PMR - 2024 #3 May/June

A TREASURE FROM THE KING FAROUK COLLECTION

MARKET REPORT

PCGS COIN OF THE ISSUE: 1870-S LIBERTY SEATED DOLLAR, PCGS VF25

2,580 highresolution coin photographs for comparisons & grade estimations

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SPEAKING OF COINS

MARKET REPORT

A Collectors Universe Company www.PCGS.com

Editor-in-Chief Joshua McMorrow-Hernandez

Director of Advertising & Marketplace Taryn Warrecker

Content Manager Arianna Tortomasi

Lead Designer James Davis

Cover Artist Chris Wilson

Distribution Coordinator Ronald Burnett

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Spring is in full swing, with summer already beckoning around the corner. As we wind our way into the heart of the calendar, we’re gaining perspective on how the 2024 coin market is going to ultimately shape up while getting a feel for what the next half of the year may have in store. The market’s continued strength has been apparent at the coin shows we have attended in recent months, with particularly strong crowds at the recent PCGS Members Only Show in Philadelphia, a Northeastern city known for its numismatic history (it’s where the United States Mint was first established in 1792!).

Numismatic history and marketplace trends are two themes in this issue of PCGS Market Report, where you will find some terrific stories about some of the hobby’s most important coins. World coin expert Sanjay C. Gandhi explores the mystique of the 1939 One Rupee, a treasure from India that enchants collectors with its incredible rarity and colorful background. In our From the PCGS Grading Room column, PCGS Director of Numismatic Education & Grading Team Leader Steve Feltner brings to us an incredible California Gold Rush piece known as a $50 slug that was submitted to us during the Philadelphia PCGS Members Only Show. And treasure coin historian Sean Scott unveils the history of the famed Spanish doubloon.

Meanwhile, we know market pricing can seem like a mystery. So, the PCGS Price Guide team is unveiling a new column in this issue of PCGS Market Report where they do a deep dive on a specific coin series and offer their keen analysis on what the current pricing trends mean in the context of the market. Speaking of new columns, we are also excited to debut another one… PCGS Senior Researcher and Variety Specialist Edward Van Orden kicks off his new regular column, focusing exclusively on the exciting world of errors and varieties. Wait until you see some of the cool stuff he shares.

We also have articles and columns by all our other regular PCGS expert columnists, so be sure to check them out. As we continue expanding our content offerings in PCGS Market Report, we hope you’ll let us know if there are any other numismatic topics you want to see represented in our magazine. We’re always looking for new and exciting ways to cover the things you want to collect and learn more about!

May good things come your way as we move into the summer, and hopefully we’ll catch you at an upcoming show!

Sincerely,

Joshua McMorrow-Hernandez

Editor-in-chief, PCGS Market Report

Once again, Stack’s Bowers Galleries set new records across a wide range of United States coin series in the Spring 2024 Rarities Night Session. Share in our success. Contact us today about including your individual rarities or entire collection in an upcoming auction.

1854 Silver 3¢ Piece. Proof-64+ (PCGS). CAC. CMQ. Realized $55,200 Record for the Grade.

1833 Quarter Eagle. BD-1. Rarity-5. MS-63 PL (PCGS). Realized $84,000 Record for the Grade and PL Designation.

1803 Half Dime. LM-1. Small 8. AU-58 (PCGS). CAC. CMQ. Realized $90,000 Record for an 1803 Small 3 Half Dime. 1948 Half Dollar. MS-68 FBL (PCGS). CMQ. Realized $84,000 Record for the Date.

1841 Quarter Eagle. MS-60 (PCGS). CMQ. Realized $288,000 Record for a Circulation Strike.

1876-S Eagle. AU-58 (PCGS). CAC. CMQ. Realized $75,000 Record Price for the Issue.

Coins

800.458.4646 CA

1879 $4 Flowing Hair Stella. Judd-1635, Pollock-1833, JD-1. Rarity-3. Gold. Reeded Edge. Proof-67 Deep Cameo (PCGS). CMQ. Realized $840,000 Record for a Flowing Hair Stella.

1904 Eagle. JD-1. Rarity-5-. Proof-65+ Cameo (PCGS). CAC. CMQ. Realized $96,000 Record for a 1904 Proof Eagle.

1880/79-O Silver Dollar. VAM-4. Top 100 Variety. 80/79, Crossbar Overdate, Micro O. MS-65 PL (PCGS). CAC. CMQ. Realized $50,400 World Record Price.

1866 Half Eagle. JD-1. Rarity-7-. Proof-65 (PCGS). CAC. OGH. CMQ-X. Realized $192,000 Record for a PCGS Example.

1870-CC Double Eagle. AU-50 (PCGS). Realized $840,000 Record Price for the Grade.

1854-S Eagle. MS-62+ (PCGS). Realized $66,000 Record Price for the Issue.

1860 Mormon $5. K-6. Rarity-5+. AU-50 (PCGS). CAC. CMQ. OGH. Realized $126,000 Record for a Circulated Example.

August 2024

ON THE COVER

The 1870-S Liberty Seated Dollar, PCGS VF25 – a treasure once in the famous cabinet of Egypt’s King Farouk.

The Scarce King George V Canadian Cents

By Joshua McMorrow-Hernandez

A look back at the sprawling run of circulating Canadian small cents, struck from 1920 through 2012, reveals an intriguing series peppered with many rarities and semi-keys. But would a collector expect anything less with a series that spanned more than 90 years? Eh, most likely not with this popular Canadian coin, last distributed into circulation by the Royal Canadian Mint in 2013.

Much like its contemporary U.S. one-cent counterpart, the Lincoln Cent, the Canadian small cent offers a cavalcade of rarities, scarcities, and other novelties that keep collectors of this long-retired but still numismatically active coin busy. Of particular note are several of the issues struck during the 1920s and ‘30s, during the latter years of King George V’s reign. As will be seen, there are plenty of challenging coins in the Canada small cent series, including one of the most valuable and sought-after Canadian coins ever struck.

The Roaring ‘20s

The first Canadian small cents came in early 1920, replacing the large cent that had been in production since 1858. Inflation and rising production costs favored reducing the overall size and heft of the nation’s one-cent coin. The new “penny” was 25% smaller in diameter down from 25.4 millimeters to 19.05 millimeters, and nearly 43% lighter (3.24 grams versus the heavier 5.67 grams).

King George V was reigning upon the British throne when the first small cents bearing his obverse portrait, designed by E. Bertram Mackennal, were released in Canada. The reverse, with its design by Fred Lewis incorporating two maple leaves and inscriptions “CANADA” and “ONE CENT,” varied in appearance only in relation to the statement of date.

First-year issues of the small cent were robust, with

15,483,923 coins struck in 1920. The following year also saw a healthy emission of 7,601,627 one cent coins. But mintages fell over the next several years, with all dates from 1922 through 1927 seeing mintages between 1 million and 3.6 million. These coins are all considered semi-key issues today, and each is valuable even in circulated grades.

Here’s a look at the mintages of the Canadian cents struck from 1922 through 1927:

• 1922 – 1,243,635

• 1923 – 1,019,002

• 1924 – 1,593,195

• 1925 – 1,000,652

• 1926 – 2,143,372

• 1927 – 3,553,928

Of these, the most valuable issues are the 1923 and 1925 cents. Both trade for approximately $30 apiece in F12, with the 1922 cent taking about $15 in F12 and the 1924 and 1926 notching $6 or so in F12. The 1927 cent is the most common of these six mid-'20s pennies, selling for $2 in F12. All of these pieces are conditionally rare in better uncirculated grades, with all six reaching four figures in a grade of MS64RD. The 1923 cent reaches beyond $10,000 in MS65RD!

The 1936 Cent

Let’s dispel some common misunderstandings about the 1936 Canadian Cent, often cited as a valuable rarity on some online sources. The 1936 Canada Cent, when bearing its normal reverse, is a common coin. More than 8.7 million examples were struck, and the coin is about as valuable as other mid-1930s Canadian cents, fetching around 50 cents in mid-circulated grades and $15 to $20 in typical uncirculated grades.

The official portrait of King George V, who reigned over Great Britain and its commonwealth nations from 1910 until his death in 1936. Public domain image sourced from Wikimedia Commons.

The 1936 George V Dot Cent yields just three known specimens and is one of the most sought after of all Canadian coins. Note the tiny dot just under the date between the numerals “3” and “6.” Courtesy of PCGS.

So, why all the hubbub about the 1936 Canada “penny”?

It’s about the 1936 Dot Cent – regarded by many as one of the greatest Canadian rarities. It was born during a time of upheaval on the British throne, as King George V passed away on January 20, 1936, and his son, King Edward VIII – next in line to the royal seat – abdicated in December 1936 due to the scandal surrounding his engagement to American divorcee Wallis Simpson. This led to Edward VIII’s younger brother, George VI, taking his place as king of the British Empire.

The mayhem at Great Britain’s Buckingham Palace kept journalists busy with sensational headlines, that’s for sure

But the changes were simply happening more quickly than officials at the Royal Mint in Britain or the Royal Canadian Mint could absorb. Canadian coins, like those of British Commonwealth nations, carry the effigy of the ruling monarch. But it can also take many months to conceptualize an obverse portrait depicting the top British royal then move this design into official production.

By the time King Edward VIII dies had been prepared, the depicted figure had relinquished his crown. Thus, mint workers had to begin preparing dies honoring King George VI. The only problem when it came to the coin’s production? The clock was ticking 1937 and the deceased King George V was still alive and well on Canada’s new coinage. What to do?

On

the Dot

The Royal Canadian Mint mulled their options. Waiting to produce coins with the image of the new King George VI would take months, leading to a potential coin shortage during early 1937. And striking King George V coins with the 1937 date, the year after the king died, wasn’t in the cards either. The decision was therefore made to produce 1936-dated King George V coins in 1937 with the addition of a tiny dot under the date, indicating those as 1937 emissions. It wasn’t a perfect solution, but it would have to tide the Royal Canadian Mint through until the new King George VI dies were ready to enter production. It would at least keep a critical coin shortage at bay.

The 1923 and 1925 issues are among the scarcest of the 1920s business-strike Canadian cents. Courtesy of PCGS.

Official mint reports declare 678,823 of the 1936 Dot Cents were struck, but this doesn’t jibe with the extreme rarity of the coin, which offers just three known specimens. Why the discrepancy?

Once the dust settled at Buckingham Palace and King George VI assumed the crown, new dies could be put into production showcasing the new monarch, as seen here with the 1937 Canada Cent. Note the new reverse design depicting the more familiar maple leaf motif that was seen on the Canadian small cent into the 21st century. Courtesy of PCGS.

Numismatic experts theorize that if nearly 680,000 of the 1936 Dot Cents were indeed struck, then nearly all of them must have been melted by the mint. Why would they have been struck only to later meet their maker? The thinking is that the 1936 Dot Cents were held by the mint as a contingency in case a coin shortage arose between the time the coins were

made, and the new King George VI dies were ready for use. This would make sense, especially as the coin shortage many feared never materialized before the new 1937 King George VI coins were struck in Canada. And, incidentally, it should be noted that similar 1936 Dot Dimes and Quarters also exist. Though while the Canadian 1936 Dot Dime is, like the cent, also quite rare, the 1936 Dot Quarter is but a semikey issue with 153,322 pieces reported minted and rather approachable prices.

The 1936 Dot Cent captures the imagination of so many collectors. For more than three decades, famed collector John Jay Pittman owned all three known examples of the coin. After his passing in 1996, the three coins were dispersed in sales –with each offering of the 1936 Dot Cent making headlines. Today, the 1936 Dot Cent claims a six-figure price tag. The record price to date goes to a specimen graded PCGS SP65RB that realized $402,500 in a 2010 auction.

Building a Canadian Cent Set

The scarce Canadian cents of the 1920s and ‘30s are actively traded today thanks to the continuing popularity of the small cent series – even more than a decade after Canada struck its last penny. The PCGS Set Registry offers multitudes of categories incorporating the King George V small cents, including the Canadian George V Small Cents Basic Set, Circulation Strikes (1920-1936), Canadian George V Small Cents with Varieties, Circulation Strikes (1920-1936), and Canadian George V Cents, Specimens (1921-1934). There are also several other PCGS Registry Sets that encompass the entire run of Canadian small cents, with these sets involving various other scarce issues and varieties.

There are many exciting opportunities awaiting the collector whether they pursue only the King George V small cents or the entire run of Canadian small cents spanning from 1920 through 2012, the latter being of the last date seen on a circulating Canada small cent. As collectors will find, the scarce Canada small cents of the 1920s and ‘30s represent a particularly colorful breed of Canadian coinage and are well worth the numismatic challenges they can present.

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.

