PMR - 2023 #2 March/April

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

Cover Artist James Davis

Numismatic Photographer Phil Arnold

Distribution Coordinator Ronald Burnett

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SPEAKING OF COINS

As we enter the spring months, we are getting a feel for how the year might be shaping up for the hobby. So far, it appears the marketplace, though not as feverish as in 2021 or 2022, is still the healthiest it has been in years. The Heritage Auction event at the Florida United Numismatists Show in Orlando, Florida, in January realized $76 million, with 10 coins going for $1 million or more. The topselling coin of that event, the PCGS SP50 Engraved $3 gold coin – a unique piece that hadn’t crossed an auction block in more than four decades – hammered for an astounding $5,520,000. We’ll see what the big spring auctions can drum up, but enthusiasm across the market remains strong and this surely portends more good things will be blooming in the months ahead. While we await the springtime warmup, we hope you’ll enjoy this edition of PCGS Market Report, which delivers exciting news about the Top 100 Modern Coins PCGS Registry Set – one of the most popular of our contemporary set challenges.

Looking for a new PCGS Set Registry endeavor? Don’t forget about the charming Franklin Half Dollar, which is turning 75 years old and is covered in a colorful article that takes a deep dive on the short-lived but exciting mid-century series. Peter Anthony reveals some of the prettiest city scenes on Chinese coinage, and Doug Winter provides his commentary on the million-dollar 1875 Liberty Head Eagle.

Know what else is bound to set records on the auction block? Many of the selections from the James A. Millholland Collection. This incredible cabinet, built well more than a century ago, is filled with classic U.S. coinage that was acquired and curated by a successful railroad executive who had a voracious appetite for numismatics. All of the coins from the set haven’t been on the market since the turn of the 20th century and are being offered by Stack’s Bowers Galleries, giving collectors a truly once-in-alifetime opportunity to obtain some true treasures. One of them, a magnificent 1865 Liberty Seated Dollar graded PCGS PR66+, serves as the PCGS Coin of the Issue. Also featured in this issue are columns from all of your favorite PCGS experts, including Jay Turner, Kyle Knapp, Jaime Hernandez, Sanjay Gandhi, Vic Bozarth, Mark Ferguson, and Philip Thomas. Plus, you’ll get acquainted with Curt Gammer, an entrepreneurial young numismatist who has turned his passion for coins into an incredibly successful business venture.

We take time to pause and remember two hobby greats who have exhibited with PCGS in recent years and sadly passed away in recent months. Stewart Blay and Walter J. Husak, both longtime PCGS Set Registry fixtures whose collections astounded all who saw them, left this world and we honor their memory and all they did for our hobby and their fellow collectors.

May the spring bring good things for all of us… Perhaps we’ll see you April 26-29 at the Central States Numismatic Society Show in Schaumburg, Illinois, where we will also be hosting a faceoff between the magnificent J&L and Escalante Collections of classic commemorative coins!

As always, we thank you for your loyalty and support!

Cheers,

Joshua McMorrow-Hernandez Editor-in-Chief, PCGS Market Report

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

ON THE COVER

An incredible 1865 Liberty Seated Dollar graded PCGS PR66+ graces the cover of this magazine. This coin hails from the James A. Millholland Collection and is being offered for the first time in more than a century by Stack’s Bowers Galleries.

7 The Franklin Half Dollar Turns 75

On its 75th anniversary, Joshua McMorrow-Hernandez takes a deep dive on the Franklin Half Dollar, one of the hobby’s most underrated mid-century silver coins.

19 The New PCGS Top 100 Modern Coins

Jaime Hernandez shares highlights from the new PCGS Top 100 Modern Coins Registry Set.

22 PCGS Set Registry: Irish Gunmoney

Sanjay Gandhi explores Irish Gunmoney, which are emergency tokens that expired worthless yet have value with collectors today.

25 Follow the Script

Peter Anthony tells the tale of magnificent city scapes and floral vistas as depicted on the canvas of modern Chinese coinage.

31 Numismatic Passion Begets Entrepreneurial Success

Young numismatist Curt Gammer shares the story of how he has turned his love for collecting coins into a profitable business.

42 Collector Spotlight: Remembering Stewart Blay & Walter J. Husak

The numismatic hobby recently lost two giants in their collecting fields, small-cent connoisseur Stewart Blay and large-cent aficionado Walter J. Husak.

48 The Million-Dollar Liberty Head Eagle

Doug Winter unveils the market mystique of the 1875 Liberty Head Eagle, an unassuming Philadelphia business strike that has quietly become one of the most valuable coins around.

51 PCGS Set Registry Showdown: The J&L and Escalante Collections

Two astounding collections of United States classic commemorative coins faceoff at the Central States Numismatic Society Show in April.

53 The Sensational Coins of the James A. Millholland Collection

Joshua McMorrow-Hernandez takes readers on the 10-cent tour of a multimillion-dollar cabinet of coins being offered to the public for the first time in more than 100 years.

The Franklin Half Dollar Turns 75

By Joshua McMorrow-Hernandez

One of the most underrated and short-lived United States coins of the 20th century turns 75 years old in 2023, and we’re not talking about the Susan B. Anthony Dollar... The Franklin Half Dollar began its relatively uneventful stint of 16 years in 1948, replacing the beloved Liberty Walking motif by Adolph A. Weinman after its illustrious 32-year run.

The human subject of the Franklin Half Dollar is perhaps one of the most famous Founding Fathers to have never become president of the United States. The Boston native became a Philadelphia icon after running away from home at the age of 17 and becoming a printer, postmaster, and scientist in the City of Brotherly Love. He would eventually invent bifocals, the glass armonica, the odometer, and dozens of other contraptions.

As the American colonies worked harder to break free of its ties to Great Britain, Franklin took an active role as a patriotic statesman who eventually signed the Declaration of Independence, the Treaty of Paris, and the United States Constitution. He died at the age 84 in 1790 and is forever recognized as an amiable diplomat, a prudent philosopher, and one of America’s most enduring heroes.

The Franklin Half Dollar was minted from 1948 through 1963. Courtesy of PCGS TrueView.

Benjamin Franklin is depicted in this 1778 portrait by Joseph-Siffred Duplessis. Public domain image from Wikimedia Commons.

Chief Engraver of the United States Mint John R. Sinnock is seen working on the Roosevelt Dime. Public domain image from Wikimedia Commons.

The

1916, came to their ends in the 1940s when

was

to replace them with new designs.

Mercury Dime was supplanted by a new design in 1946 honoring the late President Franklin Delano Roosevelt, who contracted polio in his late 30s and founded the March of Dimes. The Walking Liberty Half Dollar was superseded by the Franklin Half Dollar in 1948. Courtesy of PCGS TrueView.

It is little wonder that Franklin was chosen as the primary subject for the new half dollar, designed by Chief Engraver of the United States Mint John R. Sinnock, who had recently completed work on the Roosevelt Dime. Debuting in 1946, the Roosevelt Dime caused a bit of a “red scare” when Sinnock’s initials, “JS,” led some conspiracy theorists of the time to believe the letters were a reference to Soviet leader Joseph Stalin. These rumors were quickly beaten back by the U.S. government but nevertheless persisted in urban legends and remain prominent in the memories of the numismatic community.

The initials “JS” (seen to the left of the date on the Roosevelt Dime) for designer John R. Sinnock stirred concerns from some Americans that the letters were a reference to communist Soviet leader Joseph Stalin. Courtesy of PCGS TrueView.

Interestingly, the dime was originally slated to sport a portrait of Franklin beginning in the early 1940s. However, the 1945 passing of President Franklin Delano Roosevelt, a most famous face of the dreaded disease polio and founder of the March of Dimes, spurred government officials to believe the most appropriate tribute for the fallen commander-inchief would be to place his likeness on the dime.

The Roosevelt Dime was designed by John R. Sinnock and debuted in 1946. Courtesy of PCGS TrueView.

Mercury Dime and Walking Liberty Half Dollar, both designed by Adolph A. Weinman and released to the public in

John R. Sinnock

tasked

The

It may be difficult for modern-day numismatists, many of whom revere the numismatic works of famed sculptor Adolph A. Weinman as nearly sacred, to imagine any interest in replacing the designer’s Winged Liberty Head (or “Mercury”) design on the dime or his Liberty Walking motif on the half dollar – both series having premiered in 1916. Yet, by the early 1940s, both of these designs were growing long in the tooth to the eyes of some of the mint brass and had surpassed the mandatory minimum run of 25 years, after which a coin can be redesigned without an Act of Congress per an 1890 United States coinage law. So, the dime and half dollar were fair game for new designs.

However, the demands of World War II absorbed much of the mint’s operational bandwidth. Therefore, coin redesigns and even annual proof sets were temporarily put aside to focus on producing circulating coinage to meet the demands of the booming wartime economy.

for U.S. Mint Director Nellie Tayloe Ross, who thought Franklin would make a wonderful design subject for a coin. After World War II drew to a close and the U.S. Mint resumed a semblance of a normal peacetime pace, Ross asked Sinnock to adapt the Franklin device from his 1933 medal for use on the half dollar.

Nellie Tayloe Ross served as director of the United States Mint from 1933 through 1953. This 20-year term at the mint came after her historic two-year governance of Wyoming in the mid-1920s as the first female governor in the United States. She lived more than two decades after departing from the mint contributing to various women’s publications. Public domain image from Wikimedia Commons.

Sinnock was no stranger to working Franklin’s bust into an attractive design on a disk of metal. The skilled engraver designed a medal bearing the likeness of Benjamin Franklin in 1933, and this piece may have provided a spark of inspiration

Not lost on Ross was the irony of placing on a coin a likeness of Franklin, who preferred placing pithy sayings on coins over portraits. In a May 13, 1948, Associated Press interview, Ross, a self-declared lifelong fan of Franklin’s famous Poor Richard’s Almanack, stated that “probably it was the royal heads he objected to” on coinage, which, in Franklin’s time, honored reigning kings, queens, and other royalty. “Had [Franklin] known in his day that 150 years hence his image would be placed on a coin of this, his native land, to whose service his life was consecrated, we may assume, I believe, that he would not have been seriously displeased.” Noting that Franklin’s

The 1739 edition of Poor Richard’s Almanack . Public domain image from Wikimedia Commons.

portrait had already appeared on the $100 bill, Ross added, “it seemed a good idea to put him on a piece of currency which the average citizen sees more often.” And in the late1940s, half dollars still circulated about as widely as any other denomination of coin.

Enshrining Franklin’s portrait on the half dollar originally was Sinnock’s project, but he sadly passed away in May 1947, just as he was wrapping up preliminary design work for the new coin. Newly installed U.S. Mint Chief Engraver Gilroy Roberts, who served as Sinnock’s trusted assistant, completed engraving work on the new Franklin Half Dollar, which was paired with a reverse motif featuring the Liberty Bell – an icon of Franklin’s time as elder U.S. statesman and an enduring symbol of Liberty from his adopted hometown of Philadelphia. The Liberty Bell design was originally engraved on the Franklin Half Dollar by Sinnock, who also designed the 1926 United States Sesquicentennial Half Dollar bearing a nearly identical version of the Liberty Bell. However, numismatists have in more recent years concluded that the Liberty Bell design seen on both the 1926 Sesquicentennial Half Dollar as well as the Franklin Half Dollar isn’t the brainchild of Sinnock but rather a design he borrowed from a sketch by English artist John Frederick Lewis, who died at the age of 72 in 1876.

The 1926 United States Sesquicentennial Commemorative Half Dollar, recognizing the 150th anniversary of the nation, was engraved by John R. Sinnock and carries a reverse depiction of the Liberty Bell. The motif, borrowed by the Franklin Half Dollar more than two decades later, was itself derived from the mind of another artist – John Frederick Lewis. Courtesy of PCGS TrueView.

The reverse of the Franklin Half Dollar also received a small device depicting an eagle alongside the Liberty Bell motif. Many in the numismatic community characterize the tiny eagle as an “afterthought.” Apparently, it was included only after mint officials realized the designs lacked an eagle, which the Coinage Act of 1890 requires on all denominations higher

The Franklin Half Dollar was released in 1948 to broad public acceptance. Courtesy of PCGS TrueView.

than a dime. The crack on the Liberty Bell was another notable quagmire, with the Commission of Fine Arts suggesting the fissure would lead to derogatory comments about the coin. However, numismatic expert Rick Tomaska wrote in his 2002 book A Complete Guide to Franklin Half Dollars that, “Over the years there would probably have been even more puns and derogatory statements if there had been an attempt to depict the bell without a crack.”

