PMR - 2023 #6 November/December by Professional Coin Grading Service (PCGS) Market Report

PROFESSIONAL COIN GRADING SERVICE | PCGS.COM

MARKET REPORT NOVEMBER - DECEMBER 2023

PCG S COIN OF T H E ISSUE 1855 Proof Kellogg $50 The Eliasberg Specimen is Graded PCGS PR63DCAM The Jefferson Nickel Turns 85 • Baseball Scrip Hits a Home Run with Collectors

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SPEAKING OF COINS M A R K E T

R E P O R T

A Collectors Universe Company

www.PCGS.com Editor-in-Chief Joshua McMorrow-Hernandez Advertising Director Taryn Warrecker Content Manager Arianna Tortomasi Lead Designer James Davis Cover Artist James Davis Numismatic Photographer Phil Arnold Distribution Coordinator Ronald Burnett

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To become a PCGS Authorized Dealer, contact: Dealer@PCGS.com To become a PCGS Collectors Club member, go to www.PCGS.com/join Printed in the United States. Copyright 2023 Collectors Universe, Inc. All rights reserved. Reproduction of any kind without written permission of the publisher is prohibited by law. PCGS Market Report is published bi-monthly by Collectors Universe, Inc. at P.O. Box 9458, Newport Beach, CA 92658. Postmaster, send address change to Market Report c/o PCGS, Publication Department, P.O. Box 9458, Newport Beach, CA 92658. Publication of this magazine is not a solicitation by the publisher, editor, or staff to buy or sell the coins listed herein. Advertising, articles, and other contents of this magazine sometimes contain inadvertent typographical errors, a fact readers should bear in mind when encountering pricing quoted at a fraction of prevailing market values. The publisher is not responsible for actions taken by any person because of such errors. Advertising prices are subject to change without notice.

HAVE QUESTIONS OR FEEDBACK? Think our pricing is too low? Too high? Email us at CoinPrices@Collectors.com with the coin number, description, grade, published price, proposed price, reasoning, and supportive evidence (like auction results). We'll be happy to review it! For advertising and content inquiries please email us at pcgsadvertising@collectors.com

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As we wind toward the end of 2023, I think back over all the events of the past year… I’m amazed by how many great things the past 12 months have brought us, from the continued growth of PCGS to the record-shattering prices hammered at auctions. The continued market momentum is surely an outcropping of the incredible inertia we gained in 2020 when the coin industry rode a swelling wave of interest, benefitting many areas of the collectibles world. Yet we are also seeing strong interest from individuals just now coming into the numismatic fold who are growing weary of economic uncertainties. They trust the tangibility of precious metals and appreciate the beauty, rarity, and value that collectible coins and banknotes offer. It is with these happy sentiments that we close out 2023 with a diverse suite of articles covering many different aspects of the coin and banknote markets. Our feature on Jefferson Nickels is an in-depth review of a series that offers more complexity and challenge than many may realize – and there is no better time than now to cover these beloved coins as they mark their 85th anniversary of production in 2023. Modern Chinese coin expert Peter Anthony explores the coinage that honors heroes who helped provide safe refuge to victims of fascism during World War II, and gold expert Doug Winter discusses the incredibly rare gold dollars of the Dahlonega Mint. Sanjay C. Gandhi dials into the growing interest of physical Bitcoin “Casascius” pieces in the PCGS Set Registry, and Philip Thomas hits it out of the park with his survey on vintage baseball advertising scrip. We’re also going to take a moment and get to know two collectors who are making a significant impact on our hobby. In Collector Spotlight, we hear from a collector known as Pocketpiece Commemoratives, whose 50-piece collection of lowball classic commemorative coins has helped pioneer the visibility of lowball collecting in the PCGS Set Registry. We also meet Tyler Jorgenson, a 16-year-old young numismatist with a penchant for Proof Lincoln Cents and a desire to build inroads with other collectors in the hobby. Finally, we’ll profile a stunning 1855 Kellogg $50 gold ingot, which is featured here as our PCGS Coin of the Issue. This magnificent Gold Rush-era relic, graded PCGS PR63DCAM, is a treasure offered by Stack’s Bowers Galleries. You’ll also find columns from all your favorite PCGS coin experts, including Jay Turner, Jaime Hernandez, Kyle Knapp, Mark Ferguson, and Vic Bozarth. On behalf of PCGS, I’d like to extend my many thanks for all your support over the past year. It’s always a pleasure to reach this festive period on the calendar and look back over many months of achievements made by the team here, and we hope that you are also warmly reminiscing on what we hope was a good year for you and yours. May the new year bring many good things your way, and we look forward to serving you in 2024 – and beyond! Sincerely, Joshua McMorrow-Hernandez Editor-in-Chief, PCGS Market Report

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The Jeffersons Turn 85 Joshua McMorrow-Hernandez chronicles the Jefferson Nickel, an incredibly rich and complex series that turns 85 years old in 2023.

Baseball Advertising Scrip at Bat Philip Thomas covers all the bases in this article about baseball advertising scrip, a popular area of collecting that hearkens back to the Gilded Age.

Pizza Day Forever? Yes, Please Sanjay C. Gandhi makes the connection between pizza and physical Bitcoin, the latter of which has been serving up some spicy challenges on the PCGS Set Registry.

A collector known as Pocketpiece Commemoratives discusses the incredible

ON THE COVER Read more about the Coin of the Issue: The Eliasberg specimen of the 1855 Proof Kellogg, graded PCGS PR63DCAM Pg 50 – Coin of the Issue

Collector Spotlight: Pocketpiece Commemoratives challenge behind building a lowball set of classic commemorative coins.

YN Corner: A Love for Proof Lincolns Young numismatist Tyler Jorgenson shares his passion for Proof Lincoln Cents, camaraderie, and enjoying the hobby as both a collector and dealer.

Shelter from the Storm, Written Down Modern Chinese coin expert Peter Anthony shares the moving story behind the Shanghai Memory Set.

Dahlonega Gold Dollars: An Introduction & Overview Vintage gold coin expert Doug Winter explores the incredibly rare run of gold dollars from the Dahlonega Mint.

36 Auction Highlights 38 PCGS Around the World 44 PCGS Grading Standards 48 Noteworthy Notes 50 PCGS Coin of the Issue

53 From the PCGS Grading Room 56 Market Matters 60 Market Movers & Shakers 62 Coin Market Fundamentals 64 Show Schedule & Advertising Index

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Monticello, Thomas Jefferson’s famous Virginia home, is seen on the reverse of the Jefferson Nickel. Courtesy of Joshua McMorrow-Hernandez.

The Jeffersons Turn 85 By Joshua McMorrow-Hernandez

The Jefferson Nickel series launched in 1938 and turns 85 years old in 2023. Courtesy of PCGS TrueView. No, we’re not talking about the popular 1970s sitcom The Jeffersons, one of many spinoff television hits from Norman Lear’s CBS series All in the Family. We are about to review the major anniversary of another kind of series – one that hasn’t necessarily produced as many laughs but certainly has a fan base all its own. The Jefferson Nickel has been celebrating a major milestone in 2023… Even with the realization that the Liberty and Buffalo Nickels of the late 19th and early 20th centuries exist, it seems like the Jefferson Nickel has been around nearly forever. Nearly is the operative adverb, for it was 85 years ago that the Jefferson Nickel debuted. P CG S MARKE T RE PORT

It would be easy for the Jefferson Nickel to feel somewhat underappreciated – had the coin any feelings to express, of course. And this would be understandable because the series is frequently overshadowed by contemporary counterparts with far more stage time, including the Lincoln Cent and Washington Quarter. Perhaps Jefferson Nickels find consolation in knowing they aren’t alone on quieter sidelines (hello, Roosevelt Dime), but, like the modern ten-cent series with a surprising number of headline-worthy highlights, the Jeffersons offer a dynamic collector experience for those who embark on collecting them. For starters, the Jefferson Nickel holds the distinction of being the only series of its longevity whose regular-strike issues can all still be found in circulation, given one spends the necessary amount of time (and is blessed with enough luck) ardently searching through rolls. Even the 35% silver wartime issues from 1942 through 1945 can still be found on occasion in circulation; this is perhaps because relatively few people in the general public know that these coins contain silver and thus don’t pull them from their pocket change when they appear there. To be sure, ordinary circulation finds of heavily worn Jefferson Nickels from the late 1930s, 1940s, and 1950s may NOV E MB E R - D E CE M BE R 2023 7

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Images of the original Jefferson Nickel design by Felix Schlag showing Monticello in three-quarter view and modernistic inscription fonts. Used with written permission from FelixSchlag.com. not wind up in the prize-winning collections of PCGS Set Registry members who usually seek higher-end pieces for their sets. But the series offers multitudes of trophies for those wanting a true challenge in terms of numismatic scarceness and multi-figure value. We couldn’t forget the widely known 1939-D and 1950-D key dates, which are sufficiently scarce and valuable enough to rank high on the lists of any pocket-change searchers. Yet these aren’t necessarily the coins that diehard Jefferson enthusiasts find difficult. Rather, some may be willing to sacrifice their eye tooth for nice Full Steps (FS) examples of scarce regular issues, including many from the 1950s, 1960s, 1970s, and even later. And we can’t leave off the many rare overmintmarks and other major varieties that Jefferson Nickel devotees have been chasing for years. A Sleeping Giant Awakens? For better or worse, the Jefferson Nickel has long been dubbed a “sleeper” by market analysts who for decades now have declared the series a worthy collectible that simply has not gained much market traction despite offering some tantalizing features. There was hardly even a blip of sustaining marketplace buzz for the coin upon the issuance of the Westward Journey Nickels from 2004 through 2005. Jefferson Nickel enthusiasts may rightfully wonder if their favorite series will ever rise to the prominence of the beloved Lincoln Cent or headline-stirring Washington Quarter, the latter with its frequent reverse designs that pique national interest. However, the fact that this series hardly claims the number of dedicated collectors that other series may draw only serves to behoove the collector, who has the opportunity 8 N OVE MBE R - DE C E MBE R 2 0 2 3

to build a wonderful set of coins from one of the nation’s most enduring series for relatively affordable prices. Perhaps the 85th anniversary of the Jefferson Nickel will have served as a sufficient catalyst for a surge of new attention around this deserving coin. But whether it does or not is of little consequence to the passionate Jefferson Nickel aficionado, who doesn’t need commemorative interludes or even major milestone anniversaries to enjoy collecting this most delightful modern series. Bringing the Jefferson Nickel to Life By the late 1930s, the Buffalo Nickel was ticking past a quarter century of existence, having been struck since 1913. United States Mint officials had become weary in attempting to render the Buffalo Nickel design, which did not always strike up well and was taxing on dies. Therefore in 1938, when the Buffalo Nickel had been in production for 25 years and was eligible for redesign by decree of the Secretary of the Treasury rather than an act of Congress, the U.S. Mint opened a design contest to find a suitable replacement in January 1938. The contest required an obverse portrait of President Thomas Jefferson and a reverse depiction of Jefferson’s Virginia home called Monticello. The contest prize of $1,000 and an April 15 deadline spurred hundreds of entries, with 390 making it before judges. German-born sculptor Felix Schlag won the contest with his bust of Jefferson closely mirroring a bust of the third president by Jean-Antoine Houdon, whose George Washington bust was parlayed into a design of the first president on the quarter beginning in 1932. Schlag’s design of a three-quarter view of Monticello was P CG S MA RKE T R E PO R T

THE JEFFERSONS TURN 85

Felix Schlag is seen holding models of his original Jefferson Nickel design. Image from the OT Thompson Collection and used with permission from FelixSchlag.com. overhauled by mint officials who loathed the modern style of font used for the reverse. A tree appearing next to Monticello also caused artistic unrest, with some officials believing the tree – considered by many to be a palm – would not have been grown by Jefferson. A request for Schlag to redesign the coin accordingly led to his submission of an elevational view of Monticello, which eventually made it into production in the widely familiar form seen today after Secretary of the Treasury Henry Morgenthau gave his approval. Art historian Cornelius Vermeule, whose numismatic observations have included declarations of the Walking Liberty Half Dollar being among the most beautiful coins ever minted, evidently preferred Schlag’s original iteration of Monticello. “Official taste eliminated this interesting, even exciting, view, and substituted the mausoleum of Roman profile and blurred forms that masquerades as the building on the finished coin,” he said. “On the trial reverse, the name ‘Monticello’ seemed scarcely necessary and was therefore, logically, omitted. On the coin, as issued, it seems essential lest one think the building portrayed is the vault at Fort Knox, a state archives building, or a public library somewhere.” The Long Run The Jefferson Nickel entered production at the Philadelphia, Denver, and San Francisco Mints on October 3, 1938, and officially began circulation on November 15 of that year. The coin was widely hoarded – so much so that Jefferson Nickels were largely absent from circulation until at least 1940. P CG S MARKE T RE PORT

During these early years, some minor changes were made to the coin, including sharpening of the steps on Monticello that resulted in the Reverse of 1938 and Reverse of 1940 types that keep collectors busily looking for these variations on the circulation-strike and proof versions of 1939 Jefferson Nickels.