Wallis Simpson (left) is seen with President Richard Nixon (center) and Edward VIII (right) at a 1970 White House event. Public domain image sourced from Wikimedia Commons.

1870-S Liberty Seated Dollar, PCGS VF25

By Joshua McMorrow-Hernandez

This 1870-S Liberty Seated Dollar, graded PCGS VF25, was once owned by King Farouk of Egypt and is one of fewer than a dozen specimens known. Courtesy of PCGS TrueView.

The 1870-S Liberty Seated Dollar is a rarity bearing one of the most coveted date-and-mintmark combinations in American numismatics. Several great 19th-century rarities were produced at the San Francisco Mint in 1870. Among these were the unique 1870-S Liberty Seated Half Dime and 1870-S $3 gold coin, along with the elusive 1870S Liberty Seated Dollar – the latter offering fewer than a dozen known specimens.

There are no publicly available mint records indicating how many 1870-S Liberty Seated Dollars were made – in fact, there’s no mint record stating these coins were struck at all. Some numismatic scholars theorize a small run of 1870-S Dollars were produced as souvenirs for a cornerstonelaying ceremony during the construction of the second San Francisco Mint, dubbed “The Granite Lady” and in operation as a branch mint from 1874 through 1937. Most known specimens are worn, suggesting they entered circulation at some point. We may never know the exact origins behind why this mysterious coin was struck. Still, it has captured numismatic imaginations since it was first publicly seen at the 1914 American Numismatic Society Exhibition.

Any 1870-S Liberty Seated Dollar is a prize, bearing in mind that this coin is rarer than the majestic 1804 Draped Bust Dollar, which offers 15 examples. While all 1870-S Dollars have a colorful story, the specimen highlighted here once resided in the famous cabinet of Egypt’s King Farouk. One of the most prolific numismatists of the mid-20th century, King Farouk also once owned the 1913 Liberty Nickel and 1933 Saint-Gaudens Double Eagle – two of the greatest rarities of the 20th century.

Before entering the collection of King Farouk, this 1870-S Liberty Seated Dollar had been handled by Norman Shultz, a legendary coin dealer who traded many big rarities during his career of more than 60 years. Along with its Farouk-Shultz pedigree, this exquisite specimen boasts outstanding surfaces and a gorgeous patina.

The coin’s moderate wear hints at its previous life in circulation. Yet, the degree of surface wear is such that all key

design elements are boldly pronounced, with sufficient detail in Miss Liberty’s drapery folds on the obverse and within the feather detail of the eagle on the reverse. The coin’s originality is phenomenal – not a point to be overlooked given how rare uncleaned, undamaged Liberty Seated Dollars are regardless of date or mintmark.

“I believe this is, without question, not only a standalone rarity but, of course, also a must have for anyone trying to complete the series!” says Tangible Investments, Inc., Executive Vice President Mike Bonham. He also adds that the coin has exceptional status in the eyes of American numismatists. “It is listed in the latest edition of 100 Greatest U.S. Coins. So, this is an extraordinary opportunity to acquire one of America’s rarest and most historically significant coins.”

Bonham goes on to say, “I’m proud to add the 1870S Dollar to our in-house hall of fame list of extraordinary world-class rare coins that Tangible Investments has had the pleasure of offering.

Looking forward to passing the torch to its new owner!” Anyone who is serious about purchasing this magnificent 1870-S Liberty Seated Dollar or any other great rare coins should contact Mike Bonham by phone or text at 949-878-0393.

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 Coins of Korea

By Sanjay C. Gandhi

1970 South Korea 500 Won Sokkuram Bodhisattva, PCGS PR67DCAM. Courtesy of PCGS TrueView.

the Golden Age of Buddhism. Bartering with rice and textiles had been practiced prior to the introduction of coinage within Korea and it was favored by the people.

A new dynasty known as the Joseon Dynasty took over in 1392 with a new king named Yi Seong-gye and he was known as the Taejo of Joseon. It was during this dynasty that copper coinage was first introduced to the masses, and the government tried to promote the use of coinage as bartering was still favored. The bronze mun unit was introduced in 1625 and cast in a variety of copper alloys. The Joseon Dynasty was the longest ruling in Korea from 1392 to 1897, and cash coinage was struck up until 1892.

Between 1882 and 1883, the Tae Dong Treasury Department of Korea issued silver cast coinage, and the one chon, two chon, and three chon denominations were produced. The obverse displays the character 戶 or “Ho” which represents the treasury mintmark, and it’s covered in cloisonné enamel that is black, blue, or green, which is the rarest. The characters on the reverse from 12 o’clock to six o’clock display the country name, and the date is shown from three o’clock to nine o’clock. Shortly after the issuance of these coins, the price of silver was rising in China and many

(1882-83) Korea

Two Chon Blue Enamel Tae Dong Treasury Department, PCGS MS62. Courtesy of PCGS TrueView. of these were melted for their silver content by the Chinese. The wealthy classes in Korea began hoarding this new silver coinage, and minting ceased in June of 1883. Coins that are uncirculated are difficult to find and examples that have a majority of the enamel intact will sell for thousands of dollars. The Tae Dong Treasury category is listed on the PCGS Set Registry, which has several sets for collectors to potentially build.

In 1892, the first machine-struck coins were produced for Korea at the Osaka Mint in Japan. Before then, it was common to use brass coinage, which had been used for centuries, and cast silver coinage was short-lived. The first series of coins that were introduced included five denominations. The five yang is the most condition-sensitive issue, being the largest coin – also a one-year type. The designs for all coins during the Joseon Empire were based on the Japanese coin designs during the

same era. The five yang is the most sought-after coin within the series and is uncommon to locate in uncirculated grades. The example pictured below graded PCGS MS63 sold at Stack’s Bowers Galleries Hong Kong Auction in October 2023 brought a world-record $55,000!

The Joseon Dynasty was renamed The Korean Empire, which began on October 13, 1897. The Gojong of Korea, or Gwang Mu, became the first emperor, and he was also the last king of the Joseon Dynasty. His rule spanned from 1864 to 1907. Gojong, fearing for his life after his wife was assassinated, went into exile from February 11, 1896, to February 20, 1897, and with the help of Korean diplomats, fled to Russia. Later in his reign, reform coinage was issued in 1902, which has Russian influence. This began the introduction of the bronze chon, a copper-nickel five chon, and the silver half won. The origins of where these new circulation pattern coins were minted is unclear, and the coins are exceptionally rare. Pictured here is a pattern-issue 20 won from the Osaka Mint; it was issued in 1900 and is unlisted in references. Stack’s Bowers Galleries sold the coin for $156,000 on May 16, 2022, as part of the auction house’s Hong Kong sale.

The Russo-Japanese war started at Port Arthur, which was built by Russia and leased to them by China. The Japanese attacked the Russians on February 9, 1904, and the war was fought for a little over a year. The war ended on September 5, 1905, coinage was reformed, and nine new denominations

a five-year period. The half chon and one chon are bronze, the five chon is copper-nickel, and the 10 chon, 20 chon, and half won were made of 80% silver. Three gold coins, the five won, 10 won, and 20 won exist but are

(1900) Korea 20 Won Brass Pattern, PCGS AU Details Environmental Damage. Courtesy of PCGS TrueView. were struck over

1892 Korea Five Yang, PCGS MS63. Courtesy of PCGS TrueView.

exceptionally rare. Persuaded by the encouragement of the Japanese, the Gojong of Korea abdicated the throne, and on July 19, 1907, Sonjong, who is Gojong’s son, was appointed emperor of Korea. Sojong’s reign lasted a little under four years, and Japan officially annexed Korea as a protectorate on August 29, 1910. Coinage was no longer stuck for the Empire of Korea.

Japan lost World War II and had to relinquish control of Korea. The United States and Russia agreed to split the Korean Peninsula at 38 degrees north of Earth’s equatorial line. Syngman Rhee was elected as the first president of the Republic of Korea (South Korea) on July 20, 1948, and was supported by the United States.

Year 9 (1905) Korea 20 Chon Silver, PCGS MS66. Courtesy of PCGS TrueView.

It wasn’t until 1959 that the Republic of South Korea issued coinage, and three denominations were minted. The 10 hwan was struck in brass, and the 50 hwan and 100 hwan were both struck in copper-nickel. These coins can commonly be found in circulated grades, but uncirculated examples are not as common and could cost a few hundred dollars in a grade of PCGS MS65. The 1959 100 hwan is the only circulationstrike coin from South Korea that exhibits the portrait of Syngman Rhee. A set with all three of these denominations is listed on the PCGS Set Registry as 1959 Korean Year Set.

The 10 hwan and 50 hwan were struck again in 1961 and newly designed coinage wasn’t issued until 1966. Three new coins were introduced: the one won, five won, and the 10 won were all produced in brass. The alloy selected was 12% zinc

and 88% copper, resulting in a bronze that appears as golden as the sun. The brilliance is quite beautiful, but the drawback is that zinc is highly reactive to oxygen and water. Many coins from this series suffer from “spotting” arising from unsightly

black-colored carbon spots. Coins from the 1960s are highly sought after by collectors and almost impossible to score beyond a grade of MS65. PCGS has listed multiple sets under the South Korean banner, and one set that may be easy for collectors to complete is the 1968 South Korean Brass Set, which takes three coins to complete. In 1970, a new brass alloy was introduced that was composed of 65% copper and 35% zinc. The 100 won denomination was also introduced in 1970 and struck in copper-nickel, depicting Admiral Yi Sunsin. In 1576, at the age 31, a man by the name of Yi Sunsin passed a Korean military exam. Within a few years, he was a junior officer and was in battle with neighboring China defending Korea's border in 1583. In 1592, he started fighting the invading Japanese for several years in turtle ships, which were invented during the Joseon Dynasty. On December 16, 1598, Admiral Sun-sin was hit by a stray bullet on deck, and historical legend states that before his death, he exclaimed, "The war is at its height; wear my armor and beat my war drums. Do not announce my death." Admiral Yi Sun-sin is remembered as a national hero of Korea. The 1970 100 won coin has a mintage of 1.5 million, and these coins can sell for over $400+ in PCGS MS64.

The Goryeo and Joseon Dynasty ruled Korea for almost

1959 Korea 100 Hwan Copper-Nickel, PCGS MS66. Courtesy of PCGS TrueView.

1959 Korea 100 Hwan Copper-Nickel, PCGS MS66. Courtesy of PCGS TrueView.

1,000 years. Korea was an advanced military country that fought for its independence on a continual basis throughout history. Leaders such as Teajo of Goryeo, Gojong of Korea, Syngman Rhee, and Admiral Yi Sun-sin inspired the people of Korea for centuries and still do. South Korea has the fourthlargest economy in Asia and will likely continue to prosper. Companies such as LG, Samsung, Hyundai, and Kia have transformed the nation into an economic powerhouse that keeps growing. On Saturday, 29, 2023, the Hangang Light

Show took place in Seoul, South Korea, and the country’s new slogan was unveiled: “Seoul, my soul.” Admiral Yi Sun-sin would surely approve of this message, as would all the other revolutionaries who fought for Korea’s freedom.

Sanjay C. 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.

The Royal Mint Music Legends Collection Coins of 2020

By Sanjay C. Gandhi

2020 Great Britain Silver £2 Elton John, PCGS PR70DCAM. Courtesy of PCGS TrueView.

fashion. David Bowie’s music has inspired and influenced generations of musicians and we hope this commemorative coin will be cherished by fans around the world.”

and these coins may now be found in the aftermarket for purchase graded by PCGS.

The reverse was engraved by Bradley Morgan Johnson, and he faced a few hurdles when designing the coin. He was unable to use the image of a living person, other than a royal family member, on a coin. The Royal Mint website summarizes Johnson’s artistic solutions best: “Cleverly, Bradley used musical notes to create an image of music-note glasses and a straw boater's hat, inspired by one of Elton John’s most iconic looks, and a Union flag background punctuates the design; it is unmistakably Elton John.”

David Bowie’s 1969 song “Space Oddity” and 1972 Elton John song “Rocket Man” were both produced by Englishman Gus Dudgeon. The frequent space trips the eponymous “rocket man” took as narrated in the song were arduous and caused him to dearly miss his family. David Bowie, another artist featured in the Music Legends Collection of 2020, had his coin blasted into space! Clare Maclennan, divisional director of commemorative coins at the Royal Mint, stated in an interview with The Guardian , “In recognition of Bowie’s first hit single, ‘Space Oddity,’ we felt it was fitting to send his coin into space and celebrate the ‘Starman’ in his own pioneering

2020 Great Britain Silver £2 David Bowie, PCGS PR69DCAM. Courtesy of PCGS TrueView.

From 1972 to 1973, Bowie transformed himself into a character named Ziggy Stardust. He played the role of an alien rockstar who visits Earth to deliver the message of hope.

