1795 Capped Bust Right Eagle. 13 Leaves. AU-58 (PCGS). CMQ.
1797 Capped Bust Right Eagle. Small Eagle. MS-61 (PCGS).
1799 Capped Bust Right Eagle. Large Obverse Stars. AU-58+ (PCGS). CAC. CMQ.
1801 Capped Bust Right Eagle. AU-58 (PCGS). CAC. CMQ.
1804 Capped Bust Right Eagle. Crosslet 4. MS-62 (PCGS).
Issue No. 1
Welcome to the all-new PCGS Insider. We are excited to introduce this publication, which offers a fresh approach to numismatics. Our goal is to bring you a new level of numismatic knowledge with vivacious aesthetics, a multitude of narrative-driven stories, in-depth research articles from the experts, and new perspectives on numismatics that you’ll find nowhere else. We want PCGS Insider to be something that you’ll be proud to display on your numismatic bookshelves and refer to time and time again.
There are many reasons PCGS has been the premier thirdparty grader for nearly 40 years. One of those reasons? Our consistent quality. And quality is something we really want to deliver with this magazine. Our team spent months at the drawing board to create a magazine for today’s numismatist that reflects the quality that we at PCGS have always stood for.
Of course, quality isn’t just about style–it’s also about substance. We want every issue of PCGS Insider to deliver relevant yet evergreen content that can serve as an authoritative and educational voice for now and forever. While information is constantly changing and evolving, we also know that, at least in the numismatic world, books and magazines can serve invaluable research and educational purposes for generations. It’s therefore our aim, and quite frankly our responsibility, to provide you with information that will confidently serve you on your numismatic journey not just for today but also for tomorrow and well beyond.
On behalf of the entire PCGS team, I extend my humble gratitude to you for your support. I also invite you to reach out should you have any feedback about our new magazine and the type of content you wish to enjoy among these pages in the months ahead. It’s all because of you that we do what we do here at PCGS, and we hold your numismatic desires and goals in the highest esteem.
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1830 Capped Bust
Half Eagle Large 5D
By Joshua McMorrow-Hernandez
Early United States gold coins are an area of American numismatics that appeal to so many but are obtainable only by but a few. When the United States Mint began striking gold coins in 1795, gold supplies were scant, and the nation had yet to see any domestic “gold rushes,” with the first at the dawn of the 19th century in the southern foothills of the Appalachians.
In the late 1830s, the United States Mint situated some of its first branch facilities near these gold deposits, constructing mints in Charlotte, North Carolina, and Dahlonega, Georgia – as well as farther southwest in New Orleans, where gold coins were also struck. Leading up to the boom of U.S. gold coinage during the latter 1830s and into the 1840s, specie containing the yellowish precious metal was produced in only relatively small quantities. Making matters all the harder for the collector of today? Most of these early U.S. gold coins were lost to the hands of time – smelted for their bullion content, worn to oblivion by the demands of circulation, permanently damaged by stints in jewelry mountings, or buried and forgotten by souls now forever gone.
Half Eagle special. To understand its true rarity, one must peel back the layers of a coin whose mintage was officially reported as 126,351 but, in today’s reality, is known to be far rarer.
There are two types of 1830 Capped Bust Half Eagles: The Small 5D and Large 5D. The “D” in this case refers to the “D” of “DOLLARS,” which is inscribed next to the number “5” on the reverse to indicate the coin’s denomination. Both the Small 5D and Large 5D varieties are rare, but the Large 5D is the rarer of the two. PCGS estimates only 30 to 35 specimens exist, mostly in the XF to AU range. Mint State specimens are exceedingly rare, with PCGS having graded just three at that level, including this MS64 specimen.
Early U.S. gold coins that remain undamaged and problem free are rare numismatic gems, regardless of grade or pedigree. Find any U.S. gold coin struck before the waning years of the 1830s, and you’ve found a real treasure, a traveler from yore that somehow managed to escape the unforgiving hands of time’s passage. Yet, that alone isn’t what makes this 1830 Capped Bust
This impeccable example is part of the renowned Chicago Collection, assembled by well-known collector Howard Sharfman. His cabinet of early U.S. quarter eagles, half eagles, and eagles has been carefully curated by numismatic stewardship that sought only coins of the finest eye appeal and surface quality.
According to Brian Kendrella, president of Stack’s Bowers Galleries, “This collection comprises 53 coins of the highest caliber that individually would be considered highlights in most collections. We are excited to present The Chicago Collection as part of our Summer 2025 Global Showcase Auction in August where we are An Event Auctioneer Partner of the ANA World’s Fair of Money. We invite your participation as a bidder or a consignor.”
only on only on only on
Coins of
Cuba
Cuban Coins Rising in Popularity on the PCGS Set Registry
By Sanjay C. Gandhi
Explorer Christopher Columbus dreamed
of reaching China, Japan, and India via a new westward water route. He sought to find spices, silks, gold, and other riches.
After years of petitioning Queen Isabella I and King Ferdinand II of Spain for funding, the royals granted his request, created an agreement, and gave him the seed money to begin. The king and the queen wanted to spread the faith of Christianity as did Columbus, and they also wanted to become wealthy from commerce. Part of this agreement would allow Columbus to keep 10% of any riches he found during his journey, and he could bestow any title upon himself during his voyages. On August 3, 1492, three ships known as the Niña, Pinta, and Santa Maria set sail from the port town of Palos, Spain. A little over a month later, Columbus and his crew reached the crystal-clear blue waters of the Bahamas, which he named San Salvador. Indigenous peoples that had populated the Bahamas islands and their name for these lands was Guanahani, which means small upper water lands.
A region that comprises Puerto Rico, Haiti, Dominican Republic, Jamaica, Bahamas, and Cuba within the Atlantic Ocean is known as the Greater Antilles. The indigenous peoples within this area are known as the Taíno. On October 27, 1492, Columbus and his crew landed on the north coast of Cuba and claimed it for Spain. He explored the Cuban islands and present-day Santo Domingo (Dominican Republic) for about five
months. The Spaniards began to inhabit the lands, colonize the people, and started to enslave the Taíno people of Cuba. Caciques, or leaders of the land, began to organize a resistance against the Spaniards from 1495 to 1496. The Taíno were outnumbered but continued to fight. Chief Hatuey, a cacique from Haiti, traveled to Cuba with others to warn the natives in Cuba about the Spanish invasion. Hatuey also spread a message to other chieftains against the conversion to Christianity, which the Spaniards encouraged the Taino peoples to accept.
Sometime in 1511, the Conquistadors arrived in Cuba. Hatuey was preaching to neighboring tribes, “the Spaniards are coming to pillage our people for gold, jewels, and what type of god encourages their people of such behavior?” He encouraged his people to throw their gold and jewels into the sea, and he continued to fight guerilla warfare against the Spaniards until his capture by Conquistador Diego Velasquez. He was burned alive at the stake in the town of Yara. Hatuey is remembered as Cuba’s first national hero and a freedom fighter who denounced colonialism.
The Spanish Empire reached its pinnacle around the mid-18th century. At one time, Spain’s portfolio of colonies included Mexico, Guatemala, Venezuela,
Peru, Chile, Bolivia, Puerto Rico, the Philippines, Cuba, and more. They also controlled three-quarters of what is known today as the United States and parts of Canada known as the Louisiana Territory. In 1763, the Treaty of Fontainebleau ceded the western Louisiana Territory to Spain for an interim period and the eastern side to Great Britain. The middle portion of this territory was returned to France, and the Louisiana Purchase was completed on July 4, 1803, by the United States. The remainder of the western territory, which was still owned by Spain, was known as New Spain and was transferred to France. This officially completed the Louisiana Purchase, and Three Flags Day is celebrated between March 9 and March 10. Spain’s economic woes continued mounting due to war, and soon, French Emperor Napoleon Bonaparte invaded Spain. When he occupied it from 1808 to 1812, many of Spain’s colonies had been plotting their escape from colonial rule. From 1810 through 1823, a majority of colonies that once swore allegiance to the King of Spain became independent. Spain continued fighting wars all around the world over the next few decades, hemorrhaging their treasuries. Starting in the 1860s, the people of Cuba started movements toward their independence. Cubans demanded social and economic reforms. No Cuban-born citizens were
permitted to be in the Spanish parliament, and this added to the frustrations of the people. One person who sparked the revolution was José Morales Lemus. He was a businessman and lawyer who freed people he had once enslaved and became a staunch abolitionist. Lemus and a group of reformists went to Madrid, Spain, in 1866 to seek Cuba’s freedom. To no avail, he returned to Cuba empty handed without a deal. Sugar plantations, tobacco farms, and refineries provided the majority of taxes collected by the Spanish Crown. In 1867, the wealthiest plantation owner Francisco Vicente Aguilera, the mayor of Bayamo and a freemason, formed the Revolutionary Committee of Bayamo. His formation of this committee jump started the movement, which led to The First War of Independence being fought between Spain and Cuba.
