42 minute read
Auction Highlights 37 PCGS Around the World
AUCTION HIGHLIGHTS
By Jaime Hernandez
As we approach the end of the year, the coin market doesn’t seem to be slowing down, especially for rare and interesting coins. Many seem to be doing really well, with several coins appreciating in price at auctions this past year. One of the contributing factors for higher prices for many coins is lack of supply. There is strong demand for nice coins, and yet there is not enough supply to satisfy the demand. The auction results below help tell part of the larger story – choice rarities hammer supreme prices. 1783 Silver Libertas Americana PCGS MS63+
This is unquestionably an iconic medal in numismatics, with Benjamin Franklin having taken a personal interest in the production of these special medals. The Liberty design on the Libertas Americana was so well received that the motif also inspired the 1793 Half Cent design. It further influenced many U.S. patterns and medals. The Libertas Americana Medals were struck in copper and silver. The copper examples are considered scarce, while the silver examples are much rarer. Looking at the PCGS Population Report, one sees PCGS has graded a total of 69 examples in copper across all grades combined. For the silver examples, PCGS has certified just 16 in all grades – a reflection of just how rare the Silver Libertas Americanas really are. On June 14, 2022, a PCGS MS63+ graded example sold at a Stack’s Bowers Galleries auction, where it realized an impressive $198,000. 1863 Liberty Gold Double Eagle PCGS PR65+CAM
This is a really rare proof issue, as the U.S. Mint sold very few proof sets in 1863 and throughout that period. At the time, $20 was considered a large sum of money – nearly a month’s wages for some. So, most collectors could not afford this issue or simply did not want to spend this much on a proof set (collectors had to purchase the entire proof set for the year in order to obtain the $20 1863 Proof Liberty Gold Double Eagle). Therefore, the mintage is miniscule, with only 30 examples reported by the U.S. Mint. Even fewer coins are believed to exist, with PCGS CoinFacts estimating only 11 or 12 examples known. Anytime a specimen comes into the market it magnetizes crowds, as it is a very special coin due to its significance and rarity. In May 2022, a PCGS PR65+CAM piece, the highest-graded example in existence, sold at a Heritage Auctions sale for an astonishing $1,020,000 – a new record price!
1882 $1,000 Gold Certificate Fr. 1218f PCGS Choice VF35
The Fr.1218f Lyon and Roberts signatures variation is a significant banknote because of its extreme rarity, with about 11 examples known. Only a few collectors can own an example at any given time, making it a highly desirable banknote. Compounding the degree of rarity for this note even further is that one of the known examples is held at the Federal Reserve of San Francisco. This issue has a colorful, attractive classic design, with the obverse displaying the “1000” on the left, and with first Secretary of the Treasury Alexander Hamilton’s portrait to the right. The reverse also has an attractive design featuring a large “M” on the left side, while a large bald eagle is elegantly featured in the central portion. The $1,000 1882 Gold Certificate seldom comes into the market, and on June 19, 2022, a PCGS Choice VF35 example was offered by GreatCollections Auction. Unsurprisingly, it attracted lots of attention and following 99 bids from collectors it finally realized an astounding $277,875.
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
The China 1929 Globe Pattern Dollar
By Jay Turner
Chinese 1929 Pattern Dollar of Sun Yat-sen, PCGS SP62. Courtesy of PCGS.
The Chinese 1929 pattern dollar of Sun Yat-sen featuring the globe reverse design is a desirable rarity out of the reach of most numismatists and collectors, and it might be one of the most legendary republic coins for China. While it is unknown how many exist, the total mintage is believed to be 15 coins.
The desire was to produce a new dollar coin featuring Sun Yat-sen to replace the (1927) issues featuring his likeness. In 1929, the task for the mint requested possible design adaptations for this new circulating dollar coin. The bulletin called for four different design possibilities, three of which featured Sun Yat-sen. The vast majority of concept patterns struck featured a bust of Sun Yat-sen in profile and a reverse of a junk ship.
Many of these concept pattern designs were produced by international mints hoping to land a contract from China to produce its coinage. However, one of the concepts requested was a map of China and the national flags. According to Chinese coin expert Eduard Kann, who lists this coin in his catalog as Kann-610, this concept pattern was struck in the Tientsin Mint. However, it is unknown and unpublished if the design and dies were produced from China or another country.
