The U.S. Coin Collector, no. 3

16 Pages·0.95 MB·English

by  William Atkinson

1 )
ISSUE #3 JANUARY 1991
COIN
U.S.
THE OFFICIAL JOURNAL OF THE NATIONAL COIN COLLECTORS ASSOCIATION
A TREATISE ON COIN RARITIES
BY HUGH COOPER
{Editor's Note: This article, written by NCCA member This can work to your advantage, because you don't
Hugh Cooper, first appeared In the March 15, 1988 have to want what everyone else wants. "I know what
Issue of Penny-Wise, the official publication of the I like" and "There's no accounting for taste" are
Early American Coppers (EAC) club. While the valid and sensible aesthetic principles, but they
Information Is aimed largely at collectors of half are better left unsaid, because they reveal more
cents and large cents. It Is really applicable to about the speaker than anything else.
everyone who collects coins. The article, to be When the conversation turns to rarity, reason
published In three parts (Part II, March 1991; Part commonly goes out the door. The EAC rarity scale,
III, May 1991), Is reprinted with the permission of for one. Includes codes for common, scarce, and
the author. As with all of Hugh Cooper's writings, rare; but the word rarity Is usually only Invoked to
there Is always more than meets the eye, and the mean that a piece Is rare. And any rarity scale Is
careful reader will always come away with much more ultimately an Invention, because no one really knows
knowledge and Insights than s/he Initially how many coins exist of a particular date, type, or
expected. variety. And yet, many folks speak and write as If
they believe that:
The word rarity summons up Images of pirates' 1 - A rare coin Is a desirable coin, just
treasure, the Hope Diamond, and a good word from because It Is rare. (But some rare coins are
your employer. But the fact Is, a thing which Is unwanted.
truly rare does not have any spectral aura about It. 2 - A rare coin Is a valuable coin. (But some
Some rare objects are ugly, or uninspired, or even rare coins are cheap.)
commonplace. In the sense that they do not catch 3 - A rare coin Is tough to find. (Not always.
your eye, unless you already know they are rare. Sometimes they come on the market In spurts, such as
Look at the backside of a 1913 Liberty Head the 1804 Silver Dollar. Only fifteen exist of that
nickel. Except for being a somewhat old coin In high legendary rarity, but five of them were sold between
grade, It Is Insignificant. And If you don't expect 1979 and 1984, and two of these changed .hands again
the find the 1913 where you do, you might even miss by 1986. The Garrett coin alone has had five owners
the three In the date when you turn the coin over. since 19801 Which means that If you were looking for
Or go to the ANS Museum and look through the one any time In the last eight or nine years, one
cabinets of Ancient coins. If they are on view; If was usually available. And the prices fluctuated
Ancients all look alike to you, the truly rare coins distressingly.)
would not announce themselves. In short. It Is a dismal fact that the entire
Watch the average teenager. See what fascinates subject of rarity Is fraught with misnomer,
—
him It Is the commonplace, what everyone else has, Imprecision, guesswork, and misinformation.
or wants. He Is appalled by rarity. Fortunately for You can see some of the difficulties In the
this person, mass production keeps the prices of matter of rarity If you try to answer the following
junk down. question: How rare Is a S300 coin? After you've
However, when you get Into coins, where the asked a few more questions yourself, you will
quantities are set, the situation Is reversed, and realize that It Is Impossible to derive price from
the number of buyers Is what controls the price. rarity, because you cannot derive rarity from price.
Rareness Is exalted In some threadbare minds
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far above Its poor power to add or detract from a R-5 Rare (31-75)
coin's price. R-6 Very Rare (13-30)
When the old-timers first began putting R-7 Extremely Rare (4-12)
together sets of large cents from circulation, about R-8 Unique, or Nearly Unique (1-3)
the middle fifty years of the last century, they
discovered that some cents were tougher to find than Revised Circa 1982
others. They also learned that mintage figures, when R-1 More than 1250 Common
they could get them, were sometimes unrelated to the R-2 501-1250 Not so Common
frequency of coins In circulation. Not only did the R-3 201-500 Scarce
mint utter falsehoods, but It kept production R-4- 161-200 Very Scarce
figures by fiscal year rather than by calendar year, R-4 116-160 Very Scarce
and It used dies Into years after the dates which R-4+ 76-115 Very Scarce
were punched Into them. R-5- 61-75 Rare
What Is more, these pioneering collectors early R-5 46-60 Rare
on discovered eyesight varieties, revealing more R-5+ 31-45 Rare
than one, and sometimes many, different dies used In R-6- 25-30 Very Rare
one year. This clearly meant that mintages were R-6 19-24 Very Rare
useless even If they had been accurate. A man who R-6+ 13-18 Very Rare
was searching for a particular variety had to guess R-7- 10-12 Extremely Rare
at Its rarity. R-7 7-9 Extremely Rare
Then, since these opulent gents were saving R-7+ 4-6 Extremely Rare
only the best coin of any date or variety, they soon R-8- 3 Nearly Unique
found that "uncirculated" coins were harder to find R-8 2 Nearly Unique
for certain dates and varieties. It therefore came R-8+ Un que
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to pass In those days that rarity should be applied
to condition, and not Just to total coins. Not all Each variety has been assigned a rarity rating,
coins showed up In circulation with the same a code which states a quantity of known or estimated
frequency, and certainly not In the same conditions. specimens. Sheldon says In Penny Whimsy, 1958, "No
The 1799 and the 1904, as dates, have always been student of cents ever says that such-and-such a
hlghei—priced. In any condition. But In number of a variety 'are known.' He states simply
uncirculated? These could not be found. And more that such-and-such a number have been reported or
than a century later, they still have not turned up. are known to him. The reader should realize, of
These observations became studies, and over the course, that most of the errors arlve from
years a great deal was done to determine the overratlng, not from underrating rarity. If a coin
quantities of different varieties In existence. In Is cal led rare, It may be common, but If It Is
1949 William Sheldon published Early American Cents called common, It almost certainly Is noi rare. If
,
In which he set forth a rarity scale, which with Jones was seen, he probably was there. If he wasn't
some elaboration Is the scale EAC uses today. This seen, he may still have been there."
