2025-01-02-PMR by Professional Coin Grading Service (PCGS) Market Report

JANUARY/FEBRUARY 2025

PCGS Coin of the Issue: France Empire 1808-A Napoléon 5 Francs PCGS PR65

MARKET REPORT Funding Wildlife Conservation Through Coins Numismatic Estate Planning Tips

VINTAGE MORGAN & PEACE DOLLAR BULK SPECIAL January 1 - March 31, 2025

Receive special bulk pricing for vintage Morgan and Peace Dollars with only 20 coins instead of the usual 100 required.

Learn More at PCGS.com/CCSpecial

PCGS MARKET REPORT MAY/JUN 2024

SPEAKING OF COINS A new year has dawned, and we are now headlong into 2025. It’s a time of M A R K E T

hope as we look ahead to what we believe will be a busy year for our hobby. We

R E P O R T

have a full calendar of PCGS Members Only Shows, as well as onsite grading at

A Collectors Universe Company

major shows around the United States. These show appearances give you more

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 James Davis Distribution Coordinator Ronald Burnett

Subscriptions: Single Issue: One-Year Subscription (6 Issues):

$14.95 $79.99

opportunities to submit your coins, banknotes, and other numismatic collectibles in person (saving you time and money shipping your items to us); they also give you the chance to meet the PCGS team and talk with us directly about what we can do to help you be a more successful numismatist. And helping enrich our hobby is one reason why we publish PCGS Market Report, the magazine you hold in your hands here. We’re kicking off this first issue of the year with gusto. The PCGS Coin of the Issue is an 1808-A France Empire

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

Napoléon I 5 Francs from the Paris Mint and graded PCGS PR65.

To become a PCGS Authorized Dealer, contact:

and Paul Whenman as well as a Set Registry member known as

Dealer@PCGS.com

Virginia Transplant.

To become a PCGS Collectors Club member, go to www.PCGS.com/join

We tip our hat to the most recent class of PCGS Set Registry Hall

Fame

inductees,

which

include

collectors

Robert

Lande

Peter Anthony shows how the rare and inquisitive panda has inspired animal lovers the world over and how it became the central theme for one of the most

Printed in the United States. Copyright 2025 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.

popular bullion coin programs. Sanjay Gandhi shovels up the scoop on snowflake

Publication of this magazine is not a solicitation by the publisher, editor, or staff to buy or sell the coins listed herein.

into a successful business in Brooklyn.

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.

check on market conditions for U.S. Early Quarters and a review of Puerto Rican

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!

coins, while Vic Bozarth shares tips on how collectors can prepare for the future with numismatic estate planning. We’ll also meet Vasilike Miksa, a collector whose love of world gold coinage has made him one of the most successful collectors of his genre on the PCGS Set Registry. We’ll also introduce you to Frank Sgaglione, a young numismatist who turned his passion for collecting coins You’ll find a variety of insightful columns from many PCGS experts, with a coins – an exciting area of the hobby many of our collectors enjoy. I’ll leave you for now with this thought: PCGS marks its 39th anniversary in 2025. What stories do you want to read more about as we approach our 40th anniversary next year? Please drop us a line here at the PCGS Market Report. We love your feedback and are grateful for your readership! Happy 2025, Joshua McMorrow-Hernandez Editor-in-Chief, PCGS Market Report

PCGS MARKET REPORT JAN/FEB 2025

The Finest 1869 Double Eagle Proof Unreserved. Bidding Ends Sunday, January 19th With a low mintage of just 25, only 10-12 are known today, and this is the single ﬁnest of that small number. All Proof Gold Double Eagles are special - they have long been considered the pinnacle of numismatics, however, ﬁnest known examples of any date seldom appear on the market. For Type Two Proof Double Eagles, only a single 1866 grades higher. WANTED: DO YOU HAVE PROOF GOLD DOUBLE EAGLES FOR SALE?

Please contact us today for our no-obligation appraisal.

Visit GreatCollections at the January FUN Show Table #427 lan Russell President

Andy Wedding Consignment Director

Raeleen Endo Director of Client Services

Ofﬁcial Auctioneer

GreatCollections · 17891 Cartwright Road Irvine, CA 92614 · Tel: 1.800.44.COINS · info@greatcollections.com 3

PCGS MARKET REPORT MAY/JUN 2024

Mos r s g ous or gn o n Sho

6 2

Skip the lines at the convention by registering online.

Purchase your pass online (General Admission or Early Bird) and show up with a valid governmentissued photo ID to pick up your pass. Go to NYINC.Info and click on Buy-A-Pass tab (top far left).

InterContinental Barclay Hotel * Hotel Re erv io Visi o r we si e, www.nyinc.info, to book at our special i co te ra es. Clic o e “HOTEL RESERVATIONS” tab at upper left. Featuring auctions from Heritage, Stack’s & Bowers, CNG, Spink, The New York Sale, St James’s

* A ctio Lot Viewi g Fri, Ja 10 through Sun, Jan 19 * Auction sessions Mon, Jan 13 Through Sun, Jan 19

NGC is the of icial g adi g compa y of t e NY NC Convention Chairman P.O. Box 33319, o a pu

Visi o r website

o h, a 76162 @n n . n o

. yi c.i o

ON THE COVER This historic France Empire 1808-A Napoléon I 5 Francs, struck at the Paris Mint and graded PCGS PR65, reigns as the PCGS Coin of the Issue. Page 6

12 17 21 24

30 32 33 37

PCGS Set Registry Hall of Fame 2024 Sanjay C. Gandhi introduces three intrepid PCGS Set Registry members whose sets wowed our judges most. A Panda Story Peter Anthony explores how a global conservation mission to save China’s pandas has played out on the numismatic stage. PCGS Set Registry: Sparkling Snowflakes Sanjay C. Gandhi reveals a unique Canadian coin series that puts the intricate beauty of snowflakes on full display. Journey Across Asia With PCGS Asian Cities Collection Special Labels PCGS is excited to launch a colorful Special Label series that pays homage to the rich diversity of Asia’s metropolises. No-Mintmark Roosevelt Dimes Shine Joshua McMorrow-Hernandez features five Roosevelt Dimes that may be missing their mintmarks but not their marketplace stride – some to the tune of more than a half-million dollars! Collector Spotlight: Vasilike Miksa Joshua McMorrow-Hernandez introduces PCGS Set Registry member Vasilike Miksa, a collector who loves world gold coins. YN Corner: Making Numismatics A Lifelong Journey Frank Sgaglione is a young numismatist who is stepping out as a coin dealer in the Big Apple. Things To Consider When Estate Planning Vic Bozarth provides tips on what you should know when planning for the future of your coin collection. The Rich History of Puerto Rican Coinage Vic Bozarth visits the United States commonwealth of Puerto Rico to uncover the history of the beautiful island’s coinage.

6 — PCGS Coin of the Issue 39 — Errors & Varieties 40 — Auction Highlights 41 — PCGS Around the World 42 — Noteworthy Notes 44 — From the PCGS Grading Room

46 — PCGS Market Deep Dive 53 — Market Matters 56 — Market Movers & Shakers 58 — Coin Market Fundamentals 60 — PCGS Grading Standards 64 — Show Schedule & Advertising Index

This France Empire 1808-A Napoléon I 5 Francs was struck at the Paris Mint and is graded PCGS PR65. It will be offered by Stack’s Bowers Galleries in an auction being held in conjunction with the New York International Numismatic Convention (NYINC) in January 2025. Courtesy of PCGS.

COIN OF THE ISSUE:

FRANCE EMPIRE 1808-A NAPOLÉON I 5 FRANCS FROM THE PARIS MINT, PCGS PR65

By Joshua McMorrow-Hernandez Napoléon Bonaparte was born on August 15, 1769, and eventually rose to become one of the most important figures of his time. Napoléon had already joined the French Royal Army as an officer during his teen years when the French 6

Revolution, which he supported, came to fruition in 1789. Rising through the ranks, Napoléon notched wins against royalist insurgents in Paris in 1795 and a year later defeated Austrians and Italians in the War of the First Coalition. Earning glory as a French hero, Napoléon gathered political currency with invasions of Egypt and Syria in 1798, a successful rematch against an Austrian-Italian front in 1800, and his sale of the Territory of Louisiana to the United States in 1803. Crowning himself as the Emperor of France in December 1804, Napoléon successfully led French troops into other skirmishes over the next decade, securing his nation’s dominance in Western Europe. Still, he was not invincible. Napoléon drew down his troops during an invasion of Russia in the winter of 1812, with Prussian and Austrian forces joining the Russians in the Battle of Leipzig. This was a battle that the once-mighty French ruler lost. Abdicating the throne in April 1814, Napoléon was exiled to Elba – an island in the Mediterranean. But that wasn’t the end for Napoléon, who returned to Paris with 1,000 men months later and regained the helm over France. However, his return to the throne was short-lived when a coalition of opponents that included the United Kingdom, Prussia, and the Netherlands overthrew Napoléon in the Battle of Waterloo. Living out the rest of his years in exile on the South Atlantic island of Saint Helena, Napoléon died of PCGS MARKET REPORT JAN/FEB 2025

PCGS COIN OF THE ISSUE — FRANCE EMPIRE 1808-A NAPOLÉON I 5 FRANCS FROM THE PARIS MINT, PCGS PR65

France Empire 1808-A Napoléon I 5 Francs From the Paris Mint, PCGS PR65. Courtesy of PCGS. stomach cancer at the age of 51 on May 5, 1821. Perhaps the fallen French emperor would find exultation in knowing that scholars more than two centuries after his death still regard Napoléon as a military mastermind. Surely Napoléon would delight in knowing that French coins bearing his image can command massive sums to this day. One minted during the height of his reign in 1808 is poised to do so in a Stack’s Bowers Galleries auction being held in conjunction with the New York International Numismatic Convention (NYINC) in January 2025. Soon to cross the block is a stunning example of a France Empire 1808-A 5 Francs struck at the Paris Mint and bearing an effigy of Napoléon I. This magnificent single flan bruni specimen, graded PCGS PR65, astounds with its gunmetal gray surfaces and kisses of gold along the peripheries. The brilliant fields are punctuated by sharply struck devices, ensuring the superiority of this exquisite specimen. Sure to captivate series specialists and world crown aficionados alike, this historic treasure hailing from the days of Napoléon could easily hammer between $20,000 and $40,000. It’s possible this prestigious coin could garner higher bids still, given its provenance from the cabinet of the esteemed Richard Margolis Collection. The coin last appeared

PCGS MARKET REPORT JAN/FEB 2025

in a public offering back in 1999. Who is to say it won’t be locked away again for yet another generation or more?

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

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

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

NFC technology and barcode scanning for instant coin look-up

100% free to use

Price guide values and population statistics Real-time updates

PCGS MS66PL United States 1854 Gold 25 Cent BG-105 from Bob Lande’s collection. Courtesy of PCGS TrueView.

PCGS SET REGISTRY HALL OF FAME 2024

demonstrated a deep passion for numismatics and currently reside in the PCGS Set Registry Hall of Fame with many other members. In 2024, we were honored to induct Bob Lande, Virginia Transplant, and Paul Whenman (“Timbertop”) into the PCGS Hall of Fame. These individuals have each earned the highest honor the PCGS Set Registry awards to any member, and below we share some background about each of the 2024 PCGS Set Registry Hall of Fame inductees.

By Sanjay C. Gandhi

Bob Lande

Every year, the PCGS Set Registry recognizes members who have consistently been at the top during awards season. We have awarded Platinum, Gold, and Best of Registry awards (to name a few) to nearly 9,000 members around the world in 2024. Our members may have specialized in a certain segment of a market that requires patience, some sets may have been purchased with unlimited funds, and some sets are virtually impossible to put together even if you have more money than the Bank of England! Whatever the case may be, we appreciate all of our members displaying their coins for everyone to view, and thank you for being a member of this special and innovative collecting platform. PCGS also inducts a few members each year who have been selected for our Set Registry Hall of Fame. Past inductees include Erasmus Hall, Virgil Brand, Eric P. Newman, Jim Gately, and King Farouk. These are a few collectors who have

In the last issue of PCGS Market Report, Joshua McMorrowHernandez wrote a brilliant article for the Collector’s Spotlight featuring Bob Lande. In this article, it was noted that as a kid, Bob would ask his dad if he could check his coin change – and many of us could relate to Bob’s numismatic curiosity as a child. It may have encouraged some of our readers to collect coins as well. With his father’s help, Bob built many U.S coin sets, and his passion continued for decades well into his adulthood. In the late 1990s, Lande veered off into another branch of collecting that he found more affordable and challenging: California Fractional Gold. The California gold rush began in 1849 and commerce exploded during these times. The U.S. government minted tiny gold coins that were just 0.25 grams, .050 grams, and up to one gram in weight from 1852 through 1856, which is known among California Fractional collectors as Period One.

PCGS MARKET REPORT JAN/FEB 2025

PCGS SET REGISTRY HALL OF FAME 2024

Soon, demand for these pieces increased, and the government had not minted enough of these coins. So, private mints were contracted to fulfill demand. Lande focused on Period One and built his 140-coin set titled California Fractional Gold - Complete Collection, Period One to win Best of Registry in 2002 in the months after the PCGS Set Registry was first brought online. By 2004, Lande had won a Gold award, and he went on to garner a Platinum award for the next 10 years, beginning in 2013. Lande has become an expert in this field of collecting and was invited to co-author the third edition of California Pioneer Fractional Gold. In 2024, PCGS was proud to induct Bob Lande into the Set Registry Hall of Fame.

PCGS PR64RD 1956(p) Australia Penny from the collection of Timbertop. Courtesy of PCGS TrueView. Paul Whenman (“Timbertop”)

PCGS MS66 1949 Cuba 20 Centavos from Virginia Transplant’s collection. Courtesy of PCGS TrueView. Virginia Transplant This PCGS Set Registry member has reigned at the top for many years, and their specialty is assembling circulation coinage of Cuba. In 2009, Virginia Transplant won nine Best of Registry awards during what was their first year of participating within the PCGS Set Registry. In 2010, they won a Gold award for the set titled Cuban Peso, Circulation Strikes (1915-1953). With time and patience, our member collected more Gold awards for Cuban Complete CopperNickel & Silver Set with Varieties, Circulation Strikes (19151961) and Cuban Peso, Circulation Strikes (1915-1953). For many denominations, Cuban coinage in grades above PCGS MS64 is difficult to find. However, our member had assembled their collection in these grades with time, and many pieces in their sets are above that level. In 2018, Virginia Transplant achieved a Platinum award for three sets in Cuban coinage. This PCGS member has continued to maintain their number-one position in their circulation sets coinage for nearly two decades. In addition to Cuban coinage, Virginia Transplant displays sets under the countries of Angola, Ghana, China, France, Germany, and many others. PCGS Set Registry proudly inducts Virginia Transplant into the Set Registry Hall of Fame for their many numismatic achievements. 10

That’s the name that Paul Whenman uses for all of his set names in the PCGS Set Registry. Whenman currently has over 350 sets, and his primary focus is within the country of Australia. His interest in coins started in the mid-1960s, as noted in a PCGS Collector Spotlight article that ran in the July-August 2023 issue of PCGS Market Report. The first sets that he built as a teenager were heavily circulated 1/2 penny and 1 penny denominations. During these early years, money to collect coins was a scarce commodity to Whenman, and he was building sets without rarities. He worked with whatever budget was available to him at that time. Collecting silver coinage was out of the question, and uncirculated coins were not in his realm of collecting either. However, with time, Whenman himself entered the field of law to become a patent attorney, and his sets would soon become legendary at PCGS. Whenman’s primary focus when he started with the PCGS Set Registry in 2011 was on pre-decimal coinage from 19111964. Since he joined, he has stayed at the “timber-top” for over a decade under the category of Australian Sterling Coinage. If anybody were to look through Whenman’s sets from this era, they might think he minted these coins himself and stashed them away for the PCGS Set Registry – the surface quality and luster are just that good, as if they were essentially untouched. The following set, Australian Three Monarchs Basic Set, Circulation Strikes (1911-1964), highlights many of his individual denominational-based sets in a collection of 333 coins, which is remarkable to view! Over the years, Whenman has won numerous Gold and Platinum awards for his achievements. The sets he displays from the pre-decimal era are of unmatched quality, and the eye-appeal for some of these coins are out of this world. Whenman also has an extensive collection of exceptional-quality Australian decimal coinage, some U.S. sets, and many world coins. We are grateful for Whenman’s contributions to the PCGS PCGS MARKET REPORT JAN/FEB 2025

PCGS SET REGISTRY HALL OF FAME 2024

Set Registry, and he is now recognized for these and many other numismatic achievements in the PCGS Set Registry Hall of Fame.

for displaying your sets for the world to view – they will be difficult to match! However, your splendid perseverance may rub off on many of our other members, who one day may join you in the PCGS Set Registry Hall of Fame!

