20 TH CENTURY COINS
1907 The Death of Saint-Gaudens
2010 SOLD 360 K$ including premium
PRE SALE DISCUSSION
Famous U.S. sculptor, Augustus Saint-Gaudens also liked creating medallions. Although he was already in his terminal cancer, it is to him that President Theodore Roosevelt ordered the redesign of gold coins, the $ 10 eagle and the $ 20 double-eagle.
Saint-Gaudens completed this work just in time. The mint sent him one of the two proof coins of the eagle, which he received just before his death happening on August 3, 1907. He never saw his double-eagle. The other copy was sent to the President.
These first two copies of the eagle have a specific feature: the edge of the coin is plain. One of them suddenly appeared in a sale organized by Heritage Auction Galleries in 2003. After a second round on the market when it was sold by Stack's $ 322 K in 2008, it is coming to Boston at Heritage on August 11.
This coin is illustrated on the press release shared by the auction house. The sales history is discussed in the catalog.The other specimen has never been located.
The currency of Saint-Gaudens had a remarkable longevity, which was interrupted only by the removal of both the eagle and double eagle in 1933 when the second Roosevelt ended the gold coinage.
POST SALE COMMENT
Sold 360 K $ including premium, this eagle has barely exceeded its 2008 price. The media effort had yet been important, but the doubt remaining about its origin has certainly played against it. Unless the other copy appears suddenly, we'll never know if it was the specimen sent to the artist or the one sent to the president.
Famous U.S. sculptor, Augustus Saint-Gaudens also liked creating medallions. Although he was already in his terminal cancer, it is to him that President Theodore Roosevelt ordered the redesign of gold coins, the $ 10 eagle and the $ 20 double-eagle.
Saint-Gaudens completed this work just in time. The mint sent him one of the two proof coins of the eagle, which he received just before his death happening on August 3, 1907. He never saw his double-eagle. The other copy was sent to the President.
These first two copies of the eagle have a specific feature: the edge of the coin is plain. One of them suddenly appeared in a sale organized by Heritage Auction Galleries in 2003. After a second round on the market when it was sold by Stack's $ 322 K in 2008, it is coming to Boston at Heritage on August 11.
This coin is illustrated on the press release shared by the auction house. The sales history is discussed in the catalog.The other specimen has never been located.
The currency of Saint-Gaudens had a remarkable longevity, which was interrupted only by the removal of both the eagle and double eagle in 1933 when the second Roosevelt ended the gold coinage.
POST SALE COMMENT
Sold 360 K $ including premium, this eagle has barely exceeded its 2008 price. The media effort had yet been important, but the doubt remaining about its origin has certainly played against it. Unless the other copy appears suddenly, we'll never know if it was the specimen sent to the artist or the one sent to the president.
1907 The Dragon Coin
2009 SOLD 92 K$ including premium
PRE SALE DISCUSSION
In the early twentieth century, the Qing dynasty was in full decline. In 1875, the dowager Empress Cixi placed on the throne a child of three who ruled nominally under the name of Guangxu but exercised no authority. Between 1899 and 1901 the Boxer Rebellion had exacerbated the xenophobia of the Chinese of that time.
In such conditions, the dragon coins (dollars, taels, maces, candareens), which usually show inscriptions in English on one side and on Chinese on the other side, seem anachronistic.
Heritage sells a tael on September 10 in Long Beach. On the side where the dragon is found, we read: "Pei Yang - 33rd Year of Kuang Hsu".
Pei Yang was the name of the mint in the province of Chih-li (Zhili) which in 1928 became Hebei, near Beijing. At the same time, similar bilingual coins were also produced in the province of Kiang Nan.
Kuang Hsu is the old spelling of Guangxu. The 33 rd year of his reign corresponds to 1907. The following year, Guangxu and Cixi died one after the other two days apart.
The tael for sale by Heritage is in mint condition with a beautiful gold and gray patina, and is estimated 80 K$. Cautiously, the auction house does not indicate the metal or alloy which had been used.
POST SALE COMMENT
Heritage knows the market well, including for the rarest coins: it is no surprise! This Chinese coin was sold 92 K$ premium included, being then around the low estimate.
In the early twentieth century, the Qing dynasty was in full decline. In 1875, the dowager Empress Cixi placed on the throne a child of three who ruled nominally under the name of Guangxu but exercised no authority. Between 1899 and 1901 the Boxer Rebellion had exacerbated the xenophobia of the Chinese of that time.
In such conditions, the dragon coins (dollars, taels, maces, candareens), which usually show inscriptions in English on one side and on Chinese on the other side, seem anachronistic.
