PMR - 2023 #4 July/August

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$1 1795 B-5, BB-27. 3 LEAVES. PCGS MS64+ CAC REALIZED $282,000

$2.50 1837 PCGS MS65 CAC REALIZED $88,125

50C 1942-S PCGS MS67 CAC REALIZED $70,500

$1 1928 PCGS MS66+ CAC REALIZED $129,250

50C 1858 PCGS PR66+ CAC CU: $26,500 REALIZED:$34,075

50C 1915-S PANAMA-PACIFIC. PCGS MS66+ CAC CU: $4,000 REALIZED:$16,450

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Editor-in-Chief Joshua McMorrow-Hernandez

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SPEAKING OF COINS

Summer is in full tilt, and so is the season of coin shows and numismatic auctions. These past few months on the calendar have been quite busy, and we’re staying on top of what has remained a very active market. We know certain sectors are hotter than others, but overall we at PCGS have seen show submissions and mail-in submissions stay strong across the board. This is a positive indicator that the coin market remains robust even as corrections are happening in other areas of the economy.

The diversity of this active marketplace is reflected among these pages of the PCGS Market Report, and do we ever have a variety of topics on tap in this issue! Peter Anthony shares the time-honored tale of the Monkey King and his appearance on special modern coins from China, and Doug Winter explores how one can build an uber-challenging (and super-exciting) mintmark set of Liberty Head Half Eagles. Meanwhile, Josh Scott of Commodore Coins introduces Spanish Cobs, which derive from the historic pieces of eight – a silver coin that once dominated world trade and is the quintessential shipwreck coin.

You’re about to meet some fascinating collectors, too. We want to acquaint you with the Eilers, who have fallen in love with the hobby so much that they have made numismatics a family affair. Then there’s Connor Cambria, a Chicago-area teenager with an affinity for classic U.S. coins and a desire to share his passion for the hobby with others. We’ll also take a trip to the Land Down Under and catch up with Paul Whenman, a bloke who loves coins from both his native Australia and other nations around the world.

We also have the great honor of covering an exciting two-part auction series from Kagin’s, which entrusted PCGS to grade 375 colonial notes from the historic John J. Ford Collection. In other exciting news, there is the exhibition of an exquisite 1880 United States Proof Set with Gold, which can be seen at both the American Numismatic Association World’s Fair of Money and the upcoming Long Beach Expo in September. Finally, we showcase the Coin of the Issue, an 1851 “880” Augustus Humbert $50 Territorial “slug,” a privately minted ingot from the Gold Rush era that is now stewarded by Witter Coin and graded PCGS MS63.

Along with these stories, you’re going to find the usual array of columns from your favorite PCGS experts. As things heat up this summer, I’ll be seeking air conditioning either in my office or at a coin show. I hope you have a wonderful rest of your summer, and perhaps I’ll see you on the bourse floor somewhere!

All my best,

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

Part IV – The New England

(1652) NE Shilling. Noe 2-A. VF-35 (PCGS). Ex Cleneay

1652 Pine Tree Shilling. Large Planchet. Noe-8. MS-63 (PCGS). Ex Boyd-Ford

1787 Connecticut Copper. Miller 1.4-WW. Seated Figure Right. F-12 (PCGS). One of Two Known

1737 Higley Copper. Freidus 1.1-A. CONNECTICVT. VG-8 (PCGS). Ex John Story Jenks

1785 Vermont Copper. RR-5. Struck. VF-20 (PCGS). Ex Norweb-Partrick

1788 Vermont Copper. RR-23. MS-63 BN (PCGS). Ex Newcomer-Garrett

1776 Continental Dollar. Newman 1-C. CURENCY. AU-58 (PCGS).

1776 Continental Dollar. Newman 3-D. EG FECIT. MS-62 (PCGS).

1787 Fugio Cent. Newman 1-Z. Cross After Date, Raised Rims. VF-35 (PCGS).

1787 Fugio Cent. Newman 11-A. UNITED Above, STATES Below. MS-64 BN (PCGS).

1763 Charleston Social Club Medal. Betts-508. Bronze. MS-64 BN (PCGS). Ex Boyd and Ford.

ON THE COVER

7 Historic PCGS-Graded Colonial Banknote Collection Heads for Auction

PCGS is grading the 375-note John J. Ford Collection, a cabinet of historic colonial notes being offered in a two-part sale by Kagin’s Auctions.

13 PCGS Set Registry: The Lord Egypt Collection

Sanjay C. Gandhi explores a magnificent collection of Egyptian coins fit for kings.

17 The Magnificent 1880 Proof Set with Gold Goes on Tour

A spectacular 1880 Proof Set with Gold, the finest known, is making appearances at two coin shows, and Joshua McMorrow-Hernandez explains why this set, offered by Tangible Investments, Inc., is particularly sensational.

20 The Ultimate Seven-Mint Liberty Head Half Eagle Set

Doug Winter explains how collectors can build an impressive (if challenging!) gold coin set encompassing all seven mints that produced half eagles.

23 It's a Small World

Peter Anthony tells a tale about one daring little monkey and the folklore behind his adventures, several of which play out on modern Chinese coins

29 Making Coins a Family Affair

Joshua McMorrow-Hernandez talks with the Eilers, a California family who has fallen in love with coins and are making numismatics their business – literally!

32 YN Corner: Young Numismatist is Sharing the Wealth

Connor Cambria is a 17-year-old collector with a love for coins and desire to share his passion for numismatics with others.

41 Collector Spotlight: Paul Whenman

Meet Paul Whenman, an Australian collector who loves coins from the Land Down Under and beyond.

53 The Wonderful World of Cobs

Josh Scott talks cobs – popular treasure coins hearkening back to the days of silver Spanish pieces of eight coins.

Historic PCGS-Graded Colonial Banknote Collection Heads for Auction

By Joshua McMorrow-Hernandez

Professional Coin Grading Service has been selected by Kagin’s Auctions to grade a massive collection of colonial currency that is being sold in a two-part auction series that began in May and culminates in September 2023. The 375lot collection of colonial notes is pedigreed to the esteemed John J. Ford, an accomplished collector of coins and banknotes who noted numismatic figure Q. David Bowers once declared as among “the most influential figures in American numismatics.”

“Many of the banknotes from the John J. Ford Collection that we graded ahead of the Kagin’s Auctions are among the oldest paper currency known from the American colonies, which later became the United States,” said PCGS President Stephanie Sabin. “We are excited to be encapsulating these historic notes in conjunction with an auction that will be of historic significance in its own right. We appreciate that Kagin’s Auctions recognizes the security and value of having these rarities graded by PCGS. Collectors trust PCGS as the leader in third-party grading, and we are confident that this will only help bolster final results for Kagin’s and the consignor of these notes.”

Don Kagin, president of Kagin’s Inc., remarked on the significance of the notes and the reason he and his firm chose PCGS to grade all the notes in this upcoming sale. “PCGS offered us an opportunity to reach thousands of potential collectors who had not been exposed to this important and fascinating period of our nation’s history. They were very thorough in their identification, grading, and providing significant pedigrees.”

Those who journey through the 375-piece collection will note the fascinating transition from money systems represented in terms of English pound sterling denominations to the decimal system that became the basis of the contemporary United States monetary system. “Colonial currency provides collectors with a variety of images, including iconic designs by printer, inventor, and statesman Benjamin Franklin – such as the sundial with the admonition ‘Fugio’ meaning in Latin ‘I Fly’ referring to time. Or silversmith, engraver, patriot, and printer Paul Revere’s ‘Sword in Hand’ depiction of a colonialera man holding a sword in one hand and a copy of the Magna Carta in the other. The motto above him reads ‘IN DEFENSE OF AMERICAN LIBERTY,’ and below in Latin is a phrase

North Carolina, May 15, 1779, $20, PCGS About UNC 50 Details. Courtesy of PCGS.

HISTORIC PCGS-GRADED COLONIAL BANKNOTE COLLECTION HEADS FOR AUCTION

Maryland, July 26, 1775, $1 ⅔, PCGS VF25 Details. Courtesy of PCGS.

Virginia, Oct. 20, 1777, $⅔, Choice XF 45. Courtesy of PCGS.

South Carolina, 1786, 5s3d, VF30 Details. Courtesy of PCGS.

New York, Sept. 5, 1792, 2d, PCGS Choice VF 35 Details. Courtesy of PCGS.

New Hampshire, April 3, 1755, £3, Choice Fine 15 Details. Courtesy of PCGS.

Rhode Island, June 29, 1775, 6d, PCGS VF35 Details. Courtesy of PCGS.

Delaware, June 1, 1759, 18d, PCGS VF25 Details. Courtesy of PCGS.

Georgia, March 25, 1762, £1, PCGS VG10 Details. Courtesy of PCGS.

Pennsylvania, March 1, 1769, £1 10s, PCGS VF30. Courtesy of PCGS.

Connecticut, June 7, 1776, 1s3d, PCGS Choice UNC 63. Courtesy of PCGS.

New Jersey, June 22, 1756, 1s, PCGS Choice UNC 64 PPQ. Courtesy of PCGS.

Massachusetts, Aug. 1, 1740, 15s, VG10 Details. Courtesy of PCGS.

translated as, ‘by arms he seeks tranquility under freedom.’”

Many of the notes are American treasures. “Of particular note are a dozen Massachusetts November 17, 1776, Sword in Hand notes printed by Paul Revere, including a 16 shillings PCGS AU55. One of these notes, a 30 shillings and $5 note graded PCGS About Uncirculated-55 realized a record $37,200 (including 20% buyers fee) in the first installment of the John J. Ford Collection sale in May 2023. Another Revere note, dated August 18, 1775, and denominated to 40 shillings, was graded PCGS About Uncirculated-50 Details and hammered for $10,200. A Massachusetts Bay note dated June 18, 1776, and denominated in both $2 and 12 shillings graded PCGS VF-25 with a small edge repair fetched $5,160. Other highlights from the May sale include an early New Jersey March 25, 1724, 6 shilling graded PCGS Fine-15 and possibly a contemporary counterfeit that went for $15,600. Another New Jersey 6 shilling note, dated February 20, 1776, and graded PCGS Choice Unc. 63, notched $2,700.

The notes originated from the cabinet of F.C.C. Boyd, a legendary collector who built the largest collection of colonial notes ever amassed. That collection, brought together from 1910 through the 1950s, was later purchased by Ford. The collection again was offered for sale a half-century later, this time anchoring a landmark five-part Stack’s sale that spanned from 2004 through 2007. “Expert cataloger Bruce Hagen spent hundreds of hours researching and superbly presenting these notes for Stacks almost two decades ago,” explained Kagin. “These notes have now been independently graded by PCGS Banknote, and our erstwhile expert cataloger, Frank Van Valen has skillfully modified, augmented, and edited the original listings.”

Ford spent decades assembling his historic cabinet of early American notes. His journey into this fascinating area of classic currency began in the 1940s and reached across many series that are exceedingly rare, including early colonial money dating back to the 1700s, pieces used in daily commerce, and notes that were used for paying Revolutionary War soldiers. “Although as a series, these notes have been overshadowed by their coinage counterparts, they nonetheless are as important, in relating our nation’s earliest periods, and in securing its actual survival as an independent nation,” explained Kagin. “Without the emissions of colonial notes during the Revolutionary War, our fledging nation could not have paid its troops or provisions, and the “Great Experiment” of an independent government would surely have failed.” He added, “The first colonial issues – the 1690 Massachusetts Bills of Credit issued to pay for a failed military excursion – were in fact the first official banknotes in the Western world. Only Russia and China had printed official notes earlier.”