About The PCGS Set Registry The PCGS Set Registry consists of many types of collectors. Some have the luxury to buy the most eye-appealing coins of all time, yet many of these same individuals often remark on financial difficulties at one time or another in their past. Many of us have limited budgets to work with to build our collections, though this should not discourage you or anyone from working toward long-term goals that could help you achieve great things in the PCGS Set Registry. Our 2024 Set Registry Hall of Fame inductees collected coins throughout their lives because they love numismatics and still love the hobby that they discovered years ago. Maybe some of the struggles and achievements our Hall of Famers have recounted may resonate with you, too. None of these individuals set a goal to be in the PCGS Set Registry Hall of Fame. They simply followed their passion and ended up there. PCGS congratulates Bob Lande, Virginia Transplant, and Paul Whenman as our newest inductees into the PCGS Set Registry Hall of Fame for 2024. Thank you

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.

ORGANIZE / COMPETE / ACHIEVE JOIN THE ONLINE SET REGISTRY & FIND A CATEGORY THAT SUITS YOUR COLLECTING STYLE If you need any help getting set up and adding inventory, our Set Registry team is available to answer your questions.

U.S. Coins (139,700+ Sets)

Europe (7,400+ Sets)

Oceania (7,700+ Sets)

North America (5,000+ Sets)

Asia (3,600+ Sets)

Multi-Country (900+ Sets)

SETREGISTRY@COLLECTORS.COM 877-888-1318

Learn more at: pcgs.com/setregistry

PCGS MARKET REPORT JAN/FEB 2025

Pandas are one of the world’s rarest and most endangered creatures. Courtesy of Abdelrahman Harfoosh.

A PANDA STORY By Peter Anthony "After the glimpse I had had of the Martians emerging from the cylinder in which they had come to the earth from their planet, a kind of fascination paralyzed my actions. I remained standing knee-deep in the heather, staring at the mound that hid them. I was a battleground of fear and curiosity." So H.G. Wells’ War of the Worlds describes the arrival of alien invaders. This passage is inscribed on a cylindrical sculpture on a street in Woking, a town outside London in England. Wells arrived in Woking in May 1895. Today, it is a bustling place of more than 100,000 people, but in Wells’ day, the population was around one-tenth of that. Wells wrote, “There I planned and wrote the War of the Worlds … I wheeled about the district marking down suitable places and people for destruction by my Martians.” As you walk around Woking, there are markers and monuments to many scenes from War of the Worlds. There is, however, at least one notable location that doesn’t appear in the novel. It features a large sign with only a graphic image of a giant panda on it. This is the office of the World Wildlife Fund. The Fund, started in 1961, has played a largely unsung role in the growth of Chinese numismatics.

The World Wildlife Fund famously uses a giant panda as its logo subject. This symbolizes the organization’s founding purpose to promote the conservation of endangered and threatened animals. How a panda – and one particular panda – came to fill this role is woven into a story of Chinese numismatics. When the French scientist-priest Père David revealed the giant panda to the rest of the world in 1869, what he delivered to Paris was a pelt – the fur of a dead animal. For decades thereafter, Western institutions followed suit and sought to acquire the skins of dead pandas to stuff and place in museums. By the 1930s, the public was outraged by this practice. From that time forward, only living animals to be lovingly tended in zoos were acceptable and this started an international trade in live pandas. The bears, though, proved to be uncooperative participants in this highly lucrative commerce. They were difficult to keep alive in captivity, and the population of pandas in the wild, never large and ignored by people for eons, had decreased alarmingly. In 1938, on the eve of World War II, five pandas arrived at the London Zoo. Three were purchased, and the other two may have been sent there to escape fighting on the continent. One of the refugee bears was quite old, and the other was sent to the U.S.A. Records show that two pandas were moved out of London to the Whipsnade Zoo for their safety at the start of the war. These joined the third already there.

PCGS MARKET REPORT JAN/FEB 2025

A PANDA STORY

The panda logo of the World Wildlife Fund (WWF) stands in front of the organization’s office in Woking, United Kingdom. It is shown behind a medal issued for the 25th anniversary of the WWF’s German branch. Courtesy of Peter Anthony. The London Zoo closed when war was declared but reopened two weeks later and managed to stay open throughout most of the conflict. Due to wartime shortages, finding the proper foods for each animal was a challenge, although the pandas in Whipsnade did not want for bamboo. In an echo of the Silk Road, camels and llamas packed supplies from point to point across the London Zoo grounds to save fuel. To plug financial gaps, a public campaign to “adopt” animals was launched. It proved to be so popular that it continues to this day. The London Zoo was hit only once during the Blitz. This destroyed some buildings and exhibits, but amazingly, no animals were killed. In 1946, a new panda named Lien-Ho arrived in London. It had been trapped in Baishuijiang, China. Lien-Ho was clearly unhappy about his loss of freedom, and his dark moods unsettled the zoo staff. When he died in 1950, the London Zoo announced, “We do not plan to replace Lien-Ho. Pandas, although a big box office draw, are perhaps best left in their native forests.” This policy accorded with one of the earliest acts by the People’s Republic of China: a 1949 ban on trapping and trading pandas. But fate had a trick up its sleeve. In 1954, the last captive panda outside of China died in Chicago. By coincidence, PCGS MARKET REPORT JAN/FEB 2025

around this time China itself turned its attention to the animals it would one day label “national treasures.” Three were installed in the zoo in Beijing. Three years later, a very young female panda was found in Szechuan Province. She was moved to the Peking Zoo and named Chi-Chi. An outstanding staff member selflessly devoted herself to the new arrival’s care, and the little panda thrived. Coincidentally, for some years, an Austrian wildlife dealer named Heini Demmer had tried to convince China to trade with him. Demmer sought a panda in exchange for some African big game, like giraffes and rhinos. In order to restock the Peking Zoo, the Chinese government finally agreed to allow him to visit China and choose a panda. He took ChiChi. Demmer then made a deal with an American zoo to sell Chi-Chi to it for the then-enormous sum of $25,000. There was one catch, however: a U.S. government total embargo on trade with China. The ban meant that Chi-Chi could not enter the U.S. Despite all pleas, no exceptions for the panda were granted. Forced by finance and circumstances, Demmer began renting little Chi-Chi out by the week to European zoos. She attracted crowds everywhere. When she reached London, the public reception was cool at first; people expected a bad-tempered creature like Lien-Ho. Chi-Chi, 13

A PANDA STORY

by contrast, was mischievous. She escaped her handlers — twice. One time, she ran into a crowd of tourists and nipped a woman’s leg. A hut built for her collapsed under her weight. Chi-Chi became news, and the crowds swelled. In the end, common sense dictated the zoo’s decision: Chi-Chi couldn’t live in America, and London was the only zoological institution in Europe with experience in caring for pandas. Moreover, the zoo had clean hands in her removal from China. The cost issue was resolved when a TV station donated most of the money. Chi-Chi became a British pop star, which is just what she was in 1961 when the World Wildlife Fund was formed. Its founders understood that they needed a universally recognizable symbol as their Logo. The design needed to instantly evoke threatened natural wonders and attract sympathy. A panda would be perfect. With Chi-Chi as inspiration, a British artist/ environmentalist created the first sketches. These were further developed by one of the organization’s founders, Peter Scott, who declared, “We wanted an animal that is beautiful, is endangered, and one loved by people around the world. We also wanted an animal that symbolized all that was disappearing in the natural world.” Since then, numerous countries have minted coins and medals that feature the World Wildlife Fund’s panda logo, like the German medal shown, but there are three issues that are of particular interest to Chinese coin aficionados. The first of these had profound effects on China’s numismatic path. The year 1986 marked the 25th anniversary year of the WWF. A four-day-long celebration was held in Italy at the medieval Basilica of St. Francis in Assisi. Great Britain’s Prince Charles presided over the event. A newspaper reported, “‘The anniversary celebration […] included a variety of events focusing on the search for new ways to spread the conservationist message. It was Prince Philip who first suggested that the Wildlife Fund draw together leaders of Buddhism, Judaism, Hinduism, Islam, and Christianity to celebrate the respect for nature all the faiths have in common,’ Wildlife Fund officials said.” As part of this 25th celebration, 25 countries released silver WWF anniversary coins. The coins are all collectible in their own right, and the PCGS Set Registry includes the “WORLD WILDLIFE FUND 25TH ANNIVERSARY COIN COLLECTION, PROOF (1986-1989)” set. All 25 of the coins have pandas on them because they include the logo, but only one country chose to portray a giant panda as its subject: China. The others portray species native to their lands, like the musk deer of Nepal. China contributed a 27-gram, .900-fine 5 yuan silver coin (the same specifications as the old international trade 14

The 1986 5 Yuan coin was issued for the World Wildlife Fund’s 25th anniversary in both proof and uncirculated versions. Courtesy of Peter Anthony. dollars, by the way; this connection to a more than centuryold standard is sometimes lost on collectors of only modern coinage). The WWF coin was struck in two versions at the Shanghai Mint: proof and uncirculated. There were 25,000 of the proofs made and 20,000 in uncirculated. Many proofs were distributed inside little white folders that promote the work of the Fund in three languages: English, French, and German (no Chinese). The uncirculated coins appear on the market a little less often than one might expect given the almost equal mintages. The design choice was a lengthy process. Both the Royal Mint and the China Mint submitted proposals to each other. The Chinese eventually agreed to use the British design, although it is distinctly out of step with Chinese tradition that emphasizes line over shading. In a sense, that was the point.

PCGS MARKET REPORT JAN/FEB 2025

A PANDA STORY

The reverse of a 50th anniversary of the World Wildlife Fund silver medal was struck at the Shanghai Mint. The British had a method of engraving shading on dies that the Chinese were unfamiliar with. The Chinese designers wanted to learn more about this approach that they called “3D.” One participant in the discussions recalled, “China only knew the concave-convex carving (method) of making dies in the 1980s. We didn’t expect that England could display the black-and-white colors of pandas so well with their 3-D engraving technique. We spent a lot of time adapting and updating our craftsmanship and finally achieved it on the 1995 Panda coins.” The 1986 WWF coins had another important effect on Panda coin development: it ended the popular series of proof 27-gram silver panda coins. These were minted from 1983 until 1985. When the sponsor and chief distributor of the series, Martin Weiss of Panda America, heard about the plans

PCGS MARKET REPORT JAN/FEB 2025

for a 1986 WWF coin, he didn’t want to compete with that. He canceled his plans for a 1986 proof silver Panda. The only Chinese crown-size (around 38-40 millimeter diameter) silver Panda coin minted for 1986 is the World Wildlife Fund issue. When China struck a silver proof Panda in 1987, it weighed one troy ounce. Twenty-five years later, the World Wildlife Fund numismatically returned to China for its 50th anniversary. Two coins and one medal were officially minted: • A 22-millimeter, quarter-ounce 100 yuan gold coin with a reverse designed around the WWF logo and the number 50. Mintage of 10,000. • A 40-millimeter, one-ounce 10 yuan silver coin with two Tibetan antelopes. Mintage of 10,000. • A 40-millimeter, one-ounce silver medal with a panda as the reverse’s subject. Mintage of 1,000. Like the 1986 coins, the medal reveals a foreign influence in its design. The 1,000 WWF medals were distributed as part of a threepiece set that contains the 2011 10 yuan Tibetan antelope coin and the 2011 10 yuan silver panda coin. As there were 30,000 Tibetan antelope coins minted and three million 10 yuan silver panda coins, the silver panda medal is the key to this trio. It represents a renewal of a tradition of collaboration between the two countries and numismatic cultures. The medal is not easy to find, and many panda coin collectors may be unaware of it. The World Wildlife Fund may have left few noticeable pawprints in Chinese coin culture, but there is more to the story than meets the eye and it’s worthy of telling. Happy collecting!

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

I N V E S T

I N

H I S T O R Y

THE BEST PLACE TO FIND RARE U.S. COINS

APMEX has the largest assortment of coins and currency in the world. Shop our inventory of rare U.S. coins to build your collection with authentic and scarce products. Scan the QR code or visit click.apmex.com/pcgs-rare-picks to find vintage American coins certified by PCGS and encapsulated to preserve their condition. Add these rare U.S. coins with unparalleled beauty and historical significance to your collection today.

BUY NOW

View our prices and contact us at: 800.375.9006

APMEX.com

PCGS MARKET REPORT MAY/JUN 2024

PCGS PR69DCAM 2007 $20 Crystal Snowflake Aquamarine Canada. Courtesy of PCGS TrueView.

PCGS SET REGISTRY:

SPARKLING SNOWFLAKES

By Sanjay C. Gandhi I tried to catch many snowflakes as a kid. At those moments, I would sometimes see a glimpse of interesting shapes before they disappeared into my palm as a water droplet. I’m not sure when it was that I actually saw a magnified image of a snowflake, but I remember being intrigued. There was another kid who was more fascinated than I was, and his name was Wilson A. Bentley. Wilson grew up on a farm in the city of Jericho, Vermont, in the United States. He was surrounded by nature, which he embraced fondly. In 1880, at the age of 15, Wilson was given a microscope by his mother. He later attached an accordion-type camera called a bellows to this instrument and began to experiment. After a few years of refining the process of photographing small objects, Bentley captured an image of a snowflake in 1885. He would use a feather to place his snowflake under a microscope that was to be photographed. “Always, right from the beginning, it was the snowflakes that fascinated me most, ” PCGS MARKET REPORT JAN/FEB 2025

is part of a quotation from Bentley. He pioneered the art called photomicrography, which is the process of photographing very small objects. This type of photography made its way to numismatists long before the advent of digital photography. Metal flow, altered mintmarks, and other fine details on coinage that could not be seen by the naked eye could now be revealed because of this revolutionary photographic process. Bentley’s passion for his photos earned him the nickname “snowflake,” and he went on to capture over 5,000 images of these tiny ice crystals. He published a book called Snow Crystals in 1931 with a man named A. J. Humphreys. Bentley also donated 500 images from his finest collection of snowflake photographs to the Smithsonian Institution in 1904.

PCGS PR70DCAM 2010 $20 Crystal Snowflake Tanzanite Canada. Courtesy of PCGS TrueView.

PCGS SET REGISTRY: SPARKLING SNOWFLAKES

Nowadays, many mints around the world – with the use of innovative technology and stunning creativity – produce beautiful snowflake coins. However, there is one mint that has created more beautiful snowflake coins than any other: the Royal Canadian Mint (RCM). In 2007, two sparkling $20 proof coins that contain about 1.4 oz. of .9999-fine silver were released for collectors. The reverse of this coin was engraved by Konrad Wachelko and is decorated with world-famous Swarovski crystals; these crystal-encrusted coins were a first for the RCM. Each version of this coin is embedded with a clear crystal center. One version has “Swarovski Iridescent” crystals, and the other coin has “Swarovski Aquamarine” crystals. The obverse displays the effigy of Queen Elizabeth II, and the snowflake series would continue in sequential years with titles such as Sapphire (2008), Aurora Borealis Pink (2009), Tanzanite (2010), and Hyacinth (2011). One of the most interesting designs from the snowflakes series comes from 2012 titled Holiday Snowstorm. This was a year where multiple snowflakes of different sizes were portrayed with Swarovski crystals. All of these coins are part of a set in the PCGS Set Registry titled Canadian Silver Commemorative Twenty Dollars Crystal Snowflake Series, Proof (2007-2013).

PCGS PR70DCAM 2012 $20 Crystal Snowflakes Storm Canada. Courtesy of PCGS TrueView. Snowflakes predominantly have six sides or a hexagonal geometric pattern. Anomalies do occur in nature with smaller variations, and sometimes two hexagonal shapes could merge to form a 12-sided snowflake.

