of the most beautiful designs of any U.S. coin. The highest-graded PCGS example is an MS67+, the lone example achieving this lofty grade. Additionally, there are only three examples graded MS67, making this coin a true rarity in this region of the grading scale. On April 5, 2022, Stack’s Bowers Galleries offered a mesmerizing PCGS MS67 example that realized a spectacular $1,140,000 – a record price.
In September 2021, the news of a treasure find appeared in many media outlets. For one couple, the dream of finding a golden buried treasure trove became a reality. In 2012, a 60-year-old couple from Paris bought a secondary residence in Brittany, located nearly 300 miles away. The residence they chose was a manor house in the town of Polzévet. The home needed renovations, and construction was soon started to remodel the property. In 2019, the owner of the manor, François Mion, was in Paris when he received a call about his property urging him to come take a look at the discovery. The next day he arrived by train to be shown a metal box that had been walled up between stones and had been discovered by three stonemen working on one of the outbuildings onsite. Inside the metal box were 154 gold coins dating from the reigns of Louis XIII and Louis XIV. A few days later, a purse would also be found containing another 85 gold coins inside, bringing the total treasure find to 239 gold coins dating between 1638 and 1692.
By Jay Turner
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Coins from the Treasure of Polzévet
France 1669-A Louis D’or from the Treasure of Polzévet, PCGS AU58. Courtesy of PCGS TrueView.
France 1691-A Louis D’or from the Treasure of Polzévet, PCGS AU58+. Courtesy of PCGS TrueView.
PCGS AROUND THE WORLD
Wanting to do the right thing, the mayor’s office of Polzévet was contacted about the discoveries. Archaeologists were dispatched to catalog and record the treasure and do a survey of the property. The archaeologist noted that the main façade of the building dated to 1723 but the foundations dated back to the 13th century. Since the last coin in the treasure was dated 1692, it is believed that the treasure was hidden around this time. In the late 17th and early 18th centuries, the area of Brittany where Polzévet is located was a prosperous area. It was a hub for both trade and commerce for islands in the Iroise Sea as well as the English Channel and Brittany. Everything from Bordeaux wines to grains was traded and exported through this area making some very wealthy from this trade. It is likely one of the people who was prosperous from this economy was the one who hid his wealth and never returned to it. In November 2021, two coins from this treasure were submitted to the Paris office of PCGS. The first coin was a 1669-A Louis D’or from the Paris Mint and the other was 1691-A Louis D’or, also from the Paris Mint. The 1691 dated piece is a Flan réformé example, meaning that a previously struck coin from another monarch was used as the planchet to strike the new coin featuring Louis XIV, the current king. This was a common practice in France. Both coins were certified by PCGS with the 1669-A grading AU58 and the 1691-A grading AU58+, and both historical specimens were given the “Trésor de Polzévet” pedigree – meaning the “Treasure of Polzévet.”
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.
PCGS AROUND THE WORLD: COINS FROM THE TREASURE OF POLZÉVET
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By Philip Thomas NOTEWORTHY
NOTES
Newly recognized Fr. 440b displays both red serial numbers and bank charter numbers. Courtesy of PCGS TrueView.
What an exceptional occurrence! This extremely rare Original Series $50 National Bank Note from the First National Bank of Geneva, Ohio, has a combination of characteristics that is currently not accounted for in Friedberg: the earliest Treasury signature combination of Chittenden and Spinner, red serial numbers, and bank charter numbers – in this case “153” – overprinted in red ink at left and right. The current closest Friedberg number would be the Fr. 440a, which has the same signatures and serial numbers printed in red but does not display charter numbers anywhere on the note. Our first call was to Arthur Friedberg himself, who acknowledged the omission and informed us that this variety would now be recognized as a Fr. 440b and listed as such within future editions of his eponymous publication. Our second call was to highly reputed numismatic researcher and prolific writer Peter Huntoon to learn more about what went into the making of this previously unrecognized variety.
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The “Without Charter Number” and “With Charter Number” divide for not only Original Series $50 banknotes but all denominations of Original Series nationals boils down to a federal act of Congress passed on June 20, 1874. The new law required the Bureau of Engraving and Printing to place charter numbers corresponding to the issuing national bank on each note that it produced moving forward as well as on any unissued, uncut sheets of National Bank Notes that were in the physical possession of the comptroller of the currency at the time. Under the terms of the act, the burden of sorting and redeeming National Bank Notes was transferred from the private banks themselves to the Treasury department and the government felt that by adding these numeric identifiers in big, bold red print, the cumbersome accounting job would be made much easier for them. The encountering of an uncatalogued specimen that requires the generation of a new Friedberg number is far from commonplace. The PCGS Banknote team was honored to have played a role in the formal recognition and adoption of the Fr. 440b in addition to being able to certify this remarkable note. 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.