Printing of these notes went full bore as the Revolutionary War, an eight-year conflict that spanned from 1775 through 1783 and tested the mettle of an American people thirsty for independence from the British crown, pressed on. These notes were essentially a form of fiat currency – backed by the assurance of the government rather than a physical asset like precious metal. “They quickly inflated until they were worth more as leggings to protect the troops during their winter campaigns than as money,” Kagin commented. “Eventually, goods of little value were disdained as, ‘not worth a Continental.’” But the little paper notes were instrumental to funding the American people’s rallies for independence. “Spanning almost a century, the notes secured the survival of our fledgling individual colonies and the financing which ultimately paid for the successful emergence of our independent nation.”

Some of the earlier notes in the Ford collection may be recognizable to those who have read the seminal reference work The Early Paper Money of America . An astounding 59 of the notes offered by Kagin’s Auctions in this sale were photographed in 1967 and used as plate images in the book, which was written by noted numismatic scholar Eric P. Newman. Among these plate notes are representatives of all 13 original colonies, including some privately issued pieces known as scrips.

While the first 145 notes from the collection were offered in the headlining May auction, the remaining balance – the majority of the collection – is up for grabs in the final part of the sale, which Kagin’s Auctions will hold on September 23, 2023. The second part of the sale will include notes hailing from New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia. Among the highlights are Newman plate specimens of a New York July 20, 1711, 4s and a high-grade Rhode Island February 2, 1741/42, 6 pence. Also crossing the block is a unique Rhode Island August 16, 1710, 2s note as well as a coveted Vermont February 1781, 40s, note.

There will certainly be many A-list colonial notes on the stage of the September 2023 Kagin’s auction – each graded and encapsulated by PCGS. Individuals interested in registering or bidding should visit auctions.kagins.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.

HISTORIC PCGS-GRADED COLONIAL BANKNOTE COLLECTION HEADS FOR AUCTION

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The Lord Egypt Collection

By Sanjay Gandhi

When I first looked through The Lord Egypt Collection on the PCGS Set Registry, there were many “wow” moments for me. Our member is participating in 30 Egyptian sets we offer, and his rank is number one in all of them! Many of the coins within his sets are the finest known and display sharp eye appeal.

The first time I walked into the British Museum in London, the very first sight I saw was a large, flat stone slab sealed in a glass case. As I got closer, I noticed that this stone measuring about two feet by four feet was a tablet with unidentifiable inscribed symbols. I walked around to the other side of the display and saw the title of this historic relic was “The Rosetta Stone.” This was another “wow” moment for me. Priests had carved the stone in 196 B.C. to honor the coronation of a 13-year-old ruler named Ptolemy V Epiphanes.

The Rosetta Stone carries three different languages: demotic, hieroglyphic, and Greek. Archaeologists were able to compare these three languages, which state the same message. Randomly found by one of Napoleon Bonaparte’s men in 1799, the stone was seized by the British in 1801 once the

French had fallen and surrendered in Egypt. This discovery was key to helping solve the riddle of hieroglyphics that had baffled the field of archeology for many centuries.

It wasn’t until 1834 that Egypt adopted a dual-metallic gold-and-silver standard based on the Austrian Thaler, which was commonly used in trade. Incidentally, 1834 was also the year Egypt introduced the pound, worth 100 piastre, into its

1955-1957 Egypt 10 Piastres – Lord Egypt Collection, PCGS MS67. Courtesy of PCGS TrueView.

1920-H Egypt 2 Piastres British Occupation – Lord Egypt Collection, PCGS MS65. Courtesy of PCGS TrueView.

monetary system. On November 17, 1869, the Suez Canal was opened which had been predominantly financed by France, and Great Britain had a small stake as well. In 1875, Egypt had gotten into financial trouble and was forced to liquidate its share of the Suez Canal to Great Britain, which now became the majority stakeholder almost overnight. Even though Egypt was not a British colony, Britain controlled almost all of Egypt’s finances; in 1914 Egypt was no longer under the Ottoman Empire. The Egyptian pound, pegged to the British pound, was almost at parity during the beginning of World War I. On December 19, 1914, Sultan Hussein Kamal was the assigned ruler of Egypt. In 1916, coinage was first struck under British occupation and ended in 1920.

The Lord Egypt Collection within the PCGS Set Registry has assembled a set known as Egypt Occupation Coinage Complete Set, Circulation Strikes (1916-1920), which takes 31 coins to complete. One of the most sought-after coins within the British Occupation series is the 1920-H Two Piastres denomination that Lord Egypt has somehow managed to score in PCGS MS65! Nineteen coins within the set are the single-finest PCGS specimens. If a collector were to start this set today and attempt to dethrone Lord Egypt; that collector may have to wait many years to find better-graded examples, if they exist. The coins in this collection are not readily available in the marketplace in the stellar grades as assembled.

The British Occupation of Egypt was officially over on

February 15, 1922, and Egypt was declared a sovereign state. On March 15, 1922, King Fuad I, the brother of the late Sultan Hussein Kamal, ascended the throne. PCGS offers nine sets for collectors to build under King Fuad I. Lord Egypt reigns number one in all nine sets! One of his crowning achievements is the assemblage of the Egypt Fuad I Complete Set, Proof (1933). The set contains three denominations: 5 Piastres, 10 Piastres, and 20 Piastres. These proof coins were struck at the London Mint with likely 15 or less of each denomination struck. Lord Egypt’s set, containing three top-pop coins, will not be deposed by another fellow coin enthusiast anytime soon. The eye-appeal of each coin is of remarkable quality as displayed by his PCGS PR66CAM 1933 Egypt 10 Piastres.

1938 Egypt 500 Piastres – Lord Egypt Collection, PCGS PR66CAM. Courtesy of PCGS TrueView.

1933 Egypt 10 Piastres – Lord Egypt Collection, PCGS PR66CAM. Courtesy of PCGS TrueView.

King Fuad I died on April 28, 1936, and was succeeded by King Farouk I. Among the many hobbies Farouk enjoyed, coin collecting was one of his favorites. Representatives on behalf of King Farouk purchased the famed 1933 $20 SaintGaudens from U.S. coin dealer B. Max Mehl. On February 23, 1944, the coin had been officially sold with a proper export license and was on its way to Egypt. On June 8, 2021, the elusive Farouk rarity sold for nearly $19 million with a grade of PCGS MS65. Lord Egypt doesn’t own the 1933 SaintGaudens Double Eagle but he has built a set titled Egypt Farouk Coinage Complete Set, Proof (1937), which contains four denominations that are each top-pop at PCGS.

This member continues to build sets that are superb to view such as the Egypt Gold 500 Piastres Complete Set, Circulation Strikes and Proof (1922-1938). This set doesn’t contain all top-pop coins, but many are tied for the finest examples graded at PCGS and are all in the middle Mint State grades or better. Another set that contains eye-appealing beauties is the Egypt Farouk Coinage Complete Set, Specimen (1938-1944). Standard business strikes are not as well struck as these specimens. Coins from this collection display sharp strikes with crisp features and brilliant surfaces. This coin pictured below formerly resided in the Royal Mint of South Africa Collection.

From my experience as a collector, I can only deduce that Lord Egypt’s collection has taken him many years to assemble. This is not a collection where one can go buy the finest examples readily in the marketplace and put together a finer collection within a year. Some coins may not appear for several years, and patience will be a virtue when trying to acquire similar examples. However, starting out with one coin as a building block has been the foundation for many collections. It’s a rare occurrence that all the coins we seek will appear at once. Then there’s the topic of budget, which is an entirely different subject matter. Hone in on what you like, don’t get discouraged, and stay the course. Sooner or later, we may all achieve what we want with time and perseverance. Happy Collecting, folks!

Sanjay Gandhi is a senior content manager at PCGS. His knowledge base consists of a wide variety of world coinage, and he has a great appreciation for toned coins that display vibrant colors. In addition to contributing content to PCGS Market Report, he also assists collectors with the PCGS Set Registry.

1944 Egypt 2 Piastres Ex: Royal Mint of South Africa Collection, Lord Egypt Collection, PCGS SP67. Courtesy of PCGS TrueView.

The Magnificent 1880 Proof Set with Gold Goes on Tour

By Joshua McMorrow-Hernandez

Any complete United States proof set from the Victorian Era is a feast for the numismatic eyes. While proof sets from this period were regular annual offerings by the United States Mint, proof coins were sold on an individual basis. Few people of the time bought complete proof sets, and even fewer of these complete sets survive intact. Among those that do, the pangs of time and mishandling usually blemish the surfaces, irreparably detracting from the coins’ eye appeal and overall beauty. Rare is the 19th-century proof set that is not just complete but also boasts superlative quality, grade, and attractiveness.

Such a treasure with no peer is presented by Tangible Investments, Inc., which is exhibiting one of the finest classic proof sets ever known with its exquisite 1880 Proof Set with Gold and augmented by two 1880 Stellas. This 16coin assemblage of outstanding proof coins ranges from the Indian Cent to Liberty Head Double Eagle and is inclusive of every coin in production at that time. Additionally are the elusive Coiled Hair and Flowing Hair Stellas – prototypical $4 gold coins that never went into mass production for circulation and are now extremely rare regardless of grade. They are added as optional augmentations to the 14-coin 1880 Proof Set with Gold.

While 19th-century non-gold proof-sets that include both a proof Trade Dollar and Morgan Dollar are pretty rare, finding one of these sets alongside a gold proof set of the same year is extremely rare. And finding an 1880 Proof Set along with both gold proof $4 Stella types of the same year is just unimaginable – unheard of. In over 140 years, to the best of our knowledge, this has never been done before, or even attempted. Making this set truly unique in its rarity while maintaining its magnificence in its quality.

In the early 1880s, U.S. coinage was undergoing a transition

of sorts. The last of the odd-denomination coins were phasing out, with the three-cent nickel in its last years. The half cent had been long abandoned in 1857, the two-cent and threecent silver coins were eliminated in 1873, and the 20-cent piece was more recently jettisoned from production in 1878. All the other coins in this set had long ago been discontinued, with the Morgan Dollar the last survivor from the standpoint of design type and having disappeared in 1921. The $1 and $3 gold denominations seen in the 1880 Proof Set with Gold were gone after 1889. All brilliant proof gold coins like those featured in this set were retired by 1907.

But there’s far more than U.S. Mint history on display in the 1880 Proof Set with Gold. It’s the set itself that makes headlines. It is, after all, a unique assemblage of unrivaled quality and value. It also ranks on the PCGS Set Registry as the All-Time Finest and Current Finest 1880 Proof Set with Gold. Many of the coins featured in this resplendent collection are either the single finest known or tied with the finest known, with many others ranking among the top of their class in terms of strike and overall eye appeal. “Before the addition of the world-class Stellas, the 1880 Proof Set with Gold was rated number one by PCGS,” explained Silvano DiGenova, owner of Tangible Investments, Inc., who has been professionally trading coins for more than 40 years, and in the coin buying and selling business for more than 50 years. This 16-coin 1880 Proof Set with Gold and optionally included 1880 Stellas is the #1 current-finest in the PCGS Set Registry. DiGenova adds, “This would be by far the most-impressive single collection that we’ve been fortunate to handle.”

DiGenova’s team is headed by Mike Bonham, executive vice president of Tangible Investments, Inc., for over 30 years. Bonham said the 1880 Proof Set with Gold is the most impressive collection he has ever had the privilege of handling.

This ultra-rare 1880 $4 Coiled Hair Stella is graded PCGS PR65+CAM and is presented as part of the stellar 1880 Proof Set with Gold. Courtesy of PCGS.

“This collection is unique – nobody could duplicate what we have.” The incredible set, being offered through private treaty, has an insured value of $9 million.