Both the obverse and the reverse of the 2020 David Bowie coin were engraved by master artist-engraver Jody Clark, who joined the Royal Mint in 2012; his first coin design appeared on British coinage in 2014. The reverse of the 2014 Britannia design is best described by his own words from his website, “My intention for the design was to reflect a powerful woman. I wanted her to remain true to her feminine form.

Interestingly, the foot was only added at the last minute.” The design he describes was his first in the series, and his work would continue to grace British coinage for many years to come.

In 1981, David Bowie and the band Queen, by chance, were recording music at the same studio in Montreux, Switzerland. The artists collaborated on a song, and the outcome was the iconic song “Under Pressure.” Queen is the third group featured in the 2020 Music Legends Collection. The group consisted of four members and Freddie Mercury was the frontman of the band. He catapulted the group into the stratosphere with the 1975 song “Bohemian Rhapsody,” which is woven together with his talented piano playing and signature voice. Queen produced 14 albums in the 15 years they were active with Freddy Mercury.

The reverse of the Queen coin was engraved by Chris Facey, who had joined the Royal Mint in 2018. His initials “CF” can be spotted on the lower left of the reverse. His vision for the coin was to include the four instruments played by each member of the band, which are shown on the reverse of the coin. Here is an excerpt from the Royal Mint’s website from Chris: “It’s a huge honor for my design to have been selected. Not only is Queen one of my favorite bands, but this is also the first time a band has been featured on a UK coin. It’s a great privilege to be a part of numismatic history. I hope Queen fans get as much enjoyment from the coin as I did working on it.”

On July 13, 1985, a benefit concert known as Live Aid was held to raise funds for famine relief in Ethiopia. Two transatlantic concerts were held at Wembley Stadium in London, England, and JFK Stadium in Philadelphia, Pennsylvania. At 2:00 p.m. in Wembley Stadium, Queen took the stage and gave one of rock music’s most electric performances for 21 minutes in front of 72,000 people, including Prince Charles and Princess Diana. Next up was David Bowie, who performed a few of his iconic songs. The band that followed David Bowie was The Who at 3:00 p.m. The Who is featured as one of the artists showcased in the 2021 Music Legends Collection. Once they had finished with their set, Elton John took the stage and started his splendid performance with the song “I’m Still Standing,” and his third song was “Rocket Man.”

While Queen is still an active group today, Freddie Mercury unfortunately passed away in 1991; their frontman nowadays is the mega-talented U.S. singer Adam Lambert. David Bowie released his 26th studio album two days before his untimely death in January 2016 at the age of 69. Elton John began his Farewell Yellow Brick Road Tour in Allentown, Pennsylvania, on September 8, 2018, and his last touring performance was on July 8, 2023, in Stockholm, Sweden. Sir Elton played 330 concerts and stopped touring at the age of 76 to spend more time with his sons. It’s a coincidence that these legendary artists performed together within a span of two hours back in 1985 at Live Aid. Strike a chord, strike a coin, and be acknowledged in metallic art. What are the odds that they would end up on the first release of the Music Legends Collection of 2020 together? Incalculable. What these artists will always be remembered for is their touching music.

Sanjay C. 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.

THE ROYAL MINT MUSIC LEGENDS COLLECTION COINS OF 2020

2020 Great Britain Silver £2 Queen, PCGS PR70DCAM. Courtesy of PCGS TrueView.

The Best and Worst of Times

By Peter Anthony

The ancient city wall of Nanjing is now decorated with the Olympic rings. This was added in 2014 when the city hosted the World Youth Olympic Games. A China 2014 five-ounce silver coin commemorates the occasion. Courtesy of Peter Anthony.

The former coin designer and current ancient philosophy scholar’s black two-seater scoots down the leaf-strewn road. Brown leaves flutter in its wake like torn paperback pages. Winter in Nanjing has not quite arrived… Yet. To our left, the semi-frozen parklands that border the Qinhuai River are deserted. To our right, graceful Qing Dynasty, or maybe Republic-era, multistory buildings line the street. Nanjing, a city that has so far escaped hyper-development, has many neighborhoods like this. The quiet streets and old buildings remind me of a college campus (and Nanjing prides itself on its great university).

This has always been one of my favorite places in China. The atmosphere of Nanjing seems to exhale hints that history was made here. Centuries as a capital city have endowed it with endless sources of mystique and intrigue. The massive Ming Dynasty city walls never fail to impress. They even appear on a modern piece of money: the beautiful 50 yuan, five-ounce silver coin of 2014 that was designed by Miss Zhang Chen Chen. To commemorate the Olympic Youth Games held in Nanjing that year, 2,000 were minted.

Speaking of Nanjing subjects, there is also a 2016 coin that shows the former presidential offices of Sun Yat-sen. It honors the vital role the city played in China’s break from imperial rule. To celebrate the 130th anniversary of Sun Yat-sen’s birth, the country struck 20,000 of the 30-gram silver coins.

My thoughts are jolted back to the here and now as the car rounds a curve, and a steel-and-glass building pops into view.

Yeah, this city is also a 21st-century incubator and innovator in a wide range of fields, including numismatics. Nanjing is home to a very special coin institution: the Yong Yin Museum. Unlike many coin museums that specialize in ancient coins, Yong Yin focuses on modern China.

The museum is located inside a converted Qing Dynasty building in a peaceful, verdant area near the river. It is a privately owned and operated institution, but one that is very much open to the public and devoted to education. Classes and groups of children often tour the museum. The many interactive exhibits seem to be expressly designed to engage young people in the roles that coins and paper money played in their nation’s development. It makes coins cool.

The very first room details how the People’s Republic of China pieced together a network of independent regional banks into a unified, national system. This is a far more complicated story than I ever imagined. Many rare examples of paper money issued by these banks illustrate the narrative and are a collector’s delight.

Nearby, a large timeline follows the development of money in China from ancient to modern times. Large is the operative word and the museum repeatedly uses scale to immerse the visitor in the experience. For example, you can step into a kaleidoscopic chamber of brightly colored paper money designs. No virtual reality headset required!

Of course, anything that concerns coins must focus on the little as well as the big. The parent company of the museum is

involved with the distribution of Panda coins in China, so it is no surprise that Panda coins have a prominent place here. There is not only an exhibit of every Mint State gold coin in the series, but also a rarely seen complete set of five-ounce gold Pandas. For anyone interested in modern Chinese coins, the Yong Yin Museum is a destination worth a visit and a revisit.

Some of the rarest coins in the Panda series are in the five-ounce gold coins. A complete set can be examined at the Yong Yin Numismatic Museum in Nanjing. Courtesy of Peter Anthony.

Another day, another museum: the next day my friend in the little black two-seater very kindly picks me up again. It is quite a practical mode of movement through a city filled with narrow streets originally designed for horse carts. I get dropped off in the central part of Nanjing.

“People always talk about the weather, but nobody ever does anything about it.” That old bit of wit comes to mind as a sudden downpour catches me out in the open. I quickly duck under the jade-colored overhang outside the Oriental Metropolitan Museum, also known as the Museum of the Six Dynasties. Inside, past the ticket booth, the first exhibition space I enter is a very large, marble-floored (and surprisingly empty) hall. My eyes immediately fall on a tall, stylized sculpture of a black horse with a gray mane. It is big enough to remind me of another famous horse; you could hide a few peopleinside this one.

Across the room from the horse is a line of panels that describe the Six Dynasties period. This includes a timeline that compares major events in ancient Rome and China from 166 AD to 589 A.D. The year 166 AD is significant because it is when merchants from ancient Rome first entered China. The year 220 AD is when the Han Dynasty was overthrown, and national rule in China ceased. Then, 589 AD stands out as the year that China was reunited under the short-lived Sui Dynasty. The centuries between 220 AD and 589 AD are now called the Six Dynasties, when China was split into independent regions. One was an area around the Yangtze River, for which Nanjing was the capital.

Aside from the panels and the horse, the hall’s only other exhibit is tucked away in one corner. It’s a wooden cart topped by what looks like the spokes of an umbrella. Below the umbrella is a drum and a pair of small seated wooden figures.

Among the exhibits at the Yong Yin Numismatic Museum is a kaleidoscopic display of paper money designs. Courtesy of Peter Anthony.

There are numerous interactive displays that help museum visitors understand the objects they see in the Yong Yin Numismatic Museum. Courtesy of Peter Anthony.

A sign in Chinese and English explains that this is a mileage recording chariot. Like a clock that strikes a note each hour, it contains gears that cause the figures to beat the drum each time the chariot travels one Chinese mile.

This conveyance immediately reminds me of the wonderful series of Scientific Inventions & Discoveries of Ancient China coins that was the brainchild of my late friend Martin Weiss. It celebrated the many inventions that originated in China and changed the world. But while the IDOC series (pronounced Eye-Dock, short for Inventions & Discoveries of China) includes Chinese inventions like the umbrella, the horse stirrup, and the astronomical clock, there is no mileage recording chariot. I guess this ingenious device did not change the world.

A flight of stairs at the far end of the entrance hall leads to an exhibit about the Six Dynasties period. The Six Dynasties was a time of insecurity that unleashed powerful cultural and scientific creative forces. The best and worst of times, you might say. One of these innovations is part of the Inventions & Discoveries series: Celadon porcelain pottery. While pottery was independently invented all over the world, porcelain is a distinctly Chinese development, and Celadon is one of the most famous glazes used to decorate it.

Celadon (or greenish-glazed) porcelain began during the Han Dynasty. Its color was associated with the natural world, and it was highly prized. During the Six Dynasties, ceramicists experimented with the color and texture of Celadon and produced numerous versions. For instance, one group of color

and texture variations became known as “The Color of Spring,” “The Color of Summer,” “The Color of Autumn,” and “The Color of Winter.” By the arrival of Tang Dynasty rule in 618 AD a jade green version of Celadon had been found.

The discovery and development of porcelain in China is the subject of two 1995 Inventions & Discoveries coins, one gold and the other silver. This series began in 1992 and lasted through 1996. Each year five-coin sets in gold, silver, and occasionally platinum were minted (and sometimes a few others, too). The 1995 “Invention of Porcelain” coins were designed and minted at the Shenyang Mint in northeast China. The 50 yuan example is 27 millimeters in diameter and contains a half ounce of .999-fine gold. The mintage plan was for 1,200 pieces, but only 380 were struck. The silver version is 36 millimeters round and contains 22 grams of .900pure silver. Its planned mintage was 15,000, but its actual mintage is 6,604.

Why the shortfall? A major reason was the sheer quantity of precious metal coins that China released in 1995: 166 different types for the year. Decades later, Martin Weiss recalled how in 1995 Panda America would send in reorders to the mints but would never receive them. The factories were overloaded, so the actual mintages were often far smaller than the intended quantity. Any collector who is curious about why the Panda coins of 1995 are so expensive should think about this.

Another area of Chinese culture that the exhibit explores is calligraphy, or shufa. The Six Dynasties period saw shufa, which literally means “beautiful writing,” blossom as an

art form. From ancient times it was esteemed in China as the highest kind of visual expression, superior to painting and sculpture. The belief that calligraphy best expresses and captures individual character helps account for its exalted position in Chinese thought.

During the Six Dynasties, calligraphy evolved from stiff official script into more elegant forms like Running Script. In Running Script, the characters may be joined to one another by strokes or stylized in ways that omit or condense strokes. Similar to cursive in English, it offers a fluid form of writing that is also legible, and it remains in use today. The creator of Running Script and the most famous calligrapher of his day was a politician named Wang Xizhi (303–361). He wrote the preface to – and was the calligrapher for – a famous collection of poetry called Orchid Pavillion, or Lanting Xu. Wang’s shufa is featured on a 2022 50 yuan silver coin that weighs 150 grams and has a mintage of 5,000. It is part of a magnificent series of Chinese calligraphy coins that up to the present have been issued in five years; 2018, 2019, 2021, 2022, and 2023.

The calligraphy section of the Oriental Metropolitan exhibit is crowded. School-age children examine and discuss the precisely inscribed stone tablets with their parents. Why this fascination? The Chinese language has several thousand characters that all require a fixed sequence of brushstrokes to form them. The order never changes. The manner in which this task is accomplished, deliberately or quickly, lightly or with force, preserves the spirit of the writer forever. One story has it that an early emperor, upon hearing that a cousin was dying, dispatched a messenger to get a sample of his calligraphy. The emperor wished to always keep close a part of his relative’s soul.

The sight of multiple generations sharing insights into this art form reminds me that I have several friends in China who continue to practice shufa as adults. They fill notebooks with beautiful script, never planning to show it to anyone. More than a pastime, they find a kind of Zen in this activity that connects them to a timeless tradition.

