Category: Coin Article

There is a rather vague characteristic called Eye Appeal that coin graders assess when examining coins.  Everyone knows about grading:  coins are evaluated by experts who assign a numerical rating to the coin which represents the level of wear and overall level of quality.  When evaluating circulated coins the level of wear is the main concern.  The amount of remaining detail will pigeon-hole the coin into one of the broad grade categories used for circulated examples:  Poor, Fair, About Good, Good, Very Good, Fine, Very Fine, Extremely Fine, and About Uncirculated.  Once a coin is deemed to be Uncirculated (or Mint State), further assignment of a precise numerical grade is determined through consideration of four general quality parameters:  Luster, Strike, Contact Marks, and Eye Appeal.  By weighing the coin’s quality according to these factors the grader will pick the appropriate MS grade which will range from MS-60 to MS-70.  An MS-60 coin must show no wear but will have impaired luster, a poor strike, excessive contact marks, substandard eye appeal, or some combination of these negative qualities.  An MS-70 coin must have superior quality for all these parameters.  According to the PCGS grading standards webpage, an MS-70 coin must also be “free of visual marks.”

Of these four quality factors, Eye Appeal is perhaps the most subjective.  It is somewhat like a beauty contest scenario:  how attractive is the particular coin to the grader?  Is it a coin that is pleasing to the eye, such that the grader would consider adding it to their collection?  Is it free of negative appearance factors, such as spotting, unattractive toning, signs of improper cleaning, or distracting surface marks?  Would it attract strong bids if offered at auction?  Does it stand out (in a good way!) if presented alongside a group of similar coins?  If the answer to all these questions is “Yes” then the coin has positive eye appeal and that quality would likely contribute to a higher assigned grade.

Eye appeal will often determine collector preference for one coin over another.  If grading were an exact science you could expect that two examples of a specific coin that have been given the same grade by the same grading expert would have equal eye appeal.  In the real collecting world, however, this is frequently not the case.  Coins with the same numerical grade can sell for significantly different prices, simply because collectors prefer the “look” of one coin over the other.  This situation is common, even when the two coins in question have been graded by the same third-party grading service.

Consider the following images of two different 1890-CC Double Eagle gold coins.  Both are graded AU-58 by PCGS grading service.  Only obverses are shown.  The first image is a photo I took using my digital camera.  The second image was copied from the Heritage Auctions website.  The camera settings and photo setups were obviously not the same, but there are clear differences between the two coins which cannot be attributed to differences in photographic technique or equipment.

The first coin has a “clean” cheek with no rub.  Substantial luster is visible in the fields, particularly near Liberty’s face and above and behind her head.  Very little evidence of wear is present.  The radial lines on all the stars are sharp.  There is slight weakness to the tops of the letters in LIBERTY but there is no clear sign of friction there.  The second coin shows virtually no luster and has definite visible friction on the cheek, neck, and in the fields.  The tops of several letters in LIBERTY appear to show wear.  The star radial lines are all visible but are not as crisp as for the first coin.  Some of these detail differences could be attributed to strike quality but the overall impression is that Coin #2 has seen more circulation than Coin #1.

So, we have two coins, same date and mint, same denomination, same grade, same grading service. I consider the first to have far better eye appeal and therefore would strongly prefer it for my collection.  This is a perfect example of the old adage, “buy the coin, not the slab”.

Let’s consider one more pair of coins with identical grades but unequal eye appeal.  These are 1923 Standing Liberty quarters.  Only the reverses are shown and in this case only black and white photos are provided.  The first coin is graded AU-58 by PCGS.  The second is graded AU-58 by ANACS.  Which of these two looks like the better coin?

The first quarter shows loss of detail on the eagle’s right (facing) wing, neck, and breast.  Feather detail is weak, either due to actual wear or to strike weakness.  The stars on the reverse of Standing Liberty quarters don’t really have radial lines, but these elements on this coin appear to have rather poor definition.  Very little luster is evident.  The second coin shows sharper detail in all areas and retains much stronger luster.  The stars clearly are more sharply defined.  There is a noticeable dark spot by Star #4 near the left-side rim which is a slight negative.  However, otherwise this quarter has only positive attributes.  Although PCGS has the better reputation as a grading service, in this case I’d judge that the ANACS-graded coin is the clear winner in terms of overall appeal.

The takeaway from this essay is that the assigned numerical grade is only part of the story when you evaluate coins.  Eye appeal is different for every coin and the astute collector will take these important differences into account when making buying decisions.

The Coinage Act of 1792 specified the basic parameters of the new monetary system for the United States.  The Act established the dollar as the standard unit of currency.  The amount of gold or silver that would constitute one dollar of value was also defined.  Copper was specified as the metal to be used to make the cent and half-cent coins, which would be valued at 1/100 and 1/200 of one dollar, respectively.  This trimetallic system had been used by virtually all nations since antiquity:  coins were made from gold, silver, and copper, with each coin valued in proportion to its metal content.  There is however another metal which is eminently suitable for making coins, assuming appropriate techniques are available.  Since this material was unknown to the ancients, its potential use in coinage was never a possibility.  This situation changed in the 1700s with the discovery of Platinum.