Differences between the Reverse of 1938 and Reverse of 1940 are chiefly seen in the step detail on Monticello. Courtesy of PCGS. By 1939, World War II was already brewing overseas, eventually wrapping the United States into the international conflict on a formal basis after the attack on Pearl Harbor in December 1941. With the U.S. at war and many supplies scarce for the nation’s troops, the U.S. Mint endeavored to save nickel for the war effort. Congress authorized the U.S. Mint to make the necessary compositional changes, with an alloy of 56% copper, 35% silver, and 9% manganese becoming the most feasible solution. The so-called “war” nickels started NOV E MB E R - D E CE M BE R 2023 9

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The three faces of Thomas Jefferson over the course of the 2004 through 2006 issues. Courtesy of PCGS TrueView. rolling out in October 1942, and these coins carry a large mintmark over the dome of Monticello on the reverse. This led to the appearance of the first “P” mintmark from the Philadelphia Mint on any United States coin, with the Denver and San Francisco Mints also sporting their respective “D” and “S” mintmarks on the coins.

constituted among the very few changes the coin saw over the course of its run in the 20th century, with a few major overhauls to come just after the turn of the 21st century.

The 1950-D is considered a Jefferson Nickel key date, a lofty title also shared with the 1939-D. Courtesy of PCGS TrueView. The 1942-P Jefferson five-cent coin made with a 35% silver alloy was the first U.S. coin to carry a “P” mintmark from the Philadelphia Mint. Courtesy of PCGS TrueView. The war was over in 1945, and the following year the usual 75% copper, 25% nickel alloy had returned to the Jefferson Nickel. The post-war economy saw its ups and downs; a recession in 1950 led the mints to strike fewer nickels that year, with the Philadelphia Mint producing fewer than 10 million, Denver striking just 2,630,030, and San Francisco making none. The scarcity of the 1950-D Jefferson Nickel fueled many to hoard any available examples of the coin in the months after its issuance, and the coin is arguably more common in uncirculated condition than it is in circulated grades. In 1966, designer Felix Schlag’s initials, “FS,” were added to the obverse directly under the bust of Jefferson. This 1 0 N OVE MBE R - DE C E MB ER 2 0 2 3

The Jefferson Nickel Today The year 2003 marked the 200th anniversary of the Louisiana Purchase, for which President Jefferson oversaw the acquisition of nearly 830,000 square miles of land west of the Mississippi River from the French First Republic for $15 million in 1803. The land was surveyed by Captain Meriwether Lewis and Second Lieutenant William Clark from 1804 through 1805 during an exploratory tour known as the Lewis and Clark Expedition. The bicentennial of the expedition was commemorated in 2004 and 2005, aptly spawning a circulating series of four Jefferson Nickels representing symbolic scenes from the journey. The four commemorative reverse designs include the 2004 Peace Medal, 2004 Keel Boat, 2005 American Bison, and 2005 Western Waters issues. The commemorative run concluded in 2006 with its Return to Monticello. P CG S MA RKE T R E PO R T

THE JEFFERSONS TURN 85

Closeup of the 1939 Doubled Monticello details. Courtesy of PCGS. Jefferson was designed by Jamie Franki and was paired with a slightly retooled version of Schlag’s Monticello on the reverse. Collecting Jefferson Nickels

The Westward Journey Nickels depict various scenes and symbols honoring the Lewis & Clark Expedition. Courtesy of PCGS TrueView. Over the course of this time, three different obverse portraits of Jefferson were seen, including the original Schlag obverse in 2004, and a closeup likeness of Jefferson by designer Joe Fitzgerald in 2005. The current, forward-looking obverse of P CG S MARKE T RE PORT

From the standpoint of collecting the series by date and mintmark, the biggest challenges come with the 1939-D and 1950-D issues, coins that are technically keys but are both about as available as and priced more like semi-key coins. Acquiring any of the coins in run-of-the-mill proof or uncirculated grades is neither very difficult nor costly, as compared to other popular coins. It can probably be best characterized as one of the most affordable of the long-running 20th-century series to obtain. So, where’s the challenge in collecting the Jefferson Nickel? That comes in the varieties and Full Steps examples, which become extraordinarily expensive. Along with the various Reverse of 1938 and Reverse of 1940 designs from 1939, there is also the 1939 Doubled Monticello, a popular doubled die that fetches around $120 in XF40 and $1,100 in MS64. Two more doubled dies came in the wartime years, with the 1943-P Doubled Eye and 1945-P Doubled Die Reverse each fetching about $250 in MS64. Meanwhile, the 1943/2-P is an interesting wartime overdate that takes $650 in MS64. The post-war years saw a trio of significant overmintmarks with the 1949-D/S, 1954-S/D, and 1955 D/S, with the first taking $315 in MS64 and the latter two each garnering around $120 apiece in the same grade.

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THE JEFFERSONS TURN 85

A closeup of Full Steps details on the Jefferson Nickel. Courtesy of PCGS TrueView.

Details attributing the 1943-P Doubled Eye variety. Courtesy of PCGS.

A closeup of the 1971 No-S Proof variety. Courtesy of PCGS.

A closeup of the 1943/2-P overdate. Courtesy of PCGS.

A few major overmintmarks are known among Jefferson Nickels hailing from the years after World War II, with the 1954-S/D, seen here in closeup, among them. Courtesy of PCGS.

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Closeup of the 2005-D Speared Bison shows a major reverse die crack. Courtesy of PCGS.

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The only 1969-D Jefferson Nickel graded PCGS MS65FS hammered for an astonishing $33,600 in an August 2021 Stack’s Bowers Galleries offering. Courtesy of Stack’s Bowers Galleries. The unusual 1971 No-S Proof – the only Jefferson Nickel not to contain its intended mintmark – offers several hundred specimens and can be had for about $1,000 in PR67. The 2005-D Speared Bison – the result of a prominent die crack appearing on the reverse – caused a stir when it surfaced and now goes for about $425 in MS65. Pretty much all business strikes in the series become conditional rarities – and in some cases conditional series keys – with the Full Steps (FS) designation. According to PCGS grading guidelines, the FS designation is bestowed to Jefferson Nickels that grade MS60 or better and show a full five or six steps in the portrait of Monticello (Thomas Jefferson’s home) on the reverse; to qualify for this designation, a coin must also have no major disturbances, including cuts and marks, to the separation of the steps. Those who think finding Jefferson Nickels with a complete strike and the requisite five or six undisturbed steps on Monticello necessary for the coveted FS designation is easy might want to revisit their consideration. Many issues offer mere handfuls of Full Steps examples, while some, such as the 1969-D, yield merely one – one(!) – FS example for collectors. As expected, such coins often sell for four and five figures. This is not to suggest that all Full Steps Jefferson Nickels are costly rarities. Most dates offer FS specimens in the lower and middle Mint State grade ranges for two- or three-digit prices and are relatively affordable. Collectors who want to build beautiful PCGS Registry Sets of Full Steps Jefferson Nickels can cobble together a great many of the necessary coins without spending huge sums of money, provided examples grading in the MS66 to MS67 grades or higher are avoided. While this may not necessarily result in building an awardwinning PCGS Registry Set, it would be one that a collector could nonetheless be proud of. P CG S MARKE T RE PORT

This 1958 Jefferson Nickel, graded MS64FS, retails for about $30, offering the desired Full Steps details so many collectors love without the pricing formidability that keeps many series enthusiasts from pursuing these well-struck coins in higher Mint State grades. Courtesy of PCGS TrueView. What this all boils down to is this: the Jefferson Nickel is a wonderfully versatile series for collectors of all levels, offering something for just about everyone. The PCGS Set Registry reflects this with a bevy of Jefferson Nickel sets for collectors spanning the gamut of budget, discipline, and expertise. With 85 years of regular issues, varieties, and other novelties for collectors to pursue, the Jefferson Nickel seems primed to see renewed interest from collectors. As the Jefferson Nickel blows out 85 candles, it's time to give this meritorious series the best numismatic gift any coin can receive: an honorable spot in your collection! 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.

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This 1887 Chicago White Stockings scrip is a wonderful example of the baseball advertising notes that were produced during the late 1880s and early 1890s. Courtesy of Heritage Auctions, www.HA.com.

Baseball Advertising Scrip at Bat By Philip Thomas Apple pie. Pickup trucks. Baseball. Advertising. Take two of these quintessentially American things (the last two to be specific), blend them together onto colorful rectangular pieces of paper designed to resemble late-19th century United States banknotes, add some geography to the mix, and what do you get? An exciting and eccentric exo-numismatic collectible class that has collectors from multiple areas of focus fired up. It is safe to assume that all bases pertaining to this baseball advertising scrip will be covered here, but before we deliver the first pitch on the specifics, let’s set the stage. By the late 1880s, America was a full generation removed from the end of the deadliest war in its history, and its populace had finally begun to turn the corner from conflict – economically and culturally. The nation was finally on the mend from its bloody bifurcation and coming into its own, for better or for

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worse. This “Gilded Age” – an era characterized by intense economic growth and rapid population expansion westward – was in full swing. Despite the presence of newer forms of social inequities and burgeoning wealth gaps and an occasional financial panic, times were still good for many as the new century approached. By 1895, the United States had overtaken Britain in manufacturing output. Invention and innovation led to improved engineering techniques, industrial machinery design, and steel fabrication processes, leading to a surge in the production of consumer goods and services enabled by them. At the same time, per capita income had nearly doubled since the end of the Civil War. Millions of people who were formerly enslaved were now wage earners, and immigration from Europe and elsewhere had reached new heights. Simply

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BASEBALL ADVERTISING SCRIP AT BAT

put, there were more people with more money looking to buy more products than in any previous era in American history. All the pieces needed for the facilitation of this commerce were falling into place as well. Businesses were able to grow to larger scales and maintain wider geographic footprints thanks to advances made in banking, long-haul transportation (namely railroading), communication, and photography. Chain stores and mail-order catalog companies began to emerge, allowing businesses access to both urban and rural communities alike. If there was ever a time to advertise your budding trade venture to ascending, cash-equipped markets, it was then. But how best to catch a potential customer’s eye?

A Little Pretty Pocket-Book is a 1744 publication illustrating a stick-and-ball game called “base-ball” with a rhyme referencing a ball being hit and the hitter running to a post before running home. Public domain image sourced from Wikimedia Commons. With peace, stability, and affluence came the desire to be entertained. Horse racing was the largest and most popular sport in the U.S. prior to the Civil War, but most of the prominent (and costly to maintain) racetracks were in the

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South, which was physically and financially decimated by the war. This allowed some nice room for the entry of the first team sport to be professionalized in the U.S. It would come to be known as “baseball” – a relatively simple yet wildly entertaining sport involving just a few basic pieces of equipment made of wood, rubber, and leather executed on a humble grass field. The National Association of Base Ball Players arose in 1857, and by 1869, the nascent league had its very first professional team: the Cincinnati Red Stockings. Baseball quickly replaced cricket as the national bat-and-ball game; cricket was considered by many to be too British, while baseball, on the contrary, was seen as being more American. And it didn’t take long for it to become the national pastime.

