Hot Research and the Coins It Affects - A Special Message from the PCGS Research Team

At PCGS we are constantly leading numismatic research efforts. The object is to make the numismatic information used by PCGS and indeed the entire numismatic community as accurate as possible. One of the most exciting aspects of numismatic is that it's an evolving field with new information and even new discoveries always coming forth. Below is a partial list of pending PCGS research questions and the coins involved.

1841 $2.5...the famous "Little Princess." This important gold rarity is supposed to be a proof-only issue. In his seminal 1975 book on United States Quarter Eagles, David Akers speculated that only a few of the 14 or so survivors were actually true proofs and the others were actually regular strikes. Inspired by David's thoughtful position on this major gold rarity we have led a big effort to round up actual coins and get a variety of expert opinions. We now have four of the coins, including the Bass-Eliasberg PR64 (the finest known by far), at PCGS. This is probably the first and only time these coins have been together since 1841/42. The implications are monumental.. If there are only three or so true proofs, as David Akers, David Hall, Doug Winter and several other top experts believe, then this proof is even more valuable than it is now...and it's already the most valuable proof $2.5 Liberty. In addition, the 10 to 12 "business strikes" then become ultra rarities in their own right. In fact, the regular strike 1841 would vie with the 1854-S for the title of rarest regular issue $2.5 Liberty. But it may turn out that research proves the opposite, or that the facts are inconclusive. Either way, it's an exciting research project for the numismatic community.

1831 Half Cent. This issue is currently viewed as having been struck as both proofs and regular strikes. However, there is evidence that all of the survivors may be proofs. After we finish with the 1841 $2.5 proofs, the 1831 half cent is next on our "hit list."

Presidential Dollars...varieties or mint errors? PCGS currently recognizes various types of "missing edge letters" versions of Presidential Dollars as major varieties. We need to review this series closely. There is a good argument that can be made that the various edge letters "varieties" are actually mint errors or striking variations and not true varieties. This would of course change the composition of many sets in the PCGS Set Registry. Another strong argument could be made that we have too many set variations in the Set Registry for such a new series. We're looking into it. In the meantime, we will not be designating missing edge letters on any coins you submit to PCGS.

1856 Flying Eagle Cent. The current view is that some examples of this famous coin are proofs and some are regular strikes. It is possible that research may one day show that all 1856 Flying Eagles are proofs.

Fantasies and restrikes. There are a number of coins struck outside of the U.S. Mint, or by Mint personnel without authorization, that are collected as part of the U.S. coin series by some. Examples include the "New Haven Restrike" Fugio cents, 1804 and 1823 so-called "Restrike" large cents, territorial gold "fantasies" probably struck in the 1950s or 1960s, a few "Confederate" "restrikes" and the 1881 Hawaiian nickel. We are discussing exactly how to handle these coins, what to call them, if we should even grade them, etc.

1849 J.H. Bowie Territorial coins. The current view is that these issues are genuine California Territorial issues. It is possible that research will show they were made at a later date.

Territorial patterns. This is a very esoteric area and subject to continuous research and some controversy. PCGS does not guarantee the status or authenticity of Territorial patterns. We will grade them however, and do our best to authenticate them, but we do not guarantee their authenticity.

Gobrecht dollars. Research as to which issues are the so-called "originals" and which are the so-called "restrikes" is continuing. There is a chance that various issues in this series would have their status changed in the future.

1852 proof half cents. Do "originals" exist? This is a question currently being researched. The same could be said for other 1850-1853 issues in various denominations, and actually many pre-1858 proofs.

There are other issues and coins we are researching, but those above are those on which we've done the most research. We will periodically keep you abreast of research developments. And of course if any coin's status changes, we'll announce the change on the PCGS website and via email to all PCGS dealers and Collectors Club members.

And you're part of the equation too. If you've done your own research, we've appreciate your thoughts and comments. Send your facts, comments, and opinions to [email protected]

Thanks,

David Hall, Don Willis, Ron Guth and the entire PCGS research team