The Internet is a great tool for the new collector. It is a tool that was not available a generation ago, and its easy access has helped stimulate the growth of numismatics and accelerated the learning curve for today's collector as never before.
For those who have read my ads or newsletters, you know how much importance I place on eye appeal. In fact, I often make the point that the eye appeal of the coin may very well be as important as the grade on the holder.
Knowledgeable collectors of Franklin half dollars are very cognizant of the difference in eye appeal between Franklin half dollars of the same grade. And similar to the Morgan dollar series, where collectors are willing to pay substantial premiums for extraordinary color-toned Morgan dollars, the same is true of the Franklin half dollar!
The BIG difference is, the mint state Franklin half dollar is far rarer with exceptional color toning than the mint state Morgan dollar!
Because of their true rarity, at today's price levels, exceptional mint state and proof Franklin half dollars with exceptional eye appeal offer tremendous value when compared to other series in U.S. coinage.
Many collectors just starting in numismatics may be skeptical regarding this claim.
How much difference can there be between coins of the same grade?
The best way to answer that question is with pictures.
The first comparison is between two 1963 Franklins graded Proof 68 DEEP CAMEO. I purchased one of the coins for $300, the other for $1,200.
While it is an infrequent occurrence, we advise our clients to check their certified rare coin purchases periodically during the first six months, because it is within this time frame that problems like spotting generally develop. They are due to foreign particles or contaminants – sometimes just a speck of dust left on the coin during encapsulation – that subsequently chemically react over time with the coin, developing the unwanted toning.
Note also the level of cameo contrast between the same two coins. The coin on the right, in addition to having surfaces virtually free of spots and blemishes, appears to have more cameo contrast than the coin on the left, though they are both considered DEEP CAMEO. The difference is particularly noticeable on the reverse.
It is the combination of the near-flawless surfaces, coupled with the superior DEEP CAMEO contrast when compared to the typical DCAM Franklin, that makes the coin on the right special, and worth the premium I was eager to pay. Few proof Franklin halves exist that can compare to the coin on the right. The coin on the left? You can often find coins of this caliber in auctions, on eBay, etc.
The PCGS Price Guide lists the value of your typical "generic" 1963 Franklin in Proof 68 DEEP CAMEO at $500.
My own opinion is that the coin on the left is worth $300 - $400. The coin on the right, $1,500+.
Below are three 1957-D Franklin halves, all graded MS65 FBL by PCGS. Two of the coins are toned, the other brilliant.
Quality-conscious collectors and dealers recognize that the two coins on the right offer far more value than the toned coin on the far left. The toned coin on the far left displays the dull, relatively colorless toning typically found on many mint state Franklin halves. The toned coin in the center offers exceptional iridescent rainbow colors. The fully brilliant example on the far right offers unspotted, haze-free surfaces. It is also a very high-end MS65, very minimally bagmarked, approaching 66 quality.
The PCGS Price Guide lists the value of the 1957-D Franklin in MS65 FBL at $70. That may be an accurate retail price for the example on the far left. However, the colored coin in the center may trade among dealers and collectors for $300 - $500, or more! Superb brilliant examples similar to the coin on the right may trade in the $150 - $250+ range.
Finally, the best news of all, is that the "oil well" of untapped reserves of superb ungraded proof and mint state Franklin half dollars is pretty dry. When I attended a major coin show 25 years ago, I would typically come home with a full double-row box, about 150 coins, of superb cameo proof coins of the 1950 – 1967 era. 15 years ago I was down to about 75 coins, 10 years ago 30-40 coins. At the last FUN show I came back with 17 coins – all denominations!
The same holds true for mint state Franklin halves. I covered the floor trying to fill want lists for nice MS64 FBL Franklin half dollars. Not MS66 FBLs or MS67 FBLs – those are virtually non-existent in exceptional eye-appealing condition! But $50 - $200 MS64 FBLs! By the end of the show, I had accumulated around 40 coins in all.
There are few series, especially in half dollar coinage, that offer so much scarcity for so relatively few numismatic dollars! But keep your focus squarely on the eye-appeal factor!
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