Platinum was known to pre-Columbian natives in South America, who separated platinum granules from alluvial deposits.  They were able to fashion artifacts from the metal by alloying it with gold (which lowered the melting point) and hammering it into shapes.  The metal was officially discovered in the 1700s by European chemists who studied this mysterious South American material which was brought over by explorers and prospectors.  Because of its high melting point, it could not be melted and cast into ingots with the technology of the time.  It could however be dissolved in acids (like Aqua Regia) and experimenters were eventually able to prepare a fairly pure product.  The fine powder generated by their processes (called “sponge”) could be consolidated by compressing and heating. It was perceived as having some value because it was rare, heavy, brilliant, and would not tarnish. The process was inconsistent but in Spain especially the metal was worked to form utensils, buttons, and decorative items.

In the 1820s deposits of platinum were found in the Ural Mountains in Russia. Czar Nicholas I decided his nation should try to profit from this discovery so he authorized the creation of platinum coinage. Russian scientists came up with a powder metallurgy process to make malleable platinum from the refined “sponge” that they extracted from the ore.  The consolidated product was rolled into strip and punched to form planchets. The coins were made in denominations of 3, 6, and 12 roubles.  Based on the relative weights of platinum and gold rouble coins the platinum was valued at approximately 40% of the value for gold.  Production costs were very high compared to costs for making gold and silver coins.  One contemporary report stated that the manufacturing cost to produce a single 3-rouble platinum piece was 98 kopeks, not including the platinum.  The manufacturing cost for gold coins was less than 1 kopek per rouble.  Another concern was that there was no way to ensure that the price of platinum would remain consistent relative to gold and that circulating platinum coins would have a “destabilizing” effect in an economy based on gold, silver, and bronze coinage.

The first Russian platinum coins were minted in 1828.  These 3-rouble pieces were 24mm in diameter and weighed 10.4 grams.  The larger 6-rouble and 12-rouble coins were first issued in 1829 and 1830, each containing a proportional amount of platinum.  The total mintage for all 3-rouble coins was 1,371,691 pieces.  Total production for the larger coins was much lower:  just 14,847 of the 6-rouble coins and 3,474 of the 12-rouble pieces were made.  These coins all feature the imperial Russian two-headed eagle on the obverse.  The reverse has the date, denomination, and legends in the Cyrillic alphabet.  Mintage for all denominations was discontinued in 1845.  The Russian government issued a decree that demonetized the coins and an attempt was made to recall them so they could be melted down.  Of the nearly 1.4 million total platinum coins produced, only a tiny surviving population remains.

As is the case for many rare and expensive coins, only certified examples of platinum rouble coins should be considered for purchase.  There are many forgeries, even counterfeits made from genuine platinum.  In some cases, the fakes can be detected because the platinum is too pure.  The original process used to extract the platinum from the Russian ore left traces of iron in the metal.  Genuine coins contain from 1 to 4% iron.  Modern testing methods like X-Ray diffraction (XRF) can help confirm the metal composition, without damaging the coin.

So, what will it take to add an authentic Russian platinum 3-rouble to a collection?  Unfortunately, quite a bit of money will be required.  As of 2026, certified examples in Very Fine to Extremely Fine grade seem to run from about $1200 to over $2000.  If you want to stretch for an AU the price can approach $4000.  An MS-63 example will likely cost a minimum of $8000.  Proofs were also struck for many of the production years and these seem to cost even more than the BU examples.  They are spectacular-looking coins, often with deep cameo contrast.  In case an $8,000 price tag just isn’t expensive enough, you might consider the 6 and 12-rouble pieces.  These can cost upwards of $100,000 for high end specimens.

Here are images of an 1828 Russia 3-Rouble coin, graded NGC MS-63 Proof-like:

The Russian experiment with circulating platinum coinage ultimately was not successful.  It was however a tribute to the ingenuity of Russian technicians who developed novel processes to commercially exploit a new natural resource.   The surviving examples of these historic coins are available to modern collectors and provide proof that Russia did indeed produce the world’s only circulating platinum coinage.

As a collector becomes familiar with the various series of coins, they quickly notice how prices of different issues within a particular series can be wildly different.  Certain dates and/or mints stand out as unusually expensive, while other issues are obviously valued at a lower level.  The expensive issues are often referred to as Key Dates and are always costly and usually hard to find.  Certain other coins, however, may be just as scarce as the key dates but tend to sell for lower prices.  Their lower cost might just be because they aren’t as well known as the keys.  Price after all is the result of both supply and demand:  if supply is low and demand is high, the price will naturally go up.  If the demand is low, there isn’t as much competition among collectors to acquire that date.  The price therefore tends to be low, even though the coin in question might be truly rare.  Coins like this are called Sleepers and might represent relative bargains.  If demand for such scarce coins does go up, the savvy collector who has sought out those pieces could see some major price appreciation.

One coin series that may include some sleeper dates is the Liberty $5 gold piece, or Half Eagle.  There are well over two hundred distinct issues in this series, which was minted every year from 1839 through 1908.  There is a huge variation in mintage numbers for the individual dates, ranging from the highest-mintage 1881 (5,708,760 minted) to the extremely rare 1875, of which just 200 pieces were struck.  Many other issues had low mintages (say, less than 50,000 pieces) which might suggest they have sleeper potential.  If a lower-mintage issue also has a low number of survivors, it becomes especially interesting

Over the years, many gold coins have been damaged, used for jewelry, melted, worn out, or simply lost.  President Franklin Roosevelt issued his gold recall order (Executive Order 6102) on April 5, 1933 which prohibited private ownership of gold bullion or gold coins in excess of $100 face value.  Millions of gold coins were surrendered by citizens in exchange for currency or silver coins.  Millions more brand-new coins held in bank and Treasury vaults were also collected.  Almost all of these coins were melted and turned into gold bars.  For some later dates, almost the entire mintage was destroyed.