The concept features a forward-facing bust of Sun Yatsen on the obverse paired with a reverse that reveals a half globe featuring Asia, Europe, and part of Africa, with crossed flags of the Republic of China above this globe. The globe design concept was only struck as a pattern and in a very small number. It is believed that the failure of the design was due to the obverse, which failed to meet the likeness of Sun Yat-sen to many. The adopted design of the Junk Dollar featuring Sun Yat-sen would be produced for circulation in 1932.
Recently one of these incredible pattern dollars was submitted to PCGS through the Hong Kong Express service. This example, which had been in an alternative service’s holder, had come from the W&B Capital Collection, and was featured as number 12 of Top Chinese Coins – Silver Coinage, by Michael Hans Chou, Ron Guth, and Bruce Smith. It was graded SP62 by PCGS.
Jay began collecting coins at the age of 13, when he inherited his uncle’s coin collection. Turner is proficient in U.S. and world coins, token and medal variety attribution, grading, and counterfeit detection. In 2017, Turner joined PCGS as a grader specializing in world coins. He is stationed at the PCGS U.S. headquarters and grades on-site for the Shanghai, Hong Kong, and Paris offices.
By Philip Thomas
Note the mismatched serial numbers on this stunning and rare error. Courtesy of PCGS.
Numbers are used to represent and differentiate many specific things in this multifarious world of ours. From the size of our shoes, our age, and our intelligence quotient to the quantity of little pigs and the dalmatians in a certain Disney film, numbers can tell us exactly what something is and show us what makes something unique from others around it. Serial numbers on banknotes demonstrate this concept perfectly. Unlike coins, the large majority of banknotes do not enjoy the anonymity that comes with not having a distinctive number indelibly marked on its surface – in most cases twice or more. These identity-defining serial numbers leave little room for confusion or misunderstanding. The hard-andfast rule is one number per banknote and one banknote per number. Classification and organization are literally as simple as one, two, three. Unless, of course, a banknote happens to have two different serial numbers, as is the case with this extremely uncommon 1869 $1 Legal Tender “Rainbow” error note, recently authenticated and graded by PCGS as Very Fine (VF) 20. All the rules get thrown out the window when this note enters the room. Look closely. At the lower left, you will see Z9203467 overprinted in red ink and at upper right, Z9203471. A profound two-digit differential – the last two digits – representing a four-number discrepancy in the sequence! Just in case anyone is wondering, the large red stars at the end do not indicate that this is a “Star Note.” Before 1910, stars were simply used as a place-holding “bookend” to the numbers on certain issues and did not signify a replacement. Let’s begin the analytical dive into this curious piece by asking the question, why do most U.S. banknote issues have more than one serial number printed on them in the first place? The answer is fairly simple. Since paper is a rather delicate medium, susceptible to damage while in circulation, printing the serial number twice at opposite corners of the banknote allows for some portion of the note to become stained, scuffed, or severed off altogether while still retaining at least one of its important numeric identifiers. (Side note: Under federal law, a United States banknote is still redeemable at full value as long as more than half of the note is clearly present.) The next question is, how could this have happened? In general terms, either operator (i.e. human) or mechanical error is to blame. More specifically, the two independently acting numbering blocks responsible for overprinting the serials are inadvertently set to different numbers prior to the commencement of the production run (operator error) or one of those blocks jams or clogs, failing to advance, while its counterpart continues to function as intended (mechanical error). This type of error on a large format (pre-1928) issue is particularly rare. Only an amount slightly better than a dozen are known from all types and varieties of large notes and more than half of those notes involve serial numbers that differ by just a single digit. Remember, this is a two-digit disparity. Further augmenting the “coolness factor” here is the fact that this error occurred on one of the most lauded and visually stunning designs of U.S. banknotes out there. Nicknamed the “Rainbow” series, the 1869 Legal Tender issues display a multitude of colors, including blue-tinted paper at center left, green-tinted underprints, red serial numbers, and a giant, pinkish-red Treasury seal. I suppose this could be called "The Mismatched Rainbow!"
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.
By Kevin Vinton
1670-A French Colonies Copper Double De L’Amerique Francois, PCGS VF35. Courtesy of PCGS TrueView.
