PCGS The Standart for the Rare Coin Industry

The double eagle specialist may search years for an example of the rare 1927-D in any grade, while the half dime specialist would mortgage his farm or sell the family jewels to buy a top grade 1802. These coins and others are the classics of American numismatics. Apart from their denomination, date, mintmark, variety, grade, and price, such issues have a special appeal - that of rarity.

Some coin varieties can be common in one grade and rare in another. For example, in such grades as Fine-20, VF-30, EF-45, and other circulated states, the 1817 large cent with 15 obverse stars (instead of the usual 13) is readily available. However, in MS-65 grade the variety is a major rarity, so rare in fact, that I have never seen one! However, I have handled countless dozens of worn examples.

Another example is the 1850 $20 gold piece, which represents the first year of issue of this denomination. Specimens in circulated grades such as VF-20 to EF-40 are frequently encountered, but in Mint State the 1850 $20 is a rarity. Coins which are easily found in lower grades but which are rare in very high grades are called condition rarities. Later in this text I will tell about the 1892-S dollar, which is common and quite inexpensive in worn grades but which emerges as a major rarity in a grade such as MS-65.

For the sake of provoking a discussion, or at least some thought, I should also mention a type of coin for which no term has yet been devised, although perhaps reverse condition rarity might be appropriate: a coin which is common in high preservation but which is rare in worn grades. An example is provided by the 1950-D Jefferson nickel, a low-mintage variety which was widely hoarded shortly after the time of its mintage. Hundreds of thousands of Mint State coins exist, and these are much easier to find than are worn examples! The 1970-D Kennedy half dollar is known primarily in Mint State, for these were sold in mint sets to collectors. The only way you could ever find an EF-40 coin would be if you came across one which was inadvertently spent. Worn 1885-CC dollars are very scarce, while Mint State coins are common. As higher-grade coins are typically worth more than lower grade ones, no special desirability is attached to items such as worn 1950-D nickels, 1970-D half dollars, and 1885-CC dollars.