Heritage sells a tael on September 10 in Long Beach. On the side where the dragon is found, we read: "Pei Yang - 33rd Year of Kuang Hsu".
Pei Yang was the name of the mint in the province of Chih-li (Zhili) which in 1928 became Hebei, near Beijing. At the same time, similar bilingual coins were also produced in the province of Kiang Nan.
Kuang Hsu is the old spelling of Guangxu. The 33 rd year of his reign corresponds to 1907. The following year, Guangxu and Cixi died one after the other two days apart.
The tael for sale by Heritage is in mint condition with a beautiful gold and gray patina, and is estimated 80 K$. Cautiously, the auction house does not indicate the metal or alloy which had been used.
POST SALE COMMENT
Heritage knows the market well, including for the rarest coins: it is no surprise! This Chinese coin was sold 92 K$ premium included, being then around the low estimate.
1909 The Gold Wons of Dr Jacobs
2011 SOLD 630 K$ including premium
PRE SALE DISCUSSION
Dr. Norman Jacobs had specialized in the study of Japanese coins, of which the engraving was particularly striking. This study includes the Korean issues, which were produced in Osaka between 1906 and 1909 in our calendar. The short reign of Yung Hi, the last emperor of the Joseon Dynasty, indeed ended with the annexation of Korea by Japan in 1910.
The sale of his collection was announced at the end of last year. The event is included in the auction made by Heritage at Long Beach from 7 to 12 September. It is also noted that the most important lots were not available in the market for over half a century.
A set of three Korean pieces of the third year of Yung Hi (1909) will be separated. These proof coins (minted before commercial production) in gold have the respective values of 5, 10 and 20 won. They are in mint condition (MS64 NGC). For each of them, only one other example, kept at the Bank of Tokyo, is known. Heritage Magazine published the estimate of the 20 won coin : $ 500K.
The auction house is sharing the link to the pages of his catalog. Here are the coins of 20 won, 10 won and 5 won.
POST SALE COMMENT
The biggest of the three coins, 20 won, got the highest price, $ 630K. The other two were sold for $460K for the 5 won and 300K for the 10 won, below their estimates.
Keep in mind the total of the three lots: $ 1.39 M. A memorable result for an outstanding set.
The above prices include premium.
Dr. Norman Jacobs had specialized in the study of Japanese coins, of which the engraving was particularly striking. This study includes the Korean issues, which were produced in Osaka between 1906 and 1909 in our calendar. The short reign of Yung Hi, the last emperor of the Joseon Dynasty, indeed ended with the annexation of Korea by Japan in 1910.
The sale of his collection was announced at the end of last year. The event is included in the auction made by Heritage at Long Beach from 7 to 12 September. It is also noted that the most important lots were not available in the market for over half a century.
A set of three Korean pieces of the third year of Yung Hi (1909) will be separated. These proof coins (minted before commercial production) in gold have the respective values of 5, 10 and 20 won. They are in mint condition (MS64 NGC). For each of them, only one other example, kept at the Bank of Tokyo, is known. Heritage Magazine published the estimate of the 20 won coin : $ 500K.
The auction house is sharing the link to the pages of his catalog. Here are the coins of 20 won, 10 won and 5 won.
POST SALE COMMENT
The biggest of the three coins, 20 won, got the highest price, $ 630K. The other two were sold for $460K for the 5 won and 300K for the 10 won, below their estimates.
Keep in mind the total of the three lots: $ 1.39 M. A memorable result for an outstanding set.
The above prices include premium.
1910 The last-but-one Spring of the Qing
2011 SOLD 546 K$ including premium
PRE SALE DISCUSSION
We know the dragon coins dating from the time when the Qing were no longer able to resist foreign powers. One sideis written in Chinese, the other, illustrated by a dragon, is in English.
Known as Yunnan Spring Dollar, a variant of the end of the Qing Dynasty is an unsolved riddle for a century.
On dragon side, it specifies the location and the face value: Yun-Nan-Province, 7 Mace and 2 Candareens. On the other side, seven characters tell: Made in spring 1910 in the province of Yunnan.
Who issued that provincial money, and why? Why did they state in a totally unusual approach that the coin was madeduring spring?
In 1910 the Imperial power can no longer control anything. The Prince Regent was "successful" to remove Yuan Shikai,the only general who could have been able to support him.
This coin, unlike the 1907 model that I discussed two years ago, is not dated in the year of the reign of the Emperor,and does not even quote his name. Yunnan is on the border of Indochina and Burma. In this province so far fromBeijing, the revolution may have already begun.
