PMR - 2024 #5 September/October

COLLECTING PRESIDENTIAL ASSAY COMMISSION MEDALS

FRANKENSTEIN COINAGE

A Tribute to Author Mary Shelley

PCGS COIN OF THE ISSUE 1889-CC Morgan Dollar, PCGS MS64

THE WORLD’S LARGEST ENCYCLOPEDIA OF U.S. COINS FITS IN YOUR POCKET

2,580 high-resolution coin photographs for comparisons and grade estimations

Price guide values and population statistics

NFC technology and barcode scanning for instant coin look-up

Real-time updates

1795 Silver Dollar. BB-51, B-14. Rarity-2. Off-Center Bust. EF-45 (PCGS). Gold CAC. CMQ. OGH. Realized: $37,200 CDN: $11,500

PCGS Price Guide: $14,000

1879 Stella. Flowing Hair. Judd-1635, Pollock-1833, JD-1. Rarity-3. Gold. Proof-67 Deep Cameo (PCGS). CMQ. Realized: $840,000 CDN: $575,000

PCGS Price Guide: $825,000

Stacks Bowers Galleries and David Hall, founder of Professional Coin Grading Service (PCGS), have partnered to form Collectible Market Qualified (CMQ), a service that identifies the highest quality graded coins in the market.

Collectors, dealers, and investors can submit coins to be evaluated by David Hall and Greg Roberts, for their quality, eye appeal and grade. Those that meet CMQ’s rigorous standards are recognized as “qualified” and granted a tamper-resistant hologram sticker. CMQ offer two levels of stickers – CMQ (Collectible Market Qualified) and CMQ-X (Collectible Market

1866 Liberty Head Half Eagle. JD-1. Rarity-7-. Proof-65 (PCGS). CAC. OGH. CMQ-X. Realized: $192,000

CDN: $72,000

PCGS Price Guide: $100,000

Qualified Exceptional). Each coin submitted for CMQ review is photographed by Stack’s Bowers Galleries’ award-winning photography department and those images are available in submitters’ online accounts.

SPEAKING OF COINS

MARKET REPORT

A Collectors Universe Company www.PCGS.com

Editor-in-Chief Joshua McMorrow-Hernandez

Director of Advertising & Marketplace Taryn Warrecker

Content Manager Arianna Tortomasi

Lead Designer James Davis

Cover Artist Chris Wilson

Distribution Coordinator Ronald Burnett

Subscriptions:

Single Issue:

$14.95

One-Year Subscription (6 Issues): $79.99

PCGS Market Report is offered as a premium to PCGS Authorized Dealers and PCGS Collectors Club members.

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 2024 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?

For advertising and content inquiries, please email us at PCGSAdvertising@collectors.com.

Think our coin prices are 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!

With the passage of Labor Day weekend, we find ourselves going headlong into autumn. It’s during the months of September and October where, while still squarely footed in 2024, we start looking ahead toward the next year with a certain expectancy. The next months promise a variety of events, both numismatic and on the domestic scene, likely to influence the direction of the hobby and what the opening days of 2025 could bring to the market.

With that in mind, this issue of PCGS Market Report puts the focus on many topics, including a motley crew of coinage that should give Halloween revelers a thrill or two. Josh Scott dives headfirst into the world of skull coins and tokens. Meanwhile, Sanjay C.Gandhi spotlights a British coin featuring Mary Shelley, the author of the 1818 classic The Modern Prometheus or Frankenstein. Yes… That Frankenstein!

But it's not all tricks around here – there are plenty of treats, too! Edward Van Orden surveys the fascinating world of rare and historic Presidential Assay Commission Medals. Peter Anthony unfurls the millennium-old tradition of paper money in China, Dan Huntsinger explores chopmarked coinage, and we meet with Sanjay C. Gandhi again for a tour of the coins of Hong Kong. We'll also learn a thing or two about the coinage of Biafra and Mombasa with Justin Meunier.

We’ll also introduce two people who are passionate about the hobby… Collector Doug Noblet showcases his exceptional collection of Capped Bust Half Dollars and shares why he enjoys the PCGS Set Registry. And we hear from Eva Pate, a 20-year-old numismatist who turned her love for collecting coins into a successful career at Stack’s Bowers Galleries.

You’ll also get the latest scoop on all things market related from our team of numismatic experts whose columns cover a variety of coins, banknotes, and so much more.

Back over here at my desk, I’m sipping my pumpkin spice coffee and taking a gander at my calendar… I hope you’ll circle a few dates as I read them out to you here. First, we have the Long Beach Expo: The Collectibles Show at the Long Beach Convention Center in Southern California from September 5-7. We’ll also have onsite grading there and at the Whitman Expo Baltimore Winter Expo from November 13-16. I hope you’ll say hello to the PCGS team – they’ll be ready to help you protect your coins and maximize their value while saving you time and money via onsite submission opportunities.

Just don’t forget to bring a sweater!

With autumnal wishes,

Joshua McMorrow-Hernandez, PCGS Editor-in-Chief

1839 No Drapery Half Dollar MS62 PCGS

1796 No Stars Quarter Eagle AU50 PCGS

Half Eagle Square Base 2, 13 Stars

PCGS

1795 Flowing Hair Dollar Two Leaves AU55 PCGS

1839 Gobrecht Dollar Judd-104, Name Omitted PR63 PCGS. CAC

1795 Half Eagle Small Eagle, S Over D AU55 PCGS

1839/8 Head of 1838 Eagle Large Letters MS61 PCGS

ON THE COVER

This sensational 1889-CC Morgan Dollar, graded PCGS MS64, is the PCGS Coin of the Issue. Page 6

A Survey of Presidential Assay Commission Medals

Edward Van Orden reveals the exciting world of rare and highly collectible Presidential Assay Commission Medals.

How Singer Warren Zevon Sparked My Interest in Coins from Biafra and Mombasa

Justin Meunier explains how a popular song by music artist Warren Zevon inspired a numismatic journey into Africa.

PCGS Set Registry: Coins of Hong Kong

Take a captivating tour with Sanjay C. Gandhi on the rich and diverse coins of Hong Kong.

A Thousand Years of Folding Money

Peter Anthony unfurls the history behind China’s paper currency.

Collector Spotlight: Doug Noblet

Discover what it is about Capped Bust Half Dollars that PCGS Set Registry member Doug Noblet finds so intriguing.

YN Corner: All in on Numismatics

Meet Eva Pate, a 20-year-old who is building a career at a major numismatic auction house.

Josh Scott explores the haunted corners of coins and tokens bearing skulls, hearts, bones, and other freaky designs.

Mary Shelley: An Electrifying Author Inspired a Shocking Coin

Sanjay C. Gandhi sheds light on the author behind Frankenstein’s horrifying monster, who appears on British coins.

Collecting Chinese Chop-Marked Coins

Dan Huntsinger delves into the fascinating tradition behind ornate markings on certain U.S. coins that circulated in China.

PCGS Market Deep Dive

Market Matters

Market Movers & Shakers

Coin Market Fundamentals

PCGS Grading Standards

Show Schedule & Advertising Index

1889-CC Morgan Dollar, PCGS MS64

By Joshua McMorrow-Hernandez

This resplendent 1889-CC Morgan Dollar, graded PCGS MS64, is a top rarity. As Finest Known, LLC, President Adam Crum says, “[It’s] one of the nicest I’ve seen for the grade.” Courtesy of PCGS TrueView.

Dollar series, sharing this crown with the 1893-S.”

Crum has facilitated transactions involving many of the top Morgan Dollars around, including the finest 1889-CC Morgan Dollar, which is graded PCGS MS68 and took more than $880,000 in its last auction appearance more than a decade ago. “The 1889-CC is the undisputed ‘King of Carson City Morgan Dollars,’ and it is often compared to the 1893S. The finest 1893-S is a lone MS67 that last traded hands at more than $2,000,000.”

The 1889-CC Morgan Dollar specimen featured here is an exceptional MS64 devoid of distracting features. It boasts gorgeous, bright white surfaces and well-struck devices. “[It’s] one of the nicest I’ve seen for the grade,” remarks Crum, who authored Carson City Morgan Dollars, a book now in its fourth edition with a fifth edition due in 2025.

Crum’s firm acquired this lovely 1889-CC Morgan Dollar in 2018 and is now offering it for sale. The coin bills pedigree to the prestigious R. Dier and Arizona Collections, both cabinets known in numismatic circles for housing rarities of unrivaled quality. This offering of the 1889-CC Morgan

Dollar in exquisite MS64 is something not to be missed by PCGS Set Registry collectors aspiring to complete a Morgan Dollar collection of peerless repute.

For more information about the sensational 1889-CC Morgan Dollar featured here, please contact Crum and his team at FinestKnown.com. Those who wish to purchase a copy of Crum’s highly informative 150-page Whitman Publishing book, Carson City Morgan Dollars, are referred to https://finestknown.com/product/carson-city-morgan-dollarsfeaturing-the-coins-of-the-gsa-hoard/.

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.

PCGS COIN OF THE ISSUE — 1889-CC MORGAN DOLLAR, PCGS MS64

The Carson City Mint began operations in 1870 and continued striking coins, many of them Morgan Dollars, through 1893. A public domain image via the Library of Congress.

A Survey of Presidential Assay Commission Medals

By Edward Van Orden

The first president to appear on an Assay Medal was George Washington in 1876 to commemorate the centennial year of American Independence. Courtesy of PCGS TrueView.

these medals were never sold to the general public at the time of their release and were seldom available for purchase during the lifetimes of the recipients.

Issued for 112 non-consecutive years beginning in 1860, renderings of Benjamin Franklin and Alexander Hamilton, as well as 22 different presidents – including George Washington, Abraham Lincoln, and John F. Kennedy – have been featured. Although a completed date set of Assay Commission Medals is yet unknown, a number of comprehensive collections have been assembled over the years by numismatic luminaries such as Wayte Raymond, Virgil Brand, and John Jay Pittman.

The Assay Commission

Since their earliest known usage by the Lydians in the 7th century BCE, guaranteeing the precious metal content of gold and silver coins has been essential to human civilizations. The United States Coinage Act of 1792, which legislated the U.S. Mint and its functions into existence, provided the authorization to test and guarantee its gold and silver coinage according to its defined standards of weight and fineness.

The Assay Commission’s initial ex officio members included the chief justice of the United States and the attorney general, as well as the mint’s director, assayer, and chief coiner, among a few others. Later, the Coinage Act of 1837 allowed for presidential appointments to serve on the commission, among whom were financier (and later comptroller of the currency) John Jay Knox, Jr., and sculptor Augustus Saint-Gaudens. Over time, a number of notable numismatists would serve on the commission, including former American Numismatic Association (ANA) President Farran Zerbe as well as longtime A Guide Book of United States Coins editor and former ANA President Kenneth Bressett.

During the calendar year, a legally set ratio of coins was

United States Mint Director Nellie Tayloe Ross addresses officials on the Assay Commission in 1952. Courtesy of the American Numismatic Association.

randomly selected of every denomination struck from each delivery of gold and silver to each mint facility. These coins were put into a strong, locked “pyx” (from the Greek pyxis, meaning box) until the meeting of the Assay Commission early the following year. This meeting or “Trial of the Pyx'' (modeled after the British tradition of assaying coinage) consisted of commission members counting the coins to ensure the correct amount was received from each mint, weighing them to ensure they met the legal requirements, and supervising the melting to obtain pure samples of the precious metals involved. Once this was achieved, the samples were weighed, measured for fineness, and checked against the legal standards. The findings were then certified, and the commission was adjourned.

Compositions

From 1860 to 1916, the Assay Medals distributed to the commissioners were most often circular and most likely composed of either silver (struck as proofs), copper (more specifically, copper-bronzed, which is copper chemically treated after striking), or yellow bronze (which replaced copper starting in 1902). From 1917 until the final year of the commission in 1977, the majority of issues were struck in yellow bronze, the exceptions being silver in 1960 and 1963 and pewter in 1974, 1976, and 1977.

However, Assay Medals dated between 1867 and 1917 are also known to exist in aluminum, white metal, lead, and possibly nickel (including one in gold made specifically for the ailing President Woodrow Wilson in 1921). These

alternative metals appear to have been used to make die trials, experimental issues, or to fulfill the requests of privileged collectors.

Designs

Assay Medals were struck for the commissions of 1860, 1861, and 1867 through 1977 (except in 1954). The first three issues portray the obverse bust of James B. Longacre’s 1859 pattern half dollar (Judd-237) and a reverse with “ANNUAL ASSAY” and the year within a wreath similar to that of his 1859 Indian Cent. The medals of 1868 through 1875 and 1877, all engraved by William Barber, feature a variety of allegorical designs such as Columbia (a female personification of the United States), Moneta (the Greek mythological protectress of funds), and Archimedes (the Greek polymath hired to test the gold crown made for Hiero II of Syracuse).

Later motifs utilized renderings of the touchstone and fire methods of assaying, Founding Father Benjamin Franklin (which was engraved by John R. Sinnock and later modified for the 1948 half dollar), and the obverse of the Libertas Americana Medal designed by Augustin Dupre in 1782. The first United States Treasury Secretary Alexander Hamilton, whose January 1791 Report of the Establishment of a Mint influenced the creation of the Assay Commission, is honored on the 1957 Assay Medal.