Is it true that no two snowflakes are alike? Yes, snowflakes are all different due to fluctuating atmospheric conditions such as temperature and humidity. What may float down from the sky one second may vary the next. The largest snowflake that ever fell from the heavens was 15” across! A man named Matt Coleman living at a ranch in Fort Kerguelen, Montana, reported this monster snowflake on January 28, 1887. A contemporary who passionately photographs snowflakes is a Canadian by the name of Don Komarechka. He has spent thousands of hours capturing snowflakes using digital photography. Komarechka released a book titled Sky Crystals: Unraveling The Mysteries of Snowflakes in 2013. His book displays more than 400 snowflakes, and the photography processing took 2,500 hours over a span of five years to complete. In an interview from My Modern Met during 2015 he noted, “An average of 40 replicate shots of each individual snowflake were combined in order to get each singular image. This process, known as focus-stacking, was required in order to achieve the super crisp, and highly focused image of each icy particle displayed within the poster.” Komarechka is referring to a limited-edition poster he created titled The Snowflake, which was available from his website filled with amazing images of snowflakes. Komarechka had approached the RCM several times with the idea of using his digital photographs of snowflakes for coins. At that time, the Mint had already selected several designs, and he had to wait. Komarechka brought some illustrations of his own coin mockups, the RCM loved his ideas, and a deal was struck between them. In 2017, a coin titled “The Great White North” was minted using Komarechka’s snowflake design; it is adorned with enameled light-blue glitter that sparkles. In 2023, the RCM produced the first hexagonal snowflake coin that is true to its geometric form. This coin is made of .9999-fine silver and depicts an effigy of Queen Elizabeth II designed by Susanna Blunt. The reverse was designed by Komarechka and is decorated with a white crystal in the middle. In 2024, a new six-sided coin was released with the effigy of King Charles III designed by Steven Rosati; the reverse was designed by none other than Komarechka himself. Over 20 years ago, Dutch scientists concluded that famous violin maker Antonio Stradivari benefitted from long winters during the 17th and 18th centuries. The woods that he selected to craft his classical music instruments were denser due to the longer winter seasons. They made his instruments resonate in a class of their own to this day. Sometime in the mid-1970s, as a child, I watched a television commercial for the K-tel “Snobloc Maker” during the wintertime. I pleaded with my dad and, to quiet me down, he finally got me one. This red plastic PCGS MARKET REPORT JAN/FEB 2025

PCGS SET REGISTRY: SPARKLING SNOWFLAKES

hollow container had a handle that would allow anyone to easily scoop up fluffy snow and pack it into a rectangular block with the aid of an aluminum hand shovel that was included. That was my Stradivarius in the snow, and off I went to build an igloo. I didn’t succeed and lost the hand shovel within days. But I sure had countless hours of fun in the snow!

PCGS PR69DCAM 2017 $20 Blue Snowflake Canada. Courtesy of PCGS TrueView. Longer winter seasons for Wilson A. Bentley and Don Komarechka would have probably meant only one thing: photographing more snowflakes. Both of these artists' instrument of choice was the camera. Each of them experimented relentlessly until they perfected a method that

would fulfill their standards of quality. Maybe discipline simply takes small efforts at a time. Through their superb photography skills, these individuals brought the tiny world of ice crystals for all to see. Snowflakes would be viewed in a different manner centuries apart because of these two artists. Bentley’s work also influenced how coins would be photographed by numismatists, and Komarechka continues to be employed by the Royal Canadian Mint. Aristotle once said, “Art not only imitates nature, but it also completes its deficiencies.” We know that it can’t possibly “snow” coins, but coins can be minted to look like snowflakes. Maybe this winter, you’ll capture one of these sparkling beauties.

STAY IN THE LOOP Follow us for exciting numismatic news, educational content, and the chance to win prizes!

PCGS MARKET REPORT JAN/FEB 2025

www.RareGoldCoins.com The rst revision since 2013 - now available for $125.

Douglas Winter Numismatics is excited to send you the newest, full color, and essential Dahlonega reference book.

PCGS MARKET REPORT MAY/JUN 2024

The PCGS Asian Cities Collection Special Labels are popular with collectors who wish to take a tour of the many rich and diverse metropolises across Asia. Courtesy of PCGS.

JOURNEY ACROSS ASIA WITH PCGS ASIAN CITIES COLLECTION SPECIAL LABELS By The PCGS Team Making collections a vehicle of local flair may inspire new numismatic endeavors in the future – after all, what could be more exciting than having your coins inlaid among scenes of your favorite city? In 2024, the PCGS office in Shanghai launched the Asian Cities Collection Special Labels, a program aiming to take collectors on a city tour through those tiny labels and color frames. So far, this series has included several cities in China, Japan, and Southeast Asia. Each unique label is ingeniously designed with the most representative local landmarks and cultural symbols to honor the diversity of Asian cities. In China, five cities – Shanghai, Beijing, Guangzhou, Nanjing, and Chongqing – were selected for this PCGS Special Label program. While embodying thousands of years of cultural heritage, these cities also serve at the forefront of China's modern social development. This makes "the collision PCGS MARKET REPORT JAN/FEB 2025

between tradition and modernity" the most fascinating theme of these five cities. Jing’an Temple, dating back to the Three Kingdoms period, the international architecture at the Bund, and the modern skyline of Lujiazui all intermingle on the Shanghai Special Label, which represents the city's dedication to innovation and openness while also preserving its own culture. The Beijing Special Label highlights the charm of the glorious ruins of feudal dynasties and the architectural art of the modern capital through the fusion of the time-honored, stately Forbidden City and Great Wall with the state-of-theart Central Business District. If you would like to experience the authentic traditional citizen culture of Guangdong, Guangzhou is definitely the best destination; the Guangzhou Label is inspired by the Canton Tower and Lingnan culture, reflecting the city’s integration and progress. The cultural legacy of Nanjing, also referred to as the Ancient Capital of Six Dynasties, is too vast to sum up; on the Nanjing Special Label, we can see an ancient Buddhist temple, the Presidential Palace (an emblem of the republican spirit), and the vibrant Zifeng Tower, which slowly narrate splendid historical stories on a label that is just a few inches in size. For Chongqing, the unique dynamics of this "cyberpunk city" are presented by its distinctive mountainous landscape and urban structure, as well as hues that mimic lighting. From Southeast Asia, we have chosen three magnificent capitals: Kuala Lumpur, Manila, and Jakarta, all of which are amazing melting pots. The Chinese navigator Zheng He made these places well known to the Chinese during the Ming Dynasty when they were still known as Java, Luzon, 21

JOURNEY ACROSS ASIA WITH PCGS ASIAN CITIES COLLECTION SPECIAL LABELS

The PCGS Asian Cities Collection Special Labels continued. Courtesy of PCGS. and Malacca. The PCGS Special Label design for Kuala Lumpur, inspired by the iconic Petronas Twin Towers, the local riverside, a mosque, and lively tropical flora and fauna, depicts the Malaysian scenery marked by the harmonious coexistence of modern and natural elements. The Manila Special Label highlights a stark contrast between the historic Spanish colonial architecture and the contemporary business district in the city, illustrating its complex but ever-changing civilization. Indonesia is known to the world as “a country of thousand islands,” with all its diverse cultures converging in the prosperous Jakarta – Wayang Kulit, Monumen Nasional, seashore, and rainforests are all included in the same label. Finally, let's turn our sights to Japan. Among the many Japanese cities, we’ve fallen in love with Nagoya – where the majestic old castle echoes the dazzling new city. Why not visit solemn shrines, climb the imposing Mirai Tower, and stroll through the bustling shopping streets with PCGS to add a touch of Japanese urban vibes to your collection? In addition to being proud hometowns, these cities are also sought-after travel destinations. For many collectors, they are inextricably linked to their collections. Each city label

provides a spiritual tour, which allows the collection and the city to add brilliance to each other while archiving the local stories and emotional ties that underpin the collection. Now the popular PCGS Asian Cities Collection Special Labels have joined the PCGS Special Labels family and are available to collectors when they submit modern coin collections for grading service. The PCGS office in Shanghai plans to introduce more Asian Cities Collection Special Labels in the future, with the hope that these creative designs can bring joy to collectors. Submit your modern coin collections to PCGS and pair them with the PCGS Asian Cities Collection Special Labels to expand your collecting world!

PCGS MARKET REPORT JAN/FEB 2025

COLLECTORS CORNER LISTINGS

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

1879 $20 PCGS PR66RB

1893 25C PCGS MS68

1875-CC $10 PCGS AU53

$299,500

$57,500

$52,594

Dealers: If you're interested in selling your inventory on Collectors Corner, Email: CCE@Collectors.com We look forward to hearing from you soon!

This 1970 Proof Set includes a 1970 No-S Roosevelt Dime, which is one of several such no-mintmark dimes from the era that are highly rare and worth a lot of money. Courtesy of Heritage Auctions, www.HA.com.

NO-MINTMARK ROOSEVELT DIMES SHINE By Joshua McMorrow-Hernandez One of the most valuable modern United States coins isn’t a Lincoln Cent, a Washington Quarter, or a gold coin from the American Eagle series. It’s a 1975 Roosevelt Dime. This dime, struck at the San Francisco Mint for inclusion in that year’s proof sets, is missing one important detail: its “S” mintmark. As we will see later in this article, the 1975 No-S Proof Roosevelt Dime would go on to hammer for more than $500,000 at auction. But it’s not the only mintmark-less dime that intrigues numismatists. There were several Roosevelt Dimes struck during the 1960s, 1970s, and 1980s sans mintmark that have become highly sought-after collectibles. And while the flurry of headlines around the 1975 No-S Proof Roosevelt Dime has certainly brought more attention to this area of collecting in recent months, these modern recherché curiosities have long fascinated collectors.

In all, there are five dates of the Roosevelt Dime series from the copper-nickel clad era (which began in 1965) that are known for their missing-mintmark error varieties. They are the 1968 No-S Proof, 1970 No-S Proof, 1975 No-S Proof, 1982 No-P business strike, and 1983 No-S Proof. 1968 No-S Proof The year 1968 marked a pivotal time for the United States Mint. A massive coin shortage in the early 1960s, alongside rising silver prices, ultimately led to the demise of the 90% silver circulating coinage. Striking coins from base-metal clad addressed the production costs associated with ballooning bullion values. As for addressing the coin shortage, U.S. Mint officials removed mintmarks from new coins with the stated intention of curbing collecting activity. The U.S. Mint also temporarily discontinued the sale of annual proof sets and uncirculated sets, instead offering collectors “Special Mint Sets.” These include five coins – one cent, one nickel, one dime, one quarter, and one half dollar – struck in a Specimen finish of higher quality than business strikes but not quite as refined as proofs. Things returned to a new type of “normal” in 1968, when mintmarks were resurrected on coins and the annual proof sets and uncirculated sets were brought back to the production lineup. However, a few things had changed since proofs were previously struck in 1964. During the frenetic production pace of the mid-1960s, the San Francisco Mint – at the time

PCGS MARKET REPORT JAN/FEB 2025

NO-MINTMARK ROOSEVELT DIMES SHINE

officially designated the San Francisco Assay Office – had proven its minting capabilities in a way it hadn’t been able to since 1955, when circulating coins were previously struck there. Following the San Francisco Mint’s deft production of unmintmarked coinage during the mid-1960s, the United States Mint delegated the manufacture of proof sets to San Francisco beginning in 1968. This led to the now-given custom of the San Francisco Mint being the primary production facility for proof coinage.

PR68CAM trade in the neighborhood of $35,000, while the all-time price record was realized in 2006 for a PCGS PR68CAM that fetched $48,875. 1970 No-S Proof A couple of years after the erroneous emission of the 1968 No-S Proof Dime came yet another S-less coin in the form of the 1970 No-S Proof. The 1970 No-S Proof Roosevelt Dime is not nearly as scarce as the 1968 No-S Proof. In fact, PCGS estimates several hundred examples exist, including many exhibiting desirable cameo frosting. This is nonetheless still a highly coveted proof variety that commands a lot of attention and robust hammer prices at auction.

The 1968 No-S Proof Roosevelt Dime is one of the rarest of the No-S Proof Roosevelt Dimes. Courtesy of PCGS TrueView. By and large, the San Francisco Mint proved its mettle once more in its near-flawless output of more than 3 million proof sets in 1968. However, a small number of 1968 Proof Dimes were struck without their “S” mintmark. This arose from a 1968 Proof Dime obverse die not being punched with an “S” mintmark at the Philadelphia Mint, where proof dies were prepared at the time. It’s the type of error variety that one might expect during such a transitional period, and it’s one that San Francisco Mint officials must have caught on to rather early, as very few 1968 No-S Proof Dimes are known. In fact, beyond the 1975 No-S Proof Dime, the 1968 No-S Proof Dime is the rarest of these modern dime varieties. Only a few dozen examples of the 1968 No-S Proof are known, with most of those absent frosting, or cameo, effect on the design, inscriptions, and other raised elements. Values for the 1968 No-S Proof hover around $12,500 for an example in PR65, with prices closer to $22,000 for one of the handful of examples in PR68. Examples graded

PCGS MARKET REPORT JAN/FEB 2025

Several hundred examples of the 1970 No-S Proof Roosevelt Dime are believed to exist, with this popular modern variety worth nearly $1,000. Courtesy of PCGS TrueView. A 1970 No-S Proof Roosevelt Dime in PR67 has a value of around $750, while a PR69 is worth closer to $1,150. Cameo examples are decidedly pricer, with a PR69CAM going for $3,600. The record price was achieved by a PCGS PR69CAM specimen that took $6,038 in a 2004 auction. 1975 No-S Proof The numismatic world enjoyed a sensational moment in the spotlight in autumn 2024 when the news broke that one of just two known 1975 No-S Proof Roosevelt Dimes was heading for the auction block. GreatCollections, based in Irvine, California, had the honor of offering this coin for sale 25

NO-MINTMARK ROOSEVELT DIMES SHINE

This 1975 No-S Proof Roosevelt Dime is graded PCGS PR67. Courtesy of PCGS. in a dramatic online auction outing that attracted the glare of spotlights from many national news agencies. The story behind the coin was captivating. This specimen of the famous 1975 No-S Proof Roosevelt Dime was purchased by an Ohio coin collector and his mother in 1978 from Chicago coin dealer F.J. Vollmer & Co, Inc., for a staggering $18,200. The family held the coin for nearly 50 years before deciding to consign it to GreatCollections. The auction house trusted PCGS to authenticate, grade, and encapsulate the coin, which earned a grade of PR67. When GreatCollections pitched the coin for sale in September 2024, bidders lined up for the opportunity to buy this extremely rare modern error variety. More than 400 unique bidders tracked the auction, which garnered more than 200 bids. And it’s little wonder that this coin attracted the attention that it did. The 1975 No-S Proof Roosevelt Dime is featured as the #1 modern issue of the United States in the seminal book 100 Greatest U.S. Modern Coins. Bidding for the PCGS PR67 example leapt past the $349,600 mark achieved by the other example in a 2011 sale. And it eventually eclipsed $456,000, an astronomical benchmark set by that same other example when it resurfaced at auction once more in 2019. When all was said and done, the PCGS PR67 example of the long-hidden 1975 No-S Proof Roosevelt Dime surpassed a half-million dollars to notch a final hammer price of $506,250 – an all-time auction record for the coin. It is also now one of the most valuable modern coins to ever trade hands in a public auction. 26

1982 No-P Business Strike In 1980, the United States Mint began the practice of including a “P” mintmark on all coins struck at the Philadelphia Mint greater in denomination than one cent. This of course included the Roosevelt Dime, whose Philly-minted emissions also took on the “P” mintmark beginning in 1980. There were some issues early on, though. Namely, thousands of 1982 Roosevelt Dimes were struck at the Philadelphia Mint without their requisite “P” mintmark. It became the first time that a U.S. Mint business-strike coin left the Mint without its intended mintmark.

