PMR - 2025 #2 March/April

MARCH/ APRIL2025

PCGS COIN OF THE ISSUE: 1827 Capped Bust Quarter Eagle PCGS MS61

UNDERSTANDING PEACE DOLLAR VARIETIES WHEN HORSES FLY

SPEAKING OF COINS

MARKET REPORT

A Collectors Universe Company www.PCGS.com

Editor-in-Chief Joshua McMorrow-Hernandez

Director of Advertising & Marketplace Taryn Warrecker

Content Manager Arianna Tortomasi

Lead Designer James Davis

Cover Artist Darnell Dialls

Distribution Coordinator Ronald Burnett

Subscriptions:

Single Issue:

$14.95

One-Year Subscription (6 Issues): $79.99

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

To become a PCGS Authorized Dealer, contact: Dealer@PCGS.com

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

Printed in the United States. Copyright 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.

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

Advertising, articles, and other contents of this magazine sometimes contain inadvertent typographical errors, a fact readers should bear in mind when encountering pricing quoted at a fraction of prevailing market values. The publisher is not responsible for actions taken by any person because of such errors. Advertising prices are subject to change without notice.

Have Questions or Feedback?

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

Think our coin prices are too low? Too high? Email us at CoinPrices@Collectors.com with the coin number, description, grade, published price, proposed price, reasoning, and supportive evidence (like auction results). We'll be happy to review it!

As we meander through the spring, we’re getting a better understanding of how the numismatic market is shaping up, and so far the state of the hobby looks promising for 2025. The U.S. Mint and world mints have been unveiling a variety of exciting coin programs that have prompted submissions to PCGS and fresh additions to contemporary PCGS Registry Sets.

Early auction results show some stunning results for PCGS-graded coins, including a 1798 Draped Bust Small Eagle Half Eagle that took $3,000,000, an 1894-S Barber Dime graded PCGS PR66 that fetched $2,160,000, and an 1849-C Open Wreath Liberty Head Gold Dollar that hammered for $1,560,000 during the first weeks of the year.

What’s more? PCGS unveiled a new and convenient way to submit coins through a revamped submissions portal that makes it easier than ever to send us your coins for grading.

What better way to count down to our 40th year of operation in 2026?

We’re spilling all the details about this new and exciting innovation within the pages of this magazine, and I believe you’ll find that it simply has never been easier to submit your coins for grading. Why are we making these changes? Because you’ve been telling us what you want, and our team has gone to work on developing and perfecting the coin submission process with proprietary, state-ofthe-art technology. The new, highly intuitive PCGS Online Submission Center 2.0 delivers a bevy of exciting features that do everything from recommending the best services for your coins to automatically splitting submissions. These and so many other features are exclusive to PCGS, and you’re going to become acquainted with this new online grading portal that will make submitting coins easier and more convenient than ever before.

While we look toward the future of coin grading, we’re also highlighting a treasure from the past: an outstanding 1827 Capped Bust Quarter Eagle graded PCGS MS61. It’s a rarity among rarities and a survivor from the early days of the United States Mint. It’s a coin so phenomenal that it is the PCGS Coin of the Issue!

I hope you enjoy every page of this springtime issue – may your numismatic journey continue flourishing as we move into warmer weather and the heart of the coin show season!

Happy Collecting!

Joshua McMorrow-Hernandez PCGS Editor-in-Chief

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

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

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

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

• Access the Collectors Corner marketplace free with your CCE membership

NEW QUALIFIED MEMBERS RE CEIVE THEIR FIRST MONTH FREE

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

Taryn Warrecker

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

ON THE COVER

A phenomenally rare and beautiful 1827 Capped Bust Quarter Eagle graded PCGS MS61 takes center stage in this issue of PCGS Market Report. Page 6

9 PCGS Set Registry: Coins Of New Zealand

Sanjay C. Gandhi takes us on a trip through time and numismatics to the Kiwi Nation, where coins have a rich and storied history.

14 Sky Horse Dragon Sparrow

Peter Anthony unveils a legendary tale celebrated in Chinese art and numismatics.

18 Collecting U.S. Gold Coins By Year

Douglas Winter reveals six dates collectors of gold coins should focus on.

21 Women On Coins and Notes: Alice Paul

Abby Zechman shares how Alice Paul, featured on a 2012 medal and First Spouse $10 coin, pioneered the women’s rights movement of the early 20th century.

22 OSC 2.0 Launch Makes Submitting Coins To PCGS Easier Than Ever

PCGS makes it easier than ever to submit your coins for grading online, and we’re going to show you how.

24 The Key To Finding Rare Peace Silver Dollars

Michael S. Fey, Ph.D, explores the complex and exciting world of Peace Dollar varieties.

30 Collector Spotlight: O’Man

Joshua McMorrow-Hernandez profiles a collector named O’Man, who decades after receiving a Morgan Dollar from his grandfather has built some of the finest PCGS Registry Sets around.

32 YN Corner: On The Other Side Of The Coin

Kellen Hoard is a young numismatist whose love for coins has taken him to the position of helping select U.S. coin designs.

33 28 Of The Top 30 Most Valuable Coins Sold in 2024 Were Graded By PCGS

As the most-trusted name in third-party coin grading, PCGS is proud to announce that it graded 28 of the 30 coins hammering for top prices in 2024.

PCGS COIN OF THE ISSUE:

1827 CAPPED BUST QUARTER EAGLE, PCGS MS61

By Joshua McMorrow-Hernandez

The allure of collecting early United States gold coinage is rooted in the history, richness, and rarity that these classic 19th-century coins represent. United States gold coinage of the mid-1820s hearkens to the days when America’s gold rush was centered not on the sunny Pacific shores of California but rather on the wooded mountains of northern Georgia and Western Carolina. Their once-abundant mountainside deposits, said to contain some of the naturally purest gold in the world, helped provide the bullion necessary for a

young America to produce a small but respectable supply of gold coinage.

Among the early gold coins hailing from this coveted ore were Capped Bust Quarter Eagles, now revered as rare and sought-after treasures. The large-diameter quarter eagles of 1821 through 1827 checked in at approximately 18.5 millimeters in diameter and were designed by John Reich, a designer whose Capped Bust motif is seen across the spectrum of early 19th-century United States coins.

Unlike many emissions of Reich-designed coinage, such as the voluminously minted Capped Bust Half Dollars, the Capped Bust Quarter Eagles each yielded very small outputs. All issues, with the exception of the 1821 Quarter Eagle, saw mintages of less than 5,000, and several were struck to the tune of fewer than 3,000. The mintages were not intentionally low – they were merely a reflection of the demand for the denomination, and the need for quarter eagles in commerce was relatively low during the 1820s.

Mintage figures provide numismatists a starting point for ascertaining the relative rarity of any coin. Yet, when it comes to early gold, anemic mintages usually reflect a number still many times greater than current populations. Surely, this is the case with Capped Bust Quarter Eagles. Many of the coins that survived initial strains of circulation met their sad fates with smelters when the value of the gold content exceeded their

This resplendent 1827 Capped Bust Quarter Eagle was graded PCGS MS61 and boasts exceptional eye appeal. Courtesy of PCGS.

face values. It was something all but inevitable as inflation in the 19th and 20th centuries impacted the buying power of a coin with a visible declared value of $2.50. That, coupled with ever-rising gold prices, which sailed north of $100 by the mid-1970s and nearly touched $1,000 in 1980. Few people would ever consider melting early gold coinage these days for the mere utility of harvesting gold bullion. But the irreparable losses of gold melts over the last century and more have left the numismatic community precious few examples of early U.S. gold coins today.

The true rarity of all coins in the Capped Bust Quarter Eagle series has further become apparent in recent decades. This, as the influence of a robust marketplace and terrific demand for rare coins has brought more examples once held by generations of families out of the woodwork. Yet, early gold coins remain seldom seen even as other series have given up multitudes of fresh finds over the last few decades.

Making early gold coinage even rarer still is the lack of problem-free examples. So often, when a piece is discovered, it is riddled with holes, nicks, bends, deep scrapes, or evidence of past cleanings or polishings. Therefore, problem-free early gold coinage has become a conditional rarity unto itself.

All issues of the Capped Bust Quarter Eagle are categorically rare, most of these offering a grouping of survivors numbering less than a few dozen for any given year. Among these is the 1827 issue, which also happened to be the last of the largediameter Capped Bust Quarter Eagles. Few of these specimens were preserved for posterity.

“Only 17,042 total examples of the type were produced during its five years of production, making this Capped Head series one of the rarest series in all of numismatics,” explains Kenny Duncan, Jr., of U.S. Coins and Jewelry. All told, just 2,800 strikes were produced of the 1827 Capped Bust Quarter Eagle. “It is estimated that between only 40 and 60 examples of the 1827 exist in all grades,” he added. “In fact, PCGS has certified only 36 examples in all grades from Good to Mint State.”

The 1827 issue offers an estimated few dozen survivors, most of which are believed to be in circulated grades. However, a small number have been miraculously preserved in Mint State grades, giving a select number of collectors tempting opportunities to add an uncirculated example of this historic rarity to their sets.

Just two examples of the 1827 Capped Bust Quarter Eagle were graded MS61, and it offers remarkable eye appeal and other unrivaled qualities that help it stand out above the rest. “A slightly higher-graded example in MS64 brought $144,000 at an auction last November,” recalls Duncan. “Having seen both coins, this one is arguably a bit flashier of an example.

This specimen has an exceptional strike, bewildering luster, and eye appeal that you rarely find on pieces of this vintage.”

One fortunate collector with an appetite for desirable early gold has the rare opportunity to acquire a stunning uncirculated example without spending a deep six-figure sum to close the deal. “Premium early gold coins have clearly been taken off the market as our nation prepares to celebrate its semiquincentennial in less than a year,” Duncan remarks. “This is an exceptional piece of American history and a prized early gold example for an advanced numismatic cabinet.”

Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history. PCGS COIN OF THE ISSUE: 1827 CAPPED BUST

1857 No Date New Zealand Milner & Thompson

Penny Token, graded PCGS MS64BN. Māori warrior is depicted holding a spear and shield. Courtesy of PCGS TrueView.

COINS OF NEW ZEALAND

By Sanjay C. Gandhi

between the mid-13th and mid-14th century, the city of Wellington was first inhabited by the Māori peoples.

About 225 million years ago, the continents as we know them today were joined together and formed one super continent that scientists dubbed Pangea. That landmass later split into two continents, which were named Laurasia and Gondwana. Laurasia comprises North America, Europe, and Asia. Gondwana was made up of the continents South America, Africa, India, and Antarctica/Australia. Roughly 85 million years ago, Antarctica split apart from Australia, and Zeelandia broke off as well, which is known as New Zealand today.

New Zealand geographically consists of two islands, the North Island and the South Island. Both islands have beautiful beaches, plenty of mountains, rich rainforests, and splendid natural beauty that can be seen throughout the lands. These islands were first inhabited by Polynesian peoples who discovered them by using canoes. The indigenous inhabitants are known as the Māori, and scientific evidence states that

The mother tongue of the Māori is called Te Reo Māori, which is spoken by almost 200,000 people in New Zealand. Settlements were established by these early oceanic explorers, and the first European explorer to reach New Zealand was a Dutchman named Abel Tasman. He was in the service of the Dutch East India Company, which was also known as the VOC. As the head explorer, Tasman was put in charge of discovering new trade routes and was encouraged to partner with locals in native lands. Tasman started his journey from Batavia, which is modern-day Jakarta, Indonesia, and he set sail to explore the Southern Pacific Region. His first stop was the island of Mauritius, and he continued his journey to Southern Australia. On December 13, 1642, Tasman reached the northwest coast of the South Island of New Zealand.

Tasman named his first discovery of this new land Staten Landt, but he soon changed it to Nieuw Zeeland in honor of the Dutch province of Zeeland. Tasman continued to explore this region. He reached the northern tip of the South Island and anchored in a place called Golden Bay on December 17, 1642. He and his crew encountered a Māori tribe called the Ngāti Tumatakōkiri, who followed Tasman and his crew into the bay during the night. Accounts from Tasman mentioned that some type of horn was blown by the natives. His crew attempted to communicate with music of their own and

nothing happened that night. The next day, the Dutch fired a cannon, and a skirmish ensued. Four of Tasman’s men were killed, and he fled Golden Bay. He continued to explore up along the west coast of the North Island. He left New Zealand for good at the North Cape on January 3, 1643, and sailed on to the island of Tonga.

1994 New Zealand 50 Cents, graded PCGS PR68DCAM. Commemorating the HMS Endeavor and Captain James Cook. Courtesy of PCGS TrueView.