The collection, gleaming with a prestige all its own, is set to stun attendees of the American Numismatic Association World’s Fair of Money in Pittsburgh in August and the September 2023 Long Beach Expo in Southern California, where the set will be on exhibit. DiGenova and Bonham both agree that those who make the pilgrimage to see the 1880 Proof Set with Gold at either or both events will deem the trek worthwhile. "Everybody that has seen the proof set is in awe,"

says Bonham. Certainly more than a few will feel moved to call these coins their own. Bonham concludes, "Someone out there is going to go 'wow' and put the funds together."

Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history.

The 1880 Proof Set with Gold presented by Tangible Investments, Inc., is the finest on the PCGS Set Registry and unique in terms of quality and eye appeal. Courtesy of PCGS TrueView.

The Ultimate Seven-Mint Liberty Head Half Eagle Set

By Doug Winter

I’ve written before on collecting a seven-mint set of Liberty Head Half Eagles. In case you’ve forgotten, the Liberty Head Half Eagle is the only United States coin to have been struck at all seven of the mints which produced vintage U.S. designs (excluding the eighth mint, West Point). These are as follows:

Carson City: 1870-1893

Charlotte: 1839-1861

Dahlonega: 1839-1861

Denver: 1906-1907

New Orleans: 1840-1909

Philadelphia: 1839-1908

San Francisco: 1854-1906

Unless you set ridiculously high standards (like all coins must grade MS65 and finer), this set isn’t especially hard to assemble. How about bulking it up with some extra coins that fit the set perfectly and make the set more interesting? Overall, this set consists of 19 coins, and it can be assembled on the cheap (for around $25,000) or with condition census or finestknown coins for a high six-figure amount.

The Charlotte issues consist of three types: Obverse Mintmark (1839 only), Reverse Mintmark with Small Letters (1840-1843), and Reverse Mintmark with Large Letters (1844-1861). The 1839-C is extremely scarce in Mint State, but a nice AU coin should be available. The other two types are more common in higher grades and are pretty affordable in XF and AU. (Total: 3 coins)

For the Carson City issues, I’d suggest expanding by seeking to obtain one nice coin from each of the three decades these coins were produced. You’ll be looking at three coins: one each from the 1870s, the 1880s, and the 1890s. The first decade is challenging in AU55 and higher, and any Mint State Carson City Half Eagle from the 1870s is very rare. The 1880s date is reasonably easy to locate in circulated grades but challenging in Mint State. The 1890s date should be available in grades up through MS64. (Total: 3 coins)

The Dahlonega issues consist of the same three types, except that the Small Letters Reverse was used only through 1842. The one-year Obverse Mintmark type is rare in Mint State, while the Small Letters Reverse is challenging to locate in MS60 or finer. With some patience, nice examples of all three designs should be available. (Total: 3 coins)

Carson City

An 1870-CC Liberty Head Half Eagle. Courtesy of PCGS TrueView.

Charlotte

An 1839-C Liberty Head Half Eagle. Courtesy of PCGS TrueView.

Dahlonega

An 1844-D Liberty Head Half Eagle. Courtesy of PCGS TrueView.

A 1906-D Liberty Head Half Eagle. Courtesy of PCGS TrueView.

I’d stick with the one issue from Denver and would probably choose the 1906-D over the 1907-D given its status as the first year of type. (Total: 1 coin)

New Orleans

An 1840-O Liberty Head Half Eagle. Courtesy of PCGS TrueView.

The New Orleans issues consist of three types: No Motto with Small Letters Reverse (1840-1843), No Motto with Large Letters Reverse (1843-1857), and With Motto (1892-1894). All three of these types are available in Mint State, although the No Motto Small Letters design is very challenging in higher grades. (Total: 3 coins)

Philadelphia

The 1839 Liberty Head Half Eagle. Courtesy of PCGS TrueView.

The Philadelphia issues consist of four types: First Liberty Head (1839), Second Liberty Head with Small Reverse Letters (1840-1842), Second Liberty Head with Large Reverse Letters (1842-1865), and the With Motto type (1866-1908). Note that the first three designs are the No Motto type. You’ve got tremendous flexibility with these four issues as dates range from extremely common to very rare. (Total: 4 coins)

San Francisco

1866-S With Motto Liberty Head Half Eagle. Courtesy of PCGS TrueView.

Finally, the San Francisco issues consist of two types: No Motto (1854-1866) and With Motto (1866-1906). An interesting transitional pair exists for 1866-S, as both the No Motto and With Motto designs are seen in that year. The No Motto issues are quite rare in Mint State, while most of the post-1878 With Motto Half Eagles from San Francisco are common in higher grades. (Total: 2 coins)

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

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It's a Small World

By Peter Anthony

Not much street noise makes it through to my 17th-floor hotel room in Shanghai. Somehow, one tune tiptoes in from below. “It’s a small world after all, it’s a small world after all…” The lyrics to this tune will always be etched into my memory. It was composed in 1962 by the songwriting brothers Robert and Richard Sherman. They composed more songs for movies than anyone else, before or since, in films like The Sword in the Stone, Mary Poppins, and The Jungle Book

In 1964, my family took me to the World’s Fair in New York City, where the internationally famous showcase was being held that year. One of the most popular attractions there was the UNICEF pavilion. It featured a ride called “It’s A Small World.” Designed by Disney, this production was filled with animated models, a technology then in its infancy. As entranced visitors bobbed by in boats, they were treated to moving figures of kids from around the world dressed in their native land’s costumes. Like little Pinocchios brought to life, the “children” danced and sang “It’s a Small World (After

All).” I never forgot the wonder of it.

“It’s a Small World (After All)” became a hit song that was broadcast over and over until people around the whole country, or maybe anywhere, could hum it. Later, the It’s a Small World ride was moved to Disneyland in California where, as a boy growing up in Los Angeles, I rode it again… And again.

The music dates to 1962, a time when the Soviet Union and the United States were at each other’s throats. It was the Shermans’ way to tell the world to knock it off, what we need is peace and brotherhood. Some 60 years later, this same tune snuck its way into my hotel room just as I finished reading a story about a difficult search in ancient China for peace and harmony, Journey to the West. The story is set during the Tang Dynasty, whose rule lasted roughly 300 years until 907 A.D.

Journey to the West is based upon an actual historical event, the long trek by the Chinese Buddhist monk Xuanzang to India. His self-imposed mission was to bring to China original

Two characters from Journey to the West delight children in a Shanghai amusement park. Courtesy of Peter Anthony.

Buddhist sacred prayer texts, or sutras. At this time, different sutras were used in north and south China, and there were constant disputes about which was correct. Xuanzang believed that original sutras from their source would settle the matter and lay out a true path to nirvana for his brethren. In 645 CE, 17 years after he departed, after countless adventures, given up for dead by many, the monk returned to Chang’an, now called Xi’an, then China’s capital city. He brought with him 20 pack horses loaded with precious scrolls. The emperor celebrated the achievement.

Coin collectors today can celebrate Xuanzang’s pilgrimage, too. One possibility is a 50 yuan one-third-ounce gold coin issued in 1996. It depicts the backpack-carrying monk as he trudges through the desert, his head shielded from the sun by a thin cloth. This coin is part of the Silk Road series. The Shanghai Mint made only 10,000 Xuanzang coins. Each is 23 millimeters in diameter and is struck in 91.6% fine gold.

Xuanzang’s adventure was part of Chinese lore for centuries. Then, during the Ming dynasty, around nine centuries later, an obscure poet turned the arduous journey into a wild novel. This proved so popular it spawned knockoffs and sequels for centuries. In China, reminders of it are everywhere to this day. Among the paths and tree-shaded glades of People’s Square in central Shanghai is a kiddie amusement park. On a day off from school and work, squeals of delight fill its bumper car

hall and toddlers and adults alike laugh as a brightly lit merrygo-round twirls. If that’s not enough, just steps away a giant figure of a monkey looks down on a ride called… Journey to the West. Very much like in It’s a Small World, passengers ride little boats through its scenes.

Wu Chengen was the poet-novelist who started all this when he was inspired to retell the trek legend as a fusion of Chinese mythology, folklore, and religion. His rollicking version of Xuanzang’s epic journey is almost entirely fantasy, barely bounded by reality. While the historic quest for the sutras remains the theme, pretty much everything else is a product of the writer’s extraordinary imagination.

Contemporary American writer Gene Luen Yang recalls, “When I was a kid, my mother used to tell me Chinese folktales before bedtime… Of all her stories, my favorites by far were about Sun Wukong, the monkey king. Here was a monkey who was so good at kung fu that his fighting skills leveled up to superpowers. He could call a cloud down from the sky and ride it like a surfboard. He could change his shape and clone himself. How cool was that?”

Journey to the West begins with a long description of how Monkey King obtained his powers and what he did with them. This monkey is no Curious George. He is a fierce warrior who gains superhuman powers and doesn’t hesitate to destroy his enemies. Monkey King, as he came to be known, becomes so

1996 50 Yuan Silk Road - Monk's Journey. Courtesy of PCGS.

powerful that even the Emperor of Heaven can barely contain him. In the end, Guanyin, the Goddess of Mercy, brings the unruly simian to heel and converts him into a Buddhist disciple. He is then given a mission: to bodyguard the mortal monk who must journey to India. This is his one opportunity to redeem himself for his sins and achieve nirvana.

The book begins at Monkey’s supernatural birth. It explains how at the creation of the world there was once a remarkable mountain called Flower-Fruit, home to many immortal beings. Atop its peak lay an immense rock that contained an embryo. One day this “egg” split open and out climbed a stone monkey. This “emergence” is the subject matter on the reverse of a 2003 half-ounce colorized Chinese gold coin, although the monkey looks more cute than fearsome. A total of 11,800 were minted, and it is part of a five-coin set, the first of three Journey to the West sets released between 2003 and 2005. These 15 coins follow Monkey King and his companions’ adventures as they seek passage to India and salvation.

to protect. This goes on until, one day, the immortal ladiesin-waiting of the Queen Mother of Heaven arrive to harvest the peaches. The fruit will be the main course at “The Great Grand Festival of Immortal Peaches” banquet. What they discover is that all the best peaches are missing. Chaos then ensues as Monkey King flees. A run of 10,000 colorized coins on this theme were minted. There is also a rarer 2,000 yuan, five-ounce gold coin, with 500 of those minted in pure gold in 2003. They portray Monkey King and his heavenly havoc.

A five-ounce rectangular 50 yuan silver coin in the 2003 set, reveals Monkey King during his most debauched stage. He reclines on a couch in Heaven as he stuffs himself with the same holy peaches of immortality that he was entrusted

A pair of one-ounce .999-fine silver coins rounds out the 2003 set. One shows Monkey King receiving his nearly invincible war club, or cudgel, and the other has him battling with a god, with 38,000 of each of these released.

The 2004 set continues the story. On the half-ounce colorized gold coin Monkey King is down on bent knee as he offers to follow Buddhist teachings and protect the monk on his journey, come what may. To ensure the frisky simian’s obedience Guanyin places a magical gold band around his head. Whenever the monk utters a secret phrase, the band tightens and causes the monkey indescribable pain. Just as in 2003, 11,800 50 yuan gold coins were minted. This is true for all the coins in the series; different years with the same denominations share the same specs: dimensions, weight, metallic content, mintages, everything. Only the designs change.

2003 50 Yuan Journey to the West. Courtesy of PCGS.

2003 10 Yuan Monkey King-Ocean Pillar. Courtesy of PCGS.

2003 10 Yuan Monkey King-Jade Emperor. Courtesy of PCGS.

In one episode a fiend assumes Monkey King’s shape to confuse his companions. The 2004 five-ounce rectangular 50 yuan silver coin shows the battle between the two “monkeys.” More complicated is the story of danger and deception on the five-ounce gold coin. It tells a story in which the two other protectors of the monk, Pigsy and Sandy, play important roles. These two were both former inhabitants of Heaven who were banished to earth for their sins.