Nearly two-dozen updated editions of “The Friedberg” (formally titled Paper Money of the United States) have been published over the seven decades since under the direction of Robert’s two torch-carrying sons, Arthur and Ira. PCGS Banknote employs the Friedberg numbering system on its holder labels (stylized as “Fr.” followed by a variety-specific catalog number) for any applicable United States banknote that it certifies. The research team here, like clockwork, habitually makes quick work of identifying and attributing this material with the proper Friedberg number thanks to both its elephant-like memory as well as the guide’s color-coded, conveniently organized and generously illustratedRecently,format.thiswell-oiled machine was thrown a bit of a monkey wrench when a variety of banknote that had entered its operation – wait for it – had simply not yet been cataloged.
A New FreidbergReceivesDiscoveryaNumber
Friedberg... It’s one of the most preeminent names in all of American numismatics – one that is practically synonymous with United States banknotes. It’s what “The Red Book” is to coins, what “Scott” is to stamps, and what “Pick” is to worldReliablybanknotes.referenced and undeniably universal in its acceptance among professional currency dealers and hobbyists alike, Robert Friedberg set out in the early 1950s to create the most complete and elite standard reference work possible.
TOP DOLLAR PAID FOR RARE NATIONAL NOTES NATIONALBANK NOTES BUYING PLEASECALL RICHARDWHITMIRE 985-438-7453 THIBODAUX,LOUISIANA TAMPA,FLORIDA
The double-struck off-center occurs when a coin is struck and then fails to be fully ejected from between the dies before being struck a second time with the strike off-center. Above, we see an example of a double-strike with the second strike offcenter. This is the most common of the double-strike types. Double-strikes on-center generally occur when a coin is struck, fails to be ejected from the collar die, and is struck again with the second strike directly on top of the first strike.
Oftentimes, double-strikes on-center will be rotated between strikes, with the first strike not perfectly aligned with the second strike.
A very popular mint error type is the double-strike. It is dramatic in appearance and easily understood. Some of the most valuable mint errors are double-struck coins. Doublestrikes are found on the earliest ancient coins all the way up to the modern-day coinage. Because of how coins are made, being “struck” with dies, it’s an error type which will likely always be with us (and that’s a good thing!) As the name would suggest, a double-strike is a coin that is struck “twice.” The double-struck coin typically will be struck correctly on the first strike, but then will be struck again either on-center or off-center. A double-struck coin is one that has just been struck twice, but the number of times a coin can be struck is infinite, and some coins are known with over 100 strikes on them. Let’s talk about the four primary double-struck types: the double-struck off-center, the double-struck on-center, the multi-struck, and the flip-over double-struck.
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MintDouble-StruckErrors
By Jon Sullivan
A double-struck off-center coin is one of the most common types of double-struck errors. Courtesy of Jon Sullivan.
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Multi-strikes carry at least three strikes but can bear potentially an infinite number of strikes. Courtesy of Jon Sullivan.
The double-struck on center shows the second strike virtually on top of the primary strike. Courtesy of Jon Sullivan.
A multi-strike is a coin with three or more strikes. Multistrikes can be either on-center or they can be off-center, but in order to qualify as a multi-strike, the coin must have at least three strikes present. It is not uncommon for a coin to be struck four or five or more times, although generally the more strikes a coin has the scarcer it will be.
Flip-over double-struck coins are among the scarcest of this category of mint error. Courtesy of Jon Sullivan.
MINT ERRORS
DOUBLE-STRUCK
Why do double-strikes occur at all? Usually, it’s because there is something not working correctly with the coin press’ ejection system, and the feeder finger (which is what puts planchets between the dies and ejects them from the die) is not working correctly; it fails to eject the struck coin from between the dies. When this happens, the dies strike the coin a second, third, or more times until either the coin is ejected or a mint employee notices the press is not functioning properly, stops the press, and fixes whatever the issue is.
Back before the striking of coins was fully automated, planchets were hand fed into the presses, and if a struck coin was not quickly grabbed by the press worker, the dies might come down a second time and give the coin another strike. There are many variations and combinations of doublestrikes, which are too numerous for the purposes of this article. However, one of the most common terms used with double-strikes is the term “uniface,” which means that one side of the strike occurred with another planchet blocking the strike, keeping it from receiving a normal strike on that side. This is less desirable than a coin struck on both sides. A coin which is struck on both sides is termed “die struck both sides.” Double-struck coins that are die struck on both sides are usually worth 25-100% more than uniface coins.
The 1955 Doubled Die Lincoln Cent is one of the most famous of all doubled dies. Courtesy of PCGS TrueView.