In January 1948, Ross said she had been encouraged to place the Franklin design on the one-cent coin because of his adage “a penny saved is twopence dear,” which has been translated to the more famous saying “a penny saved is a penny earned.” She added, “You will agree, I believe, that the 50-cent piece, being larger and of silver, lends itself much better to the production of an impressive effect.” She also was concerned about being culpable for removing the portrait of Abraham Lincoln from the very popular Lincoln Cent had she followed through on the advice to put Franklin on the penny.

The Franklin Half Dollar enjoyed a gala preview at the Franklin Institute in Philadelphia, where Ross invited 200 to a dinner party on April 29, 1948, and presented each guest with a Franklin Half Dollar encased in a card emblazoned with her autograph. The coin was formally released to the public on April 30, 1948. A May 1, 1948, New York Times article recounts employees from the Franklin Savings Bank were dressed in Revolutionary-period apparel and sold the new Franklin Half Dollars from a booth outside the SubTreasury building in New York City.

This time, the Sinnock-engraved coin carried the initials “JRS,” referencing the late designer’s middle name “Ray” in an effort to prevent further rumblings about any communist references. Yet, before the coin was circulating for very long, some were already connoting the coin as a poorly camouflaged tribute to Stalin. Thankfully, the conspiracy theories were easily disproved and the Franklin Half Dollar enjoyed a respectable run as a successful coin widely embraced by the public.

The prominence of the crack in the Liberty Bell was cause for some concern by some influential thinkers of the day while the relatively small depiction of the American bald eagle was a product of last-minute corrections to ensure the coin was legal, as U.S. coin denominations above the dime must carry an image of an eagle on the reverse. Courtesy of PCGS TrueView.

Treasury Secretary John W. Snyder overrode the misgivings of the Commission of Fine Arts, whose review role was only advisory, and forged ahead in moving the Franklin Half Dollar into production, perhaps partly in tribute to the fallen Sinnock. A United States Treasury release on January 7, 1948, characterized the Franklin Half Dollar as a coin proposed by Ross that received Snyder’s “enthusiastic approval.” The release stated that at that time just two specimens were released, one of them being shown to President Harry Truman, who was said to have been “much pleased with it.” Noting Franklin’s trademark “thrift,” Synder reportedly “thinks it will remind everyone that an excellent thing to do with spare half dollars and other spare coins these days is to buy savings bonds and stamps.”

Collecting the Franklin Half Dollar

As popular as the Franklin Half Dollar is with collectors, it’s a series that seems to fly under the radar for whatever reason. Perhaps it’s the fact that the series, running for notably less than two decades, lacks any major key dates of remarkably low business-strike mintages; even the lowest-mintage business strike, the 1955 issue, was struck to the tune of nearly 2.5 million pieces. There’s also the perception among some that there isn’t much challenge to building the set. And, on the surface, some of these judgments seem to ring true.

Yes, the series ran from just 1948 through 1963 – that’s 15 years, 16 if counting those calendars inclusively from end to end. Yes, there are no equivalent 1909-S VDB Lincoln Cents or 1916-D Mercury Dimes among the Franklin Halves – all the regular-issue circulation strikes can be obtained for prices not too far off from spot values in worn grades. And, yes, there are no major doubled dies or other oddities that help the Franklin Half Dollar leap afore collectors’ minds – as do pieces like the 1955 Doubled Die Lincoln Cent and 1937-D Three-Legged Buffalo Nickel for their respective series.

The dearth of marketplace zeal for Franklin Half Dollars has meant that those collectors who are enamored with these mid-century halves were able to enjoy some really good deals for a very long time. Looking at the crux of the series, the Franklin Half Dollar yields 35 regular-issue coins, inclusive of all business strikes from the Philadelphia, Denver, and San Francisco Mints.

Yet, add in the proofs, major varieties, and other curiosities, and the number of required items well more than doubles. And this isn’t even counting the FBL Franklin Halves – that is, those which carry Full Bell Lines on the Liberty Bell, giving rise to the “FBL” acronym so familiar with Franklin Half Dollar aficionados. FBL is important… Some of the rarest and most valuable Franklin Halves encapsulated by PCGS carry the FBL designation on their certification label.

On the other end of the spectrum are the circulated regular issues. There was a period in the 1990s when one could buy a complete 35-piece basic set of Franklin Half Dollars for as little as $200 and $300, depending on the grade of the coins involved and the dealer. At the time, silver traded for around $4 to $5 an ounce and the bulk of the circulated coins could be plucked from dealer bins for $5 to $7 each, sometimes less. Many run-of-the-mill uncirculated specimens were readily available for $10 or $12 each.

Such deals are long gone today, with silver up over $20 an ounce and numismatic premiums on all circulated pre-1965 90% silver U.S. coinage running at lofty highs. Meanwhile,

Franklin Half Dollars are no longer the overlooked coins they once were 25 or 30 years ago. Yet, it’s still one of the most underrated U.S. series of its time.

A decent set of circulated Franklin Half Dollars is a favorite goal of many collectors who love this mid-century series. Courtesy of PCGS TrueView.

Full Bell Lines (FBL), “Bugs Bunny” varieties, and proofs are among the many curiosities that keep Franklin Half Dollar enthusiasts going beyond a basic date-and-mintmark set. Courtesy of PCGS TrueView.

The series offers a tantalizing blend of reasonably obtainable coins, challenging rarities, and grade-based keys that appeal to a broad range of collectors. The budget collector can still land a circulated set for maybe $500 or so, while the more quality-conscious fan of the series can amass the set in MS63 or MS64 for $1,000 to $1,300, depending on the grade of specific pieces.

Collectors who demand only the best of the best in grade, eye appeal, and complexity must dish out far more than a grand or two to assemble their sets. The series specialists who desire only coins with FBL designation and examples of the most sought-after varieties could easily push into the six figures with their Franklin Half Dollar goals. This is where the competition between collectors can get intense, as there are remarkably few examples of any single Franklin Half Dollar issue at the very top of the grading charts. These collectors wind up notching some pretty impressive results on the PCGS Set Registry.

FBLs, Varieties & Conditional Rarities – Oh, My!

Looking at the Franklin Half Dollars in greater depth, it becomes clear that the series offers a rich array of pieces that can keep even the most intrepid collectors busy on their quest to complete a set of these coins. While even a basic date-andmintmark set can pose a financial hurdle to some who want only choice examples, the additional criteria of including only coins that are graded with the FBL designation or expanding into varieties and finest-graded specimens can turn what might otherwise be a rather pedestrian pursuit into a full-on numismatic challenge.

one exists in the top grade of PCGS MS67FBL, meaning only one collector can claim the most pristine of all examples for this issue with the coveted Full Bell Lines details. There are no known public transactions for this example, suggesting it is either long locked up in a collection or only being traded among a very small network of collectors or dealers.

Going down the grading scale to the next 1953-S FBLs we come to MS66FBL, of which two are currently known. The last public offerings at this level were in 2001, when two sales were notched – one at $35,075 and the other at $69,000. PCGS CoinFacts currently lists the value for a 1953-S MS66FBL as $60,000 – a figure beyond the financial flexibilities of most collectors. As a matter of fact, even in MS63FBL, the lowest grade point for which PCGS CoinFacts lists prices for the 1953-S in FBL, the retail market still points to prices of around $8,250 – a price that may have a collector deciding between buying a coin for their Franklin Half Dollar set or perhaps paying down a sizable chunk of their mortgage. Decisions, decisions.

For PCGS to bestow the FBL grading designation to a Franklin Half Dollar, the coin must “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.” Courtesy of PCGS TrueView.

The FBLs alone pose a tremendous test of numismatic grit, as many of the Franklin Half Dollars prove nearly unattainable for most collectors, if not for cost than for elusiveness. Consider the 1953-S Franklin Half Dollar with FBL designation. Just

Some consider the 1953-S with FBL designation to be the conditional series key. Examples of this issue with Full Bell Lines generally soar deep into the five figures. Courtesy of PCGS TrueView.

Assuming the Franklin Half Dollar collector building such a top-notch cabinet on the PCGS Set Registry can clip away a 1953-S in FBL, there are at least 34 other dates required with the FBL designation to complete the assemblage with this prestigious designation. And many of these take $10,000 or more in grades of MS66+ or higher with the FBL designation. Need the proof? Check out the 1963 in MS66+FBL, which is an $85,000 coin. The 1962 in MS66+FBL isn’t far behind at $70,000. In MS66+FBL or MS67FBL (whichever is the higher available for said issue) at least 20 other dates fetch retail prices of $10,000 or better. If you’re doing the math, you’ll quickly realize the majority of the issues required for the basic date-and-mintmark set take over $10,000 in the highest grades known; in many cases, these price tags exceed $20,000 and in at least a few, $30,000.

Of course, collecting FBLs is just one way the Frankie collector can advance their numismatic game. There are varieties galore among the Franklin Half Dollar realm. Many doubled dies are attributed for the series, but the 1961 Reverse Doubled Die Proof is probably the single-most famous among Franklins. Dramatic doubling on this coin is evident in the inscriptions “E PLURIBUS UNUM,” “UNITED STATES,” and “HALF DOLLAR.” There are other Doubled Die Reverses for that year, but they are not as dramatic and are far less valuable.

The one to look for has very strong doubling of “E PLURIBUS UNUM,” “UNITED STATES,” and “HALF DOLLAR.” None have been graded by PCGS with the DCAM designation, and the service has encapsulated only four with the CAM distinction – perhaps only 20 would qualify at that level. At present, the few known 1961 Reverse Doubled Die Franklin Half Dollars retail for between $5,000 in PR64CAM and $14,500 in PR66+CAM. A PR68 (no cameo designation) realized $15,000 at a November 2020 Stack’s Bowers Galleries offering, with PR66s obtainable for around $5,000.

The so-called “Bugs Bunny” die clashes also rank high among Franklin specialists. This variety entails the rather comical appearance of what looks like buck teeth on the Founding Father in very much the fashion of Bugs Bunny – the wise-cracking, carrot-chomping grey hare of Looney Tunes fame. Arising from the clashing of obverse and reverse dies, the funny “teeth” (a spike) were the result of the eagle’s wings on the reverse die pressing into the region of Franklin’s mouth on the obverse die.

A closeup of the miniature spike protruding downward from Franklin’s upper lip that gave rise to the popular Bugs Bunny variety. Courtesy of PCGS TrueView.

Bugs Bunny Franklin Half Dollars made waves during the height of the coin collecting boom in the mid-1950s, when coins like the 1955 Doubled Die Lincoln Cent were coming to the fore and millions of people were scouring pocket change and bankrolls for the latest valuable varieties. The peculiar Franklin Half Dollars with apparent need for orthodontic intervention were emerging during the era when Bugs Bunny was a household name, appearing in a colorful variety of cartoon shorts on television and movie theaters.

The Bugs Bunny die clash is most commonly seen on 1955 and 1956 Franklin Half Dollars, with the 1955 being the more numismatically prominent of the two. However, the variety is also known among other dates in the series, and it may yet still be discovered on issues not currently known to include it. PCGS has graded well over 2,500 examples to date, with most of these bearing the 1955 date, a small but significant minority are dated 1956, and the small balance inclusive of issues from

The 1961 Doubled Die Reverse Proof Half Dollar shows strong doubling across the inscriptions “E PLURIBUS UNUM,” “UNITED STATES,” and “HALF DOLLAR.” Courtesy of PCGS TrueView.

1949, 1951, 1953, and other dates in the series run.

It’s a variety that is fairly difficult to spot unless one knows what to look for and where to look for it on the coin, and it can be readily cherry picked raw as many dealers either don’t know about the Bugs Bunny variety or don’t think to look for it when reviewing and pricing inventory. When the Bugs Bunny Franklin Half Dollars are attributed and encapsulated in PCGS holders they are popular sellers and frequently included in PCGS Registry Sets representing the larger series.

The bulk of these curious pieces are graded MS63 to MS65 and sell in the $50 to $125 range, though higher-graded specimens and those possessing the Full Bell Lines designation are scarcer and sell for much more. A 1955 graded MS66FBL took $1,200 in an online auction in 2022, and a 1956 in that same grade snagged $989 that same year.

Other Franklin Half Dollar varieties collected within the PCGS Set Registry include dozens of others, such as the 1949-S Over S Repunched Mintmark, 1952 Scarface, 1957D Over D Repunched Mintmark, 1959 Goiter, and 1963 Doubled Die Reverse. Even proofs, which are supposed to represent the epitome of minting perfection, aren’t immune from a few gaffes – certainly not in the case of the Franklin Half Dollar anyway. The proofs were struck from 1950 through 1963, which notably excludes the first two years of the circulation run; this is due to a temporary moratorium on proof production beginning in 1943 that was necessitated by a focus on producing business strikes and military medals during World War II.

was followed up with the 1951 Doubled Die Reverse, 1952 Bugs Bunny Proof, 1956 Type 1 and Type 2 varieties, 1957 Tripled Die Reverse, and 1962 Doubled Die Reverse – all curiosities that, along with the aforementioned 1961 Doubled Die Reverse, captivate Franklin connoisseurs. All of these are also collected within the PCGS Set Registry.