Due to all these attrition factors, the survival rate for different gold coins is tremendously variable.  The Professional Coin Grading Service (PCGS) provides estimates for the number of surviving examples of all US coins, including gold half eagles.  This information is very useful for the collector trying to identify possible sleeper coins.  For the previously-mentioned 1881 half eagle, PCGS estimates that 25,000 examples still exist, in all grades.  Although this is probably the most common of all Liberty half eagles, that estimate indicates that only about 0.44% of the original mintage survives.  For many dates, that survival rate is even lower.

Due to the high price of gold, very few people collect gold coins by date and mint.  Liberty half eagles contain 0.24187 troy ounces of gold.  As of October, 2026 the spot price of gold has been fluctuating around $4200 per ounce.  Therefore, currently every Liberty half eagle will cost around $1,015 just for its gold content.  Any premium that applies due to high grade or unusual rarity for any individual coin will add to that baseline cost.  A collector seeking a single example for a type set will likely be satisfied with one of the common issues.  For those few who are looking to acquire multiple issues, there are dozens that are common enough that their prices will still be based on the bullion value of the gold.

Most collectors will see little incentive to spend more for a scarce date.  That means relatively few collectors actively pursue those dates, especially if the coin in question is in worn condition.  On occasion, even some higher-grade examples seem to be under-valued.  The real-world result is that sometimes a truly scarce coin can be found at close to a common-date price.  Since one of my specific collecting interests is low-mintage Liberty half eagles, this situation is good news for me.  If I find a coin with low mintage, low survival, and (relatively) low price, my Sleeper sense starts tingling.

In general, you won’t find any half eagle sleeper candidates from the Carson City, Dahlonega, or Charlotte mints.  Most collectors recognize these coins as both rare and desirable, regardless of grade.  Half eagles from the New Orleans mint are not quite as popular, but have increasingly been attracting collector interest.  Collector demand for all these coins inflates the price for even very worn pieces.  This demand however hasn’t really developed for some Philadelphia and San Francisco pieces so these coins potentially may include some Sleeper dates.

 Let’s consider a few examples.  The 1870-S half eagle has a low mintage of just 17,000.  PCGS estimates there are only 85 surviving specimens, in all grades.  There is only one uncirculated piece known.  I found a certified example in Fine-12 for $625 which I thought was a terrific deal.  This of course was a few years back when the baseline gold value of a half eagle was close to $500.  So, this rare but worn 1870-S was priced at a 25% premium over bullion value.  Another exciting coin is the 1890 from the Philadelphia mint, with a mintage of just 4,240.  The survivor estimate for this later-date issue is a relatively high 400 pieces.  I purchased a lovely example graded AU-55.  I won’t reveal the exact price, but for comparison consider the 1909-S VDB Lincoln cent which has a mintage of 484,000 and a surviving population of more than 50,000 pieces.  At least 6,000 of those survivors are uncirculated, grading MS-60 or higher.  My 1890 half eagle cost less than an uncirculated S-VDB cent.  The half eagle is gold, in relatively high grade, and is more than 100 times scarcer than that key-date Lincoln cent.  That to me is a bargain, as well as a sleeper!

One more example:  the 1866-S With Motto half eagle.  Mintage:  34,920.  Survivors:  80.  Number of Mint State survivors:  0.  My heavily-worn example grades AG-3 and cost $500 which was barely above bullion value at the time.  One of my favorites!

My point is not to convince anyone that they should collect gold half eagles, but rather to suggest that not all rare coins have to be extremely expensive.  The diligent collector needs to make use of available information resources to learn about their area of interest.  “Buy the book before you buy the coin” is the traditional advice to collectors, but nowadays you can find tons of information on the internet without buying a print library.  Any coin series might include some sleeper dates.  Perhaps with some serious review you can identify potential sleepers for your collection.  Study first, then select your candidate purchases based on what you have learned!

Like many collectors who started in the 1960s, I searched through pocket change as a kid.  I saved any Lincoln cent dated before 1940.  I could afford to save cents but cash was lacking to accumulate many higher denomination coins.  Ordinary silver coins were not that big of a deal anyway, because until 1965 of course silver dimes, quarters, and halves were the only kind that existed.  Regardless of denomination, it was always a thrill to find any coin with the “S” mintmark.  I always associated the San Francisco pedigree with unusual value and importance.  With more experience I realized many S-mint coins are quite common but they still offer a little extra appeal.

The genesis of the San Francisco Mint was the discovery of gold in the California Territory.  The widely-accepted story begins with contractor James W. Marshall, who in 1848 was employed by Sutter’s Mill, a sawmill company located in the Sacramento Valley.  Marshall saw some glinting gold fragments in the waterway at the mill.  After realizing that he had found gold, he tried to keep a lid on the story but word rapidly leaked out.  By 1849 stories worldwide reported that vast fortunes could be made overnight by prospecting for gold in California.  Hordes of miners flocked to the territory and by 1850 the population had mushroomed to over 100,000.  California became eligible for statehood and was indeed made a state that year.

