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.
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.
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 2012 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?
POST 2012 SALE COMMENT
Here is an interesting price in the category of error coins of the twentieth century: $ 320K includingpremium.
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?
POST 2012 SALE COMMENT
Here is an interesting price in the category of error coins of the twentieth century: $ 320K includingpremium.
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.
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