book covers cents from 1793 through 1814, and for [End of Part 1.1
each variety In these series, Sheldon assigned a
rarity ranking, by code, as In Rarity 4. This "your turn"
ranking applies to coins In any condition. The
problem of condition was dealt with separately, and First up, some letters from members on Issue #1
will dance around this subject a little later. that came In too late to Include In Issue #2:
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Following are the rarity scales used by EAC
today. The first Is the one proposed by Sheldon In "Congratulations on a truly first-rate
1949, and the second Is the one elaborated about Inaugural Issue of The U.S. Coin Collector. I
1982 to Identify varieties whose populations can be particularly enjoyed your debunking of the coin
more accurately estimated at this time. Investment myth.
"I am writing to provide a little more
Sheldon's Scale for Rarity Information about the Numismatic Bibliomania Society
R-1 Common (NBS) . It was established In 1980, and currently has
R-2 Not so Common about 400 members. Your sources who told you that
R-3 Scarce the publication of Its journal. The Asylum Is
,
R-4 Very Scarce (76-200)
sporadic, were correct once. From 1980 until took
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SERIES COVERED RY THE NCCA
(and their appropriate specialty clubs)
Half Cents Early American Coppers Inc
Large Cents Early American Coppers Inc
Flying Eagle and Indian Head Cents
Lincoln Cents Society of Lincoln Cent Collectors
Two-Cent Pieces
Silver Three-Cent Pieces
Nickel Three-Cent Pieces
Shield Nickels American Nickel Collectors Association
Liberty Head Nickels American Nickel Collectors Association
Buffalo Nickels American Nickel Collectors Association
Jefferson Nickels American Nickel Collectors Association
Early (1794-1837) Half Dimes John Reich Collectors Society
Liberty Seated Half Dimes Liberty Seated Collectors Club
Early (1796-1837) Dimes John Reich Collectors Society
Liberty Seated Dimes Liberty Seated Collectors Club
Barber Dimes Barber Coin Collectors Society
Mercury Dimes
Roosevelt Dimes
Twenty-Cent Pieces Liberty Seated Collectors Club
Early (1796-1838) Quarters John Reich Collectors Society
Liberty Seated Quarters Liberty Seated Collectors Club
Barber Quarters Barber Coin Collectors Society
Standing Liberty Quarters Standing Liberty Quarter Collectors Society
Washington Quarters
Early (1794-1839) Half Dollars John Reich Collectors Society / Bust Half Nut Club
Liberty Seated Half Dollars Liberty Seated Collectors Club
Barber Half Dollars Barber Coin Collectors Society
Liberty Walking Half Dollars
Frank 1 1n Half Dollars
Early (1794-1804) Stiver Dollars John Reich Collectors Society
Liberty Seated Silver Dollars Liberty Seated Collectors Club
Trade Dot lars Liberty Seated Collectors Club
Morgan Silver Dollars
Peace Silver Dollars
Gold Coins John Reich Collectors Society (early gold)
Commemorative Coins Society for U.S. Commemorative Coins
Error/Variety Coins Combined Organization of Numismatic Error
Collectors of America (CONECA)
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over as editor In 1986, publication was sporadic. There Isn't a day that goes by that don't look at
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Indeed. got the publication on a regular quarterly my collection. am back Into coins for good now.
