RCMR - 2022 #1 January/February

RareCoin MARKET REPORT

A Collectors Universe Company www.PCGS.com

Editor-in-Chief Joshua McMorrow-Hernandez

Advertising Director Rebecca Tran

Content Manager Arianna Tortomasi

Lead Designer James Davis

Supporting Designer Darnell Dialls

Technical Liaison Cook's Printing

Numismatic Photographer Phil Arnold

Distribution Coordinator Joseph Facundo

Subscriptions:

Single Issue: $14.95

One-Year Subscription (6 Issues): $79.99

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

To become a PCGS Authorized Dealer, contact: Sandy Locker, PCGS Dealer Liaison P.O. Box 9458, Newport Beach, CA 92658 949-833-0600 Extension 131

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

PrintedintheUnitedStates.Copyright2022Collectors Universe, Inc. All rights reserved. Reproduction of any kind without written permission of the publisher is prohibited by law. PCGS Rare Coin Market Report is published bi-monthly by Collectors Universe, Inc. at P.O. Box 9458, Newport Beach, CA 92658. Postmaster, send address change to Rare Coin 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.

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

HAVE QUESTIONS OR FEEDBACK?

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

For advertising and content inquiries please email us at RCMR@PCGS.com

SPEAKING OF COINS

Happy New Year! It’s a little hard for me to believe that it’s already 2022, yet here we are. And what an amazing past year we had, too. During 2021, we celebrated the 35th anniversary of PCGS, encapsulated and graded the 1933 Saint-Gaudens Double Eagle PCGS MS65 (crossing the block last summer as the world’s most expensive coin), and named Stephanie Sabin the new president of our company. Now, as we turn the pages of yet another calendar, we look forward to more great things to come over the next 12 months.

As we closed out 2021, the coin show schedule became full again, and peering ahead into this year we see what resembles a largely normal marquee of shows and events. We’re excited to announce the continuation of special PCGS displays at many of these shows, such as the Exhibition of Phenomenal Lincoln Cents showcasing a fantastic collection by Stewart Blay at the 67th Annual Florida United Numismatists Show in Orlando from January 6 through 9, 2022. We take this as a positive sign that the hobby’s strength is continuing to build as we come through this latest chapter of the pandemic and collectors and dealers eagerly conduct more in-person trading.

The marketplace has shown its resilience across the board, and not just among the popular United States genres, such as Morgan Dollars and pre-1933 gold coinage, but also throughout the world markets. One of the strongest and most dynamic of those is the Canadian coin sector. It’s one that has traditionally been popular with many American collectors, too – particularly those looking for something a little off the beaten path of familiar U.S. types. We dedicate several pages of this issue of PCGS Rare Coin Market Report to the arena of Canadian coins to honor this colorful and beloved area of world numismatics.

We also are excited to report the official numismatic reclassification of an iconic early American copper coin. After years of exhaustive research, PCGS experts Gordon Wrubel and John Dannreuther, along with a team of their highly esteemed numismatic peers, declare the Fugio Cent a regular-issue United States coin, and we are officially reclassifying it as such. Read more about their historic findings in the pages that follow. In the same vein of groundbreaking news, PCGS coin expert Sanjay Gandhi announces the addition of new Everyman Mint State collections to help make the PCGS Set Registry more inclusive for scores of collectors who want to engage in more competition with coins grading MS60 to MS64.

This issue also sports columns by your favorite PCGS experts, including Jay Turner, Jaime Hernandez, Kyle Knapp, and Philip Thomas. And don’t forget to check out the Coin of the Issue, brought to us this time by Witter Coin in San Francisco. Seth Chandler shares a glimpse of a magnificent 1863 $3 gold coin grading PCGS MS68+ and ranking as the absolute finest specimen in the entire Indian Princess series.

We hope this issue of PCGS Rare Coin Market Report finds you and yours doing well as we kick off this new year. Perhaps you’re at a coin show as you read this magazine, or maybe you’re at home enjoying your collection under the swaddling warmth of a lamp or by a crackling fireplace as the winter months carry us into the new year. Wherever you are, remember we are right here by your side – literally, with the convenience of our free PCGS mobile apps – and confidently as the most trusted third-party grading service in the world. We’ll be here through thick and thin, whatever 2022 brings your way.

With healthy regards for this new year,

FEATURES

7 Fugio Cents: The First Regular-Issue United States Coin

A team of numismatic experts led by PCGS icons Gordon Wrubel and John Dannreuther explain why the Fugio Cent is being reclassified as the nation’s first regular-issue coin.

15

As Long as the Hills Stand

Modern Chinese coin expert Peter Anthony tells the tale of Chinese coinage honoring rivers of legendary stature.

21 Everyman Mint State Sets

PCGS coin expert Sanjay Gandhi unveils the Everyman Mint State categories, which become the latest addition to the PCGS Set Registry.

25

Collector Spotlight: Cole & David Lawrence

Cole Lawrence explains the bond he and his dad, David, have building some of the finest Canadian coin collections on the PCGS Set Registry.

28 The Majestic 1933 Saint-Gaudens Double Eagle

Joshua McMorrow-Hernandez holds the loupe to the 1933 Saint-Gaudens Double Eagle, graded PCGS MS65 and now the most expensive coin in the world.

30 Young Numismatist: A Journey in Canadian Numismatics

Young numismatist Jaireet Chahal tells us why he is drawn to the coins of Canada and what some of his favorite Canadian collectibles are.

139 Oh, Canadian Coins Are White-Hot

Joshua McMorrow-Hernandez examines the most popular and active segments of the Canadian coin marketplace.

Fugio Cents: The First Regular-Issue United States Coin

Over the last few years, a group of Fugio enthusiasts have had discussions about Fugio Cents and whether they should be considered the first regular-issue United States coins. As will be discussed, past confusion over whether contract coinage should be considered a national issue and whether the Fugio Cents were legally authorized, have confounded proper categorization of these coins.

Today, PCGS is addressing this issue. Since its founding in 1986, PCGS has been the market leader and innovator in the numismatic industry. PCGS CoinFacts, the most extensive pricing and population guide available, is an indispensable tool used by collectors and dealers alike. PCGS has also been at the forefront of changes, oftentimes going against tradition, such as the inclusion of 1792 Half Dismes as part of the regular-issue half dime series. Called a pattern for many years, PCGS has included it as a regular issue for over 10 years.

Despite the fact that they were a contract coinage, the historical documentation conclusively shows that Fugio Cents were the first regular-issue United States coin, duly authorized by Congress acting under the Articles of Confederation. This article will present an in-depth discussion of the historical evidence which has resulted in PCGS changing their status and placing them with the regular-issue copper coinage and identifying the denomination as one cent on holders. In a nod to tradition, Fugio Cents will continue to be included in the PCGS Colonial Set Registry.

In his 1860 work, A Description of Ancient and Modern Coins in the Cabinet Collection at the Mint of the United States, James Ross Snowden noted that the Fugio Cents were federal coins. On pages 92 to 95, under the subheading of

Federal Coinage, he presented a full discussion, including the authorizing legislation and the fact that they were struck on contract by James Jarvis. No less an authority than the premier nineteenth century numismatic researcher and writer, Sylvester Sage Crosby, wrote in his seminal 1875 work, The Early Coins of America, that Fugio cents were “…The earliest coins issued by the authority of the United States.” In his 1987 Complete Encyclopedia of U.S. and Colonial Coins, Walter Breen categorized them as “James Jarvis’s ‘Fugio’ Federal Contract Cents.”

Unfortunately, Eric Newman, author of the premier die variety guide for Fugio Cents, stripped them of their true denomination (cents), referring to them as “coppers” in his updated work titled United States Fugio Copper Coinage of 1787. He did, however, get the attribution correct and noted that they were “United States Coinage.” In his first edition Newman called them cents, as did Walter Breen, Don Taxay, Damon Douglas, James Spilman, and other numismatists of the era. In fact, during the 19th century, they were called either Fugio, Franklin, Mind Your Business, or Ring Cents in auction catalogs and periodicals.

In the present authors’ opinion, as well as that of PCGS and many other numismatists with whom this subject has been broached, it is time the first coins authorized by the United States government become part of the regular-issue coinage. Theyshouldbecollectedwithotherregular-issuecoppercoinage and be placed in their proper categorization in all references. While the 2020 and later issues of the standard reference for U.S. coins, A Guide Book of United States Coins (“The Red Book”), comes closest to a proper categorization by listing them

under the category of “Federal Issues – Contract Coinage and Patterns,” this still does not place them where they should be – with the “regular-issue” coins. This article will provide solid evidence to change the numismatic classification of what the authors conclude is the first regular-issue United States coin.

Were the Fugio Cents Legally Authorized and Struck as Cents?

So, the Articles of Confederation established a representative government in which the individual state legislatures appointed delegates authorized to act in the Congress upon their behalf and that representatives from at least nine states assent to any coinage proposal.

The first issue that arises when considering the status of the Fugio Cents is that some authors question whether they were legally authorized. Why this should be the case is unknown, as the Articles of Confederation and the authorizing legislation for the Fugio cents is crystal clear.

Article V of the Articles of Confederation states that:

For the most convenient management of the general interests of the United States, delegates shall be annually appointed in such manner as the legislatures of each State shall direct, to meet in Congress…

And, Article IX states:

The United States in Congress assembled shall never engage in a war, nor grant letters of marque or reprisal in time of peace, nor enter into any treaties or alliances, nor coin money, nor regulate the value thereof… unless nine States assent to the same…

The Congressional authorization for the Board of Treasury to proceed with the Jarvis contract was passed on April 20, 1787, with the record of proceedings for that day starting with the preamble, “Congress assembled and present as before.”

The term “Congress assembled” means that a quorum was present and Congress had thus been officially convened. The phrase“presentasbefore”referstothesamestatesbeingpresentas on April 18, 19, and 20, with those being Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Virginia, North Carolina, and Georgia.

That representatives of these 10 states were present and voted on the authorization to award James Jarvis with a coining contract is confirmed both by the roll-call vote on an amendment to that legislation showing the votes of those 10 states and by the legal term “Resolved” (to declare or decide by formal resolution and vote). The paragraph that begins with “Resolved” is the authorization for the Board of Treasury to proceed with the Jarvis contract.

There is thus no question of whether striking of the Fugio Cents was legally authorized exactly as stipulated in the Articles

of Confederation – representatives of more than the required nine states were present and they approved the resolution to proceed with the coining contract.

While some have claimed that the lack of a denomination on the Fugio Cents and that they may not have circulated at that value means they were not cents. Two simple facts effectively refute these claims. First, with the exception of the 1792 Half Disme, our earliest half dimes, dimes, quarters, quarter eagles, half eagles, and eagles had no denomination stated on the coins. Furthermore, legislation creating the denominations had no provision that the coins be stamped with any indication of the denomination. So, if Fugio Cents are not cents because they lack that denomination, then the half dimes, dimes, quarters,

quarter eagles, half eagles, and eagles likewise lacking an imprinted value are not those denominations, thus reducing the argument to absurdity.