The second European explorer that reached New Zealand was Captain James Cook from England. Cook boarded a ship named the HMS Endeavor on August 26, 1768, and sailed around the southernmost tip of Chile, which is known as Cape Horn. He continued his journey by first reaching the island of Tahiti to observe the planet Venus pass in front of the Sun, which is an event known as the Transit of Venus. Cook enlisted the services of a local Tahitian priest named Tupaia as a navigator and translator prior to his tour of New Zealand. Tupaia was also familiar with more than 70 islands within this oceanic region, and he drew maps alongside Cook. Soon after, Cook visited three islands in the Pacific, which he claimed for England, and one was the plush tourist destination of Borabora. The captain and his men reached New Zealand, according to Māori accounts, on October 6, 1768. Cook’s first encounter with the Māori was not pleasant, and some of the natives were killed. However, relations improved going forward as Tupaia played an integral role in Cook diplomatically communicating with the Māori during his tour of New Zealand. This first journey of circumnavigation of the North and South Islands took approximately six to seven months. Cook was the first to draw a map of New Zealand, and Tupaia was with him during each stop.

Cook left New Zealand’s South Island on March 31, 1770, once he had concluded his surveying. He continued with his voyages to Australia and claimed the east coast for the country of England, which became present-day New South Wales. A little less than 20 years later, a penal colony was

established in New South Wales. Cook and his crew had to navigate the tricky waters of the Great Barrier Reef with great care and suffered minimal damage. The captain and his crew left Australia on October 6, 1770, then sailed to Batavia (Jakarta, Indonesia) for repairs and a much-needed respite. Many of Cook’s men had contracted malaria and dysentery and sadly died in Jakarta. Tupaia, Cook’s mediator with the Māori peoples, unfortunately passed away on December 20, 1770, from a ship-borne illness two months later. Cook set sail for his return to England a few days later. Cook returned to New Zealand two more times in 1773 and 1777. Cook had discovered many islands, and a few of them were named the Hervey Islands. In 1821, these islands were renamed the Cook Islands in honor of Captain James Cook.

1953 New Zealand Shilling, graded PCGS PR67DCAM. Crouching Māori warrior. Courtesy of PCGS TrueView.

The first European settlers arrived in Wellington, New Zealand, on January 20, 1840. Captain William Hobson from the Royal Navy was also sent to New Zealand as counsel to entice the indigenous peoples to diplomatically sign over their lands to Britain. If he could complete this task, he would be assigned the role of Lieutenant Governor over the lands. On February 6, 1840, the Māori signed the Treaty of Waitangi. This agreement effectively allowed the Māori to own and protect their lands. The indigenous peoples also were given the ability to sell their land to the British Crown whenever possible, and the Māori would have the same equal rights as the new colonists.

Accounts vary as to whether the Treaty of Waitangi held up its promises, as many chieftains lost their land grants. On November 16, 1840, the British Crown issued a Charter for Erecting the Colony of New Zealand, stating that it would be a separate colony from New South Wales, Australia. Coins from various countries circulated within New Zealand during the early 1800s, which were brought in by traders and whalers. These coins were valued based on their precious-metal content, which was either gold or silver. About 20 years later, in 1858,

British coinage became legal tender; by 1860, it was New Zealand’s official currency. Australia was also under British rule at the time and the Australian gold half-sovereign and sovereign were commonly found in circulation as well.

Enterprising individuals began to manufacture tokens for commerce due to coin shortages and demand for smaller denominations. There is a particular 1 penny token struck by Milner & Thompson in the city of Christchurch depicting a Māori warrior that is popular with collectors today. The token displays a close-up view of a Māori warrior's face, which exhibits his Tā moko or tattoos. In Eastern Polynesian culture, it’s common for the indigenous peoples to sport tattoos.

Portrait of a Māori man with full facial moko, which was sketched in 1769, who had visited the HMS Endeavor. Public domain image retrieved from Wikipedia.com.

For centuries, the Māori have practiced this art, and the skin would be carved with a tool known as a uhi. This tool could be serrated or plain edged, depending on the patterns desired. It could be made from shark teeth, some type of bone, and iron as well. Colors that were added to the skin were derived from burnt wood, caterpillars, animal fats, and gum

from trees. Tattoos were generally used to identify chieftains, tribes, a special occasion in life, and were used as body art. Traditional Tā moko ceased within the Māori culture during the mid-19th century because of the perception from their European counterparts and cultural changes. Inks and needles were used for Tā moko afterward, creating a smoother look. However, traditional methods have recently seen a resurgence in New Zealand.

Coinage from Great Britain and Australia continued circulating in unison within New Zealand for about 35 years. In 1897, the Imperial Coinage Act was passed, and only British coins were legal tender in New Zealand. After World War I, gold was withdrawn from circulation in Great Britain, and silver coinage became debased. This meant that coinage, which was .925 silver, was reduced to .500 fineness beginning in 1920. It wasn’t until 1933 that coinage for New Zealand was struck at the Royal Mint of London. Five denominations were released: the 3 pence, 6 pence, 1 shilling, 1 florin, and half crown. All of the coins bear the portrait of King George V, which was designed by Percy Metcalfe.

The 3 pence reverse displays two Māori clubs crossed that are known as a Patu, and the 1 shilling reverse displays a crouching Māori warrior holding a spear. The reverse of the 1 florin coin displays the national bird of New Zealand, which is the Kiwi. None of these first-year coins are difficult to find in uncirculated condition. However, 1933 circulation strikes in PCGS MS65 cost collectors between $200 to $900, depending on the denomination. Only 20 of the 1933 proof sets were minted. The last complete set that was sold at Stack’s Bowers Galleries in January of 2023 brought a little over $15,000, with all coins being at or above the PCGS PR65 grade level.

1935 New Zealand Waitangi Crown, graded PCGS PR65. Commemorating 95 years of the Treaty of Waitangi. Courtesy of PCGS TrueView.

The same type of coins and denominations were issued in 1934. In 1935, one more coin was added to the lineup: the Waitangi Crown. The obverse design remained unchanged, and the reverse displays a Māori Chief Tamati Waka Nene and British Captain William Hobson, R.N. shaking hands. This coin commemorates the 95th anniversary of the Waitangi Treaty, which was signed in 1840. A total of 468 coins were struck in a proof finish, 364 were distributed in sets, and 104 were sold by themselves. The uncirculated version of this is slightly scarcer than the proof; 600 pieces were issued, and it’s not as easy to find in general. Nevertheless, the uncirculated version is valued at around $8,000 in PCGS MS65, which is the same price as the proof version. Another rarity from 1935 is the 3 pence, of which only 40,000 coins were issued for circulation. A PCGS AU58 costs collectors about $500 and, in better grades the coin commands higher prices.

In 1940, the half penny and the penny were struck in bronze and introduced into circulation under the rule of George VI. No rarities for circulation strikes existed within these denominations throughout the 1940s. Coins remained unchanged up until 1946 in terms of the reverse design and metal content. Beginning in 1947, coins that were struck from .500 silver in New Zealand were now coined in copper-nickel. Any colony under British rule saw their coinage fully debased by 1947. The cost of silver had increased from 1943 to 1946 by a little over 100%, and economically it didn’t make sense for Great Britain to produce coins in silver going forward. Also, Great Britain had found itself in debt to the United States because of World War II. Munitions and weaponry that were sold to England by the U.S. during the war had to be repaid, and some of these debts were settled in gold. When the gold was usurped, silver ingots were sent overseas as a form of payment as well.

he was unable to complete his trek due to illness. This coin can commonly be found in uncirculated condition and can be bought for about $50 or less. The proof version of the coin that was last sold by Heritage Auctions in 2022 took a little over $15,000. It is estimated that a mere three examples were coined, but that number is probably between 10 and 15 pieces. A complete proof set from 1949 is exceptionally scarce, and only one PCGS Set Registry member named Bilby 28 has completed the set to date. Proof issues from the 1940s are generally very difficult to obtain, and it’s estimated that about 20 were struck for most denominations. That estimate is probably very high as proof coins from this era are rare. The same statement can be made for most of the proof coinage from the 1950s, with the exception of 1953.

On June 2, 1953, Elizabeth II was officially crowned as Queen of England. A new copper-nickel crown coin was struck for New Zealand. The obverse was designed by Mary Gillick and issued in the new Queen’s honor. Proof sets that contain the Crown coin were struck at the Royal Mint, and the mintage was 7,000 pieces. Full sets can be purchased in the aftermarket selling for about $100, and the PCGS Set Registry offers a set titled 1953 New Zealand Proof Set for collectors to consider building. A matte proof version was struck, and the estimated mintage is less than 10 pieces. A third version of the coin exists, which is known as the VIP Proof. The planchets for this coin were specially prepared. They exhibit brilliant frost, and the coins display sharper contrast than those issued in the standard proof sets. A VIP Crown graded PCGS PR65 sells for about $5,000 or more in the marketplace today. These coins were made for dignitaries, mint employees, and very important persons. Coin designs of New Zealand remained unchanged for the next 12 years, until 1965.

The crown denomination was reintroduced in 1949 and again struck in .500 silver. The Royal Mint issued the coin for the king's proposed visit to New Zealand in 1949, but

1935 New Zealand Florin, graded PCGS MS64. The reverse depicts the kiwi, which serves as the national bird. Courtesy of PCGS TrueView.

1949 New Zealand Crown, graded PCGS PR66. Proposed Royal Visit of George VI. Courtesy of PCGS TrueView.

In 1965, proof coins were struck for each of the seven denominations, and a complete set is worth about $7,000 today. Only 10 sets were reportedly issued. An alternative to this expensive set that displays beautiful quality is the 1965 prooflike set, which can be purchased for about $25. In 1967, the new mint of New Zealand was established in the city of Auckland, but coins were still minted at the Royal Mint. A decimal system was introduced with seven denominations: the 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, and the dollar. The new Queen Elizabeth obverse was designed by Arnold Machin, many of the reverse designs depict nature in some way with the exception of the 10 cents and 50 cents. The 10 cents reverse features a facemask of the indigenous Māori peoples; the 50 cents coin displays the ship HMS Endeavor, which Captain James Cook manned to fully map New Zealand.

The dollar was issued in 1967 and reverse design would change from time to time. For example, one year the coin paid homage to Captain James Cook, The New Zealand Games, and Waitangi Day. The reverse themes for the 1, 2, 5, 10, 20, and 50 cents remained the same essentially until 1989. Newer designs were adopted, and the New Zealand Mint began focusing on creating commemorative issues. Some of the most recent issues include Scooby Doo, Star Wars, Mickey Mouse,

and Disney princesses. The New Zealand Mint also produces coins for the countries of Palau, Fiji, Niue, and the Cook Islands. These modern issues are beautifully crafted, colorful, and popular all over the world.

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.

1953 New Zealand Crown, PCGS PR67. Struck in honor of Queen Elizabeth II. Courtesy of PCGS TrueView.

An exhibit in the Wuwei municipal museum shows a 6,000 year-old grave. A light outlines the figure of the man that is covered by jade bi objects. A single example of a jade bi appears on the left. To the right is a bianlong coin from the third century B.C. Courtesy of Peter Anthony.

SKY HORSE DRAGON SPARROW

By Peter Anthony

The sky stays a friendly postcard blue until late afternoon when wispy clouds veil the sun. I tighten my wool hat. Within days, the first snow of the season will blanket Northwest China. In the failing light I start up a zigzag flight of stairs on a modest hill in Leitei (pronounced Lay-tie) Park in Wuwei city. At the summit is a temple filled with statues of the Taoist God of Thunder and his followers. The figures glare out fiercely, but in the wrong direction. They should look downward.

Two thousand years ago, laborers burrowed into the bottom of this hill. In later centuries, worshippers and clergy came and went, prayed, and burnt incense in the temples. All the while, a Han Dynasty tomb slept quietly beneath their feet – until 1969, when a group of local farmers arrived to dig an air-raid shelter.

Many of the relics found on that hill, as well as other places in this city, are displayed in Wuwei’s municipal museum. The autumn sun shone brightly the day before when I climbed the stairs to its entrance. Called Liangzhou in ancient times, Wuwei was an important east-west crossroads on the Silk Road. It has a rich history.

The museum’s archaeology section is arranged by era from prehistoric times onward. One exhibit shows the grave of a leader from around 4,100 B.C. to 3,700 B.C. His body is covered by round jade disks with holes in their center. The disks are too large and too old to be coins, but their shape and name intrigues me: bi. This is a homonym, or soundalike, for part of the modern word renminbi, which means “the People’s Money.” In the case of the precious jade bi, the word refers to heaven, and the hole allows the deceased’s spirit to pass through it. The linguistic connection is coincidental but curious.

My genial guide for the day, Lu Longmei, points at a map. It shows that the Great Wall stretched for 194 miles, or 310 kilometers, in this part of Gansu Province. We are near the western limit of ancient Chinese civilization.