This issue is considered as regular by the numismatists, but is known only by two specimens, both made from same dies and uncirculated.
One of them exceeded $ 1M in private sale one year ago in Hong Kong. The other, the best of both, is presented in the sale held from September 7 to 12 by Heritage at Long Beach. It is shown in the press release shared by the auction house.
POST SALE DISCUSSION
Prices announced from private sales should be used with caution. Being sold $ 546K includingpremium, this unusual coin probably remained at its fair price.
We know the dragon coins dating from the time when the Qing were no longer able to resist foreign powers. One sideis written in Chinese, the other, illustrated by a dragon, is in English.
Known as Yunnan Spring Dollar, a variant of the end of the Qing Dynasty is an unsolved riddle for a century.
On dragon side, it specifies the location and the face value: Yun-Nan-Province, 7 Mace and 2 Candareens. On the other side, seven characters tell: Made in spring 1910 in the province of Yunnan.
Who issued that provincial money, and why? Why did they state in a totally unusual approach that the coin was madeduring spring?
In 1910 the Imperial power can no longer control anything. The Prince Regent was "successful" to remove Yuan Shikai,the only general who could have been able to support him.
This coin, unlike the 1907 model that I discussed two years ago, is not dated in the year of the reign of the Emperor,and does not even quote his name. Yunnan is on the border of Indochina and Burma. In this province so far fromBeijing, the revolution may have already begun.
This issue is considered as regular by the numismatists, but is known only by two specimens, both made from same dies and uncirculated.
One of them exceeded $ 1M in private sale one year ago in Hong Kong. The other, the best of both, is presented in the sale held from September 7 to 12 by Heritage at Long Beach. It is shown in the press release shared by the auction house.
POST SALE DISCUSSION
Prices announced from private sales should be used with caution. Being sold $ 546K includingpremium, this unusual coin probably remained at its fair price.
1911 Silver Dragons by Luigi Giorgi
2010 SOLD for $ 430K including premium by Bowers and Merena
2020 UNSOLD
PRE 2020 SALE DISCUSSION
The standardization of the currency is essential for maintaining some political unity in China. The production of coins is centralized in Tianjin and the dollar replaces the complicated system based on fractions of the tael.
The Tianjin mint survives the changes of regime : the fall of the Qing is followed by the republic, established on January 1, 1912, interrupted in 1915 by the self-proclamation of its president Yuan Shikai as emperor and restored after his death in 1916.
From 1910 to 1920 the head designer and chief engraver of the Tianjin mint was Luigi Giorgi on whom biographical details are scarce. He produced several designs of silver coins, some of which were signed with his name. His coins are drawn and engraved with great sharpness. His One Dollar with the Dragon in the Clouds, dated to the 3rd year of the child emperor Xuantung which is 1911 CE, is the last imperial coinage of the Qing.
Designed in the same year by Giorgi, the silver dollar with the Long Whiskers Dragon was not released for circulation. The best surviving specimen is graded SP-65 by NGC. It was sold for $ 430K including premium by Bowers and Merena on December 4, 2010 over a lower estimate of $ 50K. It is estimated $ 400K for sale on January 17 in New York, lot 20246, by Stack's Bowers successor to Bowers and Merena.
The fall of the Qing makes the dragon obsolete. This imperial symbol is soon replaced by the portrait of Yuan Shikai. The silver dollars with this effigy dated to the year 3 of the Republic, 1914 CE, were also prepared in Tianjin by Giorgi.
The standardization of the currency is essential for maintaining some political unity in China. The production of coins is centralized in Tianjin and the dollar replaces the complicated system based on fractions of the tael.
The Tianjin mint survives the changes of regime : the fall of the Qing is followed by the republic, established on January 1, 1912, interrupted in 1915 by the self-proclamation of its president Yuan Shikai as emperor and restored after his death in 1916.
From 1910 to 1920 the head designer and chief engraver of the Tianjin mint was Luigi Giorgi on whom biographical details are scarce. He produced several designs of silver coins, some of which were signed with his name. His coins are drawn and engraved with great sharpness. His One Dollar with the Dragon in the Clouds, dated to the 3rd year of the child emperor Xuantung which is 1911 CE, is the last imperial coinage of the Qing.
Designed in the same year by Giorgi, the silver dollar with the Long Whiskers Dragon was not released for circulation. The best surviving specimen is graded SP-65 by NGC. It was sold for $ 430K including premium by Bowers and Merena on December 4, 2010 over a lower estimate of $ 50K. It is estimated $ 400K for sale on January 17 in New York, lot 20246, by Stack's Bowers successor to Bowers and Merena.
