As the United States shifted its industrial might to the war effort, the Federal Government closely evaluated its supply of strategic materials. Copper, which the Mint used for cents and alloyed with silver and gold for other denominations, was diverted to military use in 1943.

Likewise, the government redirected nickel, used to strike the Jefferson five-cent coin, in the spring of 1942, and it remained absent from coinage until the war ended in 1945. Manufacturers relied on nickel to build the P-51 Mustang and the B-29 Superfortress. In addition, its anti-corrosive properties made it ideal for constructing Navy ships and amphibious landing craft.

The Search for a Replacement Metal

As a result of these shortages, the United States Mint began searching for a replacement for nickel. However, this effort raised a familiar issue that had already surfaced during the transition from the Liberty Head Nickel to the Indian Head (Buffalo) Nickel: the new metal had to meet the needs of the vending machine industry.

Importantly, vending machines check not only a coin’s weight but also its electrical resistance. Therefore, any substitute for nickel in the five-cent coin needed to satisfy both requirements. Otherwise, tens of thousands of machines across the country would fail to recognize the new coins.

After several trials, metallurgists identified a suitable solution. They determined that an alloy of copper, silver, and manganese met both the weight and electrical specifications. Consequently, with the passage of the Act of March 27, 1942, Congress authorized the new “War Nickel” alloy.

Soon after, the Mint produced the first coins of this new composition in October of that year. As a result, five-cent coins entered circulation without their namesake metal, there was no nickel in the “nickel.” Notably, these wartime nickels marked the first use of silver in a five-cent denomination since the half dime was last minted in 1873.

How Can I Tell if I Have a War Nickel?

However, not every nickel struck in 1942 qualifies as a War Nickel.

Before Congress authorized the change on March 27, the Philadelphia and Denver Mints struck a combined 63,727,000 coins in the standard composition. After authorization, the Philadelphia Mint produced 57,873,000 wartime nickels for circulation, along with 27,600 Proof examples. Meanwhile, the Denver Mint did not strike additional nickels in 1942. In contrast, the San Francisco Mint produced 32,900,000 War Nickels after striking none earlier in the year.

To distinguish the new alloy coins from regular issues, the Mint introduced a clear visual marker. Specifically, it used oversized mintmarks.

Under normal circumstances, mintmarks for Denver and San Francisco appear as small letters positioned above the steps on the right side of Monticello, home of President and Founding Father Thomas Jefferson, on the reverse. In contrast, wartime nickels display a large mintmark above the dome of Monticello. Furthermore, to meet this requirement, the Mint used the “P” mintmark for Philadelphia coins for the first time.

After the war ended, the Mint resumed using the standard nickel composition. At the same time, it returned the “D” and “S” mintmarks to their original positions. Over time, approximately 870 million Jefferson War Nickels disappeared from circulation. In many cases, the public removed them, as often happens when “bad” money follows “good.” Eventually, collector interest in these unusual coins grew. Today, dealers frequently package and market sets of worn examples to beginning collectors.

Characteristics of the Jefferson War Nickel

Wartime nickels differ noticeably from standard Jefferson Nickels. For example, they typically appear brighter and often show stronger strikes. In addition, they tone similarly to 90% silver coins and sometimes display vivid iridescent colors. Collectors also frequently encounter examples with Full Steps details from this period.

However, not every coin meets high-quality standards. Because the wartime alloy did not always blend evenly, some coins exhibit lamination defects or irregular oxidation. Therefore, collectors building high-end registry sets should avoid coins with these impairments.

Jefferson War Nickel Varieties

Several collectible varieties exist. Notable examples include the 1943-P 3 Over 2, the 1943-P Doubled-Die Obverse, the 1943-P Doubled Eye, and the 1945-P Doubled-Die Reverse, along with other minor die variations.

In addition, the Mint produced several off-metal strikes. For instance, some 1942-P and 1943-P nickels were struck on copper-nickel planchets. Conversely, a few 1946 examples were struck on leftover silver-alloy blanks—a situation similar to the famous 1943 Bronze Cent.

Henning’s Folly

In the early 1950s, 1944 copper-nickel coins without the P mintmark were discovered in circulation, but these were determined to be counterfeits. CoinWeek contributing writer Tyler Rossi wrote an excellent piece on the Henning counterfeit 1944 nickels.

In-Depth Jefferson War Nickel Date Analysis by CoinWeek Notes

• 1943-S
• 1944-P

Design

Obverse:

The obverse displays a left-facing portrait of President and Founding Father Thomas Jefferson, who wears a coat and a wig representative of the period. Inside a flat rim is the motto IN GOD WE TRUST to the left of the portrait, and the word LIBERTY and the date to the right, the last two separated by a small centered five-point star.

Reverse:

The reverse shows an elevation view of the front of Jefferson’s Virginia mansion Monticello, with the word MONTICELLO below. Around the smooth rim are the motto E PLURIBUS UNUM at the top and the legend UNITED STATES OF AMERICA at the bottom; The denomination FIVE CENTS in smaller letters forms a concentric arc above STATES OF and below MONTICELLO. Wartime nickels were minted in Philadelphia, San Francisco, and Denver; P, S, and D mintmarks are located above the building, below E PLURIBUS UNUM.

Edge:

The edge of all Jefferson War Nickels is plain or smooth, without reeding or edge lettering.

Designer

Felix Schlag was born in Frankfurt, Germany in 1891. After receiving an education at the Munich University of Fine Arts, he moved to the United States in 1929. Schlag died in 1974. Yet while he did win numerous art contests and commissions throughout much of the remainder of his life, the Jefferson Nickel was his only coin design.

Coin Specifications

• Coin Type: Jefferson War Nickel
• Years of Issue: 1942–1945
• Mintage (Circulation): High: 271,165,000 (1943-P) … Low: 15,294,000 (1943-D)
• Mintage (Proof): 27,600 (1942-P only)
• Alloy Composition: 56% copper, 35% silver, and 9% manganese
• Weight: 5.00 grams
• Diameter: 21.20 millimeters
• Edge: Plain
• Designer: Felix Schlag

Additional References

• Bowers, Q. David. The Experts Guide to Collecting and Investing in Rare Coins. Whitman Publishing.
• A Guide Book of Buffalo and Jefferson Nickels. Whitman Publishing.
• A Guide Book of United States Type Coins. Whitman Publishing.
• Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.
• Guth, Ron, and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.
• Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.
• Yeoman, R.S., and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.

* * *

The post Jefferson War Nickel, 1942-1945 : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Why This Study Still Matters

Studying feeder mechanism die damage patterns from the early 20th century to the present creates real challenges. Researchers still lack complete, detailed information on press types and feeder mechanisms. In addition, mints often used  several types simultaneously. Therefore, readers should treat the following examples as representative of the mechanism most likely responsible for a specific pattern of die damage.

Feeder mechanisms perform a precise job. They transport, align, and position coin planchets into the striking chamber of a coining press. Then they help eject the coin after striking. However, high-speed press operation creates stress. Wear, timing issues, part misalignments, and other mechanical failures can cause the mechanism to malfunction. When that happens, the mechanism can strike the dies, causing die damage.

In this article, I summarize findings from a broader exploratory study [1] of various coin presses, their feeder mechanisms, and the die damage patterns that each mechanism most likely produced.

I provide this summary to create a more streamlined path for identifying the probable feeder mechanism behind a specific die damage pattern. Since the early 1900s, eight primary patterns of feeder-mechanism die damage have emerged. This article covers the final pattern in that series.

Pattern 2018 to Present

PATTERN 2018 to present: DIE SCRAPES, ORIENTED HORIZONTALLY OR AT AN ANGLE of 30°, 45° or 60° (±10°)

From Pusher Feeders to Dial Feeders

In 1966, Schuler filed for a patent that covered a Pusher Feeding device for a horizontal stroke press. The patent was issued in 1969. [2] Most likely, that pusher-style mechanism operated on the Schuler presses first installed at the Mint.

Later, Schuler applied for a Dial Feeder patent in Germany in 2015 and in the United States in 2018. [3] On March 14, 2018, in the United States, a patent was Assigned to SCHULER PRESSEN GMBH and was Applied for in the US on that date by L Schuler GmbH. As often happened in industry, a company likely began production and distribution of a piece of equipment once it filed the patent application.

Evidence from feeder mechanism die damage patterns strongly suggests that Schuler Dial Feeders entered production at the United States Mint in 2018. [4]

What the Schuler Dial Feeder Shows

The photo below shows the Dial Feeder Mechanism on a horizontal stroke Schuler Press. The white ellipse at left identifies the mechanism. The stationary feeder fingers attached to the indexing plate also stand out clearly. Just as importantly, the setup shows how the mechanism rotates a planchet into the striking chamber.

The following description explains the process in direct terms:

“Here is the dial feed plate with the feeding fingers (the grey Y parts). Each feeding finger is housing a blank. When the punch is going backwards the diel feed plate is moving one step and feeds a blank in front of the collar. One die is fix on the bed side. The other die is movable and is connected to the punch (slide side). The punch is moving forward, pushes the blank into the coining collar and the coin is struck.

The fixed (almost fixed) die on the bed side is moving a bit forward and pushes the blank out of the coining collar back to the feeding finger. When the dial feed blade is moving to another step a new blank is getting into strike position and the struck coins are falling down from the feeding finger into a conveyor belt.” [5]

What Changed After 2018

The Schuler press changed the evidence we see on coin dies. Between 2000 and 2018, collectors began to see feeder-applied struck-through features from time to time when the feeder mechanism used a pusher style. Those features resulted from a gritty paste that the feeder or ejector applied to the die face. Then, after 2018, those same features appeared much more often with the Dial Feeder Mechanism.

During this period, feeder mechanism die scrapes appear in several forms. However, many examples remain too short to prove with certainty that the dial feeder caused them. Even so, I have found no evidence that any other feeder type saw widespread use, or any use at all, after 2018. [6]

That point matters. It does not completely rule out the possible use of other press types after 2018. Still, the weight of the evidence points to the Schuler Dial Feeder as the dominant source behind this modern damage pattern.

The Key Takeaway

Collectors and error-variety specialists should pay close attention to horizontally oriented die scrapes and to scrapes that run at 30°, 45°, or 60° (±10°). Those marks fit the final major feeder mechanism die damage pattern in the long series that began in the early 1900s.

Moreover, the available evidence points to Schuler Dial Feeders at the U.S. Mint beginning in 2018. [4] As a result, this pattern offers an important diagnostic tool. It can help connect modern die damage to the feeder systems that likely produced it.

More Articles on Feader Mechanisims from Pete Apple

• Feeder Mechanisms and Die Damage Patterns (1896–1945)
• Feeder Mechanisms and Die Damage Patterns (1945–1990)
• Feeder Mechanism Die Damage Patterns (1990–2018)
• Feeder Mechanism Die Damage Patterns (2018 – Present)

CITATIONS

The post Feeder Mechanisms and Feeder Mechanism Die Damage Patterns, 2018 to Present appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek Notes …..