Presidential Assay Medals

The most prevalent motif used throughout the 112-year issuance of Assay Medals is that of the presidents of the United

United States Mint Director Nellie Tayloe Ross (left) looks on as two members of the Assay Commission weigh a coin in 1942. Courtesy of the American Numismatic Association.

States. The first to appear was George Washington in 1876 to commemorate the centennial year of American independence. The 1932 issue also features Washington (and views of Mount Vernon and the first United States Mint) to commemorate the bicentennial of his birth, like the new quarter of the same year. For the 1936 and 1942 medals, Washington is portrayed on the reverse, and Franklin D. Roosevelt is portrayed on the obverse. Yet another rendering of Washington is the 1974 issue adapted from the 1776 Washington Before Boston Medal, arguably the most prized of American medals. In total, he is featured on nine Assay Commission Medals – the most of any president.

Not surprisingly, Thomas Jefferson and Abraham Lincoln have also been honored on Assay Medals. Jefferson’s bust, adapted from John Reich’s 1801 design, is featured on the 1937 and 1961 obverses. The 1950 medal, the obverse of which was engraved by Frank Gasparro, presents Jefferson accompanied by John Jay and Alexander Hamilton and a reverse depicting Independence Hall in Philadelphia.

As for Abraham Lincoln, he appears on two Assay Medals featuring designs previously engraved by George Morgan. The 1943 medal repurposed the obverse bust of Morgan’s 1886 Presidential Medal, whereas the 1959 Assay Medal revisits

Morgan’s 1909 Centennial Medal obverse. Additionally, Lincoln appears on a third medal presented to commissioners, however, it was not an Assay Medal since one was not designed for the 1954 commission. Instead, the regular Lincoln Presidential Medal (which can still be purchased by the U.S. Mint in both silver and bronze) was issued in its place.

The first sitting president to be featured on an Assay Medal was Rutherford B. Hayes in 1880. This tradition would continue for at least one year of every presidency through Gerald R. Ford (including James A. Garfield on the 1882 medal, the year after his assassination). Grover Cleveland, the only president to date to serve non-consecutive terms, is on every Assay Medal issued to the commission from 1886-89 and 1894-97 (which include three of the largest Assay Medals ever issued at 76 millimeters in 1888, 1889, and 1895).

William McKinley also appeared on the Assay Medal for every year of his presidency, including 1901, the year of his assassination. That year, a temporary style change took place with a silver plaquette measuring 40 millimeters by 57 millimeters. All six of Theodore Roosevelt’s medal appearances from 1903 to 1908 were issued in this shape, representing the only president not to appear on a round medal.

In 1910, the Assay Medal resumed its circular shape, albeit

The first Assay Medal to feature a sitting president, Rutherford B. Hayes. Courtesy of PCGS TrueView.

All six of Theodore Roosevelt’s appearances on an Assay Medal are on a silver plaquette measuring 40 millimeters by 57 millimeters. Courtesy of PCGS TrueView.

with a larger diameter of 45 millimeters (the majority of 19thcentury medals measured 33 millimeters). William H. Taft (1910-14) and Calvin Coolidge (1924-29) are represented during every year of their presidencies, and although Franklin D. Roosevelt served 12 years from 1933 to 1945, he would appear on only four (1935, 1936, 1940, and 1942).

A bust of John F. Kennedy as engraved by Gilroy Roberts, who would begin work on the Kennedy Half Dollar days after the president’s untimely death. Courtesy of PCGS TrueView.

John F. Kennedy, who served as the 35th president from 1961 until his assassination in 1963, appeared on an Assay Medal once during his presidency (1962) and once after (1964). Engraved by Gilroy Roberts, who would later begin work on the Kennedy Half Dollar just days after the president’s untimely death, the 1962 Medal portrays President Kennedy in the conventional profile manner on the obverse. The 1964 medal, however, which featured Lyndon B. Johnson on the

obverse, depicts Kennedy in the form of his eponymous half dollar, one of the world’s most popular coins, held in hand in front of various Assay instruments.

Lyndon B. Johnson on the obverse with John F. Kennedy depicted on his eponymous half dollar, one of the world’s most popular coins. Courtesy of PCGS TrueView.

After Johnson appeared one more time in 1965, both Richard M. Nixon and Gerald R. Ford would each appear once in 1969 and 1975, respectively. Although the last Assay Medal was issued in 1977 during President Jimmy Carter’s tenure, he would appear on neither the 1976 nor 1977 medals.

Rarities & Collections

Assay Commission Medals are inherently rare because the number struck was typically limited to the number of people serving on any given commission. Beginning

in 1915, medals presented to those who served included their names engraved on the edge, adding to their individuality. Although there were years between 1896 and 1929 with fiscal records indicating 35 to 50 medals struck, Assay Commissions mostly consisted of 15 to 25 participants.

In all, there are roughly 176 known die combinations across all years and metals that have been identified in private collections and auctions from 1902 to the present. This includes unique specimens that reside with the American Numismatic Society, the Smithsonian, and the Massachusetts Historical Society. Consequently, there may be others that exist but are unknown in any collection at this time.

Although there is not yet known to exist a completed 112-date set of Assay Commission Medals, a number of comprehensive collections have been assembled over the years. John Jay Pittman, during a presentation at the January 1994 Florida United Numismatists Show, proudly stated he owned more than 100. Ernest E. Keusch amassed 141 medals across 96 dates before selling them in 2008. In 2020, Richard Jewell’s 107 medals representing 94 dates went to auction.

Other significant collections of Assay Medals with prestigious pedigrees include those of the Garrett Family; John Jay Knox, Jr.; Comptroller of the Currency (1872-1884); and Charles Barber, chief engraver of the United States Mint from 1879 through 1917. Those of the latter two included the original boxes in which the Assay Medals were distributed.

PCGS Registry Set & Collecting Strategies

The 1989 Token and Medal Society publication Medals of the United States Assay Commission 1860-1977, by Robert W. Julian and the aforementioned Ernest E. Keusch, provides the basis of the classification system used for Assay Medals today. This definitive work includes 123 die combinations and attributes them by Julian Keusch Assay Commission numbers (JK-AC). Based on existing U.S. Mint records, estimated mintages and metal compositions of the officially distributed metals are provided.

There are a number of collecting strategies one can pursue in assembling Assay Commission Medals. The PCGS Set Registry features five of them, one of which requires a specimen of all known collectible medal compositions by date and goes by the title The Complete Set. The Date Set, while not as comprehensive, will nonetheless be unquestionably challenging, as will the Copper and Silver Sets. Even the Aluminum Set, composed of a mere nine dates, may prove daunting.

Other strategies include collecting by president, engraver, or by style (for example, the eight plaquette issues).

Additionally, enthusiasts of any coin series portraying a president (i.e. Washington Quarters, Lincoln Cents, Kennedy Half Dollars, etc.) may enjoy trying to obtain at least one Assay Medal bearing a similar likeness.

The author wishes to thank Roger Burdette and R.W. Julian for making available their extensive primary original research, with special gratitude for the late Ernest E. Keusch and Francis Pessolano-Filos.

Edward Van Orden is a variety expert at PCGS. He is an avid collector guided by his fascination with history, a life member and a California volunteer district representative of the American Numismatic Association, and a member of the American Numismatic Society and the Glendale Coin Club.

How Singer Warren Zevon Sparked My Interest in Coins from Biafra and Mombasa

By Justin Meunier

PCGS PR63DCAM 1969 Gold 10 Pounds Biafra. Courtesy of PCGS TrueView.

PCGS PR65 1959 One Penny Nigeria. Courtesy of PCGS TrueView.

I vividly remember listening to the radio with my dad growing up, usually the oldies station in Rhode Island called B101. Every year in October, they played Halloween novelty songs like “Monster Mash” by Bobby “Boris” Pickett and “Werewolves of London” by Warren Zevon. I remember replicating the werewolf howl from Zevon’s song as we drove from neighborhood to neighborhood one Halloween, my brothers and I dressed as a motley crew consisting of a mummy, pirate, and a ghost.

I had only known of Zevon from this song until I happened across an old Warren Zevon CD at a flea market

at the beginning of high school. I quickly became enthralled with his music, his classic rock riffs, over piano, mixed with surrealistic storytelling. I had only just begun to be interested in his music when I was up late one night and saw him on the Late Show with David Letterman discussing his terminal cancer diagnosis. It was a powerful interview, and he ended the show with a performance of a song I had not yet heard called “Roland the Headless Thompson Gunner.”

The song tells the tale of a Norwegian Mercenary named Roland, who is fighting in a conflict between Nigeria and Biafra. He is betrayed by a comrade and comes back as a ghost

to exact revenge on his betrayer in the city of Mombasa. Of course, being keenly interested in world numismatics, I had to try finding more information on the two locations from the song that I had never heard of previously. As this was before the ubiquity of the internet, my curiosity meant taking a trip to the library for perusal of an encyclopedia and, of course, a follow up with the Krause Standard Catalog of World Coins. In the library, I read about the bloody civil war in Nigeria from 1967-1970, which had only then recently became independent from Great Britain. I was very familiar with the coinage from British West Africa, as the minor denominations were struck with a distinctive hole and feature a star as the main focal point. These coins were also readily available in very nice grades, and I already had many in my collection.

I had never seen a coin from Biafra, which only produced regular-issue coins in 1969. A couple of years later, I was able to find an average example of the more common aluminum one shilling type, but I never did find another example of Biafra coinage in my youth. During my career as a world coin dealer, I have always tried to purchase nice examples of any of the Biafra issues, as these pieces are much scarcer than the prices reflect. The one pound silver issue is always a popular coin, and many examples are found attractively toned. A nice uncirculated example of one of the aluminum types can still be purchased for under $50, while a PCGS-graded example of the one pound issue in Mint State grades can be purchased for a few hundred dollars.

The other African location I learned about through Zevon’s epic song was Mombasa. The major port city of Kenya, this was the capital of British East Africa until it was relocated to Nairobi in 1907. It is thought that the city was founded in approximately 900 A.D. and was a major trading location throughout the Middle Ages. Mombasa itself issued coinage only from 1888 through 1890. The most common pieces are the one pice copper issues, with the date in Arabic dating as 1306. These can be found in circulated grades for a few dollars, while PCGS-graded uncirculated specimens are also available for a couple hundred dollars. The silver issues are much scarcer, but beautiful uncirculated examples are not unheard of. The silver types are the two anna, quarter rupee, half rupee, and one rupee denominations. Pieces graded in lower uncirculated grades can be had for a few hundred dollars, while even exceptional encapsulated examples in Mint State grades rarely sell for more than $1,000.

I am sure that one day I would have run across a situation where I would have learned about the history of these two places in another way. Yet, to this day, any time I come across a piece from either of these locations while breaking down a collection, the music of Warren Zevon runs through my head!

Justin Daniel Meunier is the founder of and lead numismatist for Boardwalk Numismatics. Since becoming enthralled in numismatics at a young age, Justin has handled hundreds of thousands of world coins from the last 2,700 years of history!

PCGS SP66 1888-H Rupee Mombasa. Courtesy of PCGS TrueView.

Coins of Hong Kong

By Sanjay C. Gandhi

PCGS MS66+ 1867 One Dollar Hong Kong. Courtesy of PCGS TrueView.

War broke out on October 8, 1856, and lasted four years before finally coming to an end on October 24, 1860. China had been defeated by France and Great Britain.

to the Chinese in silver, and this caused a trade deficit. By the beginning of the 18th century, the East India Company (EIC) was exporting tea directly from China in mass quantities. By the end of the 18th century, opium became the primary source of income for the EIC. The East India Company set up poppy flower (opium) cultivation in the region of Bengal, India, to supply China’s rapidly growing demand. Silver that flowed into China was going back to Great Britain. Soon, China would be indebted to the British Crown due to the prospering opium trade. Traders from the United States also wanted to get in on the action and sold cheaper opium of lower quality harvested in Turkey. This drove down prices and accelerated usage.

China recognized that an epidemic was developing, and the Qing Dynasty sought to eradicate the opium trade. This led to the First Opium War, which started on September 4, 1839, and ended on August 29, 1842. The Treaty of Nanjing was signed, ceding Hong Kong to Great Britain. After the war, more favorable terms were given to British merchants in terms of free trade with different ports. Hong Kong had been used as a port by Western powers such as Europe and the United States for many years. Over a decade later, the Second Opium

PCGS MS65BN 1863 Mil Hong Kong. Courtesy of PCGS TrueView.