The war began on October 10, 1868, in the city of Yara when a group of individuals led by sugar mill owner Carlos Manuel de Céspedes claimed independence from the Spanish Crown. This uprising is known as the “Grito de Yara” or “Cry of Yara,” which is the same town where Chief Hatuey was executed. Céspedes had written a manifesto that called on all the people of Cuba to join the uprising irrespective of race. His main points were that Cuba should have its own constitution, slavery should be abolished in the lands, reinvestment into the communities should be a priority, and all men should be equal. Céspedes is also credited with designing the first flag during the uprising known as La Demajagua. The flag has a single star, colors of red, white, blue, and it was the October 10 flag used for the entirety of this war. During this uprising, Máximo
Gómez, a former Dominican Republic cavalry officer in the Spanish Army, taught the Cuban guerilla fighters known as Mambises the art of war. Mambisas were the women that played many important roles in the war as well. A method of warfare Máximo adopted was the “scorched earth policy,” which called for the burning of all vegetation on the lands. Another one of his most effective tactics was called the “machete charge,” which was effective in closerange hand-to-hand combat used at the Battle of Pino de Baire. These methods allowed the rebel forces to defeat the Spanish at this battle, and they collected guns, artillery, and ammunition that the soldiers abandoned.
The war was now many months into 1869, and support for Cuba to become a free nation was quietly growing stronger throughout the world. Because of the growing tensions in Cuba, Lemus sought refuge in the United States. He formed a military revolutionist group called the Junta Central Republicana de Cuba y Puerto Rico in New York City at 71 Broadway Street. Lemus also headed the group that supported the revolutionists, and the secretary was a Puerto Rican named Dr. José Francisco Basora.
These two men issued bonds in various denominations with a fixed interest rate to finance the war. Each bond was personally signed by Lemus and today these bonds
Above: Painting of Carlos Manuel de Céspedes
are collectible. Céspedes, the president of the Cuban uprising, instructed Lemus to create a paper currency that was intended to circulate between the liberated people and its armed forces. Many denominations were printed, and each note was purportedly signed by Céspedes or had a stamped copy of his signature. Use of the currency was dangerous, as people found with it risked being killed or apprehended by the Spaniards. Each note displays a coat of arms created by Miguel Teurbe Tolón in 1849. The key located in the ocean before the sun represents Cuba. In this illustration, to the right of the key is Florida, and to the left is the Yucatan peninsula of Mexico. Cuba has been referred to as the “Key to the Americas” or the “Key to the New World” throughout history.
In 1870, the Junta Central Republicana de Cuba, headed by Lemus, commissioned 5, 10, 20 centavos, the
½ peso, and 1 peso pattern coinage denominations. All of these coins were struck in both silver and copper. Little information exists as to where the coins were officially minted. However, there is a book published in Miami, Florida, from 1966 that is titled The Coinage of Cuba 1870 to Date, which was authored by Thomas Lismore. In a 2020 auction listing for an 1870 PCGS PR63 copper 1 peso pattern that sold for $5,400, a notation from Stack’s Bowers Galleries states that the author Lismore “speculates that the engraver for this series was Clemente Toretti, an American engraver active during this time period in South America and Europe using the initials ‘C.T.’; he was the mint-master of the La Paz mint in 1868, presumably transferring the following year in 1869 to the Potosi Mint after the closure of La Paz and eventually in 1877 began working at the Brussels Mint.” All coins were struck in a proof finish, with the mintage of each coin
struck in silver being 10, and the coinage struck in copper had a mintage of 40. All coins are considered rare by collectors of Cuban coinage.
A decree issued by the Spanish government on March 22, 1841, required some of the countries in the Upper Antilles (including Cuba) to countermark coins due to a devaluation of the real in Spain. The most common coins that are countermarked from this order are Spanish 2 reales and 4 reales. These coins were countermarked with a pattern that appeared as a lattice with a pointed sun in the middle that bore no date or ND. The coins are primarily attributed to Cuba but did circulate in other colonies as well. One PCGS Set Registry member named Jose Zargozi has a ND(1841) Cuban Countermark Coinage Set for members to view. During the Ten Years’ war, the practice of countermarking coins returned to Cuba.
Left: PCGS PR66CAM 1977 Máximo Gómez Cuba Silver 20 Pesos
Right:
The revolutionaries chose silver coinage from Mexico and the United States as host coins. These coins would be countermarked with a “key” and they are unlikely to be short of silver purity. Many different silver denominations were used as host coins, and two types of keys were used: a short key and a long key. One of the rarest examples of this type of coinage is a PCGS Genuine VF Details 1866 Maximilian Peso with a “short key” sold for $5,760 in January of 2022 via Stack’s Bowers Galleries. Another extremely rare coin in the same auction was the PCGS AU58+ 1873 Mexican 8 Reales with two “long keys” that sold for $8,400 and hailed from The Kyle Ponterio Collection. Individuals who produced or countermarked these coins are unknown, and Cuban pieces such as these are highly sought by many collectors over the world.
On February 10, 1878, The Pact of Zanjón was signed, effectively ending the La Guerra Grande or Ten Years’ War. A provisional government and constitution were agreed upon by the Spaniards and the Cubans. Even though both sides reached an agreement to stop warring, slavery was still not abolished, and freedom was not guaranteed by Spain. The war was not officially over as Lt. General José Antonio de la Caridad Maceo y Grajales and his brother Garcia would not concede. General Maceo was known as the “Bronze Titan” among his soldiers because of his physical prowess, and the Spaniards referred to him as “Greater Lion” or (el León Mayor). Maceo would fight and lead his men into war despite being wounded with bullet or knife injuries. On March 15, 1878, Maceo met with the Spanish Armed Forces in eastern Santiago with Spanish General Arsenio Martinez Campos, and said, “No, there is no misunderstanding
Above: PCGS AU55 (1872-77) Mexico Maximilian Silver Peso countermarked with Short Key type
between us,” as he did not believe that ending the war with a treaty would change Spain’s view about Cuba being a powerless colony. This meeting was known as the “Baraguá protest” and is still celebrated by the people of Cuba to this day. Maceo and his men continued to hold out, and Cuban revolutionary leaders wanted to protect them. The leaders understood Maceo and his men’s patriotism, but, with talks, they convinced Lt. General Maceo to surrender, and he fled to Jamaica. The Pact of Zanjón was officially in effect on May 28, 1878, and warfare ceased.
For some time, war was off the minds of both the Cubans and the Spanish. At least there was a pause in warfare, which did not last long. Calixto García Íñiguez was an integral part of the Ten Years’ War, and he was captured and imprisoned five years into the war. He was released when the Pact of Zanjón was signed, but his signature was not present on this agreement. Calixto refused to sign the pact, and in 1878, he issued a manifesto that denounced the absolute power of Spain. Tensions continued to mount, and on August 26, 1879, Guerra Chiquita or The Little War began. José Marcelino
Maceo Grajales, Lt. General Antonio Maceo’s brother, led others in this second war. Unfortunately, the rebels faced many hurdles. The revolutionaries did not have munitions or artillery, the men were exhausted, and they did not have the monetary backing of any foreign powers. During this time, leaders in Cuba that backed the resistance to the Spanish Crown were being arrested, and the war ended on December 3, 1880. The rebels were defeated by the Spaniards, but the burning desire for freedom was not extinguished – nor forgotten.
Left: Illustration from Harper’s Weekly magazine of General Antonio Maceo Grajalaes, The Bronze Titan
Forget Me Not
A Tribute to Renowned Coin
Designer Mr. Chen Jian
By Peter Anthony
Some designers are not artists. Some artists are not designers. But Mr. Chen Jian was both, and then some. When he passed away on February 24, 2025, at the age of 84, the numismatic world lost one of its most iconic figures.
The acclaimed Shanghai artist was the creative force behind China’s most recognizable modern coin: the 1982 gold Panda...
Peter Anthony (P.A.): Tell us a little bit about how you decided to become a designer.
Mr. Chen Jian (C.J.): In 1941, I was born in Shaoxing, Zhejiang Province.
P.A.: So, not so far from Shanghai.
C.J.: I liked art. I liked painting when I was in elementary school, but at this time, I didn’t draw well. One day, my teacher gave our class an assignment to draw something from a photo. My photo was of the Statue of Liberty. I used an enlarging grid to magnify this photo. In this method, the image is divided into small sections. It allows you to put that there and move this place over there to enlarge it. It is a kind of basic enlargement tool. Also, in those days, I liked to drink a chilled hot pot brew that my mom made every day and served in a cup. The torch on the statue reminded me of this and made me enthusiastic about the project. The teacher thought my drawing looked so much like the statue that he gave me a 98 red envelope. In fact, I kept and still have this drawing, together with my memories.
After graduating from high school, I moved to the Shanghai Fine Arts Academy, which is a specialized college. There they teach some essential skills such as sketching, watercolor painting, Chinese painting, calligraphy, and other art methods. Many famous artists and designers studied at this college, and I attended it for two years. I had some outstanding teachers there, including Mr. Wang. Sketching is the most fundamental of art skills. To be good, it must be done quickly. This is among the skills I learned. I graduated in 1962 and was immediately assigned to the Shanghai Mint. One thing I needed to learn was the engraving and sculpting skills necessary for coin design. Mostly, I taught this to myself when I came to the factory. There was also a technician from Italy who lived in China and taught engraving. A colleague mentioned him to me and so I enrolled in his carving class. It was interesting to learn from this Italian man as his techniques were new to China. During the construction and carving process, he used a knife to carve directly.
Well, one thing on my mind these days is that technology is so advanced now that there are many things that rely totally on computers. I hope that younger coin designers will still be able to draw pictures and do handicrafts, and that they will still be able to use them in their daily lives. Now, there are so many things that computers do that traditional methods don’t need to be used, and that’s not good. We still need to experience life. There is an increase in the body experience from working with tangible materials, right? It elicits emotions, as well.