In the early 1930s, the United States suffered from a widespread economic depression that followed the 1929 stock market crash. The “Roaring Twenties” came to a grinding halt as millions of Americans found themselves out of work without prospects of finding a job.

The crisis was made worse by a series of severe agricultural disasters caused by land erosion and southern plains dust storms due to several years of drought combined with poor farming practices. Against this backdrop of human tragedy, the Treasury Department proposed to issue a coin to mark the 200th anniversary of George Washington’s birth.

Originally, the Treasury proposed to honor Washington with a commemorative half-dollar and held a design competition to find a suitable design. The contest rules stipulated that artists must base their designs on French sculptor Jean-Antoine Houdon’s classic bust portrait of Washington.

Houdon was considered one of the greatest European portrait sculptors of the latter half of the 18th century. Houdon’s piece was done in 1785 from a life mask of Washington he had taken during a trip to Mount Vernon, a visit promoted by Benjamin Franklin, whose portrait Houdon had sculpted in 1779. Houdon’s bust of Washington is on display at the Mount Vernon Visitor’s Center.

From the Washington Half Dollar 

Exercising its authority in coinage matters, Congress changed the denomination for the Washington commemorative from the half dollar to the quarter, but it was Treasury Secretary Andrew W. Mellon who most compromised the process. Mellon was a wealthy but controversial banker and industrialist in the early 20th century. He was a top art collector, but he was also known for his stubbornness. Mellon refused to accept the Laura Gardin Fraser design chosen by the Washington Bicentennial Commission not once but twice, instead favoring the submission of New York sculptor John Flanagan.

Mellon left his post in early 1932, but his successor, Ogden L. Mills, refused to change Mellon’s decision regarding the quarter. The Flanagan design was chosen and would be the quarter’s design from 1932 to 1998, and the obverse returned for only one year, in 2021.

To the Washington Quarter

Upon its release, the Washington design proved popular with the public. Instead of being a one-year commemorative issue as originally intended, production of the coin continued beyond 1932. This decision marked the end of Herman MacNeil’s Standing Liberty design.

Though Flanagan’s low-relief Washington Quarter design was easy to strike, the motto did not strike up well on the 1932 and early 1934 issues (no quarters were minted in 1931 or 1933), necessitating changes in the design to strengthen the impressions.

For the silver Washington Quarter, 1933 marked the only year that the United States Mint did not produce the coin. The coin was struck at all three active mints, and the mint mark denoting that the coin was struck at either Denver or San Francisco was located below the center of the wreath on the reverse.

The Mint Mark

This mint mark position would continue through to the end of the quarter’s production in .900 fine silver. In 1965, Congress changed the composition of the quarter to the copper-nickel sandwich metal used today.

With the exception of a few off-metal errors and silver Proof coins struck for sale to collectors starting in 1992, all Washington Quarters dated 1965 to the present are struck in clad, while all quarters struck from 1932 to 1964 are struck in silver.

The Silver Washington Quarter’s Certified Market

To date, more than 100,000 business strike Washington Quarters have been certified.. Prices are moderate for most issues through Premium Gem and even through Superb Gem for many dates. The low-mintage 1932-D is considered the series’ key, while the lower-mintage 1932-S is considered the series’ semi-key. Other valuable issues include the 1934 Doubled Die Obverse, 1935-D, 1936-D, the 1937 Doubled Die Obverse, the 1942-D Doubled Die Obverse and Doubled Die Reverse, the 1943 Doubled Die Obverse, the 1950 D over S and S over D, and 1964 Special Mint Set coins.

Thousands of Proof Washington Quarters have been certified by CAC, NGC, and PCGS, many as Cameo or Deep Cameo from the early 1950s onward. No Proof quarters were minted from 1932 through 1935 or from 1943 through 1949. Prices are modest for many dates, including Superb Gem. Higher-priced coins include Proofs from the 1930s and ’40s and Cameo and Deep Cameo examples from the early ’50s onward, some of which are very expensive at grades finer than near-Gem.

Silver Washington Quarter Date-by-Date Analysis

• 1932-D – Series Key Date
• 1932-S – Series Semi-Key

  

• 1934-D
• 1935-D
• 1935-S
• 1937 Proof
• 1950 Proof
• 1951 Proof
• 1958
• 1960
• 1960-D
• 1961-D
• 1962-D
• 1963 Proof
• 1963-D
• 1964 Proof

Condition Rarity Silver Washington Quarters

In this article from 2012, coin expert Greg Reynolds gives insights into collecting or investing in condition rarity silver Washington Quarters. When looking at several record auction prices for top pop coins and the efficacy of paying such lofty prices for coins that still have a sizable mintage from where to draw new high-end pieces. Greg even gets a dust-up of opinion from CoinWeek Editors and Coin Analyst Lou Golino over their positions. Worth reading.

Type B Proof Reverse Washington Quarters

Coin dealer Dr. Richard S. Appel wrote an informative series of articles about the Type B Proof Reverse and how it became a popularly-collected Washington Quarter variety.

• Part I: Type B Proof Reverse Washington Quarters, 1956-64: An Unprecedented Variety. Introduction to the nine-coin series.
• Part II: Type B Proof Reverse Washington Quarters, 1956-64: An Unprecedented Variety. Visual Attribution and remarks about the great silver melts of the 1970s-1980s.
• Part III. Type B Proof Reverse Washington Quarters, 1956-64: An Unprecedented Variety. Date-by-date analysis and collecting tips.

Retired coin dealer Fred Weinberg shares his incredible double-tailed Washington Quarter error in the video above.

CoinWeek Editor Charles Morgan breaks down the 1976 Bicentennial Quarter in this exclusive CoinWeek video titled On Collecting Bicentennial Quarters: Risks & Rewards.

Washington Quarter Design

Obverse:

On the obverse, a left-facing portrait of Washington dominates the surface. Above all, inside a flat rim is the word LIBERTY at the top, and the date at the bottom. Meanwhile, the motto IN GOD WE TRUST is placed to the lower left of Washington, with the words arranged in two lines. In addition, the designer’s initials JF appear on the right side at the base of Washington’s neck.

Reverse:

On the reverse, a centered eagle with outstretched wings rests on a tightly bound bundle of arrows. Notably, the eagle’s wings curve along the outer edges to form an arc concentric with the raised rim.

Furthermore, when we look between the wings and the rim around the top half of the coin, we see UNITED STATES OF AMERICA. Just below this, but still above the eagle’s head, is E PLURIBUS UNUM, also arranged in two lines.

Finally, the denomination QUARTER DOLLAR follows the rim at the bottom. Additionally, two short olive branches curve above the denomination but below the eagle, with leaves partially overlapping other design elements. Moreover, Silver Washington Quarters were minted in Philadelphia, Denver, and San Francisco; D and S mint marks are located below the crossed ends of the olive branches, above ER in QUARTER.

Edge:  The edge of the Washington Quarter is reeded.

Washington Quarter Varieties

Varieties include the 1934 Light Motto and Heavy Motto (“In God We Trust”); the 1934, 1936, 1937, 1942-D, and 1943 Doubled Die Obverses; the 1950 D over S and S over D; the 1953 Proof Doubled Die Obverse; and other minor die variations. The Cherrypicker’s Guide is a great resource for silver Washington Quarter variety collectors.

Additional CoinWeek Silver Washington Quarter Coverage

Coin Specifications – Washington Silver Quarter

Years of Issue: 1932-64
Mintage (Circulation): High: 704,135,528 (1964-D); Low: 408,000 (1932-S)
Mintage (Proof): High: 3,950,762 (1964); Low: 3,837 (1936)
Alloy: .900 silver, .100 copper
Weight: 6.25
Diameter: 24.30 mm
Edge: Reeded
Designer: John Flanagan

Additional References

• Bowers, Q. David. The Experts Guide to Collecting and Investing in Rare Coins. Whitman Publishing.
• A Guide Book of United States Washington and State Quarters. Whitman Publishing.
• A Guide Book of United States Type Coins. Whitman Publishing.
• Guth, Ron, and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.
• Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.
• Yeoman, R.S., and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.

The post Washington Quarter, Silver (1932-1964) | CoinWeek appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek Notes

Why This Scarce Denver $20 Gold Coin Still Matters

The Denver Mint struck 3,049,500 1924-D Saint-Gaudens Double Eagles. Yet most examples never reached collectors. Instead, Treasury officials held much of the mintage in reserve, then melted large quantities in the late 1930s. Meanwhile, foreign banks absorbed many of the survivors. Later, collectors and dealers repatriated those coins after the federal government relaxed restrictions on private gold ownership. Because institutions handled these coins as bullion, not as collectibles, many survivors show bag marks, chatter, and other signs of rough contact.

David Akers got the story right

David W. Akers captured the date well in his 1982 reference United States Gold Coins: An Analysis of Auction Records, Volume VI: Double Eagles, 1849-1933. He wrote: “The 1924-D is a scarce date, similar overall to the 1908-S, 1909-D and 1926-S. However, since most known 1924-D twenties are uncirculated, the date is not nearly as rare in Unc. as either the 1908-S or 1909-D.” More than four decades later, that judgment still holds up.

However, the 1924-D tells a more nuanced story in the highest grades. In CoinWeek’s April 2025 census, the date ranked 34th in certified survivors, while the 1908-S ranked 35th and the 1909-D ranked 33rd. Even so, the 1924-D turns tougher in Gem. PCGS also notes that the 1924-D looks roughly twice as scarce in Gem condition as the 1908-S and 1909-D.

As of April 2025, the combined CAC, NGC, and PCGS census showed just over 1,050 uncirculated grading events, with only 20 at MS65 and three at MS66. Moreover, the current PCGS population report, updated April 3, 2026, still shows three MS66 examples.

1924-D Saint-Gaudens Double Eagle market data and notable specimens

As of April 2026, the top-population snapshot showed PCGS at MS66 with three examples, NGC at MS66 with one example, and CAC at MS65 with two stickered coins and no CAC-graded MS65 examples. CoinWeek also noted that the PCGS, NGC, and CAC MS66 population had stayed stable since at least October 2024.

Finest-known and near-finest pieces

PCGS MS66 #16342339 Sold on August 26, 2025 at the Heritage  2025 August ANA US Coins Signature® Auction #1385 as Lot 3535 for $264,000.00

Important MS65 examples

PCGS MS65 #25070867– Heritage sold it  on January 12, 2023, Lot 3943, for $144,000. The coin shows a gash on Liberty’s right knee, two ticks under the L of LIBERTY, and a small gouge on Liberty’s torso. On the reverse, shallow hits appear on the sun. CoinWeek also listed the August 2014 Stack’s Bowers appearance separately as a passed lot.

PCGS MS65 #14787985 sold at Stack’s on May 14, 2009, Lot 298, for $57,500. Later, Heritage sold it on May 5, 2022, Lot 4093, for $144,000. The coin shows a tick across rays 5 and 6 plus two horizontal scratches above rays 7 and 8 and rays 9 and 10.

