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.

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 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

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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.

By CoinWeek Notes …..

Fortin-107. Rarity-7+. In 1849, the Philadelphia Mint struck 839,000 Liberty Seated Dimes for circulation plus a handful of Proofs. The total Proof mintage can only be estimated, but it is believed that no more than 10 were struck of those possible 10, only four are known – each is, or has been, connected to a major collector.

When researching past scholarship on this issue, we run into a confusing narrative published by numismatist Walter Breen:

“Dime. Normal date. (1) Wolfson:564, possible ex Parmelee:1023? (2) Dr. Green:1183, not choice . (3) Norweb, rev.unc., probably ex Cleneay:1559.

“- 1849/48. The 1848 date slanting down, clear, the 1849 level. J.C. Morgenthau 1/43:443, Phila. Estate. The “normal date” coins must be rechecked. Not to be confused with the heavy 9 with knob touching loop; traces of 8 are plain.”

Breen’s claim of an overdate does not bear out. Researchers have also observed that the Mint did not repurpose dime obverse dies during this period. Instead, what has been observed is a small impression of a repunched date, which series expert Gerry Fortin says on his reference website is visible in the lower loop of the “9”.

1849 Liberty Seated Dime Proof Market Data and Noteworthy Specimens

Based solely on the available auction data, four verified coins have been certified by the leading grading services. Two are tied at PCGS PR66, while the third PCGS coin was graded PR64. The only coin certified by NGC is graded PF65. The PCGS population report now enumerates three coins at the Proof 66 level. Has the NGC PF65 been crossed and upgraded?

Top Population: PCGS PR66 (3, 7/2024), NGC PF65 (1, 7/2024), and CAC PR66 (2:0 stickered:graded, 7/2024).

Example #1: The J.C. Morgenthau Coin

• PCGS PR66 #45313111: As Brilliant Proof. J.C. Morgenthau, January 1943, Lot 443 – $26; Floyd T. Starr; “The Floyd T. Starr Collection,” As Gem Brilliant Proof. Stack’s, October 1992, Lot 366; Unknown Intermediaries;  Stack’s Bowers, August 15, 2018, Lot 1115 – $49,000 Reserve Not Met; As PCGS PR66 #4120562.Stack’s Bowers, June 14, 2022, Lot 1249 – $69,000. Darkly toned. Light reveals toning in red, violet, blue, and green. Reverse is more dominated by blue and violet.

When this coin was sold by Stack’s Bowers at the company’s June 2022 auction, the coin was housed in a PCGS Generation 3.0 holder, meaning the coin earned the PR66 grade between 1990 and 1993. At the present, the coin is housed in a current generation holder (cert. #45313111) and is the plate coin for the issue on PCGS CoinFacts. This coin was previously listed for sale on Heritage’s website with an asking price of $103,425.

Example #2: The James A. Stack Coin

• PCGS PR66: “The James A. Stack, Sr. Collection,” Stack’s, January 1990, Lot 86. As NGC PF66 #1898957-032. “The Phil Kaufman Collection of Early Seated Proof Sets, Part III,” Heritage Auctions, April 2008, Lot 2389 – $63,250. P. KAUFMANN on insert; “The Greensboro Collection, Part I,” October 2012, Lot 3948 – $41,125. Re-encapsulated. Pedigree removed; Bill Nagle to Eugene H. Gardner, via sale, October 2012; “The Eugene H. Gardner Collection,” Heritage Auctions, June 2014, Lot 30289 – $32,900.

Example #3: The Louis E. Eliasberg, Sr. Coin

• NGC PF65 #601563-005: “The Louis E. Eliasberg, Sr. Collection,” Bowers and Merena, May 1996, Lot 1137. ELIASBERG on insert; “The Lark Collection,” Heritage Auctions, March 2006, Lot 458 – $25,300; Heritage Auctions, August 2013, Lot 5562. Darkly toned. with mottled cognac and turquoise toning on the obverse. Mostly cognac toning on the reverse.

Example #4: The John Jay Pittman Coin

• PCGS PR64 #06666843: Hollinbeck Stamp & Coin Co., Lot 130; “The John Jay Pittman Collection, Part I,” David W. Akers, October 1997, Lot 602 – $17,600; “The Richmond Collection, Part III,” David Lawrence Rare Coins, March 2005, lot 1243 – $22,425; Heritage Auctions, June 2005, Lot 5378; Bob R. Simpson; Legend Rare Coin Auctions, July 2014, Lot 71 – $28,200; Heritage Auctions, January 2015, Lot 4070 – $21,150.

Designer

Born in 1785, Christian Gobrecht began working for the United States Mint in 1823 and became the Mint’s third Chief Engraver in 1840. He served in that position until he died in 1844. Gobrecht designed the Flying Eagle Cent (1857-1858), Seated Liberty type coins, and the Liberty Head Quarter Eagle gold coin (1840-1907). As a tinkerer, he invented a medal-ruling machine, created musical instruments, and developed a camera lucida, which projected images onto pieces of paper.

1849 Liberty Seated Dime Proof Specifications

• Country: United States of America
• Year of Issue: 1849
• Denomination: 10 Cents (USD)
• Mintmark: None (Philadelphia)
• Mintage: 4 known
• Alloy: 90% Silver, 10% Copper
• Weight: 2.67 g
• Diameter: 17.90 mm
• Edge: Reeded
• Designer: Christian Gobrecht
• Quality: Proof

The post 1849 Liberty Seated Dime Proof : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek Notes

The 1886-O Morgan Dollar challenges assumptions.

The New Orleans Mint struck 10,710,000 silver dollars in 1886. In fact, it produced no other denomination that year. On paper, that total suggests availability. However, the market tells another story.

Today, collectors struggle to locate quality examples. Circulated pieces appear with some frequency. Yet Gem Mint State coins remain scarce. In grades of MS65 and higher, the 1886-O ranks as a true condition rarity.

Treasury Releases and Survival Rates

First, consider the distribution pattern.

Millions of 1886-O dollars likely entered circulation during the late 19th century. As a result, worn examples remain plentiful today.

Meanwhile, the government stored large quantities in vaults. Later, Congress passed the Pittman Act in 1918. Under its terms, the Treasury melted millions of silver dollars. Many 1886-O coins almost certainly met that fate.

During Treasury releases in the 1940s and 1950s, only a few bags reached the market. Q. David Bowers noted in 1993 that “apparently no more than a few bags dribbled onto the market in the 1940s and 1950s,  enough to keep the issue in the $6 to $10 range for most of the period 1945-1960.”

Later, the Treasury releases of 1962 to 1964 yielded a few additional coins. However, dealers rarely encountered intact bags. Harry J. Forman recalled that he never handled a full bag of 1886-O dollars. Instead, he found several hundred minimum Uncirculated coins mixed with other dates.

Wayne Miller wrote in 1982 that he purchased four original Uncirculated rolls in 1971. Surprisingly, he described them as “full strike BU.” Even so, he emphasized that true Gems remain scarce.

Today, those rolls and partial bags no longer exist in concentrated form. Collectors dispersed Mint State examples decades ago.

Historic Pricing: A Dramatic Climb

The price history confirms the coin’s reputation.

In February 1951, dealer Harry W. Bason of New Hyde Park, New York, advertised 74 different Morgan Dollar date-and-mint combinations in The Numismatist. He priced the 1886-O in Brilliant Uncirculated at $7.50 each.