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schedule, and my successor as editor, David Block, Let the PCGSs and NGCs of the world push the generic
has maintained It ever since taking the reins In stuff. am only now beginning to feel like a real
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mid-1988. coin collector again. That Is why wanted to join
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"The NBS Is well worth joining. Our membership the NCCA, because am not only Interested In the
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ranges from the likes of Dave Bowers, Eric Newman, coins, but knowledge as well."
and Armand Champa to less-noted, but equally
Interesting people. We meet at ANA conventions and Now some letters commenting on the second
at several larger regional shows. Anyone whose Issue:
library consists of books In addition to the Guide
Book should belong!" (Joel Orosz) "1 read the first Issue of the U.S. Coin
Col lector and found It Interesting (ho hum). Just
"Congrads! Issue #1 Is now a reality. With a read the second Issue and really learned something.
relatively small quantity printed, as NCCA grows, This could be good!"
even 10 years from now this Issue #1 will be a
collector's Item - eagerly sought by NCCA membership "I believe the NCCA is off to a running start.
In the year 2000 to complete their sets of The U.S. Now over 100 members growing. Statistically, would
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Coin Col lector. say an 11? response to your first survey Is above
"I'd guess that most collectors are also average. Nowever, also believe that even more
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"pocket dealers," carrying duplicates with them to members should be willing to respond and take
sell or for trade. Lacking an empirical definition advantage of any services offered. Most members
which might clearly differentiate types of dealers, joined for the same reason did, so think It
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vote 'let them join for whatever benefits they'll would be foolish not to take some active role, even
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derive' (likely educational)." If only just responding to each survey. Member
participation Is what will keep NCCA alive and
"Love Issue #1 of The U.S. Coin Collector. It growing." (Byron Weston)
Is a hit! Much Info In all aspects of collecting.
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do believe you have given the nation something that "The October 30 Issue of Numismatic News front
will not be forgotten. I'm well pleased to have been page headline reads: 'Auction houses changing
In on the 'ground floor.' I'm going to save every policies.' These changes refer to the reporting of
copy since have them from the beginning. I'll have coins sold and 'prices realized' In past auctions
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the complete set as long as live." (Barry Schultz) where a consignor could bid on his own coin, pay a
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buyer's fee of 10? or less, since some auction
"I have been Interested In coins since was houses have a flat fee for this, and turn a $2,000
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about nine years old when my grandmother started coin Into a $5,000 coin at a cost of $500 or less.
letting me rummage through her bags of wheat cents. The auction house would then report the coin sold
"When began college, sold my collection and for $5,000 plus the buyer's fee to a bidder who
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let coins fade Into the background. A few years wished to remain anonymous (small wonder)! Then, all
later, got back Into coins, thinking was gblng the consignor/dealer had to do was wait until an
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to be a great Investor. That was until got burned Investor walked In with hundred dollar bills
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by . May they all rot In hell! With this sticking out of his pocket, show him the auction
bitter taste In my mouth, dropped coins once price realized, and assure him that, thought the
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again. coin had gone up 2.5 times In price recently, he
"Within the past year, resumed my Interest In would sell him 'one Just like It, only nicer' for
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coins. This time In real coins! wanted to focus on $5,500.
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assembling a type set. had purchased a few nice "Another ploy was listing a coin sold even
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pieces through the mall, when out of the blue, a though the highest bid was under the reserve price.
coin shop opened up Just around the corner from my Another change Is that coins belonging to the
house! The owner Is a real fun guy the same age as auction house entered In the auction will be
me and very knowledgeable about coins. With the Identified as such. Can you Imagine the fun and
friendship that has grown, so has my interest In profit involved In bidding up a coin at absolutely
coins grown. no cost to the bidder? Doesn't It make you wonder
"My wife, who Is two months pregnant. Is not so how many times some of the 'wonder coin' prices have
happy because am In the shop more than am home, been artificially raised until a sure-enough,
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but that Is too bad - It's MY hobby! honest-to-God bidder comes along?"
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"Upon learning of your organization, was embarrassed to steal all this goodness for only
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Interested enough to join a couple of months ago, $18."
and after receiving the first two Issues of The U.S.
Coin Collector, must say that am happy did. "The first Issue of The U.S. Coin Collector was
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Both Issues have been enjoyable and Informative." great. The second Issue 'outstanding'! Refreshing,
(Ken Pettit) newsy, and close to the collector really describe
It.
"It was good to read a realistic review of one "Thanks for forming this association of
of Dave Bowers' books. I've purchased quite a few of collectors. 'I preach what you teach' at our coin
his books over the years and found them to be all club meetings. They enjoy It."
but useless In terms of Information for my
collecting efforts. However, they were almost always "Where do you get all that energy to organize
enjoyable reading. Good work!" and operate the timely and much-needed NCCA, put out
systematic Issues of The U.S. Coin Collector and
,
"Received the second Issue of The U.S. Coin now your first monograph In a projected series? It
Col lector and wish to thank you for the kind article would help If you were a manic-depressive, because
on our club, the Globe Col lectors-Traders Club. during manic phases energy emerges abundantly.
However, there is one statement that feel needs "NCCA is most timely what with the 'Industry'
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clarification - on throwing members out of the club. beginning to fall apart, as predicted. NCCA's growth
If receive any complaints from several of our seems assured by virtue of current propensities to
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members on a particular member, immediately write return to the collector base.
