Young Numismatist Digs History on Mexican Coins

C O L L E C T O R S P O T L I G H T CHRISTOPHER L ANE

Christopher Lane has aimed high in numismatics by building some of the most challenging low ball sets around. Lane, whose low ball passions compelled him to build complete sets of coins in the lowest-possible grade obtainable, began his numismatic journey many decades ago as a six-year-old who emulated his older brother Bob, who also collected coins.

“I started collecting coins because my older brother was collecting Mercury Dimes. So, being six years old and not having a bunch of disposable income, I started with Lincoln Cents. Th is evolved to Indian Cents years later.” He said low ball collecting didn’t arrive on the scene until decades afterward. “I always admired coins that were completely worn out. Something that to this day still holds an allure no matter what the coin is.”

Pursuing low ball coins can be just as challenging as seeking top-grade coins, and sometimes even more so, as is the case with modern coins. It’s that thrill of the chase in fi nding those tough pieces that appeals to Lane. Another aspect that he appreciates is the unique combination of color and eye appeal that he fi nds unique to low ball coinage. “Some Draped Bust Quarters, for example, show a beautiful black / grey / silver contrast on the obverse when they are in the Poor and Fair grades. Th is is not a look found in higher grades!”

Lane has been working on many sets, including those involving Indian Cents and Liberty Seated Quarters. He joined the PCGS Set Registry years ago and is chasing many goals, including one of the crown jewels of his cabinet: the 97-piece Copper, Nickel, Silver Type Set Low Ball. “Th is is probably one of the more challenging sets, as it has some coins which didn’t circulate all that much – coins that were pulled from circulation almost immediately due to being unique or one-year type coins.” Among these is the 1883 “NO CENTS” Liberty Nickel. “Right now, there are only three examples graded PO01!”

He added that another tough type coin is the Copper Nickel Indian Cent, issued from 1859 through 1864. “Th e 1859 Indian Cent is a one-year type coin with only six graded PO01. Th e 1860-through-1864 Indian Cents are way tougher – there are only two coins graded by PCGS in PO01 among these copper-nickel cents!” Lane identifi ed another challenging type coin – one that, “Dare I say in the top fi ve of tough low ball coins,” he declared. “Th at’s the Th ree Cent Nickel. With 27 diff erent dates to choose from, you’d think there would be a large supply to choose from. Well, that would be incorrect; PCGS has only graded two PO01 out of the entire series – a single 1865 and 1866, period!”

Indeed, Lane’s low ball type coin set has proven a hill to climb. “Chasing coins for a low ball set is no diff erent than any other quest in numismatics, with one big diff erence: dumpster diving – sometimes hours spent going through dealers’ junk boxes and bargain bins where the majority of the coins are a dollar or two…” He continued, “Chasing a collectible is the age-old quest that every collector has experienced, whether it’s baseball cards, stamps, pottery, old cars, barn fi nds, etc. Th is is the thrill that every collector, young or old, experiences.”

Th is 1864 With L Indian Cent is graded PCGS PR01 and one of low ball collector Christopher Lane’s prized numismatic possessions. Courtesy of Christopher Lane.

Y N C O R N E R Young Numismatist Digs Histor y on Mexican Coins

By Jacob Gonzalez

My name is Jacob Gonzalez, and I am a 17-year-old numismatist from South Texas. Currently, I collect a variety of Mexican coins spanning from the early 1500s Colonial period to the dawn of the 20th century. Mexican coins off er a wide range of enticing characteristics, such as rich history, beautiful designs, and extreme rarity at reasonable price points for all collectors. Recently, a surge of new collectors interested in this area of numismatics has resulted in rising coin prices. However, the full potential of many of these coins has not yet been reached.

I got my start in numismatics at age 13, when I would dig through the many drawers in my grandmother’s house looking for some “hidden treasure.” I had located a little leather pouch and inside was a variety of early 20th-century U.S. coinage. Th e unfamiliar coins piqued my interest, and I began to research each type. After going down what I could only describe as a rabbit hole, I was hooked on coins. I found out that there was a local club, Th e Hidalgo Coin Club, near me, and I began to actively attend their meetings and shows. After two years of collecting U.S. coins, I began to realize how extremely hard it was to assemble a decent collection as a close-to-broke young numismatist. After exploring a variety of options, I came across Mexican coins.

