PCGS The Standart for the Rare Coin Industry

Apropos of the preceding philosophy, Philip Schuyler, of Ellesmere Numismatics, has stated that bid prices for rarities are sometimes like a standing offer of $100,000 for your $300,000 house. This does not mean that your house is worth just $100,000. Indeed, perhaps it could be sold for $400,000.

On the other hand, I have seen dealers post high bid prices on certain coins they already own, to help effect their sale. They don't really want to buy; they want to sell what they have. Your best bet is to check auction prices realized and other actual market transactions when buying rarities. If in doubt, enlist the aid of a trusted dealer. Most professionals can assist you with evaluations and can do market research on your behalf.

Surface Characteristics

When I wrote the introduction to the Official ANA Grading Standards for United States Coins book, I stated that there are specific factors which establish the characteristics of a coin's surface. These can affect a coin's value, sometimes significantly. What appear as imperfections or marks on a coin can occur because of the following:

Characteristics of the die used to strike the coin. Before 1836, most dies were prepared by hand. The engraver, using a matrix or hub, punched in the portrait of Miss Liberty, the wreath or other device, and individual letters and numerals. Sometimes a tool would slip or an accident would occur, and unintended marks would appear on the die and be transferred to all coins struck from that die. A variety of 1795 silver dollar has a prominent "bar" behind the head, the result of an accident to the die. The die for a certain variety of 1804 half cent was apparently injured when a bolt from the coining press became loose, fell upon the lower die on the press, and was forced against the bottom die when the top die came down. Many other examples can be given.

Clash marks are seen on many varieties of early coins and were caused by two dies coming together without an intervening planchet. An impression of the obverse die was made upon the reverse, and vice versa, therefore any coin struck later from this die pair showed evidence of this accident. Clashed dies seem to be particularly common in the silver three-cent piece series, perhaps because the tiny planchets often slipped and were not easy to handle, but other series display them as well. A correspondent sent me a fine photograph of a modern Kennedy half dollar with prominent clash marks on the obverse, showing traces of the heraldic eagle design transferred from the reverse.