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to all members Involved In the dispute and suggest "What concerns me Is you! Should your wife
they either work out a settlement among themselves shoot you in your neighbor's bed cohabitatlng with
or return all coins. If receive confirmation of his spouse or somebody nail you In traffic to the
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this, the matter is dropped, and the violator Is extent of Immobilizing your future energies, who Is
warned that he will be barred from the club for life to carry on the projects you nit atled and have
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If this happens again. become bigger than one man? Please start cultivating
"If the violating member does not settle the an assistant with your Ideas and capacity to carry
dispute or refuses to answer club correspondence, he on."
Is notified that he Is barred from membership for (Editor's note: Thanks for the kind words, but
life. don't deserve all that praise. Actually, running
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"All new members are listed in the bulletin, the club takes only a few minutes a day to respond
and If no member protests his joining, he Is to inquiries, etc. The journal Itself takes only a
accepted. Furthermore, any members who have violated couple of evenings every two months to organize and
through fraud or deceit coins or other collectibles write. The monographs are the result of research
from our members, a letter to the police department that was planning to conduct and organize anyway.
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and postal authorities stating these circumstances Bottom line: This Is a lot of fun and not much
are also notified and prosecution action If work!
violations exist are requested for legal action."
"IT WAS THE RIGHT THING,
(John Stanek)
BUT FOR THE WRONG REASON"
"Yes, indeed. You are heading for trouble! How
can you possibly write future Issues of the U.S. (Editor's Note: This Is Part II of Dr. Turfboer's
Coin Col lector on a better level, since #1 was tops essay on slabs. Part ran in the November 1990
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and #2 Is even better. Issue.
"Just providing the club and book listings make
your journal a lasting value. And now, your "secret The primary reason for slabbing. Implied but
coin list" enhances the value Immeasurably. After not widely broadcast, Is the protection and the
our November 7 club meeting, will report any benefit of the owner and the broker.
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finds. Protection against what? A whole list:
"Dr. Turfboer's essay adds to the 'full cup' inconsistency of grading between the times of buying
level of excellence of your journal - and now It and selling even by the same person; damage during
overflows. He said It - 'To slab is to end.' A ownership; the loss of a capital Investment; loss of
coin's beauty, history and collector appreciation time due to regrading; hassle. In short, a monitored
end In the slab! Tragic. exchange with a minimum of room for argument. For
"Also adding Is Donn's ditty - we're the dealer, too, this protection Is a real one, a
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considerable time- and hassle-saving element. Those superlative coins are now mummies In
Finally, published retail and wholesale prices can their plastic slabs, good only for necrophl lacs. It
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be relied upon more realistically, and at auctions makes the numismatist wonder: Do slab
It decreases the chance for disappointment. All very owners/ nvestors with their alleged numismatic
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good reasons one would think. True, but none of this Insight look at their possessions any more than they
addresses the needs of the numismatist, the look at their stock certificates? Has anyone done
heart-and-sou col lector/conservator. research on the effect of Its ownership on the
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Does that matter? absentee owners? Are they happy with their coins?
Does It matter when a salmon, at the end of his Can anyone truly be happy with a dead thing In a
3,000-mt le trip from the Bering Sea, finds Its own plastic box?
spawning creek blocked off because a housing project In considering the future of his science, the
was worth more to the owner of the land? When at slab-unhappy collector will wonder: Could the salmon
long last Its extremely sensitive nose had brought be satisfied with anything less than the real thing?
the animal back home, the salmon had to discover Hardly, he thinks.
that the creek was no longer available to find a So what Is the numismatist to do? He has to
mate, to spawn, and to do Its thing. Moreover, there look at the salmon for an answer.
was no explanation because no one there spoke He finds that the salmon, at first, can do not
salmonese any longer. much else but try to accept Its loss. This
These salmon at least were spared the degrading realization will soon Include a sincere attempt to
truth that their spawning had become economically a find a new spawning creek. If he Is lucky and early
far less remunerative usage of the area than a chic enough, he will discover that the bottom line of
bungalow park. Aspiring, but cash-poor MS-65ers are success Is not necessarily limited to those who have
In that same spot as the salmon with Its lost the monopoly In cunning, or the edge In Investing.
spawning grounds. Knowing the present vast Sometimes, success and strength lie In the
Investment potential, the insider trader with his quantitative realization that "my name is legion."
connections has easily outbid the collector. In all Good and wide eyesight, knowledge, drive and
fairness, no one can blame him for that and It was determination are helpful.
probably due to happen sooner or later. Moreover, Maybe the bottom line for collectors and
who else would see to It that the sheep be shorn? numismatists is this: Close ranks and define
Mr. Bowers In "Numismatic Depth Study" (Coin yourselves and your needs. Then go after those needs
World, March 14, 1990, pp. 96-97) points out the "en masse," protected by your own support system
substantial price difference between the (In which has no space and no need for slabs.