Alexander Cartwright is considered the father of modern baseball. Public domain image sourced from Wikimedia Commons. Baseball imagery and the names and likenesses of some of America’s best-known athletes would be a powerful way to attract the attention of well-to-doers and ultimately direct them to the name and nature of your local business and perhaps even incentivize a future purchase by offering a

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BASEBALL ADVERTISING SCRIP AT BAT

The Chicago White Stockings later became known as the Chicago Cubs. Public domain image sourced from Wikimedia Commons. little discount. By placing these baseball-themed designs on paper intended to mimic the circulating currency of the era, the message would be made even more effective by driving up retention rates. Who in their right mind would want to discard such a captivating, clever, and cost-saving keepsake? Baseball advertising scrip, like most coins and banknotes within the numismatic realm, is best organized and collected by year, although there are plenty of other ways in which they can be sliced and diced by specialists. The known date range for the entire genre is quite limited: 1887 to 1893, with the years 1890 through 1892 conspicuously and wholly absent. Today, only issues from 1887, 1888, 1889, and 1893 are accounted for, spread over three big-city professional baseball teams: the Chicago White Stockings (1887-1889), the Detroit Wolverines (1887-1888), and the St. Louis Browns (18871888). The 1893 variety features the best and brightest players of the entire league (referred to as the “all-star” issue) and is not limited to one specific town’s club roster. The reasons for the four-year gap in production as well as the departure from a team focus are not currently known – lost to history, at least for now. The Chicago White Stockings design presents a portrait of team president, part-owner, and future Baseball Hall-ofFamer Albert Goodwill Spalding on the face at left. Spalding is best recognized today by the sporting goods manufacturing company that bears his last name. Portraits of 12 players aligned in an elliptical shape adorn the back, the most notable 1 8 N OVE MBE R - DE C E MB ER 2 0 2 3

of these being first baseman Cap Anson, whose portrait is situated at top center. Anson is another Hall-of-Famer widely regarded as one of the most capable players of the era and perhaps the game’s first real superstar. The Detroit Wolverines issues feature William Henry Watkins, manager of the team, as well as 12 of its team members on the back, arguably highlighted by Dan Brouthers, a hard-hitting corner infielder and eventual Hall-of-Famer. Wolverines ownership disbanded the team at the conclusion of the 1888 season, and its players were sold off to other teams, so these collectibles are among the absolute last available from this long-extinct sports franchise. Baseball advertising scrip’s most infrequently encountered team variety belongs to the St. Louis Browns, with only a small handful of advertiser issues known from the 1887 season and only a single example currently known from the 1888 season. A relatively recent discovery tucked in an old book in Oklahoma was offered for sale publicly for the very first time in 2007. Possession of this unique 1888 Browns rarity is what would make a complete set of all eight combinations of seasons and teams technically possible. Perhaps some highly motivated collectors should begin scouring used bookstores throughout the Midwest to procure a second. St. Louis Browns notes display team owner Chris von der Ahe on their face at left along with 10 of their players on the back, accentuated by baseball legend and future Hall-of-Famer Charles Comiskey at top center. P CG S MA RKE T R E PO R T

BASEBALL ADVERTISING SCRIP AT BAT

The 1888 St. Louis Browns team photograph. Public domain image sourced from Wikimedia Commons. The 1893 “all-star” advertising notes are very rare as well, and along with the extremely scarce National Indian Ball Game issue – a piece worthy of a well-researched feature article all by itself – make up the most prized constituents of any advanced baseball advertising scrip collection. Merchant types and their physical store locations add deeper dimensions of collecting appeal. Like National banknotes, one of the most celebrated areas in all of numismatics, these advertising scrip notes each hail from a particular city and state. Nearly 100 different merchants have been identified by the current census, with these businesses being located within dozens of towns from sea to shining sea. At last count, 21 states and even a territory – Dakota – saw some level of production and distribution. Various types of clothiers – be it shirts, pants, shoes, or hats, or all the above – seem to have been the most prolific type of advertiser. Jewelers, tailors, furniture manufacturers, ticket brokers, cigar shops, sporting goods stores, and pharmacies are often seen as well. Some of the more interesting and antiquated merchant types, such as undertakers and horse saddle sellers, draw additional collector interest as they can serve as extra special conversation pieces. Additionally, not all advertising designs were created equal. Some of the merchant names, slogans, and offers were overprinted in bigger, bolder, and more colorful styles than others, making matters even more desirable in certain cases. P CG S MARKE T RE PORT

Unlike actual paper money, baseball advertising scrip had no inherent value at the time besides being fizzing (19th-century slang for “cool”) and serving as a sort of coupon applied to the final cost of a transaction. So not many were kept. The paper on which it was printed was like that of newspapers – not the high-quality, durable, security paper used for issues of legal-tender banknotes. Therefore, not many were kept in good condition. Examples around today in decent shape can be considered a miracle of survival. Baseball advertising scrip remains an area of exonumia not yet fully explored. From the technicalities about its production and distribution to an understanding of the exact varietal population still in existence, there is a lot more information to consider and additional data to compile. Supplemental research is needed, and new discoveries are just waiting to happen. The admission of new, eager collectors into the ballpark will certainly open the door for these things to take place.

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.

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Pizza Day Forever? Yes, Please By Sanjay C. Gandhi

2012 Casascius One Ounce .999 Silver 10 BTC, PCGS SP70. Courtesy of PCGS TrueView. I could live on pizza, I must admit, and it’s been my favorite food for decades. In the mid-1970s, my father would take me to his favorite local pizza shop named Beto’s Pizza on Banksville Road, just outside of Pittsburgh, Pennsylvania. A slice of plain pizza was 29 cents plus tax. The first slice of pizza bought with cryptocurrency transacted on May 22, 2010, at an estimated price of 500 Bitcoin per slice – between $12 and $13 million nowadays! The entire sale included the purchase of two large pizzas, for which Laszlo Hanyecz offered to pay 10,000 Bitcoin to anyone. Jeremy Sturdivant accepted his offer, and this day in history is known as Bitcoin Pizza Day, marking the first mainstream transaction where Bitcoin was accepted as a means of exchange. At the time, the total transaction had a value of about $41 USD, and Bitcoin was in its infancy in terms of value. Physical Bitcoin was first issued in 2011 and branded Casascius by software engineer Mike Caldwell, who was living in Sandy, Utah. He pictured part of physical Bitcoin as a washer, which is a flat disk with a hole in the center and is used to distribute the load of a threaded fastener such as a nut or a bolt. Then he thought of placing a piece of paper inside of

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the washer, containing a private key for one Bitcoin. Finally, he wanted to seal both sides with tamper-proof stickers. He contacted a company that manufactured tokens and had designs produced to his specifications which were a little more refined than initially conceived.

2011 Casascius Brass One BTC, PCGS MS67. Courtesy of PCGS TrueView. Caldwell’s first Bitcoin token design from 2011 was struck in brass, and the obverse sports the Latin phrase “VIRES IN NUMERIS,” which translated into English is “strength in numbers.” A large “B” with two horizontal lines crossing

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P C G S S E T R E G I S T R Y – PIZ Z A DAY FORE VER ? Y ES, PLE ASE

2012 Casascius Nickel-Plated Brass 5 BTC, PCGS MS68. Courtesy of PCGS TrueView. through the character, similar to the “$” sign, is also present. The date 2011 is located to the right, and “1 Bitcoin” is written at the six o’clock position. The reverse displays the brand Casascius in multiple positions on a holographic seal, and a “B” exists as well. By peeling away the seal, a “key” is revealed, and it is used to redeem the Bitcoin. Tokens that have been unredeemed will always sell for a premium to those that have been redeemed or spent. A 25 Bitcoin denomination and a 100 Bitcoin ingot could have been ordered from Mike Caldwell as well, which were both gilt or gold-plated brass. All three of these denominations described above are included in a set we have listed on the PCGS Set Registry as Casascius Bitcoin Brass and Gilt Type Set, Circulation Strikes (2011). In 2012, Casascius issued 1 Bitcoin in brass and a 5 Bitcoin denomination that was made of nickel-plated brass. Both of these denominations are listed in the following set titled Casascius Bitcoin Brass and Nickel Plated Type Set, Circulation Strikes (2012), which can be found on the PCGS Set Registry as well. The third denomination available for purchase during this year was the 1,000 Bitcoin denomination struck in an ounce of .999-fine gold. Only six were issued, and four of them have not been redeemed to the present day. On October 4, 2021, PCGS and GreatCollections issued the following joint press release: “Purchased in December 2011 for $4,905, it is now worth $48 million (USD) at the BTC value as of Monday morning, October 4, 2021. On behalf of P CG S MARKE T RE PORT

its anonymous owner, GreatCollections of Irvine, California, submitted the gold 1,000 Bitcoin physical coin under armed guard for certification to Professional Coin Grading Service. It has been certified a perfect PCGS PR70DCAM.” Shortly after this announcement, GreatCollections auctioned a 2011 Casascius one-ounce .999 silver 25 Bitcoin PCGS MS67 for a cool $1.64 Million on November 14, 2021. The auction had noted that about 800 of the 25 Bitcoin denominations were ordered, and more than half had been redeemed to date.

2012 Casascius One Ounce .999 Gold 1,000 BTC, PCGS PR70DCAM. Courtesy of PCGS TrueView. Auctions for cryptocurrency have been gaining momentum, and they appeal to a broad spectrum of collectors. Since November 2021, Stack’s Bowers Galleries has auctioned more than $4 million of physical cryptocurrency, which may be viewed at Stack’s Bowers Galleries archives by typing “BTC” NOV E MB E R - D E CE MB E R 2023 23

P C G S S E T R E G I S T R Y – PIZ Z A DAY FORE VER ? Y ES, PLE ASE

2013 Casascius One Ounce .999 Silver, PCGS PR69 DCAM. Courtesy of PCGS TrueView. into the search field. This search will yield over 550+ results of physical Bitcoin that have been sold by the auction house in the numerous physical cryptocurrency and physical Bitcoin auctions held. Many listings provide resourceful and helpful descriptions to the novice like myself. On August 18, 2023, a 2013 Casascius one-ounce .999 silver 10 Bitcoin graded PCGS SP68 was sold for $312,000 by Stack’s Bowers Galleries. This coin is listed on the PCGS Set Registry as part of the Casascius Bitcoin Silver Type Set, Proof, and Specimen (2012-2013) for collectors to potentially build. Production of the Casascius Bitcoin brand ceased on November 27, 2013, due to federal and state regulatory pressures. These tokens are highly collectible nowadays, and the PCGS Set Registry is the first to offer six Casascius Bitcoin cryptocurrency sets for our members to build under the “Multi-Country” category. PCGS has graded over 800+ physical Bitcoin, and cryptocurrency has changed how a "store of value" is perceived. There are multiple cryptocurrencies that are available for purchase nowadays, but Bitcoin remains the most valuable. Debates about value will continue into the future, and only time will tell. The acceptance of cryptocurrency is widespread in comparison to when it was first spent on Bitcoin Pizza Day by Laszlo Hanyecz. Laszlo could have never predicted the hyper-appreciation

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of Bitcoin that came in what was then the near future. Very few had probably cashed out at the top price of $68,000+ that Bitcoin peaked at back in November 2021. Good for the folks who did monetize at the top, and some may be “Waiting for the Day” to unload their holdings, as George Michael sang back in 1990 on his “Listen Without Prejudice” album. I didn’t have to wait too long to enjoy my favorite hometown pizza. I had the pleasure of attending the 2023 American Numismatic Association World’s Fair of Money, which was held in Pittsburgh this past August – close to my hometown. I invited Ellery and Justin from Boardwalk Numismatics, LLC, who are foodies like myself, to join me at Beto’s Pizza. They enjoyed the pizza just as I did when I was a kid. I’m sure the recipe is a little different than what it was back in the 1970s. A slice of plain pizza now costs $1.92 plus tax, and the interior of the building has changed somewhat as well. But one thing hasn’t changed: they still don’t accept cryptocurrency for payment. Only the United States dollar! Sanjay C. Gandhi is a senior content manager at PCGS. His knowledge base consists of a wide variety of world coinage, and he has a great appreciation for toned coins that display vibrant colors. In addition to contributing content to PCGS Market Report, he also assists collectors with the PCGS Set Registry.