A die goes through a hubbing process, in which a hub (raised image of the design) is pressed into a blank cylinder of steel to become a die. This is usually done multiple times in order to create the sunken design of the coin in the die. If there is a slight shift between hub impressions into the die, or if there is any sort of movement in the designs during the hubbing process, a doubled die will result. Any coins struck from that die will then show that doubled image. Doublestrikes, on the other hand, occur (as described earlier in this article) as a result of the die striking the planchet more than once. Although similar, these are two totally different mintCollectingmistakes.double-strikes can be done by getting an example of each type of double-strike, or simply by collecting a double-strike for each date for a series of coins (for example, finding a Lincoln Memorial Cent with a double-strike for each year from 1959 through 2008.) Some coin series, particularly those that are made of a precious metal such as silver or gold, are usually very scarce with double-strikes. Finding a doublestruck silver Washington Quarter (1932-1964) is very difficult, and very few are known. Gold coin double-strikes are very rare, and only a handful are known on U.S. coins. Copper, clad, or similar inexpensive metals are much more common with double-strikes and are the best choice for a collector on a budget. Jon Sullivan is a dealer in mint error coins, with over 20 years of experience as a specialist in mint error coins under the company name Sullivan Numismatics and dealing primarily through the website www.sullivannumismatics. com. He also is the PCGS attributer and authenticator for mint error coins, providing authentication and attribution expertise.
48 JULY - AUGUST 2022 RARE COIN MARKET REPORT DOUBLE-STRUCK MINT ERORRS
Doubled dies are sometimes confused with double-strikes by new collectors, but they are not related. Visually, doubled dies and double strikes have some similarities at a glance, but that is where the commonality ends. A doubled die is a variety, meaning it is a variation on the die itself. The doubled die “mistake” is in how the die was created.
Another often-found variation is the flip-over doublestrike. This type of double-strike occurs when the coin is struck then flips over and is struck again. These are much scarcer than regular double-strikes, as it takes an unusual set of circumstances for a coin to flip over between strikes. Flipover double-strikes usually are worth 50-100% more than regular double-strikes that did not flip over.
4 9 M AY J U N E 2 0 2 2 R A R E C O I N M A R K E T R E P O R T 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 with up-to-date U.S. and World coin prices • Research the price history for significant coins sold at auction since 1941 Visit PCGS.com/Prices/us 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%
Think about this: where else can you own a nice example of a nearly 200-year-old gold coin for under $1,000?
By Seth Chandler
Classic Head coins are old enough to be categorized as “Early Gold,” yet the Classic Heads are the most common of all early gold U.S. coinage and are quite affordable. They are the perfect gateway coin for collecting other early gold coins. If you want to add an exciting element to the series, consider obtaining an example made in 1838 at the historical Dahlonega or Charlotte Mints. Probably only a couple hundred exist of each date. That’s rare!
PCGS MS66+
The specimen on the cover of this issue of the PCGS Rare Coin Market Report is one of the finest known Classic Head Half Eagles. It’s an 1837 that PCGS has graded MS66+, and it’s tied with one other coin for the finest in the entire series. This coin should not exist. The first time I had the coin in hand – I could use all the fancy five-syllable words to describe the coin – what immediately came to my mind is that the coin simply punches you in the face twice. Take the mint frost and the gorgeous brassy yellow toning the coin possesses… You just wonder how it is possible that a gold coin has survived all these years in such a wonderful state of preservation.
Seth Chandler is the head Wheat Cent sorter at Witter Coin, America’s Coin Shop, which is based in San Francisco. Seth enjoys getting made fun of by his three kids, teaching young collectors all aspects of our hobby, and taking long walks on the beach at sunset with other numismatists. Head Half Eagle
COIN OF THE ISSUE
The Classic Head Half Eagle has always been a special coin to me. Minted from 1834 to 1838, these are wonderful coins that many collectors hope to obtain a nice example of. Back when I was working at Edgewood Coin Shop as a young teenager in Jacksonville, Florida, where I grew up, a Choice Very Fine specimen came into the shop. I was mesmerized. I had never seen one before. This wasn’t the usual Liberty or Indian Half Eagle that the shop typically encounters. At 14 years of age, the only word I could utter was just how old it was. I had to own it! It took me two months to pay off the coin, but I got it – my first major numismatic acquisition! We have all been there, and what a feeling… I am a fan of getting a lot of numismatic value for my money. I feel that the Classic Head Half Eagle is the very definition of value. The PCGS Price Guide value for an example in Very Fine is $850 and in Extremely Fine it goes for $1,250.
The new owner is excited to share this coin at the PCGS table at the American Numismatic Association World’s Fair of Money. Please stop by and enjoy the coin!
1837 Classic Head Half Eagle, PCGS MS66+. Courtesy of Witter Coin.
1837 Classic
50 JULY - AUGUST 2022 RARE COIN MARKET REPORT
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
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.
Components of Mint State CGrading omponents State Grading Strike
XF45 Detail is complete with most high points slightly flat. XF40 Detail is complete with some high points flat. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.
PCGS COIN GRADING 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. 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.
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.
There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade.
52 JULY - AUGUST 2022 RARE COIN MARKET REPORT PROFESSIONAL COIN GRADING SERVICE GRADING STANDARDS
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.
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.”
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.
A Guide to PCGS Grades & Designations
JULY - AUGUST 2022 53RARE COIN MARKET REPORT
VF25 Detail is 60 to 70% complete.