It is important to note that Mexican coins span almost fi ve centuries' worth of history. During this time, a large variety of coin designs and types were minted, making this area of numismatics quite large. As a new collector of Mexican coins, fi nding out about all these diff erent coins was like sensory overload. I had a wide variety of coins to choose from, so I did my due diligence and researched every major coin put out by Mexico. I was amazed by the designs, history, and rarity of Mexican coinage. When I started to purchase Mexican coins, I would get a variety of pieces to see which type captivated me

MexicaMexican Cap Cap an and d Ray Rays s 8 8 Real Reale es s coin coins s lik like e thi this s on one ar are e among Jacob Gonzalez’s favorite numismatic treasures. Courtesy of PCGS. the most. Th e two areas that got my attention were the War of Independence and Cap & Rays 8 Reales. War of Independence coinage off ers a variety of crude and rare issues that tell the story of the Mexican fi ght for independence, while the Cap & Rays 8 Reales showcases the varying minting qualities of the 14 Mexican Mints with extreme rarity and beautiful design renditions thrown in.

Mexican coins off er a lot of bang for one’s buck. You get stunning designs, captivating history, and ultra-rarity for a fraction of what you would for a U.S. coin. Th ere is also a lot of area to cover in Mexican coins. If you are determined and smart, you are certain to curate a world-class collection. After a life-changing numismatic experience attending Witter Coin University, a desire has been instilled in me to be the best possible collector I can be in Mexican numismatics. I hope to someday be a pioneer in this fi eld of numismatics regarding knowledge and building a world-class collection.

F R O M T H E P C G S G R A D I N G R O O M Missing Mintmarks

B y Ky l e K n a p p

Wh her ere e was was th hi is s coin coin struckstruck? ? Courtesy Courtesy of PCGS PCGS TrueView. TrueView.

Mintmarks provide an easy tool for identifying a coin's mint of origin and have been used in various forms (sometimes a symbol or character) on coins from ancient times until the present. As most collectors of a series or denomination typically aspire to own examples from all United States branch mints within their area of specialty, both problems and opportunities are created when mintmarks don’t appear.

Often one of the fi rst such rarities a collector encounters is the 1922 No D Lincoln Cent. Long known as a key to the series, this delicacy is not in fact an issue of the Philadelphia Mint (the usual case for United States coins of that era without a mintmark), but rather one made in Denver with a particular striking defi ciency that provides a wonderfully coincidental substitute for the only [missing] year among Philadelphia strikes of the Wheat Cent series. Th e obverse die was likely over-polished after a heavy clash (the coming together of striking dies without a coin in between), resulting in a total erasure of the “D” mintmark. 1922 No D Lincoln Cent, PCGS MS65+RB. Courtesy of PCGS TrueView.

However, this instance was not the fi rst time a branch mint inadvertently struggled to identify itself on its products. Th e earliest widespread instances of diffi culty in rendering

1854-C Weak C Liberty $5, PCGS MS63. Courtesy of PCGS TrueView.

mintmarks can be dated back to the opening decades of United States branch mints (and therefore mintmarks), on the Charlotte and Dahlonega Half Eagles of the 1850s. PCGS recognizes Weak C varieties for the 1850 and 1854 Charlotte issues, and Weak D for Dahlonega pieces of 1850, 1851, and 1854. Th e 1850 issue illustrated at the beginning of this article is identifi ably Dahlonegan by virtue of its bold rims, date placement, and the easily recognizable die crack connecting the bottoms of the letters on the lower left reverse; the 1850D Half Eagles are indeed scarcer with a bold mintmark than with a weak one!

Another mid-19th-century southern gold example sometimes comes with added complexity. Charlotte Half Eagles of 1854 appear either with a Weak C situated above the “E” (of “FIVE”) or a stronger mintmark placed above “IV,” as noted by the late numismatic expert Walter Breen in his Complete Encyclopedia of U.S. and Colonial Coins. On some pieces, the weakly impressed “C” is further obfuscated by grease-fi lled dies, as in the spectacular uncirculated example pictured here.