Why collectors still chase the 1924-D

Many Saint-Gaudens collectors can locate a Mint State 1924-D. However, truly impressive Gems still resist easy purchase. That tension drives the date’s appeal. On one hand, the coin survives in meaningful numbers. On the other hand, abrasions, weak detail, and institutional handling limit the supply of truly elite pieces. As a result, the 1924-D remains a classic condition rarity inside the series.

Design Elements

Obverse

The obverse shows Liberty in full length, facing forward. She holds an olive branch in her extended left hand and raises a torch in her extended right. She wears a long, flowing classical gown, or chiton, and her hair sweeps to the left. Rather than taking a full step, she appears to hold a poised stance, with her left foot resting on a large rock beside oak leaves. At Liberty’s right, near the bottom, the sun rises behind the U.S. Capitol. Its rays climb behind both the Capitol and Liberty to about waist height. LIBERTY arcs across the top, with the torch separating the I and the B. Forty-eight six-pointed stars circle the design just inside the flat rim. The date appears at lower right, and the ASG monogram sits below it.

Reverse

The reverse repeats the rising sun at the bottom. Its rays stretch upward behind a left-facing eagle in flight with uplifted wings. IN GOD WE TRUST arcs above the sun, with centered triangular dots between the words. UNITED STATES OF AMERICA curves along the upper border, while TWENTY DOLLARS appears below in a second arc. Centered triangular dots divide those words as well.

Edge

The edge carries E PLURIBUS UNUM in raised letters, separated by 13 raised stars.

Designer

Augustus Saint-Gaudens, who lived from 1848 to 1907, ranks among America’s greatest sculptors. He trained in Europe, worked in the Beaux Arts tradition, and created many major public monuments. Just as importantly for collectors, he worked with President Theodore Roosevelt to reshape American coin design. That partnership gave the nation two masterpieces: the Indian Head Eagle and the Saint-Gaudens Double Eagle.

Coin specifications

Country: United States of America
Year of Issue: 1924
Denomination: Double Eagle ($20 USD)
Mintmark: D (Denver)
Mintage: 3,049,500
Alloy: .900 gold, .100 copper
Weight: 33.436 g, often rounded to 33.44 g
Diameter: 34.00 mm
Edge: Lettered: E * PLURIBUS * UNUM * * * * * * * * * * *
Designer: Augustus Saint-Gaudens
Quality: Business Strike

The post 1924-D Saint-Gaudens Double Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek …..

Because of its cost and status as a key date, the 1916-D Mercury Dime attracts a devoted following even in the lowest grades. The Denver Mint struck the entire mintage of 264,000 coins after producing more than 6.5 million dimes with the Barber design. Officials released all of these coins into circulation in November of that year.

The term “circulation” matters here, as population data from CAC, NGC, and PCGS show that most surviving 1916-D dimes exhibit significant wear.

The table above expresses the certified population of low-grade, circulated 1916-D Mercury dimes at CAC, NGC, and PCGS. Keep in mind that the CAC data includes coins encapsulated by CAC as well as coins encapsulated by NGC and PCGS that also carry a CAC-approved sticker.

This data shows that roughly three-fourths or more of all certified 1916-D Mercury dimes fall into these lower grades. We can infer that a substantial amount of time passed between the coin’s mintage and the point when collectors pulled most surviving 1916-D dimes from circulation.

The 1916-D Mercury Dime Not Understood to Be Scarce Until the Late 1930s

Throughout his career, numismatist David Lange wrote extensively about how coin boards and albums expanded the popularity of coin collecting. Joseph Kent Post devised the first coin board in 1934 while working as an engineer for the Kimberly-Clark Corporation. He self-funded a small business that sold the boards in local and regional stores before selling the invention to Whitman Publishing. Whitman expanded Post’s concept and distributed coin boards, and later coin albums, nationwide.

Early coin board collectors quickly realized that locating a 1916-D Mercury dime, or a 1909-S VDB Lincoln cent, posed a greater challenge than finding other dates. However, a silver dime pulled from circulation after 10–15 years of use typically would not grade as low as AG3 to Fine. Instead, we must look to the explosion in coin collecting during the 1950s, when collectors across the country rushed to pull valuable coins from circulation and sell them for profit.

Following this logic, young collectors and aspiring dealers likely sought out and found 1916-D dimes in low grades. At the same time, a group of unscrupulous operators began adding D mintmarks to otherwise common 1916 Mercury dimes from Philadelphia.

The large number of surviving 1916-D dimes in grades AG3 to F10 reflects the entrepreneurial drive of a generation of paperboys and cashiers turned coin enthusiasts.

Before You Grade Circulated 1916-D Mercury Dimes, Authenticate

Always start the grading process with authentication. This step matters especially for coins like the 1916-D Mercury dime, which counterfeiters have frequently targeted.

Authentication becomes easier with Mint State coins because their design details remain fully visible. Heavily circulated coins offer fewer diagnostic features. At a minimum, check the coin’s size and weight, confirm that the remaining design elements match known specifications, and verify the position of the D mintmark. Even if a coin passes all of these checks, it will not command full market value unless a reputable third-party grading service guarantees its authenticity.

The Mercury dime measures 17.9 mm and weighs 2.5 grams when struck. In well-worn condition, a silver coin typically loses about 3–4% of its original weight. You should treat all raw 1916-D Mercury dimes with suspicion, especially if they weigh less than 2.4 grams in well-worn condition.

The 1916-D Mercury dime uses the same mintmark punch as the 1914-D Lincoln cent. In well-worn grades, wear often flattens the mintmark’s details, so you should examine it closely.

Grading Heavily Circulated 1916-D Mercury Dimes

Common Mercury dimes carry value well above face because of the silver content in their 90% silver planchets. At a silver spot price of $72.42 (as of April 2, 2026), a 90% silver dime contains about $5.24 in silver, roughly 52 times its face value. In the collector market, common-date Mercury dimes often sell for $8 to $12 in About Good to Good grades.

The 1916-D Mercury dime does not fall into the “common” category. Certified examples in AG3 condition regularly sell for between $800 and $1,000.

So how do professional graders decide whether a 1916-D Mercury dime qualifies as AG3 or VG10? Let’s break it down.

About Good (AG3)

An AG coin will be heavily worn. The rim will be almost completely gone and the flatness of the coin will encroach halfway into the letters. In this grade, the date may only be partially visible and the rim will be flattened to the point where it touches the base of the 6 (at a minimum). Liberty’s eyes and lips will be visible, but most of the detail on the cap and her hair will be worn flat. On the reverse, the mint mark may be worn down to the point where the opening inside of the D is indistinguishable from the raised part. The fasces will be worn flat and the branch will show a silhouetted outline but no fine details.

It is not unusual if coins in this grade exhibit stains or light circulation damage

Good (G4)

Wear along the rims stops at the beginning of the letters. Outlines of the wing on Liberty’s cap may show some soft detail, faint separation between Liberty’s jaw and neck will be visible. Separation of some of tips of the feathers will be visible and the indention at the curl of Liberty’s hair will be present (to the left of where her ear would appear, if visible). On the reverse, faint outlines of some of the fasces bands are visible along the edges. The leaves and the branch are less flattened than they appear in AG3, but lack detail.

It is not unusual if coins in this grade exhibit stains or light circulation damage

Good-6 (G6)

Coins graded G6 are a skosh better than those in the base grade of Good-4.

Letters and the date are now fully visible. There is separation between the rim (or what’s left of it) and the devices.

Sporadic hair and wing details are apparent. Nothing is consistent, detail-wise, at this grade.

Very Good (VG8)

1916-D Mercury dimes graded Very Good still appear well-worn, but they will exhibit more details than coins graded Good-6. Starting at the rims, Very Good Mercury dimes will have complete rims that show clear separation between the edge of the rim, the field, and the peripheral lettering. The date will be clearly separated from the rim.

The curvature of Liberty’s face is not much better defined, but the jawline is clearly defined. Feather and hair details will remain scant.

On the reverse, the pit in the D mintmark should be conspicuous. The fasces lines at the edges will be more visible, although not necessarily complete. The outline of the bands will start to show at the edges. Leaves appear to have more detail. At this grade, look for coins with pleasing color and blemish-free surfaces.

At this grade, examples sell for about twice the cost of a Good-4, so it’s a good idea to be able to tell the difference.

* * *

The post The 1916-D Mercury Dime : A Grading Guide from AG3 to VG8 appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Collectors enjoy the Franklin half dollar for many reasons. Some chase the famous “Bugs Bunny” pieces for their nickname and visual charm. Yet when specialists talk about the series’ most dramatic proof variety, they almost always return to one coin: the 1961 Proof Doubled Die Reverse Franklin half dollar. PCGS calls it one of the most dramatic, exciting, and valuable Franklin half dollars, while Stack’s Bowers has described it as the strongest known doubled die in the series.

Why the 1961 Doubled Die Reverse Matters

The 1961 Proof issue does not offer just one reverse-doubled die. Heritage notes that three different doubled die reverse varieties exist for the date. However, collectors overwhelmingly prefer FS-801. That major variety shows the boldest spread and commands the strongest premium. PCGS also warns collectors that other 1961 reverse doubled dies exist, but the important one shows strong doubling in E PLURIBUS UNUM, UNITED STATES, and HALF DOLLAR.

That bold spread explains the coin’s appeal. Many doubled dies require magnification.  On a strong example, a collector can see the separation with the naked eye. In fact, the reverse motto and denomination make the diagnosis easy, even for collectors who do not specialize in varieties. GreatCollections made the same point in its 2017 coverage of an NGC Proof-68 CAC example, and PCGS still highlights the same pickup points today.

What Collectors Should Look For

Start with the reverse. Then focus on E PLURIBUS UNUM first. Next, move to UNITED STATES and HALF DOLLAR. On FS-801, the letters show wide, clear separation. Heritage described that spread as especially strong along the left and lower margins of the lettering. That strength sets FS-801 apart from the lesser 1961 doubled-die reverses.

This variety also carries real registry weight. PCGS includes the Fivaz/Stanton varieties in its Franklin Half Dollars Complete Variety Set, Proof (1950-1963). That set currently lists 29 required items. So, registry-minded Franklin collectors do not treat the 1961 DDR as a curiosity. They treat it as a key slot.

Rarity Drives the Demand

No official mintage exists for the doubled-die variety itself. The Philadelphia Mint struck 3,028,244 proof Franklin half dollars in 1961 overall. Still, specialists have long believed that only a small portion left the Mint with the defective reverse die. GreatCollections reported in 2017 that numismatists speculated that perhaps 1,500 to 2,000 pieces escaped before Mint staff replaced the die. Today, PCGS estimates that roughly 1,000 examples survive across all grades, with about 370 pieces at PR65 or better.