By its nature, paper is fragile. The paper in use at that time was made from tree bark, rags, fishnets, and hemp byproducts. This formula is not that different than the materials used today for fine paper: wood pulp and cotton. Two-thousand years is a long time, though; the oldest surviving book in the world is only 1,000 years old. The reason we know what Wang Xizhi’s calligraphy looked like is that a later emperor ordered his scribes to make exact copies of all Wang’s works. The original examples of Six Dynasties calligraphy that remain are carved in stone and even those were hidden away and sheltered in tombs. Not a single Six Dynasties building in Nanjing exists today.

I consider this and stare out a museum window. Under a gray sky, pale autumn leaves fly through the air like pages ripped from a paperback novel. Yet, they fly through the air of a beautiful, vibrant city that is larger than ever, and next spring the trees of Nanjing will sprout green leaves again.

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.

The groundbreaking calligraphic style of Wang Xizhi is featured on this 2022 five-ounce silver coin. Courtesy of Peter Anthony.

SHOP

John Good Celebrates History’s Greatest Women

By Joshua McMorrow-Hernandez

John Good has been collecting coins since his youth and has built several sensational sets on the PCGS Set Registry. Courtesy of John Good.

This coin from John Good’s 100 Greatest Women on Coins set represents Persephone. “It is interesting because this coin also satisfies the set criteria for Leda and the Swans as well as Venus de Milo,” Good says. “All three are shown, looking like the statues they are, on the reverse of this unusual coin.”

Courtesy of PCGS.

Collector John Good remembers when coins first caught his attention. He was seven years old, and his maternal grandfather gave him a collection of Flying Eagle, Indian, and Lincoln Cents housed across two green coin folders. “He had assembled three such collections, one for each of his children,” Good explains. “My mother had asked him to save hers and later to give it to me. They lived in the New Jersey area, so many Denver and San Francisco coins from the early years were missing, as were the middle years of the Indian Head Cents.”

Good also recalled several silver and gold dollar coins his mom received from her aunt, with these pieces also now passed on down to him. These coins formed the nucleus of his numismatic ambitions from a young age.

Lincoln Cents have been a mainstay for Good over the years, but it was his passion for Indian Cents that really grabbed him in the late 1990s. Before long, he had joined the PCGS Set Registry and completed an impressive set of Indian Cents with Major Varieties. This led him to build other fantastic PCGS Registry Sets, including Mercury Dimes FB With Major Varieties – Circulation Strikes (19161945), Buffalo Nickel Proof Set (1913-1937), Gold Type Set 12-Piece – Circulation Strikes (1839-1933), and Basic U.S. Coin Design Set (1792-present), among others. Some of these sets are now retired, while others are active and ranking well among their peers.

But one of the most intriguing sets Good is currently embarking on was inspired by two commemorative sets he built and 100 Greatest Women on Coins, a popular book by Ron Guth. “I created this set in 2020, during the COVID-19 pandemic, looking for something new to do,” explains Good. The set entails a wide-ranging variety of coins spanning centuries and representing famous women from the canon of world history. “I hadn’t been considering a world coin set of this broad scope but gave it a closer look. I noticed that I already had coins in my existing collection that met the

criterion in this set. I had in fact 10 coins already.”

He set out to build the finest set possible, considering different avenues for completing such a collection. It was upon landing a coin profiling one of the required individuals, Saint Helena of Constantinople, that he knew building such a set would become his new goal. He bought a 500 lei from Romania depicting the Christian saint and submitted it to PCGS. “It came back PR70DCAM,” he added. “From that point on, I was hooked.”

He admits building the 100 Greatest Women on Coins set hasn’t been all that easy. Coins featuring the designer of the first American flag, Betsy Ross, and Spain’s Queen Isabella II were tough to locate. Pandemic-era shipping issues created hiccups in receiving a coin with the likeness of Empress Elizabeth of Australia. Other coins required exercises in patience to land pieces of just the right quality.

He advises others in the process of completing top sets to build a solid network of friends who collect similar material. “Reach out to others in the registry, introduce yourself, and ask for advice regarding any problems you are having. I have traded, sold, and bought coins from several other collectors in the PCGS Set Registry.” He says the global element of his 100

Greatest Women on Coins set enhances the importance of having international contacts. “It helps to know where you can find coins from around the world. That’s where networking with veteran registry collectors can be a big help, to find out where these sources are.”

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.

Why This YN Loves Early U.S. Gold Coins

By Trevor Kevorkian

Trevor Kevorkian is a 15-year-old young numismatist who is passionate about early United States gold coinage. Courtesy of Trevor Kevorkian.

Trevor Kevorkian believes classically rare early U.S. gold coins such as the 1796 Draped Bust No Stars Quarter Eagle, seen here, represent the exquisite marriage of rarity and beauty.

Courtesy of PCGS TrueView.

My name is Trevor Kevorkian, and I am a 15-year-old young numismatist from San Diego, California. For as long as I can remember, I've had an infatuation with history. As a young kid I spent my late nights watching history documentaries instead of cartoons.

When I was four years old, my father opened a coin shop in our area. Being the ambitious and curious kid that I was, it was not long until I was fully invested in coins. My weekends were spent at local coin shows, and summer days were spent in the shop, watching my dad and absorbing knowledge from him as he interacted with consumers throughout the day.

My interests started to get serious around the age of nine or 10. It was at this point that I found a special interest in early American coinage because of how I connected them to history. I began to study them intently. Within my studies, I went on many different paths, which eventually led me to find that my true passion lay in pre-1834 U.S. gold coins.

It was my dad who really lit the fuse when it came to early gold. He has collected it since before I was born, and he was able to teach me much about early gold coins. After that I went

to great efforts to make early gold my main numismatic focus. I found tremendous amounts of knowledge from auction catalogs that contained some of the greatest collections ever assembled, such as those bearing the names of Pogue, Garrett, and Eliasberg. And when I started attending coin shows, I was able to speak with and pick the brains of some of the foremost experts within the industry on early gold.

So why do I love early gold? I feel that it embodies the history of the early United States. When I hold an early gold coin, I think about the places it might have been or who had handled it in its lifetime. Take a 1799 Draped Bust Eagle as an example. It might have been used by George Washington before his death. I find it amazing that the piece has survived over 200 years of turbulence in the United States without being melted or lost. More so than any other type of United States coinage, early gold never fails to provoke deep thoughts – both numismatic and historical.

Another reason I love early gold is its rarity. Although these classic coins have such an illustrious history, one must not forget how rare these pieces are. Many early gold coins might be referred to as classic rarities; this means they have been recognized as rare and special, oftentimes since the mid1800s. Coins such as the 1796 Draped Bust No Stars Quarter Eagle and 1815 Capped Bust Half Eagle represent extreme rarity while also carrying, in my opinion, some of the most beautiful designs that the United States ever produced.

Early gold really is the whole package. It combines early American history with beauty and rarity that has been long recognized. I encourage anybody reading this article to explore early gold, as I truly believe it represents the pinnacle of U.S. coinage.

An Introduction

By Edward Van Orden

The 1796 “LIHERTY” Cent, with apparent misspelling of “LIBERTY” arcing across the top of the obverse. Courtesy of PCGS TrueView.

Identifying numismatic errors and die varieties involves an understanding of the overall minting process. As dies went from being individually handmade to being fully hubbed in automation, so, too, have the definitions of these specialized fields of numismatics transitioned. Additionally, what constitutes how the terms “errors” and “varieties” are defined is derived from not only the intent of their design but also pragmatic and economic factors as well. This inaugural article of the Errors & Varieties column highlights the distinctions between these two niches of the numismatic hobby and how they have evolved throughout the history of American coinage.

Errors and die varieties have existed since the earliest days of the United States Mint. Simply put, an error cannot be repeated exactly, making each one unique; die varieties tend to have multiple identical duplications.

Struck approximately 40% off-center to the northeast, the existence of this dramatic error is even more remarkable considering it was struck in a hand-powered screw press, a relatively controlled and monitored environment.

Die varieties, on the other hand, can repeat exactly and can be further categorized as either a die-design variety or a die-design-error variety. The 1793 Chain Cent, the first massproduced circulating issue created by the United States Mint, features multiple die-design varieties.

Broadly speaking, two kinds of non-repeating errors may exist: planchet errors and striking errors. If the planchet is improperly produced or prepared (e.g., alloyed, rolled, punched, shaped, etc.) prior to striking, it is an error – more specifically, a planchet error. If the planchet is improperly struck (or is the wrong metal or of the wrong series), it is a striking error. One of the earliest examples of a striking error is this 1796 Draped Bust Cent (attributed as Sheldon-97).

The 1793 Chain AMERI. Cent represents one of several different types of die variations seen among the early U.S. cents.

Courtesy of PCGS TrueView.

Each of the four obverse dies and two reverse dies were entirely hand engraved and hand punched. Each profile, strand of hair, chain link, letter, numeral, etc., was entered by hand, resulting in uniquely placed features in distinct alignments and spacings. More curious is the abbreviated spelling of “America” as “AMERI.” on one of the reverse dies, as well as the periods following the “3” and “LIBERTY” on one of the obverse dies. These six dies combined for five distinct die pairs of the Chain Cent, all of which are among the most coveted in American numismatics.

The 1796/5 Draped Bust Half Dime and 1796/5 Draped Bust Small Eagle Reverse Half Eagle overdates are also early U.S. Mint examples of die-design varieties. Although the “6” over the “5” appears to be an error in design, we must take

This 1796 Draped Bust Cent that was struck approximately 40% off center is a dramatic error of fantastic rarity, especially considering its period of production.

Courtesy of PCGS TrueView.

into account the circumstances under which these obverse dies were made.

Because the manufacture, engraving, and punching of dies was a time-consuming and expensive process in the early years of the United States Mint, they were considered for usage in future years if they were still serviceable by the end of their intended initial striking period. A 1795 obverse die for both the half dime and half eagle were apparently still serviceable, so each die was repunched with a “6” over the “5” and put into service to produce coins dated 1796. Once the date began to be applied to the master die starting in 1909 (eliminating repunched dates), overdates such as the 1918/7-D Buffalo Nickel, 1918/7-S Standing Liberty Quarter, and 1942/1-P and 1942/1-D Mercury Dimes would be considered die-designerror varieties, the results of which were not for economy but simply human error.

However, the 1796 Draped Bust “LIHERTY” Cent is a die-design-error variety. While creating this obverse die, the engraver appears to have initially punched the “B” in “LIBERTY” backwards. The mistake was repunched with a

correctly-oriented “B,” resulting in a “B” showing extra serifs at the top and bottom right curves. This obverse was used with two different reverse dies to create two die pairs, Sheldon-103 and Sheldon-104, thus creating the curious-looking and popular variety we now call the “LIHERTY” Cent.

Collecting errors and die varieties is an endeavor that requires knowledge of the planchet, die, and coin-making processes in order to properly identify and appreciate them. Ultimately, close examination of a specimen and investigation of how it was created is the objective – and the fun! In future columns, we will delve further into this fascinating aspect of numismatic collecting.

Edward Van Orden was born and raised

Bergen

New Jersey, and received a Bachelor of Science degree in accounting at Fordham University. He has played in numerous bands, worked in royalties and finance at Universal Music Group and The Walt Disney Company, and enjoys looking up on a dark evening.

in

County,

Closeups of the 1796/5 overdates on the half dime (left) and half eagle (right), which are two coins that are fairly typical of the overdate varieties borne from the overriding catalyst of economics. Courtesy of PCGS.

Tips for Using PCGS Certification Verification

By Vic Bozarth

PCGS Certification Verification is one of the many helpful resources on PCGS.com. Courtesy of PCGS.

Did you know that PCGS Certification Verification [PCGS.com/Cert] is one of the most popular online resources at PCGS [www.PCGS.com]? The unique PCGS certification number provides you with the ability to verify the authenticity of any individual PCGS-graded coin on the PCGS Cert Verification portal. Once there, you simply input the sevenor eight-digit certification number in the window next to the “Verify” button that you will click once you have entered the PCGS number.

Let’s walk you through what information we can glean via PCGS Cert Verification using the 1900-O/CC Morgan Dollar as an example. When you enter the unique certification number 34464855, which appears above the barcode on the label, you will be returned with an information page relaying information about this specific coin.

The information that you can find on PCGS Cert Verification about this specific example of the 1900-O/CC Morgan Dollar is as follows:

• PCGS Spec Number: 7268

• Date, Mintmark: 1900-O/CC

• Denomination: $1

• Region: The United States of America

• Grade: MS66+

• Pedigree: DT Miller

• Mintage: 12,590,000

• Holder Type: PCGS Gold Shield

• Population: 25

• Pop Higher: 3

• PCGS Price Guide Value: $11,500

The major information shared by both the label in the PCGS holder and the PCGS Certification Verification are the country of origin, date/mintmark, and denomination. But they also share PCGS Spec number, the grade, and the PCGS certification number. This specimen is also pedigreed, denoting it once was part of the DT Miller Collection.