SLABonesel sight unseen and the sight seen coins. Collections and numismatic science are live issues,
That difference, he explains. Is due to "aesthetic not morgues.
considerations." In other words something personal Maybe the numismatist will find that In this
and Intangible that resides In the brains and eyes wide and rejecting world there is one unoccupied
of the beholder! His article, however worthy and creek where he can still stake his claim. One happy
Informative, diplomatically avoids real depth and creek to see and welcome him warmly.
Instead gives the reader no more than some anecdotes
to back up his personal observations. He leaves the
"CAPPED BUST HALF dollars"
readers wonder where the experts are with their
research data. Who can rightly claim to know what BY ANTHONY VIGLIOTTA
motivates the collector numismatist and what In fact
he or she really does with those slabbing services?
Who will give the consumer the hard and unbiased
facts? Why does even a star like Mr. Bowers make [Editor's Note: This article, of Interest to both
claims without showing his data for the readers' novice and veteran collectors of Bust coinage, was
discretion? submitted by NCCA member Anthony Vlgllotta. It was
Again, does It matter? originally published In the Fall 1989 Issue of
Yes, It does matter, because SLABBING has sold FUN-Toplcs. Permission has been received from the
the numismatists' spawning rights to a financial author and from the publisher, Joe Jones Publishing,
monitor, who practices enlightened self-interest, to reprint the article. Appropriate updates and
like the land developer who sold the salmon's corrections have been made by the editor of The U.S.
rights. The coin and Its record disappear out of Coin Col lector
.
sight and out of reach of the average collector who
has to satisfy his needs from a restricted market As a col lector/accumulator for the past 20
and a moderate budget. years, have gone through many phases of
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6
"
collecting. In the mld-60s, like most numismatists Halves 1794-1807 did not fit my criteria of
of that era, was primarily a hole-pl ugger, filling "affordable availability." They were beyond my
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my Whitman folders with coins gleaned out of financial range and not readily available.
circulation. As circulated coins diminished In the Therefore, would not collect them.
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70s and the remaining empty holes were high cost 2 - The Capped Bust Halves 1807-1836 were well
Items beyond my financial realm, drifted Into within my range of affordability and were available
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collecting exonumla such as love tokens, to the collector In significant quantities.
countermarks, and then error coins and $1 Federal 3 - The final decision remaining was whether
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Reserve Notes. During the collector retrenchment would revert to my hole filling habit of the 60s
phase of the 80s when the MS (mint state) grading (one for each date) or accept the challenge of
syndrome and the "Invasion of the Investor" cast a collecting by "Die Varieties." Researching Overton's
dark shadow over the collector community, my "Bible" on the subject, you will always come to only
collecting instincts went Into limbo. one conclusion, namely that the only way to go Is
Luckily in the mid 80s, was fortunate enough "Collecting by Die Varieties."
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to have a fellow member of our Central Florida Coin What makes Capped Bust Halves 1807-1836 die
Club give an Inspiring and educational presentation varieties such an Interesting and challenging
on Capped Bust Halves 1807-1836. Suddenly, this numismatic enterprise? Although Capped Bust Halves
Informational presentation seemed to Ignite a spark were only minted for 29 years (none In 1816),
of potential Interest to my collecting tnstlncts. A Overton verified and Identified 450 different die
cursory analysis of Capped Bust Halves indicated varieties for this series of Bust Half Dollar. Can
that this series of collectibles was well within my you envision the challenge of trying to get 450 die
range of "affordable availability." By "affordable varieties (now approximately 460) of such a
availability" mean the coins were within my budget comparatively short minting period when compared to
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restraints, were readily available within this cost 20th century coinage that runs 40-80 years with
restraint, and had a reasonably long range potential minimal die varieties noted?
for appreciation. John Reich designed this Capped Head Bust
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Having established that Capped Bust Halves Concept of Liberty In 1807. The head of Liberty with
would be my prime collecting interest, then 13 peripheral stars and date was used for the next
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applied the well known Dave Bowers golden rule, 30 years. The reverse consists of an eagle with
namely, "Buy the book before the collectible." lifted spread wings with a shield breast plate, and
Fortunately in my selecting Capped Bust Halves, a scroll above inscribed "E Plurtbus Unum." Below,
minimal Initial data research was required. Anyone the denomination 50C, to the left an olive branch
who knows anything about Capped Bust Halves or and to the right arrows. Around the border or
collects them knows that there Is only one "Bible" periphery of the coin Is the legend "United States
or absolute reference data source and that, of of Amer ca.