The 1952 Scarface, one of several varieties like this in the series, features a die break on Franklin’s lower cheek that resembles something of a reverse capital letter “J.” Courtesy of PCGS TrueView.

When proof production resumed in 1950, things kicked right off with some interesting varieties for the Franklin Half Dollars with the 1950 Quadrupled Die Obverse. This

Cameo and Deep Cameo Proof Franklin Half Dollars are very scarce and highly valuable. Courtesy of PCGS TrueView.

Any conversation about Franklin proofs must also touch on the remarkable challenge – and expense – in procuring cameo examples. As students of modern United States proofs generally know, cameo proof coinage dating before the 1970s is extremely scarce – even rare. Proof Franklin

THE FRANKLIN HALF DOLLAR TURNS 75

halves with cameo frosting, and especially deep cameo (DCAM) contrast, are infrequently encountered and highly sought after. One of the biggest spreads in pricing between regular proof and DCAM occurs with the 1951 Proof. The 1951 lists at $2,150 in PR67, while in PR67CAM it goes for $4,250 and in PR67DCAM it realizes $85,000. Meanwhile, the 1959 in PR69 takes $750, with the PR69CAM going for $12,500 and the PR69DCAM drumming up $50,000. Most other high-end DCAM Franklin Half Dollars trade for more modest four-figure prices and many of those in the middle proof grades can be had for three figures, and quite often less than $100.

What this all goes to show is that the Franklin Half Dollar series offers something for just about everyone, and those with the pocketbooks and perhaps more important the patience can build an incredible set. And about building those sets… What are your options?

Collecting Strategies

The Franklin Half Dollar offers myriad collecting avenues and opportunities. There is always the option of going the tried-and-true route with collecting the run of circulation strikes by date and mintmark – surely the most frequently pursued path for this series. The PCGS Set Registry offers the Franklin Half Dollars Basic Set, Circulation Strikes (19481963). One can up their collecting stakes on the circulationstrike set by only going for examples with FBL detail; this objective is actualized on PCGS Set Registry with Franklin Half Dollars FBL Basic Set, Circulation Strikes (1948-1963).

The addition of proofs provides greater depth to any Franklin Half Dollar set, and in the case of the PCGS Set Registry there are several options for incorporating these numismatic strikes from the series. These include the proof-only Franklin Half Dollars Basic Set, Proof (1950-1963) and the more advanced Franklin Half Dollars FBL Basic Set, Circulation Strikes and Proof (1948-1963). Greater complexity can be further built into these sets by narrowing the proofs down to only those graded with the CAM or DCAM designation.

Finally, there are the Franklin variety sets – and these are by far some of the most challenging sets to build. Consider the 79-coin Franklin Half Dollars Complete Variety Set, Circulation Strikes (1948-1963), which is also available in an FBL-only option. The proof strikes rank their own varietybased PCGS Registry Set with the 29-coin Franklin Half Dollars Complete Variety Set, Proof (1950-1963).

If you’ve got a tighter budget, don’t forget the Franklin Half Dollars Date Set, Circulation Strikes (1948-1963), which requires just 16 coins and avoids tougher, more expensive issues such as the 1949-D and 1950-D. Then there are the PCGS Everyman sets, which mirror the configurations of

their corresponding “regular” sets but allow for collectors to be more competitive and earn potential prizes without the challenge and expense of buying top-grade pieces.

The 1949-D is one of the tougher dates, and depending on what type of set a collector chooses to build, this and other rare issues can either be included or avoided. Courtesy of PCGS TrueView.

Many other PCGS Registry Sets also cater to the Franklin Half Dollar buff, and that’s not even discussing the slew of type sets that, along with other classic U.S. coins, have at least one hole dedicated to the coin. Deciding which Franklin Half Dollar set to build all comes down to the degree of challenge you desire, how much money you can budget to the endeavor, and what your overarching collecting goals encompass.

The Franklin Half Dollar’s Legacy

Had a lone assassin named Lee Harvey Oswald not killed President John F. Kennedy at the age of 46 in Dallas, Texas, on November 22, 1963, the Franklin Half Dollar might have lived well beyond 1963. Seeing how presidential portraits first placed on circulating coins during the first half of the 20th century are still produced today, it’s not all that far-fetched

THE FRANKLIN HALF DOLLAR TURNS 75

to believe the Franklin Half Dollar may have therefore even continued rolling along today. It’s even further plausible to think that the half dollar would still be a widely circulating denomination had the Kennedy Half Dollar not been struck – at least not with the sudden and devastating events that precipitated its creation. After all, halves really only disappeared from commerce when millions of Americans began pulling Kennedy Half Dollars from circulation as a memento of the fallen young president. This collecting habit persisted well beyond the mid-1960s and even into the coppernickel clad era on the belief that all Kennedy Half Dollars were worth more than face value, which – unless made from silver, are uncirculated, and / or contain errors and varieties –they are not.

spent so much time paired with an eagle, a bird he was well known to despise – at least in jest.

The last Franklin Half Dollars were minted in 1963, the year President John F. Kennedy was assassinated in Dallas, Texas. Congress acted quickly to honor the fallen president on the half dollar beginning in 1964. Courtesy of PCGS TrueView.

While the Franklin Half Dollar is certainly a well-known and popular collectible, the series never really got its due. Presuming a normal course of events would have otherwise played out for the Franklin Half Dollar, its life was likely cut short by at least a decade given the mandate of a 25-year minimum on the lifespan of coin designs, per the earlierreferenced 1890 coinage law. After the sudden and tragic event that ended Kennedy’s life, a coin honoring his likeness was passed into law in a matter of only weeks and thus brought an end to the Franklin Half Dollar.

Of course, it’s hard for many to envision the appearance of a Franklin Half Dollar bearing a date from the 1970s, ‘80s, or ‘90s, let alone think of the coin in the copper-nickel clad composition it surely would have adopted had it survived another decade or more. And maybe that’s exactly as it should be. The Franklin Half Dollar holds many unique distinctions, serving as the last large-denomination U.S. coin series not produced in a clad format and is one of the few circulating United States coins carrying the likeness of a non-presidential politician. It also marks one of the few occasions Franklin ever

An 1816 artistic representation by Benjamin West depicting Benjamin Franklin’s discovery of electricity when his kite was struck by lightning. Public domain image from Wikimedia Commons.

Franklin remains one of the nation’s most beloved historic figures, and he remains every bit as much a mascot for Philadelphia as fictional boxer Rocky Balboa. Collectors wishing to pay tribute to the man who discovered electricity when his kite was struck by lightning may be electrified with the many possibilities for collecting the Franklin Half Dollar; as we see, there are options suitable for virtually everybody. And with the 75th anniversary of the Franklin Half Dollar, there has perhaps never been a more punctual time to collect a coin honoring one of the nation’s most practical –and timeless – heroes.

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.

THE FRANKLIN HALF DOLLAR TURNS 75

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The New PCGS Top 100 Modern Coins

By Jaime Hernandez

For a decade, modern coin collectors have been anxiously awaiting the new list of the PCGS Top 100 Modern Coins. The PCGS Top 100 Modern Coins feature some of the greatest modern coins in existence that have been produced by the U.S. Mint. Recently, we updated the new list and published news of the revamping of the list of PCGS Top 100 Modern Coins in the previous PCGS Market Report. Many great modern coins were added to the list, while several others were already on the list, but some of them might have gotten shuffled around in their placement rankings because of new additions.

Some of the new coins in the list are scarce, while others are very special. For some of the coins, collectors have to be very patient to find an example for their collections, while others can still be found in circulation by sharp treasure hunters. In addition to publishing the list here in this issue of the PCGS Market Report, we are also making this list available online so that collectors everywhere can study and enjoy the new list.

1. 2000 Sacagawea/Quarter Dollar Mule

2. 2014 Narrow Reeding American Gold Eagle

3. 1969-S Doubled Die Lincoln Cent

4. 1968 No S Proof Roosevelt Dime

5. 2020-W V75 Privy Proof $50 American Gold Eagle

6. 1990 No S Proof Lincoln Cent

7. 2000 Cheerios Sacagawea Dollar

8. 1964 SMS Kennedy Half Dollar

9. 1964 SMS Washington Quarter

10. 1964 SMS Jefferson Nickel

11. 1964 SMS Lincoln Cent

12. 1992 Close AM Lincoln Cent

13. 1992-D Close AM Lincoln Cent

14. 1995-W Proof American Silver Eagle

15. 2019-S Enhanced Reverse Proof American Silver Eagle

16. 2008-W Specimen $100 American Platinum Eagle

17. 1972 Doubled Die Type 1 Lincoln Cent

18. 2004-D High Leaf Wisconsin Quarter

19. 2004-D Low Leaf Wisconsin Quarter

20. 1972 Type 2 Eisenhower Dollar

21. 1971 No S Proof Jefferson Nickel

22. 1970 No S Proof Roosevelt Dime

23. 1983 No S Proof Roosevelt Dime

24. 1997-W $5 Jackie Robinson

25. 2008-W Reverse of 2007 SP American Silver Eagle

26. 2000-W $10 Library of Congress

27. 2021 $10 Type 2 Unfinished Proof Dies American Gold Eagle

The (2000)-P Sacagawea Dollar muled with a 50 State Quarter obverse is one of the rarest and most important coins of the modern era. PCGS TrueView.

THE NEW PCGS TOP 100 MODERN COINS

73. 2010-W $10 Buchanan Spouse

74. 1970-D Kennedy Half Dollar

75. 1995-W $5 Stadium

76. 1997-W $5 Franklin Delano Roosevelt

77. 1995-W $5 Civil War

78. 1996-D Paralympic Mint State Dollar

79. 1996-D Tennis Mint State Dollar

80. 1996-D High Jump Mint State Dollar

81. 1996-D Rowing Mint State Dollar

82. 1998-S Close AM Proof Lincoln Cent

83. 1999 Wide AM Lincoln Cent

84. 1999-S Close AM Proof Lincoln Cent

85. 1981-S Type 2 Proof Susan B. Anthony Dollar

86. 2001-D Buffalo Mint State Dollar

87. 1997 SMS Jefferson Nickel

88. 1998 SMS Kennedy Half Dollar

89. 1970-S Small Date Lincoln Cent

90. 1996-W Roosevelt Dime

91. 2009 $10 Margaret Taylor Spouse

92. 2005-D Speared Bison Jefferson Nickel

93. 1979 Wide Rim Susan B. Anthony Dollar

94. 2007-W $25 Specimen American Gold Eagle

95. 2008-W $50 Specimen American Gold Eagle

96. 2008-W $5 Specimen American Gold Eagle

97. 2007-W $10 Specimen American Gold Eagle

98. 2008-W $10 American Gold Buffalo

99. 2011-W $50 American Gold Eagle

100. 2006-W $25 American Gold Eagle

The new list highlights some new exciting coins, such as the 2014 $5 Gold Eagle with Narrow Reeding, with only about 40 examples known. Also entering the picture are the 2020W $50 V75 Privy Mark Gold Eagle with a low mintage of 1,945 and the 2019-S Reverse Proof American Silver Eagle, boasting a mintage of about 30,000. Some of these coins can be somewhat sleepers, as not many collectors know of their scarcity or their significance. This adds an even greater dimension of education value to this updated Top 100 list, which will help collectors gain a better understanding of the rarest and most important coins of the modern era.

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

Irish Gunmoney

By Sanjay C. Gandhi

II landed in Ireland and Parliament declared him the king of Ireland. Gunmoney coinage was introduced to Ireland in 1689 by James II, who was the former king of England. In an attempt to regain the English throne, the king had to pay his newly formed army to support his strategic endeavors. James II introduced token coinage consisting of base metals obtained from scrap items, such as old church bells, fencing, broken cannons, and guns.

When Queen Elizabeth II died at the age of 96 on September 8, 2022, she had served as Great Britain’s longestreigning monarch for a little over 70 years. There have been 62 monarchs over a period of 1,200 years in England’s history and the inaugural coronation ceremony was held at Westminster Abbey in 1066. William The Conqueror was the first monarch to be crowned, and the formalities remain almost unchanged to this day. Fast forward 619 years, when James II was crowned in Westminster Abbey on April 23, 1685. A practicing Catholic, he and his faith were on a collision course with the English Parliament.