By May 1980, the market shifted sharply. New York dealer Charles M. Adkins offered an MS65 fully struck “Gem BU” 1886-O for $5,000 in The Numismatist. That dramatic increase reflected growing awareness of the issue’s scarcity in top grades.

Market Data and Population Rarity

Population reports underscore the challenge.

Top Populations (as of 2/2024):

• PCGS MS67DMPL: 1
• NGC MS64DMPL: 1
• CAC MS67DMPL: 1 (1 stickered; 0 graded by CAC)

Most Mint State examples show heavy bagmarks and indifferent luster. Wayne Miller described the typical MS coin as “heavily bagmarked, with indifferent luster.” Consequently, MS65 coins remain scarce. Even MS64 pieces require patience to locate.

Furthermore, fully Prooflike and Deep Mirror Prooflike examples appear exceedingly rare. Many collectors never see one in person.

The Finest Known 1886-O: PCGS MS67DMPL CAC

The Wayne Miller – Larry H. Miller Specimen

Among all known examples, one coin stands above the rest.

The PCGS MS67DMPL CAC 1886-O Morgan Dollar from the Larry H. Miller Collection represents the undisputed finest certified example.

“The Most Spectacular Morgan Dollar Now Known”

Earlier, Wayne Miller featured this coin in his 1982 Morgan and Peace Dollar Textbook. He described it as “the most spectacular Morgan dollar now known.”

When Stack’s Bowers offered the coin in November 2020, it realized $780,000. That price confirmed its elite status.

Surface Quality and Strike

The coin displays virtually pristine surfaces. The fields show deep, highly reflective mirrors. Those mirrors create dramatic contrast against richly frosted devices.

Moreover, the strike shows full detail across even the most intricate features. The sharpness suggests that the Mint struck the coin from an early die state. Few, if any, pieces preceded it.

Importantly, generations of careful owners preserved the coin’s quality. Each steward recognized its extraordinary status.

Rarity in Context

Notably, the 1886-O shows far greater Mint State scarcity than the 1883-O, 1884-O, or 1885-O. Yet the 1886-O carries a higher mintage than the 1885-O, which saw 9,185,000 coins struck.

This contrast highlights a key truth. Mintage alone does not determine rarity.

In 1990, Bowers and Merena offered the coin in the Chris Schenkel Collection sale. It realized $231,000. Observers marveled at the result. The cataloger then called it “THE ULTIMATE MORGAN DOLLAR!”

In 2020, Stack’s Bowers presented it again in the Larry H. Miller Collection. Advanced specialists recognized the opportunity. Ultimately, the hammer fell at $780,000.

Provenance: PCGS MS67DMPL CAC #4884183

• John B. Love
• Wayne Miller (1977, via Dean Tavenner)
• Superior, January 1986, Lot 1279 (as “MS69”)
• Bowers and Merena, November 1990, Lot 400 (as NGC MS67 DPL)
• Jack Lee I Collection
• Stack’s Bowers, November 12, 2020, Lot 6333 — $780,000

This pedigree cements the coin’s legendary status.

Additional Noteworthy Specimen PCGS MS65+ CAC #37728221

This coin traces to the famed Eliasberg Collection.

Provenance includes:

• E.S. Norris Collection, S.H. and H. Chapman, May 17, 1894
• J.M. Clapp
• John H. Clapp
• Clapp Estate (1942)
• Louis E. Eliasberg, Sr.
• Bowers and Merena, April 1997, Lot 2273
• Heritage Auctions, January 9, 2009, Lot 4977 — $115,000
• GreatCollections, January 26, 2025, Lot 1733182

The coin later received a half-point upgrade and CAC approval. The insert now reads “Eliasberg-Illinois Set.” Surfaces remain brilliant.

Design of the 1886-O Morgan Dollar

Obverse

George T. Morgan designed the Morgan Dollar.

The obverse shows Liberty facing left. She wears a Phrygian cap with a ribbon inscribed LIBERTY. She also wears a crown of wheat and cotton, which symbolize major American agricultural products of the 19th century.

E PLURIBUS UNUM arcs along the upper rim. The date 1886 appears at the bottom center. Seven stars sit left of the date. Six stars sit to the right. Together, the 13 stars represent the original colonies.

Morgan’s “M” appears on the neck truncation.

Reverse

The reverse features a heraldic eagle with outstretched wings.

IN GOD WE TRUST appears between the wing tips. The eagle holds an olive branch in its right claw (viewer’s left). It grips three arrows in its left claw (viewer’s right).

UNITED STATES OF AMERICA spans the upper rim. ONE DOLLAR appears at the bottom, flanked by six-pointed stars.

The “O” mintmark for the New Orleans Mint appears below the wreath and above the denomination.

The edge features a reeded design.

Coin Specifications

• Country: United States of America
• Year: 1886
• Denomination: One Dollar (USD)
• Mintmark: O (New Orleans)
• Mintage: 10,710,000
• Alloy: 90% silver, 10% copper
• Weight: 26.73 grams
• Diameter: 38.10 mm
• Edge: Reeded
• Designer: George T. Morgan
• Quality: Business Strike

Final Analysis

The 1886-O Morgan Dollar proves one central point. High mintage does not guarantee high survival in quality condition.

Circulated coins remain accessible. However, true Gems command intense competition. Moreover, Deep Mirror Prooflike examples sit at the pinnacle of Morgan Dollar collecting.

For advanced specialists, the 1886-O offers both challenge and prestige. For the broader market, it stands as one of the great conditional rarities in American numismatics.

The post 1886-O Morgan Dollar : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The 1913 Buffalo Nickel Type 1 marks a turning point in American coinage. It replaced the Liberty Head “V” Nickel and signaled a bold new artistic era at the United States Mint. Today, collectors prize this short-lived subtype for its artistry, history, and scarcity.

Below, we present a fully fact-checked, authoritative guide to the 1913 Type 1 Buffalo Nickel, optimized for collectors, researchers, and serious numismatists.

The End of the Liberty Head Nickel

For 30 years, the Liberty Head Nickel, designed by Chief Engraver Charles E. Barber, circulated across America. However, by 1908, the design had reached the 25-year minimum required for redesign under the Mint Act of September 26, 1890.

President Theodore Roosevelt had already launched his campaign to beautify American coinage. He collaborated with Augustus Saint-Gaudens and ushered in what historians now call the American coinage renaissance.

Meanwhile, Barber’s influence declined. Outside artists such as Victor David Brenner, Bela Lyon Pratt, and Saint-Gaudens reshaped U.S. coin design in the early 20th century.

Barber attempted to redesign the nickel between 1909 and 1910. He proposed a military portrait of George Washington. Treasury officials rejected the concept. Next, they considered Abraham Lincoln. However, the Lincoln cent had debuted in 1909, making a Lincoln nickel redundant.

At that moment, a new artist entered the picture.

Sculptor James Earle Fraser Takes the Lead

James Earle Fraser had studied under Augustus Saint-Gaudens and brought strong artistic credentials. On June 13, 1911, Fraser wrote to Mint Director George E. Roberts offering to prepare sketches for a Lincoln nickel.

By July 1911, Fraser sent electrotype models to the Treasury. Soon afterward, officials abandoned the Lincoln concept. Instead, they favored a distinctly American theme.

Fraser proposed a Native American portrait on the obverse and an American bison on the reverse.

The Treasury considered holding a public design competition. However, Fraser advised against it. He warned that compromise would weaken artistic goals. Treasury officials agreed. They allowed Fraser to proceed.