P.A.: Recently, I met a young designer for film. I showed him a watercolor and told him that the black lines were painted with ink so they would be waterproof. “Ink?” he exclaimed. “I have an ink tool in my drawing program. I have never met anyone who uses real ink!”
C.J.: Well, some techniques have already been lost. In coins, the pattern on the coin dies is mainly intaglio, or engraved. While I worked at the Mint, I also participated in two shortterm professional study courses. One for drawing and the other a sculpture class, a refresher course. These lasted half a year. Every week, I went there for one day. My opinion afterward was that Buddhism would be a better source of inspiration. There were also study groups organized at the Shanghai Mint, and in later years, there were many trips to study abroad. These were organized so that we should go out and see more things.
P.A.: What was your work like at the Shanghai Mint?
C.J.: During the Cultural Revolution, many Chinese people wanted to wear badges with the image of Chairman Mao Zedong. I not only designed the badges, but I also carved the reliefs, or plasters, for the badges’ production. We also made badges and medals for the army. The Mint supplied these. The design and engraving process for a badge is very similar to a coin’s. As long as you say you want to make a badge, you will also exercise your basic skills.Yes, yes, yes, this is definitely true. It was a special time period.
P.A.: When did you begin to design coins?
C.J.: The first is the golden medal, yes, it is the scene in Beijing Scenery medals in 1979. Oh, the scenery in Beijing, there is no substitute for the scenery in the north! I often went to Hong Kong to promote it. The mintage was a total of 2,000 sets, and it sold out, so I think that the Chinese leadership thinks, “Hey, this is great, you can repeat this success.” For the 30th Anniversary of the Founding of the People’s Republic of China, there was an open competition for the designs. Members of the Shanghai Fine Arts college professors and students submitted designs to the Mint. Everyone drew good pictures. In total, there were about 30 or 40 entries. But in the end, it was decided to use the drawings from the designers of the factory, including myself, so I was chosen to work on the 30th Anniversary of the Founding of the People’s Republic of China coins.
P.A.: How about the 1982 Panda coins?
C.J.: The 1982 Panda is my favorite coin that I designed. It is the one! The panda is not only a rare animal, it is a national treasure of China. It is popular around the world and is the nation’s friendship ambassador. There he is, sitting there like he is playing a game at a table. I wanted this panda to express China’s desire for peace and friendship to the rest of the world. The panda on the 1982 coin looks like it’s saying “Hello” as a greeting. It is an emblem of friendship.
P.A.: You used bamboo as a prop.
C.J.: Well, bamboo is the panda’s favorite food, and pandas live in a bamboo forest. When you see a panda, you immediately think of bamboo. The biggest challenge was how to show the contrast between white and black on a coin that was all one color. The Shanghai Mint did a lot of trial-and-error work. Inspired by wood engraving and new coin design techniques in the West, we developed a special method: first polish the background to make a mirror, and then make the relief frosted. The eyes, ears, and legs were made to be concave/engraved, and other parts were raised from the surface in relief. This gives the design a realistic, three-dimensional quality.
The work began in early 1982 when the Shanghai Mint was given an assignment by the People’s Bank of China to design a coin that features a panda. In the first round of the competition, all the designers submitted sketches. The finalists were sent to the head office in Beijing, and the company decided which one to use. There were around 10 drawings in the final competition to be considered, five designs from Shenyang and five from Shanghai, but only one could be chosen. Each designer has only one. What can I say? This is my job, my actual task is to do the best I can, for better or worse. My design was based on a real panda image. Later, I was still nervous about the internal judging. Ultimately, I was very lucky. I wasn’t surprised, but I was very happy when my design was chosen for the 1982 Panda coin.
P.A.: Did you ever expect the 1982 Panda to become so well-known?
C.J.: I never thought it would be so successful. When I designed the Panda coin, the only thing on my mind was to do my best. Of course, I am happy for its success. And it led to assignments in later years, too.
P.A.: Tell us about the 1983 Panda design that won the Best Gold Coin of the Year Award.
C.J.: The competition process was similar to 1982. For the design, in 1982 the field is mirrored. For 1983, the plan was to make a frosted field behind the panda. There are more shades, or levels, of brightness than the previous year. Also, the pose is different: one walks while the other sits. The engraving technique is different to give the coin texture, and then there is a mirrored ring around the central circle to add contrast. It always feels better to have something darker on top. Then in 1984, oh, I actually quite like this, the panda is very friendly and having fun.
Above: 1982 China ½-ounce gold Panda designed and engraved by Chen Jian
Below: 1983 China 100 Yuan Panda designed and engraved by Chen Jian
Courtesy of Peter Anthony
P.A.: What about the 1984 1,000 Yuan, 12-ounce gold Panda coin?
C.J.: This design is basically the same as the 1982 coin but flipped horizontally. I knew that these were being made for Mr. Weiss of Panda America.
P.A.: You also designed some of the Yellow River Culture coins. Did you draw these entirely from your imagination, or were there models?
C.J.: These are based on real people. When I presented this coin design, because we need to consider the composition on our commemorative coin, we needed to recompose it and make many rounds of changes. It’s not this, this, this, this, this. When you work at your factory, you can’t send private messages. The message is entirely what is needed by the company.
P.A.: Do you have any overall thoughts about your career?
C.J.: Chinese coins have a long history of more than 3,000 years, and they are shining today. Since 1979, China’s modern commemorative coins have added more flowers, and hundreds of flowers have blossomed. I’ve had the privilege of growing up in this era and working in this circle. I am grateful to all who taught me, my classmates, and colleagues, and for everyone’s training and help. Well, it’s what I should do. It’s my job to do a little thing and make a contribution to society. I just hope that the younger designers who follow us can do better than us to contribute to this country. Now the conditions are better in all aspects, and the designers will make greater contributions to move ahead. I will add that you can’t rely entirely on machines, you have to rely on your own hands and knowledge to do it well.
Above: 1984 China 100 Yuan Panda designed and engraved by Chen Jian
Courtesy of Peter Anthony
Above: 1992 China 500 Yuan Year of the Monkey Games designed and engraved by Chen Jian
Below: 1979 China 450 Yuan Proof International Children’s Year designed and engraved by Chen Jian
Above: 1990 China 1 Yuan Asian Games Archer designed and engraved by Chen Jian
Below: 1987 China 10 Yuan Proof Panda designed and engraved by Chen Jian
Doubled Vision
Rare Doubled Die Lincoln Cents are Must-Have Collectibles
By Joshua McMorrow-Hernandez
The world of numismatic varieties is filled with oddities, anomalies, and curiosities of all sorts, including die clashes, abraded dies, die cracks, die breaks, and more. Yet one type of variety is far above the rest in popularity: the doubled die. Amazingly, even many folks who don’t consider themselves full-fledged numismatists tend to know about doubled dies –often, referred to by the common malapropism, “double dies.”
A doubled die occurs when the die, which is the implement that strikes a design onto a blank coin (planchet) at the Mint, features doubling of its design or lettering. “Dies are created by cutting the coin’s design into the end of a steel bar, pressing this bar into a cone-shaped piece of metal in order to transfer the design to it, then using this piece of metal (now a die) to press additional dies,” explains PCGS Senior Researcher and Variety Specialist Edward Van Orden. “For many years, dies required multiple pressings to produce a sharp image. Doubled (as well as tripled and quadrupled) dies are created when the die alignment of each pressing is not perfectly aligned with any of the other pressings.”
Determining whether or not one has a doubled die in one’s possession frequently leads to a great deal of confusion for many people, especially because there are other mint-caused aberrations that may mimic the appearance of a doubled die. Among other errors that result in the doubling of design details are double strikes and machine doubling.
“Doubled dies will produce the exact doubling on every coin they strike,” says Van Orden. “Double strikes happen when a planchet is struck but fails to eject and receives another strike. Machine doubling happens when the die moves or ‘bounces’ due to its looseness within the coin press, creating what appears to be a doubled image. These die bounces are slightly different every time, so the ‘doubling’ of each coin will be unique.”
While doubled dies have been produced by the U.S. Mint going back to the 19th century, they really only gained traction as a popular collectible with the discovery of the 1955 Doubled Die Obverse Lincoln Cent. The coin happened to hit the scene just as numismatics was enjoying its zenith of popularity in America, therefore, millions of people were aware of the coin and looking for it in circulation. “Doubled dies are unusual, not something you see every day, and perhaps they stimulate the observer’s curiosity as to how they came to be,” Van Orden remarks. “Additionally, they are usually scarce to very rare relative to the number of correctly produced coins and can be exceptionally valuable.”
It’s important to note, however, that not all doubled dies are considered valuable by the market. While coins like the 1955 Doubled Die Obverse Lincoln Cent command more than $1,000 even in well-worn grades, it takes a certain kind of doubled die to really become a huge numismatic hit. Many
doubled dies come along with doubling too minute or obscure to attract much attention. It’s pieces like the 1955 Doubled Die Obverse Lincoln Cent, with its drastic replication of the lettering and other details on the front of the coin, that create headlines. “In general, if die doubling is visible to the naked eye, anyone can see it, whether or not they are a numismatist. So, it will have a potentially larger audience interested in it.”
Van Orden goes on to say that, “Coins made from doubled dies (as well as double strikes) are always, for me, a pleasant surprise to see and even more so to happen upon. Learning the characteristics of these in order to differentiate them from machine doubling is an essential first step to correctly identifying which you are looking at.”
