A good example of a popular rarity is the 1909-S Lincoln cent with the designer's initials, V.D.B., on the reverse. In MS-65 grade a nice 1909-S V.D.B. cent is worth over $1,000, even though at least several thousand such coins exist. Everyone but everyone who has ever attempted to put together a top-grade of Lincoln cents aspires to own a choice example of this variety. In the 1950s and early 1960s this was probably the most popular of all U.S. coins. Today it is still popular, but much less so.
In the market the popularity of various series and areas changes from time to time. Twenty or 30 years ago Lincoln cents were the most popular series. Fifty years ago in the 1930s more collectors desired commemoratives than any other series. In the 1960s veteran dealer and Coin World columnist Abe Kosoff conducted a survey of which areas were in the greatest demand. The winner was the Buffalo nickel series, and Morgan silver dollars were not even in the top 10! Today Morgan dollars would probably be No. 1 at the top of the list.
Donn Pearlman, well-known broadcaster and numismatic writer, conducted a survey early in 1990 and found that silver commemoratives were the most popular issues, followed by Morgan dollars, 19th and 20th century type coins, and Buffalo nickels. An informal survey of Bowers and Merena Galleries clients taken at the same time suggested that Morgan dollars and commemoratives were, in that order, the two most popular series.
As a series becomes more popular, its market activity increases and prices increase as well. As a series fades from popularity, its price and activity are apt to fade also. Popularity, then, is a prime determinant of a coin's value.
Grade: Demand for a coin can vary with the grade, and a coin can be highly desired in one grade but not in another. An example of a common coin which is not in demand in low grades and which sells for a low price is a well-worn 1881-S dollar in Very Good-8 grade at $7.50. As MS-60 coins are bid at just the $14 level (using prices from the Coin Dealer Newsletter), few collectors will pay much for a worn coin when a Mint State piece costs just a few dollars more. Indeed the VG-8 specimen may be expensive at even its $7.50 listing. On the other hand an MS-65, or Gem Uncirculated, 1881-S dollar at $96 (bid price; retail is higher) is an actively-traded coin.
PCGS Coin Guide Table Of Contents