One of the most exciting highlights of the vast Sydney F. Martin Collection is the legendary 1670-A Copper Double Denier of French America. What might be an unassuming, circulated coin to the uninitiated is nothing short of the Holy Grail for collectors of French colonial coinage. This is the only surviving example of the issue. It not only represents a distinct denomination and design type, but it is also among the first coins made for use in the French colonies or New France and the only 1670-dated issue to explicitly state that in its legends. However, its importance extends far outside French colonials, as it is the earliest-dated coin in any category to bear the name “America.” This combination of ultimate rarity and profound numismatic and historical significance places the Double in rarefied territory among the most celebrated and valuable colonial coins.
Sydney Martin was one of the top collectors of early American coinage. Courtesy of Stack’s Bowers Galleries. Sydney F. Martin wrote several books on early American copper coins, including French Coinage Specifically for Colonial America. Courtesy of Stack’s Bowers Galleries.
The 1670-A Copper Double Denier is part of the Gloriam Regni coinage of 1670 along with the silver 1670-A 5 Sols and 15 Sols. The coinage was authorized by an edict of King Louis XIV on February 19, 1670, that called for a total of 100,000 livres to be struck, divided into 30,000 livres of silver 15 sols, 50,000 livres of silver 5 sols, and 20,000 livres of copper double deniers. The coins were to be struck at the Paris Mint and then sent to circulate exclusively in the French overseas colonies in the New World, which at the time included Canada and French possessions elsewhere on the continent. However, the coinage quickly ran into trouble, primarily due to difficulties in obtaining adequate planchet stock, and it is likely only a tiny fraction of the proposed mintage was struck. Further, many of the small amount struck were most likely melted down. Today, the silver 5 sols are very rare, the silver 15 sols extremely rare, and the copper double denier is unique.
Map by cartographer Herman Moll, Library of Congress Geography and Map Division. Courtesy of Stack’s Bowers Galleries.
Graded VF35 by PCGS, the unique surviving example of the 1670-A Double Denier is an attractive and problem-free medium brown coin that is moderately worn and appears to have spent a decent amount of time in circulation. Unlike a novel pattern or presentation piece in high grade that survives because it was carefully set aside and preserved from the time of issue, the double was struck for circulation and seeing that it did indeed circulate, it is something of a numismatic miracle that an example of this coin survives at all. One might draw a comparison to unique coins in the U.S. federal series, such as the 1870-S Half Dime or 1870-S $3 gold piece, which are equally extraordinary, unique survivors of their issues. The double, however, has the added significance of being not just a date or mintmark within its series, but an entire standalone denomination and type.
This incredible coin has been offered at auction just once before, when it was sold as part of the Norweb Collection by Bowers and Merena in 1996. Otherwise, it has only changed hands privately and has been owned by an illustrious cast of numismatists including Virgil Brand, Burdette G. Johnson, Wayte Raymond, John J. Ford, Jr., Emery May Holden Norweb, and Anthony Terranova. Its earliest recorded owner was Philip Ferrari de La Renotière (1850-1917) or “Count Ferrari,” the famous French stamp collector who also amassed an impressive collection of coins. Syd Martin was able to acquire the coin privately in 2008 and it became the crown jewel of his world-class collection of French colonial coins. Expectedly for a unique coin, this piece is illustrated in all of the standard references that list it, including A Guide Book of United States Coins (“The Red Book”), Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, and Whitman Encyclopedia of Colonial and Early American Coins. It is also featured prominently on the cover of Martin’s own definitive reference on the French colonial series published in 2015.
Generations of French colonial and early American coin collectors have coveted the copper double denier of 1670, but few have had the chance to even see the coin, much less the opportunity to own it. Stack’s Bowers Galleries is thrilled to offer this legendary coin at auction in the upcoming Sydney F. Martin Collection, Part II sale to be held October 27-28, 2022, at the Whitman Coin & Collectibles Expo in Baltimore, Maryland.
Kevin Vinton is head numismatist at Stack’s Bowers Galleries’ new Boston location opening September 2022. He is a specialist in Colonial and early American coins. For more information on the Sydney F. Martin Collection, Stack’s Bowers Galleries’ services, or the new Boston location, he can be reached at kvinton@stacksbowers.com.