Once the war was over, the Treaty of Tianjin was signed in 1858, and negotiations were finalized sometime in 1860. This opened up the inlands of China for greater trade to Westerners. Settlements by foreign dignitaries and ambassadors were now permitted, which were part of the newly revised treaties. Opium shipments did not stop after the Opium Wars had concluded. The East India Company continued its monopoly on the opium trade for almost another two decades, and profits continued to soar. Machine-struck coinage was first introduced to Hong Kong in 1863. Three denominations were struck for circulation; the bronze one mil, the bronze one cent,

and the silver 10 cents denomination. The 1864 one mil from this first series is the rarest denomination, and the mintage is unknown. Recently, a PCGS MS63BN example was sold by Heritage Auctions during a Hong Kong sale on June 19, 2024, bringing a world-record $48,000. The Hong Kong Mint was opened on May 7, 1866, by Thomas William Kinder with the introduction of the five cents, 10 cents, 20 cents which were all struck in .800-fine silver. Designs of the lower-denominated silver fractions had identical designs for the five cents and 20 cents denominations. The 10 cents displays a full bust of a crowned Queen Victoria.

The half dollar and dollar denominations were both struck in .900-fine silver. Obverse designs for both of these denominations is graced by a portrait of Queen Victoria facing left with a maze-like design border. A simplistic floral reverse design is surrounded by the same ornate border as the obverse, which displays the date and denomination written in Chinese characters. This simplistic and elegant-looking design was crafted by Leonard Charles Wyon, who is the son of the infamous British engraver William Wyon. The half dollar was minted in 1866 and 1867, and it is generally found in circulated condition; the mintage is a fraction of that of the one dollar issue. Finding this denomination in uncirculated grades will prove to be an elusive task for the enthusiast. A PCGS MS62+ example of the 1866 was last sold by Heritage Auctions on July 9, 2022, for a little under $35,000. Circulated examples in XF grades bring thousands of dollars in the marketplace today as demand for either of the two dates remains high.

The dollar was struck for circulation between 1866 and 1868. Proofs exist for the dates of 1866 and 1867. In October of 2023, a PCGS PR62 1866 Hong Kong Dollar sold for a little over $50,000 at Stack’s Bowers Galleries Hong Kong sale. The most common business strike is the 1867, and a PCGS MS63 example would set back a collector about $25,000 nowadays. This coin is included in the following PCGS Set Registry set titled Hong Kong Victoria Dollar, Circulation Strikes (18661868), which will be a challenge to our members to complete

in uncirculated grades. Citizens of Hong Kong and China did not accept these newly introduced silver dollars and preferred the Mexican eight reales in the form of trade. The Hong Kong Mint operated at a loss for three years, permanently closing in 1868. Both the half dollar and the dollar, which were minted there, remain at the top of many collectors' wish lists today.

The Heaton Mint resumed minting coins in 1872 bearing the “H” mintmark. The dollar and the 50 cent coins were discontinued. Coins that do not carry the “H” mintmark were struck by the Royal Mint in London, which exclusively struck the one cent denomination up until 1901. The five cents, 10 cents, and 20 cents were sometimes struck at both mints during the same year. All 1872-H denominations are key dates, and other key dates appear within the series as well. The following PCGS Set Registry set titled Hong Kong Victoria 5 Cents, Circulation Strikes (1866-1901) has a set name titled “Osmund’s Hong Kong Victoria 5 Cents.” The coins within this set are absolutely magnificent to view and 100% complete. Fifty cent coins were reintroduced in 1890, but the silver fineness was reduced from .900 to .800, and this denomination was struck up until 1894. London’s Mint struck this coin for all five years. The Heaton Mint struck coins with the dates of 1891 and 1892. Finding an uncirculated example will prove to be extremely difficult or costly. These coins endured heavy usage, the design was low relief, and the surfaces were condition sensitive. Therefore, once these coins entered circulation, the rounded features became easily worn due to the lower-quality silver content. Circulated examples can be found and PCGS VF examples will still cost collectors a few hundred dollars.

PCGS MS67 1872/62-H Five Cents Arabic One Hong Kong. Courtesy of PCGS TrueView.

On June 9, 1898, China signed the Second Convention of Peking, entitling Great Britain to a 99-year lease on Hong Kong. This new territory was extended by 200 miles and gave Great Britain full authority that enabled it to set strategic military operations to properly protect its colony.

In 1901, Queen Victoria passed at the age of 81, and King Edward VII was named as her successor. Coins struck under

PCGS PR64 1866 50 Cents Reeded Edge Hong Kong. Courtesy of PCGS TrueView.

his reign were short-lived. Five denominations, the one cent, five cents, 10 cents, 20 cents, and the 50 cents were minted. None of these coins are exceptionally difficult to find in uncirculated grades with the exception of the 1905 20 cents, which would cost north of $8,000 in a PCGS MS63 grade.

A new coin would not be struck for Hong Kong until the completion of World War I. In 1919, the Heaton Mint struck a one cent denomination under the rule of George V. Another four years passed until another one cent coin was struck in 1923, just a couple years before the series ended in 1925. The Great Depression took its toll on Great Britain’s economy from 1929 through 1931. It wasn’t until 1931 that the one cent was struck again for Hong Kong. The size of the cent was reduced from 7.5 grams to 3.95 grams, and this denomination was discontinued in 1934. The last silver denomination, the five cents coin, was struck in 1932 and 1933, respectively. Silver coinage was never issued again for the country of Hong Kong.

PCGS AU58 1902 50 Cents Hong Kong. Courtesy of PCGS TrueView.

Coinage resumed once again in 1935 with the introduction of copper-nickel five cent and 10 cent coinage. By 1937, pure nickel was used for both of these denominations. During World War II, copper and nickel were two metals that were replaced with zinc, magnesium, brass, lead, steel, and iron to be used for striking coins. Metals that were once allocated to produce coinage were withdrawn to build ships, planes, and munitions. Three notable rarities from 1941 were issued under the rule of George VI. The one cent coin, struck at the London Mint, has a mintage listed in the Krause Catalog of World Coins, numbering 5,000,000 pieces. However, to date, PCGS graded just 45 examples, and finding one in uncirculated condition may be a challenge. On June 26, 2024, a PCGS MS62BN example that was sold by Stack’s Bowers Galleries brought $10,800.

Historical accounts may vary pertaining to how the majority of this mintage vanished. These coins had to be shipped from London to Hong Kong and were supposedly seized by the Japanese during wartime. The majority of the

mintage may have been smelted as the Japanese took over Hong Kong from the British during World War II. English numismatic author Colonel Fred Pridmore recorded just the one cent denomination in only a proof striking at the time he wrote his books on colonial coinage. This denomination was unknown in a circulation strike to many collectors until a few examples surfaced over the years. This coin remains a rarity. A similar story exists for the Heaton Mint five cents denomination as well.

PCGS MS63 1941 One Cent Hong Kong. Courtesy of PCGS TrueView.

Metal shortages persisted during World War II, resulting in reduced mintages worldwide. The mintage for the 1941 five cents coins was reduced by more than half of the previous 1939 mintage, which was struck at Kings Norton Mint. The Heaton Mint and Kings Norton Mint (KN mintmark) both struck the five cents for delivery to Hong Kong. The 1941KN coins are difficult to find in uncirculated condition, and one was recently sold by Stack’s Bowers Galleries on June 26, 2024, graded PCGS AU Details and hammering for $960. Heaton Mint examples are far scarcer and much more difficult to find in uncirculated condition. PCGS has graded 253 examples of the 1941-KN mint coins, and only eight examples from the Heaton Mint are known.  A mere four uncirculated specimens of the 1941-H Five Cents have been graded by PCGS. The last example that was sold at auction graded PCGS MS63 brought $55,000 at a Stack’s Bowers Galleries Hong Kong sale in October 2023, tying it with two other examples for top pop.

Once World War II was over, nickel-brass and coppernickel were the two favored compositions used for circulation coinage. Silver was never used for circulating coinage after 1933 and gold coinage was first struck for Hong Kong in 1975. The Royal Mint commemorated “The Royal Visit” and issued a $1,000-denominated proof coin, which continued each year primarily with a zodiac theme; this series was discontinued in 1987. In 1997, The Second Convention of Peking, signed in 1898, had expired, ending 156 years of Hong Kong’s

colonialism under the British Crown and returning the lands to China based on a number of provisions. One specific agreement that was reached between the two countries is that Hong Kong will be a special administrative region (SAR). Hong Kong does retain some political and economic independence and freedom according to the agreements, which are set to expire on June 30, 2047.

PCGS began grading coins in Hong Kong on February 14, 2012, continuing to do so today with the recent addition of

Express Coin Grading Service, debuting at the Hong Kong International Numismatic Fair (HKINF) in June of 2024 and offering speedy turnaround times. Hong Kong remains one of the world’s most prominent banking and business centers in the world. Coins from Hong Kong have been collected by fellow countrypersons, Chinese collectors, expatriates, and many others worldwide. In the last decade, prices for rarities and key date examples from Hong Kong have seen a healthy rise. Modern coin prices have also seen a pleasant boost over the years. The spirit of the collector remains robust, and this small island nation is rich with cultural history. As Shakespeare once said, “Though she be but little, she is fierce!”

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.

PCGS MS64 1941-KN 5 Cents Hong Kong. Courtesy of PCGS TrueView.

A Thousand Years of Folding Money

By Peter Anthony

Two cash coins from the Northern Song Dynasty when the jaozi was introduced: a copper example and an iron one from the time of emperor Zhe Zong (1085-1100 A.D.). The background shows a reenactment of a Song Dynasty festival in Kaifeng.

It’s an early July morning 1,000 years ago, or 1024 A.D., as we now call it. This is the season of Xiao Shu, or Minor Heat, but the sun already bakes the streets of China’s capital city Bianjing, day after day after day. Sweat runs down farmer Liu’s back. He and two farm hands are on foot. A pair of donkeys pulls their cart loaded with sacks of wheat up to an arched gate. The massive city walls before them cast a welcome shadow.

“Halt!” orders a voice. A soldier with arm outstretched, the palm of his gloved hand toward the farmer, strides directly at him. Others, spears at the ready, follow to search the cart and question Liu and his two helpers. Recently, the Jurchens, a northeastern people, attacked an imperial Song government mail carrier not far from here. Whispers of the Jurchen strike crawled through every crack and into every cranny of the capital like wind-blown smoke.

“Your business?” the soldier demands.

From a pouch the farmer pulls out and slowly unfolds a paper. It is a purchase document written in neat, flowing script by Prince Z’s pantry manager. Satisfied, the soldiers step aside to allow the trio to enter Bianjing through the blissfully cool passage.

Bianjing (on the site of the present-day city of Kaifeng) is a wondrous place. Although Liu doesn’t know it, this is the largest city in the world, with a million residents. The streets of the city are filled with people hurrying to and fro. He stares at a caravan of camels that hauls exotic treasures from who knows where? Moments later, an important person hidden from view inside a sedan is carried past the farmer by grunting servants.

Under its load of wheat sacks the farmer’s cart creaks like

a living beast as it crawls forward. Kulis, or bitter-strength men with goods lashed to the ends of poles balanced across their shoulders, plod by the slow-moving group. Step by step past tea shops and within earshot of taverns they trudge. City women, shielded by umbrellas from the sun, sweep past the sweating country folk without a sideways glance.

The mules halt, Liu curses, the sky darkens and the air grows still. The road is too crowded to stop and cover the cart. It’s not the rainy season, yet, but wet grain may not be accepted if a thunderstorm catches them out in the open. Finally, the little party pushes its way forward and spots the famous Rainbow Bridge, a wonder of Song Dynasty engineering. The workers, each armed with a stout staff, flank the cargo. Fortune has smiled on them and there were no incidents on the road. The prince’s mansion is nearby.

Food production doubled in China during the Song Dynasty, and farmer Liu’s crop is excellent this year, even outstanding. Hearing of this, the household master of Prince Z promised a handsome price for the wheat. This would be a windfall for the budding rural land baron. His family owns the land they farm so the profit from the sale will add to their prosperity. With it, perhaps they can buy out the farmer next door?

At Prince Z’s mansion the bill is paid with the new national paper money, Jiaozi (pronounced jiao like wow and zi like zeh). Issued by the national government of Emperor Song Renzong, these replace all privately issued paper notes that circulated before. The idea for notes that could be exchanged for coins originated centuries earlier in the Tang Dynasty (618-907 A.D.). Those were issued by merchants and called hequan. Envious of the accumulated wealth, the Tang

Courtesy of Peter Anthony.

The 60 millimeter-diameter copper medal was issued in 1988 to commemorate the 40th anniversary of the modern Chinese currency, the Renminbi, or RMB. The medal illustrates examples of paper currency and coins issued by the People’s Republic of China. The coins displayed are a 1982 aluminum two fen that is 21 millimeters in diameter and weighs 1.05 grams, a 1981 copper-nickel one yuan that is 30 millimeters in diameter and weighs 9.30 grams, a 1982 brass two jiao that is 23 millimeters in diameter and weighs six grams, and a 1981 one brass jaio that is 20 millimeters in diameter and weighs 2.60 grams. Also seen is an arrangement of banknotes, seen clockwise as a 50 yuan fourth series banknote obverse that shows Hukou Falls on the Yellow River; a 2022 Winter Olympics 20 yuan banknote; the 50 yuan fourth series banknote reverse that shows an intellectual, a farmer, and a factory worker; a 2015 100 yuan aerospace commemorative banknote with an image of the Shenzhou Space Station; and a 1960 five yuan that shows a factory worker. Courtesy of Peter Anthony.

government coerced the merchants to move their coins to the state treasury. The new official replacement paper notes were called feipiao, or “flying cash.” These were not strictly money, but deposit receipts.