The fall of the Qing makes the dragon obsolete. This imperial symbol is soon replaced by the portrait of Yuan Shikai. The silver dollars with this effigy dated to the year 3 of the Republic, 1914 CE, were also prepared in Tianjin by Giorgi.
1916 The Last Imperial Dragon
2011 SOLD 203 K$ including premium
PRE SALE DISCUSSION
There was one last emperor of China after the fall of the Qing.
Yuan Shikai was the only candidate able to maintain some tradition in the following of the fallen Empire. This formermilitary officer soon controlled the power against the revolutionary Kuomintang. In 1914, he struck silver dollars in his image.
Caught in a political whirlwind, he thought he could maintain his power by self-proclaiming himself as emperor, on December 12, 1915. Thus began on January 1, 1916 the year 1 of Yuan with the reign name Hung Hsien, a politicallyambiguous name meaning "constitutional abundance".
This was quite ephemeral. His military colleagues disapproved the initiative, and moreover he was sick. The lastChinese emperor abdicated on March 22, 1916, and died on June 6.
We perfectly understand the extreme rarity of a presentation coin of the year 1 of Hung Hsien made by the Tientsinmint to commemorate the accession of Yuan to the supreme dignity.
This is a gold coin with a face value of $ 10. On one side, the military dictator shows his profile and his epaulets, as on the silver coins of 1914. On the other side, the change in continuity is symbolized by a dragon with seven clawsholding a bow in his mouth and a bunch of arrows in one of his hands.
It is estimated U.S. $ 100K, on sale by Stack's Bowers in Hong Kong on August 22, and once belonged to the collection of King Farouk.
POST SALE COMMENT
This extremely rare coin has far exceeded its estimate. It was sold $ 203K including premium.
There was one last emperor of China after the fall of the Qing.
Yuan Shikai was the only candidate able to maintain some tradition in the following of the fallen Empire. This formermilitary officer soon controlled the power against the revolutionary Kuomintang. In 1914, he struck silver dollars in his image.
Caught in a political whirlwind, he thought he could maintain his power by self-proclaiming himself as emperor, on December 12, 1915. Thus began on January 1, 1916 the year 1 of Yuan with the reign name Hung Hsien, a politicallyambiguous name meaning "constitutional abundance".
This was quite ephemeral. His military colleagues disapproved the initiative, and moreover he was sick. The lastChinese emperor abdicated on March 22, 1916, and died on June 6.
We perfectly understand the extreme rarity of a presentation coin of the year 1 of Hung Hsien made by the Tientsinmint to commemorate the accession of Yuan to the supreme dignity.
This is a gold coin with a face value of $ 10. On one side, the military dictator shows his profile and his epaulets, as on the silver coins of 1914. On the other side, the change in continuity is symbolized by a dragon with seven clawsholding a bow in his mouth and a bunch of arrows in one of his hands.
It is estimated U.S. $ 100K, on sale by Stack's Bowers in Hong Kong on August 22, and once belonged to the collection of King Farouk.
POST SALE COMMENT
This extremely rare coin has far exceeded its estimate. It was sold $ 203K including premium.
1921 All the Saints (Gaudens) of Dr Duckor
2012 SOLD 750 K$ including premium
The list of US coins of the twentieth century is well established, and leaves no place for surprise. However, collectors know that some pieces are unique: their passion is to find the finest possible example of each model.
A perfect piece has never been handled. Under these conditions of maintained cleanliness, color may vary due to the presence of a small amount of copper forming alloy with the bulk gold.
The $ 20 double eagle of Saint-Gaudens type is the most prestigious of American gold coins. Regular production was carried out from 1907 to 1932, but the number of variants exceeds the number of years because it also includes the identification of the mint. D stands for Denver, S for San Francisco, and no letter code means Philadelphia.
From one year to another, the produced quantity could vary considerably, depending on available reserves. The highest rarities are 1927-D and 1921.
The collection of Dr. Duckor, although not unique, is exceptional because the collector was only interested in mint state (MS) coins graded 65 or higher by PGCS. It includes only production coins (business strikes), and no test piece (proofs). He sells it on January 5 at Heritage in Orlando. Each coin will be sold separately.
The article remarkably documented by CoinWeek is illustrated by several lots of this sale.
Graded MS66, his 1921 double eagle is one of the two best examples recorded. The other one of same grade fetched $ 1.1 million including premium at Heritage in November 2005 in the sale of the Morse collection.