Additionally, the PCGS Cert Verification provides the PCGS population information for this issue, indicating that PCGS has currently graded 25 examples of the 1900O/CC Morgan Dollar as MS66+, with the further data declaring that PCGS has also graded just three specimens in a higher grade.

In addition to the amazing information that can be found by using the PCGS Certification Number you can even find out how much that specific example may have fetched in past auctions. Check out the “Latest Major Auction Appearances of This Coin” option, when applicable, below the information table and PCGS image block. For example, we'll find in the PCGS Cert Verification portal that this specific example coin sold as lot #4676 on January 14, 2024, for $9,600 in the Heritage FUN Auction. There is a direct link to the particular Heritage Auctions event, too.

But perhaps above all, PCGS Certification Verification is crucial to ensuring that your coin is authentic. Remember, not only can you use this invaluable tool for looking up information on your own PCGS-graded coins, but you can also check out PCGS-graded coins you are looking to buy!

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 wheenie” 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.

Auction Highlights

By Jaime Hernandez

The first months of 2024 have been great for the coin market. Vintage coin series, bullion coins, patterns, colonials, and even error coins have been realizing strong prices this year. Among the stars on the auction floor are moderns, which kick off our rundown of A-listers here in Auction Highlights.

1995-W American Silver Eagle, PCGS PR70DCAM

That first coin on this list is one that made a name for itself after it was given away for free by the United States Mint. Yes, you read that correctly… This coin was actually given away for free by the United States Mint to collectors who bought the 1995 Gold American Eagle 10th Anniversary Proof Set. The coin we're referring to is the 1995-W Proof American Silver Eagle. This piece became a hit with collectors in the years after its release, and it now commands at least a few thousand dollars regardless of grade. On December 14, 2023, Heritage Auctions offered a PCGS PR70DCAM garnering $14,400.

1893-S Morgan Dollar, PCGS FR02

The 1893-S Morgan Dollar, one of the key dates of its perennially beloved series, also happens to be one of the most popular coins in all American numismatics. The 1893-S Morgan Dollar has a low mintage of 100,000; many examples were lost or destroyed over the years, making it even scarcer than its mintage indicates. In 2021, a PCGS-graded MS67 specimen sold for over $2 million dollars in a GreatCollections auction – big money for sure. Today, we’re featuring a specimen on the other end of the grading spectrum. This chosen example grades PCGS FR02, still very collectible and a darling for the many numismatists assembling Low Ball Morgan Dollar

sets. Just imagine how many hands this coin passed through and how many different items it may have purchased over its 130 years. This PCGS FR02 1893-S Morgan Dollar sold in another GreatCollections auction on February 18, 2024, taking a cool $2,707.

1934 $1,000 San Francisco Federal Reserve Note Mule, Fr. 2211Lm, PCGS Banknote Choice Unc. 64

Rounding out this Auction Highlights column is a 1934 $1,000 San Francisco Federal Reserve Note Mule, Fr. 2211Lm, graded PCGS Banknote Choice Unc. 64. While not a particularly scarce note overall, examples in higher uncirculated grades are very difficult to come by. Simply put: the overwhelming number of known notes of this variety have been circulated. Recently, Stack’s Bowers Galleries offered this exact banknote for public sale, and it received an incredible $9,000 highest and winning bid. That is not surprising given the note’s superior eye appeal and fantastic general condition.

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

Hong Kong - A Rare Japanese Survivor

By Jay Turner

Japan Showa 13 (1938) 5 Sen in Nickel, PCGS MS65 (Obverse). Courtesy of PCGS.

which could have been a common circulation issue, is a rarity in Japanese numismatics.

In 1933, Japan adopted a new design for their circulationissue five sen coinage. Starting in Showa Year 8, these coins feature a Chrysanthemum fixed at the 12 o’clock position of the coin above the denomination 錢 五 “5 SEN” and below an eagle with spread wings. The reverse contains lettering declaring “Great Japan” and the Year of the Showa. Made of nickel and having a center hole, these coins entered circulation in Japan in 1933 and continued until 1937, with over 140 million examples being produced and released into circulation.

In 1938, the minting of the circulation-issue five sen coins continued, with 10 million coins being struck. However, by this time, the military efforts of Japan had begun to require material resources, including metals such as nickel. Rather than releasing these 10 million coins into circulation, the order was given to melt the mintage and use the over 61,000 pounds of metal for the war effort. It was believed that no examples had been released of the Showa Year 13 Five Sen coins. However, a few were saved from the melting pot and found their way into coin collections. Today, it is estimated that possibly as few as four coins survive, with some estimating that it is more likely that 10 coins are out there. In 1938, a new five sen issue coin was struck in an aluminum-bronze composition to replace the nickel version, and that coin would be minted until 1940.

Japan Showa 13 (1938) Five Sen in Nickel, PCGS MS65 (reverse). Courtesy of PCGS.

In a Hong Kong Express submission to PCGS, a surviving example of this coin was submitted for certification and grading. The piece is genuine, graded MS65, and is just one of three examples certified by PCGS. With a rarity like this, it is hard to establish a value, but another example surpassed $21,600 in auction in 2021 with a notable pedigree.

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 onsite for the Shanghai, Hong Kong, and Paris offices.

Series 1928-A $10/$5 Richmond Federal Reserve Note Double-Denomination Error

By Philip Thomas

This Series 1928-A $10/$5 Richmond Federal Reserve Note Double-Denomination Error features art for the $10 Federal Reserve Note on the face and the reverse of a $5 Federal Reserve Note on the back. Courtesy of PCGS.

Make no mistake – we’ve certainly handled and graded our fair share of errors over the years in the PCGS Banknote grading room. Collector passion and the ensuing market activity within the error note category remains robust, and submission volume of nearly every type of error variety continues to soar. Advanced research into this specialized area of paper-based numismatics is ongoing, and novel discoveries are constantly emerging. As time marches on, new printing and production technologies create new error classes and yield fresh, curious collectibles to talk about and marvel at.

The future of the error genre looks bright. And it just got a little brighter when this Series 1928-A $10/$5 Richmond Federal Reserve Note Double Denomination Error – considered by many to be the “King of All Errors” – recently arrived for its coronation via grading and encapsulation.

Each error note carries with it its own story, and no two of these stories are quite alike. Some stories are short and sweet. For instance, gutter folds, offsets, and insufficient inkings tell a more frequently heard tale of rather simple authorship. And others, like the one attributable here, are epic enough to make even Homer proud. So, let’s break down the gripping plot line here, starring this Odysseus of a banknote.

Most banknotes are two-sided, meaning they have designs present on both their face and their back. And most of the time, these designs are inked onto their respective sides of the banknote paper during separate, distinct printing phases. The United States Bureau of Engraving and Printing (BEP), the responsible party in this case, has steadfastly maintained a policy tradition of printing back designs on blank sheets of paper as the first order of operation before manually advancing

those partially completed, back-only sheets into its “second print” phase for the application of the face design.

Deliberate care is then taken to ensure that these back-only sheets are properly paired with their corresponding secondprint runs, including adherence to stringent guidelines for the physical storage, withdrawal, and transportation of the backonly sheet stocks. Obviously, the denominations must match, and overwhelmingly so, they do. But not in this very rare case, in which a $5 back was paired up with a $10 face, then the unsuitable amalgamate somehow managed to avoid detection during quality control (or security protocol?) and make its bold escape from the BEP facility.

Any error that gets released into circulation is a problem – to some extent – for the issuer. Errors tend to undermine issuer credibility and create some confusion. But this type of error really strikes at the core of the banknote’s reason to exist in the first place: to facilitate commerce by acting as a quick, clear, legal arbiter of fair and square trade. The resulting confusion here among transactionally interested parties takes the most crude and basic form – what is this thing even worth?

Quick pop quiz for the readership: What is this thing worth? (Face value, that is, as collector value is off the charts and beholden only to market forces.) The combined face value of both sides ($15)? An average of the two sides ($7.50)? The value as shown on the back ($5)? Or the value as shown on the face ($10)? If you said $10, you would be in line with Federal Reserve system guidelines, earning yourself a gold star.

Speaking of gold, all Series 1928 Federal Reserve Notes were backed by gold, unlike all subsequent series. Check out the “Redeemable in Gold...” finely printed clause at upper-center

left. Just below that, you’ll see its “numeric seal,” the number “5” printed in a stylish, ornamental font, indicating issuance by the Fifth Federal Reserve District Bank of Richmond.

United States double-denomination errors from any timeframe and of any variety are extremely scarce. Most largesize double denominations were the product of back-only sheets of multi-denominational National Bank Notes fed upsidedown while receiving their second printings, resulting in a denomination discrepancy at certain subject positions of the sheet (as well as a back print inverted relative to its face print). Small-size double denominations can literally be quantified into just four historical occurrences: these Series 1928-A $10/$5 Richmond Federal Reserve Notes (only 12 known), a small run of Series 1934-D $5/$10 Kansas City Federal Reserve Notes, a small run of Series 1950-A $10/$1 New York Federal Reserve Notes (with Silver Certificate backs!), and finally, a small run of Series 1974 $20/$10 Dallas Federal Reserve Notes.

The known existence of this error is documented at least as far back as the famed Albert A. Grinnell Collection sale of November 1946. Hailing from one of two uncut half-panels of six subjects each, which together formed the full BEP sheet of 12 subjects, this banknote formerly occupied the fifth position

down on the right-side panel, evidenced by its plate position letter K. Described by auction cataloger Barney Bluestone nearly 80 years ago as being “of the greatest rarity,” they knew then what we still know to be true today – that this note is indeed the King of All Errors. Long live the King!

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.

2455 Route 413, P.O. Box 217, Buckingham, Bucks County, Pennsylvania 18912-0217 215.794.7630

Saturday, June 8, 2024 – Seventeen PCGS graded gold coins from one family

Mine Eyes Have Seen the Glory…

The house never screamed success, it stated it. Generations never boasted achievement, they acquired it. Their yard had cycled shade trees for over 175 years before we arrived, growth rings attesting to time well spent. The elegant 1838 Victorian façade nodded approval at our approach. December. 2014. Invitation fueled anticipation.

1800 Capped Bust five-dollar gold coin (49472489) PCGS MS63

With the click of the lock, we entered. If ever there was a home encapsulating time, this was the one One could taste the passing periods. We stood suspended, our senses tuning to the surrounds. A King Tut moment. Here lived authenticity, that very real commodity so impossible to find, let alone retain. Purity in its finest form. In the world we delve, we felt at home.

1851 twenty-dollar gold coin (49472486) PCGS MS 62+

Though nothing can bring bac k the Splendour in the Grass, Glory in the Flower

May I? we inquired. The words automatic, the request expected. Of course, this is why I hired you. Before us in the vestibule, hanging on the wall, was an oval Victorian walnut frame, not ten inches tall. Within its parameters was a woven floral spray, the blossoms and leaves now a golden-brown, dust defining its patina.

1852 900 Thou San Francisco U.S. Assay Office gold fifty-dollar coin (49472502) PCGS MS63+

Gently lifting the bouquet, one could see the oval silhouette on the wall, a forensic fingerprint. We were, perhaps, the first ones to remove it from its perch. Curious, we turned the frame over. On the reverse, in neat script, it read…flowers picked from Gettysburg battlefield day after July 4th, 1863. The sacred battleground only miles from this home, we felt a chill. The high -water mark in our hands foreshadowed the coming months of research and auctions. What we did not know then was the finest was still a decade away. Enter the California Gold Rush

California Dreaming…Perry Gardner’s souvenirs from his prospecting days

From the PCGS Grading Room

By Steve Feltner

This 1852 “slug,” a privately minted piece made from refined California goldrush ore and denominated at $50, was recently submitted to PCGS and is worth $300,000. Courtesy of PCGS TrueView.

To set the stage, gold was discovered in California in the mid-1840s and created a national migration of thousands of individuals set on making their fortunes in panning or mining for gold. Many of them were successful and were able to amass large amounts of wealth from their labors. After a time, it was obvious that trade was becoming increasingly difficult as these individuals had come to California with very few federal coins that could be used. They initially began trading pinches of gold dust and small nuggets, but this was a very inaccurate way to conduct business. In the late 1840s there were several individuals and companies who began the business of refining, assaying, and striking coins to the federal standard. Denominations ranging from $1 all the way up to $50 were produced. However, due to the difficulty of amassing quantities of acids needed for refining purposes, many of these private issues were lacking in weight or gold quality and could be difficult to barter with.