Ironically, neither James Marshall nor Johann Sutter, the owner of Sutter’s Mill, prospered from the gold rush.  Sutter’s Mill was overrun by squatters and the landowner in 1852 was forced into bankruptcy.  Unemployed after the demise of the sawmill, Marshall founded a winery in Coloma, CA which later failed.  He then invested in a gold mine in Kelsey, CA but the mine did not produce.  Marshall fell into poverty and passed away in 1885.

Meanwhile, large amounts of gold were being extracted from the California gold fields.  The previously quiet community of San Francisco was transformed into a boomtown, with businesses largely catering to the needs of the “49ers”.   A severe shortage of legal tender currency rapidly developed, making financial transactions within the gold mining district very difficult.  Some gold was being transported to the mints in Philadelphia, New Orleans, and even Dahlonega and Charlotte for coining, but the process was slow, expensive, and hazardous.

The need for a local mint became more and more obvious and in 1852 the federal government authorized the establishment of a new branch mint in San Francisco.  Prior to authorization of the mint, a bill was passed through Congress to establish a United States Assay Office in the city.  This office was originally directed to issue coins or ingots in denominations from $50 to $10,000.  The applicable text in the original bill described the proposed gold products:  “They are to be struck of refined gold, of uniform fineness, and with appropriate legends and devices, similar to those upon our smaller coins, with their value conspicuously marked, and the inscriptions LIBERTY and UNITED STATES OF AMERICA.”

A former watchmaker named Augustus Humbert was appointed as United States Assayer at a salary of $5,000/year.  Sculptor and medalist Charles C. Wright was commissioned to engrave suitable coining dies which would travel with Humbert to California.  A contract was arranged by which Humbert would work with existing gold assaying enterprise Moffat and Company.  Humbert arrived in San Francisco in January, 1851 and immediately began work on his first product, an octagonal-shaped gold piece in the denomination of $50.  An example of these $50 pieces was seen by a representative of the Pacific News newspaper on February 1, 1851 and production officially began on February 14.  The massive $50 pieces were known as “slugs” and were generally well-received in California, especially since they were accepted for payment of customs duties.  Their accurate weight and gold content were trusted.  As a result, various private-issue coins were gradually displaced from circulation since their gold content was often suspect.

A persistent lack of small change remained a problem for commerce in California.    Humbert and Moffat repeatedly petitioned the US Treasury Department for the authority to coin smaller gold denominations.  Authorization was eventually granted and US Assay Office coins in $10 and $20 denominations were struck in 1851 and 1852.  A proposed $5 issue was apparently never produced.  The small-change shortage was eventually solved by the opening of the first San Francisco mint, on April 4, 1854.  This new brick facility located at the intersection of Commercial and Montgomery Street cranked out over $4 million face value in gold coin during its first year, mostly in double eagle ($20), eagle ($10), and gold dollar denominations.  A few quarter eagles and half eagles were also made in 1854 and these are tremendous rarities now.  Three-dollar gold pieces were also struck at San Francisco, starting with the 1855-S.

If you would like to acquire a coin made in the first year of the San Francisco mint, one option would be the 1854-S $10 gold Eagle.  This coin had an original mintage of 123,826 and is one of the more available San Francisco ten-dollar gold pieces.  These coins contain almost a half-ounce of pure gold and circulated examples are priced at a fairly low premium over their bullion value.  This specimen is graded XF45 by the PCGS grading service.  Note the prominent S mintmark located on the reverse above “TEN D.”:

Third Party Grading companies (TPGs) are businesses that professionally examine coins for a fee.  They will first determine whether a coin is (in their opinion) authentic.  If so, they then assign a numerical grade to describe the state of condition.  They encapsulate each coin in a tamper-resistant plastic holder (commonly called a “slab”) with a label and unique serial number that provides identification for the specific coin.  Like it or not, TPGs have become a central feature of numismatics. Collecting purists sometimes dismiss TPGs, maintaining that serious collectors need to be able to grade their own coins, without relying on some third-party opinion.  Unfortunately, not every collector is an expert.  Everyone has to start somewhere and it takes time to develop grading skills.  Someone once said all it takes to grade is “a good eye, a good glass (magnifier), a good light, and 20 years of experience”.  Well, if you don’t want to wait 20 years before buying coins for your collection, the option to rely on grading services for expert opinions provides a good place to start.

Dozens of different TPGs have appeared over the years but most collectors agree that only four companies are reputable:  PCGS, NGC, ANACS, and ICG.  SEGS is another company that has had some success in the marketplace but is generally considered less reliable than the top four.  PCGS and NGC have the largest market share and coins in these TPG holders generally fetch the highest prices from collectors.  The fee for grading/certification is also higher for these two TPGs.  Coins in any other holder should be viewed with suspicion:  they are likely to be overgraded, have problems like cleaning, damage, or corrosion, and may not even be authentic.  If you are ever tempted by a coin graded by one of these “basement slabbers” you should disregard all information on the label and evaluate the coin as if it were not graded at all.  Buyer beware!

Here are photos of coins in slabs from the four major TPGs:

There are many advantages to purchasing coins in TPG holders:

1)  Authenticity.  The Big Four graders all offer an authenticity guarantee for coins they have slabbed.  Basically, if they make a mistake and encapsulate a counterfeit coin which ends up in your collection, they will either replace it or pay you the “fair market value” for an authentic piece in the same grade.  This is an important feature for coins that are widely counterfeited, such as Trade dollars, three-dollar gold pieces, and key dates from almost any series.  Unless you are confident in your ability to recognize counterfeits it makes sense to choose coins with a built-in guarantee.