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COLLECTOR SPOTLIGHT

Pocketpiece Commemoratives By Joshua McMorrow-Hernandez

Pocketpiece Commemoratives built a 50-piece type lowball set of classic United States commemorative coins, which are collectively among the hardest coins to find in lowball grades. Courtesy of PCGS. Classic United States commemorative coins, which were struck from 1892 through 1954, are a challenging run of coins to collect. There are 50 different types, not even counting the multitude of issues and varieties. Many collectors try building such a set of coins in the top uncirculated grades, some toughies to locate in the better grades. But that’s not what Pocketpiece Commemoratives did. He sought these coins in the lowest possible grades. And those who know commemorative coins understand just how much more difficult that can be. But Pocketpiece Commemoratives is no novice. He knows what he’s doing. He started collecting coins at the age of eight or nine years old. “This was back pre-1959,” he said. “My aunt worked at a bank where the penny gumball guy deposited his pennies. The bank bought them by the pound and put them in $25 or $50 bags.” He added, “My dad would get a bag or two, and my brother and I would look through them and check them against our coin folders for the ones we needed. I can remember putting a magnet in the bag to see how many steel cents would stick to it.” After getting his start in Lincoln Cents he moved on to Buffalo Nickels. “The first coin I bought was a 1938 Buffalo Nickel from a kid on my baseball team for 15 cents.” But even by then he had his eye on commemoratives. “As a kid I had looked at pics of commems in the Red Book [A Guide Book of

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United States Coins] but never really understood them. I did think that they were neat looking.” He built his commemorative collection over the years that followed, purchasing a Stone Mountain Half Dollar around the year 2000 that eventually graded PO01. He continued building his collection, finally entering his 50-piece commemorative set in the PCGS Set Registry in 2004. “At that time there were no lowball categories for them.” He recalled a handful of other collectors that owned lowball commemoratives and he reached out to them. “No one was close to finishing a set. That became my goal.”

Pocketpiece Commemoratives’ 1925 Stone Mountain Half Dollar was the first entry in his set and grades PO01. Courtesy of PCGS.

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COLLECTOR SPOTLIGHT – POCK E TPIECE COMMEMOR ATIVES

Pocketpiece Commemoratives has several sets, though his complete 50-piece Not Mint to Be set recently garnered a PCGS Set Registry Hall of Fame honor. It was a challenging set that took many years to build and much camaraderie with fellow collectors searching for this piece or that. “The Cincinnati and Columbia Half Dollars were difficult to find,” he recalled of two coins grading VF20 and VG08, respectively – extremely low grades for their issues. “Three of my favorites are my FR02 Albany and FR02 Hawaii.” How does a lowball collector build a set around a series of coins that saw virtually no circulation in the general public? “Study the lowball commems in the lowball PCGS Set Registry,” he advised, recommending collectors join the PCGS Forum and learn from other posters. “Study the pictures. Decide if you enjoy a certain look or if you’re going for the lowest grade. Collectors now have a great opportunity to collect commems that are already graded. When you buy a PCGS-graded commem, you know what you have.”

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This 1900 Lafayette Dollar grades PO01 – a crown jewel in the lowball set of Pocketpiece Commemoratives. Courtesy of PCGS. 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.

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YN CORNER

A Love for Proof Lincolns By Tyler Jorgenson

These two Proof Lincoln Cents, a 1953 and 1973-S, are among the top of their class and just two of the many crown jewels in the collection of 16-year-old Tyler Jorgenson. Courtesy of PCGS TrueView. I began collecting coins when I was nine or 10 years old, starting with a 50 State Quarter album that my parents gave me. A couple of years later, I started looking through a Red Book [A Guide Book of United States Coins] to see the incredible designs the United States Mint had produced over the course of many decades. I was extremely fascinated with how coins were produced and what made them so special.

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In 2021, I attended Witter Coin University, where I was able to touch up my grading skills and make many connections with fellow young numismatists. Before Witter U, I was planning on staying a coin collector. But over time, I realized that being a dealer would be an incredible way of sharing my knowledge with others. My current fascination is toned coins, especially toned Proof Lincoln Cents. I was always interested in learning how these coins were able to generate these beautiful colors. I started my business on Instagram in 2021 expecting to make a few connections and sales, but slowly I branched out into buying and selling a variety of coins as a dealer. Toned coins remained my passion, and in 2022 I met one of my mentors who guided me through the ins and outs of this business. He gave me collecting tips and pointed me in the right direction of the best dealers to do business with. I was very lucky to meet him in person last July. Over time, I started collecting and researching toned RB/BN [Red-Brown/ Brown] Proof Lincoln Cents because I was always fascinated about their rarity. One example is the 1953 proof, which is the toughest date for any color for the whole series – especially with the BN designation. I was lucky to be able to purchase this incredible 1953 Lincoln Cent graded PR66BN – a top pop of the series in BN – for my collection. I started doing even more research and found out these coins typically yield a variety of beautiful colors because of the way they were stored in cellophane packaging, with humidity a leading reason these coins often see excellent toning. I was really focused on finding all of the top-pop proof Lincoln Cents for my collection. Recently, another friend of mine offered me a 1973-S Lincoln Cent graded PR68RB, which is the top pop in RB for the date. I was completely overjoyed to find this coin; it exhibits beautifully toned red colors, and the surfaces are flawless. I’ve learned as both a dealer and collector that there are multitudes of potential career paths in numismatics. The great part of this hobby is that there are so many amazing people to meet and so many opportunities that are offered. My goal is to become a PCGS grader or even work for one of the auction houses in the future.

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A plaque at the Shanghai Jewish Refugees Museum honors Ho Feng Shan, a Chinese diplomat stationed in Vienna, Austria, during the late 1930s. The museum’s main synagogue building is in the background. Courtesy of Peter Anthony.

Shelter from the Storm, Written Down By Peter Anthony Birds sing, flowers bloom, and on this spring 2023 day, the streets of Shanghai are filled with a sense of renewal. I ride the subway from People’s Square, in the central part of the city, to Tilanqiao station in the Hongkou District. From there, a short walk past a park leads to the White Horse Tavern. This white (of course!), three-story-tall building is a part of the Shanghai Jewish Refugee Museum. It recreates a social center from the 1940s. The cold drinks it offers on warm days and the hot coffee and tea served on cold ones make it a fine spot to contemplate the times when Shanghai was a beacon of hope in a dark world. Between 1935 and 1945, as fascists brought death and destruction to Jewish communities around Europe, 20,000 or so refugees arrived in Shanghai, most often by boat. Shanghai was the only port in the world that was open to them. On the White Horse Tavern’s lawn, water playfully splishes and splashes against the wall of a circular fountain. A lifesize bronze sculpture of a woman holding an umbrella above a young girl stands in the little pool’s center. This art is the work of Mr. Zhao Qiang, the well-known coin artist who also designed the 2011, 2014, 2015, and 2016 Panda coins. Mr. Zhao used this same image of the woman and child

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The White Horse Tavern is seen here. Courtesy of Peter Anthony.

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on a trio of gold and silver medals he also designed. The set struck at the Shanghai Mint in 2013 includes a five-ounce gold coin (36 minted), a one-ounce gold coin (570 minted), and a one-ounce silver coin (5,773 minted). These popular “Shanghai Memory” medals commemorate the cooperation and victory of the Jewish refugees and their Chinese neighbors in Shanghai.

The one-ounce silver 2013 Shanghai Memory medal. Courtesy of Peter Anthony. As it is still early, I cross the street to browse the museum and wait for Zhao Qiang. Behind an outer wall, a three-story building faces out to the street. This is the old synagogue that is used to this day. Behind it is a courtyard lined by buildings on three sides. These buildings are exhibition spaces. The left one offers excellently displayed artifacts from the occupation era: musical instruments, a wedding dress with photos from the celebration, an artist’s paintbox with examples of his work, letters, a typewriter, and much more. These all help to bring 1940s Hongkou back to life. The Shanghai Jewish Refugee Museum building to the right displays archival photos and newspapers that follow the refugees’ path from persecution in Europe to safety in China. An excellent film explaining the events of this era screens on one wall as Zhao Qiang walks in. It is a joyous moment to greet each other after my long absence. Nearby, on another wall, hangs a portrait of a Chinese diplomat: Ho Feng Shan. Zhao Qiang and I met his daughter, Manli Ho, nine years ago at a dinner where she discussed her father. In 1937, Ho Feng Shan was posted to Vienna, Austria, as the consul-general. As he served there, he observed the rising persecution of his Jewish neighbors by the Nazis. All across the continent, the Jewish population was trapped because countries outside Europe would not allow them in. In July of 1938, an international conference to decide the emigration issue was held. Only one country voted to accept Jewish refugees, the Dominican Republic, which ultimately allowed 800 to settle there.

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China’s border, though, and particularly the port of Shanghai, was open to anyone. What Jewish people in Europe needed was exit visas. On personal principle, Ho began writing visas to anyone who asked. His superiors objected, but Shan persisted. He wrote 1,200 in his first three months as consul-general. Within six months, 2,000 were issued. He sent his own family abroad, too, for their own safety, Manli told us that her father would even visit concentration camps to personally deliver visas and rescue people. One recipient recalled how Ho moved into her family home, claiming the Nazis could not touch the family because of his diplomatic status. When the Nazis shut down his office, Ho rented an apartment nearby and continued to write visas. No one knows how many thousands he wrote in the next two years before he was summoned home. Even as he departed, he handed out life-saving visas through the car window. Most visa holders traveled to Shanghai via the port of Genoa in Italy. There was so much demand that an Italian cruise line set up a seagoing shuttle service to China. Zhao Qiang illustrated this on the obverse of the Shanghai Memory commemorative medals. The ship in the design is Italian, the “Bianco Mano.” Some, though, made it to Shanghai by other routes. A lady once described how she escaped on the last train from Poland through Russia to China. “They bombed the tracks behind us. I watched the explosions from the rear of the train.” Then there is Henry M. He was 95 years old in 2018 when we were introduced in Los Angeles. Seated across a table in a coffee shop/steakhouse he reminisces. A little stooped with age, his spirit and sense of humor are as young as ever. The day outside is filled with sunshine, and the restaurant is crowded with families. “The breakfast buffet is good,” he advises. With a twinkle in his eyes, he regales me with stories. We especially talk about what his life was like in Shanghai 80 years earlier and how he got there. The clatter of cups and plates and the general bustle around us cannot drown out his stories. “It was 1938. From Berlin, we went to Rotterdam, Holland. Rotterdam is a big port. There was a Jewish refugee agency and while we waited to leave my father worked there. It was unpaid, but he got lunch. There was a program that gave $50 to each refugee. My father learned all about these things at work. Together, my parents and I got $150, a fortune in those days. We had almost nothing except for that money. When we left the people there told us, ‘We envy you. You get far away from here.’” Henry pauses, then adds with sadness, “They could have gotten away, but they stayed to help. We know what happened in Holland later.”

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SHELTER FROM THE STORM, WRIT TEN DOWN

Shown are the obverse and reverse of the one-ounce gold 2013 Shanghai Memory medal. Courtesy of Peter Anthony. “In Shanghai, we had our own apartment until 1942. By 1942, we were out of money, except for what I made and the little my parents could earn. We moved to a school that had been bombed. Five buildings survived and there were a thousand people in those five buildings. There was no heat or cooling in there, and around 16 people in a room. It was not a pleasure, but it was not bad, either, when you consider the alternative!” “I worked as a machinist and sometimes did other things and went to night school, too. A workweek for me was 54 hours and sometimes more. My first boss in Shanghai was a German. He was married to a Jewish woman who had been widowed, and he adopted her son. That work lasted for two years until December 1941. He exported goods to the United States and when war broke out in the Pacific, that was the end of his business.” “My second boss was probably the smartest man I ever met. He was totally uneducated — which had nothing to do with intelligence. His wife was very smart, too. He spoke every language a little bit and not one right. He did a lot of business in Shanghai and employed about a dozen of us (in the Jewish camp), mostly teenagers, or a little older. He didn’t pay us very well, but basically, he was alright. He found jobs for us, sometimes outside Hongkou. There were many Russian Jewish in Shanghai, around 4,000 I think, and we did jobs for them. Sometimes, even the Germans hired us, believe it, or not.” “If you could avoid the Japanese, it was the best thing to avoid them. But, my boss was somehow in good with the man in charge of special permits and he got special permits for us. We, ourselves, had nothing to do with the permit office.” P CG S MARKE T RE PORT

“In 1939, when the war broke out in Europe, some of the Jewish refugees in Shanghai wanted to fight the Nazis. These men were in their 20s and they went to the French Concession to enlist. The French put them in the Foreign Legion and sent them to what was then called IndoChina. They didn’t want to be in the Foreign Legion. They had nothing against the Vietnamese, or Laotians. I met some of them after they came back. They fled the Foreign Legion and worked their way back to Shanghai. They could not have done it without Chinese help. They literally hitchhiked back, but without Chinese help, they would have starved to death.” “In the camp (in Hongkou), there was a canteen (where the White Horse Tavern is now). There was a White Horse Tavern, too, somewhere else. It was named after a place in Austria. The Japanese treated it well, although they treated hardly anyone else well. I was told that 'white horse' means good luck in Japanese.” “During the night, we had air raid watch duty in the canteen. It was mostly young men, but also some young women. There was an actor there named Herbert S. He was a well-known actor at one time. If someone would buy him some beers then, for one hour or two hours by moonlight during the air raid, he would tell stories that could fascinate you. There were some stone tables, and we lay down on them and watched the moon and listened to Herbert. As long as you bought him beer, he kept talking. He was really brilliant. That is actually one of my fondest memories of Shanghai.” “I’ll never forget, I think it was on the 17th of July that the Hongkou District of Shanghai was bombed. Mainly it was warehouses that the American planes targeted at night. Then later in the daytime, they came again. You could set your NOV E MB E R - D E CE MB E R 2023 33