During 1911 and 1912, Fraser refined his design. Chief Engraver Charles E. Barber adapted the models for production.

Vending Machine Opposition and Final Approval

In July 1912, controversy erupted. The vending machine industry depended heavily on the five-cent piece. Clarence W. Hobbs, a vending machine manufacturer, led a campaign against the redesign.

He sent letters, threatened legal action, and then appealed directly to Treasury officials.

Nevertheless, the Mint moved forward.

On February 17, 1913, the first Buffalo Nickels were struck at the Philadelphia Mint.

That same year, Fraser married sculptor Laura Gardin Fraser.

Native American Imagery in U.S. Coinage

Native American imagery appeared on U.S. coins long before 1913. However, earlier designs portrayed Liberty wearing a headdress.

James Barton Longacre created the Indian Head cent and Indian Princess gold coins. Saint-Gaudens used similar symbolism on the 1907 $10 gold eagle.

Then, in 1908, Bela Lyon Pratt introduced realistic Native American portraits on the quarter eagle and half eagle.

Fraser followed that tradition. He claimed the obverse portrait combined features of three Native American chiefs who had posed for him years earlier.

The reverse bison likely modeled Black Diamond, a resident of New York City’s Central Park Menagerie in 1911.

First Distribution Ceremony

On March 4, 1913, officials presented coins from the first circulating bag to outgoing President William H. Taft and 33 Native American chiefs.

The ceremony took place at the groundbreaking for the National Memorial to the North American Indian at Fort Wadsworth, New York.

Simultaneously, the Mint released the coins into circulation.

Production totals for 1913 Type 1:

• Philadelphia: 30,992,000
• Denver: 5,337,000
• San Francisco: 2,105,000
• Proof (Philadelphia): 1,520

The San Francisco issue represents the lowest mintage of the type.

Immediate Wear Problems

Type 1 Buffalo Nickels feature textured fields and a raised mound beneath the bison. The denomination FIVE CENTS appears in relief on that mound.

Almost immediately, collectors and merchants noticed heavy wear. By April 1913, circulation pieces showed significant flattening.

Clarence Hobbs had predicted this issue. He argued that the shallow relief, only .003 inches deep, would erase the denomination quickly.

The Mint acted swiftly.

Barber removed the raised mound and recessed the denomination into an exergue. This modification created the Type 2 Buffalo Nickel later in 1913.

However, Barber also softened many fine details. He reduced the granularity of the portrait and bison. Critics argue that these changes diminished Fraser’s original artistic vision.

1913 Buffalo Nickel Type 1 Design Details

Obverse: A right-facing Native American portrait dominates the obverse. The figure wears two feathers braided over the right ear. The date appears raised on the shoulder.

An incuse “F” below the date represents Fraser’s signature.

The inscription LIBERTY arcs inside the rim to the right.

Reverse: A full-length American bison stands facing left. The animal stands on a raised mound.

UNITED STATES OF AMERICA and E PLURIBUS UNUM appear above. FIVE CENTS appears in relief below.

Edge: The edge remains plain, without reeding or lettering.

1913 Type 1 Buffalo Nickel Specifications

• Years of Issue: 1913 (Type 1 only)
• Mintage (Highest): 30,992,000 (Philadelphia)
• Mintage (Lowest): 2,105,000 (1913-S)
• Proof Mintage: 1,520
• Alloy: 75% copper, 25% nickel
• Weight: 5.0 grams
• Diameter: 21.2 mm
• Edge: Plain
• Designer (Obverse & Reverse): James Earle Fraser

Why Collect the 1913 Type 1 Buffalo Nickel?

The Type 1 Buffalo Nickel represents:

• A short-lived subtype struck only in early 1913
• A high-relief artistic design
• A key transitional moment in U.S. Mint history
• The beginning of one of America’s most beloved coin series

Because of rapid wear, high-grade examples remain scarce. Proof coins command strong premiums. Meanwhile, circulated examples remain accessible for new collectors.

For specialists, the 1913 Type 1 offers historical significance and artistic depth unmatched by many early 20th-century issues.

Additional References

• Q. David Bowers – The Expert’s Guide to Collecting and Investing in Rare Coins
• Q. David Bowers – A Guide Book of Buffalo and Jefferson Nickels
• Walter Breen – Walter Breen’s Complete Encyclopedia of United States Coins
• Ron Guth & Jeff Garrett – United States Coinage: A Study by Type
• Don Taxay – The U.S. Mint and Coinage
• R.S. Yeoman – The Official Red Book: A Guide Book of United States Coins

The post Buffalo Nickel, Type 1 (1913) | CoinWeek appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By CoinWeek Notes …..

1932-S Washington Quarter: Key Date of the Series

The 1932-S Washington Quarter stands as one of the most important key dates in 20th-century U.S. coinage. Collectors prize it for its low mintage, strong survival in Mint State, and historic debut year status.

As the bicentennial of George Washington’s birth approached in 1932, Congress reshaped American coinage. The Act of March 4, 1931 required that Washington’s portrait appear on the obverse of the new quarter dollar. The United States Mint prepared for a national release. However, the Great Depression changed everything.

Let’s examine why the 1932-S Washington Quarter matters—and what it is worth today.

The Birth of the Washington Quarter

In 1932, the United States honored the 200th anniversary of George Washington’s birth. Congress directed the Mint to feature Washington’s portrait on the quarter. The obverse would carry his likeness. The reverse would display appropriate national devices.

Production began in early 1932 at three mints:

• Philadelphia
• Denver
• San Francisco

Yet the timing proved difficult. The Great Depression sharply reduced demand for coinage. In fact, demand dropped by more than 90%. As a result, the Mint struck no half dollars or silver dollars from 1931 through 1933.

If 1932 had not marked Washington’s bicentennial, the Mint likely would not have produced quarters either. Nevertheless, it did. The Mint struck 6,248,800 quarters across all facilities in 1932. Many coins went directly into Treasury vaults.

San Francisco produced just 408,000 quarters. That total makes the 1932-S the lowest mintage of the entire Washington Quarter series. By comparison, the 1932-D recorded 436,800 pieces. These two issues remain the only circulation strikes in the series with mintages under one million.

Therefore, both rank among the most significant and scarcest quarters of the 20th century.

Why the 1932-S Washington Quarter Is So Rare

The San Francisco Mint struck only 408,000 pieces. That number defines the issue. No later Washington Quarter recorded a lower mintage.

Despite the economic crisis, collectors immediately recognized the new Washington design. Many people saved examples. As a result, survival rates exceed those of many other Depression-era coins.

PCGS estimates a survival rate of about 10%. That estimate suggests roughly 40,000 examples exist across all grades.

Interestingly, the surviving population skews toward Mint State. Experts believe nearly 30% of surviving pieces grade MS60 or better. Consequently, true low-grade examples can prove surprisingly elusive.

1932-S Washington Quarter Value Guide

The value of a 1932-S Washington Quarter depends heavily on condition and certification.

Low Grades (P1 to G4)

Certified low-grade coins often sell between $50 and $80. Surprisingly, truly worn examples can be nearly as scarce as Mint State coins.

Mid-Grades (VF to XF)

Most reputable dealers offer Very Fine to Extremely Fine examples between $100 and $200.

Low Mint State (MS60 to MS62)

Coins in entry-level Mint State typically sell for $300 to $400.