VF20 Detail is 50 to 60% complete. F15 Detail is full in recessed areas. All lettering is sharp.
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.
Color for Copper Coins (MS60 or better)
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.
F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp.
PCGS COIN DESIGNATIONS
PCGS COIN DESIGNATIONS
VG10 Design is worn with some detail evident. VG08 Design is worn with only slight detail evident.
G06
G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full.
PeripheralDetailisflat,butrimsarecomplete.letteringisfull.
AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible.
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 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 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 Steps for Jefferson Nickels
Full Head for Standing Liberty Quarters
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.
54 JULY - AUGUST 2022 RARE COIN MARKET REPORT
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 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.
Full Bands for Mercury Dimes
Prooflike Surfaces
PCGS COIN DESIGNATIONS
JULY - AUGUST 2022 55RARE COIN MARKET REPORT
PCGS COIN DESIGNATIONS No
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.
Prooflike Surfaces
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
Coins PCGS does not grade coins that are counterfeit, have been artificially toned, have had their surfaces altered, have been environmentally damaged, have been abrasively cleaned, have extremely large scratches, or have been repaired. Some allowances are made for ultra-rarities, Colonials, and Territorial gold coins, in which there are some instances when “net grading” 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
By Donald H. Kagin, Ph.D.
For over 200 years the Spanish Doubloon was arguably the most recognizable gold coin in the world. In the field of silver, the leadership belonged to the Spanish “Pieces of Eight” – the Spanish Dollar. Those millions of coins are among the most romantic and historically important of all coins, having played a prominent role in the fortunes of New World conquistadors and adventurers as well as pirates and buccaneers. They are the first global coinage, and the world’s most famous design of the silver “Pieces of Eight.” This Pillar Dollar is considered the precursor of the American dollar sign ($).
Kagin's Offers & PCGS Certifies Inaugural 2021-22 Spanish Doubloon Gold Bullion Coins
The coin’s reverse features the famous Columnarios –the Pillars of Hercules design representing the joining of the two Old and New World hemispheres, with the two globes crowned over the sea, and the motto “PLVS VLTRA” appearing on ribbons mounted on opposite pillars.
The total to be minted is limited to 12,000 and is priced
On November 30, 2021, Kagin Enterprises of Tiburon, California, was appointed the exclusive U.S. distributor for the Spanish Royal Mint’s Spanish Doubloon — their first series of gold bullion coins. This limited first issue features the Iberian Lynx struck as a reverse proof one-ounce in 999.9-fine gold coin and denominated €1.5. PCGS will grade runs of the first strikes, which boast some of the highest average grades of any modern proof gold coins.
56 JULY - AUGUST 2022 RARE COIN MARKET REPORT
The Spanish Doubloon €1.5 gold coins are being offered by Kagin’s, with first strikes graded by PCGS. Courtesy of Don Kagin.
The coin’s legends identify Spain’s current monarch, Felipe VI, and the coin’s weight — 31.21 grams and 999.9 gold fineness. The obverse depicts the head of an Iberian lynx, the face value of €1.5, the year of issue (2021), and the crowned symbol of the Spanish Royal Mint.
For more information contact Don@Kagins.com or by phone at 888-8KAGINS (852-4467). New 2022 1/10th ounce Spanish Doubloon-Lynx are now available to preorder. These will be encapsulated reverse limited to 50,000 worldwide including 1,250 FDI. anticipated in August will be the 2022 Gold 1 Ounce Spanish Doubloon-Bull be limited to 12,000 worldwide struck in proof. 1st strikes (200) First Day of Issue (800) be available. Spanish
It is anticipated that 1,500 coins will be struck on the first day, of which the first 250 will be designated as First 1-of-250 Strikes. A quantity will be graded by PCGS. Also, in August at the American Numismatic Association World’s Fair of Money, the Royal Mint plans to unveil a new 2022 gold one-ounce Spanish Doubloon-Toro. These will also be reverse proofs, encapsulated, and have a worldwide striking limit of 12,000. The first 200 struck will be so designated and another 800 struck as First Day of Issue. These, too, will be graded by PCGS and available only from distributors. Custom boxes containing certificates of authenticity will be available for a slight extra cost. “We are very excited about this program,” remarked Don Kagin, president of Kagin Enterprises. “The Spanish Mint’s products are beautiful and among the finest quality of any major mint. Besides the multi-year Spanish Doubloon animal series, we are working with the mint to strike additional series of coins later this year and in subsequent years. We are very fortunate to get modern proof and bullion distributors to share their ideas for successful future programs and to have such a willing partner who loves challenges in the personnel at Royal Mint of Spain.”
Don is president of Kagin's, Inc., the nation’s oldest family-owned numismatic firm, Kagin’s Auctions, one of the nation’s oldest and wellrespected rare coin and currency auction houses, and Kagin Enterprises, the exclusive U.S. distributor for bullion coins for the Royal Mint of Spain. Don earned the nation’s first B.A. and Ph.D. in numismatics. His expertise includes Pioneer Gold coins, U.S. currency, and numismatic marketing innovation.