His daughter Mary Tudor, a Protestant, was next in line for the throne, and therefore James II was at least tolerated by the English. However, when James II had a newborn son, who was Catholic, the successor to the throne changed to the junior offspring. Politicians had tolerated enough and welcomed William of Orange to "invade" England. When William arrived in England on November 15, 1688, King James’s officers joined William, and James dared not to engage his weakened army into battle. Louis XIV had offered military assistance to James, but he declined.

Mary, who was James’s daughter and married to William, was the heiress to the throne. James fled England and went into exile to France on December 23, 1688. On February 12, 1689, England declared that James II self-abdicated the throne, offering the monarchy to William and Mary, who became king and queen, respectively. In March 1689, James

Though many different objects were used to mint this type of coinage, the name “Gun Money” or “Gunmoney” was derived from guns – among the many objects used for making the coinage. This early use of clad coinage is similar to the clad coinage that circulates today. However, the refining techniques used varied in consistency, and coinage could be struck with many metals mixed together. Some consisted of bronze, copper, pewter, bismuth, and mixtures unknown. Coinage that survives today could appear green, brown, yellow, slate gray, and a hodgepodge of colors blended together. Silver and gold coins were struck as specimens and are considered extremely rare.

The standard calendar used in most parts of the world today consists of a 12-month year and is known as the Gregorian calendar. Dating for Gunmoney was based on the Roman calendar. In 753 BC, Romulus became the first king of Rome and is credited with the invention of the Roman calendar. The New Year started with the month of March and ended in December, and one year consisted of 10 months. January

PCGS MS63 1690 May ½ Crown Irish Gunmoney. Courtesy of PCGS TrueView.

PCGS AU50 1690 Crown Irish Gunmoney. Courtesy of PCGS TrueView.

and February were not in this dating system as they are in the present-day calendar. Denominations included in the series were the sixpence, shilling, halfcrown, and crown.

An interesting factoid about Gunmoney is that not only was it dated with the year, but each coin also displays the correlating month when it was minted, with the exception of the 1690 Crown. If James II regained the throne of England, he promised to redeem Gunmoney in the form of silver. James II most likely wanted these redemptions to occur in an orderly fashion, thwarting any attempts for a “run” on the bank that would usurp silver supplies quickly. Hence, redemptions would have started with coins dated 1689 March and ended with those bearing dates from summer of 1690.

Unfortunately, James II was not successful in his campaign to regain the throne, Gunmoney became worthless, and patrons were unable to redeem their token for the promised silver. However, these coins provide us with collectability and unique numismatic history for collectors to study and potentially discuss. Hoards of Irish Gunmoney are still being unearthed today in Ireland, and strict laws apply to each new discovery.

Building a complete date set will certainly challenge our members, but we offer an Irish Gunmoney Type Set, Circulation Strikes (1689-1690) for the beginner that seeks to start a collection of these interesting pieces. Advanced collectors seeking more challenging sets to build can choose from the Irish Gunmoney Sixpence and Shilling Set, Circulation Strikes (1689-1690) and the Irish Gunmoney 1/2 Crown and Crown Set, Circulation Strikes (1689-1690). The PCGS Set Registry continues its steady growth with over 158,000+ sets built by our members. We thank you for your ongoing support – our success is because of you, our members. Best of luck in building your sets in 2023. Happy Collecting!

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 Market Report, he also assists collectors with the PCGS Set Registry.

PCGS SET REGISTRY – IRISH GUNMONEY

PCGS UNC Details 1689 August Shilling Irish Gunmoney. Courtesy of PCGS TrueView.

Follow the Script

By Peter Anthony

Rows of brown corn stalks, bunched together like teepees, zip past my view. Outside my train window the world is painted with soggy shades of gray. It rained in Beijing this morning and the weather is no different here in Henan Province 400 miles away. I try to imagine what life is like for the country folks who pop in and out of sight. A lone figure on a muddy road, a rubber-booted farmer who slogs through a shallow pond.

People have farmed Henan’s land along the Yellow River for thousands of years. Stone Age settlements dotted the area. Almost 4,000 years ago, China’s first confirmed dynasty, the Shang, built its capital here on the banks of the sixth-longest river system in the world, on the same river banks where today 12 million people fill the city of Zhengzhou.

The train slows and glides into Zhengzhou Dong [East] Railway station. Past the platform, I glimpse high-rise apartments and the outlines of building cranes. Almost all of the passengers grab their luggage and leave, but Zhengzhou is not my destination. The now-quiet car feels like this is the end of the line. Then a conductor comes in and starts to rotate the seats so they face the opposite direction. I show him my ticket

to Kaifeng and he assures me that all is well.

More passengers trickle aboard and, at last, the doors slide shut. From the station, in reverse, on the very same rails by which it entered the train departs. To my relief, it soon veers onto another track and heads toward Kaifeng, or Bianjing, as China’s capital 1,100 years ago came to be called. It’s twilight by the time I get through the waiting line for a taxi. As it splashes its way toward the hotel, I peer out at the lights of the city.

Kaifeng blossomed during the Song Dynasty (960-1127). This was a period marked by greatness in culture – poetry, art, music, literature – and wars. Inventions like gunpowder made the imperial army a force to be reckoned with. It grew into what then was likely the world’s largest metropolis with a population of 600,000-700,000 between 1013 and 1127 A.D. For comparison, Rome might then have had 30,000 inhabitants. Paris, the largest city in Europe, counted around 200,000 residents two centuries later in 1328, the first time a census was taken.

What was daily life like during the Song Dynasty? A brilliant paper scroll painting captures it. This most famous

This is a set of six rectangular 1998 20 Yuan coins that represent views of Kaifeng, China, around 1100 A.D., as based on The Riverside Scene During Qingming Festival scroll painting. Each coin contains 2 ounces of .999-fine silver and measures 36 by 55 millimeters. The set is a product of the Shanghai Mint. Courtesy of PCGS.

scene in Chinese art, Along the River During the Qingming Festival , reveals Kaifeng as if some ancient photographer had shot A Day in the Life of the Song Dynasty there. This scroll has been called the Mona Lisa of Chinese art, but I think it is more like the Bayeux Tapestry, an artistic record of events in England in 1066 A.D. — coincidentally created around the time that Along the River During the Qingming Festival illustrates.

A set of Chinese coins celebrates the scroll: the 1998 Classic Ancient Chinese Painting — The Riverside Scene During Qingming Festival. Six two-ounce coins measuring 55 millimeters by 36 millimeters and manifesting as .999fine silver rectangles with face values of 20 yuan apiece were minted. Their exquisite images and details are numismatic masterpieces in their own right. The great coin designer Luo Younghui both designed and engraved the obverse. He and fellow coin artist Zeng Chenghu used six details from the painting for the reverse sides’ depictions. These cityscapes are called: Shanghai Gate, Street, Market, Shiqian Restaurant, Hongqiao Bridge, and Water Transport.

Today, there is a giant theme park in Kaifeng, the Qingming Riverside Landscape Garden, that brings scenes like these to life. Visitors have a chance to step back in time and imagine themselves in Bianjing, ancient Kaifeng, 11 centuries ago.

A little blue pennant swings from the tip of a tour guide’s wooden stick, “And this is the imperial doctor’s office.” She taps the rod on a spot of the wall. “This doctor treated not only the emperor, but common people as well. Outside his office is a well designed to keep dust out of the water.” People stand five deep as they strain to see the details the guide refers to on an immense concrete copy of Along the River During the Qingming Festival

“Over here,” the pointer shifts location, “shows a dramatic moment. A ship is headed toward a bridge. They will collide unless the sailors can lower its mast very quickly. The wooden bridge itself is called a ‘rainbow bridge’ and this design is a masterpiece of Song Dynasty engineering.”

“In every aspect of Song Dynasty life, the concept of harmony was prized. For example, the government published a book of architectural designs and standards so that all new buildings in Bianjing would be constructed in a unified style. During the Song Dynasty Bianjing expanded to 16 times its previous size, so the regulations kept the city’s appearance harmonious rather than degenerating into urban sprawl.”

“The Taizu Emperor, who established the Song Dynasty in 960 A.D., was an unusual ruler for his time. His personal tastes ran to the simple. To the horror of his counselors, he insisted on periodically traveling in disguise and unarmed to

assess the conditions of the people. In the past, cities in China were divided by interior barriers that separated neighborhoods and roads. In the new capital these were eliminated. He abolished curfews that curbed social and business contacts and Bianjing quickly developed a legendary nightlife. That’s why the main street in Along the River During the Qingming Festival is lined with bustling restaurants. Bianjing developed the most sophisticated food culture the world had ever seen. Its economy boomed.”

The tour group soaks it in hungry for a taste of what Song Dynasty life was like. Speaking of hunger, I notice people lined up at a pushcart. I edge over in that direction to see why. A street vendor, outfitted in a red coat and a black skull cap, slices slabs from a wheel of yellow pastry called Big Song Cut Cake. This traditional confection is baked from dates and glutinous rice.

The seller carefully inserts a wooden stick into a slice and hands the popsicle-shaped treat to a young woman. She gives him a paper yuan note. Paper money is a Song Dynasty invention, too. If this was a thousand years ago, though, a small transaction like this would probably be paid for with cash coins – round copper coins with a square hole in their center.

Northern Song Dynasty cash coin (foreground) and a cash coin mold (background). Courtesy of Peter Anthony.

Cash coins were cast, not struck. Molds were made into which molten metal was poured. After the metal cooled, the mold was broken to expose a coin “tree.” The coins were then detached from the tree and any remaining flash metal filed off. Each coin was inscribed with its imperial pedigree, sometimes carrying calligraphy by the emperor himself, another form of harmony.

The promotion of harmony did not ignore coinage. For example, in Chinese, the word for “coin” is pronounced the same as the word for “perfect.” So, the idea developed that two coins that are identical in all ways except their style of script are a harmonious pair. They bring good fortune to their owner and were collected.

The connection between imperial money and the emperor’s calligraphy is deliberate. Through most of China’s development calligraphy, or “shufa,” (pronounced shoo-fa) was considered, along with poetry, to be one of the two highest forms of artistic self-expression. It ranked higher than painting, or sculpture and that deep admiration for it continues to this day. Museums mount exhibitions of shufa, and many people find a sense of inner harmony as they fill notebooks with carefully drawn characters.

Harmony is a central feature of a series of five beautiful brass alloy People’s Republic of China calligraphy coins. These were struck at the Shenyang Mint with the first one released

in November 2009. Its design features an ancient seal script. Some 10 million business-strike coins were issued, each coin with a face value of one yuan. Their weight is 6.75 grams with a diameter of 25 millimeters. A total of 20,000 proof versions were also minted.

In 2010 another coin with the same specifications and the same 10 million was released. Once again, 20,000 proof versions of the design were made. The 2009 and 2010 proofs became the subject of considerable speculation. For a time, prices soared to more than $1,000 USD for a single coin.

The series returned in 2013, 2014, and 2017 with the

2009 1 Yuan Brass Calligraphy coin, Proof Condition. It is the first in a series of five commemorative “He” calligraphy coins. Courtesy of Peter Anthony.

2013 1 Yuan Brass Calligraphy coin, uncirculated condition. Courtesy of Peter Anthony.

same physical specifications, but changed in two ways: the denomination was raised to five yuan and the mintages increased, too. In 2013 there were 50 million, in 2014 70 million, and in 2017 250 million brass calligraphy coins minted.

Almost as soon as the brass series ended, China began to issue commemorative gold and silver shufa coins. In 2018, the Shenzhen Guobao Mint produced a set of one gold and four silver legal-tender coins called The Art of Chinese Calligraphy. The 100 yuan gold coin contains 8 grams of .999-fine metal and is 22 millimeters in diameter. It shows the most ancient roots of Chinese writing yet discovered — Oracle Bones. Oracle Bones date back 4,000 years to the Shang Dynasty and were first uncovered in Henan Province. The messages on them are invaluable clues to what Chinese society was like in that era.

2019 50 Yuan Silver Calligraphy Coin, proof. The subject is a combination of the partial characters of the Eastern Han Dynasty Ritual Vessel Stele and the words “Art of Chinese Calligraphy.” Courtesy of Peter Anthony.

The other silver calligraphy coins of 2018 are a 150-gram rectangular 50 yuan and a trio of 30-gram, 40-millimeter round issues. These also feature designs of a variety of ancient

2018 100 Yuan Gold Calligraphy Coin, proof, together with the plaster cast from which its dies were manufactured. The subject is Oracle Bones from the Shang Dynasty. Courtesy of Peter Anthony.

A trio of 2018 10 Yuan silver Calligraphy Coins, proof. The subjects date from the Qin. Tang, and Qing Dynasties. Courtesy of Peter Anthony.