That rarity explains the coin’s staying power. It also explains why advanced Franklin collectors and modern variety specialists continue to fight for premium pieces. Stack’s Bowers has called the coin “the king of the 20th-century Proof half dollar error varieties,” citing Rick Tomaska. That label fits the market behavior.

[Image Placeholder: Close-up of reverse lettering showing doubling in E PLURIBUS UNUM]

Registry Pressure Keeps Prices Strong

Lower-end examples still start high for a Franklin proof variety. Greysheet currently places the regular-proof FS-801 in a broad value range of about $495 to $15,840. Meanwhile, PCGS auction pages currently show guide values of about $3,150 in PR65, $5,000 in PR66, and $5,750 in PR67. In other words, collectors do not need a top-pop coin to spend serious money on this variety. They only need a problem-free example with strong eye appeal.

The top end climbs much faster. Heritage sold a PCGS PR66+ Cameo CAC example for $14,100 on November 1, 2016. Then Stack’s Bowers sold a PR68 example for $15,000 in November 2020. Those results confirmed the coin’s long-standing strength in elite grades.

Cameo and Ultra Cameo Coins Push the Ceiling Higher

Older discussions of the 1961 DDR often treated Cameo pieces as major rarities and Deep Cameo examples as unknown. That older language no longer tells the full story. Stack’s Bowers noted that Cameo pieces remained extremely rare and cited data showing that PCGS had awarded the CAM designation only four times in the source it used. Then GreatCollections handled an NGC Proof-67 Ultra Cameo CAC example in 2021 and described it as the only Ultra Cameo graded by NGC or PCGS at that time. NGC’s 2025 Registry Awards coverage still highlighted the 1961 Doubled Die Reverse as an Ultra Cameo rarity.

That upper tier now defines the modern market. PCGS Auction Prices currently lists $22,800 as the top recorded price for the variety, realized by a PCGS PR67CAM coin at Stack’s Bowers on June 16, 2023. By contrast, the base CoinFacts page still shows $15,000 as the auction record for a PR68 regular proof example. Those two figures do not conflict. Instead, they track different slices of the market, and together they show how strongly collectors reward cameo contrast on this issue.

A Historic Franklin Variety with Modern Momentum

The 1961 Proof Doubled Die Reverse Franklin half dollar still stands at the center of the variety conversation for the series. The reverse offers dramatic naked-eye doubling. It holds an important registry position. And issue itself combines rarity, visual impact, and strong auction history in a way that few postwar proof varieties can match. That mix keeps demand high. More importantly, it keeps the coin relevant every time the Franklin market heats up.

* * *

The post The 1961 Proof Doubled Die Reverse Franklin Half Dollar Still Rules the Series appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Only one example is confirmed. No duplicates. No near equals. Just a single survivor that bridges mystery, history, and elite collecting.

Now, after decades out of public sale, this PR65 Deep Cameo, CAC-approved treasure returns to the spotlight, carrying with it one of the most fascinating backstories in U.S. coinage.

A Nation in Transition: Why the Gold Dollar Mattered

The story begins in the aftermath of the California Gold Rush.

Gold flooded the economy after 1849. As a result, silver became more valuable relative to gold. Soon, the intrinsic value of U.S. silver coins exceeded their face value. Naturally, people hoarded and melted them.

Consequently, small change vanished from circulation.

To fix this, Congress reduced the weight of silver coins in 1853. At the same time, alternative denominations stepped in. Notably, the gold dollar and the silver three-cent piece helped fill the gap.

Demand surged. In 1854 alone, the Philadelphia Mint struck:

• 855,502 Type One gold dollars
• 783,943 Type Two gold dollars

However, there was a problem.

The coins were too small.

The Design Change, and an Overlooked Detail

Collectors and the public complained that gold dollars were easy to lose. Therefore, the Mint introduced the Type Two design mid-year in 1854.

The Liberty Head gave way to an Indian Princess portrait. The planchet became thinner but wider. This change improved visibility in everyday use.

Yet, while business strikes thrived, something else quietly happened.

Proof coin production nearly vanished.

The Forgotten Proof Era (1851–1854)

During the early 1850s, the Mint focused heavily on processing gold bullion. As a result, collector coins received little attention.

Moreover, the death of longtime Mint figure Adam Eckfeldt in 1851 removed a key advocate for preserving high-quality specimens.

A revealing 1852 letter from Mint official William E. DuBois confirmed the shift. He admitted that no effort remained to produce “master coins” or polished proofs.

Modern research supports this. Numismatist John Dannreuther concluded that:

• No gold proofs were likely struck from 1851 to 1853
• Proof production resumed in 1854, but at extremely low levels

For the 1854 Type One gold dollar, he estimates no more than two proofs were struck.

Today, only one survives.

The Mystery That Won’t Die

Where did this coin come from?

That question has puzzled experts for decades.

The Bremen Theory

Numismatist Walter Breen reported that a proof set was sent to Bremen, Germany, in 1854. In exchange, the Mint received foreign coins for its cabinet.

This set allegedly resurfaced in Europe after World War II. A proof gold dollar from that group appeared in Switzerland and was later seen at the 1975 ANA Convention.

Many believe this is the very coin offered today.

The Kline Sale Possibility

Another theory points to an 1855 auction by Moses Thomas & Sons. A complete 1854 “proof set” appeared there.

However, the catalog likely mislabeled ordinary Uncirculated coins as proofs. Most experts now dismiss this origin.

A Vanishing Act

Adding to the intrigue, dealer Wayte Raymond reported seeing a proof example before 1951.

Still, no firm chain of ownership exists before the 1980s.

In short, the coin’s early life remains one of numismatics’ greatest unsolved mysteries.

A Coin Reappears

The modern story begins in the early 1980s.

Dealer Lester Merkin displayed the coin at a convention in Los Angeles. It sat casually in a paper envelope—priced at $35,000.

Soon after, it appeared publicly for the first confirmed time:

Auction ’85 (Stack’s, July 1985), Lot 1874 and Sold for $68,750

The buyer: Harry W. Bass, Jr.

Since then, the coin has remained in the famed Bass Core Collection. Millions have seen it on display. Yet it has not returned to auction—until now.

A Closer Look: The Only Known Example

This specimen is graded PR65 Deep Cameo by PCGS and approved by CAC. Importantly, it stands alone:

• Population: 1
• None finer

The coin displays:

• Razor-sharp strike details
• Bold definition in Liberty’s hair and tiara
• Deep mirrored fields with frosted devices
• Rich yellow-gold surfaces with orange highlights
• Minor die file marks and traces of die rust confirm its authenticity and early Mint production methods.

Overall, eye appeal is exceptional.

A Record Waiting to Be Broken

The 1854 G$1 Type One PR65 Deep Cameo PCGS. CAC. JD-1 is Unique and was Sold by Heritage Auctions on Sep 29, 2022 for: $720,000.00

The current auction record for an 1854 Proof Type Two gold dollar belongs to a PCGS PR64+ example sold by Bowers and Merena auctions in 2009 for $218,500

Why This Coin Matters

This is not just another rarity.

It represents:

• A transitional moment in U.S. monetary history
• undocumented proof production era
• The singular survivor of a possibly two-coin mintage

Simply put, it is a coin that should not exist, yet does.

A Coin Lost, Found, and Still Unexplained

Imagine this.

A single gold coin leaves the Philadelphia Mint in 1854. It travels, possibly to Europe. It survives war, obscurity, and decades of uncertainty.

Then, it quietly reappears in a dealer’s case in Los Angeles.

No fanfare. No headlines.

Just a paper envelope holding one of the greatest numismatic treasures ever struck.

That is the magic of this coin.

And that is why, whenever it becomes available again, the world will be watching.

The post 1854 Proof Gold Dollar: The Unique Coin That Defies Explanation appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Over the past several years, numismatists have debated the status of Fugio Cents. Many collectors have asked a critical question: Do Fugio Cents represent the first regular-issue United States coins?

For decades, confusion has surrounded these coins. Some experts questioned whether contract coinage qualifies as a national issue. Others doubted whether Congress legally authorized the Fugio Cents at all. As a result, earlier references often labeled them as patterns rather than circulating coinage.

However, the historical record tells a different story. Today, experts, including PCGS, recognize Fugio Cents as regular-issue coins. In fact, PCGS has listed them as such for more than a decade. [SEE Listing at end of Article for an Stack’s Bowers Auction Listing that ends April 6th ]

A Shift in Numismatic Classification

Modern research confirms a clear conclusion: Fugio Cents were the first regular-issue coins of the United States.

Congress authorized these coins under the Articles of Confederation. Furthermore, the government contracted James Jarvis to produce them. These facts firmly establish their legitimacy.

Because of this evidence, PCGS now places Fugio Cents within regular-issue copper coinage. The service also identifies their denomination as one cent on holders. Still, PCGS continues to include them in the Colonial Set Registry as a nod to tradition.

Early Numismatic Authorities Recognized Fugio Cents

Numismatic scholars have long acknowledged the importance of Fugio Cents.

In 1860, James Ross Snowden described them as federal coinage. He also cited their authorizing legislation and contract production.

Then in 1875, Sylvester Sage Crosby called them “the earliest coins issued by the authority of the United States.”

And finally, in 1984, Walter Breen classified them as federal contract cents.

Despite this strong foundation, later confusion emerged. Eric P. Newman referred to them as “coppers” rather than cents in his updated work. Still, even Newman identified them as United States coinage.

Earlier researchers, including Breen, Don Taxay, Damon Douglas, and James Spilman, consistently called them cents. In fact, 19th-century auction catalogs used names like:

• Fugio Cents
• Franklin Cents
• Mind Your Business Cents
• Ring Cents

Why Proper Classification Matters

Today, many experts agree: Fugio Cents belong with regular-issue U.S. coinage.

Although modern editions of the Red Book list them under “Federal Issues – Contract Coinage and Patterns,” this placement still falls short. The coins deserve full recognition alongside other regular-issue coins.

This distinction matters. It affects how collectors study, categorize, and value these historic pieces.

Were Fugio Cents Legally Authorized?

Some authors have questioned whether Congress legally authorized Fugio Cents. However, the historical record provides a clear answer: Yes, Congress fully authorized them.

Under the Articles of Confederation:

• Article V established a representative Congress.
• Article IX required approval from at least nine states to coin money.

On April 20, 1787, Congress approved the Jarvis contract. Records show that representatives from 10 states attended and voted. Therefore, Congress met the legal requirement.

The official language, “Congress assembled” and “Resolved”, confirms that lawmakers formally approved the coinage.

Were Fugio Cents Actually “Cents”?

Critics often point out that Fugio Cents do not display a denomination. However, this argument does not hold up.

Many early U.S. coins lacked denominations, including:

• Half dimes
• Dimes
• Quarters
• Gold coins

Congress never required denominations to appear on coins. Instead, legislation defined each denomination by weight.

On August 8, 1786, Congress established the cent as:

• One hundredth of a federal dollar
• Equal to 2¼ pounds of copper per 100 cents

Therefore, any copper coin struck to that standard qualifies as a cent.