After Monkey King flies off to gather some peaches from a distant orchard, the monk is spotted by a demon to whom the traveler looks like dinner. But, even with Monkey King gone, Xuanzang is still protected by his other guardians. So, the demon disguises itself as a young woman with “bright eyes, red lips, white teeth, moonlike visage, delicate hands, tiny feet — wearing an emerald silk dress.” As soon as the monk sees her, he nearly forgets his religious vows. Pigsy, who was banished from Heaven due to his weakness of virtue, announces that he will ask her for directions. In short order, the trio of the travelers all fall under the enchanting spell of the demon. She is on the verge of capturing them for her stewpot when Monkey King returns. He recognizes the girl as a demon and instantly clobbers her. This demon is tricky though, and its spirit escapes before the blow can fall. The frustrated Pigsy then turns on Monkey and claims the poor girl was a simple country lass. After much finger pointing and loud words the group moves on.

Soon, the demon reappears along the road as an old woman. Not fooled at all by the disguise Monkey slays it again. The other three are stunned by this and accuse him of wanton cruelty against an innocent, but Monkey convinces the monk to let him stay.

By now, the demon is frantic that the group will escape and that other demons will taunt it over this later. So it meets them, once more, on the trail this time disguised as a pious old man who chants sutras. The monk is overjoyed by this, but Pigsy, still in a bad mood, warns that they will all be punished for Monkey’s crimes while that rascal escapes. Monkey calls Pigsy a fool and walks up to the old man.

“Where are you going, sir? And why are you reciting sutras?” Monkey inquires. When Monkey doesn’t immediately attack it the demon believes he is fooled this time too. Yet Monkey has other concerns, like being banished for slaying another innocent victim. He summons the mountain’s spirits and tells them to prevent the demon from fleeing. The spirits are more frightened of Monkey than the demon, so they do as told.

When the blow falls this time, the demon leaves only a skeleton that has written on it, “The White Bone Demon.” Xuanzang is satisfied that it was demon all along, but Pigsy keeps stirring up trouble in the group. Monkey King leaves and that leads to…

2005 50 Yuan Manjusri Helping Monkey King. Courtesy of PCGS.

2004 10 Yuan Monkey King-Ox King. Courtesy of PCGS.

2004 10 Yuan Monkey King-Pigsy. Courtesy of PCGS.

2005 50 Yuan Manjusri Helping Monkey King. Courtesy of PCGS.

The great Chinese writer Lu Xun once said of this novel, “The three religions of Confucianism, Buddhism, and Taoism

form the scaffolding for Journey to the West. It contains profound content. It is a mythical work with an irreverent, anti-feudal spirit. Talking about monsters' joys and sorrows are little different than talk about human beings’ feelings, so everyone can enjoy and relate to it.”

Nearly four centuries after it was anonymously published, this book still delights, entertains, and informs. For anyone not familiar with the tales of the Monkey King, time is wellspent reading it. For those who know it already, there may be few coins and coin sets that have better stories, or offer more entertainment value, than the three-year Journey to the West series does. Happy collecting.

Peter Anthony is a PCGS consultant on modern Chinese coins and is the author of The Gold and Silver Panda Coin Buyer's Guide 3, a two-time Numismatic Literary Guild winner. He is also the publisher of China Pricepedia , a monthly journal and price guide for modern Chinese coinage.

Making Coins a Family Affair

By Joshua McMorrow-Hernandez

For the Eiler family of Orange County, California, coins and bullion are more than just collectibles and investment vehicles – they help bring people together. Just ask Jordan Eiler, who with his wife, Carrie, and two homeschooled children, 13-year-old Noah and 12-year-old Zoe, built Viking Foundry, a business where they buy, sell, and trade precious metals.

Jordan remembered receiving holiday gifts of Morgan Dollars from some of his maternal family members during his youth. This family tradition planted a seed in Jordan, who grew up to pursue a career in wealth management. “Wealthy families own things – they own trusts, land, properties, or entities – that they are caretakers of,” he said. “And the generations that come after are taught to be stewards of those things.”

Jordan and Carrie saw many families whose nest eggs were solely built around 401Ks and 403Bs nearly lose it all when the dot-com bubble burst in the early 2000s, followed

by the fallout of the Great Recession in the late 2000s and early 2010s. Bailing out of cryptocurrency in 2020, Carrie believed that true wealth was in tangible assets. “Our first foray into metal, Carrie bought us a few tubes of American Silver Eagles, and from that payment until fulfillment was like 90 days,” recalled Jordan. “It took a full quarter to complete the transaction.”

Dissatisfied with the turnaround times on their first bullion purchase, the Eilers began shopping around for other sources of precious metals. Eventually, they sold their own inventory of bullion to family, then friends, and now a network of customers that is growing mainly through word of mouth.

“Our first time ever visiting a coin store, the gentleman had been in business for 60-plus years, and one of his customers was there and was interested that a young boy (Noah) was in his shop,” recalled Jordan. “The customer said it reminded him of when he was a young collector, and he bought him a Red Book [A Guide Book of United States Coins].”

The Eiler family, operating Viking Foundry, consists of (from left to right) Carrie, Noah, Zoe, and Jordan. Image courtesy of the Eiler family.

“Noah kept the Red Book in the car, and everywhere we drove he would just read the Red Book and he just became an expert,” Carrie said. “And, so, we would ask him, ‘what’s this worth, Noah? What’s that worth, Noah?’”

Noah, who is already working on his biomedical engineering degree, has a penchant for detail. “The thing that was really interesting to me was the variation,” Noah recalled of his Red Book read. “Even if it was the same type of coin, all the changes that can happen within a certain period of time,” noted Noah. He added, “there are also all the alterations and different ways [the mint] would proof coins against fraud, such as adding a reeded edge to protect against shaving of the edges.”

“He’s the eyeballs for us when it comes to aesthetics on the coins,” said Jordan. “Though we’re a house divided on toned coins.”

“I personally dislike the toned [coins] and prefer something bright and shiny,” Noah opined.

“It depends on the tone and the coin,” Jordan clarified of his own stance on the matter. “If the toning goes over the face of Miss Liberty and gives her a mustache, then maybe not,” he laughed.

Zoe appreciates coins herself, and she has an affinity for French coinage. Yet, for her, the most exciting part about being involved in her family’s business is creating designs and helping people. “Helping design stuff and being a part of it is really a big thing for me,” said Zoe, academically many years ahead of most of her peers. “I like having a say.” Zoe is also highly creative, and she combines her love of design and building connections with others by offering world coins to other young children who happen to be at events where her family sets up shop to buy, sell, and trade bullion.

Noah also likes giving away free coins to fellow youngsters, preferring to share 1943 Lincoln Steel Cents and other inexpensive pieces. “If there’s a low-cost coin that has a story with it, the kids will tell the story about why the coins exist and love giving other people those coins,” explained Carrie.

Both of the kids are helping drive the direction of their family’s bullion cottage industry, Zoe on the creative and outreach side, and Noah with numismatics. “Noah is driving the family business more toward collectibles,” Carrie said. “We have to because of Noah’s talent for grading – Noah’s just really good. And we see the huge upside potential financially with numismatics. It’s far and away better than bullion by itself.”

Jordan chimed in, “It’s just a richer community.” Yet he said numismatics is not without its learning curve. “For one, just getting the vernacular down, diving into things like ‘what does ASE mean?’ and getting to learn the parlance of slabs – ‘rattlers’ and all the fun stuff. To then understand the

conversations much more that people are having – ‘I remember where I was when I purchased this thing,’ or ‘what I was doing when I bought this coin XYZ.’” He continued, “It’s all about relationships.”

The family continues learning more about numismatics while they expand their bullion enterprise. “Pretty much everywhere we go, we stop at the local coin shops,” noted Jordan, whose family recently attended their first Long Beach Expo in Southern California. “Wherever we go, it seems people want to invest in the kids. Coin shops, shows, wherever. It seems people are really happy to see the kids there. It’s really cool.”

As Jordan and Carrie continue curating their business, Noah and Zoe clearly have their eyes on building their futures around the world of coins and bullion.

“I want to have a homestead and fill a safe with coins for the generations to come,” Zoe said.

Noah, who hopes to one day acquire a Saint-Gaudens Double Eagle, also looks ahead. “I’m hoping to share my love of coins with my future family, continue the business, and continue getting people interested.”

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.

Young Numismatist is Sharing the Wealth

By Connor Cambria

I am a 17-year-old numismatist from Arlington Heights, Illinois, and an avid collector of United States type coins and Mercury Dimes. I first became interested in collecting when I was about six years old. I was at a garden supply store with my mom when I saw a book called Coin Collecting for Kids near the checkout line. I instantly was entranced by page after page of U.S. coins that I had never seen before.

As any six year old would, I asked my mom to buy the book. After intense negotiations, I convinced her to purchase the book – but she agreed to pay for it only if I used it. If I didn’t I would have to pay for it myself. Determined not only to keep my life savings and invigorated by my newfound interest in numismatics, I got to work filling the book with coins, and I have never looked back.

Today, I am building a collection that I hope will one day rival the famous Bob R. Simpson Collection while also trying to get as many people involved in numismatics as I can. I often talk about the hobby I enjoy so much, and whenever I see someone show the slightest interest in what I'm saying, I give them a 1943 Lincoln Steel Cent. I know that most times, these coins will end up in desk drawers and never see the light of day again. However, on a few occasions, I have gotten some of my friends to start small collections. It's fulfilling to watch their collections grow and see them slowly get introduced into the numismatic community. Whenever they ask me questions like why a specific coin is important or are confused about why a coin they want is so expensive, I happily share what I know about the subject.

I hope to become as knowledgeable as I can on United States history to help get more people involved in numismatics. Ultimately, most coins are just historically significant metal disks. Without the “significant” part, they are just disks of metal. In my opinion, that is how the majority of people see coins. Thus, I want to change this perception of coins by teaching people about their historically meaningful aspects. This year in school, I have taken an advanced-placement course on U.S. history, which has given me many tools to achieve that goal. I am now able to talk about the Crime of 1873 and the Free Silver movement that followed, and how that led to the introduction of the Morgan Dollar. I can also provide more context on why the United States ceased production of gold coins during the Great Depression. However, I do realize that I have much more to learn.

Overall, the reason I want to get so many people involved in numismatics is because of how great the hobby community is. I have been lucky enough to learn from some of the greatest minds in numismatics, and they have asked for nothing in return. I have been offered opportunity after opportunity to pursue my passion by people who want to see me succeed. I was privileged enough to attend Witter Coin U last summer, and this summer I have been granted a full scholarship to the American Numismatic Association Summer Seminar. I know I will be an active member of the numismatic community for the rest of my life. I mean, it’s just common cents!

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Fake or Real?

By Kyle Knapp

The previous installment of this column reviewed some notable characteristics of the surfaces and appearance of genuine coins. In this edition, we will consider one of the most common methods used by PCGS authentication experts to identify counterfeits: repeating surface aberrations.

As with diagnostic markers on genuine dies, these repeating defects are present on the striking die itself and are therefore stamped onto all coins the die emits. Thus, once such a marker has been determined to be the characteristic of a counterfeit, it serves as a useful tool for quick identification of the fakes that specific die produced. While the diagnostic attributes used to classify genuine coins are most often incuse or sunken on the die (thus raised on the coin), being the result of damage or wear, those on counterfeits are frequently raised or elevated aberrations on the die surface (lending to depressions on the coin) resulting from imperfections in the die’s illicit and often highly economical creation.

The small gold denominations are some of the most frequently counterfeited, and the incuse design of the Indian Quarter Eagle and Half Eagle series can add an element of unfamiliarity to the authentication process. Aiding in detection, however, is the frequent use of the same counterfeit dies across several date and mintmark combinations. The 1914 obverse die images here show a repeating depression to the northwest of the “4” in the date, which is seen on both Philadelphia and Denver fakes of this year. Similarly, the

undated

Counterfeit 1799 Draped Bust Dollar. Courtesy of PCGS.