Chinese scripts. Additional sets were released in 2019, 2021, and 2022. The 2021 set is particularly notable because the 100 yuan gold coin won a Coin of the Year award as the Best Gold Coin. Its design features an inscription from the Shence Army Stela that is engraved on a Tang Dynasty stone column (618-907 A.D.).

Not far from the Qingming Riverside Landscape Garden, the ancient tradition of calligraphy laps up against the present. One morning, as I stroll along a lakeside path an imposing structure built in Song Dynasty-style looms ahead. A sign in front of it announces,

“Experience the Taste of Traditional Culture. Exhibition of Traditional Scripting Skills.”

Inside, Chinese poetry and adages carved into stone cover the walls much as they do on the Art of Calligraphy coins. The sounds of excited school children on a field trip echo through the corridors. In one interior courtyard, I come across a handful of elementary school-age students busy with a game that uses the characters inscribed into the floor.

The arrival of a visitor distracts them. “Hello, hello!” several call out. “Where are you from?”

More children gather around.

“Meiguo, the U.S.A.,” I answer.

“Which city?”

“Los Angeles,” an answer that intrigues them.

“Do you like China?”

“Yes, very much.”

To these curious youngsters, I am a novelty. For all its historic significance, Kaifeng boasts no terracotta warriors, and it is not a common international tourist destination like Xi’an. This unexpected encounter will be something for the kids to tell their families about later. Before the teachers call them back to their studies everyone bunches together to take class photos with the foreign visitor. The children grin and make peace signs. Then they file off in two lines, just like some scene from Along the River During the Qingming Festival

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.

Numismatic Passion Begets Entrepreneurial Success

By Curt Gammer

The moment my five-year-old hands held that coin, I was hooked. At an early age, I found myself fascinated by historical documentaries. Much to my parents’ amazement, I would rather watch a five-hour discussion about the American Revolution than, say, your average cartoon.

When my uncle passed away, I was the only other member of my family who had an interest in the past, so he left me his modest coin collection. The fact that I was so young and holding coins that were 20 times older than I, blew my mind. To think that these small objects could have so much information and history tied to them was humbling. This experience inspired me to learn more about coins and collect as many as I could, sparking a lifelong fascination. To this day, my drive to learn about humanity’s past has me constantly surfing through textbooks and documents.

As I grew older and more mature, my passion for coin collecting developed into a profitable business model of

Witter Coin University. My long hair became synonymous with my image, so when I decided to sacrifice such a large part of my outward-facing identity by shaving my head bald, many professionals and hobbyists joined in. Smashing the goal of $5,000, we ended up raising nearly $10,000.

Along with attending as a student at the seminar this past summer, I aimed to serve as a mentor, volunteer, and role model to the younger people and assisted with the sheer logistics of such a massive undertaking. After I completed the program, I stayed in San Francisco for three weeks working for Witter Coin, learning everything I could about this specialized marketplace and helping to add value wherever I could.

Throughout my life, my passions for coins and history have taken me far in the world of business and relationships. As a teenage entrepreneur who has completed over 4,000 business transactions, I have learned a lot about what motivates buyers and sellers. The social skills I developed have also helped me in my daily life. I believe that by continuing to work and learn as much as possible, I will be able to achieve my personal and professional goals while helping others to realize their own.

Surface Smoothing and Other Metal Mischief

By Kyle Knapp

One of the many dreaded PCGS No Grades that may prevent a coin from receiving a numeric (70-point Sheldon) grade surface is smoothing. Considered a subcategory of “damage” due to the physical movement of metal involved, smoothing is a commonly encountered problem on issues from the early U.S. Mint and is seen on rarities from other eras as well. Basic familiarity with the appearance of such alterations can prevent unpleasant surprises in grading results and give one a better grasp on the condition and value of an affected example.

Perhaps the oldest form of surface smoothing is simple heating or melting. This method is similar to some wellknown methods of jewelry repair, wherein the metal is raised to a high temperature, at which point it becomes malleable and can be tapped, scraped, or otherwise manipulated to remove or obscure scratches, tooling, or other problems. This method has been around even longer than United States coins themselves, with many ancient gold coins having been repaired even centuries ago. The resultant surface is typically wavy and uneven, often discolored, and with any natural flow lines from the striking process always obliterated. The 1795

A slightly more modern form of surface smoothing is that of whizzing. Popular in the 1970s and ‘80s before its telltale appearance became widely known, whizzing involves using a high-speed rotating brush to impart the semblance of mint luster on the surfaces of a circulated coin, thereby creating the illusion of a higher grade. The final result is a coin with intense

Flowing Hair Dollar pictured above has had a large part of its right obverse field (that in front of Liberty’s face) repaired in this way, probably to remove an old graffito.

Whizzed 1891-O Quarter. Courtesy of PCGS.

Repaired 1795 Flowing Hair Dollar. Courtesy of PCGS.

but unnatural sheen, the cartwheel “bands” of luster thickened almost to the point of absurdity, sometimes encompassing a quarter of the surface area or more and jolting violently when rotated beneath a light source (the natural cartwheel bands indicative of original mint luster should be bright but narrow, dancing easily through crevices and atop devices).

even wear on the high points and open fields contrasts nicely with the protected areas between the stars and lettering.

The annular pattern of surface disruption during whizzing also frequently causes a buildup of metal along the leading edges of letters, stars, and devices as encountered by the brush. Note the prominent ridges seen on the date and other elements of the Morgan dollar pictured herein, a characteristic trait of heavily whizzed coins.

A final common form of surface smoothing is artificial circulation. Usually accomplished by rotating coins in a rock tumbler, this method seeks both to conceal underlying problems and mimic the appearance of a naturally circulated piece by lightly abrading the entire surface of the coin. While occasionally deceptive at first glance, artificially circulated examples – like the 1800 Half Eagle pictured above –evidence an unnatural uniformity to the surface accompanied by a graying or darkening of the high points and a general flattening of all raised elements. Under magnification, one can see the many small pits caused by repeated collision with the tumbling medium. Compare its aesthetic to that of the example below, which shows a natural circulation pattern:

Naturally circulated 1800 Half Eagle, PCGS XF40. Courtesy of PCGS TrueView.

As with all No Grades, surface smoothing or similar problems need not render a coin uncollectible. There are many rare and desirable issues for which even the most advanced connoisseur would be satisfied with an impaired example. Recognizing and describing such pieces accurately, however, is an essential part of the proper grading and consumer protection the PCGS standard represents.

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.

Whizzed 1879 Morgan Dollar. Courtesy of PCGS.

Artificially circulated 1800 Half Eagle. Courtesy of PCGS.

Fol lo w us for e xciting numismati c news, educati on a l content, an d th e c hanc e to wi n prizes!

Auction Highlights

By Jaime Hernandez

The year 2022 went down in the record books with many great coins and banknotes selling for impressive all-time-high prices at auction and in private sales. Several PCGS-graded coins sold for over a million dollars at auction and privately, and the top 20 U.S. coin auction prices realized for the year 2022 were all PCGS-graded coins. In this installment of Auction Highlights, we profile a sampling of interesting coins and a banknote that recently sold at auction.

1885 Liberty Head Double Eagle, PCGS PR67DCAM

The first item is an 1885 Liberty Head Double Eagle graded PCGS PR67DCAM. This is an extremely rare coin with 77 reported examples being minted. However, today, it’s estimated that approximately 20 exist in all grades combined, making this rare coin even rarer. Examples of this issue seldom appear in the marketplace due to its rarity. Collectors were definitely in for a treat, when Stack’s Bowers Galleries offered a PCGS PR67DCAM specimen in its November 1, 2022 auction. The example that sold has a population of 2, with none being graded finer at PCGS. The coin eventually garnered $990,000 at auction.

1935 Lincoln Cent, PCGS MS68+RD

Most collectors might think to themselves, “what’s so special about a common-date 1935 Lincoln Cent?” Well, what if you were told that the 1935 Lincoln Cent in question was in the extremely high grade of PCGS MS68+RD? Somehow, this 88-yearold coin managed to remain preserved in this very high grade for all these years,

making it a special coin indeed. On September 11, 2022, GreatCollections sold this 1935 Lincoln Cent graded PCGS MS68+RD for an incredible $55,125. Now there’s a pretty penny!

1880 $50 Silver Certificate Fr. 329, PCGS Choice Very Fine 35

The 1880 $50 Silver Certificate FR. 329 is an extremely rare banknote, as this variation offers only 30 to 35 known examples in all grades combined. Examples don’t appear at auction often and when they do, they usually command a strong premium. The front of the banknote prominently features a portrait of United States Secretary of State Edward Everett. The front of the banknote also features a bright-red scalloped Treasury Seal close to the center of the design. On the top-right and lower-right are vividly blue-colored serial numbers. The back of the note elegantly displays the words “United States Silver Certificate Fifty Dollars.” On November 3, 2022, Stack’s Bowers Galleries sold a really nice specimen of this issue graded PCGS Choice Very Fine 35 that realized $45,600.

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

Jaime Hernandez is an editor for the PCGS

French 1641/0 Croix de Templier ½ Louis D’or

By Jay Turner

What is better? The tried-and-true way practiced for centuries or a new way developed with new methods and technology? This debate certainly carries on with coin manufacturing. Beginning with the 1550s introduction of milled coins (coins made by a machine press), European countries wavered back and forth between milled and hammered (hand struck) coining methods. This vacillation that ended in 1641 with the demise of hammered production in favor of milled coining created some numismatic rarities in the process.

In March of 1640, the creation of a new coin, the Louis D'or, was implemented. This new denomination, which saw the production of three coins, including a half and double Louis D’or, sparked a competition between two mints and their rivalry in two different minting methods. The Paris Mint, with Louis de la Croix as master, manufactured coinage with the traditional hand-hammered methods. The Monnaie du Moulin, or the new mint, with Jean Warin as the master, produced milled coins with machinery such as the screw press. The three gold denominations of the Louis D’or were produced by both mints. The coins were made in 1640 and 1641. Louis de la Croix employed two fine engravers for the endeavor, Jean Darmand Lorflin, who was the general engraver of the coinage of France, and Claude Ballin – the goldsmith of the King. With the two engravers, there are two different styles of 1640 Louis D’or coins from the Paris Mint, with the finer of the two designed by Darmand Lorfelin and the nicknamed “big head” bust by Ballin. For the Monnaie du Moulin, Jean Warin was the engraver.

When the Louis D’or coins were released to the public those produced under Louis de la Croix were believed to

be counterfeits. The general public in comparing the two saw the inconsistencies in the hammered coinage, with the differences in strike and planchet versus those produced with the milled machinery at the Monnaie du Moulin with its consistently well-made coinage. From this competition, the coins produced using the hammered method were banned in January 1641. By 1645, France ended its production of coins using the hammered method and adopted the milled coinage exclusively for its coin production.

The coins produced under Louis de la Croix are rare today. This is especially so with the issues of 1641, since they were banned in January of that year. These coins feature his cross, known as the Templar cross, a quick identifying method for the pieces. The 1641 ½ Louis D’or coins also feature an overdate, with the “1” being placed over the “0” of the date. Today, it is believed that maybe four examples of this coin still exist dated 1641. In 2022, the PCGS office in Paris, France, received an example of one of the 1641/0 ½ Louis D’or coins from Louis de la Croix, known as the Croix de Templier variety listed as Gad-57a. This coin was graded and certified by PCGS and achieved a grade of MS63.

This coin is a piece of history that tells the story of the transition for the manufacturing of coinage from hammered to milled, ending the way coins had been manufactured in the land of France for over 2,000 years. Missing from the Bibliotheque nationale de France (BnF) Collection, it is an incredibly rare and important coin.

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.

France 1641/0 ½ Louis D’or Croix de Templier, PCGS MS63. Courtesy of PCGS TrueView.

1902 $5 Red Seal National Replacement Serial #1

By Philip Thomas

the star-studded piece destined to leave observers starstruck. In this special case, no actual stars were harmed (or printed) in the making of this Third Charter Period issue from The Second National Bank of Springfield, Massachusetts, and which happens to hail from the very first sheet of Red Seals printed for this New England institution.

If this museum-caliber note’s cardinal red overprint and embryonic serial number “1” weren’t admirable enough, it has been identified by PCGS Banknote staff as a Replacement Note! But, wait a second… Where’s the star? Aren’t Replacement Notes also known as “Star” Notes? The answer is yes… And no. Even the most casual part-time or aspiring numismatist is likely familiar with the concept of a Star Note and has probably even located a few inside of their wallet over the years. Starting in the summer of 1910 and continuing until this day, the U.S. Bureau of Engraving and Printing (BEP) has maintained the practice of replacing misprinted, miscut, smudged, damaged, or otherwise imperfect banknotes deemed unfit for circulation with alternates from a preprinted reserve of Star Notes. These replacements have conspicuous star characters located at either the beginning (prefix) or end (suffix) of their overprinted serial numbers. While the size and shape of the stars used by the BEP have changed over the years, the one thing that has remained constant throughout this century-plus period is the pentacular form itself.