There are many doubled die coins for collectors to pursue. However, we are focusing on seven of the most important among the Lincoln Cents – a series that has gained much attention in recent months with the news that the cent is targeted for elimination by the United States government. While the future of the cent hangs in the balance, coin collectors, both novice and seasoned, have been giving the culturally iconic “penny” much extra attention lately.
1955 Doubled Die Obverse Lincoln Cent
There are few doubled dies as popular as the 1955 Doubled Die Obverse Lincoln Cent, the coin that many say started the craze for doubled dies and other die varieties. These pieces caused a stir when they started showing up during the height of the American numismatic boom in the 1950s. They were sometimes encountered as change wrapped in 23-cent packs of cigarettes, sold in vending machines that accepted only quarters. “Since 1955 Doubled Dies were being found the same year in which they were released, many coins were pulled aside and preserved,” writes PCGS Price Guide Editor Jaime Hernandez for PCGS CoinFacts. “Because of this, most coins exist in AU grades and higher,” he concludes.
While approximately 24,000 examples may have escaped the Philadelphia Mint, many were lost in circulation. PCGS pegs the figure at approximately 15,000. As of the date of this issue, an example fetches around $2,300 in AU50, with prices leaping into the $4,000 territory for an MS63BN.
An MS64RB garners about $9,000, and exceedingly rare MS65RD examples take a whopping $60,000. The record price for the 1955 Doubled Die Obverse Lincoln Cent was hammered in 2018 for a PCGS-graded MS65+RD specimen that crossed the block at a Stack’s Bowers Galleries auction for the astonishing sum of $114,000.
1958 Doubled Die Obverse Lincoln Cent
The undisputed king of all doubled dies (and arguably all Lincoln Cents) is the 1958 Doubled Die Obverse Lincoln Cent. Only three are known, making it by far one of the most elusive doubled die coins in existence. But this isn’t even the kicker.
What blows away most numismatists about this coin is the record price it achieved when the finest example hit the auction block in 2023. That specimen of the 1958 Doubled Die Obverse Lincoln Cent, graded a stellar MS65RD, took home $1,136,250 (with buyer’s fees). The variety, first discovered in the early 1980s, is attributed by heavy doubling in the motto “IN GOD WE TRUST” and legend “LIBERTY.”
1969-S Doubled Die Obverse Lincoln Cent
This very rare doubled die obverse Lincoln Cent offers drastic doubling in the date, the motto “IN GOD WE TRUST,” and the legend “LIBERTY,” but not the “S” mintmark. It’s a seeming quirk that is easily explained by the fact that in the late 1960s, Mint employees hand-punched the mintmarks onto coins after the die was created (and when die doubling would have occurred).
Amazingly, there are many reports of 1969-S Doubled Die Obverse Lincoln Cents being found in circulation, with several being found in ordinary rolls. While it takes an incalculable amount of luck to find one of these doubled dies, it should give everyone reading this hope that some persistent roll searching (or a serendipitous find in a handful of change from the corner convenience store) may land one of these sought-after rarities. An AU50 specimen sells for $14,500, while an MS63BN is worth an incredible $45,000. Prices lurch upward to $70,000 in MS64RB, while an MS65RD could be worth a cool quarter-mil - $250,000 at the time of this writing.
1972 Doubled Die Obverse Lincoln Cent
A major variety of the Lincoln Cent series and broadly viewed as “the” big doubled die among widely collected Lincoln Memorial Cents, the 1972 issue, with its drastically doubled obverse draws collectors far and wide. Strong doubling is present on the date, legend “LIBERTY” and motto “IN GOD WE TRUST,” making it easily visible to the unaided eye.
There are multiple types of doubled dies attributed to this date, making it important to understand the diagnostics for the piece shown here and cataloged as “Type 1” by PCGS. Perhaps the most notable pickup point for the Type 1 doubled die shown here is that the date numerals are doubled to the southwest of all four digits. Examples in MS63BN sell for $375 as of this writing, while in MS65RB, they go for $575. In MS67RD, they can realize $3,250, and one MS67+RD notched $14,400 in a 2019 auction.
This variety is very popular and it is also strong enough to see very easily with the naked eye.
1983 Doubled Die Reverse Lincoln Cent
The only doubled die reverse among the Lincoln Cents included in this guide, the 1983 Doubled Die Reverse Lincoln Cent is considered a major variety and is widely collected. Heavy doubling is seen in the inscriptions “UNITED,” “E PLURIBUS UNUM,” and “ONE CENT.” Notably, this is also the first of the major doubled dies on the zinc-era Lincoln Cents, which were produced with a core of 99.2% zinc and 0.8% copper coated with a pure-copper plating.
Blistering and other production issues can make higher-end examples with attractive surfaces more difficult to locate, a point reflected in the price spread between run-of-the-mill examples and pieces in the better Mint State grades. An example in MS62BN goes for around $90 as of this writing, while an MS65RD can take $550. The record price of $7,050 was paid at auction in 2017 for a PCGS MS68RD example.
1984 Doubled Die Obverse Lincoln Cent
Just a year after the 1983 Doubled Die Reverse Lincoln Cent came to the fore, the 1984 Doubled Die Obverse Lincoln Cent made its appearance. Widely known in the hobby as the 1984 “Doubled Ear” Lincoln Cent, this coin aptly represents its nickname by way of its primary diagnostic: the drastic doubling of Lincoln’s ear.
A close look at the coin quickly reveals the doubled ear lobe, shifted to the south of the primary likeness of Honest Abe’s right auricle. Lincoln’s trademark beard and bowtie also show southward doubling. Many thousands of these coins exist, but the 1984 Doubled Die Obverse Lincoln Cent is no less a major variety and an important collectible. The coin retails for around $85 in MS63BN as of this writing, while MS64RBs take closer to $140. In MS65RD, this doubledeared variety manages a price of approximately $285. In 2009, an MS68RD realized a record $3,910.
1995 Doubled Die Obverse Lincoln Cent
The 1995 Doubled Die Obverse Lincoln Cent was the most exciting thing to come onto the American numismatic scene in a long time. Bear in mind that U.S. collectors were many years removed from the triumphant appearance of the 17761976 Bicentennial coinage, the rise and fall of the Susan B. Anthony Dollar had taken place during the disco era, and the nation had yet to see the spectacles that were to become the 50 State Quarters and Sacagawea “Golden” Dollar around the turn of the 21st century. Yet the 1995 Doubled Die Obverse Lincoln Cent was billed in national news headlines, talked about on the radio, and became one of the earliest major numismatic stories on the fledgling World Wide Web.
Americans set out on pocket change searches, collectors pored through rolls, and everyone enjoyed a bit of doubled die fever when this coin was first discovered early in the year of its production. Examples sold for hundreds of dollars after it was first found, though the coin became more common than first thought and is worth far less today. Still, this is a fascinating die variety that is clearly visible to the unaided eye, with heavy doubling in the motto “IN GOD WE TRUST” and the legend “LIBERTY.” An MS63BN can be had for less than $10 as of this writing, while an MS65RD goes for about $22. A nice MS67RD can be obtained for approximately $115. However, the record price for this modern variety is $5,052.50, which was taken in 2017 by a specimen graded an excellent MS69RD by PCGS.
Collector Highlight
By Joshua McMorrow-Hernandez
Aaron’s numismatic journey began some four decades ago at the age of 11. That’s when he received a partially filled album of Mercury Dimes from his mom, who received them from her grandmother. “I didn’t know much at the time about the coins, but I knew I should hold onto them and resisted the idea of spending them, knowing that Mercury Dimes weren’t common in the 1980s,” recalls Aaron. Years later, in 2016, he set out to complete that set of Mercury Dimes. Before long, he moved on to Lincoln Cents, Washington Quarters, and a 20th Century Type Set.
He eventually moved into building PCGS Registry Sets, beginning with a 2009 Proof Set to honor his daughter’s birth year. “That expanded into my favorite coin, the Peace Dollar,” he says. Aaron then ventured into a set showcasing the 100 Greatest Women on Coins, which he notes is currently #3 on the PCGS Set Registry and is separated from the top contenders by mere tenths of a percentage point.
Today, Aaron has 40 active sets on the PCGS Set Registry, and they span the gamut of United States coins and represent nations from around the world. He owes his international tastes to global travel during his time serving in the United States military. “Since deploying numerous times overseas in the U.S. Marine Corps and later in the U.S. Army National Guard, I had accumulated currency and coins from all over the world.” Completing the 100 Greatest Women on Coins set gave Aaron a leg up on his global numismatic journey. “The achievement of having coins from each continent gave me a head start,” he adds.
The retired serviceman finds great joy in collecting coins on the PCGS Set Registry, saying he likes the “competitive nature of the categories.” He also realizes how challenging some of the sets can be, something he’s taken note of with his current endeavors: building a top-ranked 1983 Mint Set. “I like the coins from 1983 since they’re difficult to locate in higher Mint State grades.”
He also dreams of pursuing a set of coins missing their mintmark or engraver’s initials, particularly as he already owns many of the coins necessary to complete such an assemblage.
“I have a 1922 No D Lincoln Cent, 1969 No FG Cent Lincoln Cent, 1982 No FG Kennedy Half Dollar, and 1982 No Mintmark and 1983 No S Roosevelt Dimes,” remarks Aaron. He says the biggest obstacle in finishing that set is its price.