2)  Condition and Price.  The TPG assigns a numeric grade to the coins they slab.  The TPG grade is an independent opinion about the condition of the coin, and is theoretically unbiased towards buyer or seller.    Checking sales history for the coin/grade combination tells you what a slabbed coin should cost.  This is very useful information to have when bargaining with a dealer.  PCGS and NGC also provide price guides on their websites.  These purport to show current retail prices for graded coins in their holders, giving you one more indicator for valuation of certified coins.

3)  Originality.  Original coins without “problems” are always preferred.  Most collectors have had the experience of buying a “raw” coin that looked OK at the show or on-line only to discover that it had been cleaned or has other problems.  TPG-slabbed coins protect you since their labels will state such problems on the label. They don’t catch everything but your chance of getting a problem-free coin is improved when a grading service determines the coin is original.

 4)  Resale.  When the time comes to sell a coin it will be easier to find a buyer if the coin is certified by a Big Four TPG.  Buyers are more comfortable paying top dollar for a coin in a TPG holder.  If you sell in an auction there will likely be more competitive bidding for a certified coin, resulting in a higher price.

5) Documentation.  Many collections pass down to heirs who have little knowledge or interest in numismatics.  Having coins already slabbed provides positive identification.  This will help ensure that heirs get fair value if they decide to sell Grandpa’s coins.  Slabs have unique serial numbers which assist in recovery if coins are lost or stolen.  Every collector should maintain a list of their valuable slabbed coins, with serial numbers, and make sure their family members have access to that list should it ever become necessary to confirm an inventory, or to track down missing items.

6)  Protection.  Slabs provide significant protection for valuable coins.  They are not airtight or fireproof but they prevent damage from careless handling.  Many valuable coins are ruined when non-collectors decide to “shine them up” before bringing them into the coin shop;  that won’t happen if the coins are sealed in the tamper-resistant TPG slabs.

If you own “raw” (uncertified) coins of significant value, especially coins that are commonly counterfeited, it might be worth investing the fees to have them graded by a reputable TPG.  Grading companies ANACS and ICG currently (as of July, 2026) do not require memberships and private collectors can submit coins for grading.  In order to have coins graded by PCGS and NGC you will need to pay for a membership which provides grading privileges.  Another option with these TPGs is to locate a coin dealer with submission privileges who, for a fee, will get the coins graded on your behalf.  Major coin shows offer another grading opportunity, since the TPGs attend at least some of these shows and can accept coins directly from the public.  If you ship coins out for grading, always make sure they are fully insured and well-documented.  It’s a good idea to have quality photographs of your coins for your records.  USPS Registered mail is usually the most secure choice for shipping valuable items like collector coins.  

Of course, TPGs aren’t perfect.  I’ve had the experience of buying a coin in a TPG holder thinking it was perhaps undergraded.  Hoping I’d scored a great bargain I then cracked out the coin and sent it to another grading service for a potentially higher grade.  The coin however was determined to have been cleaned and was returned in a new holder with “cleaned” noted on the label.  Either the first TPG had failed to notice the cleaning issue and slabbed the coin as problem-free, or the second TPG made a bad call and found a defect where none existed.  It’s important to recognize that TPGs provide expert, informed opinions about each coin, but they are still just opinions.  Every collector should strive to improve their own grading skills and continue to form personal objective opinions about each potential coin purchase.  Take the TPG opinion into consideration, but always exercise your own judgment.

In short, TPGs provide a valuable service to the collecting community which has become increasingly important over time.  If you are interested in having your coins graded, keep in mind that the cost can be significant.  Basic certification for lower-value coins is typically priced in the range of $20-$50, per coin.  TPGs have tiered pricing so you will need to pay more for very valuable pieces.  You can pay an additional premium for faster turnaround.  For each coin, only the collector can determine whether certification will be worthwhile.

Every coin collector becomes familiar with the concept of Key Date coins.  The key dates are the specific issues within a particular coin series that are the most difficult to find and also the most expensive to purchase.  Those dates are often (but not always) the coins with the lowest mintage numbers.  This makes sense because when the original production quantity is low the number of surviving pieces will also tend to be low.  If few coins survive then collectors must compete for a limited number of available examples.  For most collectors, the key dates will be the last ones needed to complete their sets.  Due to the high cost for many keys, more often than not those sets are never completed.  Every coin dealer has had the experience of examining albums of coins that are offered for sale by former collectors or heirs of collectors.  It is a rare occurrence for those albums to include the key dates.

Each coin series has its own key dates.  The most popular collector series among US coins has to be the Lincoln cent, first issued in 1909.  This was the first American circulating coin to feature the image of a President, in this case the revered Abraham Lincoln.  The coin was (and is) immensely popular.  For collectors, the undisputed key to this set is the 1909-S cent with designer initials V.D.B. on the reverse.  This coin has the lowest mintage of the series:  just 484,000 were struck.  However, as the first year of issue many were kept as souvenirs and many more were snatched up by collectors.  The survival rate for all 1909-dated Lincoln cents is therefore relatively high.  As of June, 2026, the PCGS population report shows that over 23,000 examples of the 1909-S VDB have been certified in all grades.  Add in the thousands certified by competing grading services NGC, ICG, and ANACS (plus all the examples that have never been certified!) and you can see that this date really isn’t all that scarce.  If you are looking for an S-VDB you can easily find one.  Based on current pricing as of July, 2026, you should be prepared to spend a minimum of about $700 for a presentable, well-worn example that grades Good.