Higher Mint State (MS64 to MS66)

Prices rise sharply in higher grades. MS64 to MS66 coins generally trade between $800 and $5,000, depending on eye appeal and certification.

True Gem examples in MS66 command much stronger prices. The auction record belongs to an MS66 example with a green CAC sticker. That coin realized $45,500 at a March 2020 David Lawrence Rare Coins (DLRC) auction.

No certified examples exceed MS66 at PCGS or NGC.

Market Data and Population Insights (Through August 2025)

Demand for Gem examples remains intense. While the 1932-S carries a lower mintage than the 1932-D, it appears slightly more available in Gem Mint State.

PCGS Population (MS65–MS66)

• 1932-S: 276 examples
• 1932-D: 115 examples

NGC Population (Gem Grades)

• 1932-S: 122 examples
• 1932-D: 24 examples

Top Population

• PCGS MS66: 10 (as of 8/2025)
• NGC MS66: 10 (as of 8/2025)
• CAC MS66: 3 stickered (as of 8/2025)

These numbers confirm the coin’s rarity at the highest certified levels.

Noteworthy Auction Appearances

PCGS MS-66 Coin is in the GreatCollections Auction on Sunday March 8th
Click Here to View or Bid

Several elite examples have crossed the auction block:

NGC MS66 #6099842-002:
Heritage (Oct. 7, 2021, Lot 3504) – $15,600
Stack’s Bowers (Apr. 5, 2022, Lot 3036) – $22,800
Champagne toning with hints of purple on the reverse.

PCGS MS66 #42108715:
Heritage (Dec. 16, 2021, Lot 3322) – $34,800
Reverse rim toning; crescent toning on left obverse.

PCGS MS66 #38265447 (“Washington Rainbows Collection”)
Stack’s Bowers (Mar. 25, 2021, Lot 2276) – $38,400
Brilliant obverse; light cheek and nose contact; weak “G” in GOD.

PCGS MS66 #38559950 (D. Brent Pogue Collection, Part VII)
Stack’s Bowers (Mar. 20, 2020, Lot 7183) – $43,200
Superb luster; purple, gold, and green toning.

Additional certified MS66 examples have realized prices from $10,925 to $35,250, depending on eye appeal, toning, and market timing.

Clearly, eye appeal drives premiums in this grade.

Design of the 1932-S Washington Quarter

Obverse

John Flanagan designed the obverse. He based Washington’s portrait on a 1785 bust by French sculptor Jean-Antoine Houdon. However, Flanagan modified the head shape and hair details.

Key features include:

• LIBERTY at the top
• IN GOD WE TRUST under Washington’s chin
• Date 1932 at the bottom
• “JF” initials above the “2” in 1932

Reverse

Flanagan faced no restrictions for the reverse design. He created a heraldic eagle with outstretched wings. The eagle perches on arrows, with olive branches below.

Inscriptions include:

• UNITED STATES OF AMERICA
• E PLURIBUS UNUM
• QUARTER DOLLAR

The “S” mintmark appears between the olive branch stems.

Edge

The edge features standard reeding.

About the Designer: John Flanagan

John Flanagan was born in New Jersey in 1865. He worked under Augustus Saint-Gaudens beginning in 1884. Soon after, he built his own reputation as a sculptor and medalist.

Although he designed only one circulating U.S. coin, he created numerous important medals. These include:

• Official medal of the 1915 Panama-Pacific International Exposition
• Official Verdun medal presented to France
• 1924 bust of Saint-Gaudens

He also belonged to the American Numismatic Society.

Coin Specifications

• Country: United States of America
• Year: 1932
• Denomination: Quarter Dollar (25 Cents)
• Mintmark: S (San Francisco)
• Mintage: 408,000
• Composition: 90% Silver, 10% Copper
• Weight: 6.25 grams
• Diameter: 24.30 mm
• Edge: Reeded
• Designer: John Flanagan
• Strike Type: Business Strike

Final Thoughts

The 1932-S Washington Quarter anchors the entire series. Its low mintage, strong collector demand, and historical importance secure its place as a true key date.

Moreover, the coin continues to perform well in certified high grades. While circulated examples remain accessible, Gem coins require significant investment.

For collectors building a Washington Quarter set, the 1932-S represents both a challenge and a cornerstone.

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The post 1932-S Washington Quarter : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The 1944-D Lincoln Steel Cent ranks among the most important error coins in United States numismatics. Collectors prize it for its rarity, its dramatic origin story, and its connection to the famous 1943 bronze cent error.

Only an estimated 7 to 10 examples exist today. As a result, demand remains intense. Moreover, certified populations confirm their elite status among 20th-century mint errors.

A Wartime Mistake at the Denver Mint

In 1943, the United States Mint struck Lincoln cents on zinc-plated steel planchets to conserve copper for the war effort. In 1944, the Mint returned to a copper-based alloy.

However, leftover 1943 steel planchets remained in the production stream. Consequently, mint workers struck a small number of 1944-dated cents on steel planchets by mistake.

This error mirrors the famous 1943 bronze cent. Yet it represents the opposite mistake. In 1943, a few bronze planchets slipped into production. In 1944, steel planchets did.

Although collectors celebrate the 1943 bronze cent more widely, the 1944 steel cents remain exceptionally rare. In fact, professional grading data supports that conclusion.

Discovery of the 1944-D Steel Cent

The second known 1944-D steel cent surfaced in 1966 in California. A 23-year-old collector named Robert Collins found the coin in circulation in Pacifica CA.

Collins regularly swapped copper cents for steel cents whenever he found one in change. On this occasion, he noticed something unusual. The coin carried a 1944 date but showed the silver-gray appearance of steel.

He brought the piece to two coin dealers. They found no reason to doubt it. Afterward, the coin went to noted authenticator Walter Breen, who declared it genuine.

At the time, newspapers reported the discovery with the headline: “Pacifican Finds Penny, One of 2 in the World.” A photocopy of that article accompanied the coin in later auction appearances.

Today, experts estimate that about 10 examples of the 1944-D steel cent survive. Therefore, the Collins coin represents one of the earliest confirmed specimens.

Importance in U.S. Error Coinage

The 1944-D steel cent stands as a major 20th-century mint error. It serves as the counterpart to the 1943 bronze cent.

In 2010, Nicholas Brown, David Camire, and Fred Weinberg ranked it #15 in 100 Greatest U.S. Error Coins. That ranking cemented its place among the most celebrated American mint mistakes.

Interestingly, collectors did not always value the coin at six-figure levels. Twenty years ago, examples sold for a fraction of today’s prices. Over time, however, registry competition and broader awareness drove values higher.

Population Data and Market Reality (As of May 2025)

Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) confirm the coin’s extreme rarity.

Top Certified Populations (5/2025):

• PCGS MS63: 1 example
• NGC MS62: 1 example
• CAC MS62: 1 stickered example (1:0 stickered to graded)

PCGS reports a surviving population of seven 1944-D steel cents. Meanwhile, the Philadelphia Mint examples number a few dozen. Even so, Denver Mint coins remain far scarcer.

Record Sales and Notable Auction Results

• Prices reflect rarity and condition.

  

• MS63 NGC (August 2007) realized $115,000.
• MS63 PCGS Secure (January 2013) realized $82,250.
• The same PCGS MS63 example brought $79,312.50 in August 2013.

That MS63 PCGS coin now ranks as the finest certified example across PCGS and NGC populations. Notably, NGC no longer lists the earlier MS63 coin, and experts confirm the two coins do not match.