“Completing a ‘No’ set would break the bank with the 1971 No S Proof Nickel and others.”
As he awaits the day when he can finally afford some of those expensive “No” coins, he continues building his numismatic expertise. “I went from having a base knowledge of coins to becoming the guy my friends go to for advice when a family member finds coins. I usually steer them to PCGS.com and the trusted local coin shop.”
He implores other collectors to go to coin club meetings, attend coin shows, and always learn something new about the coins they want to collect. “Don’t buy coins without doing your research!” He further advises, “Coins and currency will always have a value, but be careful! Learn the basics of grading, read, and get advice from the PCGS Message Board forum members. The folks on the message board are a great source of information for the new collector and veteran. I read it every day.”
Young Collector Profile:
Tor Martin Syvertsen
By Joshua McMorrow-Hernandez
You might think Tor Martin Syvertsen has been collecting coins for decades. His knowledge and love for coins is vast, as is his passion for the history behind these coins. Yet, the 20-year-old numismatist in Norway has been a full-fledged numismatist just since the pandemic days of 2020, picking back up on collecting coins after brief encounters with the hobby years earlier.
Syvertsen says his mom helped spark the numismatic bug when she asked him if he was interested in some coins she had inherited. “Since I had always been interested in history, I took her up on the offer. I then found myself searching through a bag of various world coins from the early 1900s through the 2000s,” he remarks. One coin stood out to him: a holed 1938 Walking Liberty Half Dollar. “As a history geek, I was just so fascinated holding something that had ‘witnessed’ the Second World War,” he recalls. “I will never forget the feeling I had when I realized that coins are an incredible way to physically hold history. Once I made this connection, there was no way back.
The law student enjoys “collecting through history,” as he says, pursuing coins with vivid and direct contextual connections to colorful times and places in human history. “Typically, this entails shipwreck and siege coins. However, it can be truly anything if there’s enough historical documentation and the coin has been sufficiently isolated or is unique to the historical event.”
He points to a Swedish 20 kroner gold coin as an example. “It’s a part of 50 metric tons of gold that was smuggled out of Norway to the Allies during the German invasion of Norway on April 9, 1940. The last vehicle carrying gold left the central bank as German troops were marching just a few streets away. A pursuit then ensued, and the gold got out just at the last minute. The gold reserve would become critical in funding the
Norwegian resistance movement and the Norwegian Government-in-exile,” he says. “This is a historical event that has produced written books and even a movie about it. Being able to own and hold something that can be pedigreed to such an event is just a unique feeling that makes it all worth it.”
He offers exciting numismatic stories like these and other insights about the hobby in presentations and other forums where he encourages others – especially young people – to become coin collectors. But it’s no easy task. “Unfortunately, numismatics is a niche hobby in Norway, predominantly consisting of older collectors. Recruitment within the past two decades has undoubtedly also been more difficult due to how cashless our society has become.”
Still, this doesn’t dissuade the young numismatist from reaching out and enjoying the hobby with his contemporaries, even if it means fostering a sense of community online. He has built camaraderie with many others who love coins on social platforms such as Instagram and Discord. “Instagram is, first and foremost, a great way to showcase your collection or items for sale. Discord, on the other hand, is much better suited for discussions and interactions among collectors. It enables seamless communication, allowing collectors all over the world to connect with others who share their specific interests.” He adds, “Social media is without a doubt an integral part of the future of numismatics.”
Yet, even as Syvertsen embraces 21st-century technology that brings numismatics into the digital sphere, he believes in the value of what has always worked in keeping the hobby alive. “At the end of the day, never forget the importance of social connections in the hobby. Coin clubs, coin shows, and sharing knowledge have always been and should always be what glues numismatics together.”
Targeting Morgan Dollars
By Michael S. Fey, Ph.D.
What collector, dealer, or investor would “not” like to own a PCGS-graded, key-date, business-strike Morgan Dollar? Why buy PCGS-certified? Because among the entire Morgan Dollar series, key dates are the most copied, counterfeited, altered, and faked with an added mintmark or other manipulations.
This article is meant to explore information about protecting you from spending your hard-earned money on a bogus coin, and by providing some interesting considerations when targeting the purchase of a Morgan Dollar key date or semi-key date.
A Key Date: The 1893-S Morgan Dollar
Perhaps the most desirable key-date Morgan Dollar is the 1893-S. The number of fake coins circulating out there is estimated to exceed the number of genuine specimens. This is because it is the key-date issue commanding the highest value of all Morgan Dollars in just about every grade. In the PCGS Price Guide it lists for $7,000 in a grade of VF20 as of this writing. For reference, the same coin in the same grade was listed for $5,000 in the PCGS Price Guide just five years ago.
Going back 25 years ago, before the PCGS Price Guide was born, one sees an identical specimen would have fetched $1,400 as reported in the 1999 edition of A Guide Book of United States Coins (“The Red Book”), By R.S. Yeoman. Jeff Garrett, who now serves as editor of “The Red Book,” concurs, “Sadly, there is an abundance of counterfeit examples of ‘key date’ Morgan silver dollars, and buying certified coins is highly recommended. Collectors should also learn to use the verification service PCGS offers, as counterfeit holders are sometimes a problem.”
The entire mintage of 1893-S Morgan Dollars was 100,000, all of which was struck with one obverse and two reverse dies. Therefore, all genuine coins can be authenticated as having a small, slightly slanted die line within the central top of the “T” in “LIBERTY” on the obverse. This die line can be seen even
on lower-grade coins. If your coin lacks this die line, it is not a genuine coin. This date was not among the dates released by the General Services Administration (GSA), The LaVere Redfield Hoard, or the Continental-Illinois Bank Hoard.
1889-CC Serves Another “Key” Role
The 1889-CC is another key date that is often copied, counterfeited, or contains an added mintmark. The PCGS Price Guide lists it for $2,250 in PCGS VF20 as of this writing and shows a value of $1,150 in 2020. Back in 1999, the same coin was valued at $350 according to “The Red Book.”
With a mintage of 350,000, the 1889-CC was struck with six known different die pairs, but all genuine specimens have 178 reeds around the rim. All 1889 (Philadelphia) Dollars have 190 reeds around the rim. If your coin does not have 178 reeds, it is not genuine. Some genuine specimens will have a die crack going through the date and some will have a die scratch at the top leaf of the cotton blossom. It currently has a PCGS population of 10,633 in all grades and 611 in Mint State.
1894 Morgan Dollar is a Third Key
The key date 1894 (Philadelphia strike) can be copied, counterfeited, or have a mintmark removed to deceive a buyer. It currently has a PCGS population of 7,102 in all grades and 1,570 in Mint State.
With a mintage of 110,000, the 1894 (P) was struck using only one reverse die. Genuine examples have two diepolishing lines forming a light “X” on the reverse between the eagle’s left leg and the upper tail feathers. There is also a die scratch in the recessed area of the eagle’s left claw (viewer’s right side).
It is important to note that each of these key dates is valuable enough for a collector, dealer, or investor to have them graded, as well as for a potential buyer to demand buying a genuine certified example.
Putting Things into Perspective
Of the seven GSA sales conducted from 1972 to 1980, only one 1889-CC was sold in a hard plastic presentation case. I recall it was offered for $1 million dollars years ago, but I don’t know if it ever sold. The 1894 was not offered in the GSA sales. Likewise, the LaVere Redfield Hoard dispersed in 1974 and 1975 as well as Continental-Illinois Bank Hoard dispersed from 1982 through 1984, did not offer any of the above key dates.
The 1893-S and 1894 had comparable mintages and yielded similar PCGS-certified populations, but far more Mint State 1894 Dollars were graded by PCGS at 1,570 versus only 37 certified for the 1893-S. Surprisingly, the desirable 1889-CC Dollar has significantly more circulated examples certified by PCGS at 10,633, but only 611 certified Mint State examples – far less than the overall population of 1893-S as well as those in Mint State. These numbers may be inadvertently inflated by resubmissions.
For comparison’s sake, let’s consider the population figures and prices for many of the scarcer coins covered in this article alongside one of the most common Morgan Dollars: the 1881-S. There are 315,766 specimens of the 1881-S Morgan Dollar encapsulated by PCGS, and their prices in circulated grades are relatively close to their melt value, or around $42
in VF20 as of this writing.. Higher-graded examples fetch higher prices, with MS63s trading for about $90, MS64s going for $115, and MS65s garnering $185 when this article was written.. While the 1881-S Morgan Dollar is neither notably rare nor significantly valuable, they are nevertheless an excellent coin for attracting new collectors. Comparing that coin against a key like the 1893-S or semi-keys such as the 1879-CC, 1893-CC, or 1903-S provides a crystal-clear illustration of where bargains may exist among the scarcest Morgan Dollars.
Kenneth Bressett, editor emeritus of “The Red Book,” said, “If I have a particular favorite, it is the 1903-O, which I finally acquired when the famous U.S. Mint hoard was released in 1962.” At one time prior to the release, it was a key date.
Morgan Dollars are traded by dealers, collectors, and investors each year. They conform to the laws of supply and demand. After more than 35 years of certification, the supply of gradable dates has been nearing ever closer to a representation of extant pieces. As demand for key dates, semi-key dates, and better dates and varieties increase, we can expect price appreciation over time. With increased demand, those Morgan Dollars with lower overall populations and mint state populations are poised to appreciate faster.