The real issue is not whether they circulated as cents, but rather were they authorized and struck as cents. On August 8, 1786, Congress passed a law establishing the denominations of and weight standards of United States (federal) coinage. For the cent, the act specifically states, “That the two copper coins shall be as follows: one equal to the one hundredth part of a federal dollar, to be called A Cent; And one equal to the two hundredth part of a federal dollar, to be called A Half Cent. That two pound and a quarter avoirdupois weight of copper, shall constitute 100 cents.”

PCGS reclassified the 1792 Half Disme as a regularissue coin many years ago when overwhelming evidence demanded this piece, long deemed a pattern, be categorized as a regular-issue coin. Courtesy of PCGS TrueView.

As previously noted, nowhere in this act does it state that the copper coins must contain the words “Cent” or “One Cent” (the same is true for the gold and silver denominations established). So, any copper coin struck under federal authority at the specified standard is thus defined as a cent. Furthermore, Jarvis’ proposal to the Board of Treasury specifically notes that

the coins are to be struck “at the rate of 2 ¼ lbs. avoirdupois for each federal dollar…” So, not only did all of the authorizing legislation specifically state the coins were to be struck to the federal standard, but Jarvis also reiterated that understanding in his proposal to the board.

There are some questions as to whether the Fugio Cents were actually struck to the federal standard as weights of extant coins show significant numbers of lightweight pieces. In his manuscript, Douglas presented two sets of weight data. He found an average of 149.73 grains for the uncirculated coins remaining in the Bank of New York hoard and the average of his weights for a variety of coins in private collections and dealer stock was 151.2 grains. The privately held coins had to have included many circulated pieces. The F.C.C. Boyd collection, which was part of the data, contained quite a few circulated pieces. Additionally, auction house databases show that about half of the extant coins are XF40 and below. With Douglas’ data set of private coins containing over 1,800 pieces, it is highly unlikely that it deviated far from the extant population. Thus, despite the seeming closeness of the two averages, a data set containing about 50% circulated coins averaging more than uncirculated coins is an obvious inconsistency.

This issue is further illustrated by the coins is the American Numismatic Society collection. The uncirculated coins in that collection average 153 grains while the circulated coins in G4 to XF40 averaged 155.05 grains (corroded coins and underweight coins grading Good or less were excepted from the analysis for obvious reasons). We thus have four data sets which do not agree with each other, showing that the true average weight of as-struck Fugio Cents is impossible to determine from extant coins. (Note that Douglas dropped the decimals from the variety averages he presented and the weights for the ANS coins are given in grams. So, both data sets have lost a good deal of accuracy due to methodology.)

That leaves the federal government records of the Jarvis contract as the only reliable data. The July 8, 1789, Treasury record of coins sold to Royal Flint shows 8,968 pounds with a value of $3,985 and the auditor’s report of October 21, 1791, states, in part:

CR. By Michael Hillegas Esq. late Treasurer of the United States for amount of 8968 lbs of Copper Coin delivered him by direction of the late Board of Treasury as pr Rect of Henry Kuhl on behalf of said Hillegas herewith at 2 ¼ lbs pr Dollar being the price fixed on in said contract $3,985.77

As it is very difficult to believe that exactly 8,968 pounds of coins were delivered, it is fairly certain that the weight is a

rounded figure. Additionally, the dollar figure $3,985.77 is obviously a calculation based on the weight standard of 100 cents per 2 ¼ lbs. of copper. However, that does not mean it is not valid and a better representation of the average weight of as-struck Fugio Cents than current weight data.

It would be quite odd for the Board of Treasury to merely assume the coin met weight when it would take little effort to sample weigh them. If the coins were below weight, they would violate the contract and could be seized as spurious coin with no value or valued them simply as copper at the then-current price of around 20 cents per pound. The fact that the board accepted the coins and made no mention of them not meeting standard in two subsequent reports to Congress on the status of the contract strongly supports the contention that at least a sample weighing was done and the average was close to 157.5 grains.

Absent solid data to the contrary, we must accept the official figures showing that the Fugio had a weight-count mintage of 398,577. That the mintage figure is a weight-count is completely irrelevant as many current mintage figures are likewise weightcounts and they are accepted as official. Of course, the actual number of coins is unlikely to be this exact figure, but it is the official figure used.

The final issue regarding the weight of the Fugio Cents is the odd assertion that Jarvis deliberately struck the coins light in order to increase his profits. How this claim came about is puzzling as even a cursory reading of Jarvis’ contract clearly shows he was to be paid based on the actual weight of the shipments not on the number of coins. Deliberately making light-weight coins would thus decrease Jarvis’ profits, not increase them, as he would have had to strike more coins per ton, increasing both his labor costs and wear and tear on equipment. In fact, only the government would have profited from lightweight coins since they would have had more coins to place in circulation. If the Fugio Cents actually ran light on average (and there is no solid evidence of that), it is because the Board of Treasury may have asked Jarvis to make them lightweight.

It is also of little consequence that the Fugio Cents did not circulate as cents, at least initially, due to the “Copper Panic.” In fact, all copper coins were affected, including Massachusetts cents and half cents, Machin’s Mills halfpence, and regal (British) halfpence. Yet, we still refer to those coins by their denomination. We have no idea what the circulation value of the Fugio Cents was after the “panic” and particularly after the federal large cent was reduced in weight in 1795. They certainly circulated quite extensively as the great majority of Fugio Cents are in VF condition and below.

We thus have the case where the Fugio Cents are being singled-out for “special mistreatment” when other coins were also devalued. In fact, if a revaluation means that the denomination is to be stripped, then all coins worldwide that were revalued at any point in time should be treated likewise. Obviously, that is an absurd proposition, but it does make the point: a coin’s denomination is set by the authorizing legislation not what the later commercial valuation may or may not be. The “did not circulate at” argument thus has no more merit than the rest of the attempts to strip the Fugio Cents of their proper status.

Are Legally Authorized Contract Coinages National Issues?

One of the strangest criticisms leveled against the Fugio Cents is they cannot be considered national issues because they were a contract coinage. This argument completely ignores the millions of foreign coins struck on contract by the United States, Royal Canadian, British, Australian, and other national mints. All these coins are considered regular issues in their respective countries and are considered no different than the coins struck by each country’s national mint(s).

Even more to the point are the millions of copper coins struck on contract for the British government by Matthew Boulton’s private Soho mint. From 1797 to 1807, Boulton struck 257 million British copper coins including 722,000 two pence, 74.6 million one pence, 171.8 million halfpence, and 10.1 million farthings, all of which are collected as national issues along with those struck at the British royal mints. We are thus left with the odd situation that only in the United States are legally authorized contract coinages considered something other than regular national issues.

Are The Fugio Cents Federal Issues?

An equally strange criticism is that the Fugio Cents cannot be considered federal issues because the government at that time was a confederation, and the term “federal government” is typically used to refer to the government in place after ratification of the Constitution in 1789.

As one of the present authors (Craig Sholley) pointed out in a recent Coin World article, not only did the central government refer to itself as “federal” in published law, but newspapers and the populace of the time used the term “federal” to refer to the central government. Reaffirming this usage, our current government referred to the government under the Article of Confederation in a June 23, 1988, report to the Senate banking committee on proposed coinage redesigns, noting in a background section, “The Federal Government still organized under the Articles of Confederation recognized the need for a standard coinage.” The current general meaning of the term “federal” is thus totally irrelevant.

The “Missing” Fugio Cents

It should be noted that there is a discrepancy between the Jarvis & Co, account books and the government accounting. Jarvis & Co. show they shipped 11,910 pounds of Fugio Cents while the government account shows receipt of just 8,968 pounds. Some researchers contend we should accept the Jarvis & Co. account books, suggesting that the “missing” 2,942 pounds were in some way lost or stolen. In an attempt to support this view, it has been claimed that there are no government records showing the number of coins or weight until the July 1789 sale of the Fugio Cents to Royal Flint.

Seen here in a 1792 portrait by Carl Frederik von Breda, English manufacturer Matthew Boulton innovated minting technology in Great Britain with the steam presses he and Scottish business partner James Watt created. Boulton produced millions of coins for Great Britain and other nations and helped bring modern minting equipment to the Royal Mint. This is a public domain image accessible via Wikimedia Commons.

First, accepting the Jarvis & Co. accounting would mean accepting the unaudited accounts of a private company, whose majority owner had both engaged in bribery and defrauded the government out of $10,000 of copper, rather than an official audit of a government contract. That is not a very reasonable proposition.

Furthermore, the contention suggesting the government failed to record the weight at time of receipt is simply false.

A letter from Nicholas Eveleigh, then comptroller of the Treasury, to William Duer, former secretary of the Board of Treasury, asking for additional details on the Jarvis contract reveals that there was a government contract book in which the relevant figures were recorded. So, the government did have records of what it had received. That the figure did not appear in the public record until July 1789 is irrelevant. The contention that the government figures are wrong, and we should believe the Jarvis account book is thus without any merit on both points.

Jarvis certainly knew what the government said they had

received as he would have been shown his contract book when he met with the Board of Treasury on August. 21, 1788. Yet, there is no record that he protested the figure. Nor did he complain three days later when he sent his August 23 written explanation to the board as to why he was late on deliveries. He likewise did not complain when Congress canceled his contract on September 16, 1788. When the government sued him in 1790, not only did he not complain, he did not show up for the court date! Jarvis had at least four opportunities to protest that the government figures were wrong, yet he did not. He knew the government figures were correct.

Conclusion

As can be seen from the foregoing discussion, the following points can be made:

• The denomination of a cent and the weight standard for that denomination were legally established by act of Congress.

• The striking of the Fugio Cent was legally authorized by Congress “at the federal standard.”

• Jarvis’ contract proposal stated he would coin at the federal standard.

• Records show the Fugio Cents were, in fact, struck at that standard and delivered and accepted by the Board of Treasury.

• In 1791, Jarvis was credited with the delivery of 398,577 cents by the United States government. That this is an approximate figure based on a sample weighing is irrelevant. Many modern mintages are “weight-counts,” and we accept those as official mintages. The same should be true in this case.

• The Fugio Cents are thus federal coins and, in fact, are the first regular-issue United States coin. It is long past due that they be recognized as such. References should be updated to reflect the official mintage of 398,577.

The Fugio Cents were legally authorized coins under the Articles of the Confederation. They were struck at a weight standard proposed for the cent denomination and they were intendedasacirculatingissue.Thattheymaynothavecirculated at the value of one cent is totally irrelevant as the Congressional authorizations are quite clear and a matter of established and published law.

They are the first legally authorized federal coin; they were legally authorized as a cent, and legally struck and delivered as cents. The Fugio Cents are thus federal cents and should properly be categorized as the first regular-issue United States coin.

