What Gives a Coin the “Wow” Factor?

By Doug Winter – RareGoldCoins.com ……

At shows or while viewing auctions, I look at a lot of coins. Most leave no impression. Some make me pause for a moment before I resume scanning the next case or catalog page. And then there are a few that stop everything.

I multitask constantly. However, every so often, a coin breaks through the noise. Then stop, I take another look, and usually say “wow.” Immediately, my thoughts shift to one thing: How do I buy this coin, and what will I have to pay?

Not many coins achieve that coin wow factor. Still, the ones that do usually share common traits. Over time, I’ve learned to recognize them. More importantly, they shape my decision to buy.

Great Scarcity

First, I want to be clear. I did not say great rarity.

If I scan lots in a Heritage sale and see an 1854-S quarter eagle, even one that looks like it was run over by a train, I will stop. I will study it carefully. I will likely calculate a bid.

However, relative scarcity within a series excites me more.

For example, consider a real Uncirculated 1870 quarter eagle. That date almost never appears in true Mint State. When I see one, I feel it immediately. A CAC quality Mint State 1870 quarter eagle grabs my attention faster than a far more expensive but frequently seen issue.

As you gain experience in a series, patterns become obvious. Certain dates appear regularly, even when collectors label them “rare.” Others simply do not surface.

Recently, at a show, someone offered me a Proof example of a date I had not encountered in quite some time. I checked auction records quickly. The data showed one example every four or five years. The coin was not a Gem. Still, it looked decent and carried a fair price. That scarcity made the decision easy. I bought it for inventory.

Knowledge sharpens instinct. Scarcity sharpens desire.

Great Eye Appeal

Next comes eye appeal.

Eye appeal blends strike, luster, color, and surface preservation. When these elements align, the coin commands attention.

Most seasoned buyers have specific triggers. For me, thick, frosty luster and deep, even coloration sit at the top of the list.

Luster reflects light off the surface. Once a coin wears, gets dipped, cleaned, or processed, that luster fades. When that happens, eye appeal drops immediately.

At shows and auctions, I examine hundreds of coins. Few retain true original luster. Therefore, when I encounter booming mint frost, I notice it at once.

However, you must understand the series.

For instance, 1847-C quarter eagles sometimes show thick, frosty luster. Higher-grade examples can look terrific. In contrast, 1848-C quarter eagles rarely display strong luster. I can recall only two or three with genuine wow factor from luster alone.

Color matters just as much.

I can forgive a soft strike. I can overlook average, non-distracting bagmarks. Bland, washed-out color, though, does nothing for me. A coin without definable color lacks personality. It looks flat. It feels lifeless.

As you specialize, you learn what proper color looks like. Early Dahlonega half eagles display different hues than mid-1850s pieces. Processed coins erase those differences. An 1841-D half eagle should not resemble an 1858-D. Yet processed examples often look nearly identical.

When I see an 1841-D with the correct green-gold shade, I get excited. That authenticity delivers the wow.

Great Pedigrees

I’ll admit it. I’m a sucker for a great pedigree.

A few years ago, I read the auction descriptions for the Eric P. Newman coins sold at the 2013 CSNS auction. The coins impressed me. The grades impressed me. However, the pedigrees truly captured my attention.

The star of that first group was an 1852 Humbert $10 graded MS68 by NGC. Mr. Newman had owned the coin since the 1920s. Before that, it appeared in the famous Zabreskie sale of 1907. Even better, the pedigree traced directly back to Augustus Humbert’s estate.

That means the coin belonged to the man who struck it. That kind of connection never gets old.

Of course, not every pedigree carries equal weight. Some collections hold personal significance for me. I will stretch to acquire coins from those sales, even when they fall slightly outside my normal focus.

Among the sales from my lifetime that resonate most strongly: Bass, Eliasberg, Milas, Norweb, James Stack, Duke’s Creek, Green Pond, and Dingler. Likewise, any coin from a verifiable Chapman Brothers sale ranks high on my list. The same goes for “name” collections sold prior to 1945.

A strong pedigree adds depth. It adds continuity. It anchors the coin within a larger story.

Great Historical Significance

My interest in coins began with my love of history. That connection only deepened over time.

For example, I prefer a Carson City double eagle from the 1870s over one from the 1890s. The earlier coin feels closer to the Wild West. That association matters.

Certain eras send a shiver down my numismatic spine. The Civil War sits at the top. World War I follows, though with slightly less intensity. In addition, San Francisco gold coins from the 1850s fascinate me. Antebellum New Orleans issues from the 1840s do the same.

Numismatic importance often overlaps with historical importance. First-year-of-issue coins excite me. One-year types do as well. I don’t deny it.

Age also influences perception. An eagle dated 1799 simply feels older than one dated 1800 or 1801. That subtle difference catches my eye every time. I suspect most collectors feel it, too.

A nice coin from the 1790s carries enormous appeal, regardless of denomination.

Great Backstory

Finally, I gravitate toward coins with compelling backstories.

Consider the small red presentation boxes once used to give gold coins as Christmas gifts. These boxes typically housed gold dollars and quarter eagles. They appeared frequently from the 1880s through the 1920s.

Over the years, people have emailed me photos of otherwise common Liberty Head or Indian Head quarter eagles in these boxes. Sometimes the boxes include inscriptions. Sometimes they include ornate letters from a grandmother to her grandchild.

I value that sentiment. Because of the story, I buy these pieces whenever I can. I also sell the peripherals alongside the coin to enhance the appeal.

Years ago, Heritage sold a Gem gold dollar from the 1880s, either 1885 or 1887. The coin came in a lovely presentation box with a beautiful inscription inside. I passed. Another dealer bought it. He is tall, from Oklahoma, and his last name rhymes with Barter. He understands the pull of a great story just as well as I do.

Why the Coin Wow Factor Matters

Every collector develops personal standards. Mine have evolved over decades of handling coins at shows and auctions.

When a piece checks the right boxes, I don’t hesitate. I stop. I focus. I figure out the price. Then I decide whether I can make it mine.

That moment, the instant when everything else fades and the coin commands full attention, that’s the coin wow factor.

Below are some of the Books Written By Doug Winter, The Expert on US Gold Coins!

• Gold Coins of the New Orleans Mint: 1839-1909
• Gold Coins of the Carson City Mint: 1870 – 1893
• Gold Coins of the Charlotte Mint: 1838-1861
• Gold Coins of the Dahlonega Mint 1838-1861
• The United States $3 Gold Pieces 1854-1889
• Carson City Gold Coinage 1870-1893: A Rarity and Condition Census Update
• An Insider’s Guide to Collecting Type One Double Eagles
• The Connoisseur’s Guide to United States Gold Coins
• A Collector’s Guide To Indian Head Quarter Eagles
• The Acadiana Collection of New Orleans Coinage
• Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis
• Gold Coins of the Dahlonega Mint, 1838-1861: A Numismatic History and Analysis
• Type Two Double Eagles, 1866-1876: A Numismatic History and Analysis