Open fields are not the only areas in which such important diagnostic information can be gleaned; the lettering and devices must be inspected as well! First appearing in the early 1980s, the “Broken R” counterfeit 1799 Draped Bust Dollar can be quite deceptive to the uninitiated. The detail is strong and crisp enough to simulate a genuine product, and the often-impaired surface condition of coins of this age can serve to disguise the luster improprieties associated with die-struck fakes. However, a strong depression within the left upright “R” of “LIBERTY” makes these easy to identify even at arm’s length.

reverse dies for this series are often encountered paired with obverses of multiple different dates.

A fake 1914 Indian Quarter Eagle. Courtesy of PCGS.

These techniques of forgery and their detection are not new to our generation. Known as early as the 1960s, this frequently encountered counterfeit 1811 Capped Bust Half Eagle evidences porous surfaces, a “collapsing” date (in which the borders of the numerals are higher than the central portions, as in a warm chocolate souffle), and a slightly incorrect color. It can most readily be identified via a small depression just below the star immediately to the right of the date. As with the 1914 Indian Quarter Eagle, this would be a raised aberration on the die’s surface – likely from a corresponding surface abrasion on the (genuine) host coin the false die was created from.

The 1877 Indian Cent, key to the series, is an oftcounterfeited piece. While many forgeries are altered dates in lower grades, struck pieces exist as well, such as the example imaged here. Sharp-eyed readers may note the “Strong-N” reverse is incorrect for the business-strike examples of this date (see Richard Snow’s die study of the series), but genuine Strong-N pieces do exist in the form of proofs. This example, appearing to be a high-grade business strike, has a repeating raised defect above the “E” in “ONE” on the reverse, the result of a tooling mark or damage in the surface of the forged die.

Familiarity with repeating surface aberrations is just one of many tools used by PCGS authentication experts to keep collectors and the market safe from the ever-present threat of numismatic forgery. The experience of the grading team, combined with the unparalleled depth of our image database, means such repeating defects are quickly identified, even if originating from different parts of the globe over long periods of time. As new counterfeits will never cease to emerge, this area – as with all aspects of authentication – requires constant vigilance and continuing education.

A no-good 1877 Indian Cent. Courtesy of PCGS.

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

FROM THE PCGS GRADING ROOM – FAKE OR REAL?

A bogus 1811 Capped Bust Half Eagle. Courtesy of PCGS.

Auction Highlights

By Jaime Hernandez

The first half of 2023 has shown much strength for numismatics, with many coins realizing robust prices at auction. It’s always exciting to review the most recent auction sales to see how coins and banknotes are performing on the block, and let’s review three such highlights that recently wowed crowds on the auction floor.

1855-S $3, PCGS PR64CAM

This is a very special coin because it is the first $3 proof coin struck at the San Francisco Mint. It is believed to have been produced to celebrate the opening of the San Francisco Mint, which opened during the previous year in 1854. This specimen has a mysterious provenance and is believed to be unique. The coin has been off the market since August 2011, when it traded hands at a Heritage Auctions sale for $1,322,000. When the coin was offered again at another Heritage event in February 2023 it fetched an astounding $2,160,000.

1854-O Liberty Head Double Eagle, PCGS AU53

This coin is one of the major key dates in the Liberty Head Double Eagle series and is one of its lowest-mintage issues. The San Francisco Mint began striking coins in 1854, and a lot of the gold that was being sent to New Orleans in previous years was now utilized by the San Francisco Mint. This unquestionably also affected the New Orleans coin output. Therefore, the mintage for the 1854-O Liberty Head Double

Eagle is only a scant 3,250, while actual surviving examples are estimated to be about 30 to 40. It can be years between marketplace appearances for this issue, regardless of grade or condition. Yet, on February 26, 2023, a PCGS AU53 specimen of the 1854-O $20 was offered by GreatCollections and realized $399,375.

1928 $500 Cleveland Fr-2200-D, PCGS Choice Unc. 64

Some issues of the $500 banknotes are hard to obtain, especially in nice uncirculated grades. And the 1928 $500 Cleveland, with the signatures of United States Register of the Treasury Walter O. Woods and Secretary of Treasury Andrew W. Mellon, is no exception. On April 13, 2023, an example of this note graded PCGS Choice Unc. 64 sold for $12,000 at a Stack’s Bowers Galleries auction. The population for this banknote is 1 at PCGS, with none graded higher.

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

“Baby Head” California Fractional Gold Dollar

By Jay Turner

In writing about grading previous Paris Express submissions, I have discussed scarce United States issues that are submitted by European dealers and collectors. From time to time, Territorial gold will be among those issues submitted to PCGS. However, Fractional California gold does not appear often. Yet, one recent submission from Paris included a California Fractional gold rarity.

Prior to the research done by many numismatists, the coins now called California Fractional gold were an enigmatic and problematic series. With the publication of California Pioneer Fractional Gold by Walter Breen and Ronald J. Gillio, this area of numismatics was documented, classified, and broken down into three periods. The first period came with the California Gold Rush, resulting in the mass migration of people, an abundance of gold, and the lack of small change. These factors led to the private manufacturing of coinage by jewelers and others to meet the need of commerce. These pieces were struck and dated 1852 until 1857.

Pieces from the second period are dated after 1857 through 1882. With the opening of the San Francisco Mint in 1854 and the mass production of small change, the need for fractional gold was mostly eliminated. Furthermore, the passage of the Private Coinage Act of 1864 ended the practice of manufacturing such pieces in 1883. While not primarily struck for circulation, pieces from this period were popular and were made by jewelers who filled demand. Gold pieces from the third period were sold to collectors as genuine coins, but most were in fact counterfeits and replicas.

The California Fractional coin submitted in Paris was classified as BG-1117 (Breen and Gillio) and falls under the classification of period two – not made for commerce. The piece was made by San Francisco jeweler Herman J. Brand, who arrived in San Francisco around 1867-1868 and worked for and partnered with other jewelers until 1871 when his partnership was dissolved. In 1873, Brand began making his own fractional gold coins and produced both octagonal and

1876 Gold $1 BG-1117, PCGS MS62. Courtesy of PCGS TrueView.

round pieces in the denominations of quarter and half dollars, along with octagonal dollars. He began his production using recycled Liberty punches made by Robert B. Gray, with the coins being backdated 1860-1870. In 1875, Brand moved to a new location and retired the punches by Gray and produced his own unique design now known as “Baby Heads.” Brand would produce Baby Head Dollars for only about six months in 1876 when another jeweler was arrested for producing California Fractional gold, causing Brand to stop production of dollar coins.

There are two different “Baby Head” Dollars, one classified BG-1117 and the other BG-1117a, with both being rare today. The BG-1117 is ranked in the second edition of California Pioneer Fractional Gold as a Rarity 7, with an estimated five or six known examples. PCGS has numerically graded just four examples. Of those graded, two are MS63, with one example being sold by Bowers & Merena in 2010 for $8,913. An MS62 example, previously of the F.C.C. Boyd Collection has made three auction appearances since 2003. The example in the Paris submission marks the second example graded MS62

by PCGS and only the fifth certified to date. This specimen will be added to the census for this rare California Fractional gold issue.

One of the biggest lessons with this story is that quite possibly anything can appear anywhere. The journey the coin made from San Francisco, California, to Europe is undocumented, and that history will likely never be known. It also begs the question of what is yet still to be discovered around the world.

Jay began collecting coins at the age of 13, when he inherited his uncle’s coin collection. Turner is proficient in U.S. and world coins, token and medal variety attribution, grading, and counterfeit detection. In 2017, Turner joined PCGS as a grader specializing in world coins. He is stationed at the PCGS U.S. headquarters and grades onsite for the Shanghai, Hong Kong, and Paris offices.

PCGS AROUND THE WORLD — “BABY HEAD” CALIFORNIA FRACTIONAL GOLD DOLLAR

COLLECTOR SPOTLIGHT

Paul Whenman

Whenman’s career as a patent attorney and holidays with his family took the Australian numismatist around the world. “This exposed me to the coinage of many countries, of which I often retained circulated samples and sometimes mint sets. This was not systematic, but it did create an interest in international coinage.”

A 1966 Australian 1 Cent from the year Australia switched from its traditional monetary system to decimalized currency. Courtesy of PCGS TrueView.

Australian coin collector Paul Whenman might hail from the “Land Down Under,” but his collections rank up and over many others on the PCGS Set Registry. He started collecting stamps as a young boy in the late 1950s and ventured into collecting coins at the age of 11 in 1963, when Australia began its transition from the traditional British monetary system to decimalization. “The actual currency change-over date was set at February 14, 1966,” recalled Whenman, who added the highly publicized decimalization spurred a wave of coin collecting throughout the nation.

“[Some] people decided that if you wanted to build a date collection of coins, it would be a good idea to do so before all the coins disappeared.” He was all in. “I couldn’t afford threepences, sixpences, shillings, and florins even in highly circulated states. Nevertheless, I decided to try to put together date sets of halfpennies and pennies. It would be some years before that was achieved, even in low circulated grades and without the key rare dates.”

While many of those overnight collectors eventually lost interest in collecting coins, Whenman was hooked. “I persisted with the hobby once the new decimal currency excitement had settled down,” he said, adding “The designs of the new decimal coins were also very attractive, being focused on Australian native animals.”

Coins of the United States notch among his many intrigues, figuring into his collecting pursuits on the PCGS Set Registry, which he jumped onto around 2010. “It was PCGS and the introduction of various PCGS Set Registry achievement awards that crystallized my global interest into a focused interest and collection of various U.S. and other World sets. In modern sets, the U.S. Quarter Quest was the start,” he noted of a popular PCGS challenge centered on finding West Pointminted 2019 and 2020 America the Beautiful Quarters. He is also a fan of Morgan and Peace Dollars.

“Taking account of the various PCGS awards, I set out to complete sets for a range of countries. For example, the Peru half dinero are reminiscent of Australian threepences. The Great Britain 1888 Maundy Set coins are the most attractively toned coins in my collection.” He has six “non-modern” sets, all of which he aims to complete. “I only currently collect Australian modern sets, many of which need to be continually added to with new releases. There are about 16 modern sets to be updated.” Of these, his favorite is a complete set of Australian threepences. “Although, the Australia complete penny set with major varieties is the most interesting.”

When it comes to building PCGS Registry Sets, his objectives are straightforward. “I’m a huge supporter of PCGS and the way it supports a systematic approach to coin collecting. There is an enormous range of sets available for collectors to build. A budding collector should be mindful of the availability of coins in a particular set and importantly, budget. One can gain just as much satisfaction in building a set, irrespective of whether it includes a rarity or not. For example, the Everyman and Low Ball sets.”

Ultimately, he hopes to land a 1930 London Die Penny, an Australian rarity struck by dies that were made by master tools from London’s Royal Mint. “Researching the history behind some coins and series adds an extra dimension to collecting, overriding any consideration of value or rarity.”

PCGS Set Registry member Paul Whenman loves coins from his native Australia and beyond. Courtesy of Paul Whenman.

1934-B $20 Federal Reserve Note, PCGS VF25

By Philip Thomas

This 1934-B $20 Federal Reserve Note graded PCGS VF25 was printed during a very short B-series run. Courtesy of PCGS.

From rarity and remarkability to vibrancy and value, United States small-size banknotes seem to exist in the shadow of their pre-1929 large-size counterparts in nearly every way possible. In early 1929, the era of Battleships, Bisons, and Black Eagles came to an unceremonious end, giving way to a new generation of circulating banknote issues that had been substantially reduced in physical size, featuring printed designs that were less creative, less colorful and, as some may argue, less collectable.