Many individuals called on the government to open a branch mint in San Francisco as the nearest mint was thousands of miles away in New Orleans over rough terrain. In 1852 a government assay office was opened to alleviate some of the pressure. It was in this assay office that this $50 gold piece,

commonly referred to as a “slug,” was minted using genuine California gold-rush gold. Using online inflation calculators, we find that $50 in 1852 had the equivalent purchasing power of around $2,000 today, so this was still a difficult thing to barter with. It is estimated that over 20,000 of these coins were produced. However, today only a few hundred are thought to exist. The reason for this dramatic attrition is that the politicians in California got what they were seeking from the federal government in gaining a branch mint in San Francisco in 1854. Due to the opening of the mint, most of the $50 slugs were turned in to be minted into smaller, more usable denominations.

This particular coin is special in that it is one of the finestknown examples, graded PCGS MS63+. In fact, there is only one finer example of this variety, which was graded MS64. As gold is a soft metal, and these coins are octagonal with sharp edges, most of the examples that we see have issues with dents on the rims and major scrapes on the designs. This specimen is devoid of those common problems and is mind-numbingly fresh. Each one of the graders at the show held this coin for several minutes, admiring the surface preservation and aesthetics. This amazing piece of history has a PCGS Price Guide value of over $300,000.

Steve Feltner is a Grader for PCGS. He began collecting at the age of eight and has since spent many years as a vintage coin grader, dealer and ANA summer seminar instructor.

In My Opinion: The Enigma of the 1939 India One Rupee Coin

By Sanjay C. Gandhi

India 1939(B) Rupee SW-9.13 Reeded Edge, PCGS AU58. Courtesy of PCGS.

How is this possible if the 1938 One Rupee coins were the first to be struck in late 1939 or starting January

collectors of British India coinage. I believed many of these “facts” and “stories” because it's all I could find with web searches. But slowly these so-called “facts” didn't make sense to me as they were presented. A majority of the following data has been available since 1975, when Major Fred Pridmore scattered much information, like a puzzle, throughout his book, The Coins from the British Commonwealth of Nations, Part 4, Volume 2, Imperial Period 1858-1947.

Here are some fallacies I want to dispel:

Fallacy: The 1938 One Rupee coins were minted in 1938.

Argument: How is this possible if the finished Type II (Large Head or Low Relief) obverse dies were not delivered to India from Great Britain until late 1939?

Fact: The 1938 One Rupee coins were struck in 1940, and a small quantity of them may have been struck at the end of 1939.

Fallacy: The 1939 One Rupee coins were minted in 1939 throughout the entire year.

The rupee coin was approved for standard circulation beginning in January 1940 by the British government. The 1938 One Rupee coins were the first to be struck in 1940, and the 1939 One Rupee coins were struck thereafter.

Fallacy: India's silver shortage of 1939 (September prices spiked by 15%) was the cause of the recall or withdrawal of the 1939 One Rupee coin(s).

Argument: How is this possible if the 1939 One Rupee coins were minted in 1940 or after the 1938 One Rupee coins, and again the 1938 One Rupee coins were minted before the 1939 One Rupee coins in 1940 sometime?

Fact: The 1939 Rupee was struck in 1940.

Fallacy: There were 2.2 to 2.5 million 1939 One Rupee coins struck for circulation.

Argument: If the above is true, then where are all the coins today? Hoarded?

Fact: The mintage was a “planned” or “proposed” mintage by the Bombay Mint, which was common practice for many years.

Fallacy: The British government went to people's homes to collect the 1939 One Rupee coins in 1939.

Argument: Again. How is this possible if these coins were minted sometime in 1940?

Fact: 1938 One Rupee coins were not “officially” released for standard circulation until January 1940.

India 1922(B) Rupee SW-8.57, PCGS MS63.

The British government stopped minting the 1922 One Rupee in 1923 according to mint records, and never authorized another one rupee coin for circulation until more than 15 years later as an order issued by the British government. This meant that the British Government had not resumed production until late 1939 or January 1940, when the 1938 One Rupee coins were minted and released. The only reason new coinage resumed in 1939 was because of the increase in commerce in India from World War II. The majority of the 1938 One Rupee issue was minted in the year 1940, and “a small quantity 1938 coins were minted in the end of 1939,” as noted by Pridmore. It was not possible to strike the 1938 One Rupee with the Type II obverse any sooner than late 1939. I believe the 1938 One Rupee mintage was issued in its entirety, but that’s not true for the 1939 One Rupee.

Consider some of the following data, which may be above as well:

Type I = First Head or High Relief obverse*

Type I obverse dies were only used for specimen / proof / restrike / presentation issues for the 1938 / 1939 One Rupee coin(s), and these dies were never used for the circulation strikes. These dies were sent to India in July 1939 by mistake, and had poor striking capabilities.

Type II = Second Head or Low Relief obverse*

Only Type II obverse dies are used for the 1938 / 1939 One Rupee circulation strikes. Work commenced for the new dies in August 1939, and the Type II obverse dies were not delivered to India until late 1939 from England because they had to be reworked. Possibly some of the 1938 One Rupee mintage was struck after these dies were delivered late in 1939 to be released in January 1940.

The British government had not minted a circulating one rupee coin for almost 17 years (1922), and the 1938 One Rupee coin was the latest. I speculate the entire mintage was minted for the 1938 One Rupee, and the Bombay Mint transitioned into the 1939 One Rupee coin briefly. This 1938 One Rupee was also a first-year type issue, and there was probably some novelty associated with keeping one or two coins as a memento. Many of these coins landed in the hands of hoarders, choksi(s) – assayers of gold and silver, neighboring countries, and some of them never made it back to the Reserve Bank of India. A majority of the 1938 One Rupee coins were probably melted or withdrawn from circulation before the

Courtesy of PCGS.

India 1938(C) Rupee SW-9.7, PCGS PR64 Restrike. Courtesy of PCGS.

India 1940(B) Quarter Rupee SW-9.84 Short Trefoils, PCGS MS64. Courtesy of PCGS TrueView.

official news announcement was made at the end of 1940, reducing the fineness for the one rupee silver coinage to .500 fineness.

The Reserve Bank of India planned to go “off” the .917 silver fineness standard, and shifted to a “quaternary alloy” (.500 silver fineness) with the 1940 Quarter Rupee as its first to use the new composition.

British India quaternary alloy composition: 50% silver, 40% copper, 5% nickel, and 5% zinc

Here are the “official” or “planned” silver-fineness reduction dates:

March 11, 1940 – Quarter rupee fineness reduction

July 24, 1940 – Half rupee fineness reduction

December 20, 1940 – One rupee fineness reduction

People had little faith in “paper,” and it was just paper in the minds of the standard citizen. The average Indian citizen wanted tangible silver in hand, and the government acted in late June of 1940 to combat hoarding as written by Dickson H. Leavens: “A rule was made by the British Government under the Defense of India act making it an offense for any person to acquire coins in excess of his personal or business requirements and providing that in cases of doubt the

judgment of the Reserve Bank or its duly appointed agents as to what constitutes the reasonable requirements of one individual should be conclusive.”

Soon following was an ordinance passed in July 1940 to “issue and put into circulation 1-rupee notes. The law provided that these should be treated by the Reserve Bank in its account exactly as if they were one rupee coins. Between the dates of March 31, 1940, (close of the financial year) and July 26, 1940, the Reserve bank's statement showed an increase of 90 million rupee coins. But more than likely these were one rupee notes dated 1940,” as Leavens noted in his work titled Rupee Circulation in India. Also these 1940 one rupee paper notes were possibly injected into circulation well before the "official" ordinance was passed in July, as listed above.

At some point during July 1940, the entire 1938 One Rupee coin mintage was completed, and the Bombay Mint started striking the 1939 One Rupee. This was a very short-lived minting in July that was abruptly halted possibly by the order sent by the Royal Mint to reduce the fineness for the half rupee on July 24, 1940, and the injection of one rupee paper notes dated 1940 to fight the practice of hoarding. Keep in mind there was an official rule issued at the end of June 1940 by the British government to combat hoarding coins by the citizens of India, as mentioned above. With respect to World War I, Indian citizens never forgot what happened in 1918 when there

India 1938(B) Rupee SW-9.9, PCGS MS65. Courtesy of PCGS.

was a threat of a massive silver shortage. The United States sold and shipped to India (the British government) more than 200 million ounces of silver at approximately $1 per ounce, as mandated by federal law known as the Pittman Act.

The United States sold this silver to India because citizens were trading in paper currency to the Reserve Bank of India for hard assets (predominantly silver) at an alarming rate. The silver on hand was not enough to quell the demand, the Reverse Bank of India would have run out of silver in a few months' time because of demand driven by fear from World War I. Nowadays, U.S. collectors who cannot fill holes within their silver dollar collections can blame previous citizens of India or the British Indian government for the more than 270 million silver dollars that disappeared from circulation via implementation of the Pittman Act. Be thankful it was only 270 million silver dollars and not the ceiling of 350 million set by Senator Key Pittman of Nevada.

The Bombay Mint had probably struck a very small quantity of 1939 One Rupee coins that were more than likely mixed in with the 1938 One Rupee coins entering circulation. I believe that the minting of the 1938 One Rupee coins was finished sometime in July 1940. As the Bombay Mint started producing the 1939 One Rupee coins, the paper currency injection came to fruition. There was also the “official” order to reduce the fineness of the half rupee to .500-fine silver and the one rupee coin was to be reduced as well. So, lots of changes were simultaneously being made in July 1940 at the Bombay Mint. At the same time, I believe the decision came to stop the .917 fineness for the 1939 One Rupees going

forward well before the official date, and the Bombay Mint suspended minting the 1939 One Rupee coins altogether. We are at a crucial transitory period going from .917 silver fineness to .500 silver fineness.

We know that four 1939 Security Edge One Rupee coins survived from the supposed specimen mintage of five coins, as noted by Pridmore, and these were "trial” pieces struck by the Bombay Mint in the "new” quaternary alloy. The Bombay Mint may have actually tinkered with the idea of producing the 1939 One Rupee coin for standard circulation with a security edge, but then abandoned the idea. The Bombay Mint was seven months into the year of 1940, and striking 1939 One Rupees in the new alloy with the security edge would only further delay the arduous task of producing the planned mintage of over 150 million 1940 One Rupees. Maybe this is why they never struck the 1939 Security Edge Rupee for circulation. The 1940 One Rupee represented the largest planned mintages for a one rupee coin since 1920.

The Bombay Mint liked to work with planned mintages and in order for the mint to produce more than 150 million of the 1940 One Rupee coins, it would possibly need about 12 to 13 months for production; some of these coins needed to be ready before the official order was released on December 20, 1940, for the silver-fineness reduction that was being enacted. Whatever 1938 and 1939 One Rupees had been minted were probably withdrawn from circulation over time, up until the withdrawal order dated December 20, 1940, and thereafter as well. We know that the British Indian government could melt down 1,000 of the .917-fine silver rupees, produce 1,834 of

India 1940(B) Rupee SW-9.17, PCGS MS64. Courtesy of PCGS.

the .500-fine silver rupees, and still maintain the same value. Currency devaluation was in full effect. I speculate the 1939 One Rupee was struck for one or two days at most. However, I can never prove this unless I have concrete mint records – or I use Marty McFly's DeLorean from the movie Back to the Future to go back in time. But, if more 1939 issues were struck then I ask, “Where are they?” “Are they hoarded?”

It was easy to identify what was .917-fine and what was not. Most examples we see of the 1939 One Rupee coin are of the “reeded edge” variety, which is generally found in XF to AU or lower grades. Anything with a reeded edge was .917 fine, and anything with a security edge was .500 fine. There was a 1939 Security Edge One Rupee that surfaced in VF, another one recently in AU Details, and they may have survived years of wear before somebody pulled them from circulation presumably many years ago. The sole reason the coins may have survived the many recalls and melts of the .917-fine coinage may have been because of the “security edge” itself. Those coins that had the security edge were easier to identify to keep them circulating through the Reserve Bank of India's monetary system, and whatever didn't have a security edge was melted and maybe recoined.

India 1941(B) Rupee SW-9.18, PCGS MS63.

Courtesy of PCGS TrueView.

The 1939 reverse die was poorly engraved or poorly prepared to provide full strikes suggesting a number of possibilities. The die(s) still had to be polished and prepared to produce a better proof-like surface on the reverse than the obverse during the first few hundred strikes. Some of the cleaned examples will display these qualities because the reverse die may have been prepared with more care than the obverse die, and the obverse die may have been the exact same die from the 1938 One Rupee.