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course, is Al C. Overton's Early Half Dollar Die However, what Intrigued me primarily was the
Varieties 1794-1836. To this date, Overton's book minting and die process that resulted In the
published 15 years ago remains the authoritative multiple of die pairs and marriages In such a short
work on the subject of Bust Halves. [Editor's Note: minting period. As little of this was addressed in
The third edition of this book, edited by Overton's Overton's book, It was necessary to refer to other
son-in-law, Don Parsley, was published In November sources on the minting process. An excellent data
1990. It Is a much more comprehensive volume and source on the minting process of the era has been
will be reviewed In the March 1991 issue of The U.S. the John Reich Journals Issued quarterly by the John
Coin Collector.] Knowledgeable authorities and Reich Collectors Society. [Editor's Note: The John
col lectors have stated that Overton's book has done Reich Journal Is published three times a year.)
for Bust Halves what the Penny Whimsy publication Since minimal official data Is known on the die
has done for Large Cent collecting. manufacturing process of that period, the hypothesis
Trying to purchase an edition of Overton's book most agreed upon Is as follows: Both a master
was no easy task In the late 80s. Luckily our coin obverse and reverse die were made. On the master
club had one In the library which took out on a obverse die, only the main figure of Liberty (the
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semi-permanent loan for about one year. Since them, head and bust) was engraved. The 13 stars and date
Overton's "Bible" has been reprinted and now have were not engraved on the master obverse die. On the
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my own personal copy. master reverse die, only the eagle and shield and
A detailed review of Overton's book fine-tuned the scroll with the motto "E Plurlbus Unum" were
by collecting Instincts and shortly arrived at the engraved. The denomination 50C, to the left the
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following basic conclusions: olive branch, to the right the three arrows, and the
- The flowing hair/draped bust type Bust legend "United States of America" around the
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periphery of the coin were not present. However, the in usable condition, there were no qualms about
hypothesis as to whether the scroll and motto was or polishing off the last one or two numerals as
was not on the master die is still being debated. appropriate and putting on the next year's date.
The hypothesis that the shield may not have [Editor's Note: Actually, used working dies were not
been engraved on the master reverse die Is presented re-engraved with new dates at the end of the year.
in a well documented and rational analysis by Edgar Rather, new working dies that had not been used but
Souders in an article in the John Reich Journal. had dates already engraved on them were re-engraved
Analysis further substantiates that on the "working with the next years' dates.] One almost wants to
dies," which were the dies actually used to mint the believe that part of the old date was left, to make
Bust Halves, engravers added the features not sure you could recognize the die as an overdate. For
present on the master dies previously delineated. an overdate collector this series is truly a
One of the prime rationalizations for this cornucopia or "horn full" series.
theory is the extensive number of die diagnostic
indicators in Overton's book relating to the Reverse Die Variety Diagnostic Indicators
features that were added to the "working dies." Some When one considers the amount of additional
of the more predominate die variety characteristics data the engravers had to add to the reverse working
associated with the obverse and reverse "working dies you can readily appreciate the enormous
dies" which facilitates the identification and potential for "creating" die varieties. Although
attribution of specific Overton variety numbers are there are many possible factors for die varieties
outlined below. For the more specific diagnostic which are listed in detail In Overton's "Bible,"
indicators and die variety characteristics, refer to only the more important and significant ones will be
Overton's "Bible" on the subject. dent fled.
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Legend United States of America. Many factors
:
Prime Obverse Die Variety Diagnostic Indicators such as size and spacing of letters, filled letters
As only the 13 stars and the date were added to resulted in numerous varieties associated with the
the working does by the engravers, one would believe simple legend United States of America.
the number of different diagnostics would be Diagnostic Letters: D-E, T-l, A-A (Arrowhead):
minimal. However, that was not the case. For The position of the "D" (In "United") and "E" (In
brevity, only the most significant diagnostics the motto): "T" (in "States") and "I" (in the
Indicators will be addressed In this article. motto); and last "A" (In "America") to A (Arrowhead)
13 Star Diagnostic Indicators Overton used the are extremely Important diagnostic indicators as
.
key stars 1, 7, 8, and 13 to attribute the majority relates to the reverse dies. [Editor's Note:
of his obverse die varieties. Actually, there are three diagnostic A's, but they
Extremely significant is the position of these refer to the "A" In "States" and the two "A's" in
four stars in relation to the Liberty Bust figure "America." None refer to the arrowheads.]
and their relative positions to the obverse milling Denomination 50C: The size, shape, position,
(also called denticles) on the coins where obverse and location in relation to other elements of the
milling was present. Overton identified six possible reverse provides extremely important die
positions of the outer star point to the denticle. diagnostics.