Considering other series, 1865 and 1866 San Francisco Liberty Seated Dimes often have weak mintmarks that can nearly disappear in circulated grades. In such cases, other diagnostic criteria must be used, as the contemporary (unmarked) Philadelphia issues are far scarcer. Th e illustrated piece (1866-S Fortin-101) has a typically faint mintmark, but also note the sharply down-sloping date. Th ere are no obverse dies from Philadelphia in 1866 with a similar inclination, making the geographic origin apparent even before one turns the coin over. PCGS recognizes and assigns Fortin designations for all Liberty Seated Dimes submitted under the variety attribution service, and familiarity with such information is often an essential part of the authentication process.

186 1866 6-S S Seate eated d Di ime me, , F Fort ortin-101,in-101, PC PCG GS S F15 F15. . Courtesy of PCGS TrueView.

Perhaps the most “cherry-pickable” hidden mintmark appearing on this list is the 1911-D Weak D Quarter Eagle. Th e Denver Mint evidently encountered diffi culties in their fi rst year of producing the smaller-sized incuse denomination, with

1911-1911-D D Wea eak k D InInd di ia an n $2$2.50.50, , PC PCG GS S AU58AU58. . Courtesy of PCGS TrueView. one of the two die pairs reportedly emitting only 70 pieces. A total mintage of 55,680 makes the 1911-D the uncontested rarity of the series, and thus carrying a signifi cant premium over its Philadelphia counterpart. Mintmark visibility ranges from bold to virtually non-existent, but all pieces have distinctive “Denver” rims, and a series of scalloping marks running above “ES O” (as in “STATES OF”), usually visible on even signifi cantly worn specimens. PCGS has separate coin numbers for Weak D and Strong D versions.

What other “missing” mintmarked pieces might be buyable at a coin show for the informed numismatist’s benefi t? Th e 1912-S and 1913-S Indian Half Eagles often have a poorly rendered or partially faded mintmark and are scarcer than the corresponding Philadelphia issues. A small group of 1982-P Roosevelt Dimes was struck without a visible “P” mintmark, examples of which have been found in pocket change! Finally, remember that one-off s of nearly any issue are theoretically possible should the mintmark (recessed on the die) become occluded with grease, making the other characteristic identifi ers of origin (die markers, surface fabric, and aesthetic idiosyncrasy) necessary parts of a thoughtful and thorough authentication.

An avid childhood collector, Kyle fi rst came to Collectors Universe in 2005 as a grading intern while in high school. Now a senior member of the grading and authentication team, some of his favorite coins include the Nova Constellatio coppers, Flowing Hair Dollars, and Flying Eagle Cents.

Available in sets or as singles! Call for pricing

*Pricing and availability subject to change without notice*

AUCTION HIGHLIGHTS

By Jaime Hernandez

Th e year 2023 is right around the corner. As we look back and refl ect at some of the coins and banknotes that have sold this past year, it’s exciting to imagine what other great coins will come to market in 2023. Th ere is always buzz in the coin market, and featured here are two amazing coins and a great banknote that recently dazzled on the auction block. 1927-D Saint-Gaudens Double Eagle, PCGS MS66 Considered by many to be the rarest business-strike coin issued by the U.S. Mint in the 20th century, the 1927-D Saint-Gaudens Double Eagle is a signifi cant coin. It is estimated that only about a dozen or so examples exist. However, some of these are tied up in private institutions or museums. It is also believed that only seven examples are available to collectors, despite its large mintage of 180,000. A great rarity, this coin seldom appears on the market. When it is off ered for sale, it commands strong interest and a hefty price. Th is is exactly what occurred on August 22, 2022, when a PCGS MS66 example was off ered by Heritage Auctions and sold for an impressive $4,440,000. 1952-S Washington-Carver Commemorative Half Dollar, PCGS MS68 – Pedigree: Gregg Bingham, former NFL player for the Houston Oilers

Th e 1952-S WashingtonC a r v e r C o m m e m o r a t i v e Half Dollar has a relatively low mintage, and fi nding examples graded above MS66 is extremely challenging. At PCGS, we have only graded 16 in MS67 to MS67+, showing how diffi cult this coin is to obtain in higher grades. Th ere is just one graded PCGS MS68 with none fi ner, and this specimen is attractively toned with impeccable surfaces. What's also special about this coin is that it has a special pedigree, as the coin belonged to former NFL player Gregg Bingham, who was a linebacker for the Houston Oilers from 1973 through 1985. He became a coin collector with a love for commemoratives. On June 19, 2022, his PCGS MS68 example was off ered by GreatCollections, where it realized an astonishing $75,937. 1886 $10 Silver Certifi cate, PCGS Gem Unc 65 PPQ - Fr. 291.