The 1982 No-P Roosevelt Dime is a circulation strike that made waves with collectors who were finding them in circulation back in the early ‘80s. Courtesy of PCGS TrueView. Thousands of the 1982 No-P Roosevelt Dimes turned up in northwest Ohio. Many were found in the areas of Toledo and Sandusky, with reports of the coin being given out in change at the popular Cedar Point amusement park – widely known PCGS MARKET REPORT JAN/FEB 2025

NO-MINTMARK ROOSEVELT DIMES SHINE

Closeup images show the difference between the 1982-P and 1982 No-P Dimes in the area where the mintmark should be located. Courtesy of PCGS. as “The Roller Coaster Capital of the World.” The 1982 No-P Roosevelt Dimes were also spotted in Pittsburgh and points beyond in the Northeast. It turned out that there were two different types of 1982 No-P Roosevelt Dimes, with one kind showing a sharp strike and the other carrying a weaker strike. One longtime dealer from the Toledo area who was active when the 1982 No-P Roosevelt Dimes first surfaced said that there were differences in the thickness of the planchet for each of the two types. He remarked that only 47 to 48 of the sharply struck examples could fit in a roll, while he could place 50 or 51 of the weakly struck pieces within a roll. It’s unknown exactly how many of the 1982 No-P Dimes were struck, but two different obverse dies were involved; one created the sharply struck variety, and another the weakly struck version. Moreover, in the early 1980s a dime die could produce around 75,000 strikes. Therefore, not more than about 150,000 examples are thought to exist. Even if 150,000 specimens were produced, this is still a highly scarce coin in the context of modern U.S. coinage. Even among the 150,000 potential survivors, some are rarer than others. For example, the sharply struck specimens are generally more desirable than the weak strikes. And regardless of the type, examples boasting Full Bands details – complete horizontal lines across the torch on the reverse – are much rarer than those lacking the full-strike details. An MS65 example without Full Bands designation sells for around $300, while a specimen in that same grade with the “FB” designation takes PCGS MARKET REPORT JAN/FEB 2025

$400. The all-time price record was realized in a 2004 sale, when a PCGS MS68 sold for $2,185. 1983 No-S Proof The parade of no-mintmark Roosevelt Dimes continued into 1983, when yet another No-S variety rolled out of the San Francisco Mint and into hundreds of 1983 Proof Sets. About as scarce as the 1970 No-S, the 1983 No-S Proof Roosevelt Dime is believed to have yielded several hundred specimens. However, unlike the 1970 No-S Dime, struck at a time when cameo contrast on U.S. proof coins was scarcely seen, cameo frosting was the rule by the early 1980s. Therefore, virtually all 1983 No-S Roosevelt Dimes are known with rich cameo effect on the devices and inscriptions.

The 1983 No-S Proof Roosevelt Dime is the last of the many different no-mintmark dimes of the era. Courtesy of PCGS TrueView.

NO-MINTMARK ROOSEVELT DIMES SHINE

A closeup of a 1983 No-S Dime compared to a 1983-S Dime. Courtesy of PCGS.

A 1983 No-S Roosevelt Dime graded PR69DCAM is worth around $750, while a “perfect” example graded PR70DCAM is a $6,000 coin. The all-time record was achieved in 2014 when a PCGS PR70DCAM hammered for $10,560. Collecting No-Mintmark Roosevelt Dimes Granted, collecting the mintmark-less Roosevelt Dimes is not for the faint of heart. Not only are these dimes categorically quite rare, they can also be prohibitively expensive. Even taking the half-million-dollar 1975 No-S Proof Roosevelt Dime out of the equation, a collector will still spend well into the cumulative five figures obtaining the other four varieties profiled here. But that hasn’t stopped the many Roosevelt Dime and variety enthusiasts who have journeyed into the realm of no-mintmark modern dimes. There is a place on the PCGS Set Registry for the intrepid collectors who have mustered the funds (and patience) in their pursuit of these rare Roosevelts. The 1982 No-P Dime has a home in the Roosevelt Dimes FB with Major Varieties, Circulation Strikes (1965-Present) PCGS Registry Set. Meanwhile, all of the No-S Proofs discussed in this article are accommodated with the set known as Roosevelt Dimes with Major Varieties and 1975 No-S, Proof (1950-present). However, the ultimate category for those who have acquired both the uncirculated and proof Roosevelt Dimes is the set known as Roosevelt Dimes FB with Major Varieties, Circulation Strikes and Proof (1946-Present). It encompasses nearly 300 coins, including the 1968 No-S Proof, 1970 No-S

Proof, 1975 No-S Proof, 1982 No-P, and 1983 No-S Proof. A collection of that grandiosity isn’t completed overnight. But for those who don’t want to spare any Roosevelt Dimes from their collections, it’s a goal that could mark the achievement of a numismatic lifetime.

PCGS MARKET REPORT JAN/FEB 2025

1906-D 50¢ Half Dollar PCGS/CAC MS66 $6,000

America’s Coin Shop since 1960

1860 $10 Clark Gruber PCGS/CAC AU55 $59,000

1852 1¢ Braided Hair PCGS/CAC MS66RD $49,000

Home of WitterBrick

WitterCoin.com sales@wittercoin.com (415)–391–COIN

@wittercoin

2299 Lombard St SanMARKET Francisco, 94123 PCGS REPORT CA MAY/JUN 2024

Vasilike Miksa has more than two dozen sets on the PCGS Set Registry, many of which have claimed top nods over the years. Courtesy of Vasilike Miksa.

COLLECTOR SPOTLIGHT:

VASILIKE MIKSA

value of his coins became of even greater importance to him. “The reason I wanted to have my coins graded is to maintain the quality of the coins and to have them protected in the slab for years to come. I also wanted to compete with other collectors to make it more interesting.”

By Joshua McMorrow-Hernandez When Vasilike Miksa first began collecting coins in 1996, his aim was to build a set of 1/20-ounce gold coins from around the world. As time rolled along and Miksa became familiar with the vast beauty and diversity of the coins that span eras and nations, his tastes evolved. “What inspired me most was the designs of the coins and the beauty of the artwork,” explains Miksa. His tastes have also migrated into gold issues of larger physical dimension and heft. “Now I only collect one-ounce gold coins.” Like so many collectors, Miksa has also joined the PCGS Set Registry, where he can build and expand on sets that are of both premier and competitive quality. The bulk of his PCGS Registry Sets are grouped under the common banner of the V.M. Collection. “I joined the PCGS Set Registry around 2019 and started to submit my coins to be graded,” Miksa says, reflecting on a time when protecting the quality and

One of several pieces from Vasilike Miksa’s Somalia Leopard African Wildlife Gold Series 1,000 Schilling Set, Circulation Strikes (2018-present). Courtesy of PCGS TrueView. And more interesting it has indeed become for the intrepid collector. Miksa says he now has 21 completed sets in the PCGS Set Registry. “And I have a few others in the works,” he adds. His expansive collection of more than two dozen sets, both completed and in progress, includes a multitude of desirable coins. Among them are Australian $100 Gold Swans, Chinese

PCGS MARKET REPORT JAN/FEB 2025

COLLECTOR SPOTLIGHT: VASILIKE MIKSA

mintings alone. Among his many diverse sets is a stunning United States Gold Dollar Type Set (1848-1889). “I cannot say I have a favorite coin,” he says, concluding that, “all my coins are my favorites.” He urges other collectors to approach building PCGS Registry Sets not as overnight sprints but as long-running marathons. “It takes time, patience, and love toward the coins. It took me almost 30 years to build my sets.”

This 2006 $50 Gold Buffalo is one of the hundreds of gorgeous coins in Miksa’s collection. Courtesy of PCGS TrueView. 100 Yuan Gold Pandas, and Somalia Leopard African Wildlife 1,000 Schillings. He also turned his attention to coins of the United States, including American Buffalo, American Eagle, and some U.S. commemoratives – like the 2019 Apollo 11 50th Anniversary coins. However, Miksa’s tastes involve more than modern

The Leader in Gold and Silver Loans Over $300 Million of Loans to Date Lock Your Rate Today!

Simple Process. Secured Assets. Zero Sacrifice. Solutions Provided

Segregated Storage

Loans of $25,000 to over $10 million

Depositories in Las Vegas and New York

Competitive Rates

Swift Funding

Fixed rates, pay-off anytime and no loan fees

Most loans funded in 2 weeks or less

Free Shipping for New Clients* Apply Online Today! www.CFCGoldLoans.com Questions? (800) 232-5767 or Info@CFCGoldLoans.com CFC is a wholly owned subsidiary of A-Mark Precious Metals (Nasdaq: AMRK) *Up to $250 credit applied toward first invoice Loans are meant for commercial use and subject to restrictions based on state residency

PCGS MARKET REPORT JAN/FEB 2025

YN CORNER:

MAKING NUMISMATICS A LIFELONG JOURNEY By Frank Sgaglione

Frank Sgaglione is 21 years old and has been collecting coins since he was eight years old. In more recent years, he has parlayed his love for coins into a thriving business. Courtesy of Frank Sgaglione. My name is Frank Sgaglione, and I am a 21-year-old numismatist from Brooklyn, New York. I am currently in college pursuing a degree in nursing. I have always been interested in health science and enjoy helping people in times of need. My journey began when I inquired about a Lincoln Wheat Cent I found on the floor at the age of eight. I had never seen a coin with wheat ears surrounding the denomination "ONE CENT" on the reverse before. After a few years of collecting Wheat Cents and silver dimes found in circulation, I discovered A Guide Book of United States Coins (commonly known as “The Red Book”) on the back wall of a Barnes & Noble. I begged my parents to buy it for me, and I read it cover to cover that night before going to bed. Numismatics plays a significant role in my everyday life. During the COVID-19 pandemic, I started getting rolls of quarters from the bank to search for West Point-minted 2019 and 2020 quarters. Once I accumulated some, I began selling them on eBay. With that money, I was able to fund building my collection with coins that were not available in circulation. I finally owned coins I had dreamed of seeing in “The Red Book” from my childhood. As I learned more about the coin market, I began to buy and sell coins. Along my journey over the past three years, I have been fortunate enough to attend coin seminars. These invaluable programs taught me professional grading, coin trading, and allowed me to network with fellow numismatists in my age group. Through these connections, I have been able to engage with prominent dealers in the industry, gaining access to a wealth of information that helps me progress. Now, at most coin shows around the country, I not only buy and sell coins but also spend time with the friends I’ve made along the way. In January of 2024, I opened my company – South Brooklyn Buying Group. I buy and sell coins of all price ranges. I enjoy helping collectors complete sets and advising collectors on what coins they should or should not buy. To me, customer satisfaction is incredibly important. I try to go above and beyond to ensure collectors are happy with their 32

purchases. You can find me online via eBay, my website www.sbbgcoins.com/, and on Instagram @Coinman303.

The 1843 Liberty Head Half Eagle is one of many deceivingly rare coins that intrigues Frank Sgaglione. Courtesy of PCGS TrueView. In terms of my collecting journey, my primary interest lies in United States gold coins with low survival rates. One coin that comes to mind is the Philadelphia-minted 1843 Liberty Head Half Eagle. With an original mintage of 611,205, it may not seem remarkable at first glance. However, PCGS estimates that only about 350 pieces still exist, which means approximately 0.057% of the original mintage remains. The question is: what happened to the Philadelphia-minted 1843 Half Eagles? Thus far, my journey in numismatics has been relatively short, but I have immersed myself in research and information in this field, and I have no regrets. I enjoy studying numismatics, attending coin shows, and reconnecting with the wonderful people I meet along the way. In the long term, I hope to write a few books on numismatics in my areas of interest, become a full-time coin dealer, and give back to the community as much as I can. I can’t predict the future, but I know I will be involved in numismatics for the rest of my life. PCGS MARKET REPORT JAN/FEB 2025

Planning the disposition of your coin collection when you no longer are able to direct matters yourself is key to ensuring your coin collection is managed exactly as your wish. Courtesy of PCGS.

THINGS TO CONSIDER WHEN ESTATE PLANNING By Vic Bozarth Time keeps marching on. Estate settlement is an eventual consequence for so many of us. Do you desire a seamless transition when it comes to what will happen to your coin collection when you’re no longer able to care for it? It all comes down to estate planning at the end of the day. And including your attorney in any estate planning is essential, but does your attorney know about your numismatic holdings? Do you keep your attorney updated on changes in all of your assets? Your wishes won’t necessarily be honored unless you make preparations. Estate planning for numismatics is essential for anyone who already has numismatic assets and/or anyone considering investing in coins or bullion. Especially if you have numismatic assets, you can’t assume that others, including your closest family members, know what you want. Ultimately, your planning now for these matters will be crucial later!

PCGS MARKET REPORT JAN/FEB 2025

The PCGS Set Registry is a free, convenient, and interactive coin inventorying tool that can be useful for those building an estate plan for their coin collections. Courtesy of PCGS. It All Starts with a List Foundationally, your numismatic assets must be inventoried with some type of list. A spreadsheet program provides a shareable format that you can update and edit. Basic information about your coins, including their country of origin, date/mintmark, denomination, and grade, is essential. Including a notes section for additional information is helpful, too. On a basic level, any list (even one that is handwritten) will be helpful. Keep copies of and/or access to your list with your coins as well as with your attorney and/or executor. Preparing a list not only facilitates any sale or liquidation, but also including your wishes (with your list) – especially if they are specific – will certainly be beneficial. For PCGS-graded coins, most of this basic numismatic information you should include in a spreadsheet or inventory 33

THINGS TO CONSIDER WHEN ESTATE PLANNING

list is already included on the PCGS-encapsulated coin’s holder label. This is in addition to a unique serial number and a PCGS coin number identifying the coin’s date, mintmark, denomination, and grade, as well as any further subtype attribution. Any additional information you can include about your coins can be beneficial, including the cost, vendor, and date of purchase. Ultimately, sharing recommendations on dispositions for your coins might be important, too. For example, do you have a dealer or auction house who you would recommend either to sell to or to auction for you? If so, include this information in these recommendations in your notes for both your attorney and heirs. Preparing an inventory list at any time, one which you can update periodically, is such a good practice whether for estate planning purposes or simply for your own reference. With this list, your ability to share vital information about your coins and related information for one to inquire about your coins grows exponentially. One of the most efficient and wrinkle-proof ways to build a solid list is to use an inventorying system. For example, the PCGS Set Registry is one such tool that is both free and convenient. Many astute numismatists and investors register their PCGS-graded coin sets on the PCGS Set Registry to rate and compare their sets against others, all with the exceptional market-grade acceptance of the same PCGS-graded coins. Registering your PCGS-graded coins or sets with the PCGS Set Registry is an excellent method to inventory your coins with the perfect list – one that your attorney, executor, heirs, or others in your circle can access. How Much? Naturally, the first question typically asked in any estate liquidation or preparation is, “how much is the estate worth?” Frankly, this is probably the most important question! Most coin collections don’t warrant a lot of attention in the grander scheme of the hobby because the value of a typical coin collection isn’t relatively significant. Many have some value – perhaps several hundred or maybe a few thousand dollars. But the premiums are often bullion based and not necessarily tied to great scarceness or rarity. Understanding that most small collections and accumulations with modest total value under several thousand dollars will steer their ultimate sale isn’t bad – that may indeed be all they’re worth. Yes, but how do you know? Inventorying your best coins first is logical, but how do you know which are your best coins if you aren’t a numismatist? Using the coins’ original prices, if available, makes sense as

a starting point, but values are always fluid. An appraisal or valuation done at an earlier date isn’t necessarily relevant, but the valuations will provide a base point.

Knowing how much your coins are worth is important, but the best way to arrive at this answer is to get your coins graded by PCGS and refer to their spec numbers and grades on the PCGS Price Guide. Courtesy of PCGS. One of the first questions a numismatic professional will ask you is whether or not you have a list of some type. From just a basic list of the country of issue, date, mintmark, denomination, and some description of condition, there is enough information to provide a numismatic professional with a map of sorts in that they will know which coins listed need further examination and/or valuation. In addition, you can email, text, or mail this list to anyone you wish who asks for information on the values of your coins at any time. With a list, you can determine approximate values. Another way to ascertain approximate values is to refer to the PCGS Price Guide. This free and comprehensive pricing tool is available online and can help you determine the retail values of your PCGS-graded coins. With the PCGS Price Guide, you could readily assign these current market values to your coins and arrive at a rough estimate of what your collection is worth. So, the bottom line? Make a list (and check it twice!). What Are My Options? With liquidating, or dispersing, your numismatic assets, you generally have three options: you can sell, gift, or donate your coins. Of course, these aren’t mutually exclusive paths for liquidation. You can certainly sell some, gift some, and donate some. The point is that you have options, but let’s explain the practicalities behind some of the options.

PCGS MARKET REPORT JAN/FEB 2025

THINGS TO CONSIDER WHEN ESTATE PLANNING

Selling your coins is relatively straightforward, and a great many estate transactions are liquidated by way of selling. But you do have options for how you sell. You can sell your coins directly to a dealer or another collector. Or you can consign your coins to an auction house. Each path has its own set of advantages. Yet, no matter the path you choose, having an inventory list is essential. Before we detail your options, let’s discuss some of the practicalities of sales, gifts, or donations in terms of valuation. A modest collection or accumulation won’t usually be of interest to a major auction house or museum. Most collections or accumulations are sold to dealers or collectors or gifted to family or friends, but you still need a list. Since a list will enable you to get some professional opinions on what coins you have, you can determine which option works best for you. Direct sales or consignment for auction are straightforward, but the fees for auction consignment are variable and often dependent on the value of the item. Less-expensive coins or sets (often anything under $1,000) will be lot grouped. Single rare coins do well at auction, but less-expensive merchandise usually does not. Auction consignment might involve both a consignor (you) fee and a buyer’s fee, depending on the auction hammer price of the coin. For example, most major auction houses charge a 20% buyer’s fee on the hammer price, though sometimes their consignment agreement charges the seller a percentage also based on the hammer price. Always carefully review your consignment agreement prior to signature. Once again, rare coins often perform well on the auction block. Consignment fees on more common and generic items might not be beneficial to you.