When I target any coin, I look for the “critical grade,” which I define as the grade in which the value of the coin increases significantly in the higher grade. I then seek premium-quality coins, examples that appear to be on the high end for the grade. These also include consideration for attractive toning, prooflike and deep-mirror proof-like surfaces (one- or two-sided), an attractive cameo appearance, and few distracting contact marks for the grade. Knowledge is king. Happy hunting.
Above: The 1903-S Morgan Dollar shapes up as a true rarity in Mint State, especially when considering PCGS-graded populations as compared to other more well-known key and semi-key dates
Varieties, Errors & More
The Lincoln Cent
By Edward Van Orden
The Lincoln Cent, which has been in production for over 115 years, may be discontinued in the near future.
I would be remiss not to mention the exceptionally rare and valuable 1969S and 1970-S Doubled Die Obverses. These will be further explored in a future installment.).
First struck in 1909 in recognition of the centennial of President Abraham Lincoln’s birth in 1809, the Lincoln Cent is arguably the most popular and collected series in American history.
The copper-plated zinc Lincoln Memorial subtype (1982-2008) has its share of attention-grabbing varieties. There is a 1982 Small Date with strong doubling on “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “ONE CENT.” The 1983 Obverse Die Counterclash displays not only an upside-down impression of LIBERTY above the date but also a major reverse cud die break. Another 1983 issue features reverse doubling even more dramatic than that on the above mentioned 1982. Additionally, there is a 1995 and a 1995-D that features doubling of “IN GOD WE TRUST,” “LIBERTY,” and the date.
The first design, affectionately known as the “Wheat Penny,” was struck from 1909 through 1958. Although it may still be found in circulation and in older jars of accumulated change, one is more likely to encounter the Lincoln Memorial (19592008), Bicentennial (2009), and Shield (2010-present) subtypes, as the issues within each subtype were minted in the billions. Nonetheless, there are a number of eye-catching varieties for each of these subtypes that are not only relatively scarce to rare but valuable, to boot.
Three popular and sought-after varieties within the bronze Lincoln Memorial subtype (1959-1982) are the 1960-D Small Date Over Large Date, the 1966 Doubled Die Reverse, and the numerous 1972 Doubled Die Obverses. The 1960-D curiously features a date that appears to have the same date struck over it, only with smaller numerals, giving it added three-dimensional depth in its appearance. The 1966 exhibits noticeable doubling on “ONE CENT,” the designer’s initials, and “UNITED STATES OF AMERICA.” The 1972 issue is known to have 10 different doubled die obverses, some more dramatic and rarer than others. (And
Two other types of varieties are also worth mentioning within the Lincoln Memorial subtype. The first involves doubling on the lower part of Lincoln’s ear on a relatively small number of 1983-D, 1984, 1988, and 1997 issues. Another group of dates features the “AM” of “AMERICA” incorrectly spaced apart (known as the “Wide AM”) on a few circulationstrike coins (1999 being the rarest) while conversely, the “AM” appears incorrectly close together (the “Close AM”) on others, with the 1992 and 1992-D being the most difficult to find.
Among the four different design themes for the Bicentennial subtype (2009) resides a curious variety. The Formative Years design features what appears to be an extra index finger or thumb. Numerous reverse dies with some variation of this doubling exist, collecting all of which would itself make for a challenging set to complete.
The current Shield reverse subtype (2010 to Date) also has varieties that are easy to spot. Doubling has been discovered on at least one obverse die for each Philadelphia issue dated 2011 through 2019, and for the Denver issues of 2015, 2018, 2019, and 2023, what appears to be a doubled lower ear is present.
Auction Action
By Jaime Hernandez
$5 1849 Pacific Company Private Issue
The first coin on our list is an enigmatic $5 1849 Pacific Company gold piece. It was struck at a critical time in American history when large quantities of gold were being discovered in California. This resulted in numerous private companies and assayers producing their own coins. The $5 1849 Pacific Company examples were struck during this time. Many of the issues by the Pacific Company were later found to be underweight in gold and eventually met with destruction. Currently, there are two $5 1849 Pacific Company pieces believed to be in public hands, while two others remain unavailable to the public. Recently a PCGS AU58 example sold on February 4, 2025, for $1,260,000 – a deserving price for an important coin in American history.
1957 Washington Quarter, PCGS MS68
The second coin on our list is an amazingly toned 1957 Washington Quarter graded PCGS MS68. With a mintage of over 46 million quarters struck in 1957 by the Philadelphia Mint, this coin may give the impression that it is very common. However, if we think about it from a collector’s perspective, it is quite the opposite – it’s been almost 70 years since they were struck. And to this date, out of the tens of millions of coins struck, only two have managed to earn the MS68 grade from PCGS, with none grading higher. What makes this coin even more special is its beautiful and mesmerizing iridescent colors. This beautifully toned example sold for $11,400.
1857-S Liberty Head Double Eagle, PCGS MS67
The third coin we’d like to highlight is an 1857-S Liberty Head Double Eagle with the Bold S variety, graded PCGS MS67. Given its mintage of 970,500 coins, you may think the 1857-S Double Eagle would be fairly easy to find. However, over the years, many of these coins were shipped overseas, while countless others ended up being lost or melted. In fact, soon after it was struck, this particular coin was lost deep in the ocean. The coin was rescued from the wreckage of the S.S. Central America, which sank in the Atlantic Ocean in 1857. The S.S. Central
America shipwreck contained over 7,000 coins that were recovered in 1988. To this day, the S.S. Central America coin hoard is considered to be one of the largest and most valuable shipwreck hoards to ever be recovered from the ocean. The 1857-S Liberty Head Double Eagle with the Bold S variety highlighted here is one of just two coins achieving the PCGS MS67 grade, with none grading higher. A true treasure of a coin, it was a privilege to see this piece come to light when it was sold on January 16, 2025 for $132,000.
1901 $10 Banknote Fr. 122. PCGS Banknote About Uncirculated 50
The $10 1901 FR-122 Red Seal Banknote is popular due to its scarcity, nostalgia, and beautiful design. If we look at the front of the banknote, it’s adorned with white and black lettering, with attractive red seal designs. It also features the portraits of explorers Meriwether Lewis (left) and William Clark (right), with a large American bison toward the center of the banknote. The back of the banknote features attractive white and green colors, with the likeness of Columbia towards the center of the design. On January 30, 2025, a PCGS Banknote-graded About Uncirculated 50 example fetched $5,280 at auction.
1944-S Lincoln Cent, PCGS MS66
Many collectors are familiar with the extremely rare 1943 Bronze Lincoln Cent. Perhaps fewer individuals know of the 1944 Steel Lincoln Cents struck at the Philadelphia, Denver, and San Francisco Mints. There are about 35 to 40 total known examples of 1944 Steel Lincoln Cents, making them rare overall. The majority of the 1944 Steel Lincoln Cents were produced at the Philadelphia Mint, and only two were struck at the San Francisco Mint. It is a very rare occurrence to witness a 1944-S Steel Lincoln Cent appear in the marketplace, and especially to see one of the finestknown examples. On January 5, 2025, the only example graded PCGS MS66 hammered for $490,500.
A Rare California Coin PCGS Abroad
By Jay Turner
Earlier this year in February, PCGS had an onsite grading week in Paris. These events usually result in almost anything coming into the office for grading. To my surprise, one of the highlight coins from the show turned out to be a rare variety of a gold coin from California.
During the gold rush in California, many people traveled from around the world in hopes of striking it rich in the newly discovered gold fields of California. The abundance of newly discovered gold ushered in the need for this ore to be transformed into a currency for commerce. This cultivated an industry of entrepreneurs who filled this need and made money, literally and figuratively, making money. This period, called “Period One,” would result in the striking of three different gold denominations: 25 cents, 50 cents, and dollar coins. When it comes to varieties, there are about 145 different coins one could collect. Documented by Walter Breen and Ronald Gillio in their book California Pioneer Fractional Gold, these coins beckon collectors to assemble full sets of these intriguing and challenging varieties.
One such coin, a dollar dated 1853 and listed as BG-515, was submitted for grading in Paris. Known as a “DERI”
dollar, these coins differ from other issues, with the coiner using his abbreviated name on his coins. The minter, known as M. Deriberpie, is believed to have been in San Francisco for about a year and a half. It is thought that he likely came from France to California in an attempt to strike it rich. His first coinage was dated 1852 and 1853, and they were half dollar gold pieces with the initials D.N. on the coins that Deriberpie and Antoine Nouizillet had made. He went on to build his own business in 1853 with a single press striking dollars bearing his abbreviated name, and dated 1853 and 1854. On April 12, 1853, Deriberpie, along with other coiners Nouizillet and Isadore Routhier, were arrested for counterfeiting dollar coins. The dollars made by M. Deriberpie contained about 30% less gold than those of an official United States gold dollar coin. M. Deriberpie disappeared from San Francisco records in 1853, and it is currently unknown what happened to him.
The variety that was submitted in Paris was that of BG-515. This variety is one of 16 combinations of M. Deriberpie gold dollars. It is one of two in “Group 1” with no stars flanking “DERI.” It differs from the BG-514 variety with a different obverse die. BG-515 comes in
two different die states: a “Perfect Die” state I, to which this coin belongs, and a second later die state with die cracks through the obverse stars and a die break under the “DE” of “DERI.” This variety was first noted in the 1950s and has been scarce ever since, with only a handful of examples known; prior to this example, only two had been graded by PCGS, with one being an MS61 and the other an MS62 that resided in the Jay Roe Collection. None are noted elsewhere. This example that was submitted in Paris was graded by PCGS as an MS64, making it the finest example certified.