. Quantities will
and
reverse
1-Ounce2021 DoubloonSpanishLynx First 200 Struck PR69 $3250 PR70 Sold out 1-Ounce2021 DoubloonSpanishLynx First Day of Issue PR69 $2750 PR70 $3600 — Limited Quantities are still Available of these 2021 1-Ounce
Also
The
KAGIN'S OFFERS & PCGS CERTIFIES INAUGURAL 2021-22 SPANISH DOUBLOON GOLD BULLION COINS
proofs
JULY - AUGUST 2022 57RARE COIN MARKET REPORT
at the daily London spot gold price plus 10%. As of May 1, almost 10,000 had been sold. PCGS initially graded 100 of the first 200 coins struck, which are virtually all sold out. An additional 800 coins were struck as First Day Issues, of which only 300 were still available at the time of this writing in PR69 and PR70.
For more information contact Kagin’s Inc. at info@Kagins. com or phone 888-8KAGINS (888-852-4467) and online at Kagins.com.
will also
A new 2022 gold 1/10th-ounce “Baby Lynx” will be made available in July 2022. These will also be struck in reverse proof, individually encapsulated, and limited to a mintage of 50,000 worldwide. They will be denominated 15 Euro Cent, weigh 3.121 grams, and boast 999.9 gold fineness.
Doubloon-Lynx Coins — Purchase these historical SPANISH DOUBLOONS from your favorite retailer or online today at Pwww.kagins.com urchase www.kagins.com
By Mark Ferguson
The 1841-O Liberty Head Eagle, 1870-CC Liberty Head Double Eagle, and 1893-O Liberty Head Half Eagle were all heavy hitters at the Stack’s Bowers Galleries April sale of the Hendricks Set from the Fairmont Collection. Courtesy of PCGS TrueView.
MARKET MATTERS
Another coin that is unknown in Mint State is the 1870CC Liberty Head Double Eagle. PCGS estimates that 40 to 50 examples have survived. The XF45 1870-CC Liberty Head $20 from the Hendricks Set brought the most amount of money in the sale – $810,000, which was significantly higher than the $525,000 PCGS Price Guide value at the time. Another highlight of the sale was the AU53 1875 Liberty Head Half Eagle. Just 200 pieces were coined for circulation and PCGS estimates that only 9 or 10 exist today. As the second-highest-priced coin in the sale, it brought $480,000, causing us to double the PCGS retail value of this coin issue to $500,000 for the AU53 grade. Values for surrounding grades have also been raised because of this sale.
58 JULY - AUGUST 2022 RARE COIN MARKET REPORT Whether circulated or Mint State, rare gold coins are being snapped up seemingly as fast as they hit the market. While common-date or “generic” issues can readily be found, a walk around a bourse floor at a major coin show reveals that dealer inventories of scarce to rare issues are depleted. Furthermore, piecessuchdoesn’tchockvarieties.andbecausetheSimilarimportantthebyacceleratingdemandisplainlyevidentinauctions,asevidencedaggressivebiddingandsignificantlyhigherprices.AgreatdemonstrationofmarketstrengthinthisareawasStack’sBowersGalleriesAprilsaleoftheHendricksSet,anpartoftheFairmontCollectionofraregoldcoins.resultshavebeenachievedbyotherauctionfirms,butsaleoftheHendricksSetbestillustratesmarketstrengthitconsistedofalargeamountofrarecirculatedMintStategoldcoins,includingalargenumberofdieAdditionally,allthecoinsweregradedbyPCGS.What’smore,besidestoprarities,theHendricksSetwasfullofcondition-censuscoins,i.e.toppops.Butthismeanthattheywereallhigh-gradeMintStatecoinsasMS66sorMS67s.Manyoftheconditioncensuswerecirculated,especiallyfortheLibertyHeadHalf Eagles, Eagles, and Double Eagles. A great example was the collection's PCGS AU53 1841-O Liberty Head Eagle. According to PCGS CoinFacts and the PCGS Price Guide, just 50 to 75 pieces are estimated to have survived, and the 1841-O is unknown in Mint State. Highlights of the Fairmont Hendricks Set Sale
Demand for Rare Gold AcceleratesCoinsin2022
MARKET MATTERS: DEMAND FOR RARE GOLD COINS ACCELERATES IN 2022 “I love what I do and I take the covenant I make with my clients seriously. As opposed to just doing transactions, I am interested in forming an ongoing collecting relationship with my new clients. Please feel invited to contact me.” — Chris Victor McCawley CHRIS VICTOR MCCAWLEY EARLYCENTS.com stores.ebay.com/friscomint P.O. Box 6400 • Austin, TX 78762 405 226 5072 • cmccawley@aol.com ebay - friscomint@live.com earlycents.com Early American Coppers Specializing in Half Cent & Large Cents Chris McCawley with Lucas Baldridge and Travis Hollon
Sales Results for More Common to Scarce Gold Coins from the Hendricks Set In Mint State, the 1893-O Liberty Head $5 is the most common half eagle from the New Orleans Mint. An MS63 example from the Fairmont Hendricks Set brought $7,500 in the April sale, causing a “modest” PCGS Price Guide increase from $6,500 to $7,500. As a comparison, another MS63 example, but not from the Fairmont Collection, sold in a different session of this sale for $6,000. In contrast, an AU58 1897-S Eagle brought $3,600. This is more than 2.5 times our price guide value and we view the sale of this coin as a high outlier price, which won’t be factored into our value for this Lastly,coin.here’s an example that illustrates just how strong auction prices for the Fairmont coins were. A Fairmont 1878CC Liberty Head Half Eagle in VF35 brought $38,400 in the April sale, another high outlier price. This compares to the price brought by a non-Fairmont 1878-CC Liberty Head Half Eagle in AU50 that sold in another session of the same April auction at $34,800. Because of the extraordinary success of the Stack’s Bowers Galleries sale of the Fairmont gold coins, I urge you to use caution when using these prices as comparables in making buying decisions. Mark 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.