Luckily for banknote specialists, significant advances into how to identify Replacement Notes produced by the BEP prior to 1910 have been made in recent years. This, thanks to prolific banknote researchers and writers Peter Huntoon and Shawn

takes a doctoral degree in forensic science to properly identify a “Pre-Star Replacement.” Thankfully, for the public-at-large, they can always rely on PCGS Banknote to responsibly run the diagnostics and correctly certify their “Pre-Star Replacements” on their behalf – at no extra charge.

To briefly summarize, in mid-1903, the BEP introduced new higher-speed equipment to improve the rate of overprint application, and this equipment utilized numbering heads with slightly different fonts on certain numerals (2s, 3s, and 4s). An executive decision was made to push aside and repurpose the older single-action equipment to create replacements. And this note is a confirmed product of that older equipment, replacing a less-than-desirable first-pass specimen.

In some sense, the term “Pre-Star Replacement” is a bit of a misnomer for this National Bank Note, even though it was printed prior to the Star Note era. Because it’s a National Bank Note (a major type of banknote that never utilized star characters), the Replacement Note nomenclature is probably a better fit.

Well folks, here you have it – a Pre-Star is born! And you best thank your lucky stars for its preservation and existence today. 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.

This 1902 $5 Red Seal National Bank Note shines with its star-studded story. Courtesy of PCGS.

Remembering Stewart Blay & Walter J. Husak

By Joshua McMorrow-Hernandez

We at PCGS are sad to share the news that two of the hobby’s most accomplished collectors, Stewart Blay and Walter J. Husak, died during the last weeks of 2022. Blay, 71, passed away on November 25, 2022, and Husak, 80, left this earth on December 15, 2022. Both were highly successful outside their field of numismatics, with Blay building a career as a sculptor and Husak as an entrepreneurial businessperson. Their numismatic passions graced the website pages of the PCGS Set Registry and were displayed at the PCGS booths at various coin shows spanning the United States. Blay was a consummate collector of small cents, and his collections of Flying Eagle, Indian, Lincoln, and Canadian Cents were unequaled. Husak, a masterful collector of early United

States large cents, had become one of the nation’s foremost experts on his topic and was a prominent member of the Early American Coppers club.

Both were congenial individuals who loved talking about their hobby with collectors of all ages and skill levels and were always willing to share their knowledge with others. They will be greatly missed.

“I met Stewart at the first Indian Cent Showdown at the Long Beach Expo 20+ years ago, and he was larger than life,” recalls collector Doug Wright. “He had a story for every coin. He had a photographic memory of every coin he ever saw, and it was amazing. I would meet him at shows, and we would go through the viewing rooms and look at every small cent

Collector Doug Wright (left) stands beside Stewart Blay (right) at the Florida United Numismatists Show in January 2020 when they collaboratively exhibited their collections of Flying Eagle and Indian Cents. Courtesy of Rebecca Tran.

together. I got an education every time. He was very generous with me through the years passing along his knowledge.”

Small cent dealer Andy Skrabalak first met Blay more than 25 years ago. “We had many conversations about our mutual love for Indian and Lincoln Cents,” Skrabalak says. “We also had many auction battles over the same coins, as we were buying for our customers, and he was buying for himself! This led to many high prices being paid for these special ‘Stewartworthy’ coins. In October 2021, [I] had the pleasure of spending a few days with him looking at his entire small cent collection in person and hearing his comments about each one! That was a once-in-a-lifetime experience and a definite highlight.”

Colonel Steven K. Ellsworth recalls Husak as, “a friend to all who had the great fortune to meet and talk with him.” Ellsworth continues, “His passion for collecting and especially early copper cents was contagious. He was a special friend to me, and for many years we shared the ‘copper bug.’ During his magnificent sale in 2008, I was fortunate to be the high bidder of 10% of his collection. Shortly after his sale, Walt began to rebuild another collection. Walt and I continued selling and trading coins to each other as recently as September 2022. Many times, the difference in haggling was settled by a flip of the coin to determine the price or trade. I do not think that I ever won a coin toss with Walt in over 20 years.”

Adds Ellsworth, “Godspeed, my friend.”

Husak is remembered by early copper collector and dealer Greg Hannigan as a “student of the hobby” who was a fixture at Early American Copper conventions, the Long Beach Expo, and other numismatic events. “Everyone really enjoyed his wonderful smile and unbelievable knowledge. His passion for our hobby, especially 1794 and other early large cents,” remembers Hannigan. “Walter was one of the nicest persons you could ever meet in the hobby, always willing to talk and discuss numismatics, collections, travel, cars, and cool stuff. I will always cherish my memories with Walter.”

Joshua McMorrow-Hernandez

Walter Husak (left) enjoys sharing the booth with fellow large cent enthusiast Col. Steven K. Ellsworth (right) at the 2022 Central States Numismatic Society Show. Courtesy of Rebecca Tran.

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.

GRADING STANDARDS

A Guide to PCGS Grades & Designations

There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade.

For a description of all the grades and designations used in the PCGS Market Report, 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.

PCGS COIN 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

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

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

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

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

Strike

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

Luster

The strength and pattern of light reflected off a coin.

Surface Preservation

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

Eye Appeal

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

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

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

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

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

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

XF45 Detail is complete with most high points 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.

VF25 Detail is 60 to 70% complete.

VF20 Detail is 50 to 60% complete.

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

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

VG10 Design is worn with some detail evident.

VG08 Design is worn with only slight detail evident.

G06 Detail is flat, but rims are complete. Peripheral lettering is full.

G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full.

AG03 Rims are worn but most lettering is readable though worn.

FR02 Mostly worn, but some design details are visible.

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.

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

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

A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective. A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully reflective or virtually so.

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

A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good reflectivity. A PCGS PR64 will have noticeable

hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity. A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull.

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

A PCGS PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective.

A PCGS PR60 will have no wear on the high points, but will be very hairlined and/or marked. Eye appeal is negative.

Brilliant proofs may not be reflective. Proofs below PR60 for proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes.

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

PCGS COIN DESIGNATIONS

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

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

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

Color for Copper Coins (MS60 or better)

PCGS GRADING STANDARDS

Full Steps for Jefferson Nickels

Full Bands for Roosevelt Dimes

Full Steps (FS) PCGS designates Full Steps for Jefferson Nickels that grade MS60 or better and show a full five or six steps in the portrait of Monticello (Thomas Jefferson’s home) on the reverse. To qualify for this designation, a coin must also have nomajor disturbances, including cuts and marks, to the separation of the steps.

Full Bands for Mercury Dimes

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

Full Head for Standing Liberty Quarters

Full Bell Lines (FBL) PCGS designates

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

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

Full 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.

Prooflike (PL) PCGS designates

Prooflike for coins that grade MS60 or better and show clear reflectivity, i.e. mirrored surfaces at a distance of two to four inches. If the cartwheel effect or striations cause an area to lose clarity, the designation will not apply.

Full Bell Lines for Franklin Half Dollars

Prooflike Surfaces

Prooflike Surfaces

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.

No Grade Coins

PCGS does not grade coins that are counterfeit, have been artificially toned, have had their surfaces altered, have been environmentally damaged, have been abrasively cleaned, have extremely large scratches, or have been repaired. Some allowances are made for ultra-rarities, Colonials, and Territorial gold coins, in which there are some instances when “net grading” is used by PCGS as a service to the numismatic community.

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.

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.

PCGS GRADING STANDARDS

The Million-Dollar Liberty Head Eagle

By Doug Winter

It’s likely that Heritage Auctions’ recent sale of a PCGS AU53 1875 Liberty Head Eagle will go largely unnoticed by non-specialists. After all, million-dollar coins are a common occurrence at coin auctions in the 2020s, and to get noticed today, it seems a coin needs to hammer for at least $4 million. But to those of us of a certain age, a million bucks is still a ton of money for a coin – especially a circulated coin and one that has flown under the radar for years. Some background is in order.

The 1875 Liberty Head Eagle, seen here in its original PCGS holder and graded AU53, took $1,020,000 in an October 2022 auction. Courtesy of Heritage Auctions, www.HA.com.

In late 2019, a prominent venture capitalist contacted me about assembling a world-class set of Liberty Head Eagles. I mentioned that there was, coincidentally, an important complete set of these which was coming on the market in February 2020. I was very familiar with the coins in the collection, as I had sold the owner a number of them and the coin that I urged him to focus on was the 1875.

I had purchased the coin in the set for the owner in 2018 at a price of $372,000, and I remember telling the prospective new owner that I thought 1875 Eagles were very underappreciated – that in the future it could be a $500,000 to $600,000+ coin. After preparing an extremely detailed proposal for this individual, he decided that the series was “too complicated” (his exact words… Sigh) and he stopped communicating with me.

My point is this: I certainly didn’t expect the 1875 $10 to become a million-dollar coin in 2022; let alone in my lifetime.

This 1875 Liberty Head Eagle is graded PCGS AU53 and sold for virtual moon money at a Heritage Auction sale. Image is courtesy of Heritage Auctions, www.HA.com.

The 1875 $10 is the undisputed key to the Liberty Head Eagle series, with likely no more than 10 known specimens from an original mintage of just 100. Not only is it definitively

Before the Trophy Coin Era (which really began in earnest around 2020), the price of rare coins went up incrementally. A coin like an AU 1875 Eagle was worth $150,000 in the 2000s, $250,000 in the early 2010s, and $350,000 in the early 2020s. Given its price history, one would have expected the next price increment for this date to have been $450,000 (maybe even $500,000) in 2022. But this isn’t how values work today, and as a result we have yet another record price that is multiples higher than the previous peak of $372,000.

How will this price impact comparable Liberty Head gold coins? The two issues that I think are most closely aligned with the 1875 Eagle are the 1854-S Quarter Eagle and the 1875 Half Eagle.

The 1854-S Quarter Eagle is slightly less rare than the 1875 Eagle in terms of overall rarity, but it is rarer in high grades (in this case AU and finer). The most recent sale of a nice 1854-S was in March 2020, when the Pogue-Bass PCGS AU50 specimen brought $384,000. Given that a PCGS VG10 sold for $360,000 in May 2022, I’d say that the AU50 was a pretty good deal.

The 1875 Half Eagle is virtually equal in terms of overall and condition rarity to the 1875 Eagle. An exceptionally nice PCGS AU53 1875 Half Eagle brought $480,000 at Stack’s Bowers Galleries’ April 2022 auction. This seemed like a really strong price at the time, but now it appears like a really fair result. It is part of a series with more collectors than Liberty Head Eagles, and it was a slightly nicer coin (in my opinion) than the PCGS AU53 1875 Eagle that recently eclipsed the $1 million mark.

What will be the next under-the-radar $1 million dollar U.S. gold coin?

Doug is an award-winning author of over a dozen numismatic books and the recognized expert on US gold. He can be reached at 214675-9897, at dwn@ont.com or through his website, www.raregoldcoins.com.

The 1854-S Liberty Head Quarter Eagle is a rare coin in all grades. Courtesy of PCGS TrueView.

The 1875 Liberty Head Half Eagle saw a mintage of only 200. Courtesy of PCGS TrueView.

C entral S tate S

Numismatic society

2023 Annual Convention Schaumburg, IL

Schaumburg Renaissance Hotel & Convention Center

April 26-29, 2023

• PCGS, the Official Coin Grading Service and Official Grand Sponsor of CSNS

• Convenient Interstate location in upscale Chicago area

• Just 14 miles/20 minutes from O’Hare Airport

• Finest Hotel and Convention Center on the national coin show circuit

• Most secure location for dealer and collector safety

• Expanded Bourse, 600+ Tables, in association with PCGS

• Special sections for Currency, World and Ancient Coins, and budget/economy “Collector’s Coin Shop Annex”

• On-Site Grading by PCGS

• Professional security by Positive Protection, Inc.

• Large, diverse auctions by Heritage and Legend Auctions

• PNG Day Wednesday

• Educational programs

• Special Exhibit of Major Rarities by top collectors

• Early Bird passes and Pre-Show Registration available online @ www.CSNS.org

• New Management, Dealer and Collector friendly

• Free hotel guest, dealer, and visitor parking

• New! “The Collector’s Coin Shop Annex” open until 3 pm on Sunday - For budget minded collectors and dealers; upstairs from main bourse floor. Discounted tables still available.