There is less “smoothness” on the reverse, with the high points closer together, almost proportionate in height, and tighter in detail. These characteristics would somewhat shield the smooth surfaces as these coins are more prone to contact marks, scratches, and nicks. The reverse could sustain much more wear because of the intricacy of the design, and the high

points were curved or rounded. The obverse design was frozen for four dates: 1938, 1939, 1940, and 1941. Many collectors will recognize for the previous dates that the obverse for this one rupee coin series is always struck with more detail than the reverse with the exception of 1941 being a reworked reverse.

Furthermore, one will find a majority of the 1939 One Rupee with a slight tilt die axis on the reverse about five to seven degrees to the left. Also, I have seen some 1938 One Rupee coins as well with this almost-identical die axis. Check to see if any of your 1938 One Rupee coins have a die axis. Is this die axis a pure coincidence or was "a" die (or multiple dies) switched out in the same position during the end of the 1938

India 1939(B) Rupee SW-9.13 PCGS MS63 Reeded Edge, Courtesy of PCGS TrueView.

One Rupee coin striking, which probably transitioned into striking of the 1939 One Rupee? I speculate that the actual number of coins struck for the 1939 One Rupee was between 7,500 to 10,000 coins, and the survival rate is 1% to 2%.

Most of the Mint State examples we have seen were sold via auction in the last few years. I believe someone in the Bombay Mint may have saved some examples and those are the better examples we see nowadays. Not many but a few uncirculated examples made it to the U.S. coin market over the last few decades. This coin has not shown up very often in auction from my past experience, and that will slowly change, I suspect, going forward. Perhaps a hoard will be found, which would spell disaster for those who have taken on the risk, so to speak, of buying these pieces. The next few years may show us how many 1939 One Rupee coins are out there. The question is who is going to show us the demand curve first, and sell? We'll just have to wait and see. Meanwhile, good luck finding a 1939 One Rupee!

Sanjay C. 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.

Unlocking the Doubloons of Seville

By Sean M. Scott

Landing of Columbus, an 1847 oil on canvas painting by John Vanderlyn depicting the 15th-century explorer as he and his exploration team stepped foot in the Americas. Public domain image sourced via Wikimedia Commons.

When Christopher Columbus explored the New World and its vast resources, gold and silver became the lifeblood of the Spanish Empire. Each year, the Spanish treasure fleet, or Flota de Indias, transported oil, wine, textiles, books, and tools to the Spanish colonies. On the return voyage, the fleet brought back gold, silver, copper, precious gems, sugar, and other commodities. Gold and silver were the most important, as they were used to finance Spain’s armies and explorer-soldiers known as “conquistadors,” provide currency for the colonies, and to protect Spain’s interests abroad – especially against the Ottoman Empire.

During the reign of King Philip II (1556-1598), the Spanish Empire was reaching its peak of global dominance. Many historians refer to the 16th and 17th centuries as “The Golden Age of Spain.” During this period, mints across Spain worked feverishly to melt down the tons of gold and silver taken from the Spanish colonies in the Americas and convert it into Spanish coinage.

The major Spanish mainland mints were in Granada, Segovia, Toledo, Valladolid, Burgos, Madrid, and Seville. The largest of these mints was the Real Casa de la Moneda de Sevilla, or the Royal Mint of Seville.

Built from 1585 through 1587, this mint was the circulation center where gold and silver from the New World were made into gold doubloons and silver reales. Seville produced the largest quantity of hammer-struck gold escudos in one-, two-, four-, and eight-escudo denominations.

The two escudos is also known by another name that conjures up images of pirate lore and sunken treasure: the doubloon. The word doubloon comes from the Spanish word “doblón,” or “double escudo.”

Regardless of whether a doubloon was minted at a mainland Spanish mint or Spanish colonial mint, certain specifications

Philip II of Spain, as painted by Sofonisba Anguissola. Public domain image sourced via Wikimedia Commons. had to be met under the penalty of death. The main criteria were that the weight had to be no less than 6.77 grams and the purity needed to be 22-karat gold. Coins found to be underweight would raise suspicions that the assayer or someone at the mint may have clipped tiny portions of the coin to accumulate their own gold at the king’s expense.

During the late 16th century, a doubloon was worth about

the equivalent of four Spanish eight reales or “pieces of eight.”

Deciphering The Symbols of The Shield

A breakdown of the symbols on the Hagsburg coat of arms.

Courtesy of Sean M. Scott.

Doubloons minted at the Seville Mint during the reign of Philip II have a beautiful and fascinating design that expresses 16th-century Spanish heraldry.

The shield is an amalgamation of the House of Habsburg

and the symbols of the royal arms of Spain’s territorial possessions at the time.

In the upper-lefthand corner of the shield, one can see two castles and two lions in four quadrants. The lions symbolize the Spanish province of León, and the castles represent the Spanish province of Castile.

To the right of the castles and lions are three vertical lines, which represent the royal arms of the kingdom of CataloniaAragon (another province within 16th century Spain). To the right is a pair of eagles that represent Naples and Sicily. Below these are the arms of New Burgundy (a territory that was in East Central France) represented by three fleurs-delis. Under the fleurs-de-lis is the royal arm of Brabant (the Low Countries consisting of the Netherlands, Belgium, and Luxemburg). The symbol of Old Burgundy at the bottom left is represented by three diagonal lines, and the three horizontal lines above represent Austria. In the center is a pomegranate within a triangle signifying Granada. Lastly, at the center near the bottom of the shield is a small shield divided in two that contains a lion on the left representing Flanders (Belgium) and a falcon to the right representing Tyrol (a region including Austria and Northern Italy).

A nearly identical example of the coat of arms is shown on a rare Spanish map from 1562 (Americae Sive Quartae Orbis Partis Nova Et Exactissima Descriptio; Latin: A New and Most Exact Description of America or The Fourth Part of the World). The only significant difference is the location of the symbol for Granada, which on this map is placed at the bottom of the shield.

Seville Two Escudos minted during the reign of Philip II (circa 1566-1587). Courtesy of PCGS.

Other Design Features of the Obverse

A closeup of the shield detail on the reverse of the Seville Two Escudos minted during the reign of Philip II (circa 1566-1587).

Courtesy of PCGS.

To the left of the shield on the obverse is the letter “S,” which represents the Seville Mint, and underneath it is a gothic letter “D,” which is the initial for the last name of the mint assayer Melchor Damian. He oversaw the mint operations from 1566 to 1586 and again from 1588 to 1590. Other assayer’s initials that may be found on doubloons minted at Seville during the

reign of King Philip II include “F,” “C,” “H,” or “B.”

To the right of the shield is a Roman numeral II, representing the denomination until later dated varieties were made.

The shield, assayer’s initial, mintmark, and denomination are surrounded by a halo of golden dots.

The legend on the shield side is in Latin and reads “PHILIPPVS II DEI GRATIA,” which means “Philip II by the Grace of God.”

During the years 1588 through 1597, die modifications led to the denomination being moved to the left of the shield and the addition of the date to the right. Courtesy of Sean M. Scott.

From 1588 to 1597 the dies were modified, and the denomination was moved from the right side to the left of

Americae Sive Quartae Orbis Partis Nova Et Exactissima Descriptio 1562, by Diego Gutiérrez and Flemish artist Hieronymus Cock. Courtesy of Library of Congress, Geography and Map Division.

Changes in the shield design came near the end of King Philip II’s reign. Courtesy of Sean M. Scott. the shield between the mintmark and the assayer’s initial. The date was then added to the right of the shield under the halo of dots as shown in this example.

In 1580, Spain and Portugal united the Iberian Peninsula, and toward the end of King Philip II’s reign, the mint at Seville produced some two escudos where the shield design changed.

Sometime in the late 1580s, the Habsburg coat of arms was modified to include the arms of Portugal at the center above the arms of Granada. This variety typically shows the letter “B” to the left of the shield, which stands for Juan Vicente Bravo, who was the assayer from 1592 to 1615. Typically, Seville doubloons dated to 1597 and 1598 show this change.

Although other mints produced coins with the addition of the Portuguese arms earlier than the Seville Mint, very few examples are known to exist of doubloons minted at Seville during the reign of Philip II that show the Portuguese arms.

Design Features of The Reverse

The legend on the cross side of Seville doubloons rests between halos of golden dots. The outer halo is usually struck off the flan, so they are rarely visible. The legend reads in Latin, “HISPANIARVM·REX,” which means “King of Spain.”

At the center of the coin is the classic Jerusalem or Crusader Cross, which symbolizes the unity of the Catholic Church

Illustration from Abraham Ortelius: Theatrum orbis terrarum parergon 1624. Courtesy of Barry Ruderman Rare Maps.

Coat of Arms of Portugal from the Book of the Chief Armorer, Arms of the King of Portugal by: João do Cr 1509. Courtesy of Torre do Tombo National Archives.

Royal and religious symbology is abundant on the Seville doubloons. Courtesy of PCGS TrueView.

and the state. The cross is surrounded by a quatrefoil with four golden rings at the intersection of each lobe.

The cross also displays four fleurs-de-lis at each of the four quadrants of the cross. The symbol of the fleur-de-lis or “lily flower” is of French origin and symbolizes purity and chastity, and they were often used to represent the Virgin Mary.

The fleur-de-lis has also been used to represent Christ or the Holy Trinity. The three petals making one flower symbolize a clear connection with the three persons of the Holy Trinity –Father, Son, and the Holy Spirit.

Sean is President of Commodore Coins & Collectibles, Ltd., located in San Diego, California. He offers a wide range of rare coins and artifacts from the 16th through 18th centuries. For more information, feel free to contact him at Sean@CommodoreCoins.com or visit his website at www.CommodoreCoins.com.

The Importance of U.S. Copper Coins

By Vic Bozarth

A 1793 Flowing Hair Chain AMERI. Cent graded PCGS AU58 sold for nearly $350,000. Courtesy of PCGS TrueView.

The first widely circulating, mass-produced U.S. coins were copper half cents and one-cent coins, which were produced beginning in 1793. Copper was used and accepted as a medium from which coins could be fashioned. While the economic importance of cent coinage in commerce today has largely diminished, the significance of all U.S. copper coinage was foundational to the building of the country.

Collecting U.S. copper coins, including all half cents, large cents, small cents, and two cent pieces, has been popular for nearly 200 years. And while the one-cent coin is still being struck, copper is used only to plate the zinc-based planchet. Copper is no longer used as the primary metal in the cent planchets, as had been the case for virtually all years from 1793 through 1981. The year 1982 marked the cent’s transition to its current copper-plated zinc composition.

The collector demand for U.S. copper coins is perennially

Copper

robust, resulting in many record prices on the auction floor. Representing one of the first U.S. copper coins is the 1793 Flowing Hair Chain AMERI. Cent, a PCGS-graded AU58 specimen that traded hands in the Husak Collection sale for $348,000. The sale of the Stewart Blay collection also notched some heavy hitters, with a 1958 Doubled Die Obverse Lincoln Cent graded PCGS MS65RD taking $1,136,250. Yes, you read that correctly… This was the first Lincoln Cent to sell for more than a million dollars!

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 wheenie” 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.

Draped Bust Half Cent, MS Price Changes

Classic Head Half Cent, MS

Classic Head Half Cent, PR Price

MARKET

Coronet Head Cent, PR Price Changes

Flowing Hair Large Cent, MS Price Changes

Indian Cent, PR Price Changes

Lincoln Cent (Wheat Reverse), MS Price Changes

Lincoln Cent (Wheat Reverse), PR Price Changes

(Modern),

Two Cent, MS Price Changes

Two Cent, PR Price Changes

The Goal-Oriented Collector

By Vic Bozarth

This 1921-S Walking Liberty Half Dollar is graded PCGS MS65+ and is the type of specimen that belongs in any “meaningful” set of Walking Liberty halves. Courtesy of PCGS TrueView.

While we have little control over the numismatic market, we do have a choice when buying to focus on quality. Focus on what you can control.

Long-term success is most often built one brick at a time, regardless of what your “brick” might be. Achieving longterm success in anything is often a mundane exercise of chipping away at a job, project, problem, or shortcoming until we get a handle on it. Time, practice, and experience all have a subtle way of benefitting us if we continue to chip away at the particular issue one brick at a time.

In rare coins, the attributes other collectors admire are most often the factors enhancing a coin’s value. Great eye appeal, pretty toning, a full strike, and/or booming luster are all factors one should look for when buying rare coins. These attributes help “sell” a coin. Conversely, any negative issues with a coin lowers its value. Problem coins are just that – “a problem” – when it comes time to sell.

The top 30 most expensive U.S. coins that sold in 2023 were all graded by PCGS. That’s right, every one of them. For the sake of this overall point, we could call these “better bricks.”