Collectors of U.S. small-size notes would disagree. In addition to the basic affordability and accessibility benefits to the average hobbyist, the multitude of varieties, sub-varieties, and other subtle anomalies that exist within the small-size universe make for a very compelling and captivating area of numismatic interest. The small-size “Noteworthy Note” featured here may not be a Woodchopper or a Watermelon, but it still packs quite the punch. Although, it’s a highly nuanced note that requires a little research and understanding of Bureau of Engraving and Printing (BEP) production practices to fully appreciate.

This Series 1934-B $20 Federal Reserve Note from the New York district, recently certified by PCGS and graded Very Fine (VF) 25, has an overlapping, intersecting set of scarce varietal attributes that magically merge to create a banknote that may be, perhaps, utterly unique. First, let’s start with the series. The “B” series of 1934 Federal Reserve Notes (not to be confused with the “B” letter code representing the New York Federal Reserve district) was signed by Treasury Secretary Fred M. Vinson, who vacated his post just 11 short months after presidential appointment to accept a new position within the federal government as the 13th Chief Justice of the U.S. Supreme Court. His relatively short time overseeing the U.S.

only a very small fraction of what is ultimately released by the security printing agency. Check off another box in the rarity column for this one…

Now, finally – the kicker. Plates used to print the majority of U.S. banknotes over the decades (for both faces and backs) have tiny numbers engraved onto them for critical accounting, cross-referencing, and security purposes. This banknote’s back side was printed with plate #204 – a very special plate that is “Late Finished.” Originally assigned #204 in December 1934, engraving began around that time but was not finished until nearly 10 years later! Late Finished Back Plate #204 was finally positioned onto the presses in April 1944, and remained in use for only about two-and-a-half years, printing back designs of $20 bills alongside plates numbered into the high 400s and early 500s by that time. The lowly number 204 sticks out like a sore thumb.

How many banknotes with the exact combination of these specific characteristics are in existence? That is tough to say, since new discoveries are made all the time. However, based on what is officially known to exist now, this seems to be a unique example for the series and district, joining only a small handful of other Late Finished Back Plate #204 Star Notes known from all series and districts combined.

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.

GRADING STANDARDS

A Guide to PCGS Grades & Designations

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

For a description of all the grades and designations used in the PCGS Market Report, refer to the PCGS Grading

Standards listed in this issue. Space does not permit us to show a comprehensive photographic grading guide here, but those interested in a detailed look at virtually all U.S. coins in all grades are referred to PCGS’s Photograde section, found at www.PCGS.com/photograde.

PCGS COIN GRADING STANDARDS

Regular Strikes

For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which affect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal.

A PCGS MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins.

A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal.

A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal.

A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal.

A PCGS MS66 will have a few marks and/or abrasions. The strike, luster, and eye appeal must be good.

A PCGS MS65 will have some marks and/or abrasions, but they will be minor. The strike must be above average, and

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

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

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

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

Strike

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

Luster

The strength and pattern of light reflected off a coin.

Surface Preservation

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

Eye Appeal

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

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

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

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

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

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

XF45 Detail is complete with most high points slightly flat.

XF40 Detail is complete with some high points flat.

VF35 Detail is 80 to 85% complete.

VF30 Detail is 70 to 80% complete.

VF25 Detail is 60 to 70% complete.

VF20 Detail is 50 to 60% complete.

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

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

VG10 Design is worn with some detail evident.

VG08 Design is worn with only slight detail evident.

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

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

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

FR02 Mostly worn, but some design details are visible.

PO01 Barely identifiable as to date and type.

Proofs

For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of), reflectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play

when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning.

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

A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective.

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

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

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

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

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

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

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

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

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

PCGS COIN DESIGNATIONS

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

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

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

Color for Copper Coins (MS60 or better)

PCGS GRADING STANDARDS

Full Steps for Jefferson Nickels

Full Bands for Roosevelt Dimes

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

Full Bands for Mercury Dimes

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

Full Head for Standing Liberty Quarters

Full Bell Lines (FBL) PCGS designates

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

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

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

Prooflike (PL) PCGS designates

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

Full Bell Lines for Franklin Half Dollars

Prooflike Surfaces

Prooflike Surfaces

Deep Mirror Prooflike (DMPL) PCGS designates Deep Mirror Prooflike for Morgan Dollars that grade MS60 or better and show deep reflectivity, i.e. deeply mirrored surfaces. The differences between PL and DMPL is one of degree.

No Grade Coins

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

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

Cameo Proofs

Cameo (CAM) PCGS designates Cameo for brilliant proofs that show light to moderate frosting of the devices. Both sides of a coin must have frosted devices to earn the Cameo designation.

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

PCGS GRADING STANDARDS

1851 “880” Augustus Humbert $50 Gold

By Joshua McMorrow-Hernandez

1851 “880” Augustus Humbert $50 Lettered Edge, PCGS MS63. Courtesy of PCGS TrueView.

There’s classic gold, then there’s classic gold. And some classic gold isn’t just old, it’s historic. That’s certainly the case with the magnificent 1851 “880” Augustus Humbert $50 Territorial “slug.” This octagonal piece was produced under the authority of Augustus Humbert, who ran the U.S. Assay Office in San Francisco, California, in the heyday of the Gold Rush, when gold was found in nearby Coloma in 1848.

Thousands took a chance on the San Francisco area during the late 1840s and early 1850s, heading west to strike it rich. Gold was becoming the currency of the day in the booming towns that flourished among the hills of gold, with many private refiners and mints springing up to fill the need for new coinage. This motley crew of private-issue tokens, traded as money, did much of the heavy lifting in local commerce. However, there was no standard in place dictating the purity of these gold pieces, most falling short of the 90% gold fineness employed by the U.S. Mint for its gold coinage.

California became a state on September 9, 1850, and in short order the United States government hammered out a

these hefty new gold pieces were a work in progress, the earliest emissions containing .880-fine gold and weighing nearly 2.5 ounces – massive in the context of a gold coin, regardless of its purity. Eventually, the fineness of the gold pieces was increased to .887 and finally .900, the latter on par with the federal gold coinage of the day. Despite the trial-and-error element to producing these coins, including modifications to reduce the number of hand punches required to create the eight-sided edge, the $50 slugs helped establish standards for the gold-based monetary setting predicating the San Francisco area’s economy.

A tremendous store of gold, a great many $50 slugs were eventually melted for their bullion content. This leaves few of these sought-after California gold coins available today. Even fewer exist in Mint State grades, with just two in MS63 and only two in higher grades. Witter Coin of San Francisco recently had the honor of procuring one of these excessively rare beauties, hailing from the city during the height of its Gold Rush glory. The obverse carries a patriotic eagle motif paired with an intricate wave design on the reverse. The lettered edge is inscribed with “AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851.”

Seth Chandler, owner and chief numismatist of Witter Coin, said everything that needs to be said about this Gold Rush treasure. “It’s one of the top five favorite coins that I have ever handled.”

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.

Collecting Coins for Investment

By Mark Ferguson

It’s human nature for collectors to want the market values of their collections to be higher than their costs when they sell – hopefully much higher. At a minimum, most collectors at least want to break even. Collectors are in it for enjoyment as much as they are for investment, whereas some people want to own coins primarily as an investment – not as a collecting endeavor.

Some people approach buying and owning rare coins with the question, “What coins are undervalued and are likely to appreciate in the future?” A better question might be, “What coins will collectors be seeking in the future?” In other words, the focus is on the desires of collectors, rather than on the assets themselves, just like changing tastes of collectors in the fine art world.

During the 1960s, uncirculated rolls of coins were all the rage. In the 1970s, classic commemoratives and silver dollars grabbed the spotlight, remaining on the stage into the 1980s. During that time, the coin market became so pumped up

with investor money that a sudden correction took place in 1990. It took the next decade for prices to come back down to earth and for the market to return to a healthy collector-based market instead of a distorted investor-driven market.

During that decade, the internet emerged, transforming the coin market forever. A proliferation of information quickly appeared, creating more savvy collectors. Their focus turned to individual rare coins and building sets by series. However, lots of collectors discovered that many scarce to rare series coins are difficult to locate, so building design-based type sets became even more popular than they had been. The market for modern coins also began evolving at that time into what’s become a mature market for those

If you’re interested in how collecting trends will evolve during the next several years, I encourage you to do some deep thinking and get opinions from others involved in the hobby. You may also find some clues by perusing the PCGS Set Registry. For example, the list of sets of U.S. coins shows that,

coins.

Morgan Dollars are popular coins among both collectors and investors. Though how should you approach buying coins if you’re hoping to capitalize on the best return on investment? Courtesy of PCGS TrueView.

with less than 750 sets combined, Two Cent and Three Cent pieces are not very popular compared to more than 20,000 sets of silver dollars registered. The short 20 Cent series is another one that falls into the same class as the small denominations just mentioned; less than 150 sets are registered.

Don’t Try to Outsmart the Market: Invest in the Coins You Like to Collect

Rather than attempting to outsmart the market by trying to figure out what coins collectors will want to buy at some time in the future, I suggest you collect the coins that you’re drawn to – the coins that you like. This could involve building one or more series sets, or a more varied type set. Get creative! For example, you can expand upon a series set by including relevant pattern coins. There are numerous ways to collect coins. The PCGS Set Registry is full of ideas for the composition of sets.

After choosing a theme and/or composition of the set you want to build, the next step is to figure out the grades of coins that you want to collect. If you have a budget, you can come up with a projected cost by using the PCGS Price Guide. Furthermore, if you plan on building a set that includes very scarce to rare coins, you can look over the PCGS Population Report to judge the availability of the coins you want to collect.

By investing in the coins that you enjoy collecting, it’s natural that you’ll learn more about them, as well as the market for those coins. Your enthusiasm and passion will remain high as your quest to build the collection progresses. All in all, I believe that you’ll have the best chance of earning the highest return from your collection if you build an exceptional set that “wows” people, whether the collection consists of common circulated coins or high-grade rarities.

Consider “enhancements” that will make your collection more appealing than an average one. If you collect circulated Indian Cents, for example, be consistent with their grades. If you collect them in the Extremely Fine grade, you could build the set consistently in the XF45 or XF45+ grade for every coin, rather than in XF40 or a mix between the grades. You can extend the qualifications of this set further by seeking only coins that have surfaces that glisten, rather than coins with dull, lackluster surfaces. Going further, you could also set your standards for the strike of the coins. For instance, do the feathers in Liberty’s headdress show detail or are they softly struck near the tips? Setting standards for your collection and sticking to them as you build it will pay off when you finally sell your collection.

Market Timing is Important When Selling

Another consideration when you sell is market timing. Best results are achieved by selling into a hot market. You can stay abreast of coin market trends by reading columns like this one, participating in the Collectors Universe Message Boards, and discussing the market with dealers who you do business with, for instance.

The coin market ebbs and flows over time, but the current economic environment is very favorable for the coin market during the coming months and possibly years. Stocks have suffered and layoffs are in the news. Cryptocurrencies have been hit hard, and bank failures have increased. And then there’s inflation hitting consumers, and higher interest rates hitting consumers and real estate investors. During times like these, investors diversify into alternative investments, and precious metals and rare coins are one of the prime choices. Many crypto investors have begun to see the benefits of the stability of gold and silver and are currently being drawn to this market. An interest in precious metals often leads to acquiring rare coins. New money coming into the coin market is what makes prices rise!

Mark Ferguson began buying and selling coins in 1969. He graded coins for PCGS between 1986 and 1990 and currently serves as the company's senior price guide consultant. He’s a numismatic researcher, writer, appraiser, and advisor, and he authored The Dollar of 1804: The U.S. Mint’s Hidden Secret.

The Wonderful World of Cobs

By Josh Scott

As a third-generation coin collector, I have always been fascinated by the history of coins, their beautiful designs, and the thrill of finding unique pieces. Owning an artifact of historical significance and rarity, especially a “finest known” specimen, makes collecting exciting and rewarding.