A Proud History Lives on with Coins

A century or so later, during the early years of the Song Dynasty, businessmen in Sichuan Province began to issue similar deposit receipts, called jiaozi. Lighter, less bulky and easier to conceal than strings of coins, the jiaozi’s popularity spread throughout the province and then the country.

Initially, there was no standard design among issuers. Counterfeiters profited from the confusion. In response, 16 of the wealthiest Sichuanese businesses formed their own bank, Jiaozi hu, and began to print notes with six colors of ink. Secret marks were added to enhance security. As an aside, much modern currency uses a six-color printing process, plus added security features, too. The range of colors and shades that can be created with six inks is, for all practical purposes

infinite, an indication of how sophisticated the thousandyear-old printing operation in Sichuan was.

That sophistication was built on centuries of experience. Printing was invented in China, also during the Tang Dynasty. The 1992-1996 Inventions and Discoveries of China coin series has two coins that recognize this: a 1995 50 Yuan half-ounce gold coin, of which 1,200 were minted and a 22gram silver issue with a mintage of 15,000. Paper is another key to printing. The paper must be both durable and hard to last, as well as soft to absorb the ink. This is one more Chinese innovation that appears in the Inventions and Discoveries of China series of coins, this time on a 1992-dated 15-gram silver coin, of which 20,000 were struck.

During the Song Dynasty moveable ceramic type was added to the printer’s toolbox by an artisan named Bi Sheng. While not practical for single pages because Chinese contained too many characters, it did catch on for book printing all over Asia. With the old method of carving a printing plate for

The 2024 10 Yuan Millennium Anniversary of China’s Paper Money coin, containing 30 grams of silver. Its mintage is 20,000 and dimensions are 42 millimeters by 27.5 millimeters. It is seen alongside a modern print of a Song Dynasty jaozi banknote. Courtesy of Peter Anthony.

each book page a single error would require starting over. With moveable type this was a quick fix. Centuries later, this innovation worked its way west to reach Europe. There, with a simpler alphabet, moveable type was a key to the development of the modern world. Bi Sheng’s brilliance is remembered on a 1988 silver coin weighing 22 grams that’s part of a four-coin set that honors outstanding historical figures of China.

So, what exactly did Song Dynasty paper notes look like? It’s a good question. The only ancient jiaozi that survives today is in tatters. Nor, can we reproduce it. All that exists are some single color printing plates. Samples have been pulled from these, but they can only give us a scant suggestion of the original’s appearance.

Jiaozi Hu bills were backed by real coinage and proved quite popular. They were lighter and safer to carry than hundreds, or even thousands, of copper and iron coins. Copper was scarce in ancient China, so the Song Dynasty cast many of its coins with the heavier metal, iron. It was long believed that these iron coins were mostly used in the South of China. However, the discovery in recent years of an immense buried cache of 100 tons of Song Dynasty iron coins in Northeast China suggests that they may have circulated more widely.

Jiaozi soon spread to other provinces. Eventually, the

merchants who issued them realized that it wasn’t necessary to keep 100% of the coins deposited. They invented fractional banking and printed more “receipts” than there were coins on deposit. This led to what may have been the world’s first-ever bank run.

In 1024, the Song government stepped in and demonetized all the private bills. Their place was taken by a new national jaozi, the world’s first paper legal tender. Initially, these could be redeemed for coins, but this quickly changed into a purely paper system. Nothing but the credit and faith of the national government would back jaozi. Importantly, however, taxes could be paid with them. The first printing factory for the jaozi was set up in Chengdu, the capital city in Sichuan.

At first, there weren’t fixed denominations of jiaozi, so the prince secured a bundle of notes that added up to the total price of farmer Liu’s grain order. If there were any defects with the quality, or quantity, of the delivery his manager could impose deductions. As it happened, everything went smoothly. Mr. Liu happily took the notes and departed with his men, perhaps to first dawdle a bit in town and celebrate at one of the taverns.

Just such a street scene appears on the obverse of a rectangularly shaped 2024 Chinese Millenium of Banknotes

Shown are two coins and a medal that commemorate the 70th anniversary of the modern Chinese currency, the Renminbi, or RMB. A 2018 80 yuan five gram gold coin with a mintage of 30,000 and diameter of 20 millimeters is seen alongside a five yuan, 15-gram silver coin measuring 33 millimeters in diameter and boasting a mintage of 60,000. A brass medal designed by Zhu Xihua, with just 2,018 minted, accompanies a three yuan second series Chinese banknote from 1955. Courtesy of Peter Anthony.

coin. It contains 150 grams of .999-fine gold. The design is based on a woodblock print that shows Chengdu in the Song Dynasty. It is the largest in a series of three coins that celebrate the millennial anniversary of the invention of paper money. Five hundred were minted. There is also a rectangular coin with eight grams of .999-fine gold coin with a mintage of 10,000 and a 30-gram, .999-fine silver coin, of which 20,000 were struck. Both feature designs that are based on the number 1024.

Leaving a Legacy

It’s morning in late June nearly 900 years ago, or 1126 A.D. as we now call it. This is the season of Xia Zhi, or the Summer Solstice, and the wheat crop has been harvested. Sweat runs down farmer Zhao’s back as his two mules pull a cart loaded with sacks of grain into Bianjing. Past tea shops and within earshot of taverns they advance. Although rumors fly that the Jurchen, or Jin, army may soon cross the Yellow River, the city remains calm. The army has kept them at bay for 150 years. It will do it once more. You might describe the situation as the lights are on, but nobody’s home.

The emperor, Song Huizong, is oblivious. He neglects

military matters just as he imposes little oversight over imperial finances. A talented artist in his own right, the head of state occupies himself with the finest arts, antiques and the delights of the palace. Meanwhile, the jiaozi plummets in value.

Untethered to a reserve of physical coins, its value depends entirely on the number of banknotes in circulation. Importantly, overspending isn’t so much a bug as a feature of the Song government’s economic system. The royal family spends opulently on itself. There are also immense outlays to support religious institutions and vast numbers of economically unproductive monks. Beyond that there is the bureaucracy.

The Song family was the last dynasty in China to achieve power through a military coup d’etat. Its rulers don’t trust their own military to not repeat this type of regime change, so they deliberately undermine it in favor of a civil bureaucracy that mushrooms in size. Although the Song army benefits from advances like the discovery of gunpowder, over time they suffer important battlefield losses. Agreements are made to pay gold, silver and silk to outside enemies like the Jurchens. This places even more strain on the economy.

To fund the deficits the Song treasury prints money. In

1105 A.D., the jiaozi is replaced by a new currency called the qianyin. This change is supposed to stabilize the government’s finances, but the new money loses value as rapidly as the old did.

When farmer Zhao is finally paid for his grain, he receives so many qianyin they have to be stuffed into sacks that fill his cart. He will try to spend as much of this paper as he can immediately. On his shopping list are tools, farm supplies and maybe a few drinks for the road. The slow collapse of the Song currency foreshadows the capture and ravishing of the capital by the Jurchens in 1127. The conquerors establish a new dynasty, the Jin, but keep one notable feature: paper money. In fact, every dynasty that follows the Song uses paper money at some point.

As I wait in the lobby of a Shanghai bank, customers in front of me withdraw and deposit bundles of maroon-colored 100 yuan bills. These banknotes function pretty much as jiaozi did a millennium ago. In a digital age, will the system of paper

bills still be used a thousand years from now? No one knows the answer to that, but it’s a very good bet that the beautiful 2024 Millenium of Banknotes gold and silver commemorative coins of China will still be prized.

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.

Doug Noblet

By Joshua McMorrow-Hernandez

Doug Noblet began collecting coins in the early 1960s and has one of the finest collections of Capped Bust Half Dollars ever built on the PCGS Set Registry. Courtesy of Doug Noblet.

Doug Noblet started collecting coins like so many others during the numismatic heyday of the early 1960s. “I frequented a local hobby shop in Kansas City, Missouri, owned by Mr. Hart Mayer. He hosted contests for individuals who put together model airplanes and cars. My impatience in painting and putting together these models proved early on to not be my forte.”

Hair Half Dollar, the rare 1838-O Capped Bust Half Dollar, and the iconic 1794 Flowing Hair Dollar.

Mayer suggested that young Doug try collecting coins, selling the budding numismatist his first coin folder –designed for Lincoln Cents. “In my change from my purchase was a 1950-D. In it went into the folder, and I was on my way.”

Noblet said his mom, a former employee of a five-and-dime store who fondly recalled handling Mercury Dimes in her day, indulged him in his hobby. “In my early days, those [Mercury Dimes] were still occasionally available in change.” But he didn’t stick with only Lincoln Cents or Mercury Dimes too long. His ambitions soon turned to half dollars, first Liberty Seated Half Dollars and then Capped Bust Half Dollars, the latter going on to form the core of his incredible PCGS Set Registry endeavors by the early 2000s.

So, what is it about Capped Bust Half Dollars that appeals to Noblet? “I like the type and am an avid fan of eye appeal, particularly nicely toned pieces. I completed the necessary requirements for the Everyman Sets after about 23 years. Although, at the time, I hadn’t given much thought to submitting to the Registry Set. But in early 2024, I thought ‘why not submit my set and see where I show up on the list?’”

He has too many favorite pieces among his set to list, but if he had to choose just two, they are his 1815/2 overdate and 1836 Reeded Edge halves. They speak to his desire for rarity, quality, and eye appeal. He has already laid claim to pieces he calls “dream coins,” including the finest-known 1794 Flowing

He confesses there are simply too many different areas of the hobby he would like to explore. However, he wryly concludes, “I’ll let Mr. Eliasberg keep that record,” speaking of celebrated numismatist Louis Eliasberg, who famously assembled the most comprehensive collection of United States coins in his time during the mid-20th century.

The Capped Bust Half Dollar aficionado offers advice to those who are hoping to build successful PCGS Registry Sets of their own. “For one, stick to what you like. Narrow your scope. Buy the keys first. And buy the best you can afford.”

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.

Doug Noblet’s 1815/2 Capped Bust Half Dollar ranks as one of his favorite coins. Courtesy of PCGS TrueView.

All in on Numismatics

By Eva Pate

Eva Pate works as a numismatist for Stack’s Bowers Galleries and counts history as one of her many passions. Courtesy of Eva Pate.

I'm 20 years old and studying business management at the University of Texas in San Antonio. In the three years I've been involved in numismatics, it has become a significant part of my life. I work as a numismatist at Stack's Bowers Galleries and attend as many coin shows as my schedule allows. I also actively participate in organizations, such as the American Numismatic Association (ANA).

Fortunately, I’ve been given many opportunities to learn and grow my skills through various programs, like the ANA Summer Seminar. It's important for me to take advantage of every learning opportunity that comes my way. I especially enjoy practicing and testing my grading skills. Coin grading has always been one of my strengths, and I hope to nurture that skill further.

Conder Tokens like this one are historic artforms that feature designs and messages that are unique in the realm of numismatics. Courtesy of PCGS TrueView.

Another medium of learning is going to coin shows. Big or small, there is always something to be gained from attending a coin show. I've had the opportunity to work with consignments, wholesale, and submissions. Since working with Stack’s Bowers Galleries, I’m learning more than ever. I'm able to get hands-on experience and interact with clients. Additionally, big shows have given me the opportunity to see breathtaking rarities in person. The three coolest coins I've held at shows are an MS62 silver Libertas Americana Medal, the PR69 1907 Ultra High Relief Saint Gaudens Double Eagle, and the SP50 1870-S $3 gold coin. Lot viewing is an amazing way to see rare coins and practice my grading skills. When I’m not at coin shows, I spend my time reading. I'm passionate about numismatic research and literature. My university's library has an extensive collection of numismatic books, catalogs, microfilms, and articles. This year, I've read books on colonial copper, Conder Tokens, Confederate currency, territorial gold, and more – all of which I got through my campus library. I have a lot of respect for numismatists who dedicate themselves to solving great coin-related mysteries. I look up to people like David McCarthy and John Kraljevich, who have shown great dedication to documenting and creating references for future numismatists.

History has always been a passion of mine, and I’m naturally drawn to the historical significance of coins and currency. There are still so many stories and answers that have yet to be unearthed. A series I'm particularly fond of is Conder Tokens. I find the stories behind the designs to be funny, weird, and overall feel very human. Many of the tokens have political messages, adverts, or cute animals and display designs similar to the art people create today through modern mediums. There's still much left to be studied about Conder Tokens, especially since it's a niche series.

Reflecting on my journey in numismatics, I am grateful for the opportunities and experiences that have shaped me as a young numismatist. From my role at Stack's Bowers Galleries to my participation in a variety of educational programs, each step has deepened my passion for numismatics – not to mention the mentors, colleagues, and friends who have supported me along the way. In the future, I hope to contribute to research, conservation, and eventually write numismatic content of my own. As I pursue my goals, I draw comfort from knowing that this great community will be there to guide me and support my endeavors.