For comparison, consider another Lincoln cent, the semi-key 1914-D.  PCGS has certified under 9,000 examples in all grades, despite the higher mintage of 1,193,000 pieces.  It is likely the survival rate for this coin is much lower than that for the 1909-S VDB.  If you are looking for both of these coins, chances are the ’14-D will be harder to find.

Among Indian Head cents the 1909-S has the lowest mintage:  309,000.  However, the 1877 (852,500 minted) is considered the key date.  About 5,800 of the 1877 cents have been graded by PCGS, while about 6,500 of the ’09-S Indians have been certified.  It appears that the 1877 had a lower survival rate and consequently is priced higher in all grades.

If you ignore the error and overdate issues, the key date for Buffalo nickels in low grade is the 1913-S Variety 2 (mintage 1,209,000).  It currently lists for $225 in Good-4.  The 1926-S (mintage 970,000) is valued at only $40 in this grade.  However, in VF-35 and higher grades the price of the ’26-S overtakes the 1913-S.  In MS-63 the 1913-S lists for $1,650 while the 1926-S climbs to $11,500!  The population report shows 457 of the ’13-S in MS-63 but only 115 of the ’26-S in that grade.  This is a case of “condition rarity”, where one coin is scarcer in high grade, despite a similar original mintage.  Collector demand is what pushes up the 1926-S price.

Winged Liberty Head (“Mercury”) dimes have one obvious key date.  For generations collectors have sought the 1916-D Mercury dime.  With just 264,000 pieces struck, it is by far the lowest-mintage date of the series.  This issue was heavily circulated and many surviving examples are very worn.  Collectors should expect to pay $1,000 or more for a coin grading just Good-4;  if you want an uncirculated example it will be difficult to locate one priced below $10,000.  This coin has been widely counterfeited so unless you are very familiar with this issue you should only consider purchasing a certified coin.

Silver Washington quarters have a typical key date situation, with the 1932-D and 1932-S having by far the lowest mintages (436,800 and 408,000 respectively).  Prices are similar in lower grades, with the ’32-D having a slight edge.  The differences increase at higher grades;  in MS-65 the 1932-D lists for $6,750, while the estimate for the ’32-S is $2,850.  The MS-65 population for the ’32-S is twice that of the ’32-D which helps explain its lower price.

Walking Liberty half dollars are another series that is very popular with collectors.  The 1921-D Walker has the lowest mintage (208,000) and is indeed the low-grade key.  However, in MS-65 grade the 1919-D takes top honors;  MS-65 list prices for the 1921-D and 1919-D are $52,500 and $180,000, respectively.  The PCGS population report confirms that 1919-D has the lowest high-grade population in the series and is therefore the high-grade key.

Among Morgan dollars the undisputed key is the 1893-S.  Not counting the 1895 (which is a proof-only issue) the 1893-S mintage is lowest in the series at 100,000.  The next lowest-mintage date is the 1894, with 110,000 made.  Despite its similar mintage, prices for the 1894 are much lower than those for the ’93-S, in all grades.  That difference becomes amazing in higher grades.  According to PCGS the ’94 is valued at $6,500 in MS-63 condition, while the 1893-S in the same grade is $450,000!

There are many Morgan dollar issues that aren’t really key or semi-key dates, at least in lower circulated grades.  Some of these however exhibit extreme condition rarity, being priced like common dates in worn condition, but drastically more expensive in uncirculated grades.  The 1884-S is a prime example.  This coin currently lists for $92 in Fine-12, which is the same price as the most common dates in the series.  However, in MS-62 the value jumps to $21,500.  The 1901 is another example, priced at $92 in F-12 while an MS-62 lists at $8,000.  The 1892-S presents an even more extreme case:  it will cost about $150 in F-12, but an MS-62 lists at $77,500!  The population reports help identify which dates are scarce in high grades but otherwise don’t explain these huge price spreads between circulated and uncirculated examples.  Morgan dollars are very popular and wealthy collectors aggressively compete for choice examples of the tough dates.  High demand for the scarce higher-grade coins is what drives these impressive price tags.

 For collectors who attempt to complete date and mintmark sets of American coins, key dates will always be a challenge.  Prices for many keys are very high and the general trend for collector coin prices is that they always go up.  Therefore, it’s probably good advice to buy the key dates you need as soon as you can afford them.  They are certainly costly now;  it’s likely that they will cost even more in the future.

The Carson City Mint was operational from 1870 to 1885. The mint was shut down for political reasons in 1885 when Grover Cleveland became the United States President. When Cleveland was replaced by Benjamin Harrison in 1889 the mint resumed operations, only to be shut down permanently when Cleveland returned to office for his second (non-consecutive) term in 1893. All Carson City coins are identified by the iconic CC mintmark.

Gold and silver coins were struck at the Carson City mint. The gold coins are especially interesting and all are valued at a premium well over the intrinsic value of their gold content. CC gold coins were struck in denominations of $5 (half eagle), $10 (eagle), and $20 (double eagle). Carson City gold coins are all of the so-called “Liberty Head” design. This gallery includes examples of each CC gold denomination.