One area of numismatics that is exploding in popularity, especially in the United States, are Spanish and Spanish colonial gold and silver cobs. This may be due in part to discoveries of famous shipwrecks found off the East Coast of the U.S., such as the 1715 Plate Fleet, the Nuestra Señora de Atocha , and the Whydah, to name a few.

1715 Fleet material has skyrocketed in recent years, and based on the current trends, demand for silver and gold shipwreck cobs doesn’t seem to be waning any time soon. Adding fuel to the fire is the recent discovery of the San José, a 62-gun Spanish Galleon sunk by the British Navy in 1708 off the coast of Columbia. This wreck is widely known as the “Holy Grail” of shipwrecks and is believed to hold treasure worth over $17 billion. Much of it is believed to be thousands of early 1700s gold escudos minted in Peru and Bolivia.

When it comes to the lore of lost treasure, naval battles, expeditions, and the exploits of pirates, nothing makes a collector’s imagination soar like holding a centuries-old piece of eight or gold doubloon in their hand. And the great thing about collecting cobs is that you don’t have to be rich to own one!

What is a Cob?

Some experts believe (and there is some debate), that the word “cob” comes from the Spanish phrase “cabo de barra,” which means “end of the bar” – referring to the piece clipped off the end of a crudely poured silver or gold bar or strap. Some believe that cobs were known in the Spanish colonies as “monedas,” which means “money” in Spanish or “macuquinas,” a term believed to have come from the Quechua (an indigenous people from Peru and Bolivia) meaning to manufacture by hammering. The Spanish colonists are said to have had many other names for what we know as “cobs,” depending on the denomination of the cob.

Rare “clump” of Mexico Mint 4 and 8 reales recovered from the 1715 Fleet. Owned by Sean Rich of Tortuga Trading, Inc. Image courtesy of Josh Scott.

Silver cobs were first produced in Mexico in 1536 with the opening of the Mexico City Mint and continued to be struck at the Potosi Mint through 1773. Beginning with the reign of King Philip II (1556-1598), the design typically incorporated the Spanish coat of arms or shield on the obverse side (except on ½ reales, transitional pieces, or coins minted in certain mints), and a cross with castles and lions representing the union of church and state on the reverse.

Whether in Old World Spain or the Spanish colonies, each mint (or “casa de moneda”) had an assayer (“ensayador”), who oversaw the minting of the coins for the king. The process of making cobs involved cutting a piece off the bar or strap, weighing it, and then clipping or chiseling small pieces off until they reached the desired weight. As cobs were irregularly cut planchets and the methods of manufacturing coins during the period was not a perfect art, cobs are often found to be underweight or overweight. According to Sewall Menzel’s Cobs, Pieces of Eight and Treasure Coins, published by the American Numismatic Society, the proper weights for silver reales and gold escudos minted from 1568 to 1729 are as follows:

8 reales = 27.47 grams – 8 escudos = 27.06 grams

4 reales = 13.73 grams – 4 escudos = 13.53 grams

2 reales = 6.87 grams – 2 escudos = 6.77 grams

1 reale = 3.43 grams – 1 escudo = 3.34 grams

½ reale = 1.72 grams – No equivalent

¼ reale = .86 gram – No equivalent

Some cobs in the 4 and 8 reales denominations are often thick and uneven, which required far more hammer-striking force for the die’s image to fully impart on the planchet. This is why some cobs display cracks or only a small portion of the die’s design. This also accounts for a large quantity of double-struck cobs.

Cobs recovered from shipwrecks are very popular, although finding silver pieces with clear details can be tough, as saltwater exposure over centuries causes severe corrosion. Regardless of condition, cobs that come from famous shipwrecks will always have a strong collector base. Non-shipwreck cobs are also highly sought after, especially examples in higher grades of preservation. Coins of this caliber demand hefty premiums for the choicest examples.

Based on the current population reports of silver cobs, very few have been graded higher than AU, which indicates that precious few have survived over the centuries without being melted down, damaged, or turned into jewelry.

The varieties and unique characteristics of cobs are literally limitless. Varieties involve the coin’s shape, size, thickness, mintmarks, legends, assayer’s initials, denomination, design varieties for different kings or mints, variations in the designs of the castles and lions, and so on. Some cobs include partial or full dates, while others do not show any dates at all.

According to Sewall Menzel, cob dies didn’t last long. “During the period of the year, dozens would be expended, requiring the die sinker to replenish them on a weekly, if not virtually daily, basis. Over time, even the die punches would wear out, causing die-breaks or partial letters and

This 2 Escudos minted in Colombia between 1628 and 1642 is graded MS62 by PCGS. Courtesy of Josh Scott.

symbols in the design. Sometimes, when the die punches for a given denomination were worn down and became unusable, the die sinker would select letters and symbols from other denomination sets and substitute them. For this reason, one sometimes finds symbols and letters for 2-reales coins being used on 1-reale dies, 4-reales die letters and symbols for royal arms substituted in place of 2-reales die-punched forms, and 8-reales dies sometimes used in the striking of 4-reales coin flans. Along the same line Z and S are frequently found in place of the numeral 2 as a denomination or as part of the date.” The coin to the right is an example of a 2 reales minted in Potosi, where a letter “Z” has been used to represent a number 2 to the right of the shield.

For some cob collectors, the most-prized specimens are those that display the most complete details of what the original die represented and those in the highest state of preservation. Finding a silver cob in better AU or Mint State grades that is center struck on both sides and displays most of the legends and design elements is like finding a needle in a haystack.

Unique Aspects of Cobs

Not only are there numerous variations and differences in the design of the shields, crowns, castles, and lions, but occasionally you’ll find one that displays a real error. For example, the three images below show two Spanish 8 reales.

These Old World cobs were minted in Seville most likely during the reign of King Philip IV between 1621 and 1665. Upon close inspection, you’ll notice that the coin on the left shows a Roman numeral denomination of “VIII” to the right of the shield, which indicates that the coin is an 8 reales. However, the coin in the center and far right shows that whoever cast the die made a major mistake. The denomination on this coin is clearly a Roman numeral VII instead of an VIII.

8 reales minted in Seville during the reign of King Philip IV from the Commodore Collection. Images are courtesy of Josh Scott.

Another interesting feature you’ll notice on cobs is that each mint and/or ruler made their own subtle design changes.

Potosi 2 reales with “Z.” Image courtesy of Josh Scott.

For example, if you look closely at the cobs above, the design of the reverse varies, even though all of these were minted during the reign of King Philip II.

Whether a cob was recovered from a famous shipwreck like the 1715 Fleet or is a specimen that somehow survived through the centuries unscathed, they are great pieces of numismatic history to collect and cherish.

Josh Scott is a Spanish Cob enthusiast from Southern California. He operates Commodore Coins & Collectibles, Ltd., with his father and specializes in cobs, shipwreck coins, rare maps, treasure chests, and various artifacts from the last 400 years. Feel free to contact Josh Scott at commodorecoins@gmail.com.

“I love what I do and I take the covenant I make with my clients seriously. As opposed to just doing transactions, I am interested in forming an ongoing collecting relationship with my new clients. Please feel invited to contact me.”

— Chris Victor McCawley

Chris McCawley with Lucas Baldridge and Travis Hollon

Spanish Cobs minted during the reign of King Philip II from the Commodore Collection. Images are courtesy of Josh Scott.

1879 $4 Flowing Hair PCGS PR61 $129,500

1880 $1 J-1650 PCGS PR65CAM $22,500

1936 50C Gettysburg PCGS MS67 $1,650

1890 $2 PCGS Banknote 45 FR.355 $9,000

The modern coin market has been holding strong so far in 2023. Nice modern key-dates, low-mintage scarcities, or varieties with low populations in higher grades remain in high demand. Let’s highlight just a few of the coins that have increased the most in price in the past three months, according to the PCGS Price Guide.

The first coin on our list is a 2007 James Madison Missing Edge Lettering Presidential Dollar with a satin finish and noted as a special strike (SP). In the past three months, the

coin’s price has gone from $125 to $500 in PCGS SP68, that's a 300% increase. The coin seldom comes up at auction, especially since it has a population of only 25 in SP68, with none graded higher. The coin is also from a fairly popular series. With a low population, no recent public auction sales, and sales of other similar coins in the series revealing strong figures, this hot variety demanded an increase in price.

The second example listed here is the 1977 Washington Quarter in PCGS MS68. With a paucity of auction trades,

The 1977 Washington Quarter in PCGS MS68, seen here, is one of the biggest gainers, notching a 263.64% increase in price in the previous three months. Courtesy of PCGS TrueView.

a population of just one in PCGS MS68, and high demand among collectors, this piece was ready for a price increase. Similar coins in the series with similar populations have sold somewhere in the $10,000 price range. Not to mention, the Washington Quarter series is one of the most popular coin series, and prices for low populations have always been healthy. An increase in price from $2,750 to $10,000 comes to a more than 200% improvement.

The third coin we reveal here is the 1969-S Doubled Die Lincoln Cent in PCGS MS66RD. The 1969-S Doubled Die Lincoln Cents is one of the most popular and famous doubled dies in modern coinage and among the most expensive doubled dies out there. Finding an example in uncirculated grades is almost impossible – especially in higher grades. On January 22, 2023, GreatCollections sold an impressive 1969S Doubled Die Lincoln Cent graded PCGS MS66RD for just over $600,000. The coin has a population of 1, with none graded higher. The sale pushed the coin’s value as listed on the PCGS Price Guide from $200,000 to $605,000 –a 202% gain.

These are just a few examples of coins with prices that have increased in price significantly in the past three months. There

are many other modern coins that have recently gone up in value, and you can see all these price changes if you visit the PCGS Price Guide and click “Price Changes.” There, you will see the day’s biggest gainers and losers, as well as the biggest gainers and losers for the week, for the past month, for the past three months, in the past year, and beyond.

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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What the Spec?

By Vic Bozarth

I was told as a young coin dealer that if you specialized in a particular area of U.S. coinage you might, after a substantial amount of study, become more knowledgeable in that type of U.S. coinage than 95% of full-time coin dealers.

Whether you specialize or not, breaking a topic down into manageable parts is often the best way to confront an objective or desire. Regardless of your level of knowledge on a given topic, exploring a new topic or coin you desire can very well leave you feeling like an individual who’s outside looking in.

Having resources to educate yourself is one thing, but knowing how to use those resources is another. When it comes right down to it, how can you look something up when you don’t even know what it is you are trying to look up?

Here at PCGS, we are constantly incorporating new information and data into the PCGS Price Guide and PCGS CoinFacts. We review recent sales and auction prices realized, which factor into the periodical adjustments to the prices we publish. Additionally, we are always hungry for new data that will allow us to add pricing to new coins or to expand the pricing information we currently have.

PCGS-graded coins feature two very important numbers on their holders in addition to the country of origin, date, mint, denomination, and grade. These two numbers are the unique certification number and the spec number, which usually appear near the bottom of the PCGS coin label above the bar code.

The unique certification number is usually seven or eight digits in length. This certification number is unique to that individual coin and is perfect for identifying that specimen for

inventory purposes. The spec number is the specific number assigned to a particular coin which accounts for its country of origin, date, mint of production, and variety (if any). The two-digit numerical grade of that particular coin often follows the spec number, separated by a period.

Using the PCGS Certification Verification portal, enter the seven- or eight-digit certification number. The certification number will not only verify whether this coin was graded by PCGS, but from the certification number, the website will verify the date/mintmark, denomination, country, and grade. I’ve always found it very helpful comparing the coin’s image on PCGS Cert Verification to the “coin in hand” when using the website.