As Long As The Hills Stand

“I dare you!” challenges the footbridge, “I dare you!” An icy Sichuan wind bangs it back and forth, but no tourists block the way — there are few visitors here at Dujiangyan (pronounced Doo-jong-yon) on a gray February afternoon. I grab a handrail rope and wobble forward. Atop each railing post a bright scarlet ribbon flaps around as if it’s about to take off. Below, the blue-green Minjiang (Min-jong) River splashes against the bridge supports; its waves are like white threads on dark silk. Crazily, for an instant, I think, “What sort of fish lives down there?”

Two crows caw as they ride a chilly air current though the afternoon shadows. A Hoopoe bird, its crown swept backward and a grub in its beak, speeds by. It ignores the little boy with his fishing pole. Xiaolong’s (Shao-long) eyes follow his line of twisted bamboo fibers, baited with a cricket, into the water. He remembers Father – why did that tiger take him? Now, although only eight years old, Xiaolong feeds himself and his mother by fishing in the Minjiang. Anything he catches he can sell in town for one or two measures of rice. One by one the minutes slip by.

Finally, a slight tug. The boy waits as the fish swallows the bait, then he jerks the pole hard. A-ya, this fish has fight! Xiaolong fears the line will snap so he splashes into the icy water, the bamboo rod clutched in both hands. Finally, the fish tires and he lands his prize. What a prize it is, too! Despite the dim light its scales glitter like gold.

“Wah, you will fetch a good price in the village!” Xiaolong exults as he shivers. “Wait until I tell Mother!”

Then, to his shock, the fish says, “Oh, please, please don’t hurt me. If you let me go you will be rewarded. You will see. Please let me go!”

Finally, the boy sighs and places it back in the water.

What can you do with a magic fish? “Now, we will go hungry again,” he says sadly. But a moment later, a gold head pops up and drops a beautiful white pearl at his feet.

“Take good care of this and it will take good care of you,” the fish announces. Then, with a splash, it is gone.

“Look, Mother!” Xiaolong cries as he runs through the doorway.

Mother Zhu stares at the pearl and starts to weep. “Oh, Long-Long, we cannot sell this. People will say we stole it.” In despair, she hurls the pearl across the room and it bounces off the wall and out of sight.

Later, Mother Zhu checks the food bin to see if there is anything left to make even a small meal for her son. “What is this?” she cries. The container overflows with rice. That night Xiaolong and his mother have their best meal in ages. The next evening it is the same. So, they invite some friends over to share their good fortune. One of them says, “What is the secret of this bin?”

Everyone crowds around. At the bottom they find the pearl. Word soon gets out that Miss Zhu has a magic pearl. People she barely knows come to beg for rice. She fills all their bowls. One day, though, she looks out and sees Mr. Hu, the landlord marching toward her door. “Quick, Long-Long, hide the pearl!” she whispers.

Hu barges in followed by two big men. “I hear that you have something precious. It must be stolen. Hand it over,” he demands.

“Oh, good sir,” Zhu trembles, “we have nothing of value here.”

“Liar! Search the place!” the landlord orders. His men turn everything upside-down and dump all the rice on the floor, but find no pearl.

“Hey, you, boy, what do you know about this?”

Xiaolong stands frozen. The landlord walks over and shakes him, “Tell me the truth, or you will be sorry!” Xiaolong stares at the floor. Hu curses and stomps around, but he finally departs.

Xiaolong, though, does not move. “Good heaven, LongLong, where did you hide the pearl?”

Xiaolong gasps, “I need water!”

“You swallowed it?” Zhu shrieks and runs out.

Xiaolong drinks the entire pitcher. “More!” he croaks. Outside at the well he drinks bucket after bucket. Then he runs toward the river and, as he does, he grows!

By the time Xiaolong reaches the river bank his back is covered in scales. Tears run down Zhu’s cheeks as she realizes what is happening. Her son dives in and drinks the Minjiang River water as he transforms into a giant dragon. Xiaolong looks back and calls, “I am sorry, Mother, I must go!” Ever after, Miss Zhu would walk to the river’s edge each day. And to

this day locals call this shoreline, “The goodbye look banks.”

Hills rise sharply from the Minjiang River’s inner banks. Their summit overlooks the Dujiangyan canyon with its high mountains, river valley, and the Yulei hillsides dotted with Ming Dynasty-style buildings. This is the very scene on the reverse of a 2005 coin. It is one of 10 gorgeous 5 Yuan, 30-millimeter diameter brass commemoratives that were released between 2002 and 2006 to celebrate 10 UNESCO World Heritage Sites in China. The obverse features the national emblem of the People's Republic of China and the date. Eight million of the Dujiangyan circulating coins were struck by the Shenyang Mint.

The view on this coin shows the solution to an age-old problem. For thousands of years, the Minjiang (or Min River) was both a blessing and a curse to Sichuan, or Shu as it was called long ago. With headwaters 5,000 meters (16,000 feet) above the plain it flows into, the Min – like other rivers in Sichuan – runs downhill fast. Along the way it erodes

the surrounding rocks. When the water reaches the flats, it slows, and silt gets deposited to make a rich, fertile soil. That’s a blessing.

The curse is that when the silt arrives each year, it may come on a wall of water that drowns everything in its path. That’s why the Shu region was once called “the inundated area.” To make matters worse, when the floods dried out, water was hard to find.

The Qin Dynasty conquered Shu in 271 B.C. Fifteen years later it dispatched Li Bing, a resourceful administratorengineer, to be its governor. He knew that the Min River must be tamed to make the region secure. Li, however, also understood that the local population might not support this. They believed their lives depended on the favor of a powerful river god who demanded a sacrificial bride each year. Landowners had long manipulated the people through this tradition.

Li Bing’s army built a temple to honor the Min River deity. Then he offered his own daughters as brides. When the river

god did not appear at the ceremony, Li Bing acted deeply insulted and ran off with a sword. Soon the crowd’s attention turned to the river bank where they saw two bulls fighting. It was quickly understood that one of the bulls represented the spirit of the waters. His sword bloody, a breathless Li Bing ran back and asked his officers for help. One then killed a bull. The crowd came away convinced that Li Bing had bested the river deity.

The governor’s next goal was to subdue the Minjiang itself. Surveys measured the river’s depth throughout the year. Li then devised a divide and conquer flood control system. First, a diamond-shaped “Fish-Mouth Levee,” or “Yuzui waterdividing dike,” splits the river into outer and inner channels. The outer part passes downstream unhindered. The inner side flows toward two areas: the “Flying Sand Spillway,” or “Feisheyan” and the “Bottleneck Channel,” or “Baopingkou.”

The Bottleneck Channel directs the diverted water downhill to a network of canals that gently irrigate the Sichuan plain. The “Flying Sand Spillway is the system’s safety valve.

The upper coin is a copper Qin Dynasty piece from the time period when the Dujiangyan project was built. The lower coin is a 1992 Proof 3 Yuan silver “Inventions and Discoveries of China” coin. It weighs 15 grams, has .900 silver content, has a diameter of 30-millimeters, and boasts a mintage of 20,000. This coin shows four antique forms of Chinese money and also illustrates the casting process that was used to produce them. In the background is a covered bridge that crosses the Bottleneck Channel at Dujiangyan. Courtesy of Peter Anthony.

Elevated above the Min’s natural riverbed it is only covered at flood levels. Water that enters this spillway rejoins the outer channel. This balances the volume on both sides so neither is ever too full.

But, how to carve out the “Bottleneck Channel” from the Yulei hillsides? Tools bounced off its rocks and, in 250 B.C., explosives were a thousand years in the future. Tradition has it that one night, as Li Bing sat around a campfire, someone tossed water on the flames. When the cold water hit the rocks one split in half. Engineer Li had his solution. To break the mountainside, he would fill its natural crevices with wood and kindling. These would be set on fire. His men would then toss cold water on the hot rocks to crack the walls! That task took seven years.

For more than 22 centuries Dujiangyan’s ingenious flood control system has brought water and prosperity to the plains of Sichuan. It’s the only ancient irrigation system anywhere without a dam that’s in use today. If someone asked Li Bing

how long Dujiangyan would last, he might have answered, “As long as the hills stand.”

Dujiangyan well deserves to be the subject of a gold coin. In 2021, the People’s Bank of China and China Gold Coin, Inc., minted 10,000 of the 80 Yuan, five-gram gold Dujiangyan coins. Like the 2005 issue, it features a bird’s-eye view of Dujiangyan and the Minjiang River. The coin’s designer, Mr. Qiu Yanxin, observed, “I am a native of Sichuan, and I have always been full of special emotions for Dujiangyan… The unique style of integration of mountains, waters, cities, forests, dikes, and bridges forms a harmonious unity between nature and people, and between people and ecology.”

The footbridge I crossed to reach the Fish-Mouth Levee reflects that spirit of unity. In Sichuan it used to be said that, “You can travel all over the world in happiness, but you will find sadness when you try to cross the Minjiang River.” In a sense the river needed to have a rope put on it. Two thousand years ago they called rope made of twisted strands of bamboo

fiber “ruo.” One old source quotes an even older source that credits Dujiangyan’s first ruo bridge to Li Bing, himself. In any case, this span of rope and boards quickly became a key link for trade between Tibet and Sichuan.

That continued for centuries until the bridge was destroyed by fighting as the Ming Dynasty fell in the 1600s. A ferry replaced it. On May 15, 1803, however, the old lament proved true again; the ferry capsized and more than 100 people drowned.

Motivated by that tragedy a local couple, Mr. He Xiande and his wife Yang, set about to replace the bridge. They studied historical records, consulted architects, and talked to workers. Mr. He then petitioned the government to fund a new crossing. The project was approved. Sadly, during construction two workmen fell into the river and drowned. The ferry owner lobbied the authorities to hold Mr. He responsible for the deaths. Mr. He was convicted and, by Qing Dynasty law, executed.

Perhaps to the ferryman’s surprise that didn’t stop the project. Mr. He’s wife Yang directed the bridge’s completion – and sank the ferry business. People called the new span the Anlan Bridge or Husband and Wife Bridge. Their bridge

connected the shore to the levee for more than a century until a steel-reinforced one replaced it.

Today, an open-air shuttle runs from one end of that levee to the other, across a concrete overpass and then to a plaza. There, past a big model soft-serve ice cream cone, stands a grand Ming-style bridge. Halfway across this I stop to admire the hills when a movement catches my eye. A cat slinks along the river bank. Two birds swoop above it and the feline head swivels instantly to follow them. Below, water diverted from the Minjiang River rushes through the Bottleneck Channel, its waves like white threads on dark silk. For one instant I think, “What sort of fish lives down there?”

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.

As my father told me years ago, you only get one name, so guard it with integrity and fair dealings. I have taken that advice to heart. So, what does the name ELIZABETH mean for you?