When Liu Bang, the first Han Dynasty emperor, was crowned in 206 B.C., he ordered many social reforms. One example is a group of edicts unearthed in a Wuwei tomb. Written in ink on wood tablets, these order government

The Flying Horse of Gansu appears on both medals and statues. The upper part of this photo shows the artifact in the foreground with a statue in Guangzhou behind it. The lower area shows three medals on this theme. On the left is a 1969 brass medal that is 38 millimeters in diameter and 24.1 grams in weight. Its mintage is unknown. The center medal is from the 1978 Exhibition of Archaeological Finds of the People’s Republic of China. It contains 46.8 grams of .916 pure gold and has a mintage of 780. On the right is a copper medal of unknown origin. Courtesy of Peter Anthony.

officials to honor elders and provide pensions and support for widows, widowers, and the disabled. Even loneliness was to be addressed.

Pensions could be in the form of grain. The currency of the time was primarily bronze cash coins, or qián (pronounced chee-on), round disks with square holes in their center. Around 220,000,000 bronze coins and a very limited quantity of gold ingots were cast – not struck – annually during this period. A standardized form of money encouraged trade between cities and boosted the empire’s prosperity and might.

Incidentally, a modern tribute to Liu Bang is on a 1986 100 Yuan coin struck at the Shenyang Mint. The coin contains 1/3 ounce of .916-pure, or 22-carat gold, and is 23 millimeters in diameter. According to the Standard Catalog of Gold & Silver Coins of China , only 4,980 were minted rather than the 25,000 authorized. Liu is shown mounted on a horse, leading his troops into battle.

It is fitting that the coin shows a horse with the emperor. In the Wuwei Museum, a few steps away from the wood tablets, is a wood horse. This model steed stiffly stands around 20 inches tall. Found inside a Liangzhou burial site, it was carved between 202 A.D. and 220 A.D. Miss Lu comments that the model exemplifies the ideal horse of that time with its “small ears to indicate keen hearing, big eyes for very good vital capacity, large nostrils that reflect its spirit and large hooves

for good stability. There is a saying about this type of horse, “In the daytime it can run 1000 li, or 500 km, and in the night it can run 800 li.”

Miss Lu adds, “At this time, the key factor for victory or defeat in a war was the quantity and quality of the forces’ horses. In ancient times, many people were tasked with helping the emperor find good horses.”

A few feet from the wood stallion is another horse, this one an elegant green-toned bronze sculpture. The original (now in the Gansu Provincial Museum in Lanzhou, the province’s capital), 38 other bronze horses, and a couple of hundred other relics were found in the tomb below the God of Thunder’s temple. For a famous piece of art, it measures a modest 14 inches in height.

It is Wuwei’s greatest claim to fame today. Sometimes called The Flying Horse of Gansu, or Galloping Horse Treading on a Flying Swallow, this had a well-known meaning within the culture of the time. Miss Lu explains, “The swallow is known as a very fast bird. This horse runs so swiftly that it has caught up to the swallow and steps on it.”

There is a famous phrase about this legendary horse by an outstanding Han Dynasty astronomer, statesman, and man of letters, Zhang Heng. He once described such a horse as a “Sky Horse Dragon Sparrow.” This means that the sky horse is walking in the sky when the wind god dragon sparrow looked

SKY HORSE DRAGON SPARROW

back and was surprised.

The importance of this heavenly horse of bronze was quickly recognized. "As a statue made 2,000 years ago, it's amazing how it was so carefully balanced. You can see all the weight is supported by the thin right-rear leg. Experiments have shown that it could only have been made after finding the exact center of gravity,” commented an archaeologist.

The Galloping Horse Treading on a Flying Swallow is the national symbol for Chinese Tourism today. Large statues of it stand in cities from Guangzhou to Beijing and, of course, in Gansu Province’s provincial capital Lanzhou where the original now resides. Small replicas are sold everywhere from airports to gift shops around the world, and the icon appears on countless brochures. Numismatically, it is the theme of several Chinese medals. The importance of the Flying Horse was quickly recognized both numismatically and culturally.

Scientist and writer Zhang Heng is illustrated on this 1986 5 Yuan silver proof coin. The coin contains 22 grams of .900-fine silver and is 36 millimeters in diameter. A total of 9,875 were minted as part of the 1986 Chinese Outstanding Historical Figures series. Behind him is a model of the world’s first seismograph that he invented. Courtesy of Peter Anthony.

The first medal struck with the Flying Horse image may be a 24.1-gram brass medal that is 38 millimeters in diameter. The date on it is 1969, the year of the statue’s discovery and apparently the year it was minted. Inscribed on it is Zhang Heng’s poetic phrase, Sky Horse Dragon Sparrow.

The earliest well-known international medal with the Flying Horse of Gansu on it was minted in England in 1973 by the Toye, Kenning and Spencer company. Two thousand silver medals were struck. These commemorate the “Chinese Exhibition 1973-1974” at the Royal Academy in London.

Five years later, a gold Flying Horse of Gansu medal was struck in China for the 1978 Exhibition of Archaeological Finds of the People’s Republic of China held in Hong Kong. The exhibition catalog cover features a photo of the Flying Horse, and this show contributed to growing Western awareness of the bronze stallion. The reverse side displays a design reminiscent of a traditional Chinese mirror. This medal remains very popular and sought after.

On the more modest side, there is a Flying Horse of Gansu tourism medal in base metal with no date on it. It promotes visits to China in four languages: German, English, French, and Chinese. The Great Wall of China is on the opposite side of the medal.

The Flying Horse of Gansu is very much on my mind the next day. Daylight is fading as my friend D. and I arrive at Leitai Park. Tourist season ended months ago, and there are no other visitors. We hurry to the entrance to the tomb and temple. These are separated from the rest of the park, and a guard is reluctant to admit us. However, D. is persuasive, and we both pass through the turnstile.

D. stays outside to take a phone call as I walk through an arched opening in the hillside. Inside is a well-lit hall with walls and ceilings lined by dark gray bricks. These are reinforced by modern steel scaffolding and netting to stop stray fragments from bonking a visitor on the head. The room is maybe 25 meters long. Along the walls on both sides of the passageway are posters. These detail the tomb’s history in both Chinese and English. For instance, one explains that its ancient bricks can support almost twice as much weight as modern bricks can. The process by which these “super” bricks were manufactured has been lost through time.

The posters also reveal that it’s unknown exactly who was buried here. His family name was Zhang, but there is no further information. It is clear, though, that he was a Han Dynasty military leader of importance.

Another poster is devoted to the more than 21,125 coins that were found inside the tomb. These include 15 Ban Liang coins, a type instituted by the Qin Dynasty and classified here as from the Western Han Dynasty. Then there were 93 minted between 9 A.D. and 25 A.D., a 16-year period after which Han Dynasty rule was restored. The vast majority of the coins, 21,017, are called Wu Zhu. These are from either the Eastern Han Dynasty or Western Han Dynasty. Two posters illustrate the designs on the various types of Wu Zhu coins.

Near the end of the room are a pair of carved stone turtles, symbols of Heaven and Earth. Beyond these, a low, arched exit leads to a short hallway. Above this, stonework in the shape of a three-portal imperial gate decorates the wall. There is also a red sign that warns visitors to duck their heads, and I do.

The opening ushers the way into an empty, bleakly lit room with a column in its center. At its far end another arched outlet is visible. This passage is so low that I have to get down on hands and knees to crawl through it. On the other side is another dimly lit, gray brick-lined room. There are two side chambers, one of which displays pottery.

At the far end of this room is yet another arched portal. This one has the lowest clearance of all. I push my daypack ahead along the ground and worm my way through. This innermost room has two side chambers that aren’t nearly tall enough to stand upright in. Both chambers are secured by iron gates and filled with bronze copies of the horses and figures found here in 1969. Leading the herd is the Flying Horse of Gansu.

The ground around the bronzes is littered with modern paper money. There is a belief that what is thrown into this ancient site will return in larger quantity. So, 2,000 years after a general was buried with thousands of coins to take to Heaven with him, he is getting reinforcements!

Underground among dark stone walls and iron gates, I suddenly have an inkling of the hopelessness a condemned prisoner must have felt. I crawl back out of the tomb as quickly as possible, glad, nonetheless, to have seen the Sky Horse Dragon Sparrow’s original home. The evening air of Liangzhou District, Wuwei City, Gansu Province, People’s Republic of China, is cold, almost frigid, but it’s a relief to be outside in it.

Speaking of Sky Horse Dragon Sparrow, the legacy of Zhang Heng illustrates how ancient and modern intertwine in China. Zhang. who lived from 78 A.D. to 139 A.D., is the subject of a modern silver commemorative coin. The 22-gram, .900-fine proof silver coin was struck in 1986 at the Shanghai Mint. While the official authorized mintage is 30,000, only 9,675 were produced.

Zhang is remembered mostly as an astronomer and for two books he wrote about China. In astronomy, he developed a theory of an egg-shaped universe in which Earth is suspended like the yolk.

The 1986 coin focuses on another side of his genius: it illustrates Zhang Heng in front of one of his inventions, the world’s first seismic detection instrument. It is shaped like a barrel that dispenses wine through eight dragon-shaped spouts that run down the sides. Each dragon holds a small ball in its jaws. Below each dragon is a toad with an open mouth. If even a small earthquake occurs, a pendulum suspended inside will swing and hit the side of the barrel. This sets in motion a series of levers and releases a ball held by a dragon that then drops onto a toad. This shows the direction that the earthquake comes from while the number of balls released indicates the temblor’s strength.

Zhang Heng’s seismograph is featured on six of the 30 Ancient Chinese Inventions & Discoveries series minted in 1992. These include coins in gold, silver and platinum. Shown here is a proof 2000 Yuan, 1 kilogram, .999-fine gold coin that is 100 millimeters in diameter. Only 16 of these were struck. Courtesy of Peter Anthony.

A scale model of this device is on display in the Geological Museum of China in Beijing. It is also one part of the Ancient Chinese Inventions and Discoveries coin series released in 1992. This series was conceived by Martin Weiss, an American coin dealer who at one time was the largest seller of Panda coins in the world.

In 2015, Mr. Weiss recalled, “In Hong Kong, I was waiting for my flight, and I went to the airport bookstore. There I found a book The Inventions and Discoveries of China. When I opened the book, I said, “This will make a great coin series about China.” There were several inventions in it. And in the bibliography there were the original sources.” That’s how the Inventions and Discoveries series that was minted between 1992 and 1996 began. Zhang Heng’s seismograph is featured on six of the 1992 The Inventions and Discoveries of China coins.

As a leading city during the Han Dynasty, perhaps one of these devices was installed in Liangzhou/Wuwei? The city has had its share of earthquakes, but that’s a story for another day.

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.

COLLECTING U.S. GOLD COINS BY YEAR

By Douglas Winter

The 1838 Liberty Head Eagle is available for less than $10,000. Courtesy of PCGS TrueView.

coins, and a specialized set of, say, 1899 gold coins just isn’t a worthwhile project from the standpoint of rarity or challenge.

If I were assembling a year set, I would focus on a year in which the coins themselves were interesting and scarce but not impossible to locate. A few years come to mind, and these are as follows: 1838, 1839, 1840, 1842, 1855, and 1866.

Let’s look at these six years and, in the true spirit of a Douglas Winter article, let’s rate them as well!

Here’s our rating system:

• Level of Numismatic Interest: 1-5 (1=least, 5=most)

• Degree of Difficulty: 1-5 (1=least, 5=most)

• Rarity in High Grades: 1-5 (1=least, 5=most)

1838

This is an interesting year as it bridges the gap between early gold and the more standardized Liberty Head issues. It consists of just six coins, but nearly everyone is interesting, and most are either first-year issues or one-year types (or both).

The most expensive coins in this set are likely to be the 1838-C Half Eagle and the 1838 Eagle. Both are available for less than $10,000 in very respectable preservation, but both are challenging. In my opinion, this set is best combined with the 1839 to form a really interesting two-year focus that features a number of high-interest issues.

Level of Numismatic Interest: 4

Degree of Difficulty: 2+/3

Rarity in High Grades: 3

The year 1839 is a fascinating transitional period with many interesting one-year types. As with 1838, the set focuses on issues with the mintmark located on the obverse. The 1838 features the Classic Head design, while the 1839 employs the first incarnation of the Liberty Head design. It consists of 10 different issues. With significant varieties included, this number can be pushed higher.

Note the “C” mintmark on the obverse as opposed to the reverse, as was the most common place for situating mintmarks on United States coins throughout most of the 19th century. Courtesy of PCGS TrueView.

The most expensive coin is the 1839 Eagle with Small Letters on the reverse. After this came the 1839-C and 1839-D Half Eagles. All three of these issues will cost at least $10,00015,000+ for a nice example. As I mentioned above, combining this set with the 1838 will create a really special group of coins and one which should be easy to sell when the time comes.

• Level of Numismatic Interest: 4

• Degree of Difficulty: 3

• Rarity in High Grades: 3+

1840

The year 1840 was an interesting time, as it marked the introduction of the familiar modified Liberty Head design with the mintmark now moved to the reverse. There are a total of nine different issues, but this can be added to if you break down the half eagles to include narrow mill and broad mill varieties.