As a numismatist studying this coin in Paris, I had to wonder if M. Deriberpie’s story, which abruptly ended in San Francisco by 1854, may have continued in France afterward. For a California fractional gold coin of his to end up in France is unusual –but maybe it’s just a coincidence.
Notable Notes
Cinco de Mayo, Doña Manuelita, and the Banco Nacional de México
By Nathaniel Unrath
A rich married financier, a beautiful aristocrat, a sordid love triangle, a country on the brink of civil war… It’s a story out of a telenovela. And, in honor of Cinco de Mayo, the holiday that commemorates the 1862 victory of the Mexican army at the Battle of Puebla, it’s the story of Manuela GarcíaTeruel y Manso, also known as Doña Manuelita. A native of Puebla, she captivated the right and powerful (sometimes to her detriment), and her face was, at one time, the most wellknown in all of Mexico.
THE BATTLE OF PUEBLA
The state of Puebla is located in the southwest of Mexico and is separated from the Gulf of Mexico by the state of Veracruz. The Battle of Puebla occurred during the French Intervention (also called the Second Franco-Mexican War), which was Napoleon III’s infamous attempt to re-establish France as a colonial power in the Western Hemisphere. The intervention resulted in, somewhat paradoxically, an Austrian Archduke, Maximilian, being declared Emperor of Mexico in 1864.
The onset of the intervention coincided with the American Civil War: the French landed in Veracruz in late 1861, planning to move on to Mexico City via Puebla in April 1862. The better-equipped and numerically superior French forces attempted to take the two forts guarding Puebla and were repeatedly repulsed, finally retreating on the 8th. The French would eventually capture Puebla in a two-month-long siege starting in March 1863, but the damage, in terms of patriotic fervor and xenophobia, was already done. Emperor Maximilian’s tenure ended in ignominy (and a firing squad) on June 19, 1867.
THE JUNTA DE PARIS, BANCO NACIONAL MÉXICANO & BANCO MERCANTIL MÉXICANO
According to papermoneyofmexico.com, the website of the U.S. Mexican Numismatic Association, diplomatic and financial relations between Mexico and France did not resume until 1880. But when they did, the inflow of foreign capital was enthusiastic, leading to the creation of many banks in Mexico. (Standard Catalog of World Paper Money, the “Pick” book, records almost 50 banks issuing paper money during this period.) Among these institutions was the Banco Nacional Méxicano, administered, via Edward Noetzlin, by a group of Continental financiers called, somewhat ominously, the Junta de Paris. Popular opinion did not necessarily follow the flow of capital. During 1884 negotiations between the Junta and the Mexican government, protestors disrupted the proceedings by chanting “Muera a Noetzlin” (“death to Noetzlin”). Similar issues bedeviled the Banco Mercantil
Méxicano, formed by a group of Spanish-born businessmen with local interests, in an attempt to compete with the Banco Nacional Méxicano.
This led to the merger of the Banco Nacional Méxicano and the Banco Mercantil Méxicano in 1884, forming the Banco Nacional de México. Both predecessor banks printed notes for just two years and were required to retire their notes within two years following the conglomeration, meaning that issued examples, such as the Banco Nacional Méxicano Pick# S249a / MPM# M307a 1882 1 Peso, are quite rare. (The second catalog number, abbreviated “MPM,” is from the Mexican Paper Money 2017 Edition, edited by Cory Frampton, Duane Douglas, et al.)
ANTONIO DE MIER Y CELIS
The first of these merging banks, the Banco Nacional Méxicano, was led (locally) by a Consejo de Administración, headed by Antonio de Mier y Celis. With the merger, it looked like he might be out of the job. Yet instead, Mier in 1884 was having a moment. He became the president of the board of directors of the Banco Nacional de México, wresting unusual (and unusually lucrative) concessions for the new institution.
The Mexican government agreed to underwrite their line of credit at the bank with customs duties, restrict the creation of any additional note-issuing banks in the Federal District (Distrito Federal), and pledged to accept Banco Nacional de México notes in government transactions. As papermoneyofmexico.com puts it, the Banco Nacional de México became “the official financial agent of the government and its intermediary for the settlement and subsequent service of the public debt.” In other words, it had “a practical monopoly” on issuing paper money in Mexico.
These concessions were obviously (and wildly) successful. The bank issued between 28% and 67% of all banknotes in Mexico during the period 1890-1910. In addition to volume, the Banco Nacional, in accordance with its name, had reach. According to Mexican Paper Money, “By the turn of the century, branch offices had been opened in a majority of the important cities and towns throughout the Republic of Mexico.” There were over 50 branches, almost twice the number of any other institution at the time, as indicated by a quick scan of other listings in the Frampton book. Finally, the Banco Nacional had persistence: it managed to survive the Mexican Revolution and the worldwide economic depression of the 1930s to become today’s Banamex, the second-largest bank in Mexico (now a subsidiary of Citigroup).
MANUELA GARCÍA TERUEL
In 1884, Mier was holding the reins of what would become a financial juggernaut, and he was in love. (Though perhaps not for the first time). Manuela García-Teruel y Manso, born in Puebla in 1860 of a rich, upper-class family, at some point, made her way to the capital, where she caught Antonio’s eye.
There were two problems. First, Mier was already married to Isabel Pesado, daughter of a formerly prominent politician and newspaper editor, José Joaquín Pesado. (Pesado was part of the three-man jury that chose the lyrics for the Mexican National Anthem in 1854.) Second, Doña Manuelita spurned Antonio’s advances. She wouldn’t even give him permission to have her portrait taken. It appeared she didn’t want anything to do with him.
There are different accounts of what happened next. One is possibly interpreted as romantic; the other, not so much. Either way, Antonio de Mier y Celis used his influence to obtain a portrait of Manuelita in secret, then used his position at the Banco Nacional de México to have her portrait added to the new banknote designs that were then being created for the bank. Some claim this was intended as a kind of grand romantic gesture, either to impress her or to gain her favor. Other sources quote Mier as saying that if Doña Manuelita refused to allow him her portrait to look at in private, then he would ensure that “all the inhabitants of the Mexican Republic would have it in their hands.” Either Mier couldn’t read the room, or he didn’t handle rejection well.
THE BANKNOTES OF THE BANCO NACIONAL DE MÉXICO
Like most of the pre-revolution banks in Mexico, Banco Nacional de México used the American Banknote Company (ABNC) to design and print its notes (ABNC was sometimes represented by its translated imprint, Compañía Americano de Billetes de Banco, abbreviated CABB).Thanks to Antonio de Mier y Celis, the elegant designs created for the Banco Nacional de México feature Doña Manuelita on every note (well, every issued note – specimens and proofs of unissued 50 centavos and 100 pesos designs exist, but without Manuelita).
Above: Pick# S255b / MPM# 296b 1913 Banco Nacional de México 1 Peso featuring Doña Manuelita and a steam train, with an 8 reales coin on the back
Despite their somewhat tumultuous origins, the ABNC designs are otherwise a feast of mature (and sometimes fanciful) engraving work, and the Pick book helpfully provides the engraver’s titles for the principal vignettes. The lowest-issued denomination can be taken as representative, such as the 1913 1 Peso note. The overall format is somewhat unusually asymmetrical, anchored right of center by a steam train (“Anthracite Burner”) and at the far left by the portrait of Doña Manuelita used on each denomination. The portrait is in neoclassical style, with Manuela García-Teruel y Manso sporting a tiara and a collar-type necklace, almost a gorget, above the national emblem of Mexico.
The note has a green back, dominated by overlapping images of the face and reverse of an 1881 8 Reales coin. Although possibly following the design of an earlier Banco Mercantil Méxicano issue, the timing is still curious, so far as collectors of U.S. notes are concerned. The 1 peso was first printed in 1885, a year prior to the United States Series of 1886 $5 Silver Certificate (Friedberg# 259-265) with the famous “silver dollar back,” featuring the face of a Morgan Dollar and pairs of overlapping reverses of the same to either side.
The national emblem of Mexico used on Banco Nacional de México issues is perhaps better characterized as a representation of the emblem. Based on the Aztec founding legend of Tenochtitlan (Mexico City), the national emblem of Mexico is composed of a golden eagle perched on a prickly pear cactus devouring a rattlesnake. But Doña Manuelita’s portrait shows an eagle simply clutching a snake. The differences are even clearer on the 100 pesos note, where nearly the entire reverse shows an eagle simply standing on a snake without rattles.
The other Banco Nacional de México designs feature attractive period vignettes: a pair of prospectors in a conference, Christopher Columbus exploring America, and cowboys rounding up cattle or lassoing wild horses. There is also a bevy of allegorical female figures: “Literature,” “Tropics No. 2,” “Justice,” “History,” “L’Orient,” “Naiad,” and “La Siesta.”
Above: Fr# 259 United States Series of 1886 $5 Silver Certificate featuring the “Silver Dollar Back”
Below: Pick# S261r / MPM# M302r ND Banco Nacional de México 100 Pesos Remainder with representation in portrait and on the back of the National Emblem of Mexico
COLLECTING THE BANKNOTES OF THE BANCO NACIONAL DE MÉXICO
If Antonio de Mier y Celis really did intend to put a portrait of Doña Manuelita in the hands of every Mexican, he probably succeeded. The financial success of the Banco Nacional de México meant that Manuela García-Teruel y Manso’s was the most widely circulated woman’s face in Mexico prior to the introduction of the “Gloria Faure” Banco de México 5 Pesos design in 1925.