The search for great coins often involves great effort. Shortcuts don’t work. In rare coins, shortcuts are usually rendered by way of “bargains.” Curiously, in rare coins, just as in real life, shortcuts don’t work, and there are very few real bargains to be had. Others are looking for great coins, too. Don’t settle for your second choice. Raw, ungraded or authenticated coins might be selling for “bargains,” as well as many others in non-PCGS holders.

Be patient and wait for the coin you like. PCGS coins eliminate all questions of authenticity and quality. The most important aspect of a transaction that you can control is the decision to focus on quality. And, again, PCGS-graded coins equal better bricks.

Conversely, once you find the coin you really like, pay the price. Sure, there are exceptions to the rule. Sometimes a coin’s price is astronomical. My advice? Make an offer you can live with.

What is a “good deal” anyway? The definition I have always admired is that a good deal (or at least a fair deal) is one with which both parties believe they left something on the table! Of course the rarity of the coin itself is crucial in this equation. The single-most important lesson I’ve learned in numismatics is that quality never has to be justified.

Tangential to this point is the concept of building what I call “meaningful sets” of U.S. coins. By this, I mean sets that are generally higher in quality (or grade) and most often complete in terms of including all the issues representing that given type of coins. Such sets are usually built brick by brick –or coin by coin, rather. As an astute numismatist, I especially appreciate the effort put into building a meaningful set.

This takes the collector to deciding what type of coins they want in their meaningful set. Is there a coin you really like? If so, then read everything you can locate on that particular coin, coin series, and/or set of interest. While the amount of data online is immense, parsing that data into information you can use can sometimes be confusing. I would start online with a few key words. Remember, there is a big difference between information and promotion. Much of the information you will see online is often a thinly (or not so thinly) veiled sales pitch for something and may or may not represent educational good value. Be sure you seek information of truly numismatic substance from reputable sites.

PCGS provides up-to-date information to our customers on all our platforms. Our U.S. coin database is second to none. The PCGS Price Guide, PCGS Population Report, PCGS Set Registry, PCGS News and Articles, and PCGS CoinFacts all

provide accurate and current information to help you build your numismatic knowledge.

While the internet may represent a vast ocean of information just waiting to be surfed, don’t forget that print numismatic publications, including magazines, journals, newsletters, and books, are all filled with volumes of information about coins, banknotes, medals, and tokens. Lest we forget, pertinent numismatic reference books are “bricks” of a different kind –the kind you use for paving the path along your numismatic journey and garnering the knowledge you need to build that meaningful set of coins you hope to complete.

Finding something you like is what makes all the effort fun. Are you going to pursue a particular series of coins or possibly build a type set of different coin types based on period, metallic composition, or a multitude of other interesting options? I’ve seen thousands of meaningful sets composed of coins representing numerous categories of numismatics.

While I’ve been orbiting primarily around rare coins in this discussion, the notion of a “better brick” is germane across many areas of numismatics. The quality or grade of an item determines the price range that item trades for, regardless of whether it be the genre of rare coins, bullion items, modern coins, or something else entirely. Your eventual goal as a

collector or investor is to put yourself in the best position at the point of sale. Don’t hamstring yourself with bargains that have “issues.”

Regardless of where you start, most of us would like to finish as winners. The foundation of your success is linked to the strength of your bricks – er, coins. Don’t buy cheap bricks. Develop some expertise in your area of interest. Acquiring any and all knowledge you can about your coin is your homework.

There’s a reason the top 30 U.S. coins sold in 2023 were all PCGS-graded. The “owners” used the best fired clay bricks (PCGS coins) at the home-improvement store (coin dealer) and read the directions (studied excellent numismatic resources) first.

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 wheenie” 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.

Market Movers & Shakers

By Jaime Hernandez

This 2000-P Sacagawea Dollar muled with a 50 State Quarters obverse is one of the top price gainers in recent months. Courtesy of PCGS TrueView.

It’s been a busy few months with the PCGS Price Guide, where more than 20,000 coin prices increased. This is a good barometer for the coin market, indicating that conditions are still very healthy across the board. As we had significantly more gainers than losers in the past three months, let's review a few of the top coin performers from the past three months.

The first coin on the Movers and Shakers list is the 1878 Reverse of 1878 Morgan Dollar with 7 Tail Feathers, VAM115. In PCGS MS61, the coin moved up in price from $800 to $2,450, representing a $1,650 gain. This means the coin increased in price by about 206% in the past three months. The reason this coin had such a big jump in price is due to an auction of a PCGS-graded MS61 example that sold

through Heritage Auctions on June 23, 2023. The VAM115 variety also has a very low population of just four coins graded at PCGS in MS61, and only four other coins have been graded by PCGS in higher grades. This explains why the coin sold for such a strong premium. Previously, there was very little sales information for this coin, especially in this grade. However, thanks to the recent Heritage Auctions sale, we were able to make a well-needed price adjustment.

The second coin on the list that saw a substantial boost in price is an 1821 Proof Capped Bust Quarter graded PCGS PR64. Overall, this is a rare coin, with a registered mintage of 15. This issue is seldom available on the market. In fact, the last and only previous example that sold at auction in a PCGS

holder was in 2015, when a PCGS-graded PR67 example sold at auction. It would be nearly a decade before another PCGS specimen would come up for sale, with one crossing the Stack’s Bowers Galleries auction block in August 2023.

A PCGS PR64 example, the coin hammered for $252,000. That was a world-record price for this coin in this grade, not to mention any grade according to PCGSCoinFacts. Reflecting the price realized from that sale and the general market demand as prompted by the offering of this rarity, PCGS Price Guide raised its price from $85,000 to $260,000 in PR64, a $175,000 increase. This means that the coin’s price gained 206%.

The third example from the Gainers list was ranked at #10 above. I wanted to highlight this coin because it is a truly rare and popular coin in numismatics. The coin we are referring to is the 2000-P Sacagawea Dollar with a 50 State Quarter Mule, graded PCGS MS66. This is one of the most significant mule coins ever struck by the U.S. Mint. It is also exceedingly rare, with about 20 examples known. Recently, a PCGS-graded MS66 example sold via GreatCollections for $194,000. This warranted an increase in price for the coin, with the PCGS

Price Guide listing for this piece in MS66 going up from $125,000 to $200,000. This means the coin went up in price by $75,000 – a 60% increase. This is a testament that rare and popular coins are still in great demand.

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

By Vic Bozarth COIN

Don’t Lose Focus on Value

This 1798 Small Eagle Draped Bust Dollar graded PCGS MS61 sold at auction earlier in 2024 for more than $200,000. Was it worth it? Considering it was the first time in nearly two decades a Mint State example of this rare coin appeared in a public sale, absolutely. Courtesy of Heritage Auctions, www.HA.com.

Some of our readers are curious about coins left by a family member. Others are interested in buying rare coins or bullion items. We all have different reasons for being interested in numismatics. The great news is that once you know what you want to look for, PCGS can help. Our responsibility is to educate our readers, and today, the matter of value is an area I really want to focus on.

It seems the rare coin market is often at the mercy of the bullion metals markets and the capital involved. The total dollar volume of bullion and modern material often dwarfs the dollar volume of the incredibly active rare coin business. Bullion, mostly gold and silver, is often the elephant in the room when it comes to discussing the rare coin market. Much like James Bond’s Goldfinger, so many of us would like to be sitting on a pile of gold akin to that which could reside inside of Fort Knox. Millions of individuals want some gold and/or silver “stashed back,” regardless of any rare coin angle. The sheer dollar volume of capital involved in bullion trading often affects the rare coin market adversely.

coin to come onto the market. Prices realized for these coins are strong regardless of market conditions. One example to consider is the recent appearance of a 1798 Small Eagle Bust Dollar that crossed the Heritage Auctions block. The coin was graded PCGS MS61 and became the first Mint State example of this coin to trade in a public sale in nearly 20 years. PCGS has graded just four coins in Mint State for this rare date.

Although PCGS has graded three coins higher, a collector must be aggressive when a rarity like this coin becomes available. This coin brought $216,000. An astute collector nabbed the only PCGS AU58+ example in May 2022 for $114,000.

This is where the matter of “value” becomes of eminent importance to the collector, who will generally want nice coins – not average coins – for their collections. In the case of the 1798 Small Eagle Draped Bust Dollar, we see a rare coin that can go years between public auction appearances. If you are a dedicated collector who is building a truly meaningful set of U.S. Bust Dollars, price is often secondary to availability. Thus, if the coin becomes available, and you really want it, you’re going to have to pay for it. Quibbling over price when you might not see another anytime soon seems pretty silly, right?

With more dollars chasing bullion deals, collectors would be wise to take advantage. Because dealers are somewhat distracted from the rare coin market, you, as an astute collector, should be conscious of good value with this sporadic dealer demand. There will be great coins that slip through the cracks, so to speak. Are you doing your homework?

Like with any decision, you should weigh the positives and

negatives to focus on what is the best value for you.

As a coin buyer for decades, I always had a list of coins I was pursuing, but truth be told, often a great buy was more a function of being at the right place at the right time –opportunity if you will. Dealers often coveted the first chance to look at other dealers' merchandise for just this reason. Part of the luxury of having the first opportunity to peruse another dealer’s inventory is the underlying implication that you, as a buyer, will try and be aggressive with your offer.

Having had the privilege of first-chance buying opportunities with other dealers for decades, I would always buy everything I thought was a good deal. Don’t lose focus on “why” you are pursuing numismatics. I’ve been blessed to have made a business in numismatics years ago, but predominantly the blessing has been a career that has been an incredible joy! You have to ask yourself if you are pursuing numismatics for business or pleasure.

Searching for that particular coin should be fun. Often the pursuit, the search, is the reward – not the culmination of the search itself. Regardless, the pursuit of numismatic knowledge itself should always be part of your focus, too. Once I realized

I could profit from that knowledge in rare coins, my whole world changed!

Let me give you a little tip: never pass up a good deal. Trust your gut and the knowledge you have acquired. If you can’t swing the deal yourself, find someone you trust who can and ask for a commission or cut. I’ve split thousands of coin deals over the decades. You will also benefit from the knowledge of your partner. Their knowledge might prevent you from making a costly mistake or help you get more than you expected!

Remember, half of zero is still zero. Your knowledge is your capital. Use it!

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.

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!

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.

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.”

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.

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 half of the surface, mainly on the high points.

A PCGS AU53 will show full detail with friction on half 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

PCGS COIN DESIGNATIONS

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.

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)

Full Steps for Jefferson Nickels

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

Full Bands for Mercury Dimes

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

Full Bands for Roosevelt Dimes

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

Full Bell Lines for Franklin Half Dollars

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

Prooflike Surfaces

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.

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.

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.

PCGS Holder

Grade coins are returned to the submitter with encapsulation.

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

Grade coins are returned to the submitter without encapsulation.

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

PCGS SHOW SCHEDULE

ADVERTISING INDEX

MAY 2024

May 1 - 4

Central States Numismatic Society Annual Convention Onsite Grading

Renaissance Schaumburg Hotel and Convention Center

Schaumburg, Illinois

May 16 - 18

PAN (Pennsylvania Association of Numismatists) Spring Show

Submissions Only

Monroeville Convention Center

Monroeville, Pennsylvania

JUNE 2024

June 6 - 8

Long Beach Expo: The Collectibles Show Onsite Grading

Long Beach Convention Center

Long Beach, California

June 13 - 15

Whitman Baltimore Summer Expo

Submissions Only

Baltimore Convention Center Baltimore, Maryland

JULY 2024

July 11 - 13

Summer Florida United Numismatists Convention Submissions Only

Orange County Convention Center Orlando, Florida

July 16 - 20

PCGS Members Only Show

Onsite Grading Park MGM

Las Vegas, Nevada

AUGUST 2024

August 1 - 3

Blue Ridge Coin Show

Submissions Only

Dalton Convention Center Dalton, Georgia

August 6 - 10

ANA World's Fair of Money Onsite Grading

Donald E. Stephens Convention Center Rosemont, Illinois

SEPTEMBER 2024

September 5 - 7

Long Beach Expo: The Collectibles Show Onsite Grading

Long Beach Convention Center

Long Beach, California

1 Customer

2 Submission Type (Select One) Certified Raw

3 Minimum Bids (Select One)

(Select one of these options to establish and set Minimum Bids for your coins. If you have any questions about this process, please use the phone number at on the bottom of this form)

A. All coins start at Minimum Bids to be set by GreatCollections [Recommended]

B. All coins start at Minimum Bid of C. All coins start at a Minimum Bid of $1 50% 65% 80%

*Rates on Back

4A 4 CAC Sticker Review (Optional for PCGS & NGC Coins) Let GreatCollections decide Yes, please submit all coins to CAC No CAC review

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