Jarvis confirmed this standard in his proposal. He agreed to strike coins at the federally mandated weight. This detail further supports their classification as cents.

[IMAGE SPACE]

Do the Weights Support the Classification?

Weight data from surviving coins shows variation. Some coins appear lighter than expected. However, this inconsistency does not invalidate their status.

Different studies produced conflicting averages:

• Bank of New York hoard: ~149.73 grains
• Private collections: ~151.2 grains
• ANS collection (uncirculated): ~153 grains
• ANS circulated coins: ~155.05 grains

Because these datasets conflict, they cannot determine the original standard.

Instead, government records provide reliable evidence.

Treasury documents show that officials valued Fugio Cents at the correct federal standard. For example:

8,968 pounds of coins equaled $3,985.77.  This calculation matches the legal standard.

Officials accepted the coins without objection. Therefore, they must have verified the weight.

Debunking the “Lightweight Coin” Theory

Some claim that Jarvis produced underweight coins to increase profits. This claim fails under scrutiny.

Jarvis received payment based on weight, not coin count. If he struck lighter coins, he would need to produce more pieces. That process would increase costs and reduce profits.

Therefore, the theory contradicts the contract itself.

Did Fugio Cents Circulate as Cents?

Another criticism focuses on circulation. Some argue that Fugio Cents did not circulate at one cent.

However, this argument also fails.

During the late 1780s, a “Copper Panic” disrupted circulation. This event affected all copper coins, including:

• Massachusetts cents
• Machin’s Mills halfpence
• British halfpence

Despite this disruption, collectors still recognize those coins by their denominations.

A coin’s denomination comes from legislation, not market behavior.

Are Contract Coins National Issues?

Some critics argue that contract coinage cannot qualify as national coinage. However, global examples prove otherwise.

Governments have long used private mints, including:

• British coins struck at Soho Mint
• Coins produced by the Royal Canadian Mint
• Contract issues from other national mints

All these coins count as official national issues.

Therefore, Fugio Cents should receive the same treatment.

Are Fugio Cents Federal Coins?

Some also claim that Fugio Cents cannot be federal coins because they predate the Constitution.

However, historical usage proves otherwise. At the time:

• The government called itself “federal”
• Newspapers used the term widely
• Later government reports confirmed this terminology

Thus, the term “federal” applies correctly to Fugio Cents.

The Mystery of the “Missing” Coins

A discrepancy exists between:

• Jarvis & Co. records: 11,910 pounds shipped
• Government records: 8,968 pounds received

Some researchers trust Jarvis’ figures. However, this approach creates problems.

Jarvis faced accusations of fraud and bribery. His records remained unaudited. In contrast, government accounts underwent official review.

Additionally:

• Government contract books recorded deliveries
• Jarvis never protested the figures
• He failed to challenge them in court

These facts strongly support the government’s numbers.

Conclusion: The Case for Fugio Cents as Regular-Issue Coins

The evidence leads to a clear conclusion:

• Congress legally established the cent denomination
• Congress authorized the Fugio Cent coinage
• Jarvis agreed to strike coins at the federal standard
• Government records confirm proper production and delivery
• The official mintage equals 398,577 coins

Therefore, Fugio Cents represent the first regular-issue United States coins.

They were:

• Federally authorized
• Properly denominated
• Struck and delivered as cents

It is time for all references to reflect this reality. Fugio Cents deserve full recognition as the foundation of United States coinage.

Presently For Sale:

The 1787 Fugio Cent pictured above, [Pointed Rays. Newman 18-U, W-6960. Rarity-3. STATES UNITED, 4 Cinquefoils. AU-53 (PCGS)]. is in the upcoming Stack’s Bowers Spring 2026 Collectors Choice Auction on April 6th. This is the Official Auction of the PCGS Trade & Grade.

* * *

For more information from PCGS, click on the image below.

* * *

The post Fugio Cents: The First Regular-Issue United States Coin appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek Notes

A New Era of U.S. Coin Design

The early 20th century marked a transformative period for United States coinage. During this time, the nation introduced some of its most celebrated designs.

In 1907, Augustus Saint-Gaudens debuted the $20 double eagle and the Indian Head $10 eagle. Soon after, in 1909, Victor David Brenner introduced the Lincoln Cent. This coin commemorated the centennial of President Abraham Lincoln’s birth and became the first circulating U.S. coin to feature a president.

Design innovation continued. In 1913, James Earle Fraser released the Buffalo Nickel. Then, in 1916, Adolph A. Weinman introduced both the Mercury Dime and Walking Liberty Half Dollar. That same year, Hermon A. MacNeil created the Standing Liberty Quarter.

Meanwhile, the Panama-Pacific International Exposition produced notable commemorative coinage. These included gold and silver issues designed by Charles E. Barber, George T. Morgan, and Robert Aitken.

Against this backdrop, President Theodore Roosevelt sought to improve the remaining gold denominations: the $2.50 quarter eagle and the $5 half eagle.

Replacing the Liberty Head Design

By 1908, the Liberty Head Quarter Eagle had circulated since 1840. Similarly, the Liberty Head Half Eagle dated back to 1839. Both designs required modernization.

Although Saint-Gaudens had begun work on these smaller gold coins, he died in 1907 before completing the designs. As a result, the Mint turned to Bela Lyon Pratt.

Pratt worked with Dr. William Sturgis Bigelow, a close associate of Roosevelt. Bigelow proposed a bold idea. Instead of raised designs, he suggested incuse relief, designs recessed below the coin’s surface, inspired by ancient Egyptian art.

Roosevelt approved the concept. Pratt completed the designs in January 1908.

A Groundbreaking Portrait

Pratt used the same obverse portrait for both the $2.50 and $5 gold coins. The image depicts Brulé Lakota Chief Hollow Horn Bear (March 1850 – March 15, 1913).

Importantly, the coin does not identify the figure by name. However, historical research supports this attribution. Therefore, Hollow Horn Bear represents the first real person, and the first living individual, depicted on a U.S. coin, although the Mint did not officially acknowledge this at the time.

On the reverse, Pratt adapted an eagle design inspired by Saint-Gaudens. The eagle stands on arrows intertwined with an olive branch, symbolizing both strength and peace.

Controversy Over the Incuse Design

The incuse format immediately sparked debate.

Supporters argued that recessed designs would reduce wear. However, critics raised concerns. For example, Philadelphia coin dealer Samuel H. Chapman strongly opposed the design.

Some critics claimed that recessed areas could collect dirt and spread disease. Others questioned the artistic choices or worried about counterfeiting and stacking issues.

Despite these objections, Roosevelt moved forward. The Mint implemented the design in 1908.

Production History

The Indian Head Quarter Eagle saw regular production from 1908 through 1915. After that, production paused for a decade.

The Mint resumed striking the coin in 1925 and continued through 1929. The series ended as economic conditions worsened following the stock market crash of 1929.

Collecting the Indian Head Quarter Eagle

Market Trends and Value

In recent decades, the Indian Head Quarter Eagle gained popularity among collectors. A strong two-way market supported this demand for a time.

However, a surge in newly graded coins eventually overwhelmed the market. As a result, prices declined. Numismatist Doug Winter discussed this correction in August 2017.

View more Individual Date profiles here:

• 1908

  

• 1909
• 1910
• 1911
• 1911-D
• 1912
• 1913
• 1914
• 1914-D
• 1915
• 1925-D
• 1926
• 1927
• 1928
• 1929

Today, these lower prices create opportunities. Many collectors now view the series as an accessible entry point into classic U.S. gold coinage.

Key Date and Rarity

The series includes one major key date: the 1911-D.

Collectors pursuing high-grade examples should expect significant costs. For instance:

MS64+ to MS65 examples typically range from $30,000 to $60,000
Higher-grade coins can exceed $150,000

In general, most dates remain affordable through MS64. However, Gem-quality coins (MS65 and above) are scarce. At the MS66 level and beyond, they become rare.

Counterfeits and Buying Advice

Collectors must exercise caution. The Indian Head Quarter Eagle ranks among the most frequently counterfeited U.S. gold coins.

Therefore, CoinWeek strongly recommends purchasing only certified examples from trusted grading services such as:

• CAC Grading
• Numismatic Guaranty Company
• Professional Coin Grading Service

Additionally, collectors should avoid “details” coins. Problem-free examples remain widely available.

Proof Coinage: Then and Now

The Mint produced matte Proof Indian Head Quarter Eagles from 1908 through 1915.

Here are two examples:

• 1912
• 1915

Today, experts report approximately 1,200 certified examples. However, this number likely includes resubmissions and crossovers.

At the time of issue, collectors did not favor the matte finish. Consequently, many Proof coins went unsold and were later melted.

Today, the situation has reversed. Collectors now value these coins highly. Even a single Proof example can serve as a centerpiece in a collection.

Design Details

Obverse

The obverse features a left-facing Native American chief wearing a full-feathered war bonnet. LIBERTY appears at the top, while the date sits below.

Six stars appear to the left of the portrait, and seven appear to the right. Pratt’s initials, B.L.P., appear below the portrait.

Reverse

The reverse depicts a standing eagle facing left. The bird rests on a bundle of arrows combined with an olive branch.

UNITED STATES OF AMERICA appears at the top, while the denomination, 2 1/2 DOLLARS, appears at the bottom. E PLURIBUS UNUM sits to the left of the eagle, and IN GOD WE TRUST appears on the right.

Incuse Features

Unlike traditional coins, all design elements appear recessed below the surface. Only the Denver mintmark rises above the field.

Edge

The coin features a reeded edge.

Varieties

The series includes one notable variety: the 1911-D Weak D.

This variety shows a faint or nearly invisible mintmark. Collectors generally avoid it because strong mintmark examples command higher premiums.

Specifications

• Years of Issue: 1908–1929
• Circulation Mintage:
• High: 722,000 (1913)
• Low: 55,680 (1911-D)
• Proof Mintage:
• High: 682 (1910)
• Low: 100 (1915; none after)
• Composition: 90% gold, 10% copper
• Weight: 4.18 grams
• Diameter: 18.00 mm
• Edge: Reeded
• Designer: Bela Lyon Pratt (obverse and reverse)Further Reading

Collectors interested in deeper study should consult standard references, including works by David Akers, Q. David Bowers, Walter Breen, Jeff Garrett, Ron Guth, and others. Allan Schein’s The Gold Indians of Bela Lyon Pratt offers a specialized study of the series.

CoinWeek wrote an essay about Alan Schein’s 2016 book on the series that is worth reading before you seek out the book.

The post Indian Head Quarter Eagle, 1908-1929 | CoinWeek appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

While silver bullion was pouring out of the nearby Comstock mines, United States Mint leadership in Washington, D.C. was facing a cost problem at the Carson City Mint and sought to shutter the branch as soon as practicably possible.