Dr. Duckor had owned a MS66 1927-D in an earlier phase of his collection. This variant is so rare that he had given up on finding a similar specimen. The only 1927-D at MS67 grade was sold $ 1.9 million including premium by Heritage in the sale of the Morse collection already mentioned above.
POST SALE COMMENT
The result, $ 750K including premium, is good but remains below the price of the coin sold in 2005.
A perfect piece has never been handled. Under these conditions of maintained cleanliness, color may vary due to the presence of a small amount of copper forming alloy with the bulk gold.
The $ 20 double eagle of Saint-Gaudens type is the most prestigious of American gold coins. Regular production was carried out from 1907 to 1932, but the number of variants exceeds the number of years because it also includes the identification of the mint. D stands for Denver, S for San Francisco, and no letter code means Philadelphia.
From one year to another, the produced quantity could vary considerably, depending on available reserves. The highest rarities are 1927-D and 1921.
The collection of Dr. Duckor, although not unique, is exceptional because the collector was only interested in mint state (MS) coins graded 65 or higher by PGCS. It includes only production coins (business strikes), and no test piece (proofs). He sells it on January 5 at Heritage in Orlando. Each coin will be sold separately.
The article remarkably documented by CoinWeek is illustrated by several lots of this sale.
Graded MS66, his 1921 double eagle is one of the two best examples recorded. The other one of same grade fetched $ 1.1 million including premium at Heritage in November 2005 in the sale of the Morse collection.
Dr. Duckor had owned a MS66 1927-D in an earlier phase of his collection. This variant is so rare that he had given up on finding a similar specimen. The only 1927-D at MS67 grade was sold $ 1.9 million including premium by Heritage in the sale of the Morse collection already mentioned above.
POST SALE COMMENT
The result, $ 750K including premium, is good but remains below the price of the coin sold in 2005.
1927 A Chinese Warlord
2012 SOLD 4.1 MHK$ including premium
PRE 2011 SALE DISCUSSION
When the central government is weak, warlords seek to establish military dictatorships. The money has kept the memory of Roman usurpers. In the early twentieth century, coins also provided the image of ephemeral rulers of China.
Zhang Zuolin (Chang Tso-lin) was one of these power-hungry generals. Having become the master of Manchuria aftersupporting the Japanese, he managed to win several provinces and to control Beijing in 1927. He then took the extravagant title of Grand Marshal of the military government of the Republic of China.
A gold coin of 50 yuan is then prepared in Tientsin, with his image in military uniform. The other side is dated to thesixteenth year of the Republic, assessing that Zhang had not, or not yet, the imperial ambitions of Yuan Shikai.
The regime of Zhang was short, and only a few prototypes of this coin was made. It is nevertheless important in the history of Chinese numismatics, because it is the largest gold coin of the Republic.
It is known in two copies only. One of them, which was presented to Zhang, was kept by his family. Remained in uncirculated condition, this piece of outstanding quality is estimated $ 650K, for sale by Bonhams in New York on December 16.
POST 2011 SALE COMMENT
Too expensive. Unsold.
POST 2012 SALE COMMENT
It was certainly more clever to sell this coin in Hong Kong after lowering the price. Bonhams did it on November 24. Result: HK $ 4.1 million including premium.
I had not viewed this lot before the second sale. I include post sale the link to the catalog.
When the central government is weak, warlords seek to establish military dictatorships. The money has kept the memory of Roman usurpers. In the early twentieth century, coins also provided the image of ephemeral rulers of China.
Zhang Zuolin (Chang Tso-lin) was one of these power-hungry generals. Having become the master of Manchuria aftersupporting the Japanese, he managed to win several provinces and to control Beijing in 1927. He then took the extravagant title of Grand Marshal of the military government of the Republic of China.
A gold coin of 50 yuan is then prepared in Tientsin, with his image in military uniform. The other side is dated to thesixteenth year of the Republic, assessing that Zhang had not, or not yet, the imperial ambitions of Yuan Shikai.
The regime of Zhang was short, and only a few prototypes of this coin was made. It is nevertheless important in the history of Chinese numismatics, because it is the largest gold coin of the Republic.
It is known in two copies only. One of them, which was presented to Zhang, was kept by his family. Remained in uncirculated condition, this piece of outstanding quality is estimated $ 650K, for sale by Bonhams in New York on December 16.
POST 2011 SALE COMMENT
Too expensive. Unsold.
POST 2012 SALE COMMENT
It was certainly more clever to sell this coin in Hong Kong after lowering the price. Bonhams did it on November 24. Result: HK $ 4.1 million including premium.
I had not viewed this lot before the second sale. I include post sale the link to the catalog.