Some may prefer to consign their coins to auction houses for liquidation. Courtesy of Joshua McMorrow-Hernandez.

PCGS MARKET REPORT JAN/FEB 2025

Direct sales involve no fees, but the dealer buyer is offering to pay you a price from which they can derive profit. In other words, they are offering you less (their profit) than they think they can sell it for. Once again, from a list, you can determine the options you have for your coins. Most dealers will quote you a minimum ballpark price on many U.S. coins from a list, especially if they are PCGS graded. It is advisable to work with PCGS Authorized Dealers. They will have the knowledge and expertise necessary for handling your coins and helping to facilitate their liquidation. Some Final Thoughts While this article is designed to provide you with some general guidance on some of the things you will need to do when addressing your numismatic assets in your estate planning journey, none of this information replaces what your attorney will provide. A lawyer will provide you with the personalized information and guidance you will need to adequately prepare your estate within consideration of your unique needs and legal circumstances. Still, knowing what kinds of questions to ask, getting an idea on what the process entails, and understanding the importance of being your own best numismatic advocate are at least three of the areas this article aims to highlight. Having enough knowledge and professional legal counsel will help ensure that planning the future of your estate goes as smoothly and securely as possible.

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.

Certified Coin Exchange is the largest and most comprehensive dealer-to-dealer numismatic network on the internet.

• 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 RECEIVE 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

THE RICH HISTORY OF PUERTO RICAN COINAGE By Vic Bozarth 1890 Puerto Rico 10 Cent Copper Pattern. Courtesy of PCGS TrueView.

1895 Puerto Rico 1 Peso. Courtesy of PCGS TrueView. Puerto Rico was ceded to the U.S. by Spain after their defeat in the 1898 Spanish-American War. Historically, Puerto Rico was a key part of the Spanish Empire, and its location in the northeast Caribbean played a major role as a military post in the 16th, 17th, and 18th centuries. In the 19th century, Puerto Rico and Cuba were the last two Spanish colonies in the region. Despite offering free land to those who wanted to populate the islands, the Spanish influence waned over the decades. Curiously, early Puerto Rico did have native gold, but those deposits were depleted within several decades. This left Puerto Rico little to fund its own governance. Spanish colonies in the Americas were expected to “pay their way,” but Puerto Rico was important to Spain as a colony. Early in the 17th century, the Spanish Crown issued the “Situado Mexicano,” which meant a semi-regular shipment of gold from the Viceroyalty of New Spain would be sent to the island for economic support. Despite the Sitaudo Mexicano, Puerto Rico not only struggled with their economy, but also with coin and currency

PCGS MARKET REPORT JAN/FEB 2025

issues for decades. Coins from other countries circulated freely for periods. There were forced coin and currency redemptions called “macoquino,” with the first being held in 1857. With these macoquinos, the Puerto Rican government took a 12.5% exchange hit. Puerto Rico was forced to allow other coins, mostly from the Dominican Republic and Cuba, to circulate freely, but other exchanges were proven to be fraudulent, and public trust was low. In 1884, coins from other countries were counterstamped with a fleur de lis and circulated freely in Puerto Rico. Although there were tokens and counterstamped coins from other countries, Puerto Rico didn’t actually have a coin of its own until a pattern 10 cents was produced at the Madrid Mint in 1890. PCGS has graded examples of this coin in both MS and PR in designations of BN and RB. In 1895, Puerto Rico struck its only real coinage with the 20 cent and 1 peso coins. These were quickly followed in 1896 by the 5 cent, 10 cent, and 40 cent denominations. These coins are all silver, but the composition of the minor coins is .835 fine while the peso is .900 pure. In addition, the minor coins all have a reeded edge, while the peso features a fleur de lis design on the edge. These distinctly Puerto Rican issues are not only lovely coins, but they also connect Puerto Rico to their original colonial Spanish roots, waning though they were. Spanish influence in Puerto Rico was declining through the 19th century because of little financial support. Between the years of Spanish control and the U.S. commonwealth status, there was a short period of time, during 1895-96, when Puerto Rico had its own coinage – albeit struck in Manila by Spain.

THE RICH HISTORY OF PUERTO RICAN COINAGE

In another stop-gap measure addressing Puerto Rico’s dearth of circulating coins, the Spanish government decreed that the “mostly Mexican” coins circulating on the island were to be replaced by new issues made by the Madrid Mint exclusively for Puerto Rico. Mintages for these issues are substantial, but the distribution is unknown. Populations suggest that the issues were either heavily circulated, poorly distributed, or, most likely, some of both. The mintages of these 1895 and 1896 Puerto Rico issues versus their total current PCGS populations are cited below: PCGS #

DATE

DENOMINATION

MINTAGE

PCGS POP (ALL GRADES)

976901

1896

5 Cents

600,000

138

976903

1896

10 Cents

700,000

976911

1896

20 Cents

3.35 M

131

976913

1896

40 Cents

725,000

145

976920

1895

1 Peso

8.5 M

297

Despite substantial mintages, these coins saw short production lives. Circulation needs significantly diminished their supply. Small change was in short supply in Puerto Rico

prior to the exchange (for these new coins). Despite substantial mintages, the production did not continue past 1896. In 1898, Puerto Rico became a possession of the U.S. Its citizens became U.S. citizens in 1917. Puerto Rico’s constitution was approved by Congress in 1952, and the entity’s status as a United States commonwealth continues to this day.

PCGS MARKET REPORT JAN/FEB 2025

ERRORS & VARIETIES:

SEEING DOUBLE

By Edward Van Orden

The 1955 Doubled Die Lincoln Cent is one of the most popular and important anomalies on the American numismatic scene. Courtesy of PCGS Trueview.

Perhaps the most eye-catching of all coin varieties are those that exhibit doubling of parts or all of the image. Some varieties exhibit doubling of one or more numerals in the date. Others display doubled bust and relief features. Still others provide doubling of one or more letters of the legend, motto, or denomination. The 1955 Doubled Die Lincoln Cent, arguably the most popular error coin ever produced by the U.S. Mint, features dramatic doubling in all three of these areas: every numeral of the date; the eyelid, lips, and nose; and every letter of “LIBERTY” and “IN GOD WE TRUST.” So how did the Mint (accidentally) create this die-design error that virtually launched variety collecting? All coins produced by the United States Mint are struck by dies made of steel. By the 1950s, one pair of dies could strike between 500,000 to 750,000 coins before wearing down or breaking. Considering 330,958,200 Lincoln Cents were made at the Philadelphia Mint in 1955, this meant hundreds of obverse and reverse dies were needed for the task. Enter the hubbing process. The first dies are created by cutting the exact final size of the obverse or reverse design into the end of a steel bar. This steel bar, called the master hub, is then placed into a hydraulic press opposite a cone-shaped piece of steel. When squeezed together using hundreds of tons of pressure, the image is transferred, or hubbed, into the piece of steel, which becomes the master die. This master die, through the same hubbing process, was then used to hub the numerous working hubs that would, in turn, hub the hundreds of working dies needed to strike the Philadelphia-minted 1955 Lincoln Cents. Producing a sharp image on the master die, working hub, and working die, however, usually required each to be squeezed in the hubbing press at least two times. When this 1955 obverse working die was being hubbed a second (or third) time, it was misaligned with respect to the working hub in the hubbing press, resulting in the rounded, counter-clockwise, secondary impression of the letters in “IN GOD WE TRUST,” “LIBERTY,” and the date. Known as Class I or rotated hub doubling, the pivot point of the rotation PCGS MARKET REPORT JAN/FEB 2025

was near the center of the working die with the strength of the doubling determined by the degree of rotation.

The 1955 Doubled Die Lincoln Cent exhibits drastic obverse doubling in the motto “IN GOD WE TRUST,” the legend “LIBERTY,” and the date. Courtesy of PCGS. Some 40,000 coins were struck with this obverse die. By the time these error coins were noticed, however, roughly 24,000 of them were already on their way for distribution in western Massachusetts, southern New York state, and the greater Boston area. Today, it is estimated that about 5,800 to 6,000 exist. All authentic 1955 Doubled Die Lincoln Cents were struck from a single die pair, have the reverse die misaligned about 5% counterclockwise from the normal 180-degree rotation, and carry a faint vertical die scratch under the left horizontal bar of the “T” of “CENT.”

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 proved to be great for numismatics, as many fascinating and important coins were bought and sold throughout the year. The U.S. Mint also issued several popular new coins, bringing excitement to the market. Meanwhile, many significant coins and banknotes crossed the block during the closing months of the past year, and we’re going to check some of these out now. Still, we can’t wait to see what exciting pieces come out of the numismatic woodwork in 2025! 1975 No-S Roosevelt Dime, PCGS PR67 The first coin in our Auction Highlights is a 1975 Proof No-S Roosevelt Dime. To this day, only two examples have been reported. This variety was first discovered in 1977 by a collector from California who discovered both examples in 1975 proof sets. The 1975 No-S Roosevelt Dime has appeared for sale just a handful of times over the decades, so when one does pop up in a public offering, it's big news and attracts many engaged bidders. This is exactly what occurred when a PCGS PR67 example was offered by GreatCollections. More than 200 bids were placed on the coin, which was hammered on October 27, 2024, for a record $506,250. 1948 Franklin Half Dollar, PCGS MS68FBL In 1948, the Philadelphia Mint struck 3,006,814 Franklin Half Dollars for circulation. There is still an abundance of examples that exist in circulated and uncirculated grades.

However, examples grading as high as MS68 are considered a rarity amongst the series. So, it’s really impressive that a Franklin Half Dollar struck in 1948 survives in such immaculate condition. Only one circulation-strike Franklin Half Dollar has been encapsulated by PCGS in the grade MS68 with the Full Bell Lines (FBL) designation. And it so happens to be this amazing 1948 Franklin Half Dollar in PCGS MS68FBL, which sold at a Stack's Bowers Galleries auction for $84,000 in 2024. Canada 1935 $500 Banknote, PCGS About Unc 53 PPQ The 1935 $500 Charlton# BC-17 represents the first, last, and only time the Bank of Canada used this denomination. Printed the year the Bank of Canada opened for business, smaller than previous issues as a Depression-era cost-saving measure, they replaced the previous, much larger Dominion of Canada notes and helped phase out the currency of the many Chartered Banks then in operation. According to the 2024/35th edition of the Charlton Catalogue, there are only 40 outstanding (not redeemed) and a 2022 census claims just 12 known in existence. This unusually well-preserved PCGS Banknote example in About Uncirculated 53 PPQ realized $228,000 at a Heritage Auctions event in 2024.

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

PCGS MARKET REPORT JAN/FEB 2025

PCGS AROUND THE WORLD:

WHEN A UNITED STATES COIN BECOMES JAPANESE By Jay Turner

Japan Circa 1858 3.32 Momme Stamp on United States 1858-S Liberty Seated Half Dollar PCGS MS63. Courtesy of PCGS.

Sometimes, as a grader, I get a coin that leaves me flabbergasted. This was the case in August when in a submission to the PCGS office in Hong Kong came a United States Liberty Seated Half Dollar sent in Economy tier by someone who potentially didn’t know what they had. In reality, most people wouldn’t know this particular issue as anything special – it is extremely rare and obscure. Yet, it is an incredible piece of history. In 1858, the Harris Treaty of Amity and Commerce was signed following Commodore Matthew Perry getting United States entrance into Japan. Signed in the city of Edo (today Tokyo) on July 29, 1858, the treaty opened up five ports of trade with the United States in Japan. In the treaty, in accordance with Article V, “Americans and Japanese may freely use foreign coins in making payments to each other,” and “All foreign coins shall be current in Japan, and pass for its corresponding weight of Japanese coin of the same description.” Among these ports that opened for trade was the Port of Hakodate. To accommodate the treaty, each foreign coin was weighed and stamped with the corresponding characters to the coin’s current weight. While the stamped pieces are very rare today, they are known to exist with coins from Russia, France, Mexico, and the United States. The port of Hakodate abandoned the practice as they found the weighing, calculating, and stamping of each coin impractical. The coin that was submitted to the PCGS office in Hong Kong was one such United States half dollar that had been struck at the San Francisco Mint in 1858; it found transport onto a ship that would dock at the Hakodate Port in Japan the same year sometime after August. The coin was spent in Japan and stamped at the port with the new Japanese denomination of 3.32 momme. Prior to this coin being submitted to PCGS, there had been five other United States half dollars that had been documented as being stamped at the Japanese Port of Hakodate. This coin had obviously not seen commerce after stamping

PCGS MARKET REPORT JAN/FEB 2025

and was well preserved. The coin was graded MS63 by PCGS. While the Economy tier has a value limit of only $300, this coin in the proper auction could easily exceed $10,000. (It should be noted for clarity of our submission protocol that the submission tier under which this coin was billed was adjusted to properly reflect the correct valuation!)

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.

NOTEWORTHY NOTES:

CELEBRATING THE 90TH BIRTHDAY OF THE KING WITH “THE ELVIS NOTE” By Nathaniel Unrath Haxby# PA-445-G28 $50 Manual Labor Bank of Philadelphia, Pennsylvania, Post Note, dated February 14, 1838. Courtesy of PCGS Banknote. Elvis Aaron Presley, icon and legend, was born January 8, 1935, in Tupelo, Mississippi, and is 90 years old this year, wherever he is. What many people don’t know about Elvis is, in addition to being “The King of Rock ‘n Roll,” he is also a lord of space and time, with an avid interest in glassmaking. That’s clearly the explanation for “The Elvis Note,” as issues of the Manual Labor Bank of Philadelphia, Pennsylvania, are called, such as this noteworthy note. It carries the denomination of $50 and is dated February 14, 1838. Grading Choice Uncirculated 64PPQ, this note is cataloged as Haxby# PA-445-G28 in James A. Haxby’s Standard Catalog of United States Obsolete Bank Notes 1782-1866, published in 1988 and serving as the classic reference for “broken bank notes.” The note features the name of the institution at the top center, flanked by its capitalization, $500,000 (equivalent to almost $17,000,000 today, an enormous sum at the time), and how that capital was secured (“...in trust on Real Estate & Publicly Recorded”). Further down is a blank for the time period after which “I promise to pay,” with (an unspecified rate of) interest, $50 at “my banking house” and the address: “N.E. Corner of Second & Race Streets.” (The northeast corner of Second and Race Streets is currently occupied by the Bridge Apartments, a block away from the Delaware Expressway and the Ben Franklin Bridge.) There is a portrait of Benjamin Franklin at the upper right and Thomas W. Dyott at the upper left. The note has a space for the Cashier’s signature at the lower left and appears to be signed by Dyott at the lower right, on a signature space which, strangely, lacks a title. Thomas W. Dyott was a curious figure. He started in 1803 as an apothecary specializing in patent medicines, the industry famously associated with frauds, shysters, scoundrels, and charlatans. (Those familiar with the story of Elvis might see a parallel between “Doctor” Dyott and “Colonel” Tom Parker, the latter played by Tom Hanks in the 2022 Elvis biopic.) Dyott then expanded into glassmaking, eventually amassing a compound of five factories and 50 other buildings that he named Dyottville (Graceland?). Dyottville included a 300-acre farm, chapel, infirmary and dormitories. A 33-page pamphlet outlined the rules for 42

living at Dyottville, including prohibitions on drinking and cursing, and mandatory regular attendance at church services. Some called it “Temperanceville,” but Elvis, given his 1960 album His Hand in Mine and 1967’s How Great Thou Art, might have approved. It was when Dyott attempted to expand into banking that things went bad. Perhaps it was the inevitable chicanery of someone who got his start peddling quack medicines. Or perhaps it was the hubris of someone with the temerity to have his portrait placed opposite of and in obvious equivalence to Wise Old Ben, and who signed his notes without a title. Or maybe, unlike Elvis, the leading edge of a cultural wave, Dyott just had bad timing. Starting a bank in the 1830s, as numismatic collectors of Hard Times Tokens will tell you, was not a very good idea. The Panic of 1837 led to a seven-yearlong recession and caused 40% of existing banks to fail. The Manual Labor Bank followed this trend, closing in 1839, just three years after it opened. According to Richard T. Hoober’s Pennsylvania Obsolete Notes and Scrip, “Dr. Thomas W. Dyott, who had extensively issued notes…which he did not redeem, was imprisoned for fraud, but was afterward pardoned.” (This note is Hoober# 305-368, although Hoober does not subdivide the Post Notes according to the interest clause.) Dyottville was sold at a sheriff's auction but continued manufacturing glass under the same name. The changing fortunes of the bank can be seen in the progression of the type of notes issued. The first, Demand Notes, promised to pay “on demand,” or immediately, the face amount to the bearer. At the time, notes were redeemed in “hard money” such as gold or silver. The second type, InterestBearing Post Notes (like this noteworthy note), were a kind of promissory note that postponed redemption (and thus having to pay out in hard money the face value) until some future date. Lastly, the Post Notes were modified to remove the promise of interest by striking out the relevant clause in pen. In other words, as the recession deepened, the bank extended the redemption date on its notes and then cheapened the redemption amount. PCGS MARKET REPORT JAN/FEB 2025

NOTEWORTHY NOTES: CELEBRATING THE 90TH BIRTHDAY OF THE KING WITH “THE ELVIS NOTE”

Close-up of the central vignette of a period glass manufacturer’s shop floor. Courtesy of PCGS Banknote. Why is it called “The Elvis Note”? At the top center of this note, and replicated on the other issues of the Manual Labor Bank (except fractional issues of 5 to 50 cents), is a vignette featuring a period scene of glass manufacturing. A group of individuals are shown arrayed around a furnace while blowing glass, rolling it, and working at the furnace. At the center is a readily recognizable figure, all in white, with a characteristic coiffed hairstyle and emblematic collared outfit.