The Banco Nacional de México issues provide fertile ground for collectors. Thanks to the prolific volume, examples are readily obtainable. The bank’s persistence means it was still around in 1934, celebrating its 50th anniversary by releasing albums containing face and back examples of every denomination from its period of issue. These are characterized by a “BILLETE SIN VALOR” stamp on either the face or reverse; an example of this overprint can be seen a bit earlier in the image featuring the Banco Nacional de México 100 Pesos Remainder. The subsequent liquidation of these albums, combined with an unusually large reservoir of remainders and specimens, means even uncirculated notes can be found.
The bank’s reach, with its many branches (and branch stamps and cancellations), also provides ample opportunities for dedicated variety hunters. The Pick# S258 / MPM# M299 10 Pesos probably has the most, listing 69 varieties in Mexican Paper Money as of 2017.
CONCLUSION
The Battle of Puebla arose from local resistance to colonial ambitions, and its aftermath shaped Mexico, even in the financial arena, as attested by the history of the Banco Nacional Méxicano, Banco Mercantil Méxicano, and Banco Nacional de México. The story of Antonio de Mier y Celis and Manuela García-Teruel y Manso is a curious interlude in that history, and perhaps, as we celebrate Cinco de Mayo (and the money shaped by the events commemorated on that holiday), we can spare them a thought or two. But this is especially so for Doña Manuelita, a daughter of Puebla who went on to achieve her own peculiar, if reluctant, kind of fame.
Below: Pick# 258d / MPM# M299as 1902 Banco Nacional de México 10 Pesos with Puebla overprint
Grading Insights
Exploring the Colorful World of Crypto Tokens
By Kyle C. Knapp
It has been several years since PCGS made headline news by first encapsulating the highly collectible Cascasius Bitcoin tokens, including some of the infamous, still-intact 1,000 Cas gold coins and bars packed with 1,000 BTC each. Since that time, the breadth of what we recognize and attribute in this market segment has grown considerably, along with public auction activity for such items. PCGSencapsulated physical cryptocurrency tokens can now frequently be found in major numismatic sales alongside famous vintage rarities, offering collectors a chance to add a sophisticated modern touch to their holdings.
While many collectors may by now have encountered an example of the Casacius 1 BTC issues (even those with the cryptocurrency already redeemed can fetch into the four figures!), we’d like to highlight some of the other compelling and diverse PCGS-recognized pieces this numismatic postal code has to offer.
After the Casascius 1 BTC pieces, the second most frequently graded series is the Lealana Litecoin tokens, typically struck in silver with deep-cameo (DCAM) proof obverses. The imaged 10 Litecoin piece contains half an ounce of the metal and was originally issued as part of a 5, 10, and 25 LTC denomination set. As with other contemporary issues, a tamperevident sticker on the reverse conceals the private key.
Above: A 10 Lealana Litecoin token
DOVE .01 BTC BY DENARIUM
Among the most numismatically attractive cryptocurrency tokens is the famous Dove .01 BTC piece by Denarium. Struck in 2015, this clean and attractive design was intended to convey the freedom offered by decentralized currency. Similar to the Cascasius in size and feel, this artistic issue will be one of the cornerstones of any cryptocurrency type set and an enduring fan favorite.
500,000-BIT “POKER CHIP” ISSUED BY BTCC
Among the most unique and innovative crypto series are the variously colored “poker chips” issued by BTCC beginning in 2016, in the form of the purple 500,000-bit (half-bitcoin) version illustrated here. Roughly the size of a silver dollar, they are wildly popular in all denominations. They were initially sold in denomination sets or rolls with sequential serial numbers, and individual PCGS-encapsulated examples can now frequently be found in public auctions.
2014 SOL NOCTIS BINARY EAGLE
Perhaps the most visually dramatic cryptocurrency issue is the 2014 Sol Noctis Binary Eagle. This piece, denominated to .01 Bitcoin when fully loaded, was struck by the Polish Mint and boasts a stunningly textured deep cameo finish. It also contains a full ounce of silver, a colorized reverse, and an unforgettably three-dimensional design.
In addition to the examples described above, PCGS recognizes and certifies
cryptocurrency-related tokens from manufacturers, including Alpen, CryptoImperator, MoonBits, Titan, Infinitum, and many others! We will also certify (and notate) unloaded or redeemed (“opened”) examples of these series. When considering the acquisition of any crypto-related pieces, it is important to remember that PCGS is only grading the physical (encasing) token and not making any warranties or claims about the existence or accessibility of any related or interred cryptocurrency.
Changing Markets Market 101
By Vic Bozarth
Vintage rare coins, like the 1913-S Barber Quarter, represent one area of the numismatic market while modern bullion, like the 1986 American Gold Eagle, symbolize another area of the coin marketplace. Their similarities and differences drive the overall marketplace and offer many considerations for collectors-investors navigating the current market conditions.
Change is inevitable. Ultimately we can’t control much of what goes on around us, but we can prepare for eventualities or the inevitable. Whether we’re buying or selling, we would all like to know when to take our chance. Collectibles markets are constantly evolving. Rare coins, traditionally bulwarks in the collectibles market, have many competitors for collector and investor dollars today.
In the United States collectible coin market, we continue seeing record prices set for condition census rare coins. These prices are often due to a combination of their overwhelming demand, low population, and seldom (if any) auction appearances. If they come on the market, there will be competition for them among bidders. Yet, while strong bullion prices persist and demand is brisk virtually across the board, there is noticeable weakness in the overall rare coin market. Liquidity issues are starting to affect the bullion business.
While bullion prices are quite high, the premiums above melt charged for many mainstream bullion items, like gold and silver American Eagles, remain exceptionally low. Dealers want to buy and especially sell merchandise. For the most part, they are not speculating on bullion markets. Therefore, as with common numismatic material, marginal and more-difficultto-sell bullion items are experiencing larger discounts.
There are always exceptions, but the general rule is to follow the profit. Dealers are still chasing the bullion business, and unless a coin has something “going for it,” so to speak, it might very well fall through the cracks.
Remember the old saying that while an apple and orange are both fruits, they are different? The rare coin market and the bullion market are different. Some of us in the numismatic world try linking how they react, but why should these two distinct markets react in a similar manner? There are different factors driving the rare coin and bullion markets. Yes, some of those factors are shared. But you must ask yourself if you’re more confident in the underlying value of your rare coins or playing the metals markets.
Perhaps the most important question is: what are you trying to accomplish?
Focus on rarity and demand, and let those determine both the direction you want to go and the underlying value of what you want to pursue. You can take advantage by learning about your preferred area of pursuit and seizing the opportunity when it knocks.
Women On Money
By Abigail Zechman
“I am among those who think that science has great beauty.”
— Marie Curie
Marie Curie was a brilliant Polish scientist and chemist who ignored the gender norms of her time, breaking down barriers and revolutionizing our scientific understanding of radiation.
As the daughter of a math and physics teacher, Curie grew up with a fierce curiosity and a love for learning. She longed for a higher education, but the primary universities in her home country of Poland would not let women attend. Instead, she took classes from Warsaw’s “floating universities,” a series of classes held in secret. She took these secret classes until she could afford to go to Paris and study at Sorbonne. While there, she earned two master’s degrees, one in physics and one in math, and later a doctorate in physics. Curie was the first woman in France to receive a doctorate.
“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
~ Marie Curie
Inspired by the recent discovery of uranium, Curie was fascinated by radiation and decided to complete her doctoral thesis on the subject. Through
their own research, she and her husband discovered two new elements. They named the first polonium after her home country of Poland and the second radium. While observing radium, she made an even more important discovery: radiation is not dependent on the organization of atoms. Instead, it is something that happens within the atom itself. She named this phenomenon radiation.
Making scientific breakthroughs wasn’t enough for Curie. She firmly believed that science should be used to help others and worked hard to find ways for her discoveries to benefit society. Through her studies of radium, she and her husband discovered that it could destroy diseased cells. She realized that this meant radiation could be an effective treatment for tumors, a treatment that is still saving lives today. She also used her thorough understanding of radiation to enhance the strength of X-ray machines, helping them take more accurate pictures.
In 1903, Curie was the first woman to win a Nobel Prize. She, Pierre Curie, and Henri Becquerel shared the Nobel Prize in Physics for their studies in spontaneous radiation. In 1911, she became the first
person ever to win a second Nobel Prize. She was awarded the Nobel Prize in Physics for her work in radioactivity. In 1944, the element with atomic number 96 was discovered and named curium in honor of Pierre and Marie Curie’s groundbreaking scientific work.
In 1984, France issued a 100 franc coin featuring Marie Curie to honor her on the 50th anniversary of her death. It may seem odd that France chose to honor Curie since she was from Poland, but France is where she completed most of her research. This coin highlights the national importance of her legacy. The obverse of the coin features Marie Curie’s name and portrait. The reverse includes the inscriptions “physique” and “chimie,” which translate to “physics” and “chemistry,” to honor the incredible work Curie accomplished in both fields.
Above: Marie Curie has been featured on multiple coins honoring her scientific accomplishments, including this French 100 franc
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