Stack's Bowers Galleries is Pleased to Present Highlights from The Sydney F. Martin Collection – Part II
French Colonies • Rosa Americana Coinage • Connecticut Coppers, 1785-1786 • Washingtonia
Syd was a voracious collector, amassing a cabinet that touched every niche of colonial and related numismatics. The second installment of the landmark Sydney F. Martin Collection will feature some of the areas that Syd was most passionate about. He wrote books about French Colonials, Rosa Americana coinage, and Washingtonia. He avidly pursued Connecticut coppers, building the most complete set ever assembled; this sale will showcase his front line collection of 1785 and 1786 issues.
French Colonial coinage will be represented by the 1641, 1658, and 1670 “Gloriam Regni” issues, as well as selections from his vast collections of 9 Deniers, Mousquetaires, John Law issues, and gold and silver coins from the wreck of Le Chameau, among other series. Rosa Americana coinage will feature many fine patterns, off-metal strikings, and other special pieces, along with a comprehensive collection by die marriage as delineated in Syd’s own book on the series. And his Washingtonia is world class, starting with the circa 1778 “Voltaire medal” and continuing through the 20th century, with this sale focused chiefly on 18th and 19th century medals and tokens. Featured in the Official Auction of the Whitman 2022 Winter Expo
1786 Connecticut Copper. Hercules Head. Miller 5.3-B.2. Rarity-7+. AU-53 (PCGS). One of Four Known. Ex Garrett.
1670-A French Colonies Copper Double De L’Amerique Francois. VF-30 (PCGS). The Earliest Dated Coin Bearing the Name “America.” The Only Known Specimen.
1724/3 Rosa Americana Pattern Penny. Martin 4.1-G.1. Rarity-7+. MS-64 (PCGS). Ex Brand-Ford.
(ca. 1792) Washington Born Virginia Copper. Legend Reverse. Musante GW-33, Baker-60. MS-63 (PCGS). Ex Norweb.
For more information contact:
Joseph Sansom’s Three-Piece History of the Revolution Series in Silver. Struck at the U.S. Mint, circa 1805-1808 Celebrating, Washington, Franklin, The Peace of 1783 and the First Peaceful Transfer of Power, in 1797. Descended in the Sansom family.
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Kevin Vinton - KVinton@stacksbowers.com or Vicken Yegparian - VYegparian@stacksbowers.com
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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 RCMR, refer to the PCGS Grading Standards listed in this issue. Space does not permit us to show a comprehensive photographic grading guide here, but those interested in a detailed look at virtually all U.S. coins in all grades are referred to PCGS’s Photograde section, found at
www.PCGS.com/photograde.
PCGS COIN GRADING STANDARDS
Regular Strikes
For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which affect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal. A PCGS MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal. A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal. A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal. A PCGS MS66 will have a few marks and/or abrasions. The strike, luster, and eye appeal must be good. A PCGS MS65 will have some marks and/or abrasions, but they will be minor. The strike must be above average, and
Components of Mint State Grading
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.”
luster and eye appeal must be good. A PCGS MS64 will have some marks and/or abrasions, and they may be significant. The strike and eye appeal should be average or above and must not be negative. Luster may be somewhat subdued. A PCGS MS63 will have marks and abrasions that are moderate in number and/or size. Strike may not be full and eye appeal can be slightly negative. Luster may be somewhat dull. A PCGS MS62 will have no wear on high points. There may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull. A PCGS MS61 will have no wear on the high points. There may be multiple heavy marks and abrasions. Strike may not be full, luster may be dull, and/or eye appeal may be negative. A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative. A PCGS AU58 will show full detail with minor friction on only the highest points. A PCGS AU55 will show full detail with friction on less than 1/2 of the surface, mainly on the high points. A PCGS AU53 will show full detail with friction on 1/2 or more of the surface. There may be a very slight flatness on high points. A PCGS AU50 will show full detail with friction over most of the surface and slight flatness on high points. XF45 Detail is complete with most high points slightly flat. XF40 Detail is complete with some high points flat. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.
VF25 Detail is 60 to 70% complete. VF20 Detail is 50 to 60% complete. F15 Detail is full in recessed areas. All lettering is sharp. F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp. VG10 Design is worn with some detail evident. VG08 Design is worn with only slight detail evident. G06 Detail is flat, but rims are complete. Peripheral lettering is full. G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full. AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible. PO01 Barely identifiable as to date and type.