JULY - AUGUST 2022 59RARE COIN MARKET REPORT
Interestingly, the PCGS grades for the 1875 Liberty Half Eagle range from XF40 to AU58. Prior to the sale of the AU53 piece in April, only four previous auction sales have taken place for this coin issue since PCGS has been maintaining this data. The most recent was in 2006, for an AU50 example. The others took place between 1999 and 2003. This, or another AU53 (PCGS pop 5), was sold at auction back in 2000 at $35,650. This is a great example of why a price guide is just that: a guide. Because so few auction sales have taken place for this coin issue and much time has passed, maintaining current price guide values for such a coin can only be an educated and experienced estimate.
Courtesy of PCGS TrueView.
A variety of modern coins are moving
Market
60 JULY - AUGUST 2022 RARE COIN MARKET REPORT
By Jaime Hernandez
Midway into the year, the modern coin market is still showing lots of strength in many areas. In this installment, I’d like to focus on a very popular coin series that’s considered a huge part of the marketplace, not only for modern coin buyers and sellers, but also for vintage buyers and sellers. The series I'm referring to is none other than the bullion American Gold Eagles, which debuted in 1986 and are considered modern coins. Since their inception, these gold coins have attracted collectors, dealers, and investors who mainly deal in vintage coins. The American Gold Eagles are very easy to move on either side of the spectrum, whether you are a buyer or a seller of vintage or modern coins. There is also a large demand for American Gold Eagles because the gold content of the coins is guaranteed by the United States government, therefore, instilling trust and confidence among investors and collectors of the coins’ gold purity. Not to mention, buying American Gold Eagles is one of the easiest ways to own gold. So, there are many reasons why the American Gold Eagle series is extremely popular. Moreover, certain issues have performed exceptionally well. Let's discuss some of the standouts… 1990 $10 Mint State American Gold Eagle
The 1990 $10 American Gold Eagle in Mint State has seen asee huge groundswell of market activity in recent months.
About a year ago, the coin was listed at a retail price of $900 on the PCGS Price Guide. Today, the same coin in the same MS69 grade has a retail price of $1,900 on the PCGS Price Guide. That’s a 111% increase in the past 12 months. Keep in mind, part of the value of the coin comes from its gold content alone, or its intrinsic value. This particular coin contains approximately 8.5 grams of gold, therefore, its gold content alone is worth about $475. This means the coin still has an approximate $1,500 premium, if we discount its gold content value. Movers & Shakers
up the ranks as the top market movers and shakers of the summer. PCGS # DESCRIPTION DESIG GRADE TODAY'S PRICE PRICE AS OF 1 YEAR AGO GAIN % CHANGE 9840 1990 $10 Gold Eagle MS 69 1,900 900 1,000 111.11% 9850 1991 $10 Gold Eagle MS 69 1,950 950 1,000 105.26% 100065 1991 $10 Gold Eagle Augustus Saint Gaudens MS 69 2,025 1,025 1,000 97.56% 9820 1988 $10 Gold Eagle MS 69 1,420 728 692 95.06% 9830 1989 $10 Gold Eagle MS 69 1,420 753 667 88.58% 100035 1988 $10 Gold Eagle Augustus Saint Gaudens MS 69 1,495 803 692 86.17% 9870 1993 $10 Gold Eagle MS 69 1,358 750 608 81.03% 100045 1989 $10 Gold Eagle Augustus Saint Gaudens MS 69 1,495 828 667 80.55% 9822 1988 $25 Gold Eagle MS 69 3,400 1,900 1,500 78.95% 100085 1993 $10 Gold Eagle Augustus Saint Gaudens MS 69 1,433 825 608 73.66%
JULY - AUGUST 2022 61RARE COIN MARKET REPORT MARKET MOVERS & SHAKERS
Now that we’ve established this gold coin's performance, let’s dig in a little as to why this coin has increased in price significantly in the past year. Some of the reasons have already been touched on; for example, its government-backed gold content makes it very attractive for both buyers and sellers.