1933 Gold Eagle
2011 SOLD 360 K$ including premium
PRE SALE DISCUSSION
In March 1933, President Roosevelt gave the order to stop the release of all gold coins belonging to the Federal Reserve. The government had much in stock, and some years that had not yet been made available have become extremely rare.
So I have already discussed a double eagle ($ 20) made in Denver in 1927 (1927-D, Saint-Gaudens type) sold $ 1.5million including premium by Heritage on January 7, 2010.
I then reminded the hammer price of $ 6.6 million recorded in 2002 by Sotheby's on the only double eagle of 1933 that has been legalized by the US government. With charges, the buyer had paid $ 7,590,020, including $ 20 for the monetization of his coin.
The eagle ($ 10, St. Gaudens type) is less prestigious, but the number of units made in 1933 that escaped destruction is also very limited. They come from regular production in Philadelphia mint in the weeks preceding thePresidential order.
One specimen is for sale on January 6 at Tampa by Heritage Auction Galleries. Its condition is graded MS65. Only one other example is identified with a more perfect condition than this one..
POST SALE COMMENT
The $ 10 Indian Head gold coins of Saint Gaudens type were minted from 1907 to 1933. The pieceof the last year, presented in my article, was sold for $ 360K including premium.
In the same sale, a coin from 1907 that had belonged to the Mint Director of that time was sold for $ 2.2M including premium. The catalog stated that this exceptional specimen was perhaps a proof.
In March 1933, President Roosevelt gave the order to stop the release of all gold coins belonging to the Federal Reserve. The government had much in stock, and some years that had not yet been made available have become extremely rare.
So I have already discussed a double eagle ($ 20) made in Denver in 1927 (1927-D, Saint-Gaudens type) sold $ 1.5million including premium by Heritage on January 7, 2010.
I then reminded the hammer price of $ 6.6 million recorded in 2002 by Sotheby's on the only double eagle of 1933 that has been legalized by the US government. With charges, the buyer had paid $ 7,590,020, including $ 20 for the monetization of his coin.
The eagle ($ 10, St. Gaudens type) is less prestigious, but the number of units made in 1933 that escaped destruction is also very limited. They come from regular production in Philadelphia mint in the weeks preceding thePresidential order.
One specimen is for sale on January 6 at Tampa by Heritage Auction Galleries. Its condition is graded MS65. Only one other example is identified with a more perfect condition than this one..
POST SALE COMMENT
The $ 10 Indian Head gold coins of Saint Gaudens type were minted from 1907 to 1933. The pieceof the last year, presented in my article, was sold for $ 360K including premium.
In the same sale, a coin from 1907 that had belonged to the Mint Director of that time was sold for $ 2.2M including premium. The catalog stated that this exceptional specimen was perhaps a proof.
1943 The War Cent
2014 SOLD 330 K$ including premium
PRE 2013 SALE DISCUSSION
The greatest rigor is necessary for the technicians of the mint whenever a change is decided. The error rate of the U.S. Mint concerning actually circulated coins was extremely low at all times, which proves the extreme reliability of release controls.
These abnormal coins are eagerly sought by American collectors. They are right, because their very existence attests the manufacturing practice. Technological expertises, including non-destructive testing of the chemical composition, has made such progress that numismatists know to separate errors and fakes.
The US 1 cent coin of 1943 is one of those innovations that attract the errors. The government is trying to save copper, an essential material to the war effort. This regular issue is exceptionally made in zinc-plated steel.
There were many disadvantages. Users confused the new white coin with the dime that is ten times more expensive.They are magnetic devices which disrupt the coin operated machines. In addition, they oxidize rapidly.
By accident, a few 1 cent coins dated 1943 were struck in bronze, either from leftover planchets for the previous year or by mixing with planchets prepared for foreign operations. The first of these errors was discovered by a schoolboy in 1947 from coins supplied to him by a machine in his college.
Other copies were identified afterwards, affecting the three production centers of 1 cent. Two units have reached millionaire prices in private sales : the best bronze 1 cent from San Francisco and the only known example from Denver.
The 1943 1 cent bronze coin for sale by Stack's Bowers on January 24 in New York has not yet revealed its secret. Discovered by chance by his owner who was sorting his coins, it is considered as an authentic piece of the Philadelphia factory. It is in very good condition, PCGS MS-63.
This specimen is unique in its chemical composition (91.7% copper, 7.5% zinc, 0.8% silver), which does not correspond to any standard used in Philadelphia. Would it be the sole survivor of undocumented tests carried out in the factory ?
It had been discussed by PCGS before the sale.