Proofs
For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of), reflectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning. A PCGS PR70 shows no imperfections under five-power magnification. Brilliant proofs must be 100% fully reflective. A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective. A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully reflective or virtually so. A PCGS PR66 will have a few hairlines and/or very minor marks. Eye appeal must be very good. Brilliant proofs must be fully reflective or nearly so. A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good reflectivity. A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity. A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull. A PCGS PR62 will have numerous hairlines and/or marks. Eye appeal may be quite negative. Brilliant proofs may be dull. A PCGS PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective. A PCGS PR60 will have no wear on the high points, but will be very hairlined and/or marked. Eye appeal is negative.
Brilliant proofs may not be reflective. Proofs below PR60 For proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes.
In addition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.
PCGS COIN DESIGNATIONS
Color for Copper Coins (MS60 or better)
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.
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 nomajor disturbances, including cuts and marks, to the separation of the steps. Full Bands for Mercury Dimes
Full Bands (FB) PCGS designates Full Bands for 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. PCGS Holder
No Grade coins are returned to the submitter with encapsulation.
Code Reason
82 Filed Rims 91 Questionable Color 92 Cleaning 93 Planchet Flaw 94 Altered Surfaces 95 Scratches 97 Environmental Damage 98 Damage No PCGS Holder
No Grade coins are returned to the submitter without encapsulation.
Code Reason
83 Peeling Lamination 86 Authenticity Unverifiable 90 Counterfeit 96 No Service 99 PVC Residue
Would you like further information about the PCGS Grading Standards, Designations, and No Grade Standards? View high-resolution images and in-depth videos for each at www.PCGS.com/grades. For PCGS Banknote grading standards visit www.PCGS.com/banknote/grades. Cameo Proofs
Cameo (CAM) PCGS designates Cameo for brilliant proofs that show light to moderate frosting of the devices. Both sides of a coin must have frosted devices to earn the Cameo designation. Deep Cameo (DCAM) PCGS designates Deep Cameo for brilliant proofs that display deep, even frosting on the devices of both sides of the coin.
FUN 2023 – Orlando | January 4-9
1854 Gold Dollar Type One, Proof PR65 DCAM PCGS Ex: Auction ‘85 1796 No Stars Quarter Eagle BD-1, AU55 PCGS Ex: Goliad Corp (12/13/1971)
1798 Quarter Eagle Four Berries BD-1, MS64 PL PCGS Ex: Jake Bell
1830 Quarter Eagle BD-1, MS66+ PCGS Ex: Auction ‘85 1848 CAL. Quarter Eagle MS64 PCGS Ex: Abe Kosoff (8/19/1972)
1795 Five Dollar Small Eagle BD-2, MS62 PCGS Ex: Kagin’s (10/1/1977) 1807 Five Dollar Capped Bust Left BD-7, MS65 PCGS Ex: Mike Brownlee (3/15/1972)
for a free appraiSal, or to conSign to an upcoming auction, contact a Heritage conSignment Director toDay 800-835-6000
FUN 2023 – Orlando | January 4-9
1821 Five Dollar Curved Base 2 Proof BD-1, PR65 Cameo PCGS Ex: 1914 ANS-Farouk-Norweb
1832 Five Dollar 12 Stars BD-2, AU53 PCGS Ex: Atwater-Eliasberg
1795 Ten Dollar Small Eagle, 13 Leaves BD-1, MS64 PCGS Ex: Bartle Collection
1804 Ten Dollar Plain 4, PR63 PCGS Ex: Parmelee-Eliasberg
1907 Wire Rim Ten Dollar MS66 PCGS Acquired by David Calhoun, 2000
1860 Twenty Dollar Proof PR65+ Cameo PCGS Ex: Alto Collection 1879 Schoolgirl Dollar in Silver Judd-1608 Proof PR67 Cameo PCGS Ex: DiBello Collection 1880 Coiled Hair Stella in Aluminum Proof PR65 PCGS Ex: Garrett Collection
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PCGS is grading a limited number of the 2021 American Eagle At Dusk and At Dawn 35th Anniversary Bullion Coins, which will be sold by Stack’s Bowers Galleries in their Summer 2022 Global Showcase Auction. Courtesy of PCGS.