Half Eagles were the smallest gold denomination struck at the Carson City mint. These coins are composed of 90% gold and weigh 8.359 grams, for a pure gold content 0.24187 troy ounces. Coins were struck from 1870 through 1884, and again from 1890 through 1893. Here are three examples of Carson City half eagles.

Like the five-dollar coins, ten-dollar gold pieces (Eagles) were produced at Carson City from 1870 through 1884 and from 1890 through 1893. A gold Eagle is exactly twice the size of a half eagle, weighing 16.718 grams with a net gold content of 0.48375 troy ounces. This CC Eagle was struck in 1881 and is graded XF-40 by PCGS.

Twenty dollar gold pieces (double eagles) were struck at Carson City from 1870 through 1879, then 1882 to 1885, and finally from 1889 through 1893. A gold Double Eagle is exactly twice the size of an eagle, weighing 33.436 grams with a net gold content of 0.96750 troy ounces. The following two examples are high-end About Uncirculated coins, grading AU-58 and AU-55, respectively.

Every 5 years FNS issues souvenir medals to commemorate our anniversary. 2016 marks Year 70 since the Society was founded so it’s time for a new medal.

The population of Fresno includes one of the largest Armenian communities in the United States, and many individuals from this population have made great contributions to our city. One of our best-known Armenian citizens was distinguished author and playwright William Saroyan. In honor of Fresno’s rich Armenian heritage, we have selected Mr. Saroyan’s portrait for the obverse of our medal design. The reverse of the medal shows the traditional logo of the Fresno Numismatic Society.

The 70th Anniversary Medals are struck in both Silver and Bronze. The Silver medals contain 1 troy ounce of .999 fine silver. Both medals feature a beautiful proof-like finish which provides a strong cameo effect. We still have medals available, priced at $60 for the silver and just $5 for the bronze. If you are interested, you can come to any of our monthly meetings or send us an email inquiry to fresnoclub@gmail.com. Various medals from our previous issues are also available; please contact us for details.

I usually buy raffle tickets at our monthly FNS raffle, both to benefit the club and to possibly win a prize.  One month I got lucky and came away with the big win, a 1920 commemorative Pilgrim half dollar in nice BU grade.  This coin was issued in 1920 and 1921 to mark the 300^th anniversary of the Pilgrims’ arrival in North America and their founding of the Plymouth Colony.  The obverse of this coin features a portrait of William Bradford, who led the Colony for 30 years.  The portrait is an artistic guess since no authentic painting or image of Bradford is known.  The figure holds a Bible in recognition of the religious focus of the Pilgrim expedition.  The reverse shows the ship Mayflower under full sail.  This coin was struck in high relief and is really quite elegant.  Here are photos of that coin.

I have two other commemorative coins:  an 1893 Columbian half dollar, and a 1992 Columbian 5-dollar gold piece.  These coins were struck to honor the 400^th and 500^th anniversaries, respectively, of the landing of Christopher Columbus and his expedition in the New World.  Both these coins feature creative designs which highlight the achievement of Columbus as an explorer.  Here are photos of the gold coin.

So, what is the point of American commemorative coins?  It seems obvious:  to publicly recognize significant events and people that were important in the history of the United States, and to preserve the memory of those events for the benefit of future Americans.  A quick look at the commem section of the Guide Book of United States Coins (Red Book) provides a virtual bullet point list of important events and pivotal historical figures.

Crucial battles from the American Revolution and the Civil War have been memorialized with commemorative coins.  The Louisiana Purchase and the Lewis and Clark Expedition are celebrated with gold dollar coins.  The opening of the Panama Canal is recognized with a silver half dollar and gold dollar and quarter-eagle coins, plus the remarkable gold 50-dollar pieces, struck on both round and octagonal planchets.  

The silver half dollar is the most common format of commemorative, often used to mark important anniversaries of the founding of states, territories, and cities.  Both a half dollar and a gold quarter eagle ($2.50 face value) were issued in 1926 to celebrate the sesquicentennial (150^th anniversary) of the Declaration of Independence.  Half dollars commemorate major expositions in San Diego, CA and Cleveland, OH, as well as the opening of the Oakland-San Francisco Bay Bridge.  Famous people from American history are well represented on commemorative coins:  George Washington, Abraham Lincoln, the Marquis de Lafayette, Daniel Boone, Booker T. Washington, and George Washington Carver all appear on various issues.  Even the notorious P.T. Barnum has a place on a U.S. silver half dollar!

Many commemorative coin programs were operated as fund-raising efforts, to help pay for the construction of memorials, for example.  Once the program organizers were granted authority to design the coins, they were struck by the US Mint and sold to the public at a premium over face value.  In some cases, unsold coins were released into circulation.  Collectors who diligently hunt through coin rolls occasionally report the discovery of commemoratives such as the 1923 Monroe Doctrine Centennial and 1925 Stone Mountain Memorial silver half dollars.

The so-called Classic period of US commems ran from 1892 to 1954.  The Modern commem era commenced in 1982 with the issue of a 90% silver half dollar marking the 250^th anniversary of the birth of George Washington.  Silver dollars and gold $10 coins were issued in 1983 and 1984 to mark the Los Angeles Olympics.  New commem issues have followed on a regular basis, in silver dollar, gold $5, and clad half dollar denominations.  The 2000 Library of Congress commem $10 coin features a unique bimetallic planchet made of gold and platinum.  There are dozens of modern issues, with more hitting the market every year.  It takes a really dedicated (perhaps fanatical!) collector to assemble a complete set.