1896 $1 Educational Silver Certi cate PCGS Gem UNC 65 PPQ $7,000

Reviewing Error Coins

By Edward Van Orden

1952 Franklin Half Dollar with 1% curved clip. Courtesy of PCGS TrueView.

An error coin is a mistake made during one or more stages of the minting process, whether it be misshapen, have a crack due to a broken die, or exhibit a partial image. Finding an error coin can stimulate curiosity regarding how coins are made. In this article, we will highlight an example made at each stage of the minting process.

In the planchet-producing area, for example, the metal can be improperly alloyed, the metal strip from which blanks are punched can be the wrong thickness, and/or the blank or planchet could be incomplete.

An example of a coin struck on an incomplete planchet is this 1952 Franklin Half Dollar (above). Notice the curve of missing metal at the two o’clock position. When the blank was punched, it happened in an area of the metal strip that had already been cut or punched. The proof is found at the deformed rim opposite the missing metal. When the blank moved through the upset mill to have its edge raised, this part of the rim did not properly raise. Although the understanding of the “Blakesley Effect” proves the planchet was originally incomplete, this type of error is usually attributed by the misnomers “clipped planchet” or “curved clip.”

In the design and die-making area of the minting process, both errors and varieties can occur but at different stages. Die varieties are produced, for example, when different mintmark styles are used across multiple dies. Die-state varieties also occur as design details weaken due to die wear.

Die errors, however, happen when the dies begin to break down. An example is this 1982-P Jefferson Nickel. What started as an edge-to-edge crack eventually became a piece

of the die that broke off and fell away. When the broken die struck this planchet, the metal flowed into the void left by the missing piece, forming a “cud.” Consequently, the image on the opposite side of the coin is also compromised due to the lack of pressure on the metal.

The most eye-catching of all error coins are those created during the striking area. Examples of these are off-center

1982-P Jefferson Nickel with a cud die break from the collection of legendary error expert Fred Weinberg. Courtesy of PCGS TrueView.

strikes (resulting in a partial image), multiple strikes (multiple partial images), and multiple planchets struck at the same time (with each planchet sharing the image).

1886 Morgan Dollar with obverse die cap. Courtesy of PCGS TrueView.

One of the most dramatic and famous striking errors is this 1886 Morgan Dollar die cap. Normally, a planchet is fed into the coinage chamber, struck between the upper “hammer” die and lower “anvil” die, and then pushed out. This 1886 Morgan Dollar, however, involved a previously struck planchet getting stuck to the lower die. When the next planchet entered the

chamber, it ended up on top of the remaining coin. This planchet was then struck by the obverse die and pressed against the obverse of the stuck coin multiple times. The result? A “cap”-looking coin with Liberty’s head on the obverse and its incuse image (known as a “brockage”) on the reverse. This die cap, a specimen from the famous Amon Carter Collection and graded MS64 by PCGS, sold for $160,312 in January of 2022.

Edward Van Orden is a variety expert at PCGS. He is an avid collector guided by his fascination with history, a life member and a California volunteer district representative of the American Numismatic Association, and a member of the American Numismatic Society and the Glendale Coin Club.

Auction Highlights

By Jaime Hernandez

The year 2024 has been great for the coin market, with lots of dealer and collector activity. Many coins continue realizing strong prices at auction. We’d like to highlight two significant coins and a banknote, all of which recently sold at auction for outstanding prices.

1904 Liberty Head Eagle, PCGS PR65+CAM

The first coin we’d like to feature is a 1904 Liberty Head Proof Eagle. The reported mintage for this date is listed at 108 coins; however, far fewer specimens remain. The few examples available for this issue can be traced back to the fact that many of these matte-finish proofs were regarded by some who handled them outside of the U.S. Mint, including collectors and their heirs, as regular-issue coinage during the early 1900s. Therefore, many examples were either spent or mishandled. As of this writing PCGS has graded a total of only 45 specimens in all grades combined for this issue. So, this is an unquestionably scarce issue, and finding examples with reflective or cameo surfaces is even more difficult. On March 26, 2024, Stack’s Bowers Galleries offered an example graded PCGS PR65+CAM, which realized an impressive $96,000.

1907 Saint-Gaudens Double Eagle High Relief, PCGS SP64

This 1907 Saint-Gaudens Double Eagle graded PCGS SP64 recently appeared at a GreatCollections auction on May 19, 2024, fetching $70,312. PCGS has only grade seven examples in all grades combined, making this a rare coin. The strike status of some Saint-Gaudens Double Eagles has proven confidential over the years as some debated whether a given example should

be classified as a business strike, a proof, or even a special strike. One thing is for certain: some examples exhibit unique characteristics, setting them apart from regular-issue coins. The attribution of special striking characteristics, as is the case for this example that sold recently at GreatCollections, has given rise to the special strike designation.

$50 1914 Federal Reserve Note from Philadelphia Fr-1035

This $50 1914 Federal Reserve Note from Philadelphia, a Fr-1035 variation, is graded by PCGS Banknote as Choice Very Fine (VF) 35. Although this is not a rare banknote in this grade, it is a popular issue among collectors. Much of that popularity is owed to the back design, which displays an allegorical figure representing Panama holding a caduceus and gracefully standing between two ocean-going vessels. This piece shows great detail and bright colors. Heritage Auctions sold this particular example on June 25, 2024, at the higherthan-expected price of $1,805 — a total that included the buyer's premium.

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

Adelaide Assay Office Pound

By Jay Turner

Australia Adelaide 1852 Pound Type-1B, PCGS MS61. Courtesy of PCGS.

period of time, Australia would be transformed by this gold rush, seeing the population increase from 430,000 people to 1,700,000 in less than 20 years. The gold rush also birthed the country’s first gold coins.

With the discovery of gold, the need for many support systems was required, including an assayer’s office. To accomplish this, Bullion Act No 1 of 1852 was passed on January 28, 1852, giving local legality to opening the office a short 13 days later – February 10, 1852. The office’s objective was to take gold from the Victoria gold fields, smelt it, and cast the gold into ingots.

By 1852, the Adelaide government passed new legislation authorizing the Adelaide Assay Office to strike coins with this gold for use by businesses in Adelaide and elsewhere. The coinage was not authorized by the British Government or Queen Victoria, yet it still was struck. Striking coins is much more difficult than making ingots. Coining duties ultimately fell on the able shoulders of Joshua Payne, an engraver and die sinker who created the design and dies for this new gold coinage.

The design was a crown at the center above the date “1852,” within denticles designed around a beaded circle; “GOVERNMENT ASSAY OFFICE” and “ADELAIDE” inscriptions run along the outside ring of the obverse of the coin. The reverse features “VALUE ONE POUND” in the center of three rings with the center beaded, and “WEIGHTS

London. While a total of 24,648 coins were struck, only a small number were used in commerce. When it was discovered that the gold content was more valuable than the face value of one pound, many of these coins were simply melted down for their gold, making any survivor today a rarity.

In 2024, an example of an Adelaide Assay Office pound was submitted to the PCGS office in Hong Kong. This example was the first design type known as variety Type-1B. It is believed that as few as 20 examples of the mintage of 50 may have survived. This example was the third such specimen of this type graded by PCGS. Selling in a Nobel Numismatic PTY LTD auction in November 2023, this coin brought $110,000AUD, or about $72,000USD, without buyers’ commission. This coin had a prior pedigree, having been sold in March 1981 by Spink Australia for $45,000AUD. The coin was graded MS61 by PCGS, making it currently the finest example encapsulated by PCGS.

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

Series 1918 $500 Chicago Federal Reserve Note, PCGS Very Fine 30

By Philip Thomas

This rare 1918 $500 Chicago Federal Reserve Note recently came through the PCGS Banknote grading room, earning a grade of Very Fine 30. Courtesy of PCGS.

Very few actors within the theater of American numismatics possess the combined level of fanfare, flair, and face value as high-denomination banknotes – especially those sporting the earlier, large-format designs displayed on problem-free paper, sans defect or distraction. Whenever such an example begins to make its journey through the various stations of the prestigious PCGS Banknote grading room, team members oftentimes gather around to admire and issue acclaim before allowing others outside the room the chance to swing by and pay their rightful homage. This Series 1918 $500 Chicago Federal Reserve Note, graded by PCGS Banknote as Very Fine (VF) 30, recently received this fitting hero’s welcome and has been deservedly chosen as the subject of this edition’s Noteworthy Notes feature.

Among banknote collectors just starting out and those who may specialize in coins but are seeking to better inform themselves about their paper-made counterparts, federally issued high-denomination banknotes tend to immediately beg a few commonly asked questions. It’s a characteristic that augments their overall appeal and collectability. I will attempt

to satiate the better part of this instinctive curiosity right off the bat. So here it goes…

Yes! Any banknote – including all high denominations – issued by the United States since 1861 is still legally worth the amount of money indicated by its inked design and can be bank-deposited or merchant-spent as such (although current collector value at this point would, of course, far exceed that amount, and doing so would be blatantly foolhardy). And no! High-denomination banknotes – defined as anything with face value over $100 – are no longer printed by the Bureau of Engraving and Printing and issued by the United States Federal Reserve, our nation’s authoritative central bank. As strange as these banknotes look and feel to our senses in this day and age, this remains bona fide cash money; although, due to their obsolete status, the act of depositing or spending one would assuredly subject it to the paper-shredding blades of the Federal Reserve system downstream.

The Federal Reserve Act of December 23, 1913, brought the latest and greatest form of United States currency with its Federal Reserve Notes, a type of paper money that succeeded

(while also running concurrently to) Legal Tender Notes, Silver Certificates, Gold Certificates, and a few other categories of banknotes that dominated the latter half of the 19th century. These new designs of “Feds” had to be built from the ground up – lower denominations ($5 through $100) as part of the series of 1914 and the high denominations ($500 through $10,000) as part of the series of 1918. The $500 design – listed as note #89 by Q. David Bowers and David M. Sundman in their 2006 publication 100 Greatest American Currency Notes – features a striking portrait of the fourth Chief Justice of the United States Supreme Court John Marshall at the center of the note’s face; the back of the note carries an ornate vignette of Spanish explorer Hernando de Soto surveying the Mississippi River.

If you think $500 is a lot of money today, you’d be shocked to learn what it would have represented in 1918. Based on inflation rates compounded over the last hundred or so years, this note had purchasing power back then equivalent to over $10,000 today! The towering payment potential of highdenomination banknotes was the ultimate reason for the Treasury Department’s decision to discontinue them entirely in the late 1960s after a lengthy period of passive retirement. Simply put, high-denomination banknotes were known to

facilitate illicit activities and enable tax avoidance. Based on the emergent popularity of small-size, highdenomination banknotes – with countless examples recently reaching five and even six figures at public auction – these large-size, high denominations, with their relatively low census statistics, seem underrated and undervalued. This example was sold earlier this year by Heritage Auctions for $19,200 – a hefty price that still feels like a pretty darn good deal.

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.

NOW ACCEPTING CONSIGNMENTS

Grave Matters

By Josh Scott

1733

Coins have long served not only as a medium of exchange but also as a reflection of cultural, artistic, and historical moments. Among the most intriguing pieces in numismatics are the coins, tokens, and medals featuring skulls. These macabre images, often laden with symbolism, evoke a rich tapestry of meanings from different eras and locations around the world. Join me as we delve into the fascinating world of skull iconography, focusing particularly on European church tokens from Germany and The Netherlands, as well as the cultural appeal of the symbols of death.

Courtesy of PCGS TrueView.

The skull, a universal symbol of death and mortality, has appeared on coins and tokens throughout history, often in connection with the passing of a loved one or the remembrance of an important figure. Memento Mori, Latin for "remember that you must die," reemerged in the late medieval period as a reminder of the transient nature of earthly life and the inevitability of death. The term, coined during the height of the Roman Empire, found its way back into daily life around Europe, particularly to be used by the Catholic Church. This concept was prominently featured in various art forms, including coins, tombstones, and surrounding church

buildings. The church in Liège, Belgium, has arguably the most iconic and popular pieces from the era of skull tokens. With five varieties minted over nearly 40 years, the Saint-Lambert skull and bones communion tokens of Liège have surely taken their place as the most recognizable in numismatics.

In the 17th and 18th centuries, church tokens became prevalent in Europe, particularly in Germany and the Netherlands. These tokens, often distributed during times of religious celebration, remembrance, and communion, became synonymous with any event having to do with the local church. These tokens would also have been given to a grieving family who lost a loved one to remember that death is inevitable, but the afterlife is eternal.

The inclusion of the skull emphasized the Memento Mori ethos, urging believers to lead virtuous lives in preparation for the afterlife. Other uses have been recorded as payment to pallbearers and gravediggers, as well as proof that you were in good standing to take communion. Additionally, there

Circa 1650 Liege Communion Token.

Circa 1825 St. Nicolaus Church of Maastricht Token. Courtesy of PCGS TrueView.

Brass St. Martinus Church of Maastricht Token. Courtesy of PCGS TrueView.

are records of tokens being accepted as payment at feasts and other local gatherings and events. Each token was also likely minted by local blacksmiths as their composition was either lead, copper, or bronze – common metals worked by the blacksmiths of the time. While many coins were hammered or hand-struck, others have been recorded as minted by way of a screw press. However, the use of these tokens served as a symbol of piety and reflection on mortality for the people of the time.