By Joshua McMorrow-Hernandez
Stack’s Bowers Galleries is embarking on an exciting venture with the United States Mint and Professional Coin Grading Service to offer the 2021 American Eagle At Dusk and At Dawn 35th Anniversary coins. These limited-edition coins were produced during a special April 2021 ceremony by former Mint Director David Ryder, who personally operated the presses that struck the last of the American Gold Eagle and American Silver Eagles bearing their original designs and the first of those coins featuring their new motifs.
A gloved mint official displays newly struck American Eagle silver bullion coins. Courtesy of the United States Mint.
In total, 2,000 of these coins were struck, with 500 each of the 2021 One-Ounce American Gold Eagles and American Silver Eagles carrying their original reverse designs that debuted with the coins in 1986 and 500 each showcasing their new designs that first appeared in 2021. These coins will be sold in single-, two-coin, and four-coin sets in the Summer 2022 Global Showcase Auction by Stack’s Bowers Galleries, which was chosen by the United States Mint as the exclusive seller of these coins in a landmark first-of-its-kind deal between the mint and a private auction house.
“This is a historic arrangement between the United States Mint and Stack’s Bowers Galleries, with our firm being the very first private auction house that the U.S. Mint has chosen to sell its new products,” said Stack’s Bowers Galleries Executive Vice President Christine Karstedt. “However, this isn’t our first venture with the United States Mint,” she added. “We, along with Sotheby’s, were selected by the U.S. Mint to facilitate the sale of the legendary 1933 Saint-Gaudens Double Eagle, which the U.S. government had then-recently converted into a legally obtainable coin and consigned in July 2002. Now, 20 years later, we are working with the U.S. Mint again to offer these extraordinary American Eagles in our Summer 2022 Global Showcase Auction.”
PCGS was handpicked by Stack’s Bowers Galleries to certify a limited number of these coins and encapsulate them with specially designed labels. “We are excited to embark on
United States Mint officials hold new American Eagle coinage. Courtesy of the United States Mint.
this extraordinary project with Stack’s Bowers Galleries,” remarked PCGS President Stephanie Sabin. “The American Eagles are some of the most popular bullion coins in the world, and they have been a market force since their debut in 1986. The transition to new designs in 2021 was a watershed moment in United States numismatics, so for Stack’s Bowers Galleries to be chosen by the U.S. Mint to offer the very small number that were struck by Mint Director David Ryder himself is significant. We at PCGS are very proud to encapsulate these historic and, I might add, beautiful American Eagles and ensure the protection of their legacy and value.”
Former United States Mint Director David Ryder holds a new American Eagle coin struck at a special April 2021
United States Mint ceremony. The coins were struck by
Ryder and are being sold by Stack’s Bowers Galleries. Courtesy of the United States Mint.
The American Silver Eagle was originally released in 1986 with an obverse design by Adolph A. Weinman featuring his famous Walking Liberty motif first seen on the United States half dollar in 1916. This design was paired on the oneounce silver coin with John Mercanti’s modern heraldic eagle reverse, which remained on the coin until the middle months of 2021. It was replaced by a visage of a landing eagle designed by Emily S. Damstra and engraved by Michael Gaudioso, coupled with the longtime obverse design by Weinman. The American Gold Eagle consists of four different gold coins struck in increments of a tenth-ounce ($5 face value), quarterounce ($10), half-ounce ($25), and one ounce ($50) and was first released in 1986 bearing an obverse design made famous on the Saint-Gaudens Double Eagle. While that Augustus Saint-Gaudens design remains, the American Gold Eagle’s original Miley Busiek-Frost reverse depicting a family of eagles has been replaced by a stately eagle head, the brainchild of Jennie Norris and sculpted by Renata Gordon.
For more information about the sale of the 2021 American Eagle At Dusk and At Dawn 35th Anniversary coins, please visit https://stacksbowers.com/.
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.
Stack’ s Bowers Galleries is excited to announce our auction of the 2021 American Eagle At Dusk and At Dawn 35th Anniversary coins, presented on behalf of
for United States numismatics, borne of a collaboration between America ’ s oldest numismatic auctioneer and
stitution—the United States Mint. Live bidding will take
rently available on our website www.StacksBowers.com. Released to commemorate the 35th Anniversary of the American Eagle series, the new American Eagle Gold 1 Ounce Coin features an Eagle Portrait reverse design by Artistic Infusion Program (AIP) artist Jennie Norris and sculpted by Mint Medallic Artist Renata Gordon. For the obverse, United States Mint artists revisited the sculptural models used in the creation of the
anti-counterfeiting features. signedbyArtistic InfusionProgramartistEmilyDamstra and sculpted by Mint Medallic Artist Michael Gaudioso. As with the American Eagle Gold Coin series, the Mint revisited its historical assets to create a refreshed obverse design that is even more faithful to Adolph A. Weinman ’ s
includes special anti-counterfeiting features.