The 1840-D Liberty Head Quarter Eagle is the priciest of the 1840 gold coinage in general. Courtesy of PCGS TrueView.

The most expensive issue is the 1840-D Quarter Eagle, which isn’t intimidating but has proven to be quite elusive in recent years. The 1840-D Half Eagle is the next most expensive issue. Combining this set with the 1838 and the 1839 would be interesting, although most collectors would probably vote against this.

• Level of Numismatic Interest: 3

• Degree of Difficulty: 2+/3

• Rarity in High Grades: 3

1842

The year 1842 was very busy for varieties. There are a total of 14 different issues, half of which are half eagles. As someone who is partial to half eagles, I find 1842 an appealing year for me; your level of interest may vary.

The 1842-C Liberty Head Half Eagle makes an expensive cornerstone to the 1842 year set. Courtesy of PCGS TrueView

There are two relatively expensive coins in this set: the

1842-C Small Date and the 1842-D Large Date Half Eagles. You are looking at around $20,000 for a nice example of the former and $15,000+ for a nice example of the latter. The 1842 and 1842-D Quarter Eagles are not as well known, but they will also prove difficult to locate in better condition.

This set could be combined with an 1843 to form a very interesting overview of the experimentation that the Mint was undertaking with date and lettering sizes on all three of the then-current denominations.

• Level of Numismatic Interest: 2 (3+ if you have tastes for premium specimens)

• Degree of Difficulty: 3

• Rarity in High Grades: 3

1855

This year is interesting due to some new designs and the large number of coins produced. By 1855, there were six circulating designs from five different mints. A grand total of 20 different issues were struck during this year, and these coins range from very common to rare.

The 1855-D Liberty Gold Dollar is highly rare. Courtesy of PCGS TrueView.

The two key issues are the 1855-D Gold Dollar and the 1855-O Double Eagle. These are expensive issues (around $50,000 for nice examples), and both are very hard to locate with good eye appeal. The 1855-D is a touch less rare but it, too, is very challenging to locate in choice condition.

An interesting numismatic feature of this set is the fact that there are no less than five different half eagles struck in 1855. This occurred in just three other years: 1854, 1856, and 1857.

• Level of Numismatic Interest: 2

• Degree of Difficulty: 4

• Rarity in High Grades: 3+/4

1866

Our sixth and final year set represents 1866. This is a wellknown transitional year in which the motto “IN GOD WE TRUST” was added to the half eagle, eagle, and double eagle. This created varieties for these three denominations from both the Philadelphia and San Francisco Mints.

The motto “IN GOD WE TRUST” was added to several gold coins in 1866, including the Liberty Head Double Eagle. Courtesy of PCGS TrueView.

The key issue in this set is the 1866-S No Motto Double Eagle. This date can easily run $50,000+ for a nice example. Two other rare issues are the 1866-S No Motto Half Eagle and Eagle, but these are relatively more affordable.

• Level of Numismatic Interest: 4

• Degree of Difficulty: 3

• Rarity in High Grades: 3

There are certainly other year sets of interest that can be assembled by the gold coin specialist. Some which come to mind include 1848 (the year the California Gold Rush took off), 1861 (the closing of the three southern branch mints), 1875 (due to the rarity of many of the Philadelphia Mint issues), 1893 (the close of the Carson City Mint), and 1907 (a transitional year).

Douglas is an award-winning author of over a dozen numismatic books and the recognized expert on US gold. He can be reached at 214-675-9897, at dwn@ont.com or through his website, www.raregoldcoins.com.

WOMEN ON COINS AND NOTES: ALICE PAUL

By Abby Zechman

Alice Paul was the first woman featured in the 2012 First Spouse Coin series. She also happens to be the first non-spouse to be featured in this series. Courtesy of PCGS TrueView.

confrontational tactics of the British suffrage movement. She participated in protests that included picket lines, marches, and hunger strikes. These strategies inspired Paul, and when she returned to the States, she fought to amend the U.S. Constitution using the tactics she had learned in England.

On March 3, 1913, the day before President Woodrow Wilson's inauguration, Paul organized the first and largest march for women's suffrage. About 8,000 individuals marched down Pennsylvania Avenue carrying banners and flags demanding women get the right to vote. After the march, President Wilson met with the women and told them he did not think it was a good time to amend the Constitution. Paul was furious and began campaigning against him.

"Mr. President, how long must women wait to get their liberty?"

~ Alice Paul

Paul organized many protests against President Wilson, ensuring the public knew he was against the suffrage movement. The most notable protest was the Silent Sentinels. Two thousand female protesters peacefully protested before the White House, carrying their banners in complete silence. The protest continued for two years; throughout that time, over 150 women were arrested on obstruction of traffic

charges. While in jail, the women were horribly mistreated, including being painfully force-fed when they went on hunger strike. Paul was even placed in a psychiatric ward on charges of insanity. However, it wasn't all for nothing, their mistreatment garnered public support for their cause and eventually led to President Wilson declaring support for the 19th Amendment.

On August 18, 1920, the 19th Amendment was ratified, granting women the right to vote. Having played a significant role in making this happen, Paul was overjoyed, but she wasn't done. She almost immediately began writing the Equal Rights Amendment, guaranteeing the constitutional right to protection from discrimination. Unfortunately, this never passed, but Paul kept fighting for equality until she passed

In 2012, the Mint released the First Spouse coin for President Chester Arthur. However, the coin did not picture an image of his wife. Unfortunately, his wife, Ellen, tragically passed away before Arthur was elected, so she was never technically a First Spouse. Because of this, the Presidential $1 Coin Act of 2005 specified that Alice Paul's image be used instead. Interestingly, this is the first and only coin in the series to feature a different woman instead of a picture of Liberty for a spouseless president.

Public law 109-145 stated that the coin would honor Paul, "a leading strategist in the suffrage movement, who was instrumental in gaining women the right to vote upon the adoption of the 19th amendment." The coin's obverse features a portrait of Paul with a signature determined look on her face. It also includes her name and title, "Suffragist." The reverse of this coin features a beautiful image of Paul proudly marching, carrying a flag, and wearing a "Votes for Women" sash. This coin accurately represents Alice Paul by embodying her spirit and determination.

Abigail "Abby" Zechman, a lifelong collector, is an education coordinator at PCGS. She is dedicated to numismatic education and passionate about inspiring the next generation of collectors. She has been involved in running multiple young collector programs and has given many presentations on the topic.

OSC 2.0 LAUNCH MAKES SUBMITTING COINS TO PCGS EASIER THAN EVER

By PCGS Staff

The all-new PCGS Online Submission Center 2.0 makes submitting coins to PCGS easier than ever with many exclusive tools and resources, including an intuitive dashboard for organizing your submissions and automated service-level recommendations. Courtesy of PCGS.

When PCGS first began accepting submissions in 1986, we came from a small network of coin dealers sending in coins via hand-prepared deliveries. Meanwhile, the internet was limited to a select group of universities, government agencies, and a handful of advanced private ventures that needed to stay connected. The rare coin market, built for decades around the sight-seen trading of coins graded mostly by individual sellers, was about to undergo a revolution with the advent of thirdparty coin grading. As sight-unseen grading was made safer with third-party grading, the internet was entering millions of homes and businesses and forever transformed the way people bought and sold coins.

The world has changed in the last four decades. So, too, has numismatics. Today, coin collectors and coin dealers rely on the internet for more than just buying and selling coins. It’s where they get their information on portals like PCGS CoinFacts or interact with other numismatists on forums like the PCGS Set Registry and PCGS Message Board. And now it’s where they can submit their coins for grading by PCGS, the world’s most trusted third-party coin grader.

“The PCGS Online Submission Center 2.0, or OSC 2.0, is a reimagination of the entire coin submission process,” says PCGS President Stephanie Sabin. “It makes submitting coins more convenient while giving you all of the necessary tools and resources to better plan for and organize your submissions to custom-tailor the submission experience to your unique needs.”

OSC 2.0 offers an items-first approach with servicelevel recommendations that allows you to generate multiple submissions via the innovative My Submissions Dashboard. The breakdown of these new features is as follows:

• Items-First Approach with New Keyword Search Functionality – Add all the items you want to submit, including U.S. coins, world coins, vintage, modern – you name it. You can filter these coins by category, like “Half Dollars” or “Nickels,” to refine your search. Responsive search results allow you to quickly highlight

matching text. We’ve also increased the maximum quantity of items for a submission to 100, making it easy to submit bulk orders or even entire collections!

• Service Level Recommendations – OSC 2.0 recommends the most economical service level based on item details and declared value. You can quickly manage service levels individually or in batches, and a dynamic submission summary allows you to easily review your estimated subtotal as you adjust your service level selections.

• Generating Multiple Submissions – Conveniently add all of your items at once and automatically split submissions into multiple submissions as you add more items!

• My Submissions Dashboard – This personalized portal lets you see all your submissions in one place! Draft submissions will auto-save at each step and are valid for 120 days, letting you complete the submission process at your leisure without the stress of having to start over each time you return. You can easily access PDF forms and return to completed submissions to reprint your PDF submission forms, or you can return to submissions still in draft – pick up where you left off with up to 30 draft submissions saved at a time! You can even name your submissions, allowing you to stay organized.

“OSC 2.0 is the result of incredible feedback from so many of our customers and the hard work of the PCGS team, which is dedicated to making the submission process as efficient as possible,” says Sabin. “We know this is just the beginning, but we believe this will revolutionize the way the world submits their coins for grading. There’s nothing else out there like it in our hobby. The new PCGS Online Submission Center will make submitting coins for grading easier than ever.”

THE KEY TO FINDING RARE PEACE SILVER DOLLARS

By Michael S. Fey, Ph.D.

Naturally, the key to finding rare Peace silver dollars is knowledge. Fortunately, you can acquire this knowledge quite inexpensively. Once you do, you will have almost as much knowledge as the experts in the series, such as Leroy C. Van Allen; David Close, M.D.; Michael Faraone; and Jeff Oxman. Finally, you can use the PCGS Population Reports to determine “relative rarity” overall and in various grades as compared to another coin of your choosing in order to make a determination about purchasing.

In his opus, The Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars (Silver), Leroy Van Allen and coauthor A. George Mallis provided a detailed history of the Peace Dollar, minted from 1921 to 1935. They detail designer Anthony de Francisci as the winner of a Peace Dollar design

competition and the use of his wife, Teresa Cafarelli de Francisci, as a model in designing the obverse. The reverse includes the word “Peace” symbolizing the abolishment of war and a new era of peace. However, Van Allen’s greatest contribution was the establishment of a die cataloging system now called “VAM,” a term borrowing the initials from the surnames of authors Van Allen and Mallis.

Anthony de Francisci (left) examines a plaster galvano for the new Peace Dollar with United States Mint Director Raymond T. Baker (right). Public domain image by Herbert E. French of the National Photo Company and archived by the Library of Congress, sourced via Wikimedia Commons.

The 1934-D VAM 4 Obverse Peace Dollar with doubled rays. Courtesy of PCGS TrueView.

Teresa Cafarelli de Francisci poses for the camera in this side-profile portrait. Public domain image by The Evening Independent and sourced via Wikimedia Commons.

Van Allen simply assigned a consecutive number to every new variety. Thus, VAM 1 was assigned to a normal common obverse paired with a normal common reverse. Behind each VAM number was a description of the die pair used to strike the coin. The first normal design type, the 1921 High Relief, was labeled “IV,” with the first normal hub and die labeled as “IV 1.” The first normal reverse design type was labeled “D,” and the first normal hub and die were labeled as “D1a.”

Together, the first obverse-reverse die pair was labeled as IV 1·D1a.” When he encountered a 1921 with infrequent reeding, the third side of the coin, he labeled it VAM 2 and “IV 1·D1A.” You need not know the labels of the hubs and dies used to find

a rare die variety. This is not scientific notation, but it is Van Allen’s shorthand labeling description of design types, hubs, and dies used to strike the coin. All you need to know is that the coin in hand matches the picture in the book and is called a VAM (whatever given number).

In 2002, David Close, M.D., and Jeff Oxman wrote The Official Guide to the Top 50 Peace Dollar Varieties. These are the rarest and most desirable of Van Allen VAM varieties in the Peace Dollar series chosen by the authors. Ever since, a growing number of dealers and collectors have been looking closely at their Peace Dollars, usually with a 10X loupe in the hopes of finding one of these rare and desirable coins.

In 2012, Van Allen wrote a masterful 273-page book titled Wonders of Peace Dollars, now available in digital form on Amazon Kindle and soon to be in print via Amazon. Just about everything you would ever want to know about Peace Dollars is described in this book: history, availability, hoards, design types, accidental die flaws, intentional die flaws, counterfeits, planchet errors, and striking errors, along with detailed die descriptions and hundreds of photos. The only thing missing are new VAM discoveries since 2012, which are published each year by John Baumgart as a supplement to the VAM Encyclopedia (available on VAMworld.com, which is another great resource!).