Edgar Souders In an article in the John Reich Shield Diagnostics: There are many die
Journa indicates that a computer program developed indicators relating to the horizontal bars and
by Robert Frowenfeld can be applied for rapid vertical stripes in the shield. An Interesting
attributing of the Overton variety number based on hypothesis, presented by Souders, is that the
the position of the four major stars to the milling details of the shield were engraved in the working
positions. When one considers the thousands of Bust dies rather than on the master dies as presently
Halves Overton examined In his research, one can assumed.
really get a sense of the lifetime effort Overton
devoted to his research project on Bust Halves. What have addressed in this article as
I
Date Diagnostic Indicators. Perhaps the most relates to diagnostic Indicators for identifying die
interesting and desirable Capped Bust die varieties varieties really only represents the tip of the
relate to the date engraved on the Bust Halves. Iceberg. To get a true picture of the complexities
Besides the numerous sizes, shapes, spacing, and in attributing Capped Bust Halves, one must devote
location of the engraved date, the most Interesting many hours studying Overton's "Bible." This research
are the many overdates in this series. The policy at is vital to the acquis ton process to obtain Capped
I
the time was to use the working dies until they Bust Halves and judiciously analyze them to
literally collapsed or disintegrated. Thus, If at attribute and identify the correct Overton die
the end of a minting year, the working die was still variety number.
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Fortunately for the astute and avid collector 1931S can be bought In nice circulated grades of
of Capped Bust Halves, there are two organizations fine to very fine for a few dollars each - except
that endorse and support knowledge and research into for the 1909S VDB which can run over $100. All the
Capped Bust Halves. The JRCS (John Reich Collectors rest can be bought collectively for under $100.
Society) Is dedicated to encouraging the study of Novice collectors can get the feel of
numismatics, particularly United States gold and collecting by buying a quality album or two albums
silver coins minted before the Introduction of the to cover the Lincoln series from 1909-date. After
Seated Liberty design and to providing technical and filling In many holes from circulation, the chore of
educational Information concerning these coins. The finding the rest begins. Trading with other
JRCS issues a quarterly [Editor's note: three times collectors often will fill more holes. Buying from
a year] John Reich Journal which normally contains dealers can fill the rest.
several informative articles on Bust Half Dollars. Once the collection Is "complete" (as far as
The ultimate in Bust Half collecting Is the holes being filled), the collector can strive to
represented by members of BHNC (Bust Half Nut Club). upgrade the set and prehaps eventually have a
This group consists of collectors who are dedicated complete uncirculated set. Then the cost rises
and committed to assembling a collection of all quickly. Complete BU sets have been known to bring
known Capped Bust Half varieties (approximately substantial five figure dollar amounts. Then of
460). Their collecting goals consist not only of course, they are very popular varieties which
each date and each Red Book variety, but each "die col lectors seek out and they too can run up the
marriage" for each year from 1807-1836. This Is an cost. The most popular varieties are the doubled
extremely exclusive and dedicated group primarily dies. The best known: 1955/55 can run up to $750 and
united to promote the educational and research the 1972/72 can cost $250 In BU. There are many
aspects of Capped Bust Halves. lesser known doubled dies and many of them can be
I can truly state that my Interest In found from dealers at under $10 each. There are also
numismatics has reached new heights as diligently proof coins In the series and expect for the matte
I
acquire and attribute Capped Bust Halves In my proofs of 1990-1916 and the 1936-1942 proofs, most
valiant effort to acquire a complete set of Capped proofs from 1950 to date can be bought for 50 cents
Bust Half die varieties. and up depending on the year and grade.
As far as NCCA readers are concerned, this
Information Is probably very elemental. Many are
SOCIETY OF LINCOLN CENT COLLECTORS probably Lincoln Cent collectors or at least
accumulators. But, as for serious collectors, the
Lincoln Cent has as much challenge as any series.
Following Is some correspondence from Dr. Sol
There are several good books to make this point. The
Taylor, President of the Society of Lincoln Cent
first, The Standard Guide to the Lincoln Cent by
Col lectors and an NCCA member:
Taylor covers the series from the historical and
collector points of view. The RPM Book by Wexler
The most collected series of U.S. coins has got
covers all repunched mlntmarks, but more than half
to be the Lincoln Cent. This Is based on several
are Lincoln Cents. Then Wexler's book on The Lincoln
factors: 1) the most commonly sold coin album is the
Cent Doubled Die covers dozens of known doubled dies
Lincoln Cent series; 2) the Lincoln Cent Is the
just In the Lincoln Cent series.
longest running U.S. coin series now In Its 81st
The Society of Lincoln Cent Collectors was
year; and 3) It Is the easiest series to assemble a
founded In 1982 to address the Interests of these
respectable collection with the least cost per coin.
col lectors and as of mid 1990 over 800 persons had
As a youngster back before World War II,
I become members. Undoubtedly many times that number
found every Lincoln Cent In circulation expect the
would join If they knew about the SLCC and wanted to
1931S which I eventually had to buy from a dealer expand their knowledge of the series and get
for 45 cents. Today, one cannot find even a partial
Involved In trading and the SLCC mall bid sales
set of Lincoln Cents In circulation, but as far as
which meet the special needs of many of the members.
the Memorial series (1959 to date), easily 80? to
applaud any numismatist who launches a new
90? can be found In circulation by searching a few I
organization. It's a great deal of work and often
bags of cents from your local bank or vending
addresses a need not totally covered by existing
machine company. The rest are available from many
organizations. The membership roster will reflect
dealers at under $1 each. As for the wheat series
this In time. The list of specialty clubs In Issue
(1909-1958), 75? can be found In mixed bags of wheat
#1 of The U.S. Coin Collector points to that fact.
cents which can be bought for about $125 per bag or
If anyone Is serious about Lincoln Cents, then
just over 2 cents per coin. The key dates: namely
SLCC Is right up his/her alley. Likewise for any
1990S and 1909S VDB, 191OS, 1914D, 1924D, 1926S, and series of coins.