• New! 3-Day Live Symposium provided by the Newman Portal

• New! Innovative Dealer Only section for wholesale trading

Hotel Reservations:

Schaumburg Renaissance Hotel 1551 North Thoreau Drive - Call 1-888-236-2427, or book online at https://book.passkey.com/go/CentralStatesNumismatics2023 Mention rate code “Central States Numismatic 2023” for our $176 Rate Free Hotel Guest and Visitor Parking

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Bourse Information: Larry Shepherd, Convention Manager, 719-464-8801 convention@CSNS.org

Thurs 10AM-7PM – Fri 10AM-6PM – Sat 10AM-4PM Dealer Set-Up Wed 3:00 - 7:00PM

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www.CSNS.org

PCGS Set Registry Showdown: The J&L and Escalante Collections

By Joshua McMorrow-Hernandez

The Escalante Collection showcases a remarkable set of commemorative coins with outstanding color and eye appeal, including this PCGS MS67 1928 Hawaiian Half Dollar. Those attending the 2023 Central States Numismatic Society Show will have the opportunity to see it in person at the event in Schaumburg, Illinois. Courtesy of PCGS TrueView.

Classic commemorative coins were struck from 1892 through 1954 and represent one of the most diverse areas of the United States numismatic catalog. However, building a set of commemorative coins is no easy undertaking. Many boast low mintages and even lower populations. Even in circulated condition, a basic 50-piece type set can easily set a collector back more than $10,000. An entire 144-coin set, inclusive of each date-and-mintmark combination for each type struck plus the various varieties counted among these coins tops $25,000 even in circulated condition.

collections stand out as among the very best in quality and eye appeal – the J&L Collection and Escalante Collection. Both sets have been years in the making.

Collectors John and Linda, of the famous “J&L” handle, embarked on assembling a complete set of commemoratives in the best grades they could find. John acquired his first commemorative, an Oregon Trail Half Dollar, in the early 1970s as part of a subscription program. By the mid-2000s, the PCGS Set Registry was on the scene and one of John and Linda’s commemorative sets entered the PCGS Set Registry Hall of Fame. But they wanted to assemble the finest set of all time – a goal that could enter the seven figures and take many years to accomplish. In 2005, John purchased a famous collection of commemoratives that became the nucleus of the newly named J&L Collection, which expanded into a 144coin endeavor.

Two of John and Linda’s crowning achievements came in 2018, when their magnificent set was displayed at the World’s Fair of Money in Philadelphia that August and at the Long Beach Expo a few weeks later in September. Sadly, Linda passed away in 2021, but John continues curating the J&L Collection in her memory. “She was a huge partner in this journey,” said John. “I could have never done this on my own. It was vital to have experts by my side, helping me along the way.” Among his counsel he named commemorative specialists

This magnificent 1926 Oregon Trail Half Dollar graded PCGS MS69 is one of the highlights from the legendary J&L Collection, which will be featured in the PCGS Set Registry Showdown at the Central States Numismatic Society (CSNS) Show on April 26-29, 2023. Courtesy of PCGS TrueView.

Don and Helen Carmody, Bill Johnson, David Schweitz, and Larry Shepherd.

Mason, the owner of the 50-coin Escalante Collection, began his numismatic journey decades ago when he began receiving silver half dollars and silver dollars from his grandfather as payment for helping maintain his sprawling property. Over the years, Mason’s collecting tastes grew, with his penchant for pretty patinas stemming from a set of colorful Walking Liberty Half Dollars included in the landmark 1987 sale of coins owned by The Beverly Hillbillies actor Buddy Ebsen.

“I didn't really follow classic commemoratives until I stopped by Larry Shepherd's table at the Long Beach Expo several years ago,” explained Mason. “He had on display a significant group of amazingly toned commemoratives that caught my eye, and I was off and running from there!” He sought classic commemoratives of all manner, with the contingency that they possess what he calls “super color.” Part of the challenge of building such a set is the elusiveness of such coins, and the fact that, when they do appear, they frequently hammer for astronomical prices.

Highlights from Mason’s collection will go head-to-head against selections from the J&L Collection in the PCGS Set Registry Showdown at the Central States Numismatic Society

(CSNS) Show, being held April 26-29, 2023, in Schaumburg, Illinois. CSNS Executive Manager Larry Shepherd remarked, “Both collectors demand only the best, and have the eye for quality and beauty to back that up.” He added, “In fact, I’m confident these two collectors own between themselves at least 95% of all the finest-known [classic commemoratives] in existence.”

Shepherd, an admirer of the J&L and Escalante Collections, is also a fan of the people who own them. “These two gentlemen epitomize what coin collecting is all about. Both gentlemen in the PCGS Set Registry Showdown are not only amazing collectors, but also stand among a very small handful of people I consider my best friends in life.”

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.

PCGS SET REGISTRY SHOWDOWN: THE J&L AND ESCALANTE COLLECTIONS

that passed on down through the generations, often spending decades in the same family before seeing the light of the auction floor. Some of these notable collections bear surnames such as Garrett, Norweb, and Pogue. Joining this list is the James A. Millholland Collection, pedigreed to a 19th-century railroad executive who was an avid collector and acquired resplendent specimens of coins ranging from half cents through silver dollars.

inclusion of many Philadelphia specimens that represent the numismatic sensibilities of an era when few collectors were seeking branch-mint coinage for their cabinets. The coins were nestled in a small homemade coin cabinet containing wooden trays with square openings of various sizes to house different denominations. His personal records show that he bought his coins from some of the most prominent dealers of the day, including Scott and Co., Haseltine, A.M. Smith, Mason & Co., and S.H. & H. Chapman.

James A. Millholland, seen here in a portrait and riding in a car, was a railroad executive who loved collecting coins. Courtesy of Stack’s Bowers Galleries.

The custom-made coin cabinet of James A. Millholland housed an extraordinary collection and is as much a treasure as the coins it contained. Courtesy of Stack’s Bowers Galleries.

A true time capsule of a bygone era in American numismatics, Millholland’s personal record book also contained many hallmarks of the late-19th-century era during which the collection was mostly assembled. His handwritten coin inventory included references to “Bland Silver Dollars,” a largely forgotten term for the Morgan Dollar – born of a legislative bill introduced to Congress by Missouri Representative Richard P. Bland. His collection also embraces a range of pieces bearing date or legend varieties, such as the 1814 and 1814/3 Capped Bust Half Dollars and all three major varieties of 1834 Capped Bust Half Dollars.

The collection is representative of proofs and business strikes, with some pieces on the modest end of the circulated spectrum and others vibrantly uncirculated. The proofs, which Millholland may have bought directly from the Philadelphia Mint, exhibit spectacular toning influenced by their surroundings in their custom-made wooden coin cabinet.

Among the proofs emerges a remarkable 1865 Liberty Seated Dollar that PCGS recently graded PR66+. This immaculate gem, which ranks as a Stack’s Bowers Galleries staff favorite, is profiled in much greater detail elsewhere in this magazine as the PCGS Coin of the Issue, seen on the next page. The collection and its records suggest Millholland

became less active in the hobby after 1894, though he lived until 1911. His collection was passed on down through many generations of his family and spent decades in a safe-deposit box. After the family contacted Stack’s Bowers Galleries, the auction house went right to work in evaluating and cataloging the collection and its numerous treasures – some of which had never before been offered in the secondary market.

Awaiting its first new owners in more than a century, the James A. Millholland Collection offers collectors a once-ina-lifetime opportunity to acquire coins that were lovingly curated by a true 19th-century student of numismatics. A feature of the Stack’s Bowers Galleries March 2023 Official Auction of the Whitman Spring Expo, the collection of more than 550 copper, nickel, and silver coins will cater to diverse collectors ranging from those on modest budgets to PCGS Set Registry specialists.

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.

James A. Millholland kept this handwritten inventory of his coin collection. Courtesy of Stack’s Bowers Galleries.

1865 Liberty Seated Dollar

PCGS PR66+

By Joshua McMorrow-Hernandez

PR66+, is a fascinating highlight of the James A. Millholland Collection, which includes some 550 coins. The prestigious collection, profiled in greater depth on pages 53-54 of this issue, is hitting the block at the Stack’s Bowers Galleries March 2023 Official Auction of the Whitman Spring Expo.

“The thrill of presenting such an original collection simply never gets old,” said Stack’s Bowers Galleries Executive Vice President Christine Karstedt. “Stack’s Bowers Galleries is celebrating its 90th anniversary this year, and the firm's illustrious history was built on presenting just this type of cabinet to a new generation of collectors. It gives us all a chance to reflect on the times in which this collection was built and how the hobby has changed over the past century. What remains constant is the enthusiasm for collecting shared by numismatists, both then and now.”

This 1865 Liberty Seated Dollar is graded PCGS PR66+ and is a crown jewel from the James A. Millholland Collection, which is being sold by Stack’s Bowers Galleries. Courtesy of PCGS TrueView.

There’s something special about a coin that has spent more than a century in one family. It tells a real story in a way that few other coins can. In the case of one particularly special 1865 Liberty Seated Dollar that was recently consigned to Stack’s Bowers Galleries, this piece shares a tale from another time, another place altogether.

This coin spent most of its life in the cabinet of James A. Millholland, a 19th-century railroad executive who prospered during a time when the American rail steamed wide-eyed travelers to newly platted paradises west beyond the horizons of the Mighty Mississippi and south to the tropical shores of Florida. Fortunes were gained during the heyday of the iron horse. Millholland was able to fill a custom-made wooden coin cabinet fit for a numismatic king, brimming with many treasures spanning from half cents through silver dollars. One of these silver dollars is a magnificent 1865 Proof Liberty Seated Dollar.

Awash in champagne hues and kissed with rainbow dappling, this 1865 Liberty Seated Dollar, graded PCGS

No collector alive today has had the opportunity to purchase this remarkable specimen of the 1865 Liberty Seated Dollar –not to mention any of the other coins from this collection being sold by Stack’s Bowers Galleries. This gives collectors a unique chance to upgrade or complete existing sets or even endeavor on building a new wing of their collections altogether. Making this sale even more alluring still is its inclusivity, both in terms of the coins involved and the collectors it can reach. Thanks to a rich blend of coins that will appeal to those on more modest budgets as well as those who are positioned for acquiring coins of the trophy level, the James A. Millholland Collection has something for virtually everyone.

The Proof Liberty Seated Dollar graded PR66+ is a coin of truly coveted quality, for just one exists at this grade and only three are graded higher by PCGS. With those figures alone, this coin stands in an elite class. However, what sets this treasure apart from any of its peers is its distinguishing eye appeal and toning, the classic American story it tells, and the immense pride it will surely bring its next owner.

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.

CAC.

1863 Liberty Seated Quarter. MS-66 (PCGS). CAC.

1865 Liberty Seated Quarter. Proof-66+ Cameo (PCGS).

1885 Liberty Seated Half Dollar. Proof-67 (PCGS). CAC.

1890 Liberty Seated Half Dollar. Proof-67 (PCGS). CAC.

1803 Draped Bust Silver Dollar. Large 3. MS-61 (PCGS).

1865 Liberty Seated Silver Dollar. Proof-66+ (PCGS). CAC.

1866 Liberty Seated Silver Dollar. Motto. Proof-66 Cameo (PCGS). CAC.

1881 Trade Dollar. Proof-66 (PCGS). CAC.

1878 Morgan Silver Dollar. 7TF Reverse of 1878. Proof-64+ (PCGS). CAC.

1891 Morgan Silver Dollar. Proof-67 (PCGS).

MARKET MATTERS

Quality Rules

By Vic Bozarth

company handled, the sheer lack of availability (and a fair price) usually led to my purchase.

Somebody will need this coin, and profit is profit!

Some vintage coins, such as this 1910 Barber Half Dollar graded PCGS VF20, represent the kind of choice collector material that can be difficult to find on the market in great numbers. Demand for such pieces is simply sky high. Courtesy of PCGS TrueView.

Hindsight is 20/20, so goes the old adage, but our vision blurs when looking forward. One of the biggest factors with which to indulge in this prognostication is to remain conscious of the lessons the past has taught us. Within the rare coin market itself are dozens of components that move independently of each other. Did we listen?

The rare coin market remains strong, yet stagnation of demand and over supply are dogging some areas of the market. Condition-census coins are not part of this group. Indeed very few dated collector coins are included in this category either. Scarce and rare coins are not suffering from lack of demand because these coins are never available in any large quantity.