POST 2013 SALE COMMENT
Here is an interesting price in the category of error coins of the twentieth century: $ 320K including premium.
POST 2014 SALE COMMENT
The same specimen now graded AU55 by PCGS has been sold for $ 330K including premium by Legend-Morphy on May 22 in Las Vegas. I had not seen it before the sale. It is shown both sides in the report published after sale by Numismatic News.
The greatest rigor is necessary for the technicians of the mint whenever a change is decided. The error rate of the U.S. Mint concerning actually circulated coins was extremely low at all times, which proves the extreme reliability of release controls.
These abnormal coins are eagerly sought by American collectors. They are right, because their very existence attests the manufacturing practice. Technological expertises, including non-destructive testing of the chemical composition, has made such progress that numismatists know to separate errors and fakes.
The US 1 cent coin of 1943 is one of those innovations that attract the errors. The government is trying to save copper, an essential material to the war effort. This regular issue is exceptionally made in zinc-plated steel.
There were many disadvantages. Users confused the new white coin with the dime that is ten times more expensive.They are magnetic devices which disrupt the coin operated machines. In addition, they oxidize rapidly.
By accident, a few 1 cent coins dated 1943 were struck in bronze, either from leftover planchets for the previous year or by mixing with planchets prepared for foreign operations. The first of these errors was discovered by a schoolboy in 1947 from coins supplied to him by a machine in his college.
Other copies were identified afterwards, affecting the three production centers of 1 cent. Two units have reached millionaire prices in private sales : the best bronze 1 cent from San Francisco and the only known example from Denver.
The 1943 1 cent bronze coin for sale by Stack's Bowers on January 24 in New York has not yet revealed its secret. Discovered by chance by his owner who was sorting his coins, it is considered as an authentic piece of the Philadelphia factory. It is in very good condition, PCGS MS-63.
This specimen is unique in its chemical composition (91.7% copper, 7.5% zinc, 0.8% silver), which does not correspond to any standard used in Philadelphia. Would it be the sole survivor of undocumented tests carried out in the factory ?
It had been discussed by PCGS before the sale.
POST 2013 SALE COMMENT
Here is an interesting price in the category of error coins of the twentieth century: $ 320K including premium.
POST 2014 SALE COMMENT
The same specimen now graded AU55 by PCGS has been sold for $ 330K including premium by Legend-Morphy on May 22 in Las Vegas. I had not seen it before the sale. It is shown both sides in the report published after sale by Numismatic News.
1943 The Red and Brown Error
2020 unsold
In 1942 the one cent US coin with the effigy of Lincoln is made in a bronze with 95% copper. In 1943 the copper, reserved for the war effort, is no longer available for coins. The Lincoln 1943 cent is made in steel with a galvanized zinc plating. It is 13% lighter than its equivalent in bronze and will remain the only magnetic coin in the history of the US coinage.
The production quality is not satisfactory and the steel cent is too easy to confuse with the 10c dime. Copper is reintroduced in the 1944 cent.
These changes generated a few errors in the three mints, Philadelphia, San Francisco (S) and Denver (D), with two possible causes : tests had been carried out with other compositions, and some planchets from the previous year could remain stuck in the press loading hoppers. The discovery coin was found in 1947 by a schoolboy in the change from a cafeteria machine.
The only known example of 1943-D cent in bronze was sold in private sale for $ 1.7M in September 2010. A 1944-S cent in steel graded MS66 by NGC was sold for $ 374K including premium by Heritage on July 31, 2008.
A 1943 cent without a mint mark, therefore coming from Philadelphia, has an atypical alloy, 91.7% copper, 7.5% zinc and 0.8% silver, of which no use has been identified. Graded MS63 RED by PCGS, it was sold for $ 320K including premium by Stack's Bowers on January 24, 2013. Re-inspected by PCGS and graded AU55, it was sold for $ 330K including premium by Legend-Morphy on May 22, 2014.
On March 26 in webcast, Legend Rare Coin Auctions sells a 1943 cent from Philadelphia with a 1942 alloy, lot 167 estimated $ 375K. Here is the link to the website of the auction house.
This coin graded MS61 RB (Red and Brown) by PCGS is the only one in its class to retain the original orange color of the copper, beside a violet-blue patina on the smooth brown surfaces. The sharpness of the strike attests to the use of new dies in consistency with the hypothesis of the stuck planchet liberated in an early phase of the new production. Please watch the video shared by PCGScoin.
The production quality is not satisfactory and the steel cent is too easy to confuse with the 10c dime. Copper is reintroduced in the 1944 cent.