PCGS Cert Verification also provides the current PCGS Price Guide value if available and the population of that particular coin and grade. If the coin has been sold recently at a public auction, the prices realized for that particular coin are also provided. These auction prices realized (APRs) are crucial for determining the real market and, thus, the PCGS Price Guide value.

The spec number is what identifies the coin in relation to all the other coins produced in the world. The spec number is specifically designated to a particular date/mintmark, country, and variety (if any). For most U.S. classic coins issued prior to 1950, the four-digit 0000-9999 encompasses virtually all the coins produced by the U.S. Mint up until that time. Since 1986, some of the four-digit coin numbers have been augmented to reflect grading differentiations PCGS has added. For example, the DMPL designation for Morgan

This 1880 Liberty Seated Quarter Deep Cameo (DCAM) Proof is given a five-digit spec number (98851) and is prefixed by a “9.” Had the coin been Cameo (CAM) Proof, it would have been led by an “8” (88851). Without either designation, this proof is designated “5581,” with no special prefix. Courtesy of PCGS TrueView.

Dollars was edited by adding a “9” in front of the four-digit number for the PL example of that date.

7130 – MS 1881-S Morgan Dollar

7131 – PL 1881-S Morgan Dollar

97131 – DMPL 1881-S Morgan Dollar

For classic proof coins that often come with a Cameo (CAM) or Deep Cameo (DCAM) appearance, the four-digit code was augmented with a fifth digit with an “8” to designate CAM and a “9” to designate DCAM. For example, an 1880 Proof Liberty Seated Quarter will have these three possible spec numbers:

5581 – PR 1880 Liberty Seated Quarter

85581 – PRCAM 1880 Liberty Seated Quarter

95581 – PRDCAM 1880 Liberty Seated Quarter

The four members of the PCGS Price Guide team have well over 120 years of cumulative experience buying, selling, and pricing U.S. coinage. Regardless of how much experience we have, there are areas that need more data. Recently, Stack’s Bowers Galleries began auctioning the immense Sydney

F. Martin Collection of Colonial and Early U.S. material. Just the scope and inclusiveness of this incredible collection provide us with data most often very difficult to find or not available at all.

Experience and expertise in U.S. coins are one thing, but how about our knowledge of other coin markets?

Besides maintaining prices that we currently list on the website, there are many areas in U.S. coinage we plan to both add to and expand. Like the aforementioned Sydney F. Martin Collection, new collections coming on the market allow us to not only fill in the blanks on many issues, but to also add new prices on items we’ve never had sufficient data to price previously.

One of the most important, and interesting (to me), aspects about numismatics is the vast amount of information encompassed by the field. There are “rabbit holes” aplenty!

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

PCGS SHOW SCHEDULE

JULY 2023

July 13 - 15

Summer Florida United Numismatists Show Submissions Only

Orange County Convention Center Orlando, Florida

AUGUST 2023

August 8 - 12

American Numismatic Association World's Fair of Money Onsite Grading

David L. Lawrence Convention Center Pittsburgh, Pennsylvania

SEPTEMBER 2023

September 7 - 9

Long Beach Expo: The Collectibles Show Onsite Grading

Long Beach Convention Center Long Beach, California

OCTOBER 2023

October 26 - 29

International Money Expo Onsite Grading Music City Center Nashville, Tennessee

NOVEMBER 2023

November 9 - 11

Whitman Expo Baltimore Winter Expo Submissions Only Baltimore Convention Center Baltimore, Maryland

DECEMBER 2023

December 5 - 9

PCGS Members Only Show Onsite Grading Park MGM Las Vegas, Nevada

Sell Your Coins AND BANKNOTES for the Highest Bid at GreatCollections

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

• Fast, safe and the lowest fees of all major coin auction companies

• 0% Seller’s Fee for coins/ currency over $1,000

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• U.S. & World Coins, Classics & Moderns, Currency

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Consign in Two Easy Steps

1. Use the consignment form at the right and fill out your information.

2. Mail the completed form with your consignment to:

GreatCollections

17500 Red Hill Avenue, Suite 160 Irvine, CA 92614

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

Any questions? Please call us at 1-800-442-6467 or e-mail info@GreatCollections.com

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If you are unsure of the current market value of your collection or holdings, please contact us and we will give you our assessment at no charge.

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Visit www.GreatCollections.com to view our current auctions, create a saved search/wantlist, track our extensive prices realized and much more. It’s free to register and takes only a few minutes.

Ian Russell #785

ConsignmentInformation

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

Raw Coins: If your coins are not graded, please use our Raw Coin Consignment Form. GreatCollections extends our discounted rates for coin grading directly to members.

Insurance: From the moment your coins arrive at GreatCollections, they are covered by our extensive insurance policy with Lloyd’s of London... another benefit provided to all consignors at no cost.

Values: If you are unsure of coin values, please leave this field blank. We review all coins that are consigned and will assign values and minimum bids accordingly.

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

Minimum Bid Listing Fee

$1-$99 $3

$100-$999 $5

$1,000 and up $10

Up to Five Listings for One Fee: For one listing fee, GreatCollections will relist any coin that doesn’t sell, up to a maximum of five times without any additional listing fees. If you do not want your coins relisted, please let us know under “Special Instructions” on the reverse of this form.

Cash Advances: We offer generous cash advances for all consignments at a competitive interest rate. Checks can be sent via overnight Fedex or Express Mail within 24 hours of your coins arriving at GreatCollections. Please check the box on the reverse of this form (below the signature line) and we will contact you as soon as we have reviewed your coins.

Timing and Scheduling: Coins are generally listed on our website within 7-21 days of arriving at GreatCollections. If you consign duplicates of the same year, denomination, grade and grading service, we will typically split the coins over multiple days of auctions. Once coins are entered in our system, you can view

ConsignorTerms & Conditions

1. Consignor agrees that the Auction shall be conducted online by GreatCollections according to the Terms and Conditions published at www.greatcollections.com/terms. This agreement is subject to Arbitration.

2. Consignor warrants that: (1) Consignor is the legal owner of and has full title and interest in the coins/items consigned to GreatCollections; (2) all coins/items consigned to GreatCollections are free and clear of any liens, encumbrances, security interests or contract rights restricting the unconditional right to sell all rights, title and interest in and to such coin/item; and (3) all consigned coins/items are authentic and in respect to certified coins, holders have not been tampered with or resealed.

3. Consignor agrees to pay GreatCollections a Listing Fee for each coins/items offered by Auction and for coins/items sold, a Seller’s Fee. All fees are detailed on the reverse of the Consignment Agreement.

4. In the event that your coins do not sell in their first Auction, GreatCollections agrees to relist coins/items up to four additional times. There will be no Listing Fees charged for these four additional relistings. Should you prefer your coins not to be relisted, please note this in the “Special Instructions” box on the Consignment Form.

5. Consignor acknowledges that the Hammer Price is the final bid price accepted by the Auctioneer. The Hammer Price does not include the Buyer’s Fee, which GreatCollections retains in full.

6. GreatCollections has the right in its sole discretion to reject any Consignment, to cancel any Auction, to postpone or change the date/time of Auction and/or to rescind any sale. GreatCollections also reserves the right in its sole discretion to cancel or reject any bidder from bidding, when we believe it is not in the Consignor’s and/or GreatCollections’ best interest.

7. A Consignor is able to list a Minimum Bid on every coin/item consigned, according to the three options listed on the Consignment Form. It is up to the Consignor to verify that the correct Minimum Bids are entered as soon as their coins/items are uploaded to the GreatCollections website. Any corrections should be reported as early as possible before the end of the Auction. This Minimum Bid amount is disclosed on all items/coins listed at GreatCollections. Consignor may not withdraw any coin/item for any reason.

8. If the successful bidder or buyer is in default and GreatCollections is not satisfied that the amount due for any particular Consignor’s lot[s] will be paid in full, GreatCollections reserves the right to take one or more of the following actions: (1) declare the sale null and void and return the coins/items to the Consignor; (2) declare the sale null

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

Currency/Paper Money: GreatCollections also auctions certified currency and paper money graded by PCGS and PMG, together with our exclusive Grade & Auction program offering discounted grading rates. Please use our currency consignment forms.

CAC: CAC is a third-party grade verifier founded by John Albanese that reviews PCGS and NGC-graded coins (excluding moderns). GreatCollections is an authorized submitter and can arrange CAC to review your coins prior to auctioning. The process takes about 10 days. Cost is $15 for coins valued up to $10,000, $30 for coins valued up to $25,000 and $50 for coins valued at over $25,000.

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

1. You may select GreatCollections to establish a Minimum Bid based on our knowledge of the coin market. We usually set opening bids at 70% of what we believe the coins are worth in today’s market. This is our recommended option that we have found to generate the most bidding activity while protecting you with a Minimum Bid.

2. You may select a percentage of the Values you have listed on the reverse of this form to use as Minimum Bids. Please check either the 50%, 65% or 80% option.

3. You may select that all coins start at a Minimum Bid of $1. This is recommended for liquid/popular coins and is used regularly by dealers, investors and representatives of estates.

Regretfully, we cannot accept consignments where the Minimum Bids are higher than 80% of their listed value. If you have any questions regarding setting Minimum Bids, please call us at 1.800.44.COINS (+1.949.679.4180) or e-mail info@GreatCollections.com.

Seller’s Fees: Our Seller’s fees are a low 5% for coins up to $1000, and 0% for coins over $1,000.

Consignment Proceeds: Checks are mailed within 30 days of your coin(s) selling. To confirm the payment date, please login to your account at GreatCollections, click on MyGC and “View Consignor Statements”.

and void and reoffer the coins/items in another Auction; and/or (3) proceed against buyer on behalf of Consignor. In addition, GreatCollections offers a return privilege to Buyers. Should your coin/item be returned, we will cancel the sale and relist your item. In the event that GreatCollections cancels the sale of your coins/items or your coins/ items are returned, all Listing Fees and Seller’s Fees will be refunded to Consignor.

9. If you consign raw coins/items to GreatCollections, we will send your coins/items to a major third party grading service such as PCGS, NGC and/or ANACS. For more information, please refer to the Raw Coin Consignment Form, which can be downloaded at www.greatcollections.com/forms.

10. GreatCollections shall remit to Consignor, within 30 days after the close of the Auction, the net proceeds, which equals the Hammer Price less Seller’s Fees, Listing Fees, Interest for Cash Advances, other monies owed to GreatCollections by Consignor and Cash Advances Principal (in order). In the event the Consignor’s sales do not exceed fees or monies owed to GreatCollections, the Consignor agrees to pay GreatCollections all monies owed within seven days of invoice date. In certain instances, an introductory commission may be paid by GreatCollections to an agent of Consignor for referring the Consignment to GreatCollections.

11. GreatCollections will provide insurance for loss or damage for consigned coins while in the possession of GreatCollections and while any are being shipped back to the Consignor, subject to certain terms and exclusions (such as Earthquake coverage). In the event of an insurance claim, our insurance carrier will pay you the Fair Market Value, less the Seller’s Fees and Buyer’s Fees, based on the total insurance proceeds. This payment to you by the insurance carrier shall completely satisfy our obligations regarding the Consignments under this Agreement.

12. Arbitration. Any claim or dispute arising out of the sale of coins/items by GreatCollections shall be settled by arbitration between the parties in accordance with the rules of the Professional Numismatists Guild (PNG) or if the PNG cannot or will not hear the matter, by the American Arbitration Association (AAA). Any claim must be commenced within three months of the Auction date or Buy Now confirmation or the claim is waived.

13. This contract is the entire Agreement between the parties and supersedes all prior Agreements. The warranties and representations contained in this Agreement survive the date of execution by each party herein and the performance of all terms and conditions contained in this agreement. This Agreement shall be governed by the laws of the State of California.

Ian Russell President/ Owner

Raeleen Endo Customer Service Director/Owner