E L I Z A B E T H

xcellent quality coins

ongevity (nearly 40 years in the industry)

nnovative (PCGS innovation award winner Everyman Registry)

ealous I love coins, collectors and the coin business!

price contributor to the Red Book since 1999

readth and depth to inventory offerings

xemplary reputation

rusted Name onest

“Hi Liz This is John I just received the 1852-O CAC quarter in VF-25 and I just wanted to give you some feedback because this is the most beautiful coin I have seen in my life as far as the 1852-O. I’ve looked at so many 52-Os and for this kind of money this is a primo coin. I’ve been looking for this coin and quality for a long time and I am sure you appreciate that feedback. Your inventory is just really superior and I am going to keep looking through it and picking out some more. This is really a prize. . .”

"Hi Liz, ...Although our conversation was brief I enjoyed it. I read your bio online and knew that you "know your stuff". I was pleasantly surprised that there are still people in this world that sense the people they can trust. May you have a GREAT day and God Bless!" Tom

We are confident we can help you as well. Give us a try, you won’t be disappointed. Hundreds of quality collector coins are listed on our website at www.lizcoggan.com. Want lists are encouraged and welcomed

#3193309

Everyman Mint State Sets

In 2001, BJ Searls helped launch the Set Registry for PCGS. She was a pioneer for the Set Registry program and understood that there was a demand from all collectors alike – and not just high-end collectors. In 2009, she launched the “Everyman Collections” as part of the Set Registry, which became another success for members within the PCGS Universe.

BJ’s comments below, from September 17, 2009, provide us with insight into her thoughts of how the PCGS Set Registry has evolved:

"The PCGS Set Registry is home to many of the finest collections ever assembled, but some collectors have stayed away from 'the classics' because the costs to acquire Mint State or Proof specimens are prohibitive. So, we've created a way for all levels of collectors, entry-level through experienced, to enjoy the fun and competitive nature of the Registry without spending a fortune on Gem Mint State coins. Major Registry categories will now have a separate Everyman Collections listing, where the highest graded entry will be AU58. With Everyman Collections, there's a good chance your set will rank in the top 20 on the first page, rather than near the bottom of the third or fourth page of that group."

I recall my mentor, Cosetta Robbins, mentioning BJ’s name frequently while I was training with her last year. BJ

happened to be Cosetta’s mentor at some point in time, and BJ’s words from 12+ years ago about the Everyman Sets seem to be timeless. Her acknowledgment of how members will be able to compete without having Gem coins is on point – as in how collectors may possibly be in the top 20 when building an Everyman set as opposed to being in the bottom 20 in the higher-graded competitive sets.

Some collectors upgrade their collections on a regular basis when they have a chance to buy a better example. Collectors may not immediately make the jump from AU58 to MS65 (very few do), but some may end up purchasing an MS61, MS62, or an MS63, for example, to gradually ease their way to a higher grade. For those collectors who may have been in the Everyman realm, the upgrades would not be reflected in their sets since the cutoff grade is capped at AU58. Collector upgrades may not be able to compete with the folks who have coins graded MS65 and above in their sets.

ThejumpinpricesfromMS64toMS65canbeastronomical at times as well. Most notably this is the case in U.S. vintage coinage. Unfortunately, there are no sets tailored for collectors who specifically collect coins from the MS60 to MS64 range. Keeping this in mind, we are pleased to expand the PCGS Set Registry and now offer “Everyman Mint State” sets for

members to build. We have over 90 sets posted by members and counting to date. These can be viewed at https://www. pcgs.com/setregistry/everyman-collections/239

So far, we have listed a limited number of sets under this new category and plan to rollout more sets for members to build. To request a set please feel free to contact us at setregistry@ collectors.com. To date, the number of sets within the Set Registry is over the 140,000 mark, and we are heading to ever-larger numerical milestones as we add more sets for our collectors to build.

We look forward to seeing new Everyman Mint State sets that are posted by members and will be bestowing more Set Registry Awards than we did last year. PCGS is on track to present nine times as many awards than our closest competitor

to recognize our members’ achievements. We are grateful for your participation, for without you the collector, the Set Registry would not be as successful as it is today. Thank you for your ongoing support and best of luck building your sets and achieving your goals!

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

Cole & David Lawrence

Just imagine what was under Cole Lawrence’s Christmas tree growing up! Often, they were gifts of coins from the Royal Canadian Mint. “The earliest I can remember would be around the age of seven or eight getting a $20 for $20 halfounce silver commemorative coin as a Christmas present,” remarks the avid Canadian coin collector introduced to the hobby through his uncle. “This sparked my interest in coins, and I often helped him sort through change while looking for commemoratives and silver.”

During his high school years his interests shifted more to stacking silver coins, and some of his favorite pieces became Canadian silver dollars. “The major piece was a 1949 Dollar, which my mother had been given by her grandparents [and] she gifted to me,” he recalls. “Being introduced to that coin, I soon was asking for more old coins, and for my birthday one year later I was given my second dollar, from 1939.”

Why collect coins from Canada? The Canadian admits he is “very biased, of course,” but points to the diverse and artistic designs on his native nation’s coinage. “I would argue that Canadian coinage has some of the most beautiful modern reverse designs, and the older wreath-style reverses and regal busts are incredibly attractive in all formats. The mix of overall eye appeal and beauty with the rich history and my nationality have made it a series I cannot justify not collecting.” Among his favorite pieces are coins from the Victorian era, which stretched from the beginning of Canadian coinage in the 1850s and 1860s through 1901, the end of Queen Victoria’s long tenure on the British throne that began in 1837.

Cole’s numismatic adventures eventually led him to collecting PCGS-graded coins and joining the PCGS Set

Registry with his father, David, in mid-2020. “It's really amazing, having the competition between us to get the best coins for our sets has made the constant hunt for the next piece for our set exhilarating.” Cole and his dad proudly helm the Lawrence Family Collection, a diverse virtual cabinet on the PCGS Set Registry that includes a wide range of the father-son duo’s favorite pieces, including 1858-dated silver specimens and a run of high-end Queen Elizabeth II proof coinage.

However, there are still some pieces Cole and his father have yet to check off their ultimate want list, not to mention the Canadian 1911-12 Specimen Set. “Our fascination with this incredible set started when I acquired one of the original cases in which this set would have been presented. Considered one of the most iconic specimen sets in all of Canadian numismatics, it’s often compared to the King of Siam Proof Set,” remarks Cole, pointing to the diplomatic United States gift bestowed to King Ph’ra Nang Klao (Rama III) in Siam in around 1836 and including the famous 1804 Draped Bust Dollar.

Perhaps these are items the two will someday add to their Lawrence Family Collection, which can be viewed at https:// www.pcgs.com/setregistry/lawrence-family/othersets/92784. “One of my favorite features of the PCGS Set Registry is actually exploring the registries of other collectors!” He loves being able to discover – or rediscover – coins that fellow collectors have in their Registry Sets. He

Set

•98,353 Coins Available for Sale

•9,096 Notes Available for Sale

•10 Auction Houses

•50+ Live Auctions

• Join Thousands of Active Collectors

•Complete Marketplace – Coins,

If you're interested in selling your inventory on Collectors Corner, Email: Taryn@collectors.com

We look forward to hearing from you soon!

C entral S tateS

Schaumburg, IL 022 chaumburg

2022 Annual Convention

Schaumburg Renaissance Hotel & Convention Center April 27-30, 2022

• PCGS, the Official Coin Grading Service and Official Grand Sponsor of CSNS, will be offering on-site grading

• Convenient Interstate location in upscale Chicago area

• Just 14 miles/20 minutes from O’Hare Airport

• Finest Hotel and Convention Center on the national coin show circuit

• Most secure location for dealer and collector safety

• Expanded Bourse, 400+ Tables, in association with PCGS

• Special sections for Currency, World and Ancient coins

• Professional security by Positive Protection, Inc.

• Large, diverse auctions by Heritage and Legend

• PNG Day

• On-Site Grading by PCGS

• Educational Exhibits and programs

No Pesky Sales Tax in Illinois

• Special Exhibit of Major Rarities by top collectors

• New Management, Dealer and Collector friendly

• Early Bird passes - Wed., April 27 : 3:30-6:30 pm, April 28-30 : 8 am-10 am. $125 registration fee

• Free hotel guest, dealer, and visitor parking

• Several hundred nearby restaurants

Hotel Reservations: Schaumburg Renaissance Hotel 1551 North Thoreau Drive - Call 1-888-236-2427, or book online at https://book.passkey.com/go/CentralStatesNumismatics2022

Mention rate code “Central States Numismatic 2022” for our $174 Rate Free Hotel Guest and Visitor Parking

Problems reserving? Call Hotel Housing Coordinator, Casley Wilson, 847-303-4182

Bourse Information: Larry Shepherd, Convention Manager, 719-464-8801

convention@centralstatesnumismaticsociety.org

PUBLIC

$5 per day / $10 3-Day Pass

FREE ENTRY

HOURS FOR PCGS REGISTRY & COLLECTORS CLUB MEMBERS!

Thurs 10AM-7PM – Fri 10AM-6PM – Sat 10AM-4PM

Dealer Set-Up Wed. 3:30-6:30 PM

Visit our website:

www.centralstatesnumismaticsociety.org

The Majestic 1933 Saint-Gaudens Double Eagle

The legendary gold coin once owned by the likes of King FaroukofEgyptandiconicshoedesignerStuartWeitzmannow resides in another prestigious cabinet. Encapsulated by PCGS and graded MS65, the 1933 Saint-Gaudens Double Eagle sold for $18,872,250 on June 8, 2021, at a Sotheby’s auction to become the world’s most valuable coin ever purchased in a public sale. The 1933 Saint-Gaudens Double Eagle was submitted for grading to PCGS by GreatCollections. “We have likely submitted 500,000+ coins to PCGS over the past 10 years, but the standalone highlight was this 1933 $20,” said GreatCollections President Ian Russell. “It is the pinnacle of numismatics, and we are grateful to the owner for entrusting it with us.”

Only one 1933 Saint-Gaudens Double Eagle is legal for private ownership, but this esoterically rare coin didn’t start off rare. The United States Mint struck 445,500 double eagles in 1933, and the first delivery of the gold coins to the Philadelphia

Mint cashier was made about 10 days after President Franklin Delano Roosevelt was inaugurated. However, the worsening pains of the Great Depression prompted President Roosevelt to take a number of drastic actions to help allay the severe economic conditions that forced more than a quarter of Americans into unemployment, depleted bank accounts and investment portfolios, and impoverished millions of families from coast to coast.

In one of his first acts, Roosevelt signed Executive Order 6102 on April 5, 1933, “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” In summary, the executive order brought about an effective end to the nation’s gold standard, banning the payout of gold coins and beginning the recall of virtually all U.S. gold coins, which were eventually melted. The entire mintage of 445,500 double eagles struck in 1933 was to be melted, except for two sent to the Smithsonian. In 1937, a

number appeared for sale privately. In 1944, a Secret Service investigation determined that they had been stolen from the Mint and were seized from their owners.