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The Peace Hotel (formerly the Cathay Hotel) is shown in the photo background and also appears on the reverse face of the five-ounce gold 2013 Shanghai Memory medal. Courtesy of Peter Anthony. clock by it; we had lunch from 12 to 1, and then there was another hour-long air raid. Usually, they didn’t hit our area — except for one day. Unfortunately, they missed a Japanese radio station and hit the camp and killed around 30 of our people, wounded many others, and knocked down many buildings with people inside.” “(That day) there were four of us; the oldest was 32, and I was about 22. We worked across from the Japanese jail and near a hospital. We were in shock ourselves, but we went toward the blast area. Buildings had collapsed, and we picked up a wounded Chinese man. We went to the Chinese hospital.” “I saw just one man in a white smock and told the others, 'No use leaving anybody here.’ Then I did something really stupid. I said, ‘I know where there is a Japanese clinic. It’s a big clinic, and I am sure it’s different there. Let’s bring him over there.’ None of us thought about what we were doing. That was outside our restricted area.” “I knew the place was close by. We came there and saw barricades around it, and there was one soldier with a rifle guarding the entrance. He saw us coming — four foreigners and a Chinese man — and opened the gate for us.” “Inside, there were wounded people, and the staff was working. We left the man in their care and went out. The same soldier opened the gate for us. If a Japanese officer had seen this, he would have shot the soldier first and then us. 3 4 N OVE MBE R - DE C E MB ER 2 0 2 3

Later, I thought, ‘We could have all gotten killed — and I’m not kidding.'" “When the war in the Pacific broke out, we (the Jewish refugees in Shanghai) and the Chinese were both ruled by a common enemy, Japan, so we already had something in common. I was friendly with the people I worked with, and we trusted each other. I would call them friends, but I didn’t have any private Chinese friends. There were some people who made it into Chinese society. But after that bombing, every Chinese person we met on the street smiled at us.” “You have to look back in life to know who you were. If you don’t write it down, you will never know,” Henry concluded. Coins and medals, like the Shanghai Memory set, are a beautiful and enduring form of “writing it down.” Personally, I am grateful for the opportunity to meet Henry and “write it down” about when China and its people gave refuge to those who needed it.

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.

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COLLECTORS CORNER LISTINGS

1882 $5 Brown Back PCGS Banknote 67 FR. 475 $5,250

1888-O $1 PCGS MS66

1857-S $20 PCGS MS65

1914 $2.50 PCGS MS65+

$1,500

$14,750

$45,000

Auction Highlights By Jaime Hernandez

Selections from the 1888 Proof Set pedigreed to original purchaser John Robert Fletcher. Courtesy of PCGS TrueView.

At PCGS, we are constantly keeping up with numismatic auction results, which serve as a sort of barometer for where the coin and banknote markets are heading. Granted, many times, these auction prices are outliers, but they provide the pricing team with insights into the nuances of the market, and they help collectors understand what some of the best coins and banknotes trade for. Here’s a look at three particularly stunning lots that recently crossed the block. 1888 Proof Set (13 Coins), All PCGS Graded This set includes all 1888 proof coins ranging from the Indian Cent to the Liberty Head Double Eagle and has a provenance tracing all the way back to when it was originally purchased by John Robert Fletcher directly from the Philadelphia Mint. He paid $46 for the set before taking it to England. That’s where the set remained until earlier this year when it was consigned to GreatCollections. The set includes a terrific survey of proof coins from 1888, which include the Liberty Head Double Eagle (PCGS PR64+CAM), Liberty Head Eagle (PCGS PR64+CAM), Liberty Head Half Eagle (PCGS PR64CAM), Three-Dollar (PCGS PR65CAM), Liberty Head Quarter Eagle (PCGS PR65CAM), Gold Dollar (PCGS PR64CAM), Morgan Dollar (PCGS PR65), 3 6 N OVE MBE R - DE C E MB ER 2 0 2 3

Liberty Seated Half Dollar (PCGS PR65), Liberty Seated Quarter (PCGS PR66), Liberty Seated Dime (PCGS PCGS PR65), Liberty Head Nickel (PCGS PR65), Three-Cent Nickel (PCGS PR64), Indian Cent (PCGS PR65RB). The set realized an astonishing $568,125 on May 21, 2023. 1841 Liberty Head Quarter Eagle, PCGS VF35 - Dubbed “Little Princess” This is an intriguing, rare coin in any condition that seldom appears in the market. This issue, dubbed “Little Princess” since the 1950s, is an enigma. The 1841 Annual Report of the Director of the United States Mint makes no mention of the 1841 Quarter Eagles being struck at the Philadelphia Mint that year. However, examples have been known since the 1840s. What makes this issue even more puzzling is that a few proof examples are known, including several others with circulation-strike features believed to have been struck by the same proof dies. Regardless of the status of these coins, the 1841 Quarter Eagle is one of the most desirable and mysterious coins in numismatics. On July 20, 2023, Heritage Auctions offered a PCGS VF35 example that realized $150,000 at auction.

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AU C T I O N H I G H L I G H T S

Six uncirculated 1934A $1,000 notes. Image courtesy of Stack’s Bowers Galleries. 1934A $1,000 FR-2212G – Six Consecutive Banknotes Six uncirculated $1,000 1934A notes from the Chicago District with consecutive serial numbers recently made a splash at auction. All banknotes have also been graded by PCGS with varying grades from Choice Uncirculated 63 to GEM Uncirculated 65PPQ. Not too often do collectors have an opportunity to find six different $1,000 banknotes offered in the same auction, much less the same lot and with consecutive serial numbers. This was definitely a special treat for collectors to see all these banknotes remain together for P CG S MARKE T RE PORT

the better part of a century and be offered at auction as one lot. This group was offered at a Stack’s Bowers Galleries sale in August 2023, where the six-piece lot hammered for $66,000. 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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PCGS AROUND THE WORLD

A Chinese Ultra Rarity By Jay Turner

China Heilungkiang (1896) Pattern Dollar in Brass, PCGS SP60. Courtesy of PCGS. In Chinese numismatics there is a substantial and diverse number of interesting and rare coins. Recently, an incredibly rare piece was submitted to the PCGS office in Paris that became only the second example certified by PCGS. What makes this coin extraordinary is that for the location, it exists only as a pattern. Located in the northwest part of China, Heilongjiang, or on the coin “Heilungkiang,” never established its own mint or issued its own coinage. With the success of Kwangtung coinage, other provinces quickly followed issuing their own coinage for circulation. Mints from other countries also saw the opportunity to make money, by making money, and pursued opportunities to provinces that they could potentially establish coinage manufacturing contracts with or sell machinery and dies to. The Otto Beh Mint in Esslingen, Germany, was one such place that produced sample pattern coinage to offer to provinces they believed might award them business. Heilongjiang was one such province that the Otto Beh Mint produced patterns for around the year 1896. The province would never establish a mint or order coinage through contract, making the few patterns that Otto Beh produced the only coinage from that province. 3 8 N OVE MBE R - DE C E MBER 2 0 2 3

There are several factors that people have pointed out as reasons why the Heilongjiang Province never issued coinage. First is the province being remote, and its geography and limited population did not fit the need for its own coinage program – especially with its proximity to Jilin (Kirin), which produced an abundance of coinage. Others point to historical conflicts such as Russian incursions and influence, and later with the Japanese in the province. Today, very few examples of Otto Beh Mint patterns are known. Those of Heilungkiang stand out for both their rarity and uniqueness of the province. The example submitted to PCGS in Paris is that of the dollar denomination struck in brass and cataloged as LM-585. Graded by PCGS as SP60, the coin has a current PCGS Price Guide value of $200,000 and would likely exceed that number if offered in a public auction. 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.

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Dahlonega Gold Dollars: An Introduction & Overview By Douglas Winter

The 1861-D is a popular Civil War-era issue from the Dahlonega Gold Dollar series. Courtesy of PCGS TrueView. Of the three primary denominations struck at the Dahlonega Mint, the gold dollars have the shortest duration. It is a difficult set to assemble, especially in higher grades. On a coin-by-coin basis, it is the most expensive, with virtually every coin costing at least five figures. Dahlonega gold dollars were made without interruption from 1849 through 1861. A total of 13 issues were made, as compared to the Dahlonega quarter eagles, which had 20 and the half eagles which had 26. Dahlonega gold dollars have been popular with collectors for many years. Unlike the gold dollars from Philadelphia, which were made from 1849 through 1889, the Dahlonega series is short-lived. It is a realistic goal to complete a Dahlonega set, which isn’t the case for their counterparts from Charlotte, which include the excessively rare 1849-C Open Wreath (only four or five exist). The rarest gold dollar from Dahlonega is the popular 1861D, which has an estimated surviving population of 70 to 80. This, of course, means that only 70 to 80 sets can be completed. If the collector is focused on Choice About Uncirculated coins, the likelihood of completing a set is greatly reduced. The rarest

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Dahlonega gold dollar in AU55 and finer is the 1855-D, and fewer than two dozen exist in this range. If the collector has deep pockets (and is ambitious) an uncirculated set is a real challenge as there are no more than four or five legitimately uncirculated 1855-D Gold Dollars currently known.

The 1855-D is a top rarity among gold dollars. Courtesy of PCGS TrueView. The gold dollars from Dahlonega are the epitome of a “collector-driven” series. They hold their value in good markets and bad. If gold spot value dips from $1,800 to $1,500 per

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DAHLONEGA GOLD DOLL ARS: AN INTRODUCTION & OVERVIE W

ounce, a Dahlonega gold dollar doesn’t suddenly lose 30% of its value. Part of their popularity stems from the fact that they are of interest to those of various collecting styles: as a single coin, by type, by year, or as a defined specialty. Using current grading standards (and therefore eliminating collections formed before the advent of third-party grading in the 1980s), I am aware of only two complete sets of Dahlonega gold dollars: Green Pond (put together by me and sold by Heritage Auctions in January 2004), and Duke’s Creek (assembled by Hancock and Harwell and sold en bloc to Austin, Texas, businessman Jeffery Fisher in 2004, and then sold at auction by Heritage Auctions in April 2006). As mentioned above, the great difficulty of completing an uncirculated set of Dahlonega gold dollars is the rarity of the 1855-D. Not far behind is the 1856-D, of which an estimated five to seven exist in MS60 or finer. There are three other gold dollars from Dahlonega that exist in quantities of 10 or lower: the 1850-D, the 1854-D, and the 1860-D, and to this select group of condition rarities, we can add the 1857D, which likely has around 10 (or fewer) currently accounted for in uncirculated.

The 1856-D serves as another extremely challenging coin for those looking to complete a run of Dahlonega gold dollars. Courtesy of PCGS TrueView. There is but a single Dahlonega gold dollar that is somewhat “common” in uncirculated, and this is the 1849-D of which three or four dozen exist; mostly in grades lower than MS63. The next most available dates (listed chronologically) are the 1851-D, 1858-D, 1859-D, and the 1861-D. All four of these are believed to have fewer than two dozen known in uncirculated grades. Any D-mint gold dollar — even the common 1849-D — is very rare in MS63 and extremely rare in MS64. There are still no more than a half dozen Dahlonega gold dollars that are true gems, and this number remains basically unchanged since the last edition of my Dahlonega book was published in 2013. For all 13 dates combined, there are fewer than 200 uncirculated pieces known.