Lower-grade examples also command strong prices:

• NGC MS62 (January 2008) realized $92,000.
• NGC MS61 (January 2012), the Robert Collins discovery coin, realized $58,201.50.
• AU55 NGC (June 2010, Brenda John Collection) realized $60,375 after conservation and a five-point upgrade.
• ANACS AU55 (May 2007) realized $69,000.
• PCGS AU53 examples traded between $30,550 and $37,375 from 2010 to 2013.
• NGC AU Details – Cleaned (November 2023) realized $21,600.

Earlier auction records from the 1990s and early 2000s show four-figure prices. However, modern registry demand transformed the market.

Famous Collections and Provenance

Several advanced collectors pursued these off-metal errors.

Bob R. Simpson assembled a groundbreaking set of 1943 and 1944 P-D-S off-metal strike Lincoln cents. His collection included a 1944-D steel cent that later crossed from NGC MS63 to PCGS MS62 with CAC approval.

Brenda John owned two examples of the 1944-D steel cent. Her coins appeared in major Heritage Auctions sales in 2010.

These pedigrees strengthen market confidence. Moreover, provenance often enhances value for elite error coins.

Design of the 1944-D Lincoln Wheat Cent

Obverse

Victor David Brenner designed the obverse. A right-facing portrait of Abraham Lincoln dominates the field.

• IN GOD WE TRUST appears at the top inside the rim.
• LIBERTY sits to the left of Lincoln.
• The date 1944 appears to the right.
• The “D” mintmark sits below the date.

Brenner’s initials “VDB” appear on the shoulder bevel on post-1918 issues.

Reverse

The reverse features:

• ONE CENT at the center top.
• UNITED STATES OF AMERICA below.
• E PLURIBUS UNUM arcing along the upper rim.
• Two stylized wheat ears framing the design.

Collectors often call this type the “Wheat Cent” for that reason.

Coin Specifications

• Country: United States of America
• Year: 1944
• Denomination: One Cent
• Mintmark: D (Denver)
• Estimated Survivors: 7–10 known
• Alloy: Zinc-coated steel
• Weight: 2.7 grams
• Diameter: 19.0 mm
• Edge: Plain
• Designer: Victor David Brenner
• Strike Type: Business Strike

Why the 1944-D Steel Cent Matters Today

The 1944-D Lincoln Steel Cent represents a dramatic wartime production error. It links directly to the alloy transition of 1943 and 1944. Furthermore, it remains obtainable, at least in theory, at prices below the legendary 1943 bronze cent.

Nevertheless, its certified population confirms extreme rarity. Registry competition continues. Therefore, demand should remain strong for high-grade and well-pedigreed examples.

For collectors of elite U.S. error coins, the 1944-D steel cent stands as a cornerstone rarity.

The post 1944-D Lincoln Steel Cent : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

1895 Liberty Head Quarter Eagle: Gold, Politics, and Market Rarity

The year 1895 tested the American economy. Moreover, it reshaped U.S. politics and the gold coin market. At the center of this moment stands the 1895 Liberty Head Quarter Eagle, a low-mintage $2.50 gold coin struck in Philadelphia.

This CoinWeek analysis presents fully fact-checked historical context, certified population data, and auction performance. In addition, we examine how the Panic of 1893 influenced gold reserves and shaped the coin’s long-term rarity.

America in 1895: Depression After the Panic

In 1895, the United States remained trapped in a severe economic depression. The crisis followed the Panic of 1893, one of the most damaging financial collapses in 19th-century America.

During the Gilded Age, the U.S. economy had expanded rapidly. Real wages rose roughly 60% between 1860 and 1890. By 1890, American industry produced about twice as much as Britain’s. Industrial output soared. Confidence ran high.

However, the Panic halted that momentum.

Banks failed. Businesses collapsed. Credit markets froze. Unemployment peaked near 19% in 1894. Railroads and agriculture suffered most. Farm prices dropped sharply. Industrial production contracted.

Although America remained a long-term industrial power, growth stalled. Per capita income stagnated. Recovery proved uneven.

The panic began in February 1893. A stock market crash triggered bank runs. Over-speculation and monetary instability deepened the crisis. Agricultural decline made matters worse. Furthermore, a global downturn spread across Europe and amplified the shock.

A brief rebound appeared in mid-1894. Yet another slump followed in late 1895. Full recovery did not arrive until mid-1897.

By 1895, deposits in surviving banks averaged just 68% of pre-panic levels. Public distrust persisted. Economic uncertainty continued.

Political Upheaval and the Gold Standard Debate

The depression reshaped American politics.

Under President Grover Cleveland, the Democratic Party lost massive ground in the 1894 midterm elections. Consequently, Republicans began a period of national dominance.

At the same time, the nation debated monetary policy. Supporters of the gold standard clashed with advocates of silver coinage. Farmers and laborers demanded relief. The Populist movement gained strength. Major strikes hit coal mining and railroads.

This turmoil set the stage for the 1896 presidential election between William McKinley and William Jennings Bryan. McKinley supported gold. Bryan championed “free silver.”

Thus, economic distress turned into a political battlefield.

The Sherman Silver Purchase Act and Gold Reserves

At the heart of the debate stood the Sherman Silver Purchase Act of 1890.

The law required the Treasury to buy 4.5 million ounces of silver each month. In exchange, the government issued notes redeemable in gold or silver. Lawmakers hoped to expand the money supply and support silver mining interests.

Instead, the policy weakened confidence in gold.

Note holders redeemed paper for gold. Gold flowed out of the Treasury. Reserves dropped dangerously low. Although the act increased paper currency circulation by roughly $156 million, it destabilized the system.

President Cleveland pushed for repeal in 1893. Congress complied during a special session.

Still, the damage lingered. Silver prices had fallen from about 89 cents per ounce in 1878 to roughly 50 cents by 1895. Calls for free silver intensified.

In January 1895, gold reserves reached critical levels. Financier J. P. Morgan arranged a bond syndicate to replenish Treasury gold.

The gold standard survived. Later, Congress formally adopted it in 1900. However, in 1895, it stood under real strain.

Gold Coinage in 1895

Since 1879, the United States had operated under a de facto gold standard. Gold coins played a central role in commerce.

Popular denominations included:

• $20 Double Eagles
• $10 Eagles
• $5 Half Eagles
• $2.50 Quarter Eagles

These coins contained 90% gold and 10% copper. The alloy increased durability.

In 1895, the Philadelphia Mint struck over 1.1 million Liberty Head $20 Double Eagles. However, the Liberty Head Quarter Eagle received a token business strike mintage of just 6,000 pieces.

That tiny mintage defines the rarity of the 1895 Liberty Head Quarter Eagle today.

1895 Liberty Head Quarter Eagle

The 1895 Liberty Head Quarter Eagle ranks among the scarcer Philadelphia gold issues of the 1890s.

Mintage and Survival

• Mintage: 6,000
• Mint: Philadelphia (no mintmark)
• Strike Type: Business Strike

Unless a new hoard emerges, the market should not expect a sudden influx of MS66 or MS67 coins. Over decades, no such discovery has appeared.

Certified Populations and Market Trends

The following population data comes from major auction appearances between September 1997 and July 2025. The data reflects coins certified by PCGS and NGC.

However, collectors must exercise caution. Crossovers, resubmissions, and cataloging errors can inflate population counts.