It’s probably not Elvis, of course. Probably… Nathaniel Unrath was the Numismatic Association of Southern California Maurice M. Gould Achievement Award winner for 1994. His early coin and currency collecting was fostered by his mother and grandmother. He has worked professionally in paper money for 10 years.

Highlights from

The Shores Collection Part I Featured in the Spring 2025 Showcase Auction

Auction: March 31-April 4, 2025 • Costa Mesa, CA | Expo Lot Viewing: March 25-28, 2025 • Baltimore, MD

Fr. 42. 1869 $2 Legal Tender Note. PCGS Banknote Gem Uncirculated 66 PPQ.

Fr. 64. 1869 $5 Legal Tender Note. PCGS Banknote Gem Uncirculated 66 PPQ.

Fr. 96. 1869 $10 Legal Tender Note. PCGS Banknote Gem Uncirculated 66 PPQ.

Fr. 127. 1869 $20 Legal Tender Note. PCGS Banknote Gem Uncirculated 66 PPQ.

Fr. 299. 1891 $10 Silver Certificate. PCGS Banknote Gem Uncirculated 66 PPQ.

Fr. 341. 1880 $100 Silver Certificate. PCGS Banknote Extremely Fine 40.

California Headquarters:

Official Auction of the 2025 Whitman Spring Expo

1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 Tel: 949.253.0916 • Info@StacksBowers.com Visit Us Online at StacksBowers.com

Peter Treglia: 949.748.4828 • PTreglia@StacksBowers.com Michael Moczalla: 949.503.6244 • MMoczalla@StacksBowers.com

LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM SBG PMR Spring2025 HL 250101 PCGS MARKET REPORT JAN/FEB 2025

FROM THE PCGS GRADING ROOM:

A WORD ON DIE STATES

By Kyle C. Knapp

1804 Draped Bust Large Cent, State A. Courtesy of PCGS.

Many collectors are familiar with die varieties, the enumerated die pairings which constitute the production run of a particular issue. Coins with especially large mintages often required dozens of different die pairs to strike. The various obverse and reverse dies of a certain date are usually differentiated via the placement, spacing or alignment of the peripheral lettering, date numerals, or the leaves, berries, and other minor design elements punched into the dies by hand after the major devices had been hubbed. In addition to die varieties, PCGS graders and other numismatists also pay close attention to die states, which describe the progression of a die or die pair as it endures wear from repeated use, is sometimes repaired or modified to extend its life, and eventually begins to significantly deteriorate until it is pulled from production. Understanding of the norms of this process is often helpful in numismatic identification and authentication. One helpfully simple example to consider is the rare and highly coveted 1804 Draped Bust Large Cent. The low mintage of 96,400 coins was struck entirely by a single pair of hardworking dies, cataloged as Sheldon-266. Though only one pair was used, there are three distinct and highly collectible states, each of which the advanced early copper collector will aim to acquire an example of in the pursuit of a comprehensive set.

1804 Draped Bust Large Cent, State B. Courtesy of PCGS. Given most die varieties are differentiated numerically (e.g. Overton 101, Sheldon 49, Newcomb 2, etc.), die states are

typically notated via the appendation of a letter to the end of the variety designation: Overton 101a, etc. In the case of the 1804 Large Cent, the three states are thus detonated Sheldon 266a, 266b, and 266c. Beginning with the earliest (266a), we see a die pair with no major flaws or breaks – illustrated by the first image accompanying this article. As more and more 1804 Large Cents were struck, the obverse die broke above “RTY” near the top, leaving a distinctive cud that would mark the die for the remainder of its life. Examples showing this obverse cud paired with an unbroken reverse die are known as Sheldon 266b.

1804 Draped Bust Large Cent, State C. Courtesy of PCGS. Despite this damage, the die pair continued to strike 1804 Large Cents. Eventually, a similarly spectacular cud break occurred above “MERI” on the right reverse rim. Coins showing both obverse and reverse breaks are classified as Sheldon 266c. While ascertaining die damage and deterioration is one way of identifying differing states, the reparation and mending of dies by the Mint is another. Note the strongly clashed dies illustrated here by the 1814 Overton 105 Capped Bust Half Dollar. A die clash occurs when the obverse and reverse dies come together without a planchet in between, thereby imparting their designs upon one another and on all subsequently struck coins.

PCGS MARKET REPORT JAN/FEB 2025

FROM THE PCGS GRADING ROOM: A WORD ON DIE STATES

of die deterioration, repair – and occasional implosion – in your series of choice can elevate your appreciation, aid in authentication, and may even add a penny or two to your piggy bank.

1814 Capped Bust Half Dollar, Overton 105. Courtesy of PCGS. In an effort to remedy these ghostly apparitions, workers at the Mint lapped (or smoothed) the high points of the die, which would have sustained the most apparent damage from a clash. While this did a satisfactory job of removing the dramatic clash marks from the obverse and reverse fields, it also weakened the rendering of the shallower design elements – crucially, the top leaf in the lower left quadrant of the reverse. Known as Overton 105a, this “single leaf” state is considerably scarcer and more valuable than its earlier-struck counterpart. Numismatics notoriously offers a wealth of opportunities for prolonged study and enjoyment to those willing to plunge into its depths. Familiarizing oneself with the natural process

HIGH-QUALITY

M I K E R I N KO R M I K E @ R I N KO R .C O M

PCGS MARKET REPORT JAN/FEB 2025

1814 Capped Bust Half Dollar, Overton 105a. Courtesy of PCGS.

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

PCGS-CERTIFIED

R I N KO R R A R E C O I N S .C O M 7 0 7 - 5 4 6 - 2 5 75

D O N R I N KO R D O N @ R I N KO R .C O M

This painting by Edwin Lamasure depicts the early United States Mint of Philadelphia during the late 18th and early 19th centuries, when Early Quarters of the Draped Bust and Capped Bust types were being struck. Public domain image.

PCGS MARKET DEEP DIVE:

EARLY U.S. QUARTERS

of many different denominations from the copper half cent through gold $10 eagle. While most of the denominations had already been struck by 1795, the quarter was late to the game when it entered the scene in 1796 by order of Mint Director Elias Boudinot.

By Joshua McMorrow-Hernandez The workhorse of the American economy, the quarter dollar has been with us since 1796. Over the past 23 decades, the United States quarter has undergone myriad design changes. The denomination has been perhaps more popular as a collectible than ever thanks to the multiple long-term circulating commemorative design programs that have been seen on the quarter since 1999, when the 50 State Quarters kicked off. However, in looking further back on the denomination’s history, the collector will find many classic designs that offer their own intrigue, history, and appeal. For many, the greatest excitement and challenge comes from collecting the Early Quarters of 1796 through 1838. The Early Quarters collectively refer to the Draped Bust and Capped Bust types whose origins reach back to the earliest days of the United States Mint, which was under authority of the Coinage Act of 1792. The law called for the production

The 1796 Draped Bust Quarter was the first U.S. quarter dollar coin ever struck. It’s a rare coin and a one-year-only type that many collectors desire yet few are able to own. Courtesy of PCGS TrueView. The 1796 Draped Bust Quarter is both a first-year issue and a one-year only type. Carrying Robert Scot’s Draped Bust design on the obverse and the Small Eagle reverse, it’s the only U.S. quarter dollar that was struck in the 18th century. All 1796 Draped Bust Quarters are rare, with PCGS estimating that only about 650 survive from a mintage of 6,146. The caveat is that a relatively high number of these

PCGS MARKET REPORT JAN/FEB 2025

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

The 1823/2 Capped Bust Quarter is a highly rare overdate variety that adds a significant degree of challenge and expense for anyone building a complete set of this popular Early Quarters series. Courtesy of PCGS TrueView. coins were saved in uncirculated grades, with a hoard of perhaps 100 hailing from famous collector Col. E.H.R. Green. Prices have always been robust for the 1796 Draped Bust Quarter, with consistent collector demand and historic appeal.

The Draped Bust Quarter returned for a few years beginning in 1804, this time carrying a Herald Eagle reverse. The last of the Draped Bust Small Eagle Quarters is dated 1807. Courtesy of PCGS TrueView.

PCGS MARKET REPORT JAN/FEB 2025

After a hiatus lasting some eight years, the quarter was revived in 1804. Again carrying Scot’s Draped Bust obverse, the resurrected quarter dollar was now carrying the Heraldic Eagle design seen on other contemporary Draped Bust types of its era. This second type of Draped Bust Quarter usually constitutes a distinct type among diehard Early Quarter enthusiasts and at the very least is categorized as a subtype among this set of collectors. However, the Draped Bust Heraldic Eagle Quarter doesn’t encompass very many issues; there are just five, one of which is a major variety (the 1806/5). The 1804 is the toughest date among these, with its numismatically serendipitous digits; it’s at least a four-figure coin in any grade. However, the 1805, 1806, and 1807 are potentially obtainable for less than $1,000, while even the rare 1806/5 overdate can be bought for around $800 to $1,000 and up. The curtain dropped for yet another production intermission after 1807, with the next act beginning in 1815. John Reich’s Capped Bust entered the picture, with this distinct type offering collectors a range of opportunities, including more common dates, decidedly scarce dates, downright rare dates, and a multitude of tantalizing varieties. The rarest issue is the 1827, with the 1823/2 a highly rare variety. Type collectors usually gravitate to the more common dates, like the 1818, 1819, 1820, 1821, 1825, and 1828. Many of these more-accessible dates can be purchased for less than

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

$250 in well-circulated grades. Yet, each of these “common” issues offer numbers of survivors that are measured in only the high three figures to lower four figures. Most dates are tough in better grades, while all are conditionally rare in Mint State grades. Production of the Capped Bust Quarter halted in 1829 and was resumed after a couple of years. But changes were afoot. When the quarter hit Mint presses again in 1831, the coin was noticeably smaller. Not lighter – the coin still weighed 6.74 grams – but slimmer. It was reduced in diameter from 27 millimeters to 24.3 millimeters, the latter representing the denomination’s modern-day diameter. Also changed? The design... The quarter maintained its Capped Bust motif, though the modified version that debuted on the sleeker quarters of 1831 was the brainchild of engraver William Kneass. Other design changes included the removal of the reverse inscription “E PLURIBUS UNUM” a Latin motto meaning “Out Of Many One.” The Capped Bust Quarters that were first released in 1831 kicked off a subtype that continued until 1838. By and large, this lot of Capped Bust Quarters doesn't throw many major curveballs at collectors. The entire range of dates for the Capped Bust Quarters of 1831 through 1838 are more or less uniformly priced from date to date. The most common date is the 1835, which was struck to the tune of 1,952,000 pieces. The scarcest date? That title technically goes to the 1833, with a comparatively smaller mintage of 156,000. However, in the context of the series (not to mention the categorically scarce realm of all Early Quarters), the 1833 Capped Bust Quarter, with its six-figure mintage, is hardly a coin that screams “rarity.”

The Capped Bust Quarters of 1831 through 1838 saw a reduction in diameter from previous quarter-dollar emissions and are among the most affordable of all Early Quarters. Courtesy of PCGS TrueView. 48

Does this mean that the 1830s Capped Bust Quarters are common? It’s hard to rightfully call any of these coins “common” in the sense that modern coins are. Most of the 1830s Capped Bust Quarters offer only relatively small numbers of survivors that mostly number in the four figures. However, of all Early Quarters, the Capped Bust Quarters of 1831 through 1838 are by far the most readily available to collectors. They are generally obtainable for less than $200 in grades up to F12. They are therefore the “go-to” Early Quarter of choice for type collectors who need just one representative coin for the entire body of quarters minted prior to the Liberty Seated type that was first seen on the quarter in 1838. All told, Early Quarters have always enjoyed strong collector interest. The past few years have been especially kind to the Early Quarters. Choice PCGS-graded examples in virtually any grade often command stronger prices now than were seen before the collectibles boom that took off during the early days of the COVID pandemic in 2020. Among the highlights? We need not look any further than the 1796 Draped Bust Quarter, which achieved a record price of $1,740,000 when a PCGS MS66 specimen crossed the block in January 2022. A resplendent 1807 Draped Bust Quarter graded PCGS MS67 notched another record in November 2020 when it hammered at $630,000.

Early Quarters of outstanding quality, like this 1807 Draped Bust Quarter graded PCGS MS67, have performed extraordinarily well on the auction block over the last few years. Courtesy of PCGS TrueView.

PCGS MARKET REPORT JAN/FEB 2025

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

all have something to enjoy among the Draped Bust and Capped Bust Quarters. The question to answer? That comes in determining which collecting strategy is best for you. There is no shortage of inspiration on the PCGS Set Registry, which offers nearly 20 categories catering to just Early Quarters – not even counting the multitudes of type-based sets that accommodate Draped Bust and Capped Bust Quarters among other types. The options are many for collectors who already enjoy the Early Quarters. And for those who have yet to explore these classic U.S. coins, opportunity awaits!