To celebrate the transition in the American Eagle Program, a ceremony was held at the West Point Mint in
the new designs. Former Director of the Mint David J. Ryder personally operated the presses to produce each
marked the transition from the Dusk of a golden age to the Dawn of a new era of artistic excellence.
nance unlike any others, present an exciting opportunity
Showcased by Stack’ s Bowers Galleries at Auction – September 1, 2022
for collectors. Bidders in the September 1st auction will havetheexclusiveopportunitytoacquireone,orseveral, of these historic coins which have otherwise been unavailable to collectors. Each lot presented in this important sale will represent a trophy for future generations of collectors.
taining special four-coin sets that include one each of the classic gold and silver eagle one-ounce coins and one eachofthenewgoldandsilverone-ouncecoins.Inthese
coin sets maintain the same paired striking order as the four-coin sets and are ideal for collectors focusing solely on either the American Gold Eagle or American Silver
presented in individual lots in the auction, including the
will be included with each coin or coin set purchased.
Galleries is also waiving the Buyer ’ s Premium on the 35th Anniversary Coins, meaning that the highest bid
paid by the winning bidder, excluding any applicable sales tax and shipping fees.
For more information or to bid in this important event, visit our website StacksBowers.com.
Contact Us Today For More Information:
1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626• 800.458.4646 470 Park Ave., New York, NY 10022 • 800.566.2580 • NYC@stacksbowers.com 1735 Market St., Ste. 130, Philadelphia, PA 19103 • 267.609.1804 • Philly@StacksBowers.com Info@StacksBowers.com • StacksBowers.com
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America’s Oldest and Most Accomplished Rare Coin Auctioneer
Market Matters
By Vic Bozarth
If market conditions are making money a little tight, perhaps it’s time to adjust your collecting strategy. Maybe a one-a-year date set of Morgan Dollars is the way to affordably start a set of these silver coins before branching out into a full-on set by date and mintmark. Courtesy of PCGS.
Unless you’ve just awoken from a five-year nap, you -- like most coin collectors -- know that the market is much improved from where it was less than a dozen fiscal quarters ago. Before the outbreak of COVID-19 and indeed several years prior our market was in the doldrums. Dealers were hesitant to even stock coins at the current levels fearing more losses. Explanation: A dealer buys a coin with a wholesale bid of $1,000 for $850 wagering they can at least wholesale the coin for $950 or $975. If they can find a collector, they might get $1,050. The next week, wholesale bid prices fall on the coin from $1,000 to $900 and the following week, the bid drops to $800. What’s it worth? Ultimately there were just more sellers than buyers.
There have always been exceptions. Serious collectors know that they often might have to pull the trigger when a rare coin comes onto the market regardless of the current market. If you want to own that coin for your set, you have to pony up! Now is one of the few times in numismatic history when multiple condition-census and finest-known coins not only bring record prices, but break presale auction estimates often by multiples!
What are you going to do? Another example of a rare coin: the last time said coin came on the market was 2004 and it brought $150,000. Recently the presale estimate was $350,000. I bid $550,000 and it brought $775,000! Do I have to leave my paddle in the air until the bidding is over and worry about what I paid later? The answer is “yes,” depending on the coin!
While the overall rare market isn’t as white hot with the recent dips in gold and silver bullion levels, finest-known and condition-census coins will continue to bring record prices as long as there are more buyers than sellers. In other more heavily traded items price levels have stabilized and in some cases regressed due to sliding bullion levels and lower demand.
Because of other market conditions, many coin dealers look at any softness in this market as an opportunity to buy. Inflation is real. While many dealers didn’t want to stock a lot of merchandise during soft markets, especially with inflation, dealers view inventory now (that they can buy at current levels) as a better position than cash. World and national events can and will affect our markets! Indeed, inflationary pressures are already choking the average American’s discretionary spending. While the finest-known and condition-census coins will continue strong for the foreseeable future, more common and often highly marketed numismatic items will react sharply to these inflationary factors.