The 1921 Peace Dollar was struck in high relief. However, striking coins in high relief resulted in many defects and weakened details. Nevertheless, 1,006,473 coins were minted. By 1922, the obverse and reverse were designed in lower relief and would remain so through the end of the coin’s production in 1935. Among the rarest 1921 Peace Dollars in the entire series are the satin finish proof and the 1922 matte finish proofs, with only one of the former certified by PCGS and eight of the latter. Also certified by PCGS is a single 1921 sandblasted antiqued finish proof and a 1922 sandblasted antiqued finish pattern labeled J-2018.

This 1922 High Relief, Sandblasted Antique Finish Peace Dollar is cataloged as J-2018 and is an ultra-rare special strike. Courtesy of PCGS TrueView.

This closeup shows doubling on the obverse of the 1934-D VAM 4. Courtesy of PCGS.

Among my favorite Peace Dollar varieties is the Top 50 1934-D VAM 4 Small “D” reverse with doubled die obverse. It has an overall PCGS population of 123, with only 39 graded in Mint State. This variety is noticeable with the unaided eye with strongly doubled rays on the obverse.

Here’s a comparison of mintmark sizes and locations between the Small “D” against the Medium “D” seen on the more common 1934-D VAM 3. Courtesy of PCGS.

It should not be confused with its more common sibling, the Top 50 1934-D VAM 3 with Medium “D” reverse paired with the same doubled die obverse as the VAM 4. The latter has a PCGS population of 267 with a Mint State population of 154. Perhaps a good comparison of the relative rarity of these coins can be made with the key date, the 1934-S, which has an overall population of 7,955 and a Mint State population of 2,335. Or, you can compare it to another key date, the 1928, which has a PCGS population of 13,898 and a Mint State population of 8,851.

In general, my favorite varieties are those with a huge “WOW” factor and include the die crack varieties and the cuds. The Top 50 1922 VAM 2A Earring is one of my favorites, with an eyeball-noticeable die break resembling an earring extending from Miss Liberty’s ear. PCGS has graded 125 examples in all grades with only 60 in Mint State.

Details of the 1922 VAM 2A Earring are seen here. Courtesy of PCGS.

Top 50 1923 VAM 1C Tail on O reverse is another favorite and shows a noticeable die break on the top of the “O” of “DOLLAR” on the reverse. In all grades, PCGS has certified 124 examples with 72 in Mint State. Another popular die break variety is the Top 50 1922 VAM 12A Moustache. This displays a die break under Miss Liberty’s nose resembling a moustache. PCGS has certified only 278 examples in all grades and 123 in Mint State. Again, compare the relative rarity of these varieties to the key date 1928, either overall or in Mint State, and you can start to appreciate the rarity

of these interesting “WOW”-factor varieties, which in many cases are currently comparable in price or less than the key date.

If you study various type coins from copper to silver to gold, you will notice that the key varieties of that series normally exceed the value of the key dates. Those who collect half cents, large cents, and Bust Half Dollars have long known this, as they were among the earliest publishers of rare die varieties in each of those series. For example, try comparing the values of the 1877 Indian Cent to the 1873 Doubled Die Obverse Indian Cent or the 1916 Standing Liberty Quarter to the 1918/7-S Standing Liberty Quarter. Why is this so? This is because the mintage of a key date may involve many die pairs to strike the entire mintage, whereas a rare die variety usually happens with the striking of only one die pair within the striking of an entire mintage.

Like most other commodities, the price of coins is based on supply and demand. However, the supply of coins is fixed by mintage and surviving examples. One can determine the yearly “recruitment” of any coin or variety by looking up the overall population of that coin as well as Mint State coins from population reports many years ago and the populations today. Then, one only needs to divide the number of examples that have been graded by the number of years passed to get an idea of yearly recruitment to the population. While not perfect, it can provide a “relative measure” of how rare a key date or variety might be, with an expectation of how many might surface each year. Consequently, changes in demand

for a rare die variety can result in substantial price increases. Among the rarest Peace Dollar varieties are retained cuds and cuds. These typically represent the later die states of striking, a time at which the die was beginning to break after repeated striking of metal on metal or has finally broken off resulting in raised metal along the rim. Cuds are considered terminal die states, a point in which the die was taken out of service. Normally, a small percentage of the minting of coins took place after a die break with quality assurance inspectors removing the die to ensure a good-quality coin. Some examples certified by PCGS include the Elite 30 1922-S VAM 2X Reverse Rim Cud, the Elite 30 1922-D VAM 1M Obverse Die Cud, and the Elite 30 1923-S Reverse Retained Cud. These have overall PCGS populations of two, seven, and six examples, respectively.

PCGS has graded just two 1922-S VAM 2X Reverse Rim Cud Peace Dollars, recognized among the Elite 30 VAMs. Courtesy of PCGS.

The “moustache” on Miss Liberty as seen on the 1922 VAM 12A. Courtesy of PCGS.

Vastly underappreciated variety/error Peace Dollars, and among my favorites with a huge “WOW” factor, are those with rotated dies, also called “rotated reverses.” Of the 190 million Peace Dollars struck, a very small percentage were produced with rotated dies. This occurs when one of the die holders loosens or breaks, allowing the die to freely rotate either clockwise or counterclockwise during subsequent striking. In a normal striking, the dies are aligned 180 degrees apart, such that flipping a coin from top to bottom, from obverse to reverse, the portraits will appear right side up. Flip a coin side by side, and the portraits will appear 180 degrees apart. However, when flipping a coin from the obverse, top to bottom, you might see the eagle lying sideways more than 15 degrees (normal mint tolerance) in positions all the way to 180 degrees. These are rare and desirable coins with rotated dies. While PCGS does not list its certified rotated dies, as each one could be unique, I estimate there are only a few thousand in existence. Naturally, the higher the grade, the greater the rotation, the more valuable the coin. Currently, I believe these are priced way too little, given the rarity and novelty. In conclusion, the key to finding rare Peace silver dollars is knowledge. By studying the PCGS Population Reports, you can determine the relative rarity of rare die varieties. By

referencing them to key dates in the series, you can draw your own conclusions on what to pursue for your own collection. As I like to say, “knowledge is king!”

Michael S. Fey, Ph.D., is the author of more than a dozen books on Morgan and Peace Dollars and is the coauthor of The Top 100 Morgan Dollar Varieties: The VAM Keys. He was the senior instructor for the American Numismatic Association Summer Seminar “Morgan Silver Dollar Collecting and Investing: A Comprehensive Approach” for more than a decade. He can be reached at Feyms@aol.com.

A toned 1896 Morgan Dollar similar to this one was the vehicle that launched O’Man’s improbable but successful journey in numismatics. Courtesy of PCGS TrueView.

COLLECTOR SPOTLIGHT:

O’MAN

By Joshua McMorrow-Hernandez

PCGS Set Registry member O’Man traces his numismatic journey back to when he was about 10 years old. That’s when he received an 1896 Morgan Dollar from his grandfather for helping him paint his garage. “I was not interested in coin collecting but always enjoyed holding that big shiny ‘wagon wheel’ in the palm of my hand,” recalls the collector, who treasures that coin because of the connection to his beloved grandfather.

“Over the years, I found and saved some interesting coins from my pocket change, but not with an eye toward collecting. Some 50 years after receiving the Morgan it began to severely tone,” he says. “I was searching for a way to arrest the toning of the Morgan and discovered that slabbing the coin would help. PCGS is a highly regarded company that authenticates, grades, and encapsulates coins.”

After receiving his encapsulated 1896 Morgan Dollar, he became acquainted with other collectors who had submitted coins for grading. “During my readings, I saw photos of coins collectors submitted, and they were beautiful. The artistry and craftsmanship used to produce these gems was of the highest caliber. The more I read in the forums, the more I began to

appreciate coin collecting. Within a few short months, I had been bitten by the collecting bug.”

He began building a set of American Silver Eagles, later branching out into various other sets, including 50 State Quarters, Washington D.C. and U.S. Territories Quarters, and America The Beautiful Quarters. He has also pursued myriad other types of sets, including those representing African coinage. “I currently have 70 sets and three showcases. I am especially proud of all the showcases because they speak to important historical themes. I include a brief narrative on each coin in the showcase.”

While he now has dozens of beautiful sets, O’Man still has at least one piece he hopes to add to his cabinet someday. “I would love to acquire a 1792 Danish Abolition of the Slave Trade Medal. This medal is rare and historically significant.”

Ultimately, O’Man’s collection is a collage of what he enjoys, which reflects his collecting philosophy. “Initially, collect what appeals to you. Secondly, determine if you are primarily a casual or serious collector.” He believes the difference between being a “casual” collector or a “serious” collector lies in one’s approach to building sets. “Are you acquiring coins just to fill slots, or do you want to acquire the best available coins for a slot? My 2019-W and 2020-W Quarter Quest sets were all about searching through raw coins to fill coin slots, irrespective of grades, while my American Silver Eagle collection is about putting the best available coin (I can afford) in its slot. If you decide you want to be listed on PCGS’s Achievement Leaderboard, map out a strategy.

Identify sets in each category that are interesting to you and that you can realistically complete.”

The rare and historic 1792 Danish Abolition of Slave Trade Medal. Courtesy of PCGS.

He also says collecting coins can be compared to looking into a kaleidoscope, “where patterns of interests shift, coexisting and buttressing each other.” He adds, “These interests range from historical; where coins often tell stories about the culture, economy, and history of the times they were minted; to nostalgia, where coins evoke personal memories, from childhood or from places visited; to a sense of community among enthusiasts who share tips, trade, and attend events,”

he says.

“By happenstance, I met a member of the Citizens Coinage Advisory Committee at a PCGS show and was gob-smacked by his passion and commitment to the hobby,” recounts O’Man, who believes the artistry and craftsmanship of coins, as well as rarity, are other compelling reasons to collect. “Finally, there are people who see coins as a way to invest and preserve wealth, as certain coins can appreciate significantly in value over time.”

Ultimately, he thinks the most important reason for collecting coins is for the joy they provide the hobbyist. “Whatever the driving motivation is for collecting coins, enjoy!”

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.

Kellen Hoard is sworn onto the Citizens Coinage Advisory Committee by United States Mint Deputy Director Kristie McNally. Courtesy of Kellen Hoard.

Cornelius Vermeule’s argument in his 1971 treatise Numismatic Art in America that coins “are the only class of sculpture that a large segment of the population ever handles” is one that has profoundly shaped my engagement with numismatics. The world coins gifted to me by my grandparents when I was nine years old captured my interest not merely by virtue of their distinctive designs — already, at that time, more compelling to me than the stylistically dreary world of much U.S. federal coinage — but also through the realization that this was art made to be handled and learned from and shared widely.

It was, and still is, a most political form of art: endorsed by a government as sufficiently representative of national values to serve as the basis for commerce, a messaging apparatus to citizens, and a record for posterity. That numismatic art — even at its most utilitarian — could be reverse-engineered by collectors in order to glean deep, uncompromising insights into the society that produced it was irresistible to someone who loves history and politics as much as I do. As Elvira Clain-Stefanelli notes in her 1985 Numismatic Bibliography, “To collect coins without trying to explain their historical background is a senseless enterprise.”

My sustained interest in the hobby over the 11 years since has, both consciously and unconsciously, been driven by this fascination with numismatic objects as interdisciplinary lenses into the past. Montroville Dickeson’s assertion in his 1859 American Numismatical Manual that “a coin […] is an index to the people who originally issued it” has been particularly influential for me, and I have found that my collecting interests have evolved accordingly. My pursuit of coins, tokens, medals, and banknotes that were made under unusual circumstances undoubtedly springs out of this fascination, as does my collection of trade tokens from my hometown; how better to understand, tangibly, the city’s dynamic history?

Similarly, my passion for numismatic literature is driven by my appreciation for the historical, artistic, economic, and anthropological analysis of minds greater than my own with the objects we collect. In line with my academic pursuits — a double major in international affairs and political science at George Washington University — I have recently begun a collection that attempts to trace the international geopolitical transformations of the 20th century, as well as a collection of the medals produced by the university. My set of sample slabs, on the other hand, is the black sheep of my collecting interests, driven by an inexplicable appreciation for the niche — or, perhaps, a subconscious desire to bankrupt myself pursuing a sixth collecting area — rather than any identifiable intellectual rationale.

In April 2023, I was appointed to the Citizens Coinage Advisory Committee, through which I currently help advise the U.S. Treasury secretary on American coin and medal designs. The role has been an interesting one, in no small part, because I am now on the other side of the coin, as it were. Being involved with the selection of the sculptures that a large part of the population handles, attempting to capture the breadth and depth of the American story on objects measured in millimeters, contemplating whether these pieces really are indices of the country out of which they came — all of this has been rather imperfect and messy, but fascinating.