Once it was purchased by King Farouk, it became part of his fabulous collection, therefore placing it beyond the Secret Service’s reach. Sociopolitical turmoil led to King Farouk’s fall. He was exiled, and the new Egyptian government dispersed his collection of coins through Sotheby’s. The 1933 Double Eagle was withdrawn from the auction and its whereabouts were unknown for decades until British coin dealer Stephen Fenton surrendered the coin to United States authorities in 1996.

The coin hung in legal limbo for several years, leaving the rarity to be stored in a Secret Service vault at the World Trade Center in New York City. Just before terrorist attacks destroyed the World Trade Center in 2001, the legal status of the 1933 Saint-Gaudens Double Eagle specimen hailing from King Farouk was resolved and the coin was subsequently removed from the ill-fated New York City landmark. The coin was offered for sale by Sotheby’s and Stack’s in 2002, taking a world-record $7.59 million.

Nearly two decades later, the specimen remains the only legally obtainable example of the 1933 Saint-Gaudens

Double Eagle, with two examples held at the Smithsonian Institution and all known others currently in the custody of the United States government, which confiscated a handful of other specimens that came to light in recent years. Many other coins have worn the crown at one time or another as the most valuable over the years, including the PCGS SP66 1794 Flowing Hair Dollar, PCGS PR68 1804 Draped Bust Dollar, and PCGS PR66 1913 Liberty Nickel. Yet, the 1933 Saint-Gaudens has claimed that throne twice, remaining one of the most storied and mystical of all numismatic treasures. The coin now graces the cover of the coveted PCGS 2022 Calendar, which can be purchased on the PCGS store in January and includes 12 months of jaw-dropping TrueView images blown up for a closeup view of incredible numismatic pieces.

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.

Early American Coppers Specializing

A Journey in Canadian Numismatics

Like many numismatists, I started by collecting commemoratives. Once every two weeks, I begged my dad to take me to the post office to see if they had any new coins that I could add to my collection. I had only experienced a small part of the hobby by collecting commemoratives until I decided to join Instagram as a way of showing my collection to other people. I followed some people on Instagram in the hopes of seeing their coins and learning a few things, but little did I know this would change me as a collector completely.

I learned about PCGS, grading coins, what makes a coin rare, toning, and – most importantly – what I wanted to collect. I decided that my main focus would be Canadian coins, more specifically 1937-1952 specimen coinage, which, in my opinion, represents the peak of the Royal Canadian Mint. I met two friends by the name of Will Christie and Cole Lawrence. They introduced me to specimen coinage and gave me all the knowledge I needed to be successful. I bought my first specimen, which was a 1943 Tombac War Nickel. These were produced in small supplies of about 75 to 100. Luckily, I was able to get my hands on one of these rarities and this really sparked my interest in Canadian specimens.

I wasn’t the perfect collector in any way. I made every mistake a new collector could make. I bought cleaned coins, I bought coins for which I knew I could get a nicer example. Most importantly, I bought in terms of quantity and for the sake of completing sets instead of buying coins that would make me happy and that I could be proud of in the future. When I look back at my mistakes, I see those as the biggest ones.

I’m not someone who has the resources to buy an expensive coin every week. I’m sure many other young numismatists are in a similar situation where they have no other choice but to be highly selective with the coins they buy. I used this situation to my advantage and grew my collection of specimens from owning absolutely none to now owning several, which I cherish. I still enjoy filling up sets casually, but I’ve grown to think more about my long-term collection as opposed to something I’d buy just to sell later. I imagine a scenario where one of my kids points to my PCGS box

“What’s

I don’t want to look back at my collection 10 or 20 years from now and see a box of coins that aren’t the best I could have afforded.

I have grown a lot as a collector and have changed for the better for the most part. But most importantly I’m excited to experience the finer things about this hobby, which are meeting people and seeing coins.

and asks,

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

— Chris Victor McCawley

ABOUT

THE PRICES LISTED IN THE RCMR AND THE ONLINE PCGS PRICE GUIDE

The prices listed in the RCMR and online are designed to represent a fair retail asking price from a knowledgeable seller to a knowledgeable buyer. Many factors can influence the value of a rare coin in a given PCGS grade. As no two vintage rare coins are exactly alike, and as grades represent a range rather than a point on a scale, fair asking prices (and prices realized at auctions) may sometimes vary from the prices listed herein.

Some of the factors that can result in prices being above the RCMR/Price Guide listing include:

1. Exceptional eye appeal or particularly attractive toning – usually in multicolored hues and shades.

2. A coin that falls at the upper end of the grade range.

3. Endorsement of the PCGS grade by another third-party service.

4. A coin graded a number of years ago, to some, adds to its appeal and value.

5. Two buyers at an auction, both with sufficient funds and both highly desirous of owning a particular coin, will often cause a “runaway” result.

Some of the factors that can result in prices being below the RCMR/Price Guide listing include:

1. Unattractive, dark, or splotchy toning – poor eye appeal.

2. A coin that falls at the lower end of the grade range.

3. Lack of retail demand at an auction may result in an abnormally low price realized.

4. A sudden change in the population report, such as a new “finest-known” piece being certified, the appearance of a small hoard, or the certification of another example in the identical grade.

5. A particular dealer’s desire or need to reduce inventory or raise money may result in an offering below the general market.

Infrequently traded coins with little or no track record over the past decade or so can be very difficult to properly value, and the offering of such a coin may bring a price well in excess or well below the price listed in the RCMR or online PCGS Price Guide. Many scarce-date Liberty gold coins fall into this category. Other values that can be highly variable include coins that lack a modifier, such as non-FSB Mercury Dimes, non-Full Head Standing Liberty Quarters, etc. Coins that “just miss” qualifying can often bring far higher prices than those that are not close to qualifying.

Keep in mind that the values listed are only a guide. Many coins offered above the prices listed here may be extremely fair buys and well worth the dealer’s asking price or the price paid at an auction. Conversely, coins can sometimes be found below the prices listed here due to a variety of reasons. Remember – use this guide as a part of your pricing research effort, not the only source.

PROFESSIONALCOINGRADINGSERVICE

PRICEGUIDE

The PCGS Rare Coin Market Report is published bi-monthly by the Professional Coin Grading Service (PCGS). The prices listed in the PCGS Rare Coin Market Report Price Guide are meant to serve as a guide to assist the rare coin buying public in determining values for all significant United States coins. Before you use the PCGS Rare Coin Market Report Price Guide, you should read the following information very carefully.

What do the RCMR Prices Mean?

The prices listed in the PCGS Rare Coin Market Report Price Guide are average dealer asking prices for PCGS-graded United States coins. The prices are compiled from various sources, including dealer ads in trade papers, dealer fixed price lists and websites, major auctions, and activity at major coin shows. The prices are what you should expect to pay, on average, for PCGSgraded coins. Note that RCMR prices do not apply to coins which have not been graded by PCGS, coins that have been graded by other grading services, or non-third party graded coins where the grade is represented by the seller, may not have been graded by the same standards as PCGS-graded coins and their market value may be different.

Time Sensitivity of Prices

Prices for U.S. rare coins can and do change frequently. Prices for more generic issues can move weekly and even daily. The PCGS Rare Coin Market Report is a bi-monthly publication and is subject to lead times for printing and mailing. Prices listed in the RCMR are derived from the more comprehensive PCGS Online Price Guide (www.PCGS.com). RCMR prices are the prices listed in the PCGS Online Price Guide the day the

RCMR is sent to the printer. For up-to-date prices, check the PCGS Online Price Guide on www.PCGS.com/prices

Price Sensitivity of Bullion-Related Issues

Some U.S. coin prices are very sensitive to movements in the price of silver, gold, and platinum, and the prices of these metals change daily. Bullion-sensitive U.S. coins include most silver, gold and platinum Eagles, gold Buffalo, lower-grade examples of the more common date pre-1933 U.S. gold coins, and some modern gold commemoratives. As of December 2021, metals prices (per ounce) were approximately:

Gold:

$1,797.26

Price Changes

Silver: $22.48

Platinum: $938.53

Price changes are indicated by an arrow to the right of the price. A green arrow pointing up indicates a price that has moved up since the previous issue of the RCMR. A red arrow pointing down indicates a price that has moved down since the previous issue of the RCMR.

Issues Priced

The PCGS Rare Coin Market Report Price Guide lists prices for all regular-issue and commemorative United States coins minted from 1792 to date. Prices are listed for regular strikes, proofs and some special strikes. Prices are listed for all dates and mint marks and all major varieties. Prices are also listed for “type.” This listing appears at the start of each section for each type of coin and refers to the price for the most common date of a particular type.

Grades and Designations

There are 30 grades used by PCGS to grade coins, 1 being the lowest grade and 70 being the highest grade. Space considerations do not allow the PCGS Rare Coin Market Report to list prices for every grade. Consequently, the RCMR lists prices for up to 10 grades for individual coins. Grades listed are at intervals that should be the most useful to coin buyers. For “in-between” grades, readers should refer to the PCGS Online Price Guide. The RCMR lists prices at the highest end of the grading scale for the highest grade known, either graded by PCGS or known to exist in that grade. The RCMR does not list prices for fantasy grades, i.e. grades higher than are known to exist for a certain coin. The RCMR lists prices for coins with special striking designations, such as full bands, red color, prooflike surfaces, etc. For a description of all the grades and designations used in the RCMR, refer to the PCGS Grading Standards listed in this issue.

Complete Set Prices

The PCGS Rare Coin Market Report Price Guide lists complete set prices for many coin series. There are three types of complete set prices. A “date set” is a set of one of each date

of a particular series. A “date and mint mark” set is a set that includes every date and mint mark in a series. A “with major varieties” set is a set with one of every date, mint mark and major variety. Prices for complete sets are listed “per grade,” i.e. the price for the complete set if every coin in the set was in the particular grade listed.

Population Figures

Besides prices for every coin, the PCGS Rare Coin Market Report Price Guide lists the PCGS population, i.e. the number of coins graded by PCGS, for each coin.

Very Important Information PleaseReadCarefully

The coin market is volatile and thinly capitalized. Significant short-term price swings are always possible. Collectors Universe, its principals, and representatives do not guarantee a profit nor guarantee against a loss for any coin you buy or sell based on the information in the PCGS Rare Coin Market Report Price Guide Collectors Universe, its principals, and representatives also do not guarantee the accuracy of the information in the PCGS Rare Coin Market Report Price Guide. You buy and sell rare coins at your own risk. The following are the general grading standards for both regular strikes and proofs.

PCGSCOINGRADINGSTANDARDS

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

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.

ComponentsofMintStateGrading

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 MS70 is a modern coin in "as struck by Mint" condition. Minor mintmade imperfections may be present. No damage or imperfections caused after minting. Not known in vintage coins. A PCGS MS69 will show only one or two miniscule imperfections. Must be

fully struck and have full original luster and eye appeal.

APCGSMS68 will have some extremely minor imperfections. Must be sharply struck, have full original luster, and good eye appeal.