The explanation for why was given in the 1879 Mint Director’s Annual Report:

Nothwithstanding the fact that the mint at Carson City is located but a short distance from the productive mines of the Comstock Lode, higher prices were demanded for bullion deliverable at Carson than at San Francisco, and, in addition, the rates charged by the express company for transportation of silver dollars were higher from Carson than from San Francisco.

The Carson City Mint had ample amounts of silver on hand when Carson City Superintendent James Crawford received instructions on January 26 to wind things down.

The branch mint struck 546,000 silver dollars through March 1. From this point until June 30, the coining room lay dormant. When the order to resume work was given, an additional 210,000 dollars were struck, giving the issue a total mintage of 756,000 pieces.

Historic Pricing Data

Dealer Harry W. Bason of New Hyde Park, New York, offered 74 different date/mintmark Morgan Dollars in Brilliant Uncirculated in a February 1951 ad in The Numismatist, where he listed 1879-CC Morgan Dollars for $7.50 a piece. He also offered 1879-CC Morgan Dollars in “circulated condition” for $2.50 a piece.

Numismatic Gallery Inc. of Pikesville, Maryland, listed an MS65 example of the 1879-CC Morgan Dollar for $500 in a November 1974 ad in The Numismatist.

New York City dealer Charles M. Adkins offered a “Full Struck BU 65” example of the 1879-CC Morgan Dollar in his March 1978 ad in The Numismatist for $1,495. By October of that year, Adkins raised the price of the coin to $1,800.

* * *

Market Data and Noteworthy Specimens

The 1879-CC Morgan Dollar was not prominent in the GSA Hoard, as only 4,123 pieces were disbursed. It is the scarcest Carson City dollar of the 1878-1885 period.

Scarce in Gem (a condition rarity).

Top Population: PCGS MS66+ (2, 9/2025), NGC MS66 (1, 9/2025), and CAC MS66 (2:0 stickered:graded, 9/2025).

Clear Mintmark, 1879-CC

• PCGS MS66+ #36608661: Heritage Auctions, January 12, 2023, Lot 3776 – $192,000. Dark red and blue/black toning around the rim on both sides.
• NGC MS66 #3857377-001: Heritage Auctions, April 24, 2014, Lot 5643 – $64,625.
• PCGS MS65+ CAC PQ #36835740: “The Breezy Palms Collection,” Heritage Auctions, July 17, 2025, Lot 3068 – $40,800.
• PCGS MS65+ CAC #37287344: “The Shucart (JCS) Collection of Morgan Silver Dollars”, Heritage Auctions, September 5, 2019, Lot 3773 – $45,600. JCS Collection on insert. Deep hit between E and Liberty’s nose. Hit on eye brow. Black spot between N and U. On reverse, hit above eagle’s head. Scratches near CC mintmark.
• PCGS MS65+PL #04585088: “The Perfect Collection of DMPL/Prooflike Morgan Dollars, Part II”, Heritage Auctions, August 14, 2019, Lot 3780 – $66,000.
• PCGS MS65+ #36171576: Heritage Auctions, December 13, 2018, Lot 4205 – $48,000.
• PCGS MS65+ CAC #25240309: As NGC MS-65 #1616099-009. Stack’s Bowers, June 20, 2013, Lot 2055 – $38,187.50. As PCGS MS-65+ #25346850. Stack’s Bowers, March 2014, Lot 4042 – $32,312.50. As PCGS MS-65+ CAC #25240309. Heritage Auctions, December 4, 2014, Lot 3651 – $49,937.50. Crossed over to PCGS and upgraded one-half point. Tiny cluster of hits on chin and cheek. Planchet flaw at the top of the left wing.
• NGC MS65 #3271915-001: Heritage Auctions, August 7, 2014, Lot 5607 – $49,937.50. GSA Holder.
• PCGS MS65DMPL #6559862: “The Dr. Hoffnagle Collection of Morgan Dollars”, Heritage Auctions, January 12, 2005, Lot 30296 – $54,625. Frost on devices. Tinges of yellow discoloration. We question the eye appeal.

1879-CC  VAM-3 Morgan Dollar – Clogged Die

Top 100 Variety. Capped Mintmark. Also known as the Broken CC variety. Mintmark likely recut on the die after a small CC mintmark (the type used in 1878) was effaced so that the new large style mintmark could be used instead. Field around mintmark looks bumpy due to the presence of die chips caused by this repair.

Only slightly scarcer than Clear Mintmark variety.

• PCGS MS65+ #36577003: Stack’s Bowers, February 28, 2019, Lot 1093 – $52,800. In GSA holder. Brilliant. Scratch above branch on the reverse. Diagonal hit on eagle’s midsection. Tiny ticks on chin. Top Pop, Pop 1 in GSA holder..
• PCGS MS65 #13537358: “The Snake River Collection”, Heritage Auctions, August 11, 2010, Lot 3338 – $63,250. Thin scratch on cheek.
• PCGS MS65 #50106519: “The Jack Lee Collection, III”, Heritage Auctions, November 3, 2005, Lot 2287 – $51,750. Brilliant. Scuff on cheek. long hit on cap ball.
• PCGS MS64+DMPL CAC #46252560: Heritage Auctions, January 10, 2023, Lot 3777 – $120,000. Top pop, pop one at PCGS in DMPL. Black and white with deep cameo frost.

1879-CC Morgan Silver Dollar — Specifications

• Country: United States of America
• Year of Issue: 1879
• Denomination: One Dollar (USD)
• Mintmark: CC (Carson City)
• Mintage: 756,000
• Composition: 90% silver, 10% copper
• Weight: 26.73 g
• Diameter: 38.10 mm
• Edge: Reeded
• Designer: George T. Morgan
• Strike: Business Strike

* * *

Want more stories like this? Sign up for the CoinWeek newsletter and never miss a rare discovery, auction highlight, or collector deep-dive.

The post 1879-CC Morgan Dollar : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In 1919, Alabama marked the 100th anniversary of its admission to the Union as the 22nd state. Two years later, officials commemorated that milestone with the 1921 Alabama Centennial Half Dollar.

This coin stands out within the classic commemorative series. It reflects both a complex historical backdrop and a groundbreaking design choice—the inclusion of a living individual.

Alabama Statehood and Historical Context

Spain explored the region that became Alabama in 1540. France later established settlements in 1702 and claimed large portions of the interior. However, France ceded this territory to Great Britain in 1763 under terms that ended the Seven Years’ War.

A series of agreements between Native American nations, European powers, and neighboring colonies shaped Alabama’s boundaries. Spain relinquished its remaining coastal claims in 1819, clearing the way for statehood.

Alabama entered the Union on December 14, 1819, as the final slave state admitted before the Missouri Compromise.

Slavery, Civil War, and Reconstruction

During the 19th century, enslaved labor drove much of Alabama’s economy. At the start of the American Civil War, more than 45% of the state’s population was enslaved. Only Mississippi, Louisiana, and South Carolina reported higher proportions.

Alabama seceded on January 11, 1861, following a convention in Montgomery. The protection of slavery dominated political debate. Over 35,000 Alabamians died in the war, and more than 30,000 returned home wounded.

After the Confederacy collapsed, federal authorities placed Alabama under military control. The state regained representation in Congress on July 13, 1868.

Reconstruction brought limited gains. Freed people secured basic legal protections, but equality remained restricted. In 1874, George S. Houston led a political shift that restored conservative control. Lawmakers soon codified segregation, including a constitutional amendment in 1875 mandating separate schools.

Alabama in 1919: Change and Conflict

By 1919, Alabama had changed significantly. Hydroelectric power reached Birmingham in 1914 and expanded across the state over the next two decades. Mechanization improved agriculture, although the boll weevil infestation of 1915 caused severe losses.

At the same time, economic instability and racial tensions increased. The “Red Summer” of 1919 saw widespread violence across the United States, including high-profile incidents in Birmingham involving Black servicemen.

This combination of progress and unrest formed the backdrop for Alabama’s centennial celebration.

Authorization of the Alabama Centennial Half Dollar

In 1920, the Alabama Centennial Commission pushed for a commemorative coin. Congress initially considered a quarter dollar but amended the bill to authorize a half dollar. Lawmakers approved the measure on May 10, 1920, with a maximum mintage of 100,000 coins.

Marie Bankhead Owen led the commission and proposed early design ideas. These included images of the State Capitol and portraits of James Monroe and Woodrow Wilson.

The Commission of Fine Arts rejected those concepts, citing artistic concerns. Nearly a year passed before the project resumed.

A Revolutionary Design Featuring a Living Person

In 1921, Owen submitted a revised concept. The design paired the Alabama State Seal with portraits of two governors:

• William Wyatt Bibb (1819)
• Thomas Kilby (1919)

The final coin reversed the intended layout. The portraits appeared on the obverse, while the state seal motif appeared on the reverse.

This decision produced a historic first. The Alabama Centennial Half Dollar became the first U.S. commemorative coin to depict a living person, Governor Kilby.

Laura Gardin Fraser’s Contribution

Laura Gardin Fraser designed the coin. Her husband, James Earle Fraser, served on the Commission of Fine Arts and recommended her for the project.

Her design features:

• Overlapping busts of Bibb and Kilby
• Twenty-two stars representing Alabama’s place as the 22nd state
• A reverse eagle adapted from the 1868 state seal with the motto “HERE WE REST”
• Fraser’s initials “LGF” appear on the reverse.
• The “2×2” Variety and Its Meaning

James Earle Fraser also suggested adding a special mark to increase sales. The commission approved the idea.

On select coins, a “2×2” symbol appears in the obverse field. George T. Morgan added this mark to the working hub.

Despite common assumptions, the symbol does not represent multiplication. Instead, the central character reflects the diagonal cross of Saint Andrew, as seen on the Alabama state flag.

Mintage Figures and Distribution

Scholars continue to debate exact production totals. However, widely accepted figures include:

• 6,006 “2×2” coins struck, including six assay pieces
• 64,038 plain coins struck, with 38 assay pieces
• 5,000 unsold coins melted, resulting in a net mintage of 59,000 plain coins

The U.S. Mint released the coins on October 26, 1921, during Warren G. Harding’s visit to Birmingham.

Eyewitness accounts differ on whether the “2×2” pieces appeared first. Contemporary reports indicate that buyers initially received only plain examples.

Collecting the Alabama Centennial Half Dollar

Most Alabama halves entered circulation, especially during the Great Depression. As a result, collectors often encounter examples in Extremely Fine (XF) or About Uncirculated (AU) condition.

Strike and Grading Characteristics

Many coins show weak strikes. Collectors should examine key areas carefully:

• Luster remains on Kilby’s ear and the eagle’s breast on Mint State coins
• Wear appears first on Kilby’s cheek and the eagle’s neck and wing edges
• Die clash marks may appear behind Kilby’s head; these originate at the Mint and do not reduce value

Rumors of Matte Proof examples exist, but researchers have not confirmed any such pieces.