1991 $10 Mint State American Gold Eagle
The low mintage 1991 $10 American Gold Eagle in Mint Statee has seen tremendous demand in recent months. Courtesy of PCGS TrueView. The second coin in the graph also happens to be a $10 Mint State American Gold Eagle. However, the date for the second coin is from 1991, rather than the neighboring date of 1990. The 1991 $10 Mint State American Gold Eagle had a PCGS Price Guide retail price of $950 about a year ago, whereas today it retails for $1,950, or a 105% increase. Not a bad performance for any coin, and this one boasts many great attributes, including a super-low mintage of just 36,100 and status as a conditional rarity, with MS69 scarce and MS70 specimens rare. If we keep looking at the remainder of the coins in the oneyear graph, most of the coins are also $10 Mint State Gold Eagles. This is a good indicator that most of the series has tracked extraordinary performance in the past year. The two coins we reviewed and the coins that are featured in the graph are just a few of this year's modern coin best performers, but there are many, many others that could join the list. The bottom line? Modern coins are hot! 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
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There is also collector and investor demand for this coin. Additionally, the coin has a low mintage of just 41,000, making it one of the keys in the $10 Mint State American Gold Eagle series. Finally, this coin has been promoted by numerous coin dealers and market makers over the years. As a result, many have ended up in private hands, and as time goes by, fewer and fewer examples seem to be available.
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.
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.
13. This contract is the entire Agreement between the parties and supersedes all prior Agreements. The warranties and representations contained in this Agreement survive the date of execution by each party herein and the performance of all terms and conditions contained in this agreement. This Agreement shall be governed by the laws of the State of California.
12. Arbitration. Any claim or dispute arising out of the sale of coins/items by GreatCollections shall be settled by arbitration between the parties in accordance with the rules of the Professional Numismatists Guild (PNG) or if the PNG cannot or will not hear the matter, by the American Arbitration Association (AAA). Any claim must be commenced within three months of the Auction date or Buy Now confirmation or the claim is waived.
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.
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.
ConsignmentInformation 0722
Ian OwnerPresident/Russell Raeleen Director/OwnerCustomerEndoService
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.
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”.
11. GreatCollections will provide insurance for loss or damage for consigned coins while in the possession of GreatCollections and while any are being shipped back to the Consignor, subject to certain terms and exclusions (such as Earthquake coverage). In the event of an insurance claim, our insurance carrier will pay you the Fair Market Value, less the Seller’s Fees and Buyer’s Fees, based on the total insurance proceeds. This payment to you by the insurance carrier shall completely satisfy our obligations regarding the Consignments under this Agreement.
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.
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.
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
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.
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.
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.
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.
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.
Listing Fees: Our listing fees are based on the following schedule and are charged the first time the coin is listed at GreatCollections.
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.
ConsignorTerms & Conditions
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.
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.
At Bullion Shark, we specialize in getting our clients the best prices on a wide variety of rare modern, classic, ancient coins, and more! Let us help expand your collection today!
By Victor Bozarth & Mark Ferguson
COIN MARKET FUNDAMENTALS
The Central States Numismatic Society convention in April 2022 was busy – it even lured the likes of Benjamin Franklin, the Founding Father responsible for signing the Declaration of Independence, harnessing electricity, and inventing bifocal glasses.
62 JULY - AUGUST 2022 RARE COIN MARKET REPORT
Changes are Happening at Major National Coin Shows
A few lessons have been learned during the absence of major, national coin shows during the “lockdown” periods of the COVID-19 pandemic. Already successful at hosting auctions online, prominent auction houses have recognized that they can produce effective auctions from their home offices, without the expenses of conducting them at national shows. Heritage Auctions and Stack’s Bowers Galleries have been conducting sales a week or two after major shows where they would normally occur. Heritage has moved to a new building where the company can produce mini coin shows and major auctions, and Stack’s Bowers recently built their new Griffin Studio, where auctions are conducted and broadcast live. These days, travel costs have been mounting for auction companies, grading services, and coin dealers. On the other hand, coin shows large and small have been well attended with brisk business. The Central States Numismatic Society Convention that was held in the Chicago area in late April was a prime example. On the first day, hundreds of people were lined up in the lobby to register to get into the show at the opening bell. The show chairman decided to bypass the normal registration process and just let everyone in after they paid their admittance fees. This was appreciated by the throngs of public attendees waiting to get in as well as by the dealers who were there to do business with these people. However, many dealers are starved for inventory, and this
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. ARE HAPPENING AT MAJOR
NATIONAL COIN SHOWS STACK’S BOWERS GALLERIES CONSIGN NOW! Fr. 1132-I. 1918 $500 Federal Reserve Note. Minneapolis. PCGS Banknote About Uncirculated 50. REALIZED: $50,400 Always Buying and BuyinSelling! g Selling! Contact Peter or Aris to consign your U.S. and World paper money today. CANADA. Banque du Canada. 20 Dollars, 1935. P-47 / BC-10. PCGS Banknote Choice Uncirculated 64. REALIZED: $22,200 Fr. 2200-G. 1928 $500 Federal Reserve Note. Chicago. PCGS Banknote Superb Gem Uncirculated 67 PPQ. REALIZED: $31,200 CHINA-PEOPLE’S REPUBLIC. People’s Bank of China. 10,000 Yuan, 1951. P-858Aa. PCGSBG About Uncirculated 50. REALIZED: $385,500Aris Maragoudakis Director of World Currency Auctions Aris@StacksBowers.com Peter A. Treglia Director of Currency PTreglia@StacksBowers.com 800.458.4646 West Coast • 800.566.2580 East Coast • Consign@StacksBowers.com • www.StacksBowers.com
JULY - AUGUST 2022 63RARE COIN MARKET REPORT has curtailed sales. Numerous dealers arrive a few days prior to the opening of major shows. They do this to make the best use of their time by viewing auction lots before a show opens and many of them set up trading rooms where they conduct wholesale business with each other. Reports are that trading was limited, due more to lack of material than demand. Dealers who typically arrive at a major show with boxes of merchandise to sell now have fewer coins.