I commented in an article sometime in the past year about a collector’s numismatic budget. While we have had more discretionary income in the last couple of years because of positive economic factors, that trend has already reversed. Indeed, folks are again dipping into savings just to make ends meet. When gas and food aren’t affordable, there is little money left for the collection.
The advice I give is to refocus on your priorities. I’ve always had several sets going at one time. Especially if you have duplicates or you have changed your focus consider selling or trading these coins. Use the funds for the coins you seek. Instead of trying to complete that Morgan Dollar set with all the dates and mintmarks, focus first on a coin from each year. Once you have completed that project, go back and fill in the other dates.
Ultimately, the market does matter, but we have the choice whether to swim with it or against 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 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
American Silver Eagles are hot, with even generic common dates trading for significant premiums above spot prices. Courtesy of PCGS TrueView.
The modern coin market still remains healthy in 2022. The price of precious metals has really contributed to some strong prices for most bullion-related issues. A significant factor involves the premiums being paid for several modern coins containing mostly silver, gold, platinum, or palladium content. For example, even common uncirculated American Silver Eagles carry an approximate $10 premium above their spot price of silver.
In this issue, we offer a yearly pricing analysis to determine which coins have performed the best in the past year. In this chart, we will show only some of the Top 10 Gainers for the year. The top performer on this list is a 1963-D Washington Quarter Doubled Die Obverse, classified as FS-101 in PCGS MS65 condition. The price 12 months ago, from the time of this writing, was $165. Today, the same coin lists at $600 on the PCGS Price Guide. That's a 263% increase! Not a bad performance over just one year. The price increase can be due to this variety having a low graded population. At PCGS, we have graded a total of 14 examples in all grades combined. This would explain why it is one of the best modern coin performers for the year, as the supply for this coin seems to be very limited.
If we look at the list, all 10 coins impressively increased by 100% or more. The Top 10 List has a mixture of uncirculated (Mint State) coins and some proof coins. Interestingly, eight of the coins are varieties, five of the coins are Washington Quarters, four other coins are Kennedy Half Dollars, and one coin is a Jefferson Nickel. If you’d like to see the entire list of the best performing coins on the PCGS Price Guide, please visit https://www.pcgs.com/prices/ and click on “Price Changes.”
DESCRIPTION
1963-D Washington Quarter DDO FS-101 1964-D Washington Quarter RPM FS-502 1964 Washington Quarter DDR FS-802 1992-S Silver Kennedy Half Dollar DDO FS-101 1968-S Kennedy Half Dollar DDR FS-801 1971-S Kennedy Half Dollar DDR FS-801 1963 Franklin Half 1982-S Washington Quarter DDO FS-101 2001-P Jefferson Nickel 2005-P Washington Quarter Minnesota DDR-010 GRADE
MS65 AU58 MS63 PR69 DCAM PR67CAM PR67 PR68+ PR69 DCAM MS68FS MS66
One thing that’s interesting is that mainly silver, gold, and some of the other precious metal stocks on the stock market are performing poorly this year, despite precious metals tracking so well in the past year. Another market that hasn’t been doing so well is cryptocurrency. For example, on November 10, 2021, a single unit of Bitcoin was trading for approximately $68,800; approximately seven months later, or on June 18, 2021, a unit of Bitcoin was trading for approximately $19,000 – a 72% decrease. This is mentioned to remind coin collectors that owning physical coins is not only fun, but also – so far – has shown to be safer than other electronic-related coin and precious metal markets in the year 2022. So, it’s exciting times for the coin market in general, including for modern coins. There is still a strong demand for many modern coins, and with so many different coin series produced, collectors have a plethora of options on what to collect.
PREVIOUS PRICE CURRENT PRICE
$165 $85 $125 $250 $700 $275 $1,100 $185 $1,450 $300 $600 $300 $300 $600 $1,600 $625 $2,400 $400 $3,000 $600 PERCENT
263% 252% 140% 140% 128% 127% 118% 116% 106% 100%
Jaime Hernandez is an editor for the PCGS Price Guide and has been a proud member of the PCGS team since 2005. By the time he reached his early 20s, Jaime was successfully buying and selling coins with some of the most prominent dealers and collectors in the country. Email: jhernandez@collectors.com
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