Market Values and Population Data

Third-party grading data provides additional insight:

• NGC reports 2,089 grading events for plain coins and 1,793 for “2×2” examples
• PCGS reports 2,695 plain and 2,461 “2×2” submissions

These totals likely include resubmissions and crossovers.

Current Market Ranges

Recent sales indicate:

• MS63: approximately $350
• MS65: $600–$700
• MS67: $10,000 or more

The “2×2” variety often commands about a 20% premium up to MS67. At the highest grades, plain coins sometimes bring stronger prices due to condition rarity.

Collectors generally prefer:

• MS63–MS64 for budget sets
• MS65 and above for premium collections

Design Specifications

Obverse: Jugate busts of Bibb and Kilby, surrounded by stars and inscriptions.

Reverse: Eagle from the Alabama State Seal with “HERE WE REST”

Specifications:

• Country: United States
• Year: 1921
• Denomination: Half Dollar
• Mint: Philadelphia (no mintmark)
• Composition: 90% silver, 10% copper
• Weight: 12.5 grams
• Diameter: 30.6 mm

Legacy of the Alabama Centennial Half Dollar

The Alabama Centennial Half Dollar marked an important shift in commemorative coinage. It introduced new marketing strategies, including special varieties, and expanded design possibilities.

Most importantly, Laura Gardin Fraser’s work elevated the artistic quality of American commemoratives. Her later contributions, including the Oregon Trail Memorial Half Dollar, reinforced her reputation as one of the most accomplished coin designers of her era.

* * *

The post The 1921 Alabama Centennial Half Dollar 2×2: History, Design, and Value appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The 1915-S Panama-Pacific Exposition Quarter Eagle holds a unique place in American numismatics. It is the first $2.50 gold commemorative coin ever issued by the United States Mint. More importantly, it reflects a moment when the nation celebrated one of its greatest engineering achievements, the completion of the Panama Canal.

Struck at the San Francisco Mint, this issue remains one of the most historically significant gold commemoratives of the early 20th century. Today, collectors value it for both its symbolism and its relative scarcity in top condition.

The Panama-Pacific Exposition and Its Purpose

In 1915, San Francisco hosted the Panama-Pacific International Exposition. The event celebrated the opening of the Panama Canal, which transformed global trade routes. It also marked San Francisco’s recovery from the devastating 1906 earthquake.

To commemorate the occasion, Congress authorized a series of special coins. President Woodrow Wilson signed the enabling legislation on January 16, 1915. Among the authorized issues was the quarter eagle, with a maximum mintage of 10,000 coins.

Mintage, Sales, and Meltings

Production took place in June 1915 at the San Francisco Mint. In total, 10,017 pieces were struck, including 17 coins reserved for assay purposes.

Despite the historical significance, sales disappointed.

The coins sold for $4.00 each at the exposition. Distribution was managed by noted numismatist Farran Zerbe, who featured them in his “Money of the World” exhibit. However, public demand did not meet expectations.

As a result, 3,251 unsold coins were returned to the Mint and melted in late 1916. This reduced the final net distribution to just 6,749 pieces.

Although many surviving examples remain in Mint State, Superb Gem coins are rare. Therefore, the issue becomes significantly more elusive at the highest grading levels.

Artistic Design and Symbolism

The coin showcases the work of two legendary U.S. Mint engravers: Charles E. Barber and George T. Morgan. Their combined effort produced a design rich in symbolism.

Obverse: Columbia and the Oceans

Charles E. Barber designed the obverse. It features Columbia, a classical symbol of the United States, riding side-saddle on a hippocampus. This mythical sea creature represents the union of the Atlantic and Pacific Oceans through the Panama Canal.

Columbia holds a caduceus in her left hand. This element symbolizes the medical advances that made the canal’s construction possible, particularly the fight against yellow fever and malaria.

Reverse: The American Eagle

George T. Morgan created the reverse. It depicts a heraldic American eagle with raised wings. The eagle stands on a military standard bearing the inscription “E PLURIBUS UNUM.”

At the time of release, some critics questioned the design. In fact, a few observers remarked that the eagle appeared to perch on a “street sign.” Nevertheless, modern collectors often appreciate the coin for its bold and distinctive imagery.

Technical Specifications

• Denomination: $2.50 (Quarter Eagle)
• Composition: 90% gold, 10% copper
• Weight: 4.18 grams (0.12094 oz pure gold)
• Diameter: 18 mm
• Edge: Reeded
• Mintmark: “S” (San Francisco), located to the left of the date

Collecting the 1915-S Quarter Eagle Today

The 1915-S Panama-Pacific Quarter Eagle offers a compelling combination of historical importance, artistic design, and controlled mintage. While many examples survive in Mint State, the issue becomes increasingly scarce in higher grades.

Collectors often pursue this coin as part of a broader Panama-Pacific commemorative set. Others seek it as a standalone type coin, given its status as the only $2.50 gold commemorative of its era.

A Coin That Captures a Turning Point

The Panama Canal changed the world. It shortened trade routes and strengthened global connections. The 1915-S quarter eagle captures that achievement in gold.

At the same time, the coin reflects the realities of early commemorative programs. Even with strong symbolism, sales struggled. Yet, that limited distribution now enhances its appeal.

In the end, the 1915-S Panama-Pacific Quarter Eagle stands as both a historical artifact and a numismatic milestone, a coin that continues to tell the story of American ambition and innovation.

The post 1915-S Panama-Pacific Quarter Eagle: America’s First $2.50 Gold Commemorative appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

If you have ever wondered how coins behave beyond Earth, this story will capture your attention. Even more, it highlights a real coin that now sits on another planet.

A Numismatic Journey Beyond Earth

Coins have traveled into space before. However, very few remain there permanently. One of the most fascinating examples is a 1909 V.D.B. Lincoln Wheat cent. Today, that coin rests on Mars.

Meet “Mars Guy” and the Mission

Dr. Steve Ruff, also known as Mars Guy, brings this story to life. He serves as an Associate Research Professor at Arizona State University. Moreover, he specializes in Martian geology and has extensive experience studying Mars.

Through his YouTube channel, created in collaboration with NASA’s Infiniscope project, Dr. Ruff explains the Perseverance rover and Ingenuity helicopter missions. His approach stands out. He simplifies complex science into short, clear explanations. In addition, he often uses himself for scale, which makes the visuals easier to understand.

Why a 1909 V.D.B. Lincoln Cent?

On January 19, 2025, Mars Guy released a video that caught the attention of both scientists and collectors. The video focused on a Philadelphia Mint 1909 V.D.B. Lincoln cent used on Mars.

NASA selected this coin as a camera calibration target for the Mars Hand Lens Imager (MAHLI) aboard the Curiosity rover. Scientists have long used coins for scale and calibration in geology. Therefore, the choice made practical sense.

However, the selection also carried historical meaning. Imager Principal Investigator Kenneth Edgett chose the coin because it was struck exactly 100 years before the rover’s planned 2009 launch. Although the mission faced delays and launched in 2011, the symbolism remained strong.

Landing on Mars and First Images

The Curiosity rover landed in Gale Crater in August 2012. Soon after, on September 9, 2012, the rover captured the first image of the Lincoln cent.

At that time, the coin already showed signs of its new environment. Dust from the landing covered parts of the surface. Even so, the design remained visible.

A Decade of Martian Exposure

Over the next decade, the coin experienced conditions unlike anything on Earth. Mars exposed the cent to:

• Extreme cold temperatures
• Repeated dust accumulation and cleaning cycles
• A global dust storm strong enough to disable the Opportunity rover

As a result, the coin now tells a unique environmental story. Each layer of dust and each exposure event adds to its history.

A New Frontier for Coin Grading?

This unusual situation raises an interesting question. How would a professional grader evaluate a coin that has spent years on Mars?

The 1909 V.D.B. cent shows clear environmental changes. Therefore, grading companies may one day need to define standards for off-world environmental damage. Future missions could even create a new category of collectible coins shaped by extraterrestrial conditions.

Numismatics Meets Areology

This story blends two worlds. On one hand, it appeals to coin collectors fascinated by a key-date Lincoln cent. On the other, it draws in those interested in planetary science.

In the end, you may start watching for the numismatics. However, you will likely stay for the areology, the study of Mars itself.

* * *

Want more stories like this? Sign up for the CoinWeek newsletter and never miss a rare discovery, auction highlight, or collector deep-dive.

The post A Visual History of the 1909 V.D.B. Lincoln Wheat Penny on Mars appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The Panama-Pacific Exposition ranked among the largest and most popular world fairs, drawing millions of visitors over several months. Earlier expositions had taken place in the western United States, including the 1905 Lewis and Clark Expo in Portland, Oregon, but no world’s fairs had occurred west of St. Louis. Organizers did not consider the Lewis and Clark Exposition a true world’s fair.

The West Wants a World’s Fair

The 1906 earthquake devastated San Francisco, but nearly a decade later, the city sought to showcase its revival and growth after the region recovered. World’s fairs resemble large circuses that stay in one place, but they require far more complex logistics and financing. Organizers typically keep these events open to the public for months, while construction takes several years beforehand and demolition can require another year afterward.

Two key themes connect the first five expositions covered in my recent series: remarkable cooperation and strong support from countless individuals, companies, and government entities. These groups drove the success of each event. Thousands of people contributed, and planners often began their work years in advance.

The postcard pictured above helped solicit support for a potential Panama-Pacific Exposition. It featured two messages: “Do It Now!” and “Get your congressman to vote for San Francisco-1915.” Someone mailed and postmarked it from Woodland, California, to Blacks Station, California, in 1910, five full years before the fair.

Organizing the Exposition

Although San Diego already hosted another fair, organizers in San Francisco quickly built momentum for their own exposition. Builders undertook major construction projects to create the grounds and facilities, complete with lavish buildings and landscaped areas. Planners also addressed what would happen after the fair, often intending to remove most buildings and structures.

Beginning with the Columbian Exposition, builders used a construction method known as “staff” for many of the largest buildings and structures. This material, similar to concrete, combined plaster, cement, and jute fiber and lasted for the duration of the fair without serving as a permanent solution. Others described staff as a mixture of plaster of Paris and hemp fibers applied over a wooden frame.

Although builders intended some structures to remain, such as the New York State Building at the 1901 Pan-American Expo in Buffalo, New York, they designed most buildings and fairgrounds for temporary use. After each fair ended, crews returned the grounds to their original state or repurposed the land. The use of staff significantly reduced construction costs and made demolition faster and easier.

Panama-Pacific Commemorative Coins

The Panama-Pacific Exposition commemorative issues represented the pinnacle of classic U.S. commemorative coin production. The San Francisco Mint struck a $2.50 gold quarter eagle, two $50 gold coins, one round and one octagonal that echoed Gold Rush-era slugs, a commemorative half dollar, and a gold dollar. Numismatic promoter Farran Zerbe offered the complete five-coin set and provided specially made holders that collectors still prize today.