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The 1849-D Gold Dollar is one of the most relatively easy Dahlonega issues to locate from the series. Courtesy of PCGS TrueView. However, compared to quarter eagles and half eagles from this mint, Dahlonega gold dollars have survived on a higher percentage basis when original mintages are taken into consideration. This is because two dates — the 1849-D and the 1861-D — appear to have been saved by North Georgians as souvenirs or curiosities. The small size and relatively low intrinsic value of the gold dollar meant that fewer pieces were melted than the larger, more intrinsically valuable quarter eagles and half eagles. In addition, there were likely a few hoards which existed at one time. As a rule, gold dollars from this mint are likely to be found in higher grades than quarter eagles and half eagles. More than 50% of the known pieces are graded AU50 or finer, and you almost never see any Dahlonega gold dollar in low grades (F12 to VF35). This is simply not the case for the larger issues, as they are seen with some degree of frequency in so-called collector grades. Viewed as a group, the 13 gold dollars from the Dahlonega Mint are the worst-produced series of any United States issues made from 1795 onward. These coins have given the Dahlonega Mint the reputation of producing shoddy coins, and this is true in some instances, but there are a number of quarter eagles and half eagles from this facility which are nearly the equal of a contemporary issue made at the Philadelphia Mint. Certain issues, such as the 1852-D, 1854-D, 1855-D, 1856D, 1860-D, and 1861-D do not exist without irregularities of strike, which range from missing letters to weak dates to excessive clash marks. Other issues are often found on poorly prepared, inferior-quality planchets. Even the finest sets of Dahlonega gold dollars contain numerous coins with “issues.” But the crudeness of these coins is what attracts many collectors. I compare these coins to 18th- and early 19thcentury American Folk Art portraits in which the painter NOV E MB E R - D E CE MB E R 2023 41

DAHLONEGA GOLD DOLL ARS: AN INTRODUCTION & OVERVIE W

Three types of gold dollars were struck, each represented by at least one Dahlonega issue. Courtesy of PCGS TrueView. didn’t understand the fine points of perspective and, as a result, painted undersized or oversized children. Three types of gold dollars were made at the Dahlonega Mint. These are as follows: Type One, Liberty Head: 1849-1854 (six coins total) Type Two, Small Indian Head: 1855 (one coin total) Type Three, Large Indian Head: 1856-1861 (six coins total) The Type One issues are the most common gold dollars from Dahlonega. Of the six dates, the 1849-D is far and away the most available. As many as 30% of the total known Dahlonega dollars are dated 1849-D. This makes sense when one considers that of the approximately 66,948 total struck, 21,588 (or 32.24%) were dated 1849-D. A sizable number exist in uncirculated and, as mentioned above, this is likely due to some being saved as first-year-of-issue souvenirs. The two rarest Type One dollars from this mint are the 1850-D and the 1854-D. Despite a comparatively high mintage of 8,382 (second highest in the Type One series from this mint), the 1850-D is rare in high grades, with fewer than two dozen pieces known grading AU55 or finer. The 1854-D is more of a forgotten rarity as it has been recognized as being a hard issue to locate by many generations of collectors, but it isn’t widely recognized today. As with all the other branch mint Type Two gold dollars, the 1855-D is a popular one-year type. It is the rarest Dahlonega gold dollar in high grades. Most are seen with poor strikes, and the small number known, which show a full, clear date, are very rare and typically sell for premium prices. The six different Type Three issues were made from 1856

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through 1861. This type includes some of the most common and the rarest gold dollars from Dahlonega. The two most available dates are the 1858-D and 1859-D. The rarest are the 1856-D, 1860-D, and the popular 1861-D. The 1856-D and the 1860-D are not as rare as once believed, but they are both extremely rare in uncirculated, with around a half dozen known of each issue. The 1857-D is underrated, and it is also quite rare in uncirculated, although not as much so as the 1856-D and the 1860-D. The 1861-D is the only American coin of which every example is known to have been made by the Confederacy after they seized the Dahlonega Mint in April 1861. This issue is extremely popular, and it is overvalued in relation to issues such as the 1856-D and the 1860-D. However, the 1861-D has multiple levels of demand, and this makes it very popular with a large number of collectors. This includes people who will never buy another coin from Dahlonega other than an 1861-D Dollar. Most collectors attempt to assemble a full set of 13 dollars from this mint. There are other less-expensive ways to tackle this project. A three-coin type set would consist of one each of the three types discussed above. The cost of the 1855-D will make up a large percentage of the cost of such a set, and I suggest that the collector not skimp on a low-end example as is tempting to do. A collector might assemble a “first year/last year of issue” set, which consists of the 1849-D and the 1861-D. Again, the bulk of the cost of such a set would be one coin; in this case the 1861-D. 1854 was the sole year in which every denomination struck at this mint was produced. A neat set would consist of four

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DAHLONEGA GOLD DOLL ARS: AN INTRODUCTION & OVERVIE W

The 1854-D Gold Dollar is seen here in a complete set of Dahlonega gold coinage from the year. Courtesy of PCGS TrueView. coins: the 1854-D Dollar, Quarter Eagle, Three Dollar, and Half Eagle. This set will be expensive, especially if the coins are purchased in AU55 and higher grades. Finally, the collector can view the entire Dahlonega gold dollar set as a single entity and purchase one nice coin as a type representative. Dahlonega gold dollars have proven to be very popular over the years, and I believe that we will see continued price appreciation for choice coins with natural color and above-average surface preservation.

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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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PROFE S SIONAL COIN GR ADING SERV ICE

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.

P C G S C O I N G R A D I N G S TA N DA R D S Regular Strikes For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which 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

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C omponent s of Mint St ate Gr ading Strike The completeness/incompleteness of a coin’s intended detail when originally struck. Luster The strength and pattern of light reflected off a coin. Surface Preservation The condition of the surface of a coin, notably marks and/or scratches. Eye Appeal The element that “grabs” the viewer. The overall look of a coin. Often manifested as “toning.”

luster and eye appeal must be good. A PCGS MS64 will have some marks and/or abrasions, and they may be significant. The strike and eye appeal should be average or above and must not be negative. Luster may be somewhat subdued. A PCGS MS63 will have marks and abrasions that are moderate in number and/or size. Strike may not be full and eye appeal can be slightly negative. Luster may be somewhat dull. A PCGS MS62 will have no wear on high points. There may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull. A PCGS MS61 will have no wear on the high points. There may be multiple heavy marks and abrasions. Strike may not be full, luster may be dull, and/or eye appeal may be negative.

A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative. A PCGS AU58 will show full detail with minor friction on only the highest points. A PCGS AU55 will show full detail with friction on less than 1/2 of the surface, mainly on the high points. A PCGS AU53 will show full detail with friction on 1/2 or more of the surface. There may be a very slight flatness on high points. A PCGS AU50 will show full detail with friction over most of the surface and slight flatness on high points. XF45 Detail is complete with most high points slightly flat. XF40 Detail is complete with some high points flat. VF35 Detail is 80 to 85% complete. VF30 Detail is 70 to 80% complete. P CG S MA RKE T R E PO R T

P C G S G R A D I N G S TA N DA R D S

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.

P C G S C O I N D E S I G N AT I O N S Color for Copper Coins (MS60 or better)

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

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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.

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P C G S G R A D I N G S TA N DA R D S

Full Steps for Jefferson Nickels

Full Bands for Roosevelt Dimes

Full Bell Lines for Franklin Half Dollars

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

Full Bands (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 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 for Mercury Dimes

Full Head for Standing Liberty Quarters

Prooﬂike Surfaces

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.

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P C G S G R A D I N G S TA N DA R D S

Prooflike Surfaces

Cameo Proofs

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.

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.

No Grade Coins

PCGS Holder No Grade coins are returned to the submitter with encapsulation. Code Reason 82 Filed Rims 91 Questionable Color 92 Cleaning 93 Planchet Flaw 94 Altered Surfaces 95 Scratches 97 Environmental Damage 98 Damage

No PCGS Holder

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.

No Grade coins are returned to the submitter without encapsulation. Code Reason 83 Peeling Lamination 86 Authenticity Unverifiable 90 Counterfeit 96 No Service 99 PVC Residue

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

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NOTEWORTHY NOTES

Series 1880 $1,000 Legal Tender By Joshua McMorrow-Hernandez

This Series 1880 $1,000 Legal Tender note took $252,000 in an August Stack’s Bowers Galleries sale. Courtesy of PCGS. In our Noteworthy Notes column, we usually cover an astounding note that recently came through the grading room. This time, we’re going to explore a note that not only was handled by our talented PCGS Banknote team, but that also recently wowed the auction world. The note is unlike anything issued by the Bureau of Engraving and Printing today and is one of the rarest United States issues from the late 19th century. It’s none other than the Series 1880 $1,000 Legal Tender note, which offers only five known specimens today. Cataloged by the Friedberg numbering system as Fr. 187k, this Series 1880 $1,000 bill is a scarcely seen numismatic treasure, with the Smithsonian Institution and Federal Reserve Bank of New York each laying permanent claim to one specimen in their own collections. Just three are presently in the hands of private collectors. One of these privately held specimens, graded Very Fine 25 by PCGS Banknote, garnered an astounding $252,000 at an August Stack’s Bowers Galleries sale. This is certainly one of the highest figures we’ve seen any U.S. note take in a long time, and it marks yet another six-figure fetch for a piece graded by PCGS Banknote, which has had the privilege of examining and grading many of the rarest and most unusual notes on the market today. This elusive relic from 1880 was no exception, with its lacy ornamental flourishes and doily engraving patterns – hallmarks of the Gilded Age. The obverse carries the signatures of Secretary of the Treasury Charles H. Treat and William Tecumseh Vernon, the latter an ordained minister of the African Methodist Episcopal Church

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who served as Register of the Treasury from 1906 through 1911. The red scalloped Treasury seal on the bottom-right corner of the face remains bold. Explorer Christopher Columbus is seated near a globe at the left, with a much larger central portrait of New York Senator DeWitt Clinton anchoring the note. Some may wonder about the incongruence of a 15th-century explorer sharing space with a 19th-century politician on the same banknote. This design had been in use for the Series 1869 and 1878 emissions of the $1,000 Legal Tender note, and they hearken from an era when seemingly unrelated design elements were frequently used on the nation’s currency. Those looking for a connection between Columbus and Clinton might not look much past the fact that both have surnames starting with the letter “C.” However, a more scholarly deep dive reveals Columbus embarked on transatlantic exploration while Clinton advocated for the construction of the Erie Canal, creating an efficient passage from the Great Lakes to the Atlantic. Collectors of United States banknotes don’t necessarily need to validate the relevant connections between Columbus and Clinton, both significant names in Atlantic-basin history, to understand the importance of this Series 1880 $1,000 Legal Tender note. It’s a rarity of eminence and prestige unmatched. But, perhaps making this particular specimen even more special is that it was only recently discovered, proving to even the most jaded collectors that real treasures are still out there, just waiting to be found.

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.

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STACK’S BOWERS GALLERIES Fr. 1132-I. 1918 $500 Federal Reserve Note. Minneapolis. PCGS Banknote About Uncirculated 50.

REALIZED: $50,400

CONSIGN NOW!

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

REALIZED: $22,200

Always Buying and Selling! Contact Peter or Aris to consign your U.S. and World paper money today.

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

Fr. 2200-G. 1928 $500 Federal Reserve Note. Chicago. PCGS Banknote Superb Gem Uncirculated 67 PPQ.

REALIZED: $31,200

Peter A. Treglia

Director of Currency PTreglia@StacksBowers.com

Aris Maragoudakis

REALIZED: $385,500

Director of World Currency Auctions Aris@StacksBowers.com

800.458.4646 West Coast • 800.566.2580 East Coast • Consign@StacksBowers.com • www.StacksBowers.com

BUYING * SELLING

ALL U.S. COINS Colton Merrill - Owner 702-767-9841 Colton@MerrillCoins.com Instagram: MerrillCoins

Visit MerrillCoins.com R A R E C OI N MARKE T RE P OR T

NOV E MB E R - D E CE MB E R 2023 49

PCGS COIN OF THE ISSUE

The Eliasberg 1855 Proof Kellogg $50 Gold By Joshua McMorrow-Hernandez

When James W. Marshall first found gold at Sutter’s Mill in Coloma, California, on January 24, 1848, a fervor swept through the land, drawing some 300,000 people from throughout the United States and even from overseas. The Gold Rush helped spur the creation of California as a state in 1850, and it led to a population boom that far exceeded anything the supply of federal coinage could service during those prosperous times on the frontier. Assayers established offices throughout the bustling pioneer towns, where gold was deposited, refined, and manufactured into ingots, slugs, and tokens bearing face values. Gold became the currency of the West, and the myriad of privately struck pieces filled a major void created by a shortage of federally struck coins from the United States Mint. Today, the catalog of California gold reads like a Who’s Who of assay firms. One of the most familiar is that of Kellogg & Co. Founded by John G. Kellogg, a true ‘49er who ventured from Auburn, New York, to San Francisco in October 1849, Kellogg & Co., issued large-denomination gold coinage that remains one of the hottest collectibles today among California territorial and private mintings. The heftiest by far is a $50 gold coin, a rare treasure of which there are just 14 specimens known. A specimen graded PCGS PR63DCAM traces its provenance back to the collector’s collector himself, Louis E. Eliasberg, Sr., a 20th-century Baltimore numismatist whose collection was once deemed the most complete of its kind, even ranking as a major feature in a 1953 issue of Life magazine. Coins tracing back to his legendary collection garner premiums not just because of the person who once owned them but also because Eliasberg knew quality – he demanded it. In his 1855 Proof Kellogg $50 slug, an Eliasberg family favorite, quality shines in the strike, the color, and the overall eye appeal of this landmark rarity from one of the most famous American collections.