Grading Trends

Importantly, the data shows no sudden surge of superb gem coins.

MS66+ and MS67 coins increased gradually.

Plus grades appeared after grading services adopted the “+” designation around 2010.

Earlier records reflect the pre-plus era.

Typically, MS66 coins upgrade to MS67 over time. However, that pattern remains limited here. High-end examples have surfaced slowly and steadily over the past two decades.

Eventually, the finest survivors will likely surface. At that point, population growth should plateau.

Top Certified Populations (As of August 2025)

• PCGS MS67: 3
• NGC MS67: 5
• CAC MS67: 0 stickered / 1 graded

1895 Liberty Head Quarter Eagle Specifications

• Country: United States of America
• Year: 1895
• Denomination: $2.50
• Mintmark: None (Philadelphia)
• Mintage: 6,000
• Alloy: .900 Gold, .100 Copper
• Weight: 4.18 grams
• Diameter: 18.00 mm
• Edge: Reeded
• Designer: Christian Gobrecht
• Quality: Business Strike

Final Analysis: A Low-Mintage Survivor of a Financial Crisis

The 1895 Liberty Head Quarter Eagle reflects more than a small mintage. It embodies a moment of economic anxiety and political transformation.

Gold reserves stood on the brink. The nation debated silver versus gold. Financial confidence faltered. Yet gold coinage continued.

Today, superb gem examples appear only occasionally. Population growth remains gradual. No evidence suggests a hidden supply.

For advanced collectors, the 1895 Liberty Head Quarter Eagle offers both historical depth and certified scarcity. It stands as a tangible reminder of America’s struggle to preserve monetary stability during one of its most volatile decades.

The post 1895 Liberty Head Quarter Eagle : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Major Mint Error Coin – 1977-D Struck on 40% Silver Planchet

The 1977-D Eisenhower Dollar marked the second-to-last year of the Eisenhower Dollar series. The United States Mint introduced the coin in 1971 to honor President Dwight D. Eisenhower. At first, collectors and the public welcomed the large clad dollar as a novelty. However, demand faded quickly.

In fact, the coin struggled in circulation. Most Americans preferred the lighter and more portable $1 Federal Reserve Note. As a result, the large dollar saw limited commercial use. Casinos and parts of the American West used it most often. Elsewhere, the coin rarely appeared in daily transactions.

Meanwhile, Congress and the Mint began to plan a smaller dollar coin. Chief Engraver Frank Gasparro worked for two years on the replacement design. That effort ultimately led to the Susan B. Anthony Dollar, a coin that remains controversial in Mint history.

1977-D Eisenhower Dollar Mintage and Distribution

The Denver Mint struck 32,983,006 circulation-strike 1977-D Eisenhower Dollars. Officials released most examples into circulation in the western United States.

Today, collectors still encounter circulated pieces. Nearly 50 years after release, many examples grade in the Extra Fine (XF) range.

However, Mint Set coins offer stronger quality. The 1977 United States Mint Uncirculated Coin Set included the 1977-D Eisenhower Dollar. The Mint sold 2,006,869 sets at an issue price of $7.00. Adjusted for inflation, that equals $36.08 in 2024 dollars.

Each set contains $3.82 in face value coins. Surprisingly, the secondary market often prices these sets between $6 and $10 shipped. Therefore, collectors frequently purchase them in quantity. Some buyers break open the packaging, remove the coins, and store them in plastic tubes. This method prevents duplicate purchases when searching for high-grade Eisenhower Dollars.

Outside original Mint packaging and original bank-wrapped rolls, these sets provide the best opportunity to locate Gem Mint State coins.

What Is the 1977-D Eisenhower Dollar Worth?

Most raw 1977-D Eisenhower Dollars trade for small premiums over face value. Condition determines value.

At the top end, certified examples bring significant premiums. Coins graded MS66+ and higher by CAC, NGC, and PCGS attract strong collector interest.

MS66+: Just over 40 examples exist across services. Prices typically reach a few hundred dollars.

MS67: Prices exceed $3,000 for high-end examples. However, this level shows price softness compared to a decade ago. Populations have increased. Still, not every MS67 meets the strict standards of advanced collectors.

Notably, collectors Andy Oskam, James Sego, and Troy Weaver built award-winning sets during the height of competition for top-grade examples.

Market Data (Updated August 2025)

As of August 2025:

• PCGS lists 24 MS67 examples. This figure reflects an increase of seven coins since May 2024.
• NGC lists one MS67+.
• CACG reports two MS67 examples (none stickered separately).

Major Mint Error Coin – 1977-D Struck on 40% Silver Planchet

The most valuable 1977-D Eisenhower Dollar is the famous 40% Silver off-metal error.

Mint workers struck these coins on planchets intended for the San Francisco Mint’s silver Bicentennial coinage. The error ranks #65 on the Garrett/Schechter Top 100 Modern Coins list.

Publications first reported the error in Coin World and Numismatic News in February 1978. Numismatist Walter Breen estimated a population of 15 coins. However, auction records do not confirm that total.

Notable Sales: Silver Planchet Error

• NGC MS63 #5230660-002: Heritage Auctions, May 5, 2022 – $21,600
• NGC MS63 #2039328-001 (24.9g): Editors Note: All three of the coins below are the same coin, just auctioned at different times. Between 2014 and 2022 [6 years]. The coin has doubled in value at auction.
• Heritage Auctions, February 4, 2014 – $12,925
• Heritage Auctions, January 2017 – $17,625
• Heritage Auctions, February 24, 2022 – $26,400
• NGC MS62 #1846247-001 (24.6g): Heritage Auctions, January 12, 2023 – $26,400
• NGC MS62 #2551133-001 (24.16g): Heritage Auctions, March 18, 2011 – $7,475 [Coin Pictured Above]
• PCGS AU55 #3595879: Heritage Auctions, January 10, 2004 – $3,737.50 (certification no longer active)
• NGC AU Details – Scratch #6602116-010 (24.2g): Heritage Auctions, December 21, 2022 – $3,360

Eisenhower Dollar Design

Obverse Design

Frank Gasparro created the obverse portrait of President Dwight D. Eisenhower. The design shows Eisenhower facing left.

• LIBERTY arcs above his head.
• IN GOD WE TRUST appears below the chin.
• The date curves along the bottom rim.
• The initials FG appear at the truncation.

Denver and San Francisco coins carry mintmarks above the last two digits of the date. Workers hand-punched mintmarks. Therefore, placement and orientation vary.

Reverse Design

The reverse adapts astronaut Michael Collins’ Apollo 11 mission patch artwork.

At center, a bald eagle descends toward the lunar surface. The eagle holds an olive branch. Above the eagle appears Earth, with North America visible. Thirteen stars encircle the eagle.

• UNITED STATES OF AMERICA spans the top.
• E PLURIBUS UNUM appears above the eagle.
• ONE DOLLAR anchors the bottom.

1977-D Eisenhower Dollar Specifications

• Country: United States of America
• Year: 1977
• Denomination: One Dollar (USD)
• Mintmark: D (Denver)
• Mintage: 34,680,000
• Composition: .750 copper, .250 nickel bonded to a pure copper core
• Weight: 22.68 grams
• Diameter: 38.10 mm
• Edge: Reeded
• Designer (Obverse and Reverse): Frank Gasparro
• Strike Type: Business Strike

Final Thoughts

The 1977-D Eisenhower Dollar represents the twilight of America’s large-size dollar coin era. While most examples remain affordable, elite-condition coins command strong premiums. Moreover, the 40% silver off-metal error ranks among the most coveted modern Mint mistakes.