Th e 1886 $10 Silver Certifi cate Fr. 291 saw only 400,000 examples printed, making it a very scarce banknote. Th e front top-left of the note has the “TEN” denoting its denomination, in dollars, spelled out; on the right it has the denomination with the “10” numerals. Th e front of the banknote also has the words “Ten Silver” and “Ten Dollars” in the middle area of the banknote. In between the two phrases, is a portrait of Th omas A. Hendricks, who in 1885, was the vice-president of the United States for a few months. On the lower right-hand corner there is a prominent red seal. Th e central back section of the banknote has two large “10” digits, and four smaller “10” digits at each corner of the banknote. On August 24, 2022, Stack’s Bowers Galleries off ered an attractive example of this 1886 $10 Silver Certifi cate FR. 291, graded PCGS Gem Unc 65PPQ. Th is banknote, with a population of one at PCGS Banknote and no examples graded higher, sold for an impressive $78,000 at auction.

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

P C G S A R O U N D T H E W O R L D An American 1882 $20 in Paris

By Jay Turner

1882 $20 Liberty PCGS AU53. Courtesy of PCGS TrueView.

A continued theme for submissions to the PCGS offi ce in Paris is the new discovery of rare United States gold coinage. Th is can be attributed to the tons of United States gold which moved its way to Europe. Recently a problem-free rarity – an 1882 $20 Liberty Head – was one such coin to surface in a Paris Express submission.

Th e 1882 $20 is the rarest date of James Longacre’s $20 Liberty designs, with a mintage of only 571 pieces. An additional 59 examples were struck in proof. Th e only $20 struck for circulation that is rarer is the 1861 Philadelphia Mint issue of the Paquet Reverse variety. No circulation 1883 or 1884 $20 coins were struck, making both of those proof only issues. While the mintage is only 571 for the 1882 business-strike $20, the survival rate is much lower with some estimating as low as 38 examples known. Currently, PCGS has a population report showing just 21 examples have been assigned a numeric grade and an alternative grading service has a mere 13 giving a population of 34. However, it is likely that there is multiple duplication in these numbers.

Condition is also an issue with the 1882 $20 coins. Th e fi nest-known graded by PCGS are two in MS61 in the population report. An example of the MS61 is currently in the fi nest $20 Liberty set owned by D.L. Hansen. Th e last sales record for an 1882 Liberty Head Double Eagle was by Heritage Auctions on July 14, 2022. Th e specimen, hailing from Th e Allan H. Goldman Collection, was certifi ed XF45 by PCGS and set a new auction record of $114,000, including the buyer’s premium.

In February 2022, a submission from the PCGS offi ce in Paris contained an 1882 $20. Th is coin, after being authenticated by the PCGS team, was graded and certifi ed AU53. Th is ranks the coin in the top 10 examples certifi ed by PCGS with a PCGS Price Guide value of $125,000.

Jay began collecting coins at the age of 13, when he inherited his uncle’s coin collection. Turner is profi cient 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 offi ces.

N N O O T T E E W W O O R R T T H H Y Y N N O O T T E E S S 19th-Centur y Hawaiian Seminar y Scrip

By Philip Thomas

Th e "Hookahi Dala" ($1) is the highest denomination of the set and also the largest physically, proudly displaying the eight major islands of the Hawaiian archipelago on its face.

Fractional denominations were printed to assist with a prevailing island coin shortage as well as stimulate additional local commerce and include the 3-Cent, the 1/2 Dollar and the 1/16 Dollar [seen here]. Th e 1/2 Dollar note features an image of the mellow mountainside location of the seminary itself. Courtesy of PCGS.