PCGS COIN GRADING STANDARDS

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 luster and eye appeal must be good.

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

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

APCGSMS62 will have no wear on high points. There may be considerable marks and abrasions and some may be severe. Strike may not be full and eye appeal may be negative. Luster may be dull.

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

A PCGS MS60 will have no wear on the high points. There may be many heavy marks and abrasions. Strike may not be full, luster may be very dull, and/or eye appeal may be quite negative.

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

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

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

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

XF45 Detail is complete with most high points slightly flat.

XF40 Detail is complete with some high points flat.

VF35 Detail is 80 to 85% complete.

VF30 Detail is 70 to 80% complete.

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

Forproofstrikings,theprimaryattributes of grade are hairlines and/or marks (or lack of), reflectivity (for brilliant proofs), andeyeappeal.Notethatnearlyallproofs are fully struck, thus strike is usually not a factor. Strike only comes into play when a proof shows a partial strike, resulting in a downward adjustment of grade. Note that for toned brilliant proofs, the reflectivity is as perceived under toning.

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

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

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

A PCGS PR67 will have some minor

imperfections (hairlines or perhaps an extremelyminormarkortwo).Eyeappeal must be very good. Brilliant proofs must be fully reflective or virtually so.

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

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

A PCGS PR64 will have noticeable hairlines and/or small marks. Eye appeal must not be negative. Brilliant proofs may have subdued reflectivity.

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

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

A PCGS PR6l 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.

PCGSCOINDESIGNATIONS

Color for Copper Coins (MS60 or better)

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

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 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.

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

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

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

Full Head (FH) PCGS designates Full Head for Standing Liberty Quarters that grade AU50 or better and show full detail of Ms. 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 1918/7S, PCGS will designate Full Head on coins that grade XF40 or better and that meet the Full Head criteria.

PCGS COIN DESIGNATIONS

Full Bell Lines for Franklin Half Dollars

No Grade Coins

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

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

Cameo Proofs

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.

the

Cameo(CAM) PCGSdesignatesCameo 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.

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

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.

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Bust Dime (1809-1837) - Type 2, Small Dentils (1828-1837)

Prices are updated daily – Go to PCGS.com/prices

DIMES

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Sell Your Coins AND BANKNOTES for the Highest Bid at GreatCollections

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

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

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

• Free appraisals and estimates

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

• The fastest turnaround and payment

• Join tens of thousands of active bidders and sellers

for0%Seller’sFee overCoins/Currency $1,000!

1951-S Franklin Half Dollar PCGS MS66FBL Sold $3,912 PCGS Price Guide $650

Consign in Two Easy Steps

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

2. Mail the completed form with your consignment to:

GreatCollections

17500 Red Hill Avenue, Suite 160 Irvine, CA 92614

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

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

Free Coin Appraisals

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

Not Ready to Sell?

ConsignmentInformation

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

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

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

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

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

Minimum Bid Listing Fee

$1-$99 $3

$100-$999 $5

$1,000 and up $10

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

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

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

ConsignorTerms & Conditions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

HALF DOLLARS / DOLLARS

Prices are updated daily – Go to PCGS.com/prices

Liberty Head $5 (1839-1908) - Type 2, With Motto (1866-1908)

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

$10 (1838-1907) - Type 2, No Motto (1839-1866)

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Prices are updated daily – Go to PCGS.com/prices

Overall, prices for United States coins continued to surge higher throughout 2021 with demand far outstripping supply. Prices for high-end rare coins continued to outpace the market in general with highly sought-after, low-population coins bringing higher prices if they could be located. In contrast, prices for common-date “generic” coins have been somewhat stronger, but softer bullion prices have been restricting movement in the bullion price-related grades.

One of the most impressively consistent factors with the rare coin market in 2021 has been record prices for coins at the top of the Set Registry scales. For example, Walking Liberty Half Dollar “short set” coins, struck between 1941 and 1947, have set all-time records for prices realized in the highest grades – MS67 and MS68. In another example, Heritage Auctions sold one of only 10 PCGSgraded MS69 No Motto Saint-Gaudens Double Eagles for $96,000 in January 2020. The very same coin hit the market in September at GreatCollections where it brought exactly double the previous price – $192,375, including the buyer’s fee.

No better example illustrates the strength of the coin market in 2021thantheJunesaleoftheonlylegal-to-own1933Saint-Gaudens Double Eagle. Previously, this famous rarity sold in a 2002 SothebyStack's auction for $7.59 million. Subsequently graded by PCGS as MS65,thecoinbrought$18,872,250,againatSotheby’s,whichgave the coin a pre-sale estimate of $10 million to $15 million.

Furthermore, the strength of the market can be gauged by other criteria. For instance, the number of overall consignments in major auctionshasfallensincetheCOVIDerabegan,andmajorcoinshows are back. In August, the American Numismatic Association (ANA) held its first show in a year and a half. Numerous dealer reports

from the Chicago-area show predominantly mentioned a “lack of supply” of high-quality rare coins. Most dealers with inventory to sell reported having had a great ANA show. A few stated they sold their entire stock. Ironically, a few other dealers reported that they were unable to bid in the two major ANA auctions the week after the show due to lack of capital – they spent all their money at the ANA convention!

Most new collectors these days tend to begin with modern coin issues. The market for moderns has been extremely active during 2021. New issues produced by the U.S. Mint have brought excitement to the market, especially with the release of the 2021 Morgan and Peace Dollars. Trading among these dollars has been very active and they’ve caught the attention of many non-collectors.

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

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

From The PCGS Grading Room

Notice anything unusual about this 1838 Gobrecht Dollar pictured above?

One of the most fundamental processes in coin grading and authentication is examination of the surfaces for abrasions, alteration, or other forms of post-production harm. Sometimes, however, we encounter an aberration in a coin’s field that – while seemingly out of place – has a fabric and finish consistent with the rest of the coin, and indeed there are several potential sources of such oddities that are of an entirely benign, and often quite intriguing, nature.

Overstrikes are coins or tokens struck using an already struck example of a different issue as a planchet (then referred to as the undertype). This may occur inadvertently, but is most often intentional, with extant coins serving as a convenient and economic alternative to requisitioning a freshly manufactured batch of blanks. While an overstriking typically obliterates the majority of the undertype, this can frequently be identified via discernible remnants of the design in the fields, or on the edge. Such apparitions, such as the word “ONE” below the date on the imaged 1795 Half Cent, do not generally detract from the grade of a piece, as they were present at the time of striking.

This 1795 Liberty Cap Half Cent is from the Brent Pogue Collection, PCGS MS66+BN. Evidence of the undertype is visible below the date “ONE” and above the cap “YORK.” Courtesy of PCGS TrueView.

Talbot, Alum, and Lee Cents – private British tokens imported to the United States in the 1790s to supplement circulating federal and states’ issues – are often found as undertypes on 1795 and 1797 federal half cents, many having been purchased by the nascent U.S. Mint for that purpose. Meanwhile, some of the rarest Talbot varieties are those with nonstandard edge lettering, the result of being themselves overstruck on other contemporary tokens. The second John J. Ford, Jr., sale in 2004 included a unique 1795 piece with an edge reading “Current Everywhere” in place of “We Promise to Pay the Bearer One Cent.” Are there more to be found?

Talbot, Allum, and Lee Cents were often cut down to make planchets for early federal half cents. Note “ONE” on the bottom of the reverse. Courtesy of PCGS TrueView.

While such planchet repurposing was commonplace in the early era of the United States Mint, overstrikes from later eras are considered mint errors and are can be highly desirable, as when a struck cent makes it into a nickel-planchet hopper at a U.S. Mint, thereby creating a “double denomination” error.

A 2000-D Jefferson “Double Denomination” on an alreadystruck cent. Note that this is a scarcer, more desirable error than an equivalent nickel struck on a blank cent planchet. Courtesy of PCGS TrueView.

In contrast to overstrikes, multistrikes are pieces struck more than once from the same die pair. If the planchet rotates within the collar or flips over between impressions, visually spectacular errors can be created.

Die clashing is evidence of a permanent impression left on a die from its collision with another (usually mated) die without a coin in between to cushion the blow and absorb the design. In some series, such as the Three Cent Nickels from the middle of the 19th century, this is common, and such pieces command no premium. In other instances, they can be highly collectible. This 1857 Flying Eagle Cent obverse die was somehow clashed with the reverse die from a contemporary Liberty Seated Half Dollar, leaving dramatic evidence on the obverse: the projections from the eagle’s beak, front wing, and tail are all clash marks and not at all detrimental to the grade.

Notice the undertype in and around the date of this 1838 Gobrecht Dollar? Courtesy of PCGS TrueView.

Occasionally, an overstrike reveals an important historical fact. This Judd-84 Gobrecht Dollar is dated 1838, but close examination reveals an undertype – a silver dollar dated 1859! This example is a genuine U.S. Mint product of the utmost beauty and rarity, struck with 1838 dies, just at a much later date. Can you think of another famous early dollar overstruck on a coin from the 1850s? Hint: it’s unique and in the Smithsonian.

An avid childhood collector, Kyle first came to Collectors Universe in 2005 as a grading intern while in high school. Now a senior member of the grading

Oh, Canadian Coins Are White-Hot Collectibles

The world of Canadian coins offers a plethora of fun opportunities and exciting avenues for the collector seeking a colorful diversion from United States coinage. It is also one of the largest areas of interest for PCGS Set Registry collectors, who have built thousands of sets consisting of Canadian coins. Yet, the coins of Canada have long been popular, and certainly well before the PCGS Set Registry came online in 2001. In fact, Canadian coins have long represented an active sector of the hobby well beyond Canada.

Canadian coinage became particularly appealing to U.S. collectors during the mid-1960s. That was when the United States Mint began debasing circulating silver coinage and placed a temporary moratorium on mint marks to help stave collecting activity amid a particularly severe coin shortage during an era of rising silver prices. The U.S. Mint also stopped issuing traditional Proof Sets and Mint Sets and instead offered Special Mint Sets during the years 1965 through 1967. These sweeping changes at the U.S. Mint led many American collectors to turn their sights to the Great White

North, where silver coinage with beautiful designs was still being issued for circulation and in handsome collector sets. It was then that many U.S. collectors came to learn what Canadian numismatists already knew – the coinage of Canada is rich, diverse, and exciting.

Canadian Coins Popular in the United States

It’s one thing to say that many collectors love Canadian coins, but it’s something else to try quantifying this embrace of Canada’s coinage in terms of real numbers. There’s no official poll data available to reveal exactly how many collectors pursue Canadian coinage, but one can glean some insights on this by looking to the PCGS Set Registry, which boasts nearly 20,000 sets encompassing world coinage, or coins minted outside of the United States. In terms of the number of sets built around coins of any single nation beyond the U.S., Canada ranks third with more than 2,618 sets as of October 2021. The Canadian set count is behind only Australia (5,583 sets) and Great Britain (2,744 sets) and represents the most popular of

FEATURE – OH, CANADIAN COINS ARE WHITE-HOT COLLECTIBLES

all North American nations with the lone exception of the United States.