This 1837 Capped Bust Quarter stunned collectors with its iridescent hues and mirrorlike surfaces. It fetched nearly $300,000 in a November 2023 auction. Courtesy of PCGS TrueView. One of the best results of the last 18 months was seen with the transaction of an outstanding 1837 Capped Bust Quarter graded PCGS MS67PL, with iridescent shades of sky blue and russet on watery fields. This numismatic creampuff sold for an outstanding $282,000 in a November 2023 auction. While Early Quarters are claiming some spectacular hammer prices in recent years, this exciting area of the United States coin catalog still offers something for everyone, even those on more modest budgets. Type collectors, date-by-date enthusiasts, variety specialists, and trophy coin aficionados

Draped Bust Quarter, MS Type 1, Small Eagle, MS PCGS# 5310 85310

DESCRIPTION

DESIG MS

1796 1796

15,000

35,000

55,000

65,000

55 ▲115,000 ▲125,000

60 ▲160,000

63 225,000

64 375,000

65 700,000

66 2,500,000

275,000

475,000

900,000

2,600,000

750,000

850,000

1,000,000

Type 2, Heraldic Eagle, MS PCGS#

DESCRIPTION

5311

Type

5312 5313 5314 5315 5316

DESIG MS + MS

1804

PCGS MARKET REPORT JAN/FEB 2025

500

1,100

2,750

4,000

4,500

10,000

500

1,100

500

1,100

650

1,500

+ MS

1807

+ MS

1806/5

+ MS

1806

+ MS

1805

500

1,100

20,000

35,000

2,750

4,000

2,750

4,000

3,250

4,500

2,750

4,000

55 7,500 8,500 85,000 90,000 7,500 8,500 7,500 8,500 12,500 13,500 7,500 8,500

60 15,000 125,000 15,000 15,000 17,500 15,000

63 27,500

64 47,500

65 105,000

66 275,000

30,000

65,000

225,000

350,000

225,000 250,000

300,000

27,500

47,500

30,000

65,000

27,500

47,500

105,000

30,000

65,000

225,000

105,000 275,000

35,000

60,000

175,000

40,000

85,000

250,000

27,500

47,500

105,000

275,000

30,000

65,000

225,000

350,000

300,000

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

Capped Bust Quarter, MS Type 1, Large Size, MS

PCGS#

DESCRIPTION

5320

Type

5321

1815

785444

1815 "E"

785446

1815 "L"

5322

1818

5323

1818/5

5325

1819 Small 9

5326

1819 Large 9

5328

1820 Small 0

515284

1820 Medium 0

5329

1820 Large 0

5331

1821

5332

1822

5333

1822 25/50C

5334

1823/2

DESIG MS + MS +

175

875

1,700

3,250

300

1,500

2,750

MS MS

MS + MS + MS + MS + MS + MS + MS + MS + MS + MS + MS

5335

1824/2

38974

1825/4/2 Browning 1

38975

1825/4/(2) Browning 2

38973

1825/4/(2) Browning 3

5342

1828

5343

1828 25/50C

+ + + + MS + MS +

5,000

8,500

64 10,000

65 40,000

66 55,000

15,000

45,000

15,000

67 125,000

8,500

15,000

40,000

100,000

200,000

9,000

20,000

47,000

125,000

250,000

5,000

+ +

3,650

4,500

4,250 4,350

60 5,000

175

875

1,700

175

875

1,700

175

875

1,750

175

875

1,700

175

1,200

1,750

225

1,500

2,250

175

875

1,700

175

875

1,700

325

1,400

2,250

7,000

35,000

42,500

50,000

110,000

125,000

800

3,500

4,500

700

2,500

4,500

275

1,000

1,500

275

1,000

1,750

175

875

1,700

1,350

5,000

8,500

3,250 3,650 3,250 3,650 4,750 4,850 4,000 4,300 4,000 4,250 4,000 4,500 4,500 5,000 3,250 3,650 6,000 6,500 60,000 62,500

5,000 5,000 6,000 6,000 5,500 6,000 7,000 5,000 8,500 75,000

8,500

10,000

40,000

55,000

9,000

15,000

45,000

75,000

8,500

10,000

40,000

65,000

9,000

15,000

47,500

100,000

10,000

20,000

45,000

12,500

25,000

55,000

15,000

25,000

17,500

30,000

125,000 200,000

75,000

50,000

12,500

20,000

45,000

15,000

25,000

55,000

100,000

12,000

25,000

50,000

15,000

30,000

60,000

13,500

20,000

50,000

85,000

16,000

25,000

60,000

100,000

125,000

8,500

13,500

55,000

75,000

9,000

18,000

60,000

100,000

15,000

40,000

70,000

110,000

20,000

50,000

85,000

135,000

100,000

125,000

175,000

110,000

140,000

200,000

150,000 200,000

200,000 225,000 22,000 23,500

42,500

100,000

175,000

125,000

200,000

12,500 5,000 5,500 5,500 5,600 3,250 3,650 13,000 13,500

250,000

40,000 7,500 7,500 5,000 22,500

11,000

20,000

40,000

55,000

12,500

30,000

45,000

75,000

11,000

20,000

40,000

60,000

12,500

30,000

45,000

75,000

8,500

15,000

40,000

90,000

9,000

17,500

55,000

125,000

125,000 125,000 150,000

100,000

PCGS MARKET REPORT JAN/FEB 2025

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

Type 2, Small Size, MS PCGS#

DESCRIPTION

5347

Type

5348

1831 Small Letters

85348

1831 Small Letters

5349

1831 Large Letters

85349

1831 Large Letters

5351

1832

5352

1833

5353

1834

85353

1834

5354

1835

5355

1836

5356

1837

85356

1837

5357

1838 Capped Bust

DESIG MS +

120

275

475

120

275

475

55 1,250 1,500

2,500

63 4,500

64 7,500

65 20,000

66 40,000

5,500

10,000

33,500

55,000

4,500

7,500

20,000

40,000

5,500

10,000

33,500

55,000

6,500

12,500

8,000

15,000

5,000

11,000

35,000

6,000

15,000

45,000

120

275

475

1,250

1,500

1,250 1,500

2,500

25,000 7,500

5,500

10,000

47,500

5,500

11,000

25,000

85,000

6,250

12,500

35,000

100,000

5,000

7,500

20,000

41,500

5,500

10,000

33,500

55,000

35,000

65,000

45,000

MS + MS +

MS + MS + MS +

120

275

475

120

300

550

120

275

475

120

275

475

120

275

475

120

275

475

1,250 1,500 1,500 1,750 1,250 1,500

1,250 1,500 1,250 1,500 1,250 1,500

2,500 3,000 2,500

2,500 2,500 2,500

40,000

4,500

7,500

30,000

100,000

5,500

10,000

40,000

125,000

4,500

▲10,000

▲42,500

75,000

▲6,000

▲20,000

▲55,000

100,000

4,500

7,500

20,000

50,000

5,500

10,000

36,000

52,500

125,000 125,000

125,000 130,000 285,000

+ MS

125,000

35,000

4,500

125,000

20,000

+ MS

120

275

475

1,250 1,500

2,500

4,500

7,500

30,000

50,000

5,500

16,000

32,500

65,000

125,000

Capped Bust Quarter, PR Type 1, Large Size, PR PCGS#

DESCRIPTION

5360

Type

85360

Type

691584

1818 B-8

5365

1820

5366

1821

5369

1822

5367

1822 25/50C

5368

1823/2

PCGS MARKET REPORT JAN/FEB 2025

DESIG PR

62 40,000

63 50,000

64 85,000

65 125,000

66 250,000

45,000

60,000

100,000

175,000

300,000

CAM

175,000

300,000

225,000

350,000

35,000

PR +

350,000

85,000

125,000

250,000

100,000

175,000

300,000

260,000

285,000

310,000

270,000

295,000

325,000

50,000

85,000

125,000

250,000

60,000

100,000

175,000

300,000

375,000

400,000 375,000 375,000 375,000

300,000

+ PR

500,000

PCGS MARKET DEEP DIVE: EARLY U.S. QUARTERS

Capped Bust Quarter, PR Type 1, Large Size, PR Continued PCGS#

DESCRIPTION

5370

1824/2

5371

1825/4/2 Browning 2

5373

1827/3 Original

85373

1827/3 Original

5374

1827/3 Restrike

5375

1828

DESIG PR

325,000

+ PR

175,000

275,000

225,000

300,000

225,000

300,000

500,000

250,000

350,000

550,000

350,000 650,000

CAM

750,000

900,000

800,000

1,000,000

55,000

100,000

150,000

200,000

62,500

125,000

175,000

225,000

40,000

50,000

85,000

125,000

45,000

60,000

100,000

175,000

55 25,000

60 40,000

63 65,000

64 100,000

30,000

50,000

275,000 250,000

Type 2, Small Size, PR

PCGS#

DESCRIPTION

5377

Type

DESIG PR +

65 175,000

80,000

125,000

CAM

90,000

150,000

225,000

110,000

175,000

275,000 175,000

85377

Type

5378

1831 Large Letters

25,000

40,000

65,000

100,000

30,000

50,000

80,000

125,000

410001

1831 Large Letters

CAM

90,000

150,000

225,000

110,000

175,000

275,000

5381

1833

200,000

85381

1833

95381

1833

5382

1834

85382

1834

5383

1835

85383

1835

5384

1836

85384

1836

5386

1838 Capped Bust

60,000

100,000

75,000

125,000

CAM

125,000

150,000

DCAM

200,000

400,000

225,000

+ PR

40,000

65,000

100,000

50,000

80,000

125,000

CAM

150,000

225,000

175,000

275,000

45,000

75,000

60,000

100,000

400,000

125,000

CAM

200,000

225,000

275,000

85,000

125,000

225,000

100,000

150,000

250,000

CAM

125,000

275,000

+ PR +

35,000

200,000

PCGS MARKET REPORT JAN/FEB 2025

Modern United States Mint bullion-based items, like the American Eagles in gold or silver, as well as the contemporary reboots of the Morgan and Peace Dollars, are popular as bullion prices reach new heights. Courtesy of PCGS TrueView.

MARKET MATTERS:

BE AWARE

By Vic Bozarth Political, economic, and social factors affect all markets. Arguably, gold surpassing $2,700 at one point in late 2024 is a consequence of the sociopolitical atmosphere. Regardless, external factors often affect the bullion and numismatic markets. Are you aware of how changing bullion price levels affect your bullion and numismatic holdings? $3,000 Gold? I’m still trying to digest $2,500 gold bullion levels. Even the most mainstream financial pundits have jumped on the gold and bullion bandwagons. There’s a lot of attraction and, interestingly, very little “fear” of financial loss. Like all financial markets, bullion markets also move both up and down in price. Interestingly, one popular big-box chain store has been so successful recently in selling gold and silver bullion that it is now also offering platinum to its customers. For centuries, other cultures have valued hard assets over currency. Some of the largest consumers of gold products on Earth are those in Asian markets. Traditionally, many cultures in Asia have highly valued gold and silver as a store of value versus today’s fiat currencies, like the dollar. American and European markets too often sought the protection of hard assets like gold and silver in times of inflation, but this PCGS MARKET REPORT JAN/FEB 2025

demand was cyclical and relatively small compared to the larger Asian markets. While these world bullion markets remain amazingly strong – Russia is actively buying gold, too – the U.S. market for bullion products has finally caught fire, so to speak. While the demand for bullion items is exceptionally strong, always remember that bullion-related coins offer both a bullion price level play and numismatic value. The value of your numismatic items (if they are made from gold or silver) has changed, too. What can you do? First, stay aware of current bullion price levels if you are contemplating any trade. Second, prune your garden. With my second point, you might reply, “OK, Vic, that’s ‘off the wall.’ What are you talking about?” Frankly, you should consider periodically culling and pruning your holdings. Pruning your collection is a prudent exercise in both budgeting (for possible future purchases) and to weed out duplicates. Financial pundits rate their stocks and investments in terms of buy/hold/sell positions. Shouldn’t we as numismatic investors and collectors be aware of coins we might want to sell depending on what direction the market might be headed? Ultimately, you can prepare for the purchase or sale of bullion items depending on the performance of the bullion market itself. For example, depending on the price of gold one might be a buyer or seller. Doesn’t it make sense to know what you might want to sell if? Conversely, many bullion investors are buyers up to a desired price level. After that price is reached, their decision might change to hold or possibly sell for example? Metal markets are moving, so stay aware.

MARKET MATTERS: BE AWARE

Rare Coins Pursuing rare coins is different than buying bullion. Many of those numismatists who have caught the bug enjoy the pursuit – or treasure hunt – of the coins they desire. The pursuit of rare coins involves effort that most bullion transactions do not. Rare U.S. coins continue to sell briskly. Generic and many modern coins are experiencing some stagnation unless their price is bullion related. Ultimately dealers are liquidating any stagnant inventory to target the capital toward bullion trading. The shiny new “modern” bullion coins are stealing the spotlight. For example, as a U.S. coin buyer for several decades, I learned to buy many scarce and rare coins anytime they were available, even if the price was a little bit too much. Especially if the coin was nice, I would write the purchase price on the sticker on the reverse of the coin and circle it – done deal. There are many coins that virtually everyone needs, depending on the price. The difference is always the quality and availability, but at the end of the day, dealers are going to stock what their customers want – and this is demand. The Bullion Effect on Rare Coins Where do dealers put their bullion profits when bullion markets are running up? More than 45 years ago, in 1979, when both gold and silver were making historic price-level runs, coin dealers were presented with this dilemma. Past the point of having sufficient operating capital, where was the most prudent place to put your bullion profits? I was trading bullion, but where did the markets go from here? Dealers are certainly asking themselves this exact question in today’s bullion market. In several hot bullion markets over the past 45 years, I have noticed a predictable trend. Coin dealers who have profit in bullion reinvest in rare coins. Rare coins are an investment coin dealers are comfortable with. Don’t underestimate this intangible that I’m going to call the “bullion bump” that many rare coins receive because so many dealers are collectors, too. I’ve always wanted one. No kidding, I’ve seen examples of this hundreds of times with both collectors and dealers. Modern Coins As I stated earlier, modern bullion coins are enjoying exceptional demand depending of course on the premium. That being said, customers like new and shiny, and modern

bullion issues are virtually perfect in quality as manufactured. Always remember authentication and PCGS grading on any coin or bullion item is always “appreciated” at the point of sale because both the buyer and seller know the product is bonafide. Indeed, premiums on PCGS-graded bullion products are quite reasonable with the authentication and grading fee often comprising less than one percent of the overall price, when it comes to one-ounce gold bullion coins. Many astute bullion investors also target PCGS-graded U.S. $10 and $20 classic gold coins (because of their known gold content), depending on the current premium. Regardless of whether your PCGS-graded gold is bullion or numismatic related, you can easily discern current melt values based on the daily spot price. Monitoring changes in bullion spot prices allows you to determine, at the very least, the melt value of your bullion or collectible coins at any time. In other words, you can determine the basal value of your item any time you wish. Some of the highlights of the U.S. Mint’s 2024 production issues include the Liberty and Brittania gold coins and silver medals produced in conjunction with the Royal Mint in Great Britain, as well as the perennially popular annual American Eagle gold and silver issues. The 2024 Morgan and Peace Dollar in uncirculated and proof finishes have been quite popular reboots of historic mint issues also. New from the U.S. Mint last fall are the 230th Anniversary Flowing Hair medals. This series, including a gold piece and silver medal, features a modern rendition of the classic Flowing Hair design of the 1790s and promises to be a popular collector issue much like the modern Morgan and Peace Dollar issues. The perfection of modern production methods using a classic U.S. coin design is an exceptional way to connect to our numismatic past. The market for bullion and rare coins is constantly changing. While there is little you can do to accurately predict where the market is going, you can be aware of and prepare for what you want to do!

PCGS MARKET REPORT JAN/FEB 2025

JOIN US FOR ONSITE COIN AUTHENTICATION & GRADING Onsite coin grading will be offered! All show services will be available for U.S. coins. Please contact us to confirm if your world coins will be eligible for onsite grading. Accepting take-home banknote grading submissions.

Florida United Numismatists Convention Orlando, Florida January 9 - 12, 2025

MARKET MOVERS & SHAKERS By Jaime Hernandez

The 1839 Booby Head Large Cent in MS66+BN was one of many coins that saw huge price gains in 2024. What coins will be moving up the price ranks in 2025? Courtesy of PCGS TrueView.

DESCRIPTION

GRADE

TODAY'S PRICE

PRICE 1 YEAR AGO

GAIN

% CHANGE

1872 25C BG-721

MS63

$12,000

$3,500

$8,500

242%

1839 1C N-14, Booby Head,

MS66+BN

$28,500

$8,500

$20,000

235%

1854 1C Newcomb 1

MS64RB

$3,000

$1,000

$2,000

200%

1913-D 5C FS-401, 2 Feathers

MS65

$1,750

$600

$1,150

191%

1941-S/S 10C RPM FS-502

AU53

$175

$60

$115

191%

1853 1C Newcomb 10, RD

MS65RD

$12,000

$4,150

$7,850

189%

1873 5C Large/Small 3

$500

$175

$325

185%

1993-P 25C

MS68

$1,000

$350

$650

185%

1856 G50C BG-434

MS67PL

$13,500

$4,750

$8,750

184%

1835 1C N-9 Lg 8 Lg Stars

AU55

$8,500

$3,000

$5,500

183%

The coin market performed really well in 2024, with many exciting and important coins bought and sold for record prices. With last year's momentum, 2025 may also be a great time for the coin market in general. On the modern side of the coin market, the U.S. Mint introduced several great new coins and new designs last year, and in 2025, the U.S. Mint also has some new coin programs up its sleeve that should bring lots of excitement to the coin market. We recently reviewed the PCGS U.S. Price Changes — Top Gainers and Losers list for the past year, and in this article we are highlighting some of the top 10 coins that performed the best. The list represents a good mixture of different coins and denominations. A few large cents made it on the list, as well as a nickel, a quarter, a Morgan Dollar, and even a few tokens or special issues made it on the list. Because of space limitations, we won’t discuss every coin on the Top Gainers list. However, we will mention a few of the highlights and discuss why some of them increased in price.

1872 Octagonal 25 Cent BG-721, PCGS MS63 The first coin on the Top Gainers list is a really cool item. It is none other than an Octagonal 25 Cent piece from 1872, of the BG-721 variety. What's unusual about this example is that one side of the coin has the date 1872, while the other side bears the date 1871. Therefore, it is also considered a mule coin. This really cool and interesting coin was graded PCGS MS63, and it last sold for $11,700 by Heritage Auctions back in August 2023. Over the years, this has proved to be a scarce variety. PCGS has only graded five examples in all grades combined. The PCGS MS63 example mentioned here has a population of only one, with two finer in PCGS MS65. The previous price that was listed in the PCGS Price Guide for the PCGS MS63 example was $3,500, and the most recently updated price is $12,500. That's a 242% increase in one year and one of the top gainers for the year.