A major factor in the appeal of commemorative coins is their tangible connection with American history.  In an era when some Americans appear to be ashamed of our national history, we have these commemorative coins to remind us about what many more Americans believe is important.  I look at my Pilgrim half dollar and think, “hey, in 1920 people knew that the arrival of the Pilgrims in 1620 was a big deal.”  Even if you aren’t a big fan of the Pilgrims, their arrival and settlement in Massachusetts was a formative event for our national story.  Now, when we are entering the second quarter of the 21^st Century, various critics of America and of United States policies like to single out aspects of our country which they dislike and claim, “that’s not who we are”.  Well, our commemorative coinage offers a contrary opinion.  The events and people honored on these coins received that honor precisely because they represent who Americans really are.

Proof coins offer an important option for numismatists.  Proofs are special versions of regular circulating coins that are manufactured for sale to collectors.  Precious metal bullion coins and commemorative coins are also frequently struck in proof format.  Modern proofs typically have deeply mirrored, highly reflective fields and frosty white devices (portraits, dates, images, and legends).  Many countries produce proof coinage;  some nations have been cranking them out since the 1800s, or even longer.  In the United States, proofs are struck from specially-made polished planchets and the dies are treated to generate the desired mirror fields and frosted features.  Proofs are generally struck using two cycles of the coin press, to ensure all design elements have maximum detail and surface quality.  The resulting coins represent “state of the art” in coin production.  In recent years the US Mint has offered variations on their traditional proof format, such as “reverse proofs” which have frosted fields and brilliantly shiny and reflective devices.

Although various “specimen” coins have been produced at the Philadelphia mint from its earliest years, the first no-question proof US coins were made around 1817.  The earliest example I could find on the Heritage website (www.ha.com) was an 1818 quarter, graded NGC Proof-67.  This amazing coin sold at auction in 2019 for $288,000.  The first copper and gold US proof coins also appeared around this time.  Proof mintages during these early years were extremely small and surviving examples are few and far between.

Coin collecting in the US became much more popular around 1857 when large cent and half cent production was discontinued.  The Philadelphia mint began producing annual sets of proof coins for sale to the general public starting in 1858.  Clients could purchase minor coin sets (cents, two and three cent pieces, and nickels), silver sets including half dimes through silver dollars, and complete sets with gold denominations.  Some proof coins could also be ordered individually.  Mintage numbers were in the hundreds for most silver proofs and up to a few thousand for minor coins.  For most gold proof issues only a couple dozen pieces were generally made.  Classic gold proof coins from the 1800s and early 1900s have been called the caviar of numismatics, to reflect their great rarity and value.

Proof examples of each denomination (including gold coins) continued to be minted through 1915.  Production was discontinued until 1936 when new 5-coin sets were produced.  Proof coinage again took a break after 1942, resuming in 1950.  One final break happened from 1965-1967;  from 1968 on proof sets have been made every year.

Modern proof sets are plentiful.  Most sets containing clad coins had mintage numbers in the millions and are often available to collectors at a cost lower than the original issue price.  Modern silver proof sets have been made since 1992 and include dimes, quarters, and half dollars struck in 90% silver.  These sets are priced according to their silver content;  their cost went way up in early 2026 due to the huge increase in the spot price of silver.  Modern proof coins are beautiful and so perfectly made that many qualify for the ultimate Proof-70 grade at major grading services.  If you want super quality coins at a small price these sets will do the trick.  They are especially nice as gifts for novice collectors.  FNS typically purchases several dozen modern sets to be used as prizes in our Coin Safari activity for Young Numismatists, at our annual coin show. 

Classic proof coins issued before 1916 can be surprisingly available.  These proof coins were (obviously) made for collectors who typically took good care of them.  Many of the coins produced and sold have survived in high grade.  The (relatively) large population of available pieces means prices can be somewhat affordable, in some cases significantly lower than the cost of comparable mint state (business strike) pieces from the same years.  If you are looking for beautiful examples of classic type coins it can make sense to go for proof coins.

As of June, 2026 it is possible to buy some classic proof coins at what might be considered affordable prices.  A quick look at fixed-price listings from a major online dealer spots some potential bargains.  How about a beautifully toned 1899 Indian Cent graded Proof-65 red-brown, for $750?  An 1882 Three-cent Nickel in PCGS PR-66 will set you back $715.  An 1881 Shield nickel in NGC PR-66 is currently priced at $850.   An 1883 Seated Liberty silver dime in PCGS PR-63 can be yours for just $675.  These prices aren’t exactly cheap, but considering these are extremely high-quality collector coins well over 100 years old, they will appeal to many collectors.

Here is an example of classic proof coinage.  This is a three-cent nickel coin from 1884.  The devices all show white mint frost while the fields have clear mirrored surfaces.  The contrast between the dark-appearing fields and the white devices produces an effect called Cameo.  In general, the greater the contrast between fields and devices, the greater the eye appeal and potential value for a buyer.  This particular coin is graded PR-65 by PCGS.

In many cases a classic proof will give you a thrilling combination of beauty, quality, and that special “cool factor” that makes the piece irresistible.  Sometimes they can even save you money compared to a business strike example of the same date and type.  These are terrific coins that would grace any collection and are within reach of many collectors.  If you prefer high quality at a much lower price, modern proofs will fit into any collecting budget.  So, next time you are in the mood for some truly beautiful coins, take a look at the proofs!