The United States Mint-issued coins for the Panama-Pacific Exposition include:

• PCGS #9357 – 1915-S Panama-Pacific Half Dollar
• PCGS #7449 – 1915-S Panama-Pacific Gold Dollar
• PCGS #7450 – 1915-S Panama-Pacific Quarter Eagle
• PCGS #7451 – 1915-S Panama-Pacific $50 Round
• PCGS #7452 – 1915-S Panama-Pacific $50 Octagonal

Medals from the Panama-Pacific Exposition

Like earlier fairs and expositions, organizers produced medals and tokens for the Panama-Pacific Exposition alongside the official U.S. Mint coin issues.

Many people overlook the problems and delays that affected production of the Panama-Pacific commemorative coinage. The Mint did not offer the coins for sale when the fair opened. Weeks, and even months, passed during the event without commemoratives available for purchase. As a result, sales fell short of expectations, and visitors often chose other souvenirs, such as medals or tokens.

The U.S. Mint created a single official Panama-Pacific Expo medal design, which collectors list among So-Called Dollars as:

• PCGS #513227, HK-399 – Silver $1; $1.50 or $2 Swoger (Rarity-5)
• HK-400 – Bronze 25 Cents (R-4)
• PCGS #514203, HK-401 – Gilt 50 Cents (R-4)

American sculptor Robert Aitken designed the official commemorative medal, and the Department of Official Coins and Medals sold it under the direction of Farran Zerbe. Workers struck these medals at the Mint Exhibit on the fairgrounds, where A.W. Downing of the Philadelphia Mint operated the press. As they had at the St. Louis and Portland expositions, staff offered mounting or added a loop to the medals for a small additional charge.

Aitken’s design for the Panama-Pacific official medal ranks among the most attractive U.S. Mint commemorative medal designs. His talent also stands out on the 1915-S Panama-Pacific $50 Round and Octagonal coins, both of which he designed. Collectors also value his work on the 1921 Missouri Commemorative Half Dollar and the 1935 and 1936 San Diego Commemorative Half Dollars for the California Pacific International Exposition.

The So Called Dollars

The Panama-Pacific Exposition also featured additional medals, including So-Called Dollar numbers HK-402 through HK-425. Collectors often refer to many of these pieces as State Fund Dollars. Individual states that participated in the exposition sponsored these medals and sold them in advance to raise funds for their exhibits. Most states sold the medals for $1 and struck them in bronze, though some issued pieces in other metals.

The State Fund Dollar series includes issues from Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Montana, North Carolina, Oregon, South Carolina, and Tennessee. These medals span HK-402 for Alabama through HK-413a.

Another group of So-Called Dollars Medals are called Exposition State Medals and comprise HK-414 through HK-416a. Several of these impressive medals share the Tower of Jewels motif and/or a ship passing through the completed Panama Canal as the central designs.

Several other Panama-Pacific Exposition So-Called Dollars offer interesting designs, including the Exposition City, Baroque Shield, Four Portraits, and U.S. Expositions types, which span HK-417 through HK-422. Among the most intriguing pieces, two octagonal designs echo one of the most iconic Territorial $50 gold issues. Collectors identify the Type One pieces as HK-423 and HK-424 in gilt, while HK-425 represents the Type Two example, also struck in gilt. Collectors prize both types for their distinctive octagonal shape.

• PCGS #643928, HK-423 – Silver Plated (R-8)
• PCGS #643929, HK-424 – Gilt Bronze (R-6)
• PCGS #803593, HK-424b – Gilt Bronze Uniface NL in So-Called Dollars book
• PCGS #643930, HK-425 – Gilt Bronze (R-6)

Irvine & Jachens of Daly City, California, produced these medals using oreide, a commercial bronze alloy.

HK-1030 is a Panama-Pacific Medal listed in So-Called Dollars as a “gold dollar” and issued by coin dealer Thomas Elder, who had the medal struck in 1910 in anticipation of the exposition. This 19-millimeter gold Proof medal was privately made by a New York City jeweler named H. Kroll.

Other Panama-Pacific Expo Souvenirs

The big attraction of the Panama-Pacific Exposition was the Tower of Jewels, an edifice covered with thousands of faceted crystals. Its reflectivity and brilliance was enhanced by crystals in multiple colors. Batteries of searchlights magnified the Tower of Jewels’ gorgeous spectacle at night. Visitors left the exposition with a sense of awe having never before experienced color and light in such amazing clarity. In many ways, the Tower of Jewels was the first true “light show” of the 20th century.

Visitors to the fair were treated to many intriguing sights and sounds, as well as new technologies and products. Many visitors were Californians, but scores of others traveled substantial distances and made arrangements for accommodations while traveling and visiting the fair. How did one make reservations for both the travel and the stay in 1915?

How to Get There

Logistics for personal travel in 1915 were quite daunting. The Travelers Hotel Guide was a 20-page advertisement focusing on the potential attendees for both the Panama–Pacific Exposition in San Francisco and the Panama-California Exposition being held in San Diego. Basically this is an early letter of credit one could present when traveling to not only secure lodging but also cash personal checks. The guide lists hundreds of participating hotels across the U.S. in 1915.

Postcards from the fair were immensely popular. After all, bragging rights are a big deal. No kidding, the social media of the day were postcards. With very inexpensive postage (one cent domestic, two cents international!), an interesting subject, and space to write a small personal message, this was the preferred medium of exchange in 1915.

The Panama-Pacific Exposition was a great success. The coins and medals struck for the fair are some of the most iconic of the U.S. commemorative coin series. The locale of the event, too, is historic, with the five expo-related coins being the first U.S. commemorative coins struck at the San Francisco Mint.

Eleven years would pass before another major exposition was held, this time in Philadelphia for the United States Sesquicentennial (150th anniversary) in 1926.

* * *

For more information from PCGS, the sponsor of this article, click on the image below.

* * *

The post 1915 Panama-Pacific Exposition Coins and Medals From the U.S. Mint appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

This guide delivers the definitive, fact-checked reference for collectors and researchers.

A Coin Born for a Ceremony

On May 25, 1870, officials laid the cornerstone of the second San Francisco Mint during a widely reported Masonic ceremony. Mint officials prepared a copper casket filled with all coins stuck at the Mint in 1870 in addition to artifacts. Among them, supposedly, was a specially struck 1870-S $3 gold coin.

This piece did not come from regular production. In fact, the San Francisco Mint had not struck $3 gold coins since 1860, and never would again.

Therefore, this issue exists outside the normal series.

How the Coin Was Made

In December 1869, Philadelphia shipped two pairs of 1870-dated $3 gold dies to San Francisco. However, those dies lacked a mintmark.

Joseph Breck Harmstead, the Mint’s coiner, took matters into his own hands. He engraved the “S” mintmark directly into one die. Then, he struck at least one coin for placement in the cornerstone.

Most researchers agree on that point. However, debate begins immediately after.

One Coin or Two? The Great Mystery

For decades, collectors believed the cornerstone coin was the only example. Then, everything changed in 1907.

Dealer H.T. Van Camp advertised a second specimen in The Numismatist, describing it as:

“A coin all alone by itself… never before in the market.”

This discovery stunned the hobby.

The ad drew the attention of future Treasury Secretary William H. Woodin, who purchased the coin. When the piece was sold from his collection in 1911, it was suposedly accompanied by a “note” stating that 1870-S $3 Princess was a duplicate of the piece contained in the cornerstone of the San Francisco Mint.

In March 2004, numismatic researchers Nancy Oliver and Richard Kelly uncovered a document from the United States Mint confirming details of the creation of an 1870-S $3 gold coin and its placement in the second San Francisco Mint building’s cornerstone.

Other have tried to clarify the story about Woodin’s “Note”, suggesting Harmstead likely struck a second coin and gave it to his niece, Georgine, along with a letter explaining its origin.

That letter has never surfaced; No original, No copy.

Because of this, uncertainty remains. Most experts believe only one coin ever existed, while others accept that two were struck, one now lost or missing from the cornerstone.

The Missing Cornerstone Coin

The original coin was reportedly placed inside the San Francisco Mint cornerstone, and even suggestions that the cornerstone may have been opened at some point. Strikingly, these same accounts claim no 1870-S $3 gold coin was found inside.

In fact, the cornerstone of the Old San Francisco Mint (the “Granite Lady” at 5th and Mission Streets) has never been officially located, opened, or examined, despite records indicating it was laid with great ceremony on May 25, 1870.

If true, this raises a critical question:  Does the “missing” coin still exist somewhere?

No confirmed answer is available today, and this seems like numismatic fantasy rather than factual speculation.

The Eliasberg-Bass Specimen

The only confirmed example, the one collectors recognize, traces an extraordinary path through numismatic history.

Provenance Highlights

• H.T. Van Camp (circa 1907)
• William H. Woodin (future U.S. Treasury Secretary)
• Waldo Newcomer
• “Colonel” E.H.R. Green
• B. Max Mehl and Abe Kosoff (dealers)
• Louis E. Eliasberg, Sr. (1946–1982)
• Harry W. Bass, Jr. (1982–present collection)

This pedigree reads like a who’s who of American coin collecting.

In 1982, the coin sold for $687,500, then a record for a U.S. gold coin. In 2023, it realized $5.52 million, confirming its elite status.

Today, collectors can view it at the American Numismatic Association’s Money Museum.

Condition and Appearance

The coin grades approximately Extremely Fine to About Uncirculated. However, it shows clear impairments:

• Evidence of jewelry use
• Surface cleaning
• A scratched “893” on the reverse

The meaning of “893” remains debated. Some researchers suggest it references gold fineness. Others, including experts like Doug Winter, reject that theory.

No definitive explanation exists.

A Controversial “Second Specimen”

In 2012, a Georgia auction firm claimed to have discovered another 1870-S $3 gold coin. The story drew national attention and multimillion-dollar estimates.

However, the coin lacked authentication.

Experts quickly raised concerns. Ultimately, the coin never sold, and its authenticity remains unproven.

As a result, the hobby continues to recognize only one confirmed specimen.

Why This Coin Matters

The 1870-S Three Dollar Gold piece ranks among the most important U.S. coins ever produced. It holds a place in Jeff Garrett’s 100 Greatest U.S. Coins and represents the ultimate prize for $3 gold specialists.

Yet, it also tells a deeper story.

It reflects Mint improvisation in the 19th century, reveals gaps in official records and highlights how individual actions, like Harmstead’s, can shape numismatic history

Above all, it remains a coin that no collector can realistically own.  And that only adds to its mystique.

Coin Specifications

• Denomination: $3
• Date: 1870
• Mintmark: S (San Francisco)
• Composition: .900 gold, .100 copper
• Weight: 5.015 grams
• Diameter: 20.5 mm
• Edge: Reeded
• Designer: James B. Longacre

Final Thoughts

The 1870-S Three Dollar Gold coin stands at the intersection of rarity and legend. It challenges researchers. It fascinates collectors. And it continues to raise new questions more than 150 years after its creation.

Even now, its full story remains unfinished.

The post The 1870-S Three Dollar Gold Coin: The Ultimate Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.