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1855 Proof Kellogg $50, PCGS PR63DCAM. Courtesy of PCGS TrueView “It has been a personal pleasure and honor to work with Richard Eliasberg in the presentation of the Louis E. Eliasberg, Sr. Collection over the years,” said Stack's Bowers Galleries' Executive Vice President Christine Karstedt. “Once again, this famous name comes to the forefront as we bring another of Mr. Eliasberg's spectacular rarities to auction in November 2023 with our Whitman Baltimore Winter Expo auction. Fittingly nicknamed the ‘King of Territorial Gold,’ this 1855 Kellogg & Co. $50 came into the Eliasberg Collection directly from the John H. Clapp Collection and has remained in the family ever since.” Karstedt added, “It’s bittersweet seeing the last handful of items from such a monumental collection come to market, but I look forward to shaking the hand of the next caretaker of such a significant piece of history.”

P CG S MA RKE T R E PO R T

Louis E. Eliasberg, Sr. Highlights To Cross the Block

A handful of rarities from the collection of Louis E. Eliasberg, Sr., retained or reacquired by the family as personal favorites, will command attention in upcoming Stack’s Bowers Galleries auction events. Iconic issues like the Proof Kellogg & Co. $50 gold piece and a British Una and the Lion Pattern 5 Pounds will create quite a stir when presented to today’s collectors. Several U.S. rarities will be offered in our November 2023 Whitman Winter Expo Auction and world coin highlights will cross the block in our January 2024 NYINC auction. A small number of additional pieces will be offered alongside these rarities. Make your plans to participate today!

Undated (ca. 1616) Sommer Islands Sixpence. Large Portholes. EF-45 (PCGS). Historic Hogge Money Rarity. Superbly Detailed.

Undated (1907) Baker City, Oregon 2-Ounce Gold "Coin" or "Slug". Genuine (PCGS). Estimated Distribution: 100 Pieces. One of Only Two Seen by Q. David Bowers.

1853-O Half Dollar. No Arrows or Rays. Fine-12 (PCGS). Landmark Rarity with Only Four Known. A e Mehl-Williams-Eliasberg Specimen.

1855 Kellogg & Co. $50. Proof-63 Cameo (PCGS). CMQ-X. “King of Territorial Gold.” Retained by Augustus Humbert Until His Death in 1873.

1860 Clark, Gruber & Co. $20. AU-55 (PCGS). CMQ-X. OGH. A e Legendary “Mountain Twenty.”

GERMAN NEW GUINEA. 20 Mark, 1895-A. Berlin Mint. Wilhelm II. Proof-66 Deep Cameo (PCGS).

800.458.4646 (CA) 800.522.5280 (NY) StacksBowers.com Info@StacksBowers.com

GREAT BRITAIN. Gold “Una and the Lion” 5 Pound Pattern, 1839. London Mint. Victoria. Proof-63 Deep Cameo (PCGS).

LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM 1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 • 949.253.0916 • Info@StacksBowers.com 470 Park Ave., New York, NY 10022 • 212.582.2580 • NYC@stacksbowers.com 84 State St. (at 22 Merchants Row), Boston, MA 02109 • 617.843.8343 • Boston@StacksBowers.com 1735 Market St. (18th & JFK), Philadelphia, PA 19103 • 267.609.1804 • Philly@StacksBowers.com

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FROM THE PCGS GRADING ROOM

Nuances in Grading the Classics By Kyle Knapp

1652 Pine Tree Shilling, PCGS XF40. Courtesy of PCGS TrueView. Grading is, by nature, a comparative endeavor. Coins are not simply matched to an abstract standard in a vacuum, but rather, evaluated in the context of the known population for each issue. The large mintages of United States coinage beginning in the mid-19th century fortunately provide us with sizable surviving populations that have been iteratively subdivided over time. This started with the broad verbal descriptions common in late-19th-century and early 20th-century auction catalogs, ultimately reaching today’s relatively precise 70-point grading scale. Long-term consistencies in production inputs and quality control at the United States Mint have made many grade-determining criteria generalizable across various series and even denominations. For example, an MS64 Morgan Dollar has many recognizable consistencies with an MS64 Franklin Half Dollar. However, unofficial, privately made, or nonstandard coinages don’t adhere to such rules. Often produced under ad-hoc conditions with less precise equipment and less demanding quality-control standards, the primary determinants of the grade or desirability of such pieces are often factors not considered in modern United States coinage. This article considers a few famous examples of such coinages P CG S MARKE T RE PORT

and examines the special consideration that must be given when grading them. While a modern coin struck off-center is an anomaly that often comes with an additional premium as a mint error, coins made prior to the widespread use of collars in the minting process are far more desirable when well-centered, as the Pine Tree shilling pictured here is. The crude minting techniques during the colonial era meant many of these were struck imperfectly, often with portions of the famous legends missing. While slight centering deviations may not reduce the grade of a coin, they can impact market value.

1785 Vermont Copper, PCGS XF45. Courtesy of PCGS TrueView. NOV E MB E R - D E CE MB E R 2023 53

FROM THE PCGS GR ADING ROOM — NUANCES IN GR ADING THE CL AS SIC S

Manufacturing or procuring high-quality planchets was nearly always a point of difficulty for early coiners, a frequent solution to which was the overstriking of less desirable or heavily circulated pieces into newer, more valuable forms. These struggles continued to plague the early United States Mint, with many planchets being imported from Great Britain in the early years. Some colonial issues, the Vermont and Connecticut state coppers and Fugio Cents chief among them, are nearly always found with varying degrees of planchet problems, such as laminations, inclusions, splits, or cracks. Coins on choice planchets without such imperfections, like the landscape Vermont pictured here, are highly coveted and will trade at a premium.

1849 Moffat & Co $5, PCGS MS64. Courtesy of PCGS TrueView.

1849 Liberty Head Half Eagle, PCGS MS61. Courtesy of PCGS TrueView.

1818 Texas Jola, PCGS AU50. Courtesy of PCGS TrueView. In addition to the rough circumstances of manufacture, the archaeological context of a coin’s life after striking often impacts the factors that become most important in grade determination. The 1818 Texas Half-Reales or “Jolas” are a prime example. The entirety of the known population exhibits signs of environmental deterioration consistent with ground deposition, including discoloration, rough or porous surfaces, and crude edges. While none will exhibit full mint luster after enduring such a life cycle, the most desirable pieces will be those with a smooth, even coloration, good centering, and a minimum of surface deposits. The imaged example is a choice one!

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This 1849 Moffat & Company Eagle emulates the contemporary federal design for the equivalent denomination but is less refined in its execution. Note the broad hair strands and pebbled fields. Despite appearing to have less definition in the highest points of the portrait as compared to the 1849 United States Mint issue also pictured, this is a fully uncirculated example and is exceptional as such. Correct grading requires consideration of the circumstances of manufacture and distribution, and must conform to both the initial product and survival state of the issue being considered. Informed, realistic expectations of the extant quality ranges will lead to a greater understanding and appreciation of the idiosyncrasies of the arguably more charismatic, if less standard, unofficial and early series.

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.

P CG S MA RKE T R E PO R T

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MARKET MATTERS

Higher Prices for Circulated Premium-Quality Vintage Coins By Mark Ferguson

This 1877-S Liberty Seated Half Dollar is graded PCGS AU58 and represents the kind of high-end circulated vintage coin that can garner huge premiums in a sale. Courtesy of PCGS TrueView. Typically, when we talk about eye appeal, we think of Mint State coins. We consider a coin’s luster, strike, toning, and contact marks – or lack thereof. But we can consider similar attributes for circulated vintage coins as well. In reviewing auction prices, as the PCGS Price Guide team does every day, I’ve been seeing more and more circulated vintage coins with great eye appeal sell for premium prices. “Vintage” U.S. coins are generally considered to be those coins that predate modern-era coins. Many consider U.S. coins issued after the removal of silver from our coinage during the mid-1960s to be modern-era coinage. Just as with Mint State coins, beautiful toning is often found on circulated coins. It could be colorful peripheral toning that developed from a circulated coin resting in an album, toning over the surfaces of a coin, likely from a paper envelope, or some other form of toning that’s attractive looking. Conversely, blotchy, spotted, dark, or uneven toning can be a turnoff, resulting in such a coin selling at a discounted price. Another form of toning on a circulated coin could be its “surface dirt,” if you will. A coin grading Very Good or Very Fine, for example, can be worthy of a premium price if its surface dirt is evenly distributed and the coin has an overall pleasing look without distractions. Imperfections may include a light cleaning, light scratches, spots, contact marks, rim dings, and the like.

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“Premium-quality” circulated coins are actually quite scarce. Building a collection of same-grade, premium-quality circulated coins with a consistent look is a feat that may take years to accomplish. Such a feat may be impractical, though, for many series that are large. Consider Liberty Seated Half Dollars, for example. The series was issued from 1839 to 1891, making it a tough slog to find and acquire examples of each issue with a similar look. Even building a matched, circulated type set of the six design types of Liberty Seated Half Dollars can be challenging. As coin prices have risen overall, a greater number of circulated coins have been appearing in major auctions compared to sales conducted a few years ago. This phenomenon is indicative of collecting trends… Higher prices have forced many collectors to build sets of circulated coins rather than higher-priced Mint State coins. The growing popularity of Everyman Collections in the PCGS Set Registry reflects this trend as well. It stands to reason that PCGS-graded circulated coins should trade at higher prices than ungraded “raw” coins. Grading and encapsulation open up more opportunities. Graded circulated coins can be included in the PCGS Set Registry, buyers have more confidence in their grades, and PCGS-graded coins are more liquid than raw coins. One interesting area of circulated coinage is the top grade: AU58. Coins at this grade level possess the bare minimum amount of circulation wear – minor friction on their high points. AU58 coins can often be more eye-appealing than higher-grade MS60 and MS61 coins, which can be heavily abraded with contact marks. For years, the market has seen countless PCGS-graded AU58 and AU58+ coins sell for premium prices, often exceeding prices for low-grade Mint State coins. A good example of a PCGS-graded AU58 coin that sold at a premium price is an 1877-S Half Dollar that brought $625 in April 2023. The coin has full brilliance and luster, resembling a Mint State coin. This coin compares to two PCGS-graded AU58 examples: an 1876-S Half Dollar that brought $408, also in April 2023, and an 1875-S Half Dollar that sold for $336 in March 2023. The latter two coins are lightly toned and the 1875-S has a few very light abrasions in its obverse field. P CG S MA RKE T R E PO R T

MARK E T MAT TERS – HIGHER PRICES FOR CIRCUL ATED PREMIUM - QUALIT Y VINTAGE COINS

Another example of a circulated coin selling for a substantial premium for its eye appeal is a PCGS-graded XF45 1856 Half Dollar that brought $384 in July 2023. The coin possesses multi-colored toning on both sides. This coin compares to another PCGS-graded 1856 Half Dollar that brought $181 in May 2023, a PCGS-graded XF45 1859-O Half Dollar that brought $210 in April 2023, and a PCGS-graded XF45 1858O Half Dollar that sold for $192 in March 2023. The three lesser-priced coins possess slightly dark or blotchy toning. As illustrated by these examples, when building a collection of circulated vintage coins, being patient and carefully selecting the coins could pay off handsomely when it’s time to sell. Those who buy the first coin they need to fill a hole in a collection without much consideration as to eye-appeal will be less fortunate. Being realistic, it’s less likely that premium prices will be realized when selling “raw” circulated vintage coins than coins that have been graded and encapsulated. Let’s face it, there are lots of collectors and dealers in the market who will only

P CG S MARKE T RE PORT

consider buying graded and encapsulated coins. So, if you have sets of circulated vintage coins that you’re thinking of selling at some time in the future, it might be time to prepare by dusting off their albums and evaluating whether to submit the coins for PCGS grading. Study your circulated coins to determine whether some of them are premium-quality. Look for coins with strong eye appeal that stand out from the rest – those with attractive toning, pleasingly dispersed “surface dirt,” and any other special characteristics that lean toward premium quality for the grade.