PNG Day, conducted by the Professional Numismatists Guild and held at the Central States Numismatic Society Convention, was busy by some reports, although the softness in precious metals prices during the show discouraged some buying of the more “generic” gold and silver coins.
“Let’s see where this is going,” was voiced by several large market makers regarding generic gold. Even so, the rare coin market remains super strong. While public attendance at coin shows – large and small –has been strong in 2022, most of the business done at shows is wholesale trading occurring between dealers. Perhaps most collectors, especially well-heeled collector / investors, are busy people and prefer to be represented at shows by their dealers or agents. Many also want to remain anonymous, so they avoid shows and do business online. Security is becoming a more important consideration in running coin shows these days. The smash-and-grab incidents engaged in by groups of people in jewelry stores, electronics stores, and the like are concerning for show staff. Rest assured, most show promoters are aware of this concern and are taking steps to keep shows safe. While there may be fewer coin shows being conducted, they won’t go away. Shows are too important for the dealers, many of whom make their livings from doing business primarily at shows.
COIN MARKET FUNDAMENTALS: CHANGES
64 JULY - AUGUST 2022 RARE COIN MARKET REPORT APMEX 30 Blanchard and Company 24 Bullion Shark Onsert 2 Certified Coin Exchange (CCE) 36 Chris V. McCawley, EarlyCents.com 59 CoinAdvisor.com 38 Collateral Finance Corporation 61 Collectors Corner 29 Drake Sterling Numismatics 43 Douglas Winter Numismatics 28 Elizabeth Coggan Numismatics 15 GreatCollections 3, Onsert 1 Heritage Auctions 6 Kagin's Inc. 57 Larry Shapiro Rare Coins 64 Legend Rare Coin Auctions Inside Front Cover, 1 Long Beach Expo Inside Back Cover PCGS 10, 18, 25, 34, 38, 40, 49 Richard Whitmire, National Bank Notes 45 Stack's Bowers Galleries 4, 63 U.S. Coins 9, Back Cover Witter Coin 51 Morgan & Peace Dollars LSRareCoins.com (310) Larry@LSRareCoins.com541-7222 Low pop PCGS CAC type Coins 3 Cent Silvers 2022 JULY July 7 - 9 Summer Florida United Numismatists (FUN) Convention Submissions Only | Heritage Auctions Orange County Convention Center | Orlando, FL July 27 - 29 PCGS Members Only Show On-Site Grading | Legend Auctions Bellagio Hotel and Casino | Las Vegas, NV 2022 AUGUST August 16 - 20 American Numismatic Association (ANA) World's Fair of Money On-Site Grading | Stack's Bowers Galleries Donald E. Stephens Convention Center | Rosemont, IL 2022 SEPTEMBER September 7 - 9 PCGS Members Only Show On-Site Grading | Legend Auctions Omni Hotel & Resort | San Diego, CA September 29 - October 1 Long Beach Expo (LBE) On-Site Grading | Heritage Auctions Long Beach Convention Center | Long Beach, CA 2022 OCTOBER October 27 - 29 Whitman Winter Expo On-Site Grading | Stack's Bowers Galleries Baltimore Convention Center | Baltimore, MD 2022 DECEMBER December 7 - 9 PCGS Members Only Show On-Site Grading | Legend Auctions Bellagio Hotel and Casino | Las Vegas, NV ADVERTISING INDEX PCGS SHOW SCHEDULE 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 - September 29 - October 1, 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: February 2 - 4, 2023 Coupon not valid with any other offers or discounted rates. Register Here: longbeachexpo.com/visitors/registration Sho Use code: RCMR22 September 29 - October 1, 2022