9
1 1 )
[Editor's Note: Sol followed this correspondence up each issue Is devoted to selling coins by auction.
with the fol lowing: Many NCCA members are also members of specialty
clubs like EAC, JRCS, BCCS, etc., which dvote 30
The blurb for the Society of Lincoln Cent pages or more In each Issue of their journals to
Collectors refers to us as "Society of Small Cent educational articles on their series. The most
Col lectors." That Is what the SLCC may be. but the recent Issue of Lincoln Sense, on the other hand,
original name remains In place. was seven half-pages long In total, with one
The comment that the SLCC Is for most members half-page devoted to Information on Lincolns and six
In order to participate In Its auctions Is skewed. half-pages devoted to coins listed for auction.
Only 50-55 members bid at each mall bid sale. Out of Certainly, there Is not a lot of new Information on
some 650-700 mailers (to 515-535 paid members), that Lincolns that would require additional pages In your
hardly represents "most." From correspondence and journal, but wanted to make It clear to NCCA
I
calls from SLCC members, most join and renew for the members that they should not expect 30+ pages of
Information they get from Lincoln Sense the club's educational Information In Lincoln Sense as they
,
journal. SLCC Is a clearinghouse of Information from have come to expect with other specialty club
many sources, mostly from members, some from Its own Journals.
mall bid sales, some from other publications, and
some mailed In from outside sources. In all. It's
NCCA BOOK REVIEWS
all one can find at one time on the subject of small
cents.
A discovery piece, namely 191OS with traces of THE U.S. MINT AND COINAGE
VDB on the reverse was shown at the recent Long Don Taxay
Beach show to several collectors Including Marilyn Arco, New York
Van Allen of Coin World. This was sent In by a 1966
member of the SLCC just for that purpose. It may be 400 pages / Hardback
featured In an upcoming column by Marilyn. At the Variable pricing, depending on the edition and state
Long Beach meeting the recently sold hoard of BU of preservation. The book Is out of print.
rolls of Lincolns from the teens and twenties was One of the biggest mysteries In numismatic
discussed and one oldtlmer pretty much pinpointed circles today Is the whereabouts of Don Taxay. It
the source to the hoard of Charles Ruby, a longtime seems he disappeared several years ago, and no one
numismatic packrat who sold off his huge hoard (two has heard from him since.
Brinks truckloads) of BU U.S. rolls some dozen years In any event, he left an Important legacy to
ago to Superior. the hobby. While he wrote several books on
These are some of the inside Items which SLCC numismatics, he will be most remembered for his
deals with. Most of our subscribers have rural monumental work, The U.S. Mint and Coinage.
addresses and thus are not In the mainstream of coin The book Is divided Into four major sections:
shows like Long Beach or ANA or other regional Attempts to Establish a Permanent Mint, The First
shows. Many do not even have a coin shop to visit. Philadelphia Mint, The Second Phlladephla Mint, and
SLCC Is their avenue to collecting - coins or The Third Philadelphia Mint.
Information. Of the 100 charter members who signed If you are looking for a single reference
up In 1982, more than half still are dues paying volume to act as an Introduction to the history of
members. A few have passed away, others have shifted U.S. coinage, this Is It. Taxay's book covers U.S.
their Interests. minting from 1776 to 1964. (If you are looking for
more detail on the first U.S. Mint than Taxay
(Editor's Note: Thanks for your clarifications, Sol. offers, then you will need, as a companion volume,
A couple of comments: Frank Stewart's The History of the First United
1 - I began referring to the SLCC as the Society of States Mint, Its People, and Its Operations.
Small Cent Collectors based on tentative Information Taxay's book. In addition to covering Mint
received from you several months ago that the history, offers an Interesting economic history of
1
society might expand Its Interests to Include Indian our country, as well as detailed documents from Mint
Cents and Canadian Small Cents. Evidently, this has records.
not come to pass, so will return to calling It the If you enjoy reading about U.S. coins and can't
I
Society of Lincoln Cent Collectors. If you ever do find enough to keep you busy, track down a copy of
expand to Indian Cents, though, please be sure to this volume. You won't be disappointed.
keep us Informed.
2 - made the statement that most members subscribe ENCYCLOPEDIA OF UNITED STATES LIBERTY SEATED DIMES,
I
to your Journal for the auctions because over 50* of 1837-1891
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