What drives these numbers? There are plenty of Canadians who enjoy collecting their national coinage, that is to be sure. However, a large percentage of those Canadian Registry Sets are held by collectors in the United States, a place that many one-time Canadians call home. In recent decades, places like Los Angeles and New York City have boasted large populations of Canadian Americans, and Florida is also home to thousands of Canadian expats. Yet, even U.S. collectors who have never stepped foot north of the border find themselves drawn to the allure of Canadian coins.

One of the most common reasons born-and-bred American collectors venture into collecting Canadian coinage is because these coins organically find their way to them. Canadian coins frequently comingle among circulating U.S. coins throughout border cities in the northern United States – in places such as Minnesota, North Dakota, Michigan, New York, and Maine. Canadian coins are also prevalent in circulation throughout Central Florida, where Canadian tourists visiting theme parks and other Sunshine State landmarks spend their coinage in local commerce. When these pieces randomly turn up in the pocket change of everyday Americans, they’re bound to turn a head or two.

Canadian coins are simply gorgeous, many boasting resplendentnaturethemes.Virtuallyallcarrytheportraitofthe reigning British monarch at the time of a given coin’s striking. Canada, a former colony of Great Britain, saw its British North American provinces unite as a single confederation in 1867. Canada was granted full legal autonomy with the passage of the Statute of Westminster in 1931 and became wholly independent with the Constitution Act of 1982. So, why does Canadian coinage still carry an effigy of the British monarch? The nation is a constitutional monarchy, meaning the king or queen of Canada (who resides in Great Britain) acts as the head of state while the Canadian prime minister serves as the head of government.

ForAmericancollectorsaccustomedtoseeingcoinscarrying portraits of deceased individuals (with few exceptions), the notion that contemporary Canadian coins carry portraits of living, breathing individuals is something of a novelty. The picturesque natural subject matter on Canadian coins also represents a refreshing departure from the long-running elevational views of buildings and political symbols typical of United States coinage. Although, admittedly, this artistic situation has changed in recent years with the scenes of parks, preserves, and other natural subjects on the 50 State Quarters, America the Beautiful Quarters, and other coins of the like.

Another attractive element Canadian coins offer is their relatively affordable pricing. Due to lower overall mintages, numerous “common” Canadian issues are many times scarcer than some of the popular U.S. rarities yet can be had at a fraction of the price. That’s also tantalizingly true for the rarer Canadian coins. For example, consider the 1948 King George VI Canadian Dollar, a key-date rarity with a mintage of only 18,780. Its mintage is barely one-third that of the 1916 Standing Liberty Quarter and just four percent of the 1909-S VDB Lincoln Cent output. Yet, with a market price of about $750 in F12, the 1948 Canada Dollar realizes about the same price as the famous 1909-S VDB “penny” in circulated grades and fetches a mere quarter of the price of the 1916 Standing Liberty Quarter.

This is not to say there aren’t some high-flying Canadian rarities capable of challenging even the most financially wellheeled of collectors. The 1936 Canada Dot Cent, struck in 1937 before dies for King George VI were made but never released for circulation, is arguably one of the most storied of all Canadian numismatic rarities and certainly one of the most expensive. All three known specimens were once held simultaneously by legendary collector John Jay Pittman and, after his passing, were dispersed into the marketplace beginning in the late 1990s. They are six-figure coins, with the finest known graded PCGS SP66RD and realizing $402,500 in a 2010 Heritage Auctions event. Another great rarity is the 1911 King George V Canadian Dollar Pattern, one of which is graded PCGS SP64 and hammered for $552,000 in a 2019 Heritage Auctions sale.

Canada Offers Collectors A Variety of Options

OfficialCanadiancoinagedatestothenation’sconfederation in 1867, but colonial and provincial pieces can be found alongside a wide array of other pre-confederation numismatic collectibles, including privately issued tokens struck for use within the once-expansive Canadian fur trade, coins struck in foreign nations but used in Canada’s early existence, monies of the indigenous peoples, and coinage issued by the individual provinces during the 19th and early 20th centuries.

The collector wishing to acquaint themselves with Canadian coins might pursue a type set, as has the collector of the prestigious Lantern Collection, who says, “I think you can safely say that building type sets are quite popular, as it’s a great way to collect all the different coins without having to complete a date series. You can also choose the less-expensivedate coins for many beginning collectors and many high-end collectors who want the very best examples.”

The mastermind behind the Lantern Collection adds that there are certain individual series that offer “serious”

challenges, including the Queen Victoria silver five-cent pieces, dimes, quarters, and half dollars, which are by far the most difficult to find and are also more expensive due to their relative rarity. “Prooflike coins are also very popular and are among the most beautiful. If you want an impossible task, then the specimens are the ones to go for. I have collected about a third of the specimens and have no expectation of ever getting many more due to their rarity.” They go on to say that most mintages of specimens before the mid-1940s have under 10 and probably closer to five known examples. “Many dates have none.”

the rest of the world. “They are big, impressive coins, each containing six-tenths of an ounce of silver, that both feel and sound nice,” he says. “For those with deeper pockets, gold, whether Canadian or Newfoundland, is also popular and increasingly difficult to find of late.” However, he encourages all Canadian collectors and numismatists everywhere to venture beyond the tried-and-true Canadian collectibles. “Since official Canadian coinage really only dates back to the birth of the nation in 1867 (the 1858 coins from the Province of Canada are considered the ‘first’ coins), don't be afraid to expand to include Newfoundland and the Maritimes, including Nova Scotia, New Brunswick, and Prince Edward Island. These offer sets that aren't particularly difficult to complete, nice low mintages, and attractive designs.”

1958 Queen Elizabeth II British Columbia Dollar, Prooflike with

Numismatist Kevin Day-Thorburn asserts Canadian silver dollars “are undoubtedly king” among Canadian collectors like him as well as hobbyists in the United States and around

Patrick Burns, a Canadian collector active in the PCGS Set Registry and mainly interested in type coins of Canada and Great Britain, also believes Canadian coins offer something special to collectors, including U.S. numismatists. “U.S. collectors of Canadian coins get more bang for their buck in Canadian coins,” he posits. “The difference in cost for coins of equivalent rarity is typically an order of magnitude. Being a big fish in a small pond is an attractive option for someone with financial constraints.”

So, why do so many U.S. collectors choose the coins of Canada over, say, Chile? “I think the vibrant market and availability of books and research has something to do with this – try finding a dealer or a coin show in Santiago,” replies Burns. “There are also many Americans with family, friends, and ancestors from Canada, and happy memories of crossborder visits. And it is reasonably convenient to drive or fly to shows and conventions in Canada.”

Canadian Coin Market Robust

If there is a silver lining to be found among the fallout from the COVID-19 pandemic, it surely must be found in the burgeoning vim and vigor of the collectibles market – bolstered by windfalls of newfound time off work and economic stimulus money. A resurgence in the numismatic market wasn’t confined to the United States. Canadian numismatists saw a similar uptick in market activity.

Day-Thorburn says all Canadian numismatic material gained attention during the pandemic. “However, key-date decimal coins, especially silver dollars, are very hot,” he notes. He also says other recent market movers and shakers are early specimen coins, early prooflike coins (especially those with heavy cameos), and error coins. “For the specimen and prooflike coins, the aesthetics, combined with the realization of their scarcity, seems to be the driving factor. For error coins, I credit advancing numismatic knowledge of the coining process in general; as a collector learns about how coins are made, they develop an appreciation for errors.”

Sharing a similar observation is Burns, who says prices for nice-quality, high-end Canadian coins surged. “The bidding on top material usually goes well above historical levels and will often surprise a bidder who thought his stretch bid was a cinch to win the lot. I have come to expect hammer prices 30% above 2019 levels, and it is not rare to see a coin sell for double.”

What’s going on? Burns attributes the fervency of the Canadian coin market to four factors. “The pandemic has slowed life down and has given us an opportunity to pore over our collections and notice the holes. Generous government benefits and a lack of spending opportunities have swollen collectors' bank accounts. With fewer opportunities for dealers to buy and sell at shows, there are fewer coins on the market, and those precious few that remain are hotly contested in online auctions. And finally, many of us feel nervous about fiat currencies as a store of value and sleep better holding hard assets, such as real estate and collectibles.”

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

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

• 100% free to use

• Real-time updates

• Price Guide values and population statistics

• NFC technology and barcode scanning for instant coin look-up

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

AUCTION HIGHLIGHTS

Welcome to this edition of Auction Highlights, where we share some very interesting coins and a banknote that all recently sold at auction. As always, it is extremely difficult to narrow down which items to shine the light on, as there are so many great coins and banknotes to choose from, but here are the ones that made the selective cut!

1870-CC Liberty Head Double Eagle, PCGS XF40

This is an extremely rare issue and one of the major stoppersformostcollectors who are assembling a collection of Carson City Double Eagles. Although the mintage is reported at 3,789 examples, most of the coins circulated heavily and many of them have been lost or damaged over the years. Today, it is estimated that only about 50 to 75 examples survive in all grades combined. Collectors cannot be picky when it comes to this issue, as all confirmed examples are in circulated condition. Most specimens are in VF to XF grades, and anything grading higher is considered extremely rare. On October 7, 2021, a special PCGS XF40-graded example was sold by Heritage Auctions for an astonishing $360,000 – a strong and deserving price for a remarkable coin with a historical provenance. Besides this coin being very rare, its provenance has also been linked to the coin being passed down for five generations and traces back to one of its first owners in the 1870s.

1913 Saint-Gaudens Double Eagle, PCGS PR66

Another double eagle tops our list of auction highlights this issue! This 1913 Saint-Gaudens Proof Double Eagle has a very low mintage believed to me somewhere about 5090 coins, with only 30 to 40 examples estimated to survive in all grades

combined. The proof coins from this year also have a special sandblasted proof finish, making them particularly attractive to collectors. Along with boasting one of the most beautiful designs ever struck on a U.S. coin, this 1913 Saint-Gaudens Proof Double Eagle has several factors making it a special coin, including rarity and outstanding surfaces. In August 2021, Stack's Bowers Galleries offered an example of a 1913 Saint-Gaudens Proof Double Eagle graded PCGS PR66 at auction that fetched a record $336,000.

1902 First National Bank Red Seal Lyons/Roberts $10, PCGS VF20

This $10 1902 First National Red Seal banknote from Palo Alto, California, bearing the Lyons and Roberts signatures is very rare. PCGS was honored to encapsulate this example, assigning it a grade of VF20. Despite the banknote being over 100 years old, it still looks quite attractive, and all colors and design elements remain well pronounced. This amazing rarity sold at a GreatCollections Auction in September 2021 for an impressive $24,187.