These changes generated a few errors in the three mints, Philadelphia, San Francisco (S) and Denver (D), with two possible causes : tests had been carried out with other compositions, and some planchets from the previous year could remain stuck in the press loading hoppers. The discovery coin was found in 1947 by a schoolboy in the change from a cafeteria machine.
The only known example of 1943-D cent in bronze was sold in private sale for $ 1.7M in September 2010. A 1944-S cent in steel graded MS66 by NGC was sold for $ 374K including premium by Heritage on July 31, 2008.
A 1943 cent without a mint mark, therefore coming from Philadelphia, has an atypical alloy, 91.7% copper, 7.5% zinc and 0.8% silver, of which no use has been identified. Graded MS63 RED by PCGS, it was sold for $ 320K including premium by Stack's Bowers on January 24, 2013. Re-inspected by PCGS and graded AU55, it was sold for $ 330K including premium by Legend-Morphy on May 22, 2014.
On March 26 in webcast, Legend Rare Coin Auctions sells a 1943 cent from Philadelphia with a 1942 alloy, lot 167 estimated $ 375K. Here is the link to the website of the auction house.
This coin graded MS61 RB (Red and Brown) by PCGS is the only one in its class to retain the original orange color of the copper, beside a violet-blue patina on the smooth brown surfaces. The sharpness of the strike attests to the use of new dies in consistency with the hypothesis of the stuck planchet liberated in an early phase of the new production. Please watch the video shared by PCGScoin.
1975 No S with Roosevelt
2019 sold for $ 456k including premium
The edition of Proof sets by the US Mint for the attention of the collectors is an old tradition that has only been interrupted once since 1936, from 1965 to 1967. The coins are stored in a box marked United States Proof Set and equipped with a plastic magnifier.
The restart in 1968 is accompanied by industrial changes. The pieces for the Proof set are now produced in San Francisco. The dies are made as previously in Philadelphia. The polishing of the dies, to provide the bright and reflective surface that is not needed for circulation coins, is done in San Francisco.
The Proof set pieces are now marked on the obverse with the S identifying San Francisco. The same plant may also produce in parallel S-less circulation coins in case of an overload in Philadelphia. If by mistake an S-less die is polished, mixings become physically possible. Just like philatelists at the time of the two-colored stamps, collectors eagerly look for such errors.
The release control of the San Francisco plant is thus subject to the severe test of a validation by the general public for quantities that may exceed 10 million units, all denominations combined. If the anomaly is not detected in production, several hundred no-S proof coins can be distributed in the sets. This happened with the 1970 Roosevelt dime, the 1971 Jefferson nickel, the 1983 Roosevelt dime and the 1990 Lincoln cent.
The rarest of these errors is the 1975 no-S proof Roosevelt dime, known in only two units. One of them is kept in its Proof set for forty years in the same collection. It is graded PR66 by PCGS.
The best unit, graded PR68 by PCGS, was sold in its Proof set for $ 350K including premium by Stack's Bowers on August 13, 2011. It is sold individually in its PCGS carrier by Heritage in Long Beach on September 6, lot 4715.
The restart in 1968 is accompanied by industrial changes. The pieces for the Proof set are now produced in San Francisco. The dies are made as previously in Philadelphia. The polishing of the dies, to provide the bright and reflective surface that is not needed for circulation coins, is done in San Francisco.
The Proof set pieces are now marked on the obverse with the S identifying San Francisco. The same plant may also produce in parallel S-less circulation coins in case of an overload in Philadelphia. If by mistake an S-less die is polished, mixings become physically possible. Just like philatelists at the time of the two-colored stamps, collectors eagerly look for such errors.
The release control of the San Francisco plant is thus subject to the severe test of a validation by the general public for quantities that may exceed 10 million units, all denominations combined. If the anomaly is not detected in production, several hundred no-S proof coins can be distributed in the sets. This happened with the 1970 Roosevelt dime, the 1971 Jefferson nickel, the 1983 Roosevelt dime and the 1990 Lincoln cent.
The rarest of these errors is the 1975 no-S proof Roosevelt dime, known in only two units. One of them is kept in its Proof set for forty years in the same collection. It is graded PR66 by PCGS.
The best unit, graded PR68 by PCGS, was sold in its Proof set for $ 350K including premium by Stack's Bowers on August 13, 2011. It is sold individually in its PCGS carrier by Heritage in Long Beach on September 6, lot 4715.
1975 10C No S PR68 PCGS. https://t.co/zDU9Z1FjjC pic.twitter.com/0qkEzb2zpS
— Heritage Auctions - Coins (@heritagecoins) September 5, 2019