As an example, if you wanted to spend $25,000 at a major coin show on only dated Liberty Seated and Barber coinage PCGS graded in the VF20 to AU58 range, you would be hard pressed to spend all your money. When it comes right down to it, many high-end collector coins never make it past the first day of a show. And, if a dealer locates one, they have sold it already at home.

Yes, the price is important, but the supply/demand curve for high-end collector coins has been upside down since 2020. If you can find one, it’s saleable. Dealers especially will snap up any rare coin that represents good value. As a rare coin buyer, I never hesitated when the value of an item was readily apparent. Regardless of whether this item was something my

One of the biggest secrets of the rare coin market is the fact that a ready supply of any one item is good for the seller, but not for the buyer in the long term. Rare coins are not widgets, yet some rare coins are marketed based more on an ability to obtain inventory to sell than the consideration of rarity or value to the customer. Especially coin dealers who depend on having plenty of inventory in their wagon to market have been forced to sell what they can buy versus more desirable rare coins.

Just like major retailers whose inventories suffered early in the COVID-19 pandemic because of lack of supply, major coin marketers have had to modify what they sell, too. Are these telemarketed coins a bad deal? Not necessarily, but the whole supply/demand curve argues against generic items being a good deal. Coin dealers, just like major retailers, have in some cases loaded up on inventory to sell without giving much thought to the rarity of the item. Finding rare coins is hard, but loading up on more generic items isn’t.

There is no question some heavily marketed items have plateaued. Inventories are sufficient for the programs currently running. Any time when active buyers stop buying, arguably the price should fall. While I don’t see a lot of prices falling, the market for “stuff” is certainly softer going into 2023.

Heed the lessons of the past when looking forward. Sure, you might strike out and not buy many coins. But if you focus on value, you are assured of greater potential value later!

Vic Bozarth is a familiar face on the bourse floor to many who have attended coin shows over the last five decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the finest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our industry.

The 1976-S 40% Silver Bicentennial Half Dollar graded PCGS MS69 is one of many modern conditional rarities whose value is going up, up, up! Courtesy of PCGS TrueView.

The year 2022 did wonders for the modern coin market. There were numerous highlights over the year, with many coins that sold for robust record prices. Some examples are the 1971-S Eisenhower Prototype Dollar graded PCGS SP67, which sold for $264,000 at Heritage Auctions on January 14, 2022.

Another modern coin that traded for a strong premium was the $100 2007-W Frosted Freedom Platinum Eagle

graded PCGS PR70DCAM, which GreatCollections sold for $232,624 on November 13, 2022.

And on December 15, 2022, Heritage Auctions also sold a unique 2000-D Sacagawea Dollar/2000-D Quarter Dollar Mule graded PCGS MS64, where the coin realized $66,000. Back in August 2022, Stack’s Bowers Galleries sold examples of the At Dusk and Dawn Silver and Gold American Eagles, with many of the coins realizing record prices.

So, as can be seen, the modern coin market was thriving in 2022, with many coins selling for notable prices, while others realized record prices.

The U.S. Mint introduced popular coins in 2023, with some issues selling out very quickly throughout the year. There were many other modern coin highlights that hit the market in 2022, but in this article we will focus on highlighting some of the coins that performed the best in the past three months, based on the PCGS Price Guide updates.

The first coin on the list is a 2014 $5 Narrow Reeding Mint State Gold Eagle. For this particular coin, there are no public auction records providing insight on where the coin sold, and we had no information of any private sales of this piece. This coin is very scarce, with few examples confirmed. At PCGS, we have graded only 14 in MS69 and one lone example in

MS70, for a total of 15 in all grades combined. For a major coin variety this rare in a very popular series, the coin was unquestionably undervalued. We also had information of a sale where a coin traded in the $25,000 range. Therefore, the PCGS Price Guide showed a value increase from $1,000 to $25,000 within the past three months or so. So, in some instances, the coin may not have necessarily jumped in price, but it’s more of the PCGS Price Guide reflecting the market as more reliable data becomes available.

The second coin in the list is a 1984 Doubled Die Obverse Lincoln Cent, designated as FS-102, in PCGS MS65RD. If we look at PCGS CoinFacts, we don’t see many sales. However, GreatCollections had some examples that sold for bold prices, and this is the reason we raised the price in several grades for this coin, reflecting the new data.

The third example on the list is a 1976-S 40% Silver Half Dollar in MS69. There are no auction records for this coin in PCGS MS69. However, the coin has a low population of just three pieces. After some research and comparing other similar issues, we realized that the coin was undervalued and it warranted a price increase.

These are just three of the examples that saw significant price increases on the PCGS Price Guide over the past three months. The list accompanying this article shows some of the remaining seven coins that increased in price the most during the previous quarter. Readers can also visit the PCGS Price Guide, referencing the information found under Price Changes, and view the Top Gainers for the past day, past week, past month, and past three months, or even go back further by checking different years.

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

— Chris Victor McCawley

McCawley with Lucas Baldridge and Travis Hollon

Looking Back on the 2022 Coin Market and Where it Leads

By Vic Bozarth and Mark Ferguson

Overall, the coin market began the year on a steady note with few areas of exception. From modern coins and circulated vintage coins through the highest-grade Mint State coins, collectors are exhibiting market strength through their competitive bids at auction. Circulated coins are frequently selling at premium prices if they have above average eye-appeal, while competition at auction remains fierce for “top-pop” coins that are obviously being snapped up by well-heeled Set Registry collectors, driving prices higher, often setting records.

Attractively toned coins remain in strong demand as demonstrated by prices realized at auction. However, we frequently see some coins bringing premium prices just because they are toned, even if the toning is dull, blotchy, or otherwise lacking in attractiveness.

A year ago, the coin market was “red hot.” While we can’t say that today, the market remains strong. One fundamental difference, though, from a year ago is that prices for precious metals entered 2023 on an uptrend, whereas they slid lower during most of 2022. While the bullion market does not directly affect prices of rare coins, there has been an historical correlation. Rising bullion prices bring enthusiasm to the coin

market, and they can be an indicator that investment money is flowing into hard assets, like rare coins.

Modern coins are more affected by bullion prices than vintage coins, but another influence has come into play regarding bullion. During recent months, the U.S. Mint has had great difficulty in obtaining silver planchets from which to strike silver eagles and other modern coins.

Government restrictions limit the kind of silver, the price, and from whom the planchets can be purchased. This shortage has caused higher prices for American Silver Eagles compared to bullion coins produced by many foreign mints. In addition, the U.S. Mint has had to forego striking 2022 Morgan and Peace dollars because of the shortage of silver planchets. The Mint plans to resume issuing them this year.

Despite inflationary limitations and down bullion markets through most of 2022, rare coins continue to represent great value when the buyer focuses on value – not hype. Even amid concerns about a looming recession, there are reasons to be optimistic about the rare coin market in 2023.

Just citing some of the more important auctions, sales, and private transactions clearly illustrates the unprecedented demand for coins, especially for condition-census U.S. rare

The United States Mint had an issue procuring enough silver planchets to strike 2022-dated Morgan and Peace Dollars, resurrected by the U.S. Mint in 2021 to mark the 100th anniversary of the last Morgan Dollar and first Peace Dollar in 1921. Meanwhile, American Silver Eagle production has continued despite the supply-chain shortages affecting silver planchets. Courtesy of the United States Mint.

coins. In fact, the scarcer the coin, the larger the premium versus past sales figures. The PCGS Price Guide has reflected these price increases with most areas of the market being in the green throughout 2022.

Lots of great coins are auctioned each and every week by a bevy of highly qualified auction houses, including Stack’s Bowers Galleries, Heritage Auctions, and GreatCollections. Because of unprecedented demand and rising prices, the U.S. rare coins available for sale recently have been quite impressive.

Among some great coins sold recently was the acquisition and placement of Tom Koessl’s Hall of Fame matte proof gold collection. The collection perfectly illustrates both the availability of capital available to buy rare coins and how a collection like this might not be available again for decades to come.

The matte proof gold coin collection is just one of many noteworthy numismatic highlights GreatCollections either sold at auction or placed privately recently. In addition to the matte proof gold collection, GreatCollections sold – in 2022 alone – two 1794 Flowing Hair Dollars, two 1804 Draped Bust Dollars, a 1907 Extremely High Relief Saint-Gaudens Double Eagle, and the finest-known 1913 Liberty Nickel.

Heritage Auctions continues to liquidate the fabulous Harry W. Bass, Jr. Collection of rare gold coins. The Bass Collection, housed at the American Numismatic Association Money Museum for 20 years, is being sold by Heritage Auctions with the first session of 106 lots selling for a combined $20.5 million in September 2022. The next group of Bass coins was sold in January 2023 for $24,022,741. Among the highlights was the sale of the unique 1870-S $3, which realized $5,520,000.

Stack’s Bowers Galleries is offering the amazing (and unequaled) Sydney F. Martin collection of Colonial and

U.S. coinage. Just two parts of the ongoing Sydney F. Martin collection were sold in 2022. In the conclusion of their 2022 Stack’s Bowers Galleries Showcase auction season, their November auction realized $23 million, including coins and banknotes. The second part of the Martin collection included in this Stack’s Bowers Galleries auction brought an additional $4.2 million. Stack’s Bowers Galleries auction schedule for 2023 includes many more items from the Martin collection as well as many other U.S. rarities.

Ultimately, many of the market factors that influence rare coin prices are out of our control. Using the knowledge these factors give us aids in our decisions regarding our rare coin purchases. Fundamentally, we should focus on those factors we can control. We as numismatists can study our subject, do our homework, and then – once we have some knowledge –make a decision!

Vic Bozarth is a familiar face on the bourse floor to many who have attended coin shows over the last five decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the finest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our industry.

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.

The sale of the 1870-S $3, a unique and highly coveted gold coin, garnered $5,520,000 when it sold at a Heritage Auctions event in January 2023. Courtesy of PCGS TrueView.

MARCH 2023

March 2 - 4

American Numismatic Association

National Money Show

Submissions Only

Phoenix Convention Center

Phoenix, Arizona

March 15 - 18

Whitman Expo

Baltimore Spring Expo

Submissions Only

Baltimore Convention Center

Baltimore, Maryland

March 29 - 31

PCGS Members Only Show

Onsite Grading

Park MGM

Las Vegas, Nevada

ADVERTISING INDEX

APRIL 2023

April 27 - 29

Central States

Numismatic Society 2023 Annual Convention Onsite Grading

Heritage Auctions | Legend Auctions

Schaumburg Renaissance Hotel & Convention Center

Schaumburg, Illinois

MAY 2023

May 24 - 27

PCGS Member Only Show

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Harrah's New Orleans

New Orleans, Lousiana

PCGS SHOW SCHEDULE

JUNE 2023

June 8 - 10

Whitman Expo

Baltimore Summer Expo

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Baltimore Convention Center

Baltimore, Maryland

June 21 - 24

Long Beach Expo: The Collectibles Show

Onsite Grading

Long Beach Convention Center

Long Beach, California

JULY 2023

July 13 - 15

Summer Florida United Numismatists Convention Submissions Only

Orange County Convention Center

Orlando, Florida

AUGUST 2023

August 8 - 12

American Numismatic Association

World's Fair of Money

Onsite Grading

David L. Lawrence Convention Center

Pittsburgh, Pennsylvania

Sell Your Coins AND BANKNOTES for the Highest Bid at GreatCollections

• Since 2011, GreatCollections has sold over 900,000 certified coins and banknotes

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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:

GreatCollections

17500 Red Hill Avenue, Suite 160 Irvine, CA 92614

We will contact you the day your package arrives and update you when your items are posted on our website.

Any 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.

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Ian Russell #785

Guide $1,300

1954-D Lincoln Cent PCGS MS66BN CAC

1906 Barber Quarter PCGS MS66 CAC

ConsignmentInformation

Certified Coins: GreatCollections welcomes coins graded by PCGS, NGC (NCS) and ANACS. Please remove all labels/stickers adhered to holders.

Raw Coins: 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.

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.

Listing Fees: Our listing fees are based on the following schedule and are charged the first time the coin is listed at GreatCollections.

Minimum Bid Listing Fee

$1-$99 $3

$100-$999 $5

$1,000 and up $10

Up to Five Listings for One Fee: 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.

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.

Timing and Scheduling: 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

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.

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.

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.

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.

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.

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.

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

your coins by logging into MyGC and clicking on “Items Pending” or “Currently Selling”.

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.

Minimum Bids: We offer three convenient ways to set Minimum Bids at GreatCollections.

1. You may select 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.

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% option.

3. You 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”.

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.

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 www.greatcollections.com/forms.

10. GreatCollections shall remit to Consignor, 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.

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.

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.

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.

Ian Russell President/ Owner

Raeleen Endo Customer Service Director/Owner