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.

NOV E MB E R - D E CE MB E R 2023 57

5 8 MARC H - APRI L 2023

P CG S MA RKE T R E PO R T

Join Us for Onsite Authentication & Grading for Coins at the Florida United Numismatists Convention! Please Call Ahead if Submitting World Coins. Accepting Take-Home Banknote Submissions.

Thursday, January 4 - Sunday, January 7, 2024 | Booth #1207

See our show page for available services at PCGS.com/Shows.

Market Movers & Shakers By Jaime Hernandez

The 1957 Washington Quarter in PCGS PR69DCAM is one of the top movers and shakers in the PCGS Price Guide right now. Courtesy of PCGS TrueView.

DESCRIPTION

GRADE

TODAY'S PRICE

PRICE 3 MONTHS AGO

GAIN

% CHANGE

1955 Lincoln Cent, DCAM

PR69DCAM

$51,000

$14,000

$37,000

264%

1958 Lincoln Cent, DCAM

PR69DCAM

$51,000

$15,000

$36,000

240%

1957 Washington Quarter, DCAM

PR69DCAM

$12,500

$5,250

$7,250

138%

1966 Kennedy Half Dollar, SMS

SP68+

$1,000

$675

$325

48%

2012-S American Silver Eagle Rev PR 75th Anniversary San Francisco Mint Set

PR69

$110

$82

$28

34%

1944-D Jefferson Nickel

MS67+

$215

$160

$55

34%

1992-D Kennedy Half Dollar

MS67

$100

$75

$25

33%

2022-D 50C National Purple Heart Hall of Honor MS

MS70

$120

$90

$30

33%

2016-S Kennedy Half Dollar Silver, DCAM

PR70DCAM

$150

$115

$35

30%

2012-D Native American Dollar, Position A

MS68

$200

$160

$40

25%

At PCGS, we constantly track market pricing for all regular-issue U.S. coins. One way we do this is by updating the PCGS Price Guide by reviewing auction prices realized and other transactions in the market. The PCGS Price Guide tracks coin prices daily, weekly, monthly, and even yearly. This way, coin collectors and visitors to the PCGS Price Guide can 6 0 N OVE MBE R - DE C E MB ER 2 0 2 3

get a general idea of how certain coin prices have historically performed in the market. Let’s highlight 10 coins that have performed particularly well over the past three months. We will also discuss and analyze the three biggest gainers in detail. The first coin on the gainers list is a 1955 Lincoln Cent P CG S MA RKE T R E PO R T

MARKET MOVERS & SHAKERS

in PCGS PR69DCAM. The coin has a population of 1 at PCGS, with none being graded higher. Previously, the PCGS Price Guide listed the retail price of this coin at $14,000, a conservative estimate when initially pricing the coin on the PCGS Price Guide given an example at that grade had never sold at public auction. However, an example was recently sold at a Stack's Bowers Galleries in June 2023 and fervent bidding led the specimen to an impressive hammer price of $50,400. A subsequent price increase on the PCGS Price Guide followed to reflect the current market for the coin. Another Proof Lincoln Cent makes this list, this time in the form of a 1958 Lincoln Cent graded PCGS PR69DCAM. The 1958 PR69DCAM Lincoln Cent also has a population of 1 with none being graded higher at PCGS. The coin is spectacular, with its sharp strike and beautiful, clean surfaces. The PCGS Price Guide previously had this coin listed at $15,000 in PCGS PR69DCAM. And in June 2023, Stack’s Bowers Galleries sold this example at auction for $51,000 – a $36,000 increase over the PCGS Price Guide value. The third coin on the list is a 1957 Washington Quarter graded PCGS PR69DCAM. This coin was also sold at

Stack’s Bowers Galleries on the same day that the first two aforementioned coins crossed the block. Each of these three coins is very special, since mid-century U.S. proof coins exhibiting cameo or deep cameo contrast are very scarce – even rare. Additionally, coins with cameo or deep cameo designation from the 1950s usually indicate they were struck from freshly polished dies. There were many other coins in the PCGS Price Guide’s best gainers list. To see more of the coin market’s biggest gainers and losers, please visit the PCGS Price Guide; check under Price Changes, and it will show you the biggest Gainers and Losers going all the way back to 10 years. And, who knows? Maybe in the next installment of this column, some of your coins will make the Market Movers and Shakers! 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

earlycents.com Early American Coppers

Specializing in Half Cent & Large Cents

Chris McCawley with Lucas Baldridge and Travis Hollon

CHRIS VICTOR MCCAWLEY EARLYCENTS.com stores.ebay.com/friscomint P CG S MARKE T RE PORT

“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

P.O. Box 6400 • Austin, TX 78762 405-226-5072 • cmccawley@aol.com ebay - friscomint@live.com NOV E MB E R - D E CE MB E R 2023 61

COIN MARKET FUNDAMENTALS

The Gold Exercise By Vic Bozarth

What’s the better investment play? Buying classic Liberty Head or Saint-Gaudens Double Eagles in the lower Mint State grades or high-end modern bullion pieces such as gold American Eagles or Canadian Maple Leafs? Courtesy of PCGS TrueView. I’ve written about focusing on value when buying rare coins, but what do I mean by “value”? Recently my colleague Mark Ferguson wrote an excellent Market Matters article entitled “Collecting Coins for Investment.” Two of the most important points Mark makes are that you as a collector should focus on “what coins will collectors be seeking in the future” and “invest in the coins you like to collect.” The coins most often sought by collectors of the past, the present, and (most often) the future are classic rarities with underlying demand and scarcity. In general terms, there’s a reason collectors in years past found certain coins most fascinating. Is it any wonder many of those coins are the most sought-after today? Sure, trends change, but beauty is eternal. 6 2 N OVE MBE R - DE C E MB ER 2 0 2 3

If you can find something you like to collect that holds proven market value, that is “icing on the cake!” Let me explain proven market value. The difference between a readily saleable coin and a collectible coin with little actual value almost always comes down to supply and demand. Indeed, the supply and demand curve some of us remember from economics courses can be applied to virtually any market or commodity. Oftentimes a coin with a great story doesn’t actually hold any value. They might have a great story and look different from our coins today, but do they hold any value? Let me throw a Texas analogy at you: all hat and no cattle. You get my point. Lots of people look like cattle folks, but few actually have manure on their boots. P CG S MA RKE T R E PO R T

C O I N M A R K E T F U N DA M E N TA L S — T H E G O L D E X E R C I S E

Don’t get bamboozled by the sales pitch. Having been around rare coins for all of my adult life, I’ve encountered hundreds of coin stories over the decades. Everyone wants to believe they’ve struck it rich. I still buy a lottery ticket when the jackpot gets way up there, too. There’s nothing wrong in hoping for the best as long as you are not deluding yourself. Folks get dug in on their bad decisions. It’s just human nature. One of the hardest things for a collector to do is to take a loss on a bad purchase. Let me tell you something: dealers don’t like it either. Losing money is crummy, but sometimes taking a loss or trading into something else is your best option. Sure, hope springs eternal, but… I’m very fortunate to have survived numerous numismatic market lessons. Some were pleasant, some were not. Regardless, I’ve profited from both numismatic knowledge and numismatic markets. The difference is my numismatic knowledge nearly always proved profitable, yet markets are in no one’s control, and I’ve had to cut my losses more than once. My point is to avoid any hype and focus on value. Plus focusing on value in this market leads me to an exercise I like, one that wasn’t always easy and is based on economic factors and our numismatic and bullion markets. I really like numismatic gold and silver coins with unappreciated numismatic value overshadowed by their bullion value. Buying, selling, or trading PCGS-graded classic gold coins has never been more efficient. And, because of the vast amount of PCGS-graded gold American Eagles, Canadian Maple Leafs, etc. that have been graded in the last several decades, the movement back and forth (in PCGS holders) has never been easier. Frankly, because of the difficulty and potential hazards of trading raw numismatic or bullion gold for nondealers in the past, I wouldn’t have mentioned this method of “building ounces” to collectors. Another choice you will have to make as a collector or investor is whether you decide to limit your premium over bullion value on your numismatic-related items. While you will always have to pay some premium over the melt value of any numismatic or bullion item, the percentage should be based on value. Bullion-related gold products, often produced more recently, shouldn’t warrant large premiums over the melt value. A modest premium is appropriate, but it must represent good value based on the current market. Numismatic-related items that trade near their bullion melt values generally have premiums based on their grade. The lower the grade, the lower the premium over melt, and the higher the premium over melt, the more numismatic value and higher the price. Now, let’s consider classic Liberty Head P CG S MARKE T RE PORT

or Saint-Gaudens Double Eagles, which contain .9675 ounces of gold. No, they're not quite one-ounce gold coins, but they are classic U.S. gold coins and hold amazing value in two forms, both numismatic and bullion. Liberty Head and Saint-Gaudens Double Eagles graded by PCGS in MS61, MS62, or MS63 trade for modest premiums over their melt value. The premiums increase as the grade goes up. Depending on the premium and appetite for numismatic gold, you may like MS64 Saint-Gaudens Double Eagles as well. You have to decide the degree of numismatic versus bullion “play” you are willing to make when choosing the grade of purchase. If you are looking for a more aggressive numismatic play, you will choose a higher grade, which carries a higher premium over the melt value but might afford you a bigger numismatic premium in the future. The choices are up to you. Conversely, modern bullion-related gold coins are of exceptionally high quality in general terms. These coins were produced with modern technology and their quality should be excellent. If your goal is bullion-related value, focus on bullion coins in MS/PR69 or better. Avoid paying too large a premium for MS/PR70 bullion coins if your focus is a bullion-related value play. Will you recoup that premium over the melt value when you sell or trade that item? The whole point of this argument is you have both a numismatic and bullion play when you buy PCGS-graded classic $20 gold coins without a huge premium over their melt value. Depending on the market conditions, if a trade into bullion gold from your numismatic gold is warranted in the future, PCGS-graded bullion coins are readily available in many forms. Regardless of whether you want rare coins or bullion, choose PCGS-graded products for your own investment security. The overall goal of this exercise, as explained to me by an “old-timer,” was to build net ounces of gold in your portfolio over time, taking advantage of the market for each form regardless of whether they happened to be classic double eagles or gold American Eagles. Sounds like good value to me!

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.

NOV E MB E R - D E CE MB E R 2023 63

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PCGS SHOW SCHEDULE NOVEMBER 2023

FEBRUARY 2024

November 9 - 11

February 1 - 3

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

Long Beach Expo: The Collectibles Show Onsite Grading Long Beach Convention Center Long Beach, California

DECEMBER 2023

February 28 - March 2

December 5 - 9

PCGS Members Only Show Onsite Grading Philadelphia Marriott Downtown Philadelphia, Pennsylvania

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MARCH 2024

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March 14 - 16

January 4 - 7

ANA National Money Show Submissions Only The Broadmoor Colorado Springs, Colorado

Florida United Numismatists Convention Onsite Grading Orange County Convention Center Orlando, Florida January 10 - 13 New York International Numismatic Convention Submissions Only InterContinental New York Barclay New York, New York

March 21 - 23 Whitman Baltimore Spring Expo Submissions Only Baltimore Convention Center Baltimore, Maryland

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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.

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.

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.

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.

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”.

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. 1123

Raeleen Endo Customer Service Director/Owner

GreatCollections Coin Auctions 17500 Red Hill Ave. Suite 160 | Irvine, CA 92614

Phone: 1.800.44.COINS | 1.949.679.4180 Email: info@greatcollections.com | www.GreatCollections.com

Coin, banknote, and sports Meet the Expert sessions

Onsite Grading from PCGS!

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Shop sports cards and TCGs then submit for grading right at the show!

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February 1 - 3, 2024

Calling all collectors! Your one-stop-shop for West Coast Collecting. PCGS Collectors Club members get in free! Show your Collectors Club or Set Registry account at the registration desk to receive your free pass.

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