We typically showcase one single, exceptional note here that the PCGS Banknote team selectively handpicks out of the thousands of notes it certifi es each month. In a departure from that one-and-done formula, this edition of Noteworthy Notes actually lives up to the pluralization of its column name by featuring an entire denomination set of notes – six in total. Th ey simply cannot be broken up and profi led individually because choosing just one would be a travesty of justice (they are all equally cool!) and, furthermore, they just work much better together as a complete group.

Before we dig into this spectacular assembly of 1840s Hawaiian scrip from the storied Lahainaluna Seminary, a little discussion about Hawaiian history and geography may be helpful to set the stage. In 1898, the Hawaiian islands were formally annexed by the United States, initially as a territory before achieving full statehood in 1959. In the preceding decades of the 19th century, Hawaii was a unifi ed, independently governed and globally recognized kingdom ruled by a series of monarchs who would grant land leases to American businessmen and religious missionaries to build and operate plantations, factories, schools, and seminaries.

One such facility was the Lahainaluna Seminary. Located on the western edge of Maui island just northeast of Lahaina (Lahainaluna means “Upper Lahaina” in Hawaiian), the seminary was equipped with a press used to print religious and educational materials, legal documents, maps and other illustrations, the fi rst newspaper west of the Rocky Mountains, and – yes – these fi ne circulating monetary instruments, printed via engraved copper plates on thin paper and then mounted on dark brown cardboard for durability’s sake. Th e miniscule print run of 228 sheets of scrip consisted of a little less than $450 in total face value, with each sheet containing one subject of each denomination from 3 cents up to 1 dollar.

Like many issues of private and municipal scrip over the years, a lack of available metal change (coinage) on the island necessitated the 1843-1844 printing of these paper stand-ins, which could then enter circulation to encourage and enable a more robust level of local commerce. When a certain amount

had accumulated, they could then be redeemed by the bearer at the seminary for silver or other goods.

Th is full denomination set consists of the 3-cent (or "Keneta" in Hawaiian), 1/16 dollar ("Hapaumi"), 1/8 dollar ("Hapawalu"), 1/4 dollar ("Hapaha"), 1/2 dollar ("Hapalua"), and the full 1 dollar ("Hookahi Dala") note. Designs representing Industry, Law, Science, Geography, Education, and the Hawaiian Islands adorn the faces of these notes, respectively.

Th ere is an additional fascinating detail to this particular scrip issue that adds to their overall charm and wonder. According to the Hawaiian Money Standard Catalog (2nd Edition) by Donald Medcalf and Ronald Russell, the notes from this set – along with all other known single-note examples – were printed on altered plates with tiny secret marks meant to diff erentiate them from notes of the initial print runs that had been compromised by some level of unauthorized reproduction. It is believed that one of the seminary print shop's students was the culprit, using the original copper plates. At some point, only notes with these secret marks could be redeemed and anybody still holding notes from the older, tainted issue would be out of luck. Only one example of an unaltered plate printing exists – an uncut sheet of all six denominations. Talk about a real numismatic rarity!

Because banknote lots were hung on Southern California coin shop bid boards eye-level with a fi rst-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.

STACK’ S B OWERS GALLERIES

Fr. 1132-I. 1918 $500 Federal Reserve Note. Minneapolis. PCGS Banknote About Uncirculated 50. REALIZED: $50,400

Fr. 2200-G. 1928 $500 Federal Reserve Note. Chicago. PCGS Banknote Superb Gem Uncirculated 67 PPQ. REALIZED: $31,200

CONSIGN NOW!

CANADA. Banque du Canada. 20 Dollars, 1935. P-47 / BC-10. PCGS Banknote Choice Uncirculated 64.

AlwaysAlways BuyingBuying andand Selling! Selling!

Contact Peter or Aris to consign your U.S. and World paper money today.

Peter A. Treglia

Director of Currency

PTreglia@StacksBowers.com

Aris Maragoudakis

Director of World Currency Auctions

Aris@StacksBowers.com REALIZED: $22,200

CHINA-PEOPLE’S REPUBLIC. People’s Bank of China. 10,000 Yuan, 1951. P-858Aa. PCGSBG About Uncirculated 50. REALIZED: $385,500

C O I N O F T H E I S S U E 1866 Liber t y Head Double Eagle With Motto, PCGS PR67DCAM

By Joshua McMorrow-Hernandez

Th is 1866 Liberty Head Double Eagle With Motto is graded PCGS PR67DCAM and is the single-fi nest-known specimen of its kind. It was recently acquired by U.S. Coins and Jewelry of Houston, Texas. Courtesy of PCGS TrueView.