My future involvement with numismatics is unlikely to be a professional one. However, I am hopeful that through my work with the committee, I can leave some worthwhile impact on our hobby and our country at large.

Three of the highest auction prices hammered for coins in 2024 were for a trifecta of PCGS-graded rarities each fetching more than a million dollars. They include a 1652 NE Threepence graded PCGS XF45, 1870-CC Liberty Head Double Eagle graded PCGS AU55, and 1850 Baldwin & Co. $10. Courtesy of PCGS.

28 OF THE TOP 30 MOST VALUABLE COINS SOLD IN 2024 WERE GRADED BY PCGS

By PCGS Staff

Twenty-eight of the top 30 highest auction prices realized for coins sold at auction during the course of 2024 were achieved with coins graded by Professional Coin Grading Service. It continues a longtime trend of the rarest and most valuable coins being encapsulated by PCGS, which is nearing its 40th year in operation.

“We’re proud of these results not just because of the incredible sums our coins have fetched at auction but also their market dominance,” said PCGS President Stephanie Sabin. “PCGS-graded coins have consistently represented the biggest share of the top-hammering coins for years now, and we saw that again in 2024. It goes to show the incredible trust that collectors and dealers alike place in our company and services, and it underscores the fact that the best coins always end up in PCGS holders.”

The top 30 coins sold in 2024 are as follows:

#1 – Undated (1652) NE Threepence. Noe 1-A, Salmon 1-A, W-1. PCGS XF45, $2,520,000 – November 2024, Stack’s Bowers Galleries

#2 – 1870-CC Liberty Head Double Eagle. PCGS AU55, $1,440,000 – November 2024, Stack’s Bowers Galleries

TIED #3 – 1850 Baldwin & Co. $10. K-3. PCGS MS63+, $1,260,000 – November 2024, Stack’s Bowers Galleries

TIED #3 – 1855 $50 Kellogg & Co. Fifty Dollar. PCGS PR64CAM, $1,260,000 – January 2024, Heritage Auctions

#5 – 1860 $5 Large Planchet Half Eagle. Judd-271, Pollock-319. PCGS PR64+DCAM, $1,140,000 – January 2024, Heritage Auctions

#6 – 1825/4/1 Capped Head Left Half Eagle. JD-1, BD-1. PCGS PR62, $1,080,000 – August 2024, Stack’s Bowers Galleries

#7 – 1851 $5 Schultz & Co. Five Dollar. PCGS MS62 PCGS, $1,020,000 – January 2024, Heritage Auctions

#8 1868 $10 Liberty Head Eagle. Judd-661, Pollock-734. PCGS PR66CAM, $930,000 – January 2024, Heritage Auctions

#9 – 1779 (1789) John Stewart at Stony Point Medal. Betts-567, Bronze, 45.8 Millimeters. PCGS MS62, $900,000 – March 2024, Stack’s Bowers Galleries

TIED #10 – 1879 Four-Dollar Gold Stella, Flowing Hair. Judd-1635, Pollock-1833, JD-1, Reeded Edge. PCGS PR67DCAM, $840,000 –March 2024, Stack’s Bowers Galleries

TIED #10 – 1870-CC Liberty Head Double Eagle. PCGS AU50, $840,000 – March 2024, Stack’s Bowers Galleries

#12 – 1863 $10 Liberty Ten Dollar. Judd-349, Pollock-421, Unique. PCGS PR64CAM, $810,000 – May 2024, Heritage Auctions

#13 – 1876-CC 20C. PCGS MS65 PCGS, $690,000 – August 2024, Heritage Auctions

#14 – 1881-O Morgan Dollar. PCGS PR64, $660,000 – November 2024, Stack’s Bowers Galleries

#15 – 1795 $10. 13 Leaves, BD-1. PCGS MS64+, $600,000 – May 2024, Heritage Auctions

#16 – 1907 Indian Gold Eagle Rolled Edge. PCGS MS65+, $589,500 – February 2024, GreatCollections

#17 – 1794 1C Head of 1794. S-28, B-10, Double Struck. NGC MS66BN, $588,000 – August 2024, Heritage Auctions

#18 – 1878 Pattern Half Eagle. Judd-1570, Pollock-1764, Unique, Gold, Reeded Edge. PCGS PR65+CAM, $576,000 – August 2024, Stack’s Bowers Galleries

#19 – 1887 Liberty Head Double Eagle. JD-1. PCGS PR65+DCAM, $528,000 – November 2024, Stack’s Bowers Galleries

#20 – 1918/7-D Buffalo Nickel. PCGS MS65+, $511,875 –February 2024, GreatCollections

#21 – 1975 Roosevelt Dime No S. PCGS PR67, $506,250 –October 2024, GreatCollections

#22 – 1804 DT$10 Ten Dollar, Judd-34, Pollock-46. PCGS PR64, $504,000 – January 2024, Heritage Auctions

#23 – 1893-S $1. PCGS MS63 PCGS, $444,000 – January 2024, Heritage Auctions

#24 – 1794 Cent. S-18b, Head of 1793, Edge of 1794. PCGS MS64BN, $432,000 – January 2024, Heritage Auctions

#25 – 1892 Liberty Gold Double Eagle. PCGS MS67, $429,750 –April 2024, GreatCollections

#26 – 1870-CC Liberty Head Eagle. PCGS AU55, $420,000 –August 2024, Stack’s Bowers Galleries

TIED #27 – 1893 $20. PCGS PR65DCAM, $408,000 – May 2024, Heritage Auctions

TIED #27 – 1854-S Liberty Head Quarter Eagle. NGC AU50, $408,000 – August 2024, Stack’s Bowers Galleries

TIED #27 – 1877 $50 Half Union. Judd-1549, Pollock-1722. PCGS PR67BN, $408,000 – January 2024, Heritage Auctions

#30 – 1871-CC Liberty Gold Double Eagle. PCGS MS61, $395,438 – August 2024, GreatCollections

Another auction highlight PCGS wishes to showcase is the sale of the very first example struck of the Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coin. It was graded PR70DCAM by PCGS and sold by Stack's Bowers Galleries in a lot that also included the canceled dies that struck the coin for $440,000 in December 2024.

For more information about encapsulating your coins with PCGS, please visit www.PCGS.com/Services.

ERRORS & VARIETIES:

EARLY U.S. GOLD

By Edward Van Orden

The 1796 No Stars Draped Bust Quarter Eagle is one of the most sought-after varieties. Courtesy of PCGS TrueView.

Collecting early U.S. gold by die variety is one of the greatest challenges in all of American numismatics. Many U.S. gold coins dating from 1795 to 1834 (often known as “old tenor gold”) were exported or melted for bullion because their gold content was undervalued on the world market. The result was few gold coins in circulation and, with regard to collectors, little cumulative knowledge of the die varieties that may have existed for them.

Like early U.S. silver and copper coins, the dies for gold issues were mostly engraved and punched by hand, resulting in differences in the stars, letters, and numerals, as well as the berries, arrows, cloud design, star patterns, letter sizes, and motto placement. As new discoveries of these variations were discovered and published, early gold die variety collecting gained traction alongside the prestige we associate it with today. Let’s explore a few of the most popular and rare of the earliest gold die varieties issues.

The 1796 No Stars Draped Bust Quarter Eagle is one of the most distinct and sought-after U.S. gold varieties. One year prior, the U.S. Mint struck its first gold coins: the 1795 Half Eagle and 1795 Eagle, each with 15 obverse stars representing each state in the Union at that time. When Tennessee was admitted on June 1, 1796, and the first quarter eagles were struck in September 1796, one might presume the quarter eagle would include 16 stars on its obverse, but it was not to be. Was it a broken star punch that prevented this? Indecision on the part of the Mint? A new design? Considering all the other Draped Bust and Capped Bust Quarter Eagles, Half Eagles, and Eagles have stars on the obverse, it remains a mystery as to why this early gold issue was designed without any.

Another highly desirable early quarter eagle variety is the 1804 13-Star Reverse. First identified in 1912, it was not until this issue was listed in A Guide Book of United States Coins (also known as “The Red Book”) in the 1960s that its rarity was fully appreciated. With an estimate of 11 to 14 known to exist, numerous great collections, including those of Louis Eliasberg and the Garrett family, apparently never included an example.

Additionally, this reverse was also used for some 1802 and

1804 Dimes as well as a variety of the 1802 Quarter Eagle. A note to the collector: be sure to distinguish this variety from the better-known and more available issue featuring 14 stars.

A comparison of the 13 Star reverse versus the 14 Star reverse on the 1804 Draped Bust Quarter Eagle. Courtesy of PCGS.

The 1795 S/D Half Eagle is perhaps the earliest-made U.S. gold die-design-error variety. This issue features a dramatic final “S” in “STATES” punched over an obvious and erroneous “D.”

The 1795 S/D Half Eagle is among the earliest die varieties known among U.S. gold coins. Courtesy of Heritage Auctions, www.HA.com.

Because manufacturing, engraving, and punching dies was time-consuming and expensive in the early years of the Mint, the recutting and repunching of stars, letters, numerals, etc. was acceptable for the sake of economy and cost. How this

“UNITED STATED” die-cutting error occurred is still open to conjecture, leading some to believe alcohol was involved and others attributing it to carelessness or simply haste.

The 1795 “Nine Leaves” (or 9 Leaves) Eagle is among the rarest and most famous early gold die varieties. Overlooked until the first published description of its distinctive reverse in May 1934, this first-year issue features nine leaves in the palm branch below the eagle on the reverse (all other 1795 Small Eagle varieties have 13 leaves).

The 1795 Nine Leaves Draped Bust Eagle is a rarity, with fewer than two dozen examples estimated to survive. Courtesy of PCGS TrueView.

Like the previously discussed early gold varieties, the design of this rarity is mysterious in origin. Regardless of whether it was an experiment, the artistic whim of the engraver, or simply an error, this important and sought-after die variety, of which only 20 to 22 examples exist, is considered by John Dannreuther "the king of the Small Eagle type.”

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 was great for the coin market. Many stellar coins were bought and sold by dealers and collectors, while the U.S. Mint also introduced several popular coins that delivered excitement to the coin market. Many rare and unusual coins and banknotes were also sold at auction realizing strong prices. Here are just a few examples that recently garnered significant prices.

1876-CC 20 Cents, PCGS MS65

The first coin on our auction highlights list is none other than a rare 1876-CC 20 Cents. This coin should not exist today, but thankfully, a numismatic hero saved some examples from the melting pot about 150 years ago. The 1876-CC 20 Cents was produced during a pivotal time when the country was in dire need of coinage. However, the 20 Cents were not well received by the public, leading to the demise of the coin in 1878. Consequently, all 1876-CC 20 Cents that were in inventory were ordered to be destroyed. However, 15-20 examples are believed to have survived the melting pot, making the 1870-CC 20 Cents a numismatic treasure. This coin seldom appears in the marketplace, yet on August 14, 2024, a PCGS MS65 example was offered by Heritage Auctions that fetched $690,000.

1909/8 Saint-Gaudens Double Eagle

In 1909, the U.S. Mint produced a Saint-Gaudens Double

Eagle with a prominent overdate. Today, there are lots of examples available for most collectors to obtain. However, this popular variety is hard to come by in grades of MS65 and higher. At PCGS, we have graded only 17 examples in MS65 and just eight others in higher grades. Examples in MS65 or better tend to make an appearance at auction maybe once or twice a year. So, collectors were lucky to see a nice PCGS MS65 example show up at a Heritage Auctions event in 2024, where it sold for $45,600.

1873. Fr. 1146 $10 National Gold Banknote - Stockton, California, PCGS Choice VF35

The First National Bank of Stockton opened for business on April 1, 1873, issuing these gold banknotes that were redeemable in gold coins, hence the term “gold banknote.” The color of these National Gold Banknotes is a somewhat yellow tint, indicating “Reedamable in Gold Coin.” This differentiated them from other non-gold redeemable notes. National Gold Banknotes are scarce in almost any condition, but especially in VF or better and with few impairments. Today, these iconic banknotes are a rare physical reminder of a time in American history when one could walk into a bank and exchange a paper banknote for physical gold coins. On August 14, 2024, Stack’s Bowers Galleries offered a PCGS VF35 example that sold for $43,200.

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 AROUND THE WORLD:

A GOLDEN GRIFFIN

By Jay Turner

Liege (1389-1418) Griffin D’or PCGS MS63. Courtesy of PCGS.

A great privilege of grading in Europe is encountering some obscure coinage that is not usually seen anywhere else in the world. One such highlight from a grading event in Paris was a gorgeous hammered gold coin featuring a griffin. This rare and unusual coin comes from Liege, today a city in the country of Belgium, but at the time was its own princebishopric. While the griffin in 1300s Europe often represented a powerful guardian of both strength and vigilance, the story behind the period when this coin was produced is turbulent, to say the least.