PCGS MARKET REPORT JAN/FEB 2025

MARKET MOVERS & SHAKERS

1839 Booby Head Large Cent, PCGS MS66+BN The second coin on the list is an extremely popular variety among large cent collectors. It is none other than the 1839 Booby Head Large Cent. The coin is referred to as “Booby Head” due to the unusual hair strands and shoulder on the bust placement on the obverse design of the coin. The shoulder or part of the bust is showing in an unusual manner, and so is the hair. A PCGS MS66+BN example sold a few years ago at a Stack’s Bowers Galleries auction for $28,200. This is the only coin graded PCGS MS66+BN. Because of this information, we were comfortable with updating the price from $8,500 to $28,500. That’s a 235% gain from the previous listed price in the same grade.

die, hence the coin is referred to as the 2 Feather variety. This variety is very scarce, and PCGS has graded only 53 examples in all grades combined. We recently updated the price of the MS65 grade for this coin due to the aforementioned auction sale. The price was increased to $1,750, from a previous price of $600. That's a 191% increase in the past year. This list just highlights a few of the coins that have performed well in the year 2024. The complete list has many more coins that have seen remarkable performance over the past 12 months. To view the entire list, please visit the PCGS Price Guide at PCGS.com and click “Price Changes.”

1913-D Buffalo Nickel 2 Feathers Variety (FS-401), PCGS MS65 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

For the next and final example that we will discuss is the 1913-D Buffalo Nickel boasting the 2 Feathers variety. A PCGS MS65 example was sold at Heritage Auctions a few years ago for a respectable price of $1,440. This variety is somewhat prominent, as the third feather in the chief's headdress is almost completely missing, mainly due to over-polishing of the

NOW ACCEPTING CONSIGNMENTS

FOR ALL UPCOMING 2025 AUCTIONS

Bob Grellman 407-221-1654

cvm@earlycentsauctions.com

jrgrellman@gmail.com

Travis Hollon 214-912-6644

travis@earlycentsauctions.com

Lucas Baldridge 972-310-9497 lucas@earlycentsauctions.com

Lyle Engleson 818-645-1602

lyle@earlycentsauctions.com

WWW.EARLYCENTS.COM www.earlycents.com | info@earlycentsauctions.com | P.O. BOX 6400 | Austin, TX 78762 Chris McCawley 405-226-5072, cmccawley@aol.com | Lucas Baldridge. 972-310-9497, friscomint@live.com Lucas Baldridge, Texas Auctioneer Lic#18106

PCGS MARKET REPORT JAN/FEB 2025

Scan the QR code to be connected directly to the auction at bid.earlycentsauctions.com

Find our bidding app under Early Cents Auctions or Scan the QR code above

The 1880 Coiled Hair Stella is an ultra-rare coin that may have had a mintage of 10 and likely offers just five or six survivors. If you want one – and can afford to buy it – what would your decision be should one come up for sale next year, next month, or next week? Would you regret passing up the opportunity or hold out hope another will surface just a bit down the pike? Courtesy of PCGS TrueView.

COIN MARKET FUNDAMENTALS:

CAN YOU LIVE WITHOUT IT?

By Vic Bozarth Many of the most sought-after U.S. coin rarities are sold in major auctions. When a truly rare coin is to be sold, having the largest potential audience/bidder pool is crucial to maximizing the prices realized for those rarities. The competition among collectors and dealers is sometimes very heated because they’re all hoping to purchase the best coins for the least amount of money. Collectors realize their options are limited by availability and time as well as the potential cost of the coin pursued. Dealers might have another angle, in that there might be some potential for an upgrade besides the potential resale value. Yet dealers are predominantly profit-driven. Collectors realize they might have only this opportunity to own this particular coin. Dealers, past the point of potential profit, almost always have another coin (or deal) in the works. It is just pragmatism. “Let’s move on,” they might think to themselves. In other words, dealers can “live without it.” During floor bidding in most major auctions, bidders have to be aware of not just other bidders in the room, but also those bidding by phone and via the internet. Frankly, you might not even be in the ballpark to start.

Here’s the deal… Depending on the rarity of the coin, you, as a buyer, may have no choice but to leave your arm in the air until you are the last and winning bidder. When will another of these very coins come on the market? Despite consistently higher bullion price levels, many areas of the rare coin market are active yet show little price movement. Interestingly, the “acceptance” factor in the new bullion price levels has encountered few, if any, roadblocks. Many believe higher bullion prices are not only possible but likely. Bullion and rare coins are different. Dealer reports from all recent major shows reflect strong rare coin sales, if those coins are even available to begin with. Rare coins are selling very quickly, even when their prices “seem” high. One dealer said, “Yeah, Vic, I bought some cool coins, but I had to ‘pay up’ for all of them. There weren’t any bargains.” While these comments might paint this dealer as cheap, nothing could be farther from the truth. The reality is that he is a very savvy numismatist and knows what to pay up for. His additional comments further reinforce his expertise, because he admitted he took few of these new purchases home. While he didn’t leave his hand in the air, so to speak, he realized nice coins are not cheap. Rare coins are all about availability. Bullion coins are almost always about their price (or premium) in relation to their melt value. Rare coins do not generally perform in predictable market price cycles. The prices realized for rare coins is a product of the nexus of first, the availability of rare coin, second the number of “real” buyers, and third, the venue where it will be sold. Ultimately, the exposure a truly rare coin receives will benefit PCGS MARKET REPORT JAN/FEB 2025

COIN MARKET FUNDAMENTALS: CAN YOU LIVE WITHOUT IT?

the price realized. Savvy collectors and dealers realize that the larger the buyer audience, the higher the price realized. I’ve often been approached by a coin novice who has the desire to buy a particularly scarce or even rare item. When I was a dealer, I was always glad to help. After all, why would a dealer discourage a potential customer? Often, a particular coin just isn’t available. The cost of the coin isn’t necessarily the issue. For example, many scarce and especially many rare coins are only available on a random basis – sometimes years or even decades elapse between trades! Recently, the all-time finest set of PCGS-graded Stella $4 proof coins assembled by Silvano DiGenova from Tangible Assets in California was displayed at the 2024 American Numismatic Association World’s Fair of Money. The combined mintage for the four different proof Stellas is a whopping 490 coins. Only the 1879 Flowing Hair Stella, with a mintage of 425, is generally available on the market in several grades. However, the other three issues with mintages of 20, 10, and 35, respectively, are all rare coins and difficult to locate individually. Finding an example of all three of these low-mintage coins is an even taller order to fill. When speaking about this finest PCGS Stella Registry Set, DiGenova said their display at “the 2024 ANA Convention may be the only opportunity for collectors, dealers, and the general public to see these superb-quality, rare coins together.” The cost is secondary to the primary question of “when?” or “where?” the next example might come up for sale. If you truly want a particular coin, depending on the rarity of the item, you are going to have to pay up for it. You are going to have to leave your arm in the air. We would all like to buy a coin for a bargain price, but everyone else has the same idea. Personally, I’ve regretted passing on the opportunity to buy a coin numerous times. Practicality and opportunity don’t necessarily match. Sometimes, a coin purchase is completely impractical or unaffordable. That being said, from experience, I have learned to plan for the opportunity. You will have to balance your possible regrets with the premium you have to pay for a great rare coin. Always remember that opportunity is fleeting. Frequently traded coins in a particular grade, with at least four to six auction appearances per year, have a verifiable market track record. While many of these coins might be quite scarce, demand and price will depend on the coin itself, but you can reasonably predict your cost depending on the grade and quality of the coin. There is a difference between these scarce coins and truly rare coins, like the Stellas I mentioned above. The date of sale and the price realized for PCGS-graded PCGS MARKET REPORT JAN/FEB 2025

coins sold at auction – auction prices realized, or “APRs” – are a great tool for not only gauging the availability of a coin but also how much it might cost. Between the PCGS population of the coin and the APRs you can estimate how often a coin might come on the market as well as determine the potential price range. Rare coins that might not be available for purchase but every few years are a different story. The potential buyer can’t predict the cost of an item without a coin to buy. In addition, the market at the point of sale might be completely different. The availability of the coin itself is the issue! When a truly rare coin makes an appearance, be prepared to pay up!

The 1879 Flowing Hair Stella is the kind of coin that may come up for public sale only once in a blue moon, beckoning collectors to pay up big or chance missing out. Courtesy of PCGS Trueview.

PROFESSIONAL COIN GRADING SERVICE

GRADING STANDARDS A Guide to PCGS Grades & Designations There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade. For a description of all the grades and designations used in the PCGS Market Report, refer to the PCGS Grading

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

PCGS COIN GRADING STANDARDS Regular Strikes For regular strikes, the primary attribute for circulated grades, i.e. Poor (PO01) to About Uncirculated (AU58), is the amount of wear or the amount of the original design detail that is still evident. Other attributes contributing to the grade for circulated regular strikes are surface preservation and eye appeal, either of which can be positive, negative, or neutral and which affect the grade accordingly. For regular strikes in Uncirculated condition (MS60 to MS70), there are four primary attributes that determine grade: marks, strike, luster, and eye appeal. A PCGS MS70 is a modern coin in “as struck by Mint” condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. A PCGS MS69 will show only one or two miniscule imperfections. Must be fully struck and have full original luster and eye appeal. A PCGS MS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal. A PCGS MS67 will have some minor imperfections (marks, abrasions, etc). Must be well struck and have good luster and eye appeal. A PCGS MS66 will have a few marks and/or abrasions. The strike, luster, and eye appeal must be good. A PCGS MS65 will have some marks and/or abrasions, but they will be minor. The strike must be above average, and

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

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

A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative. A PCGS AU58 will show full detail with minor friction on only the highest points. A PCGS AU55 will show full detail with friction on less than 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. PCGS MARKET REPORT JAN/FEB 2025

PCGS GRADING STANDARDS

VF25 Detail is 60 to 70% complete. VF20 Detail is 50 to 60% complete. F15 Detail is full in recessed areas. All lettering is sharp. F12 Detail is evident in deeply recessed areas. Lettering is mostly sharp. VG10 Design is worn with some detail evident. VG08 Design is worn with only slight detail evident. G06 Detail is flat, but rims are complete. Peripheral lettering is full. G04 Detail is flat. Rims slightly worn. Peripheral lettering nearly full. AG03 Rims are worn but most lettering is readable though worn. FR02 Mostly worn, but some design details are visible. PO01 Barely identifiable as to date and type. Proofs For proof strikings, the primary attributes of grade are hairlines and/ or marks (or lack of), reflectivity (for brilliant proofs), and eye appeal. Note that nearly all proofs are fully struck, thus strike is usually not a factor. Strike only comes into play

when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning. A PCGS PR70 shows no imperfections under five-power magnification. Brilliant proofs must be 100% fully reflective. A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective. A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective. A PCGS PR67 will have some minor imperfections (hairlines or perhaps an extremely minor mark or two). Eye appeal must be very good. Brilliant proofs must be fully reflective or virtually so. A PCGS PR66 will have a few hairlines and/or very minor marks. Eye appeal must be very good. Brilliant proofs must be fully reflective or nearly so. A PCGS PR65 will have minor hairlines and or minor marks. Eye appeal must be positive. Brilliant proofs must show good reflectivity. A PCGS PR64 will have noticeable

hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity. A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull. A PCGS PR62 will have numerous hairlines and/or marks. Eye appeal may be quite negative. Brilliant proofs may be dull. A PCGS PR61 will have lots of hairlines and/or marks. Eye appeal is negative. Brilliant proofs may not be reflective. A PCGS PR60 will have no wear on the high points, but will be very hairlined and/or marked. Eye appeal is negative. Brilliant proofs may not be reflective. Proofs below PR60 for proof strikings grading below PR60, the grading is based on the amount of wear and the standards are the same as for regular strikes. In addition to grade, certain coins have characteristics that collectors recognize as important and PCGS designates these characteristics using the standards that follow.

PCGS COIN DESIGNATIONS Color for Copper Coins (MS60 or better)

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

PCGS MARKET REPORT JAN/FEB 2025

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

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

PCGS GRADING STANDARDS

Full Steps for Jefferson Nickels

Full Bands for Roosevelt Dimes

Full Bell Lines for Franklin Half Dollars

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

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

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

Full Bands for Mercury Dimes

Full Head for Standing Liberty Quarters

Prooﬂike Surfaces

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

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

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

PCGS MARKET REPORT JAN/FEB 2025

PCGS GRADING STANDARDS

Prooflike Surfaces

Cameo Proofs

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

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

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

No Grade Coins

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

No PCGS Holder

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

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

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

PCGS MARKET REPORT JAN/FEB 2025

ADVERTISING INDEX APMEX

Blanchard and Company, Inc.

Certified Coin Exchange

Chris V. McCawley, EarlyCents.com

Collectors Corner

Collateral Finance Corporation

Douglas Winter Numismatics

GreatCollections

3, Onsert

Long Beach Expo

Inside Back Cover

New York International Numismatic Convention (NYINC)

PCGS

Inside Front Cover, 8, 11, 19, 55

Rinkor Rare Coins, LLC

Stack’s Bowers Galleries

Front Cover, 43, Back Cover

Sullivan Numismatics, Inc.

Witter Coin

PCGS SHOW SCHEDULE

JANUARY 2025

MARCH 2025

PCGS.com/Shows

January 9 - 12 Florida United Numismatists Convention

March 27 - 29 Whitman Baltimore Spring Expo

Orange County Convention Center Orlando, Florida

Baltimore Convention Center Baltimore, Maryland

Onsite Grading

January 17 - 19 New York International Numismatic Convention Submissions Only

InterContinental New York Barclay New York, New York FEBRUARY 2025 February 20 - 22 Long Beach Expo: The Collectibles Show Onsite Grading

Long Beach Convention Center Long Beach, California

Onsite Grading

APRIL 2025 April 1 - 4 Great American Coin and Collectibles Show Submissions Only

Broward County Convention Center Fort Lauderdale, Florida April 23 - 26 Central States Numismatic Society Annual Convention Onsite Grading

Renaissance Schaumburg Hotel and Convention Center Schaumburg, Illinois

February 27 - March 1 American Numismatic Association National Money Show Submissions Only

Cobb Galleria Centre Atlanta, Georgia

PCGS MARKET REPORT JAN/FEB 2025

PLEASE MAKE A COPY FOR YOUR RECORDS

1 Customer Information (Required)

Make check payable to (Select One):

Name:

Name

Company Name

Company: Address: City:

State:

2 Submission Type (Select One) 3 Minimum Bids (Select One)

Country:

Raw

(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)

Zip:

Certified

All coins start at Minimum Bids to be set by GreatCollections [Recommended]

B. All coins start at Minimum Bid of

Phone:

50% C.

Email:

65%

80% of the declared value below

All coins start at a Minimum Bid of $1

4 CAC Sticker Review (Optional for PCGS & NGC Coins) *Rates on Back 4A Let GreatCollections decide

4A 5 Date/Mint

Denom

Grade

Cert Number (If Applicable)

Yes, please submit all coins to CAC Value (Optional)

Notes

Date/Mint

15.

16.

17.

18.

19.

20.

21.

22.

23.

10.

24.

11.

25.

12.

26.

13.

27.

14.

28.

Total # of Coins:

Total Value (Optional): $

Grade

Cert Number (If Applicable)

Value (Optional)

Special Instructions: I agree to the Terms & Conditions listed on the reverse side of this agreement.

Contact me about a cash advance of: $ We will notify you by e-mail within 48 hours of your consignment arriving at GreatCollections. You can also view in MyGC > Consignments Received.

Denom

No CAC review

Signature:

Date:

Phone: 1.800.44.COINS (+1.949.679.4180) Fax: 1.949.679.4178 Email: info@greatcollections.com Please ship coins to: GC Receiving, 17891 Cartwright Road, Irvine, CA 92614 United States

Notes

1123

LongBeachExpo.com

February 20 - 22, 2025 Get Tickets Today!

Have your collectibles appraised at Meet the Expert sessions!

Thousands of U.S., World, and ancient coins to discover.

Onsite Grading from PCGS.

Answer trivia and earn collectible prizes!

Hundreds of dealers for coins, sports cards, autographed memorabilia and more!

PSA onsite grading and authentication services!