Th e year 1866 was pivotal for United States coinage, which was adopting the inscription “IN GOD WE TRUST.” Th e phrase fi rst appeared on the Two-Cent Piece in 1864 but would not become the nation’s offi cial motto until nine decades later in 1956. Amid the settling dust of the Civil War, which ended in 1865 after nearly tearing the nation in two, the inspirational sentiments of such a unifying message as “IN GOD WE TRUST” was welcomed by many during the uncertain days of Reconstruction. Th is rich history leaps off the surfaces of an extremely rare 1866 Liberty Head With Motto Double Eagle that was recently acquired by U.S. Coins and Jewelry of Houston, Texas.

Produced as circulation strikes and proofs, the 1866 $20 With Motto is scarce in any manifestation but especially so in proof. Th e Philadelphia Mint struck only 30 examples in proof, and PCGS estimates that about a dozen survive. Against the longest odds, the example presented here survived in resplendent PR67DCAM. Th is sensational gem stuns with its impeccable surfaces, the watery depths of its black fi elds contrasting against thick golden frost on the devices.

Th e Liberty Head Double Eagle is a quintessentially American coin, and this masterpiece of a specimen is without peer. Hailing from a long line of prestigious cabinets, this seven-fi gure rarity is now stewarded by one of the most renowned rare coin fi rms in the country. “It is an honor to add this beautiful rarity to our holdings,” said Blake Duncan, whose father, Kenny Duncan, a 2022 PCGS CoinFacts Coin Dealer Hall of Fame inductee, started U.S. Coins in the early 1980s as a wholesale fi rm that has grown exponentially. “Coins like this spark the imagination, vividly connecting the collector with the past.”

Nice proofs of the mid-1860s are simply tough to come by. Many were melted, spent as regular money, or have vanished in the mists of time. Th ose that remain are frequently encountered with evidence of mishandling – dull surfaces, fi ngerprints, and other imperfections. Few are the proofs struck on the cusp of the Gilded Age that exhibit the fl awlessness, crispness, and sheer perfection of this specimen, which was clearly regarded as something special and held with the utmost of care from its earliest days.

But history isn’t the only intrigue with this treasure. “Th ere’s just one in this grade with none fi ner, making this piece the very best of the best a collector can obtain.” Added Duncan, “what’s better than that?”

GRADING STANDARDS

A Guide to PCGS Grades & Designations

Th ere 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.

P C G S C O I N G R A D I N G S T A N D A R D S

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 aff ect 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. Th e strike, luster, and eye appeal must be good. A PCGS MS65 will have some marks and/or abrasions, but they will be minor. Th e strike must be above average, and

C o m p o n e n t s Components o f of M i ntMint S t a t e State G r a d i ngGrading

Strike

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

Luster

Th e strength and pattern of light refl ected off a coin.

Surface Preservation

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

Eye Appeal

Th e element that “grabs” the viewer. Th e 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 signifi cant. Th e 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. Th ere 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. Th ere 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. Th ere 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. Th ere may be a very slight fl atness on high points. A PCGS AU50 will show full detail with friction over most of the surface and slight fl atness on high points. XF45 Detail is complete with most high points slightly fl at. XF40 Detail is complete with some high points fl at. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete.

V F25 Detail is 60 to 70% complete. V F20 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 fl at, but rims are complete. Peripheral lettering is full. G04 Detail is fl at. 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 identifi able as to date and type.

Proofs

For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of ), refl ectivity (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 refl ectivity is as perceived under toning. A PCGS PR70 shows no imperfections under fi ve-power magnifi cation. Brilliant proofs must be 100% fully refl ective. A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully refl ective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully refl ective. 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 refl ective 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 refl ective or nearly so. A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good refl ectivity. A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued refl ectivity. 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 refl ective. 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 refl ective. 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.

P C G S C O I N D E S I G N A T I O N S

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.