The coin was struck during the time of John of Bavaria while elected principality of Liege. John was the younger son of Albert of Bavaria, the Count of Hainaut, Holland, and Zeeland. Albert of Bavaria was the grandson of Emperor Louis of Bavaria. At the age of 17, John was chosen to succeed Arnold of Hornes in the bishopric of Liege. He was enthroned in July 1390. John’s reign was hostile from the start, with his subjects fearing the loss of their privileges and customs to this discerned foreign ruler. In 1402, John would have to leave for the safety of Maastricht. John of Bavaria, absence from Liege, led his opponents to persecute his supporters and, with his continued inaction, his deposition was proclaimed in 1406.

In 1406, the opponents of John of Bavaria chose Thierry de Perwez as their bishop. In the winter of 1407 to 1408, the troops supporting Bishop Perwez besieged Maastricht. The family of the House of Bavaria could no longer tolerate the humiliations, and John of Bavaria was rescued by his brother William IV of Hainaut and his brother-in-law John the Fearless. The House of Bavaria was victorious on the battlefield of the Othee Plain, near Tongres, in September 1408. Eight thousand rebels from Liege who opposed the House of Bavaria were eliminated. Among the casualties were Thierry de Perwez and his father, Henri de Perwez.

After the restoration of John of Bavaria in 1408, John’s reprisals against the people of Liege earned him the name John the Pitiless. William IV of Hainaut died in 1417. Without a male heir, John of Bavaria planned to take the territories.

John abdicated his bishopric of Liege and became recognized as Count of Hainaut, Holland, Zeeland, and Friesland by Emperor Sigismund with the marriage of his niece Elisabeth of Gorlitz. This caused a rift in the House of Bavaria, with Jacqueline of Bavaria claiming the inheritance and leading to foreign alliances and battles over the lands. John of Bavaria died in Holland in October 1423 without an heir. Jacqueline continued battling for the inheritance until 1433, when she was forced to abdicate.

The coin submitted is from Liege and dates from about 1412, during the reign of John of Bavaria after reclaiming Liege. The coin’s denomination is known as a griffon d’or due to its depiction of a griffin holding a quartered shield of Bavaria-Palatinate. The inscription “IOh’S DE BAVAIA” proclaims the name John of Bavaria. This wonderful example of a historic coin was submitted to the PCGS office in Paris and was graded MS63.

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.

Two fragments of the same note that was involved in a notorious plane hijacking in the early 1970s, graded “Genuine” by PCGS Banknote. Courtesy of PCGS.

NOTEWORTHY NOTES:

THE MYSTERIOUS NOTES OF D. B. COOPER

By Edwin Lemus

On a crisp and chilly Thanksgiving Eve in 1971, a man wearing a dark business suit and cheap clip-on tie successfully pulled off the only unsolved aircraft hijacking in the history of commercial aviation. Using the alias "Dan Cooper" (subsequently misreported by the media as “D. B. Cooper”) and a small amount of cash to purchase a ticket for a one-way, half-hour flight from Portland to Seattle, he gained access to the Boeing 727 plane, took his seat near the back, and ordered a stiff bourbon and soda.

Shortly after takeoff, Cooper passed a handwritten note to the flight attendant declaring possession of a bomb and requesting her physical presence next to him. Upon proving his dastardly intent by showing her an attaché case that seemingly contained an assembled explosive device, he demanded $200,000 in negotiable American paper currency

along with four parachutes. While local and federal law enforcement scrambled on the ground below to muster up Cooper’s audacious order, the plane circled for a few hours before finally making its descent into Seattle. That is where his full ransom was received, and the flight’s passengers were released, leaving only four crew members remaining on board for the second leg of his legendary caper.

After refueling and taking to the air for the second time, Cooper instructed the plane to head toward Mexico City via Reno (for more fuel) and quickly sent the flight attendant up to the cabin with the pilots. He then strapped on a parachute, tied the cash to his body, ripped off his necktie, and made the giant leap of faith down into the stormy Pacific Northwestern night using the plane’s set of tail section drop-down airstairs.

Despite one of the most massive and thorough criminal investigations in U.S. history, Cooper was never seen or heard from again, leaving large segments of the population captivated and mystified, from true crime fanatics to aviation enthusiasts. Nine years after the fateful high-altitude heist, numismatists began to take keen notice as well.

In February 1980, an eight-year-old camper named Brian Ingram was digging into a sandy bank of the Columbia River in southern Washington and began encountering clumps of rotting, heavily distressed $20 bills. His parents soon became involved with the curious discovery. A total of $5,800 was excavated and eventually turned into the Federal Bureau of Investigation (FBI) as Brian's father had a suspicion it might be tied to the Cooper investigation. The FBI later confirmed

that, indeed, the serial numbers fell into the range of the bills supplied for the ransom by the Seattle First National Bank on the night of the hijacking.

An ensuing lengthy and contentious legal battle between the airline, insurer, and finder resulted with Ingram being able to keep $2,760 in face value of it, or about half of the found loot. In 2008, just 15 of these highly degraded but historically significant $20 Federal Reserve Note fragments were consigned by Ingram to public auction, resulting in about $37,000 worth of proceeds. The subject of this edition’s Noteworthy Notes column involves two of those pieces that PCGS Banknote recently had the honor and pleasure of inspecting and certifying.

There are many features involved in the process of authenticating paper money, but in this case, nothing was more important than the actual serial numbers, which were carefully recorded by law enforcement before the ransom was

handed over to Cooper and matched to these, which now reside in our archival-grade, security-featured plastic holder. Also, notice that the two serial numbers of this pair are identical, representing the left and right side portions of the same note. What a find. Now, if only someone could find D.

B. Cooper himself!

Edwin Lemus has been with PCGS Banknote for nearly half a decade, serving in the capacities of both researcher and grader. Prior to that, Edwin performed numerous other important roles within the organization, including operations and coin show functions.

Auction: March 31-April 4 & April 7-9,

FROM THE PCGS GRADING ROOM:

MODERN PROBLEMS

By Kyle C. Knapp

"Haze or toning? That is the question..." Courtesy of PCGS TrueView.

importance increased in the 20th century. Therefore, the surface abrasions from mishandling or improper cleaning common on early American coins gave way to more environmental forms of deterioration and grade determination, the most common of which we’ll discuss here.

1937 Mercury Dime, PCGS PR65. Courtesy of PCGS TrueView.

Haze or translucent surface residue can negatively impact the grade of otherwise untoned semi-modern proof coinage. The illustrated Mercury Dime has very little in the way of hairlines or surface abrasions, but the uneven patination on the obverse will limit the grade, especially in the upper portion of the Sheldon scale, where eye appeal is crucial in making distinctions among largely problem-free coins. Such

haze is often the result of dipping a coin with heavy or dark toning in which too much of the underlying metal has been oxidized; such pieces are best left alone.

1961 Franklin Half, PCGS PR63. Courtesy of PCGS TrueView.

Spotting is another common ailment on the surfaces of proof coins from the mid-20th century. Many coins stored in unopened proof sets for decades at a time emerge with thick, circular, or oval deposits surrounding a small piece of reactive debris that made it into the packaging. While examples with isolated, unmetastasized spots such as the Franklin Half Dollar depicted herein will typically still be gradeable, they will merit a significantly lower grade than an equivalent piece without this visual distraction. Extensive or severe spotting may result in an “Environmental Damage” designation if the aesthetic appeal has been so reduced as to make the coin undesirable to collectors.

The Liberty Seated Quarter ran from 1838 through 1891 and offers collectors a multitude of rare dates and other challenges. Courtesy of PCGS TrueView.

QUARTERS

By Vic Bozarth

start in Philadelphia and New Orleans, the later Carson City and San Francisco issues were somewhat sporadic in

The vast Liberty Seated Quarter series offers collectors the ultimate numismatic challenge. As can be seen within the price chart that follows, reviewing prices for just businessstrike examples, there are many issues m that cost thousands of dollars in circulated grades.

Liberty Seated Quarters were produced from 1838 to 1891. We have Christian Gobrecht to thank for the fabulous Liberty Seated device on the obverse of the quarter and bald eagle reverse design. Gobrecht’s Liberty Seated design would be employed on many U.S. silver coin types struck during the 19th century.

The type saw two major variations over the course of its 54year run. When the Liberty Seated Quarter debuted, it was sans “IN GOD WE TRUST,” with the motto appearing on the coin approximately midway through the series run in 1866. There are also several varieties within the series, including the 1838 and 1839 No Drapery design, the 1853 Arrows and Rays design, the 1854 and 1855 With Arrows design, and the 1873 and 1874 With Arrows design.

The Liberty Seated Quarter was struck at four different U.S. Mint locations: Philadelphia, Carson City, New Orleans, and San Francisco. While the series was produced from the

Early issues of most Liberty Seated Quarters in uncirculated grades are all scarce. New Orleans issues usually saw smaller mintages and often met heavier circulation than their Philadelphia cousins. This is also true for many of the early San Francisco issues and most of the Carson City emissions. The highlight of the series is the 1873-CC No Arrows, with just five specimens known.

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.

Type 2, No Motto, MS Continued

Type 2, No Motto, MS Continued

Type 2, No Motto, MS Continued

Type 3, Arrows & Rays, MS

Type 4, No Motto, Arrows at Date, MS

Type 5, With Motto, MS

Type 5, With Motto, MS

Type 5, With Motto, MS

Type 5, With Motto, MS Continued

MARKET MATTERS:

OPPORTUNITY STRIKES

By Vic Bozarth

While we live in 2025, many will acknowledge that 2024 was an amazing year for the hobby.  We had record price levels for gold bullion, robust numbers for silver, and many U.S. coins brought record prices during the last year. Bullion-related material continues to be a major focus of the numismatic market, but the appearance of many rare U.S. coins and the very special U.S. Mint Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coins heightened interest in both the numismatic and bullion arenas of the rare coin market near the close of the year.

Opportunity Strikes

Demand for special items continues to amaze even seasoned dealers and investors, especially when an amazing product with a fabulous pedigree makes a once-in-a-lifetime appearance.  The U.S. Mint recently hit one out of the park. These coins are gorgeous, and collectors agreed!

The sale of the Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coins in 2024 was genius. In a special collaboration with the U.S. Mint, Stack’s Bowers Galleries held a special auction of these West Point Mint special issues

in order of their striking from 1 through 230. Even better? They were encapsulated by PCGS!

In the exclusive December 12 auction, a total of $8.23 million was realized for the 230 pieces with an average price of $35,783 per coin. Of course earlier numbered strikes brought more. The intense demand generated for this modern mint product is truly amazing. Collectors and investors recognized this incredible opportunity and took advantage.

Limited Opportunities

Condition census coin rarities continue to bring strong and often record prices. Most often, the record prices for these low-population coins is a product of their small supply and infrequent sale or auction appearances. There are always buyers for these coins.

Record prices for Carson City gold coins aren’t surprising. Whether driven by the history of the Comstock Lode and the Carson City Mint or as an investor looking at the strong demand and limited supply of Carson City gold, recent auction prices realized continue to highlight the intense demand for virtually any Carson City-minted gold coin.

For example, recent auction appearances of two different 1870-CC Liberty Head Double Eagles are quite unusual. But the results of these sales illustrate the focus collectors place on these special rarities when they do become available.

As a collector, my thought would have been that this would be the best opportunity I would have to own a condition census example of this date for some time. That being said, just because some were on the market (in a relatively short period of time) didn’t mean any one of them would be “cheap!”

The Privy Mark 230th Anniversary Flowing Hair High Relief Gold Coins were an outstanding success and quite popular with collectors and dealers in late 2024. Courtesy of PCGS.

Bullion Prices Drive Market

Changing bullion prices often tweak numismatic markets. Indeed, all U.S. gold coins and many 90% silver coins are inextricably linked to the bullion value of the coin itself. Dealers are fixated on bullion price levels currently. You may want to pay attention, too.

When the underlying bullion value reaches a certain price point, the argument can be made that some coins are worth more for their melt value than their numismatic value. I’m not making any recommendation but merely pointing out a situation I have personally confronted hundreds of times in my career as a dealer and collector.

What are you going to put on the chopping block, so to speak? While a circulated Liberty Head Double Eagle is certainly unusual, many are thought of as little more than bullion items by some folks. At this time, many U.S. gold types (unless considering rare or high-grade examples) trade as a function of their bullion value and any perceived numismatic premium. Heavily circulated U.S. silver coins, especially those from the 20th century, also see market pricing based on bullion values.

On a practical basis, few dealers are likely to pay you a premium over melt for average-circulated, commondate Barber coins, Mercury Dimes, Standing Liberty Quarters, and Walking Liberty Half Dollars. Many U.S. gold coins, especially if circulated, do NOT carry any numismatic premium.