For collectors building high-grade Eisenhower Dollar sets, the 1977-D presents both challenge and opportunity. Careful selection remains essential.

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The post 1977-D Eisenhower Dollar : A Collector’s Guide appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Collectors recognize two half dollar series as “Bust Halves”: the earlier Draped Bust type, which ended in 1807, and the Capped Bust type, which ran from 1807 through 1839. The Mint produced Capped Bust Half Dollars with a lettered edge through 1836, then adopted the familiar reeded edge later that year.

Although engravers introduced subtle design changes after 1809 and at other points in the series, many numismatists use the 1836 edge change to divide the coins into two distinct types.

In the early 1800s, half dollars served as the workhorse of circulating silver coinage. The Mint struck no silver dollars from 1804 through 1835 and did not produce them in significant numbers until 1840. Workers used screw presses and hand-punched elements on the dies, creating a series with numerous varieties that attract strong collector interest.

German-born engraver John Reich created the design. He immigrated to the United States as an indentured servant to escape the Napoleonic Wars. United States Mint Director Robert Patterson hired Reich to improve the nation’s coinage. Some writers claim that Reich modeled Liberty’s portrait on his mistress, but no evidence supports that story.

Production fell below one million coins in only three years of the Capped Bust series. The Mint struck no half dollars in 1816 because a major fire forced officials to suspend all silver coinage. Collectors know of no Proofs dated before 1820, although rumors suggest that the Mint produced sample pieces as early as 1817.

How Much Are Capped Bust Half Dollars with a Lettered Edge Worth?

For nearly every date—though not every variety—CAC, NGC, and PCGS list several hundred coins in their combined population reports. Grading services certify examples from Very Fine to Superb Gem, but most fall between Extremely Fine and near-Mint State. Collectors can find significant numbers in Mint State up through near-Gem, while Gem and finer coins remain scarce to rare. Prices stay moderate through Choice AU, then rise steeply at the Gem level and above.

Collectors recognize Proofs dated from 1820 through 1836, and some speculate about pieces from 1817 through 1819, though no one has confirmed them. All Proofs remain rare and expensive; in most years, the Mint struck fewer than 15 pieces.

Extended Coverage on CoinWeek

• On the Block: The Finest Collection of Capped Bust Half Dollars Ever Assembled

Legend Rare Coin Auctions sold the Konstantine’s Capped Half Dollar Registry Set on September 26, 2018, and CoinWeek previewed some of the most spectacular highlights.

• Extra Fine 1823 Capped Bust Half Dollar Reveals Strong Toning Premium

A few years ago, noted numismatist Gerry Fortin sold an exceptionally toned 1823 Capped Bust Half Dollar in Extra Fine condition for the impressive sum of $2,100. This article looks at why the coin achieved such a high price.

• Tips on How to Collect Capped Bust Half Dollars: Jeff Garrett

Rare U.S. coin expert and veteran dealer Jeff Garrett offers some tips on collecting the Lettered Edge type.

• The Once Unknown, Now Famous 1817/4 Half Dollar
• A Sag Harbor Physician’s Hoard of Capped Bust Half Dollars

Q. David Bowers writes about the popular bur rare 1817/4 overdate variety and a curious influx of Capped Bust Half Dollars into circulation long after the series had ended.

• The Marvelous Pogue Family Coin Collection, Part 13: Probable Finest Known ‘Broken 3’ 1823 Capped Bust Half Dollar

And finally, coin expert and CoinWeek contributor Greg Reynolds analyses the Pogue specimen ‘Broken 3’ 1823 Capped Bust Half Dollar.

Counterfeit Detection

• An 1824 Capped Bust Half Dollar
• An 1833 NOT PCGS Half Dollar Counterfeit
• An 1807 Half Dollar and Friends

CoinWeek author Jack Young addresses a few Lettered Edge Capped Bust Half Dollars in his Fun With Fakes series on counterfeit coins he and the “Dark Side” group have discovered online.

• Counterfeit Coin Detection – Altered Date 1815 Half Dollar

Because the Mint used only one pair of dies to strike all half dollars in 1815, the 1815/2 overdate stands as a famously rare Capped Bust Half Dollar variety. NGC reports that someone altered an original 1815-dated coin, a common and opportunistic form of counterfeiting.

Design Overview

To begin with, Reich’s Liberty portrait dominates the obverse. Liberty faces left and wears a mobcap. Webster’s Dictionary defines this cap as “a woman’s fancy indoor cap made with a high full crown and often tied under the chin.” In this case, the engraver shows the high crown folded forward. However, he does not include a tie.

Across the base of the cap appears the word LIBERTY. Meanwhile, curls cascade down Liberty’s back and shoulder. Below the portrait, a draped robe crosses the bust. A clasp secures the garment at the shoulder. Surrounding the figure, thirteen six-pointed stars form a circle within a denticulated rim. Seven stars appear on the left, and six appear on the right. Finally, the date sits at the bottom of the coin.

Reverse Design Details

In contrast, the reverse features a powerful eagle at center. The eagle turns its head to its right, which is the viewer’s left. At the same time, it spreads its wings as if ready to fly. A shield covers the eagle’s breast.

Moreover, the eagle holds three arrows in its left, or sinister, claw. In its right, or dexter, claw, it carries an olive branch. Around the upper portion, the legend UNITED STATES OF AMERICA curves inside a denticulated rim. By comparison, the denomination 50 C. appears at the bottom.

Above the eagle, a banner stretches across the field. Although the ribbon lies mostly flat, its ends fold inward. The motto E PLURIBUS UNUM appears on the banner. Importantly, the coin shows no mintmark. Instead, the Mint struck all examples at Philadelphia.

Edge Inscriptions

Along the edge, the inscription reads FIFTY CENTS OR HALF A DOLLAR. Between 1814 and 1831, engravers added a star between DOLLAR and FIFTY. Later, from 1832 through 1836, they placed vertical lines between the words. As a result, collectors can use these details to help identify specific issues.

Varieties and Overton Numbers

In addition, collectors attribute Lettered Edge Capped Bust Half Dollars by Overton numbers. Researchers have identified more than 789 different dies. Consequently, the series offers a wide range of collectible varieties.

Among the most valuable are the 1812/1 Large 8 and the 1815/2 overdate. Likewise, the 1817/4 overdate commands strong premiums. The 1830 Large Letters variety also attracts attention. Notably, the 1815/2 represents the only 1815-dated coin in the series. Furthermore, fewer than 10 examples of the 1817/4 survive.

Beyond these, specialists have cataloged many other overdates and engraving errors. They have also recorded differences in letter and numeral size. In some cases, census reports list fewer than five known examples. Therefore, advanced collectors often compete fiercely for these rarities.

Coin Specifications

Capped Bust Half Dollar, Lettered Edge

• Years of Issue: 1807–1836
• Mintage (Circulation): High: 6,545,000 (1836); Low: 47,150 (1815; all are the 1815/2 overdate)
• Proof Mintage: High: 15 (1836, estimated); Low: 5 (1820–1824, estimated; none confirmed prior to 1820)
• Alloy: .900 silver, .100 copper
• Weight: ±13.48 g
• Diameter: ±32.50 mm
• Edge: Lettered
• Designer: John Reich

Additional References

• Bowers, Q. David. The Experts Guide to Collecting and Investing in Rare Coins. 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.
• Overton, Al. United States Early Half Dollar Varieties, 1794-1836. Donald L. Parsley.
• 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.