Hearts and Bones

625-72 German Rechenpfennig Token, Skull and Hourglass Variety. Courtesy of PCGS TrueView.

The depiction of skulls on coins allowed for a unique blend of artistry and philosophy. These coins often featured detailed engravings, with skulls portrayed in various artistic styles in different countries. The skulls depicted were sometimes accompanied by other symbols of mortality, such as hourglasses, scythes, or coffins, enhancing the overall message of the brevity of life and the importance of spiritual preparedness. Death is guaranteed for all in this earthly life, so reminding people to take care of themselves and others in life was a concept perpetuated around Europe.

Another use I discovered in my search for skulls was in the imagery depicted on marriage tokens. One such example came from Germany, where love and marriage tokens were given to the newly married couple and carried on the wedding day. These tokens, occasionally smaller than a modern U.S. Roosevelt Dime, are exceptionally intricate. The symbolism of marriage tokens shows the bond between the couple through life, love, and death.

18th-century Marriage Token of Augsburg, Germany. Courtesy of PCGS TrueView.

Today, collectors seek out coins featuring skulls, not just for their aesthetic appeal but also for their historical and cultural significance. Several factors contribute to my personal excitement surrounding these macabre numismatic treasures, including the symbolism that was popularized by pirates.

Skulls Galore

The infamous “Jolly Roger” skull and crossbones insignia that has become the famous symbol it is today could very well have been partly inspired by the tokens and imagery originating from the churches of Europe. The skull and bones symbol has grown and evolved over the centuries into the popular symbol it is today. From pirate films, books, and games, to a myriad of companies using the symbol in varied styles, the skull and bones motif has solidified its place in history.

1585 Austrian Raitpfennig with skull and crossbones. Courtesy of PCGS TrueView.

In recent years, various countries have minted coins and tokens with skulls depicted on them. Recently, I was gifted a unique piece, a good-for token, that acted as a contemporary business card or coupon in today’s age. This token depicts a skull with a unique flower-shaped planchet used by a store in the early 20th century. Many stores in the U.S., as well as around Europe, used tokens like this to promote a business or product. These tokens could be exchanged for goods at their respective stores for varying prices dictated by the token itself. A brilliant marketing strategy if you ask me!

Of all the examples of tokens, medals, and coins, the famous silver Washington Funeral Skull and Crossbones Medal is the most exciting. This piece combines the important historical aspect surrounding George Washington’s death with the

imagery of a skull and crossbones on the reverse. While there are a few variations in different metals that were struck, the silver strike depicts the motif on the reverse of the infamous skull and crossbones. I hope to add one of these exciting pieces to my collection in the coming years and see it become the crown jewel of my skull collection.

As the world of numismatics continues to evolve, the macabre beauty of coins with skulls will undoubtedly remain a captivating niche, drawing enthusiasts like myself who appreciate the profound stories these small and beautiful artifacts tell. There are far more examples out there to be found in the world of “skull-lecting,” and I hope to collect even more myself. Whether viewed as historical relics, artistic masterpieces, or symbols of existential reflection, coins with skulls offer a unique and thrilling avenue for exploration and collection.

Josh Scott is an avid coin collector specializing in Spanish Colonial coins and skull tokens. He runs Redbeardsrelics on Instagram, sharing stories and treasures from the last 400 years in his personal collection.

Circa 1800 Washington Silver Funeral Skull and Crossbones Medal. Courtesy of PCGS TrueView.

20th-century 12-1/2 cent token for Dell B. Scully. Courtesy of PCGS TrueView.

Mary Shelley: An Electrifying Author Inspired a Shocking Coin

By Sanjay C. Gandhi

A sketched portrait of author Mary Shelley. Courtesy of Shutterstock.

The first Frankenstein film was shot in 1910 by famous inventor Thomas Edison and distributed by The Edison Manufacturing Company. Yes, that’s the same famous innovator who invented the incandescent light bulb in Menlo Park, and he developed the motion picture camera as well. In 2018, the film was restored by the Library of Congress and can be viewed on YouTube.

On November 21, 1931, the second rendition of the movie Frankenstein was released starring Boris Karloff. Actor Bela Lugosi, who played the eponymous caped lead in the 1931 thriller Dracula , was originally offered the role but turned it down. Frankenstein became the highest-grossing film of 1931, taking an astonishing $12 million dollars. More films, such as The Bride of Frankenstein and The Son of Frankenstein , became part of the franchise, which gained a cult following.

Yet, if it hadn’t been for a talented 20-year-old author from England, the world would have never been introduced to Frankenstein – the movie, the book, or the character.

The famous writer Mary Shelley was born Mary Wollstonecraft Godwin in London, England, on August 30, 1797. Mary was introduced to writing letters at an early age by her father, who was also a writer and inspired his young daughter to write poems. She had an above-average education

throughout her childhood up to her mid-teenage years. In 1814, at the age of 17, Mary took the path of an adventurer with her husband-to-be Percy Bysshe Shelley. Mary Shelley, at this time, was also known as a prodigy poet who found herself on the outskirts of Geneva, Switzerland, in 1816. She crossed paths with John Polisario and Lord Byron that summer, and both of these individuals were writers who had some influence on Shelley’s future work.

The title page from the anonymously published Mary Shelley classic The Modern Prometheus or Frankenstein. Public domain image sourced from Wikimedia Commons.

Torrential rains fell for many weeks that summer in Geneva, and most of Shelley’s days were spent indoors. It was at Lord Byron’s home during this period where she listened to German ghost stories read by various guests. In one nightly discussion by the fireplace, guests were challenged to write a short story that had a ghostly theme. Shelley had a restless night’s sleep; by the next morning, Frankenstein was taking shape. She finished her writings in 1817, which was titled The Modern Prometheus or Frankenstein , released anonymously in January of 1818.

In 2018, the Royal Mint commemorated the 200th anniversary of Mary Shelley’s iconic novel by releasing coins in several metals. The first non-precious-metal coin that was made for collectors was a copper-nickel proof version struck in business-strike and proof finishes. A silver proof piedfort

version with gold plating was struck in limited quantities with a mintage of 1,818 pieces. The gold proof version of this coin has the lowest mintage output, with 400 pieces emitted. Every coin that was issued in the series reads “A SPARK OF BEING” on the edge.

Shelley gives her recollection of the idea behind the Frankenstein character in a revised edition of the book from 1831. “Perhaps a corpse would be re-animated; galvanism had given token of such things: perhaps the component parts of a creature might be manufactured, brought together, and endued with vital warmth.”

2018 Great Britain Silver Frankenstein 2 Pound Piedfort, PCGS PR69DCAM. Courtesy of PCGS.

Shelley would continue her literary journey by promoting the poems of her late husband, who had passed away in 1821. She wrote about family life during the pre-Victorian era and

wrote several novels, becoming an accomplished biographer in several languages. Without Mary Shelley’s imagination and literary contributions, Frankenstein may not have ever come to life.

Out of all the metals within the periodic table of elements, silver is the best conductor of electricity. It’s rumored that a small group of people from the Royal Mint gathered for the occasion on a rainy night when the first silver piedfort Frankenstein coin was to be struck.

The mint master, who was given the honor of striking the first piedfort coin, pressed the button, and the coin press did not move. He pressed the button a second time to no avail. Frustrated, he backpedaled a step or two, moving away from the coin press. Suddenly, a spark of electricity emerged from the silver coin blank, the press became operational and minted the coin. The mint master stepped toward the coin press, carefully placed his two fingers around the edge of the glowing coin, turned to those in attendance, and said, “It’s alive!”

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.

MARY SHELLEY: AN ELECTRIFYING AUTHOR INSPIRED A SHOCKING COIN

The Details Grade

By Kyle C. Knapp

1799 Draped Bust Dollar, holed and cleaned. Courtesy of PCGS.

had a spot or planchet streak tooled or removed. The 1799 Draped Bust Dollar imaged herein has been cleaned, but the extreme physical nature of the hole in the coin dictates that the problem takes precedence in labeling and certification.

1884-S Morgan Dollar, cleaned and artificially toned. Courtesy of PCGS.

Sometimes compound problems are related, such as artificial toning or other surface alteration that is done to mask underlying problems. The pictured 1884-S Morgan Dollar has had a layer of artificial color applied in an attempt to conceal extensive hairlines from an improper cleaning. In such a case,

PCGS would identify the cleaning as the most salient issue, as that (permanent) surface problem would remain even if the artificial toning were removed by conservation.

1873 $3, ex-jewelry. Courtesy of PCGS.

Some standard “No-Grade” descriptions are intended to encompass a multitude of problems that often manifest together as the result of particular numismatic life cycles. Many 19th-century United States gold coins were used in pieces of jewelry, being either set in a bezel or soldered directly onto a mount in a ring, necklace, brooch, etc. Nearly all such pieces were also cleaned and polished over time as such accessories typically were. PCGS uses the term “Ex-Jewelry” when encapsulating coins that have rim deformation, mount remnants, heavy polishing, or other problems resulting from such a life.

It is important to keep in mind that these problems do not immediately render a coin uncollectible, uninteresting, or undesirable. Coins serve a long and heavy duty in the course of commerce (and occasionally fashion!), and their condition is often compelling evidence of the times and places they have been seen, held, spent, given, or treasured.

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.

Collecting Chinese Chop-Marked Coins

By Dan Huntsinger

For almost a century, coins carrying Chinese chop marks –a type of post-mint counterstamp – were viewed as undesirable damage and spurned by collectors and dealers alike. But over time, especially in the past 10 years, the way collectors view chop marks on coins has begun to shift. Why have these otherwise-damaged coins become loved by so many?

As a collector of U.S. Trade Dollars and Mexican eight reales, I couldn’t help but notice that many of them came with little Chinese characters stamped into them. After some research and eventually stumbling onto fellow enthusiasts, coins with Chinese chop marks eventually became the main focus of my collection.

The Allure of Chop-Marked Coins

It may sound odd to focus on damaged coins as I do, but let me explain. Most coins we collect have a story to tell. But unless they are one of the few that come with a verifiable provenance, perhaps from a famous collection or shipwreck, we can only guess where the coin has traveled.

Now consider a chop-marked coin…

We know where it was made, we know that the coin sailed across the world, and we know that these coins were used in commerce to purchase goods – possibly porcelain, silk, or tea in China. It’s this story, the romantic and historical part of collecting chop-marked coins, that hooked me.

Maybe an eight reales cob was handled by pirates? Or a Carson City Trade Dollar hitched a ride by horse or wagon to the San Francisco Bay before shipping out? People love a good story, and I think this explains the increase in the popularity of collecting chop-marked coins. Each coin carries with it a unique story and a unique set of stamps placed haphazardly onto the surface a century or two ago.

The practice of stamping marks into coins is as old as coins are; we know that ancient coins often show little symbols stamped into them. So, what do we mean, specifically, when we say “Chinese chop marks”? These counterstamps were

placed by a Chinese shroff – a money changer or accountant to guarantee the silver content of the coin.

Chinese merchants would each employ a shroff to handle the money side of business transactions, so it was their job to guarantee the silver was good. Base-metal counterfeits were common enough that it was necessary to check the coins for authenticity. By placing their mark on a coin, the shroffs were accepting the silver and standing behind it. Locally, other merchants and shroffs would recognize the mark, knowing who had handled a coin already. It is commonly believed that the stamping of each coin served a dual purpose: both to bless the coin upon acceptance and also to break the skin of the coin to expose any base metal underneath the silver plating of a counterfeit coin.

The practice of placing chop marks on coins in China lasted for over three centuries, beginning in the late 1500s and lasting all the way until the end of the Qing Dynasty in the early 1900s. Admittedly we don’t know everything about Chinese chop marks. For example, why are some coins chopped so many times? Wouldn’t a few different chops be enough to trust a coin? Why do we find different styles and shapes and sizes of chop marks over the years? And if chop marking was practiced for over 300 years, how is it that no chop-mark tools can be found today?

1748/7 Mexico Pillar Eight Reales with a variety of chop marks. Courtesy of PCGS TrueView.

1893-As ML Mexico Eight Reales. Courtesy of PCGS TrueView.

Collecting Chop-Marked Coins

Now that we’ve covered the background of chop-marked coins, let’s look at how they are typically collected. The most popular choice lately is to collect chop-marked coins by type. A beginner can probably locate 40 to 50 different types of coins with Chinese chop marks with a little patience, an advanced collection can number in the hundreds. New types are still discovered each year as “fresh” coins appear out of the woodwork.

Collecting by type has been my approach, with a goal to find high-quality, attractive examples. Collecting chopmarked coins by type has produced a great side benefit, I’ve been introduced to many world coin types I would have never considered had I focused instead on a single series.

When I acquire a new chop-marked type, I make an effort to understand the history behind the coin, why it was made, what was going on in the host country at the time it was minted, and possibly providing an explanation for why it would have traveled to China. Other approaches include collecting within specific types, such as a complete set of chop-marked U.S. Trade Dollars, collecting chop-marked coins from a specific country, or even collecting coins with especially unique-looking chop-mark characters.