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

Hong Kong - A Very Rare Chinese Pattern

In Chinese numismatics, there are countless areas to study and collect. One facet is the transition from a silver-based economy to that of a fiat currency. While this topic is very complex, in the currency reform project of November 3, 1935, the Chinese government started to remove silver from circulation in exchange for paper banknotes. This new system of money would see the production of several pattern concepts for coins before that was abandoned.

In 1936, while the Central Bank of China was replacing the coins with banknotes, the decision was made to produce a token silver coin that would contain far less silver than the coins being replaced to help make the transition more palatable to the public. This coinage was produced at the San Francisco Mint utilizing three million ounces of silver owned by China on deposit with the United States. These coins were in denominations of one dollar (35-millimeter planchets) and a half-dollar (27-millimeters wide and weighing 10 grams). The dollar, containing 20 grams of 0.720-fine silver, would replace the circulating dollars such as the Junk Dollar, which weighs 26.7 grams and was made in 0.880-fine silver.

While several concept patterns were produced, the actual coins saw a mintage of a million pieces, and these were shipped from San Francisco to Hong Kong. When these coins dated Year 25 (1936) arrived in Hong Kong in 1937, the Sino-Japanese conflict was well underway. With the war and other economic issues, these coins would not be released into

circulation but instead were melted. Surviving examples do exist, and recently two examples of the dollar and two of the half-dollar coins were certified by PCGS and sold by Stack’s Bowers Galleries in their September 2021 Hong Kong Sale, bringing between $228,000 to $264,000 per coin.

In 1947, pattern examples of these dollars were discovered in Shanghai with a date of Year 26 (1937). These coins also featured a mint mark on the bottom of the reverse and an “S” for San Francisco where the coins were likely produced, if not just the master dies. This issue for the (1937) coins is of the same weight and tolerance of the coins struck dated (1936) that were never issued and melted. Author Edward Kann notes these examples in his Illustrated Catalog of Chinese Coins, but most research stops there. An example of one of these Year 26 (1937) San Francisco Mint patterns was submitted to PCGS through its Hong Kong office for certification. After authentication the coin was graded SP63 by PCGS.

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

1868 NATIONAL LINCOLN MONUMENT ASSOCIATION DONATION RECEIPT

It may come as a surprise to some people that PCGS Banknote authenticates and grades not only banknotes, but also a whole host of other monetary instruments, financial documents, and associated paper artifacts, including theme park money, bank checks, fantasy and satire notes, commercial scrip, souvenir cards, certain special event admission tickets, and many other printed paper items of artistic or historical significance. The scope of our expertise and service is quite expansive and extends broadly across both the numismatic and exonumismatic spectrums.

The subject of this latest installment of “Noteworthy Notes” is not an actual note (ironically) but rather a fundraiser donation receipt issued in 1868 by an organization seeking to honor the recently assassinated 16th President of the United States Abraham Lincoln through the placement of a brand-new memorial on U.S. Capitol grounds. While the project stalled and ultimately failed, it planted the seeds and laid the groundwork for the eventual construction of the Lincoln Memorial as we know it, dedicated over 50 years later in 1922.

The National Lincoln Monument Association was a federally sanctioned and supported entity formed in 1867 by act of Congress that commissioned prominent 19th-century sculptor Clark Mills to create a monument “commemorative of the great charter of emancipation and universal liberty in America.” The apex of this monument, as it was proposed, would have featured a seated Lincoln, cast in bronze, signing the Emancipation Proclamation. For political and practical reasons, the Association and Mills were unable to accomplish the ambitious, laborious undertaking.

A donor receipt documenting a small monetary contribution to any ordinary cause would not normally make headlines here. However, the artistic and historical value of this particular piece is off the charts. Additionally, it exhibits several instantly recognizable banknote-like characteristics, such as its size and dimensions, red overprinted serial number, bold presidential portrait at left (“Honest Abe” himself), and the wildly eccentric signature of sitting United States Treasurer Francis E. Spinner, whose name also makes an appearance on dozens of federally issued banknotes

from the era. Furthermore, the U.S. Treasury (through the predecessor form of its Bureau of Engraving and Printing) was directly responsible for the plate engraving and intaglio printing of these documents.

The primary vignette located at upper right (titled “Altar of Liberty”) features a female allegorical figure with a Union crown perched atop her head kneeling before burning incense and an altar adorned with George Washington. In the background appears a shrine on the beach being threatened by violent, crashing waves, and a fierce lightning bolt emanating from the ominous clouds above. While the imagery and symbolism on display here certainly has an unusual and rather ancient look and feel to it is not entirely unfamiliar within the realm of U.S. financial document design. This same “Altar of Liberty” vignette also shows up on the 1863 $5,000 One-Year Interest Bearing Note (Fr. 202), for which only a single obverse proof example is known, along with certain designs of Civil War-era bonds.

Abraham Lincoln has remained one of the most admired and respected figures in United States history and his portrait’s popularity among U.S. banknote collectors is perhaps unrivaled by any other vignette or depiction. From the early $10 Demand and Legal Tender Notes to the fabled “Porthole Lincoln” 1923 $5 Silver Certificate and beyond, Lincoln is a recurring and commanding theme in most banknote collections, both beginning and advanced alike. An example of this National Lincoln Monument Association donation receipt, while quite difficult to locate, would serve as a quality, quirky, and captivating addition to any collection.

Because banknote lots were hung on Southern California coin shop bid boards eye-level with a first-grader, a young Philip gravitated toward collecting notes versus their circular metal numismatic cousins in the mid-1980s. He has maintained his passion for banknotes ever since and joined PCGS in his current role as banknote specialist and research manager since the launch of PCGS Banknote in early 2020.

1863 $3 Indian Princess COIN OF THE ISSUE

This spectacular 1863 $3 certified MS68+ is the highest graded by PCGS for the entire Indian Princess series. The preservation of this coin is seemingly impossible, surviving 159 years in near-flawless condition. With gorgeous orange, reddish, and purple hues among the captivating, deep, golden luster, this Civil War-era coin has only gotten better with age.

One of the reasons the preservation of this coin is so surprising is the period during which this coin was struck. The year 1863 represents the middle of the Civil War with the Emancipation Proclamation being signed on New Year’s Day by President Abraham Lincoln. He would also implement the National Bank Act putting “Greenbacks” in circulation, changing the direction of currency in the United States and subsequently our hobby forever. Mintages of many coins became incredibly low, and they are now hard to find well preserved.

Many 1863 $3 Indian Princess gold coins feature prominent die clashing, and this example does as well. The outline of the portrait is clearly seen on the reverse. According to PCGS CoinFacts, the 1863 $3 gold coins were not saved in Mint State nearly as much as other laterdated coins of similar or lower mintages. Speaking of the mintage, it is small. Just 5,000 coins were produced in what was a turbulent and changing time for the United States

monetarily. In terms of population, around 50 Mint State coins exist in PCGS holders.

This $3 is so special for just making it through its first year unscathed, much less an additional 158 years! The fact that this Civil War-era coin is the finest for the series is truly special and makes it even more intriguing. It is a true numismatic treasure, and Witter Coin was fortunate enough to place it with an advanced collector who appreciates its rarity.

Seth Chandler is the head numismatist at America’s Coin Shop, Witter Coin in San Francisco. He can be reached at seth@wittercoin.com.

Morgan & Peace Dollars

Low pop PCGS CAC type Coins

3 Cent Silvers

ADVERTISING INDEX

LSRareCoins.com (310) 541-7222

Larry@LSRareCoins.com

2022 JANUARY

January 6 - 9

Florida United Numismatists Convention (FUN)

On-Site Grading | HeritageAuctions

Orlando, FL

January 13 - 16

New York International

Numismatic Convention (NYINC)

Submissions Only

InterContinental NY Barclay | New York, NY

January 26 - 28

Members Only Show

On-Site Grading | Legend Auctions

Bellagio | Las Vegas, NV

2022 FEBRUARY

February 17 - 19

Long Beach Expo (LBE)

On-Site Grading | Heritage Auctions

Long Beach, CA

2022 MARCH

March 10 - 12

ANA National Money Show

Submissions Only

Colorado Springs, CO

March 31 - April 2

Whitman Spring Expo

Submissions Only | Stack's Bowers Galleries

Baltimore, MD

2022 APRIL

April 27 - 30

Central States

Numismatic Society (CSNS)

On-Site Grading | Heritage Auctions

Schaumburg, IL

2022 MAY

May 25 - 28

Members Only Show

On-Site Grading | Legend Auctions

Harrah's | New Orleans, LA

2022 JUNE

June 9 - 11

Whitman Summer Expo

Submissions Only | Stack's Bowers Galleries

Baltimore, MD

June 30 - July 2

Long Beach Expo (LBE)

On-Site Grading | Heritage Auctions

Long Beach, CA

2022 JULY

July 8 - 10

Summer Florida United Numismatists Convention (FUN)

Submissions Only | Heritage

Auctions

Orlando, FL

2022 AUGUST

August 16 - 20

ANA World's Fair of Money

On-Site Grading | Stack's Bowers Galleries

Rosemont, IL

(Donald E. Stephens Convention Center)

2022 SEPTEMBER

Septermber 7 - 9

Members Only Show

On-Site Grading TBD

September 29 - October 1

Long Beach Expo (LBE)

On-Site Grading | Heritage Auctions

Long Beach, CA

2022 OCTOBER

October 27 - October 29

Whitman Winter Expo

On-Site Grading | Stack's Bowers Galleries

Baltimore, MD

2022 NOVEMBER

November 16 - 18

Members Only Show

On-Site Grading TBD

2022 DECEMBER

December 14 - 16

Members Only Show

On-Site Grading

Las Vegas, NV

For the most up-to-date listing of shows including any cancelations, please visit www.PCGS.com/shows.

17-19

DON'T MISS THE NEXT SHOW: FEBRUARY 17-19, 2022

Pre-Register before the Show and get $5 off! Use code RCMR5 Register Here: longbeachexpo.com/visitors/registration

THE LONG BEACH EXPO OFFERS A COMPLETE COLLECTIBLES EXPERIENCE INCLUDING:

• Multi-million dollar auction by Heritage Auctions - the official auctioneer of the Long Beach Expo.

• Hundreds of the nation’s top dealers ready to do business.

• On-site coin grading by PCGS.

• Daily gold coin drawing and more!

Admission Prices

General Admission: $10 Seniors 65 and Up: $5 Children 8-16: $5 Children 7 and Under: Free

Admission is good for all three days. Note: Cash only, no credit cards accepted.

Mark your calendar, and Dealers, call 888-743-9316 or email info@LongBeachExpo.com to reserve your booth

$5 off General Admission - February 17-19, 2022

Save $5 on Admission. Use Code: RCMR5 When you pre-purchase your tickets online or bring this coupon with you when you purchase tickets at the show! Show Hours:

LongBeachExpo.com | 888-743-9316

Long Beach Convention Center | Hall C 100 South Pine Ave | Long Beach, CA 90802

Future Show Dates: June 30 - July 2, 2022 | September 29 - October 1, 2022