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The Complete History of America’s Rarest Peace Dollar

The 1922 High Relief Matte Proof Peace dollar stands at the pinnacle of the Peace dollar series. Fewer than a dozen examples survive. Every confirmed specimen ranks among the most important 20th-century United States coins.

More importantly, this issue captures a decisive moment at the United States Mint. Officials attempted to preserve sculptural artistry in 1922. However, mechanical reality forced them to abandon high relief permanently.

This fully fact-checked guide presents the coin’s origin, production, survival, discovery history, certification changes, and verified auction results, incorporating the published research of Roger W. Burdette and primary auction documentation.

The Legislative Foundation: The Pittman Act

The Peace dollar exists because of the Pittman Act. Congress authorized the melting of 270,232,722 silver dollars during World War I. At the same time, lawmakers required their replacement using newly mined American silver.

When silver prices declined in 1920, the Treasury resumed purchases. Production of new silver dollars became mandatory.

Meanwhile, numismatist Farran Zerbe publicly advocated for a “Peace” coin to commemorate the end of the Great War. His proposal gained momentum at the 1920 ANA convention.

Legislation and symbolism aligned. The Peace dollar followed.

De Francisci’s Vision and Morgan’s Refinement

On December 13, 1921, the Commission of Fine Arts selected the design by Anthony de Francisci. Liberty’s portrait reflected his wife Teresa.

The reverse showed a bald eagle perched on a mountaintop before a rising sun.

Public criticism forced removal of a broken sword beneath the eagle. Chief Engraver George T. Morgan removed the sword directly from the reverse hub.

He also refined Liberty’s outline, strengthened hair details, narrowed and rounded lettering, and altered the reverse A’s to slanted tops.

According to Roger Burdette, Morgan created new 1922-dated high relief hubs by modifying a 1921 hub.

These refinements produced what Burdette described as the finest execution of the Peace dollar design ever struck.

The 1921 High Relief Problem

The Mint struck 1,006,473 High Relief 1921 Peace dollars from December 28 to December 31, 1921.

Serious problems appeared immediately. Dies failed after roughly 25,000 strikes, far below the 250,000-coin lifespan typical for Morgan dollar dies. Standard presses failed to bring up full central detail in a single blow.

The Mint could not sustain high relief production.

The 35,401 High Relief Coins of 1922

Coin Controversy: Business Strikes or Not?

Early in 1922, the Mint struck 35,401 High Relief 1922 Peace dollars as a production test. Officials quickly halted the run due to continued die breakage and stacking issues.

The Mint ordered all 35,401 pieces melted.

For decades, numismatists believed one circulated business strike survived from that testing run. Modern die diagnostics now confirm otherwise. The famous circulated example matches the Proof die pair used for the Matte Proof strikings.

Therefore, no confirmed business-strike 1922 High Relief Peace dollars survive. Every known 1922 High Relief example is a Matte Proof struck on the medal press.

How the Matte Proofs Were Produced

The Mint struck the 1922 High Relief Proofs on the medal press using multiple blows to maximize detail. After striking, technicians sandblasted the surfaces to create a fine granular finish.

Collectors commonly refer to them as “Matte Proofs.” Technically, they are Sandblast Proofs.

The Mint recorded no official mintage. However, roster studies and auction appearances confirm approximately 10 to 12 surviving examples. No credible research supports a significantly larger number.

These coins never entered public distribution. Mint and Treasury officials likely received them as presentation pieces.

The Lush Discovery Coin: From PCGS to NGC

The only circulated example surfaced in the late 1970s.

Ernest Lush discovered the coin in Lathrup Village, Michigan, within a group of circulated Peace dollars. His careful inspection preserved the coin during the silver boom melt era.

Original PCGS Certification

The coin first appeared in the marketplace certified by PCGS as Proof-25, certification number 02423037. That PCGS holder documented the piece for decades.

2024 Conservation and Crossover

In 2024, the consignor elected to have the coin professionally conserved. Earlier auction appearances showed dark toning that obscured the sandblast texture. Conservation removed that distracting toning and revealed the delicate matte surface beneath.

Following conservation, the coin crossed into an NGC holder as Matte Proof-25.

Stack’s Bowers described the piece as showing honest circulation wear, bold detail, and a delicate golden overtone. The conservation highlighted the sandblast fields without altering the coin’s character. Minor marks consistent with the grade remain visible.

Importantly, the original Lush Coin in the PCGS PR25 holder, illustrated by at least two different images on line, no longer exists.

November 2024 Sale

The reholdered coin realized $45,600 in Stack’s Bowers’ November 2024 Showcase Auction, Session 3 – Rarities Night, Lot 3077.

This result reflects the coin’s circulated status relative to higher-grade six-figure examples.

Provenance of the Circulated Example

The Lush discovery coin traces a documented pedigree:

• Ernest Lush (late 1970s discovery) Stack’s Bowers November 2024 Showcase Auction
• Michigan collection
• RARCOA Auction ’83
• Gwyn Houston
• Julian Leidman (displayed at the 1992 ANA Convention)
• Heritage Central States Sale (2002)

Today, it remains the only circulated 1922 High Relief Matte Proof known.

Confirmed Auction Records of Other Examples

• The finest certified example, a PR67 graded by PCGS, realized $458,250 at Goldberg Auctioneers in June 2014.

• An NGC PF67 example from the Greensboro Collection brought $329,000 at Heritage in January 2014.

• A PF66 example from the Joseph C. Thomas Collection sold for $161,000 in 2009.
• A PF61 specimen purchased by Rick Harrison on Pawn Stars for $80,000 later realized $99,875 at Heritage in January 2015.

• An impaired PCGS Proof Uncirculated Details example realized $144,000 at Heritage in February 2023.

No example finer than PR67 currently appears in population reports.

Why the 1922 High Relief Matte Proof Matters

The Mint reduced the Peace dollar’s relief later in 1922. The lower-relief design continued through 1935.

Roger Burdette concluded that the High Relief Proofs preserve the design in its fullest sculptural form. Liberty’s hair displays deeper modeling. The lettering appears sharper. The eagle shows stronger feather definition.

Later low-relief issues sacrificed that depth for efficiency.

Thus, the 1922 High Relief Matte Proof preserves the artistic ideal that production realities ended.

Final Assessment

The 1922 High Relief Matte Proof Peace dollar represents a fleeting moment when artistry challenged industrial practicality. The Mint attempted to continue the sculptural beauty of 1921. Mechanical limitations forced compromise.

Only a handful of presentation pieces survived that transition. Among them, the circulated Lush discovery coin, now conserved and housed in an NGC Matte Proof-25 holder, remains unique.

Every confirmed example carries third-party certification. Every piece commands significant value. And every survivor reflects the most refined execution of the Peace dollar design ever struck.

For collectors and historians alike, the 1922 High Relief Matte Proof remains the definitive Peace dollar rarity and one of the most important American coins of the 20th century.

Coin Specifications

• Country: United States
• Year: 1922
• Mint: Philadelphia (no mintmark)
• Composition: .900 silver, .100 copper
• Weight: 26.73 grams
• Diameter: 38.10 mm
• Edge: Reeded
• Designer: Anthony de Francisci
• Finish: Sandblast (Matte) Proof
• Estimated Survival: ~10–12 examples

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