The good news is the financial barrier to entry is fairly low, with common types such as Spanish eight reales, French Indochina piastres, and British trade dollars being found

in the range of approximately $100 or less. More advanced collectors who seek out rare types with chop marks, such as a Maximilian Peso from Mexico or a United States Liberty Seated Dollar (with perhaps 10 or fewer known), have seen prices hovering in the low-to-mid four figures.

Know What You’re Buying!

In the age of abundant modern coins grading MS70, a collector who has been trained to find the nicest coin possible might ask “aren’t these damaged coins?”

Yes, in fact they are.

So how do we tell the difference between undesirable kinds of damage and legitimate Chinese chop marks placed by the hands of a shroff? This can be difficult, but as you spend time looking at many chop-marked coins, you can develop your eye to detect what is a “real Chinese chop mark” and what is simply another form of damage to the coin.

As mentioned above, for about a century, chop-marked coins were viewed as damaged and thus seen as not valuable. So, there was no motivation to forge chop marks on a coin. More recently, as the popularity of chop-marked coins has increased, along with rising values, we have seen examples of fake chop marks appear at auction.

Sometimes you’ll find chop marks that are obviously fake –they appear to be stamped stroke by stroke, as if punched with a flat-head screwdriver.

1809 United States Capped Bust Half Dollar, which is rarely seen with chop marks. Courtesy PCGS TrueView.

In many cases, the fake chop marks are more deceptive and might fool all but the experts. Since these chop marks aren’t like a coin made from a die that can be matched, it can be difficult to really know for sure if a chop mark is “real.” One must develop their own comfort level with the chop marks on a coin they are considering spending their money on.

I also recommend making friends with other collectors; the community has, in my experience, been very welcoming and helpful with those just getting started. I am always willing to give an opinion whenever someone asks, so don’t hesitate to reach out. PCGS has also been grading chop-marked coins for a long time and has experts in the field of chop marks who evaluate and verify the authenticity of chop-marked coins day in, day out.

Advancing as a Collector of Chop-Marked Coins

It’s an exciting time to be collecting coins with Chinese chop marks. Over the past three or four years, we’ve seen a big jump in the availability of chop-marked coins and a surge in the number of collectors.

In the past year, we’ve also seen a few major chop-marked rarities showing up in auctions, originating from old collections assembled over the past 30-plus years. For example, a chopmarked 1867 Maximilian Peso from Mexico sold for $4,560 in May 2023, and an 1879-CC Morgan Dollar with chop marks sold for $4,080 in October 2023, both coins crossing the block via Stack’s Bowers Galleries auctions.

This 1867 Maximilian Peso from Mexico, a very rare type with chop marks, brought $4,560 at a Stack’s Bowers Galleries auction in May 2023. Courtesy of PCGS.

Unlike most other coins, those with chop marks aren’t generally covered by standard price guides. This can make auctions for rare chop-marked examples quite fun to watch!

If you’re interested in learning more about collecting coins with Chinese chop marks, a few resourceful books have been authored to help out. The first book to focus on chop-marked coins was authored by F.M. Rose. Known amongst collectors as “the godfather of chop-marked coins,” Rose wrote a book simply called Chopmarks ; it was published in the early 1990s and is now out of print. I’ve seen copies sell on eBay for big money, as the book itself has become collectible.

Then in 2014, Colin Gullberg published an excellent followup to the Rose book titled Chopmarked Coins: A History. This

A coin with fake chop marks. Notice how sharp the edges of each stamp appear. Courtesy of Dan Huntsinger.

represented a much-needed update to the Rose book, with high-quality color pictures of chop-marked coins and 20+ years of additional data, gathered during the internet era, on the rarity of specific chop-marked types. Unfortunately, this book is also out of print and is nearly impossible to find.

To help address the lack of available texts, in 2023, Taylor Leverage published a third major work focused on chop-marked coins, By Weight, Not By Coyne. His book is an extension of the first two, taking a deeper look at the origins of chop marks, with a country-by-country listing of known coin types with Chinese chop marks. The Leverage book is currently available for purchase via Amazon, and I recommend it for anyone looking to get into collecting chopmarked coins.

There is also the Chopmark Collectors Club, which puts out a high-quality newsletter, edited by Colin Gullberg. One can join the club by emailing Colin at chopmarknews@gmail.com.

As the community of chop-marked coin collectors has grown, naturally so has the network of dealers actively looking to stock chop-marked coins for sale. If anyone is considering

getting into collecting chop-marked coins, I recommend picking up the recent Leverage book, and finding a dealer who frequently stocks chop-marked coins to get a feel for pricing and availability.

Dan Huntsinger spent his career as an engineer in Silicon Valley and enjoyed coin collecting as stress relief from work. When not working or collecting, he can be found roaming the Pacific Northwest with his family and dog. He’s usually around on Instagram (@chopmarkedcoins), so feel free to reach out and say “Hi!” He’ll do his best to answer any questions about the fascinating, history-rich area of chop-marked coins.

Mostly Nickels

By Vic Bozarth

The famous 1913 Liberty Nickel is a multimillion-dollar trophy coin that many dream about, but few have ever owned. Courtesy of PCGS TrueView.

In this PCGS Market Deep Dive, we focus on U.S. three cent to five cent denominations, including the Three Cent Silver, Three Cent Nickel, and the various five-cent nickel series. Of course, all this talk about “nickels” may make some wonder what a “nickel” is… And why nickel ?

While the Three Cent Silver hit the scene in 1851, a nickel version of that same denomination came around in 1865. A year later, in 1866, a five-cent coin also composed of a nickel alloy premiered, and the term “nickel” to describe U.S. five cent coins became commonplace, even as the silver half dime (which was also denominated as five cents) continued in production through 1873.

Much of the reason behind abolishing the silver three cent coin and half dime was due to their silver composition; both the nickel-based three cent and five cent coins had proven successful and were well accepted by the public. Yet, perhaps the most intriguing thing about these popular “nickels” is that none of these coins – not even the Jefferson Nickels in our pockets and purses today – are made from pure nickel. No circulating U.S. coin has ever been struck from a compositional alloy consisting of more than 25% nickel; the balance is usually copper. Yet, we call them “nickels” anyway.

The six-coin series we profile in this edition of PCGS Market Deep Dive are indeed mostly nickel, and they include the Three Cent Silver (1851-1873), Three Cent Nickel (18651889), Shield Nickel (1866-1883), Liberty Nickel (1883-1913), Buffalo Nickel (1913-1938) and Jefferson Nickel (1938-Date).

Breaking down these six rich, dynamic series further, we see some cool storylines unfold. For example, the tiny Three Cent Silver “Trimes” were once known as “fish scales,” as they were among the smallest and most fragile of U.S. coins. The Three Cent Nickel was first produced in 1865 because the “Trime,”

like the silver half dime, was being hoarded by the public for its silver content. Nearly 30 million Three Cent Nickels were produced during the first 10 years of the series, though just two million were struck during the last 15 years.

Design changes in the first year or two of issue for the Shield, Liberty, and Buffalo Nickels offer both the type and date-and-mintmark collector additional options for their nickel collections. All three of these challenging series yield rare and unusual dates, like the 1867 Without Rays Pattern Reverse Shield Nickel, 1883 “Cents” and “Without Cents” Liberty Nickels, and 1913 Variety 1 and Variety 2 Buffalo Nickels. Then there is the most famous nickel of all: the 1913 Liberty Nickel! The last one to cross the auction block was the finest-known specimen, graded PCGS PR66. It hammered for an astonishing $4,560,000 in an August 2018 Stack’s Bowers Galleries sale.

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

Three Cent Silver, PR Price Changes

• Do business with 650+ pre-qualified dealers from the comfort of your home

• Network with members daily through our easy-to-use broadcast and messaging system

• Browse the over 3,500 active bid and ask prices at any time

• See 24/7 live spot pricing for trading and investing

• Access the Collectors Corner marketplace free with your CCE membership

NEW QUALIFIED MEMBERS RE CEIVE THEIR FIRST MONTH FREE

If you are ready to see what our premier dealer-to-dealer network can do for you, contact:

Taryn Warrecker

Director, Advertising and Marketplace (949) 435-2102 / WarreckerT@collectors.com

Finest Known, Second Best, or Good Enough?

By Vic Bozarth

This PCGS MS68FBL 1948 Franklin Half Dollar, the single-finest known example in its series, is coveted by many collectors. What do you do if competition is too fierce or prices too high for a coin you need for your collection? Sometimes the second-best example is a good alternative, or maybe another coin that is “good enough.” Courtesy of PCGS TrueView.

Market Matters is a column in which I often tout the highest price paid for a particular PCGS-graded coin. Who doesn’t enjoy hearing about a new “record” price for a fabulous coin in a PCGS holder? And while we love sharing the latest hammer prices for some of the most spectacular PCGS-encapsulated coins to cross the block, we also want to share with readers some perspective into the “why” rare coin market values are usually a function of quality. After all, quality or grade can limit supply and certainly affect demand.

First, I want to explain the motivation that drives appreciation in terms of both desire and demand. Second, I will give you a couple of examples of the latest auction prices for some exceptional PCGS-graded coins.  Using these recent sales as examples, I will illustrate the motivation that led to these (roundly astounding) sales prices.

Numismatic Motivation

There has to be a motive… Indeed, what motivates us to act?

If you’re in sales, you attempt to entice a customer to purchase your product with a variety of different mediums. As a longtime coin dealer who spent decades working either behind the case at a brick-and-mortar store or on the road attending over a thousand coin shows, I appreciated coins that sold themselves, so to speak.

But I think anyone reading this who has spent even a few minutes as a salesperson, regardless of what they were purveying, will recognize that there are at least four questions that must be answered when selling something – anything:

1. Does it work?

2. Does it make your life easier?

3. Does it add value or enjoyment to your life?

4. Do you have a choice?

Applying these questions to the numismatic realm isn’t much of a stretch. Think about it… We want our coins to work – fit – the scheme or our sets or overall collecting goals. We hope our next coin purchase makes life a little easier by getting us closer to “completion” (whatever that looks like for you and your collection). Certainly coins add value to our collection and bring further enjoyment to our lives – in the numismatic sense at the very least.

And choices? Oh goodness me, do we have choices as collectors… Many, many choices! That is unless you’re vying for one of only a few available rare specimens that could make or break the difference between having a top-rated complete PCGS Registry Set or one that stands second place to the premier collector.

Shifting My Focus

Our motives change with our lives and means, and collectors evolve.  We’re human… For example, as a young collector I was more interested in the completion of a set of coins. There were two important considerations: cost and quality. Cost was always most important to me in those days. I’d ask myself, “Can I afford the coin, and does it look ‘good’ in my set?” I had neither the funds nor the appreciation for a nicer example yet.

Not only was building these early “starter” coin set(s) fun, but I was learning and evolving numismatically. Sure, they, for the most part, consisted of common coins carrying modest value. But isn’t that where many of us started our numismatic journeys? With “starter sets”? Yet, I’m sure any of us who kicked off with those sets had at least some higher-grade, more expensive coins that we just absolutely dreamt of owning someday. I know I did…

Where does that appreciation for the “finer numismatic things” start? I’ve purposely used the word “appreciation” here because it is so appropriate when speaking about rare coins. For example, while I have always appreciated the interest and fun numismatics has provided me, I have also been interested in the possible appreciation, monetarily, that my coins might promise.

At some point in my evolution from casual collector to avid numismatist, I realized the pursuit of knowledge about the coins themselves was the reward. My focus changed, too, in that while I still appreciate all coins, my focus is more on quality and less on accumulation.

Exceptional Coins as the North Star

While many never recognize the difference in quality among the coins they collect, those who appreciate the scarcity and indeed rarity of high-grade coins have unlocked the “key” to the “appreciation” of their coins. This is true for virtually any collectible…

To boost the appreciation of your coins, shouldn’t you concentrate on those coins most coveted by other collectors in terms of quality? High-quality coins will be appreciated most and most often appreciate – increase in value –at a higher rate.

We can see this just by looking at some of the most recent auction prices achieved by the highest-quality coins that have appeared at auction in PCGS holders. Let me make some observations about two coins that have sold in major auctions this summer.

My first example is the incredibly gorgeous PCGS MS68FBL 1948 Franklin Half Dollar that sold in an April 2024 Stack’s Bowers Galleries auction for $84,000. To date, this is the only Franklin Half Dollar that PCGS has graded MS68FBL, and virtually everyone would love to own this coin – a point underscored by fierce bidding for this piece. If you “need” the 1948 date for your Franklin Half Dollar collection, your next-best alternative is one of the 12 MS67+ examples of this date that PCGS has graded. Interestingly, a lovely 1948 MS67+FBL sold for $6,000 in a December 2023 Heritage Auctions sale. No, that coin wasn’t “finest known,” but it was 7.14% of the cost of the MS68FBL coin.

MARKET MATTERS — FINEST KNOWN, SECOND BEST, OR GOOD ENOUGH?