My take on the situation is that, sometimes, rising bullion prices offer the best opportunity in terms of price we will ever have for some marginal numismatic items.

You have to ask yourself both what you are holding given coins for and what you can get for the dough if you sell. During several rising bullion markets I’ve encountered since 1979, I have sold coins like these. Despite attempts to sell them for more, their melt value exceeded any market value I hoped to achieve.

What Else?

Who isn’t fascinated by gold mining stories?

Recently, a major gold discovery was made in a far eastern Russian province. A reported find of more than 100 tons of gold at the Sovinoye Gold Mine in Chukotka promises to be the largest discovery since the collapse of the Soviet Union in 1991. The discovery is in the Chutokta Autonomous Okrug, Russia, which is near the Chukchi Sea, northeast of Chukotka, and west-northwest from the Bering Straight. Reports indicated the Sovinoye mine is expected to produce up to three tons of gold per year by 2029.

As our mining technology advances, especially with the application of AI, how will bullion price levels for all precious and industrial metals be affected in terms of price and availability? Indeed, how will space exploration involving the Moon and Mars shape our needs and potential supply of minerals in the future?

New Coins and Opportunities

The U.S. Mint started 2025 with the issuance of the 250th Anniversary of the U.S. Marine Corps on January 2, with proof and Mint State half dollar, dollar, and $5 gold commemorative issues in single coin and three-piece sets. The half dollar issues were minted in San Francisco, the silver dollar issues were produced in Philadelphia, and the gold issues were struck at West Point. The proof 2025 American Silver Eagle arrived early in the year, too, and always highly anticipated are the annual releases of both the American Eagle Gold and American Buffalo Gold in the spring of 2025.

While we have no control over markets themselves, we can take advantage of the opportunities that we either encounter or might encounter. Regardless, I realized as a young man that the success of any endeavor is directly proportional to the effort expended. I would also argue that the reward of numismatics is the journey!

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

MARKET MOVERS & SHAKERS

By Jaime Hernandez

The 1921 Morgan Dollar in Prooflike was among the biggest Gainers in recent months on the PCGS Price Guide. Courtesy of PCGS TrueView.

At PCGS, we update thousands of coin prices weekly on the PCGS Price Guide to help dealers and collectors better determine an approximate retail value for their coins. At the same time, the PCGS Price Guide serves as a good barometer of the coin market, indicating which coins have gone up in price and which ones have gone down.

Last year proved to be a great time for the coin market, as seen with the PCGS Price Guide. The PCGS Price Guide saw 99,712 coin prices move up, while 20,161 prices went down. That means that about 80% of coins went up in price last year versus a 20% decline in price.

In this article, we will discuss some of the top coin price Gainers and Losers based on the PCGS Price Guide.

The first coin on our Market Movers and Shakers is an 1855S Liberty Head Gold Eagle. This is a key-date issue for the series, boasting a small mintage of only 9,000 coins. No Mint State examples have been graded by PCGS, with the highestgraded specimens coming by way of four PCGS AU55 pieces.

It’s estimated that fewer than 100 examples exist in all grades combined, making it extremely scarce; any example in any condition is worthy of attention. One of the top Gainers in the past year based on the PCGS Price Guide are examples graded PCGS VG06. In 2024, Heritage Auctions sold a specimen in that grade for $3,360 at auction, warranting an increase in the retail price to $4,250 on the PCGS Price Guide. That's a 183% increase in one year.

The next coin on our list is a 1906-O Barber Dime in PCGS MS67+. A year ago this coin was listed at $6,250 on the PCGS Price Guide in that lofty grade. The price was recently raised to $15,000 for examples in that same grade after a specimen in that same grade crossed the block in a Heritage Auctions event. That's a 140% increase in one year.

The last coin on our list is a 1921 Morgan Dollar graded PCGS MS62+PL. Prooflike Morgan Dollars can be very scarce for some dates and mints, including the 1921 issue. PCGS has graded only eight examples of that issue with the

PL designation across all grades. The recent sale of a PCGS MS62PL example for $15,600 in a 2024 Heritage Auctions sale necessitated an increase in price for the MS62PL. One year ago, the PCGS MS62PL was priced at $7,150 on the PCGS Price Guide. Because of the recent auction sale, the price is now listed at $17,000, representing a 137% increase in one year.

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

gainers, two-year gainers, three-year gainers, five-year gainers, and even the leading 10-year gainers. May the market keep humming along!

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

Better-date gold coins in the AU58 to MS64 range, like this 1908-S Indian Half Eagle graded MS62, are seeing lower numismatic premiums as gold bullion prices remain buoyant. Courtesy of PCGS TrueView.

COIN MARKET FUNDAMENTALS:

FAIRY TALES & MOON BEAMS

By Vic Bozarth

The most frequently asked question I encounter when speaking to both collectors and dealer acquaintances is, “How is the market?” The answer depends on who is asking. Casual collectors or friends are often making conversation or being friendly when asking about the market. The question from serious collectors and dealer acquaintances is different. Many of the casual questions are related to the highly active gold and silver bullion markets, but they have very little actual interest in the numismatic side of our market.

Why are you asking? The answer to this question is different for almost everyone.

Bullion News

While we saw some small blips in the bullion markets through the holidays and into the new year, there was little deceleration in the overall volume of the bullion markets. Dealers are savvy to market trends and the majority of their attention continues to be bullion focused. Incredible interest was generated in the modern bullion market with the issuance of the 230th Anniversary Flowing Hair High Relief Gold Coins. The demand drove the price, but the bullion value of the item itself is the spot price of gold.

Regardless, everyone agrees this is a gorgeous coin design redux! Kudos to the U.S. Mint.

Many of the premiums for bullion items have stabilized. Among dealers, the premiums they must pay and/or charge in relation to the melt price of the item changes constantly depending on both the supply, and replacement cost. When supply is minimized for any reason, premiums increase. Demand continues to be strong, but most of the big swings in premiums have stabilized.

While many rare coin dealers have little or no bullion business, the underlying value of both gold and silver are always a factor in the market, if not the actual price of the item itself. Both gold and silver spot prices are readily available today. Most dealers already know how much gold and silver spot prices are before they finish their first cup of coffee each morning.

Rare Coins and Auctions

Rare U.S. coins are strong, but the distinction between rare, scarce, and unusual is the biggest determinant of what is strong and what is soft. Condition census rare coins, much because of their finite supply, continue to garner top-shelf prices. On the opposite side of the spectrum, scarce coins and many of the “unusual” promotional items are softer.

Due to the rising gold bullion price levels, the premiums (versus their melt value) on many better-date gold pieces in the PCGS AU58 to MS64 range are less. This is true also for many PCGS high-grade classic U.S. type gold coins. Yes, they’re more expensive, but the current price levels represent some of the smallest premiums over their melt value in decades.

Proof U.S. gold coins especially continue to set record prices if they are available for sale.  Records continue to be

broken in both public auctions and private transactions. Most of these classic U.S. proof gold coins have exceptionally small mintages – often just 25 to 100 pieces. An appearance of any of these proof gold coins is a scarce opportunity to acquire a date that might not be available for several years.

U.S. gold coins are always strong because their lack of availability enhances their value. It takes real wherewithal to build some of the larger sets of U.S. gold coins; take, for example, any of the gold Liberty Head series. Building any of these sets by date is not only an expensive endeavor but also the timeframe for building those sets is measured in years, often decades.

Lack of Attention

I always learned to pay attention to overlooked areas of the U.S. rare coin market. In many cases over the decades, the prevailing winds of the bullion market created buying opportunities for a variety of U.S. coins that would otherwise be more expensive. In a hot bullion market, look at long-term demand items that represent good value but are soft because of lack of attention.

Currently I’m seeing good value in many areas of the U.S. silver dollar market. While rare dates and condition census Morgan and Peace Dollar dates are always in high demand,

many of the scarce date and high-grade PCGS-encapsulated Morgan and Peace Dollars, as well as high-grade type examples, represent great value at these price levels.

Virtually every series of classic U.S. coins has “sleeper” dates. These are undervalued. In addition, virtually all series of U.S. coins have a sweet spot in terms of the grade most collectors focus on. The wealth of numismatic information PCGS provides for free allows you to identify both these sleeper dates and grade-range “sweet spots.” Ultimately, you can cherry-pick great dates in great grades by utilizing all of the PCGS information platforms, including the PCGS Population Report, PCGS Price Guide, and PCGS Auction Prices Realized.

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.

Condition census Morgan and Peace Dollars may represent some of the best values in 2025. Courtesy of PCGS TrueView.

GRADING STANDARDS

A Guide to PCGS Grades & Designations

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

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

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

PCGS COIN GRADING STANDARDS

Regular Strikes

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

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

Strike

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

Luster

The strength and pattern of light reflected off a coin.

Surface Preservation

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

Eye Appeal

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

XF45 Detail is complete with most high points slightly flat.

XF40 Detail is complete with some high points flat.

VF35 Detail is 80 to 85% complete.

VF30 Detail is 70 to 80% complete.

VF25 Detail is 60 to 70% complete.

VF20 Detail is 50 to 60% complete.

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

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

VG10 Design is worn with some detail evident.

VG08 Design is worn with only slight detail evident.

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

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

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

FR02 Mostly worn, but some design details are visible.

PO01 Barely identifiable as to date and type.

Proofs

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

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

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

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

A PCGS PR69 will show only one or two miniscule imperfections. Brilliant proofs must be 100% fully reflective.

A PCGS PR68 will have some extremely minor imperfections. Eye appeal must be outstanding. Brilliant proofs will be fully reflective.

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

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

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

A PCGS PR64 will have noticeable

PCGS COIN DESIGNATIONS

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

hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity.

A PCGS PR63 will have obvious hairlines and/or marks. Eye appeal may be somewhat negative. Brilliant proofs may be dull.

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

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

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

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

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

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

Color for Copper Coins (MS60 or better)

Full Steps for Jefferson Nickels

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

Full Bands for Mercury Dimes

Full Bands

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

Full Bands for Roosevelt Dimes

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

Full Head for Standing Liberty Quarters

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

Full Bell Lines for Franklin Half Dollars

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

Prooflike Surfaces

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

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

No Grade Coins

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

Cameo Proofs

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

PCGS Holder

No Grade coins are returned to the submitter with encapsulation.

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

No PCGS Holder

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

Peeling Lamination

Authenticity Unverifiable

Counterfeit

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.

ADVERTISING INDEX

PCGS SHOW SCHEDULE

PCGS.com/Shows

MARCH 2025

March 27 - 29

Whitman Baltimore Spring Expo

Onsite Grading Baltimore Convention Center Baltimore, Maryland

APRIL 2025

April 23 - 26

Central States Numismatic Society Annual Convention Onsite Grading Renaissance Schaumburg Hotel and Convention Center Schaumburg, Illinois

MAY 2025

MAY 22 - 24

PCGS Members Only Show

Onsite Grading Park MGM Las Vegas, Nevada

May 29 - 31

PAN (Pennsylvania Association of Numismatists)

Submissions Only Monroeville Convention Center Monroeville, Pennsylvania

May 30 - June 1

TNA (Texas Numismatic Association Convention)

Submissions Only Lone Star Convention Center Conroe, Texas

JUNE 2025

June 19 - 21

Whitman Baltimore Summer Expo Onsite Grading Baltimore Convention Center Baltimore, Maryland

on Back 3 Minimum Bids (Select One)

(Select one of these options to establish and set Minimum Bids for your coins. If you have any questions about this process, please use the phone number at on the bottom of this form) A. All coins start at Minimum Bids to be set by GreatCollections [Recommended] B. All coins start at Minimum Bid of

All coins start at a Minimum Bid of $1 50% 65% 80%

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

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

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

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

Price guide values and population statistics

NFC technology and barcode scanning for instant coin look-up

Real-time updates

Beautiful 1783 Libertas Americana Medal. Silver. Betts-615. AU-58+ (PCGS).

A Famous Historical Landmark.

Extremely Rare 1763 Charleston Social Club Medal Bronze Betts-508. AU-58 (PCGS).

A Legendary Relic of the Colonial South.

Over more than six decades of collecting, cabinets ever built of numismatic material related to colonial America. A top tier authority on colonial American coins, medals, and paper money, Mr. August gathered medals of particular historical importance, patiently selected for quality

Historic 1757 Treaty of Easton Medal. Silver, Original. Betts-401. VG-8 (PCGS). Indian Peace Medal.

Landmark 1781 John Eager Howard at Cowpens Medal Silver, Original Betts-595. MS-62 (PCGS). An Original Silver Comitia Americana Medal.

Stunning Quality 1777 B. Franklin of Philadelphia Medal. Bronze. B

MS-65+ (PCGS). Likely the Finest Known Example.

Exceptional 1760 Montreal Taken Medal Silver Betts-429. MS-64 (PCGS).

A Classically Inspired Rarity from the French and Indian War.

etts-547.