My next example is the 1870-CC Liberty Head Double Eagle, a coin offering perhaps 40 or 50 specimens total across all grades. In June 2024, a PCGS AU50 example crossed the block for $840,000 in a Stack’s Bowers Galleries sale. This coin is one of just five PCGS AU50 examples available, with only a single PCGS AU53 that sold for $1,620,000 in a November 2021 Heritage Auctions sale.  Only one collector can own that coin, but the last three PCGS AU50 examples were sold in 2014 at prices ranging between $305,500 and $329,000. Is it any surprise that this single PCGS AU50 example, the first available in 10 years, brought $840,000?

Both of these coins are exceptionally popular and quite scarce, but the only limiting factor in you purchasing an example is your budget. When you are contemplating building a PCGS Registry Set, visit PCGS.com/Pop, where you can access the populations of any U.S. coin to give you a clearer picture on the supply of any PCGS-graded coins. You may find that the finest or second-best coins in your selected series are just too scarce or expensive, leading you to choose coins that are not quite top-grading but are nevertheless “good enough.”

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

Market Movers & Shakers

By Jaime Hernandez

This stunning and rare 1860 $5 gold pattern moved into seven-figure territory as one of the highest price gainers in the past three months. Courtesy of PCGS Trueview.

As we enter into the autumn months, we see the numismatic market is doing anything but cooling down. Hot coins continue to be on the move, with prices for many reaching only further into positive territory. On the list above, we see the top 10 coins that increased by the largest margins in the past three months on the PCGS Price Guide.

The first coin on the list is an 1820 Coronet Head Large Cent, classified as the N-4 variety and graded PCGS AU55BN. Three months ago, the PCGS Price Guide had the coin listed at $1,700. Recently, we updated the price to $7,000 because

of two sales. One of the coins sold at Goldberg Auctioneers for $6,600, and another crossing the block at Stack’s Bowers Galleries took $8,225. Both coins were of the same variety and graded PCGS AU55BN, providing sound rationale to move the market price on this one. As a result, this coin increased 312% on the PCGS Price Guide, making it the highest gainer in the past three months.

The second coin on our list is a $5 1860 Judd-271 proof pattern. It’s believed that only two examples of this issue exist. The coin also has a beautiful and prominent Liberty design,

making this great rarity even more appealing to collectors. In January 2024, Heritage Auctions sold an example graded PCGS PR64+DCAM for $1,140,000. There are no other auction sales listed for this issue, proving how rare this pattern really is. Due to the Heritage Auctions sale, its price on the PCGS Price Guide moved up from $300,000 to $1,250,000 in the past three months, marking a 317% increase.

The third coin on the list is a 1839 Coronet Large Cent N-4 variety, graded PCGS MS66+BN. This coin currently has a PCGS population of only one example graded PCGS MS66+BN, with no other examples graded higher. This example was sold at a Stack’s Bowers Galleries auction, where it fetched $28,200. This sale data led to an increase for its value listing on the PCGS Price Guide price in MS66+BN, going up from $8,500 to $28,500 – or a 235% increase.

To view many more coin price changes for the year as well as for market data from other date ranges, you can visit the PCGS Price Guide and click on Price Changes. Once there, you can view many more coins listed on the PCGS Price Guide Gainers list, including the top daily gainers, weekly

gainers, three-month gainers, one-year gainers, two-year gainers, three-year gainers, five-year gainers, and even the leading 10-year gainers.

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

Be a Cherry-Picker

By Vic Bozarth

Classic U.S. commemoratives, like this 1926 Oregon Half Dollar, represent the type of vintage coins that collectors – and dealers – should cherry-pick when buying to help maximize potential upside value in the future. Courtesy of PCGS TrueView.

During my three-plus decades as a full-time coin dealer, I have personally experienced a wide variety of market conditions. While the coin market is always changing, you, as an individual collector or investor, can employ some tools to maximize the potential for your PCGS-graded coins. This article provides some perspective on coin market fundamentals, including the why behind how the rare coin market works.

The coin market has changed. Unless you are following changes in bullion prices, you might not know how the market for your coins has evolved. Much of the market, as we know it, is fundamentally different because the basal bullion price levels for so many coins have appreciated. For the most part, numismatically related coins have fared quite well since the early days of the COVID pandemic in the spring of 2020, up through and including today.

Dealers Focus on Bullion

Coin dealers are primarily focusing on more bullion-related transactions because of strong business in terms of both buyers and sellers. Unless a numismatic item has something special about it or is immediately saleable, it might fall through the cracks. This type of market has little to do with long-term numismatic value.

Dealers are in cherry-picker mode. With highly active bullion markets, dealers have great cash flow. That being said, dealers are less likely to park their capital in stagnant, albeit great, coins while the bullion market is hot. Interestingly, dealers I’ve spoken with are less interested in the price level

of the coins they’re trying to cherry-pick than in the rarity of the item itself. The rationale is that a premium is still justified depending on the rarity and one’s cash flow. Middle-of-theroad and generic items, unless they are bullion related, are softer in price these days. Dealers know they can stock many such items easily.

Here’s a big tip: you should always be in cherry-picker mode. Part of the delight of numismatics itself is the treasure hunt. Because opportunity is fickle, you should keep your eyes open to great coins regardless of market levels. The advantage for so many collectors is not having to sell to keep the lights on, so to speak.

Premiums for Rare Coins

Watch market trends. There is a fine line between a dealer’s statement “these coins are too cheap” and “they’re too cheap because no one cares.” Classic U.S. coins that have experienced strong demand in the past are probably a good value when “no one cares” markets occur, right?  There is no question that this is true of the classic U.S. commemorative coin market in the last five years.

U.S. silver and gold commemoratives have experienced a renaissance. All of a sudden, they’re hot… Not! There were always great commemorative coins out there, but the market was different. The focus was elsewhere, or at the very least not on commemoratives. As with all markets, one of the secrets is buying something when it is undervalued. Great coins are always great coins, but markets are constantly changing.

I personally know of several collectors and a half dozen

dealers who have been buying classic PCGS-graded commemorative coins both before and during the last several years with increasing interest. All of these collectors and dealers recognized the fact that while commemorative half dollars were not selling well for several years, the underlying value was still there. Indeed, virtually all of these individuals would have said, “Commemoratives are too cheap.”

These individuals were quietly cherry-picking nice PCGS-holdered classic commemorative coins based on both quality and value.

Note: There are always segments of the U.S. coin market that offer good value regardless of the current market. While you might collect PCGS-graded commemorative half dollars or Peace Dollars, I would recommend you always keep an open mind to other types of PCGS-graded coins, too. Especially if you recognize something you might not collect is undervalued, don’t let the opportunity pass. Cherry-pick the PCGS-encapsulated coin. Having a great PCGS-holdered coin to trade for something you collect is always an advantage. Remember, you can cherry-pick single coins or an undervalued series of coins.

Premiums for fabulous PCGS-holdered coins are normal! The best coins always bring the most money. While a premium might be steep, it is always a function of quality. For rare coins don’t lose focus on quality.

There is a period of time before the market accepts the new price levels. Gold bullion prices in the $2,300 to $2,400 range isn’t outrageous anymore. Silver above $30 per ounce seems to have legs. While these price levels for gold are at all-time highs and silver is appreciating also, the fear, or lack of confidence, in these new price levels is not. While the acceptance of the new price levels has been pretty broad based, you, as a customer should always be focused on value.

Premiums for Bullion Coins

Some of the more traditional venues for bullion aficionados are suffering from some weakness in demand due to the premiums over the melt value of the items they produce. A reasonable premium over the melt value of a bullion item is a given, but the premiums some of the mints are charging have put a crimp in their sales.

Bullion buyers can easily change their focus and still get great bullion coins. Yet, regardless of what you buy, never lose focus on value. With the readily available spot price of gold/ silver, which you can find on PCGS.com and Coinflation.com, you can easily determine the premium over the melt value of most major bullion items because of their known fineness.     Let’s look at a practical example dealing with a one-ounce gold bullion coin. For simplicity's sake, let’s use an example

spot price of $2,350 and the dealer’s asking price for a oneounce gold coin is $2,500. Your premium on that purchase is calculated as $2,500 minus the spot price of gold ($2,350), resulting in a net markup of $150. Dividing the $150 premium by the spot price of $2,350 results in a 6.38% markup for this example.

Bullion coins are hot these days, and collectors must be mindful about how much premiums are running for these popular pieces. Courtesy of PCGS TrueView.

Mind you, there are currently one-ounce gold bullion coins available on the open market for both more and less than a 6.38% premium. Some are more popular than others, but they still represent one ounce of gold. Premiums make a difference, but some are more a function of hype rather than value. But only you can make that determination as to which is which when it comes to buying. The scarcity and demand for a particular rare coin should drive your numismatic purchase decisions, but the premium over the melt value is more pertinent when making bullion-purchase decisions.

You always need to ask yourself whether you are buying the hype or the value—and always cherry-pick!

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

GRADING STANDARDS

A Guide to PCGS Grades & Designations

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

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

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

PCGS COIN GRADING STANDARDS

Regular Strikes

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

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

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.”

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

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

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

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

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

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

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

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

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

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 half of the surface, mainly on the high points.

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

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

XF45 Detail is complete with most high points slightly flat.

XF40 Detail is complete with some high points flat.

VF35 Detail is 80 to 85% complete.

VF30 Detail is 70 to 80% complete.

VF25 Detail is 60 to 70% complete.

VF20 Detail is 50 to 60% complete.

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

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

VG10 Design is worn with some detail evident.

VG08 Design is worn with only slight detail evident.

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

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

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

FR02 Mostly worn, but some design details are visible.

PO01 Barely identifiable as to date and type.

Proofs

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

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

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

PCGS COIN DESIGNATIONS

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.

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.

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

Color for Copper Coins (MS60 or better)

Full Steps for Jefferson Nickels

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

Full Bands for Mercury Dimes

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

Full Bands for Roosevelt Dimes

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

Full Head for Standing Liberty Quarters

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

Full Bell Lines for Franklin Half Dollars

Full Bell Lines (FBL) PCGS designates

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

Prooflike Surfaces

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

Prooflike Surfaces

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

No Grade Coins

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

Cameo Proofs

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

PCGS Holder

No Grade coins are returned to the submitter with encapsulation.

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

Planchet Flaw

No PCGS Holder

No Grade coins are returned to the submitter without encapsulation. Code Reason

Peeling Lamination

Authenticity Unverifiable

Counterfeit

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.

SEPTEMBER 2024

September 5 - 7

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

September 11 - 14

Great American Coin and Collectibles Show Submissions Only Tampa Convention Center Tampa, Florida

OCTOBER

2024

October 8 - 13

PCGS Members Only Show Onsite Grading Heritage Auctions HQ Dallas, Texas

NOVEMBER

2024

November 13 - 16

Whitman Baltimore Winter Expo Onsite Grading

Baltimore Convention Center Baltimore, Maryland

DECEMBER

2024

December 10 - 14 PCGS Members Only Show Onsite Grading

Park MGM

Las Vegas, Nevada

MAKE A COPY FOR YOUR RECORDS

(Select one of these options to establish and set Minimum Bids for your coins. If you have any questions about this process, please use the phone number at on the bottom of this form) A. All coins start at Minimum Bids to be set by GreatCollections [Recommended] B. All coins start at Minimum Bid of C. All coins start at a Minimum Bid of $1 50% 65% 80% 2 Submission Type (Select One) Certified Raw

on Back 3 Minimum Bids (Select One)

Let GreatCollections decide Yes, please submit all coins to CAC No CAC review

We will notify you by e-mail within 48 hours of your consignment arriving at GreatCollections. You can also view in MyGC > Consignments Received. of the declared value

Stack’s Bowers Galleries

The Leader in Physical Bitcoin Auctions

For over 90 years, Stack’s Bowers Galleries has been a leader in traditional numismatics and we are proud to now bring that expertise to the Physical Bitcoin and Cryptocurrency category. Since 2021, we have sold over 1,200 crypto items totaling nearly $6.5 million and regularly achieve industry-leading collectible premiums.

Our Spring 2024 sale featured several world record prices including $96,000 for a 2011 Casascius 1 Bitcoin graded MS-67 (PCGS), which is now the most valuable brass Casascius 1 Bitcoin of any date or variety. Whether you are looking to start a collection in this exciting category or present your current collection to the numismatic market, no firm has more experience than Stack’s Bowers Galleries.

2011 Casascius 1 Bitcoin. CASACIUS Error. Brass. MS-67 (PCGS).

REALIZED: $96,000

Record Price for a Brass Casascius 1 Bitcoin.

2013 Lealana 1 Bitcoin. Gilt Silver. Proof-69 Deep Cameo (PCGS).

REALIZED: $108,000

Record Price for a 1 Bitcoin of Any Type.

For questions on our Physical Bitcoin and Cryptocurrency auctions or to consign your collection, contact Stack’s Bowers Galleries today at Consign@StacksBowers.com or 800.566.2580. Visit Us Online at www.StacksBowers.com/Cryptocurrency.

2012 Casascius 5 Bitcoin. Nickel. MS-66 (PCGS).

REALIZED: $360,000

Record Price for a Casascius 5 Bitcoin.