size of the mintmarks may vary slightly, depending on where and how deeply the punches were impressed. This also accounts for double-punched and superimposed mintmarks such as the 1938 D Over D, and D Over S, Buffalo nickels. Polishing of dies may also alter the apparent size of fine details. Occasionally the mintmark is inadvertently left off a die sent to a branch mint, as was the case with some recent Proof cents, nickels, and dimes. Similarly, some 1982 dimes without mintmarks were made as circulation strikes. The mintmark M was used on coins made in Manila for the Philippines from 1925 through 1941.
Prior to 1900, punches for mintmarks varied greatly in size. This is particularly noticeable in the 1850 to 1880 period, in which the letters range from very small to very large. An attempt to standardize sizes started in 1892 with the Barber series, but exceptions are seen in the 1892-O half dollar and 1905-O dime, both of which have normal and “microscopic” mintmarks. A more or less standard-size, small mintmark was used on all minor coins starting in 1909, and on all dimes, quarters, and halves after the Barber series was replaced in 1916. Slight variations in mintmark size occur through 1945, with notable differences in 1928, when small and large S mintmarks were used.
In recent years a single D or S punch has been used to mark all branch-mint dies. The change to the larger D for Denver coins occurred in 1933. Nickels, dimes, quarter dollars, half dollars, and dollars of 1934 exist with either the old, smaller-size mintmark or the new, larger-size D. All other denominations of 1934 and after are standard. The San Francisco mintmark was changed to a larger size during 1941 and, with the exception of the half dollar, all 1941-S coins are known with either small or large mintmarks. Halves were not changed until 1942, and the 1942-S and 1943-S pieces exist both ways. The 1945-S dime with “microscopic” S is an unexplained use of a punch originally intended for Philippine coins of 1907 through 1920. In 1979, the punches were replaced. Varieties of some 1979 coins appear with either the old- or new-shaped S or D. The S punch was again replaced in 1981 with a punch that yielded a more distinct letter.
The mintmark application technique for Proof coins was changed in 1985, and for circulation-strike production in 1990 and 1991, when the letter was applied directly to the master die rather than being hand punched on each working die. At the same time, all the mintmark letters were made much larger and clearer than those of previous years.
QUANTITIES OF COINS STRUCK, AND MINT DATA
Collectors are cautioned that Mint reports are not always reliable for estimating the rarities of coins. In the early years of the Mint, dies of previous years were often used until they became worn or broken. It should also be emphasized that certain quantities reported, particularly for gold and silver, cover the number of coins struck and have no reference to the quantity that actually reached circulation. Many issues were deposited in the Treasury as backing for paper currency and were later melted.
Gold coins struck before August 1, 1834, are rare today, because from 1821 onward (and at times before 1821), the gold in the coins was worth more than their face values, so they were struck as bullion and traded at a premium above face value.
The quantities reported by the Mint of three-dollar gold pieces from 1873 to 1877 and half cents from 1832 to 1835 are subject to doubt.
Coinage figures shown for 1964 through 1966 are for coins bearing those dates. Some of them were struck in more than one year and at various mints, both with and without mintmarks. In recent years, mintage figures reported by the Mint have been revised several times and remain uncertain as to precise amounts.
Mintage quantities are shown adjacent to each date throughout this book. Figures shown in italic are estimates based on the most accurate information available. Exact mintage figures for most pre-1878 Proof minor coins, and most pre-1860 silver and gold coins, are not known. Listed figures are occasionally revised when new information becomes available. Proof totals are shown in parentheses and are not included with coins made for circulation.
TODAY’S RARE-COIN MARKET
Investing in rare coins can be a rewarding experience for anyone who approaches the calling armed with the right attitude and background knowledge about this exciting field. It can just as easily become a costly mistake for anyone who attempts to profit from coins without giving serious thought to the idiosyncrasies of this unique market.
For hundreds of years, rare coins and precious metals have proven themselves to be an excellent hedge against inflation and a source of ready money in times of crisis, provided that purchases are carefully made. There is little reason to think that this will change in the future. Gone are the days when coin collecting was only a passive hobby mainly for those who would study the history and artistry of these enjoyable objects. The activity has grown to the point that speculation on the future demand for rare coins has made them a part of many investment portfolios. Some people describe it as an “industry,” no longer mainly a hobby. With this change in attitude about collecting has come a measure of concern for those who purchase coins without the background or experience necessary to avoid costly mistakes.
The best advice for investing in rare coins is to use common sense. No thinking person would expect to buy a genuine diamond ring from a street peddler, or an art masterpiece at a garage sale. It is just the same with rare coins, and the more careful you are in selecting a qualified dealer and making an educated evaluation of the coins you purchase, the greater will be your chance of making a profitable investment. If you have access to the Internet, visit the sites of the Professional Numismatists Guild (the leading nationwide association of rare coin dealers, at PNGdealers.com). Many of these dealers have web sites or issue catalogs. Reviewing them will give you much basic information that can be useful.
At any given time there are many advertisements, talks given by “experts,” and the like on television, in magazines, and elsewhere stating that investment in gold, silver, rare coins, and related items is the best way to preserve and increase assets. Some of these promotions are by firms that are not part of established professional numismatics. Collectors and investors should investigate the background of a potential seller before making any significant purchases.
Take your time and go slowly. As is the case with art, securities, and other investments, coins can be bought instantly, but selling them at a profit may be another thing entirely. That said, for the careful buyer the opportunities for successful collecting and investing in quality numismatic items are as great today as at any time in the past. Inexperienced buyers can purchase coins that have been graded and authenticated by third-party services (see “Third-Party Grading and Authentication” on page 10), and services such as CAC (Certified Acceptance Corporation) offer additional professional opinions as to a coin’s grade. There is also more written and digitized information available for beginners than ever before. And the pricing of rare coins is very competitive in today’s widespread market.
The shift in emphasis from collecting to investing on the part of many buyers in recent decades has created a dynamic market and demand for coins, resulting in more stringent grading methods and in pricing geared to the perceived rarity of coins in various levels of Mint State or Proof perfection. Coins in high grades that have been certified (professionally graded and guaranteed authentic) and encapsulated (“slabbed”) may be valued significantly higher than similar coins that have not been so treated. In this book, values above several hundred dollars are generally for coins certified by a reputable grading service. In today’s marketplace, “raw” or non-certified coins, or coins certified by other services, are usually valued at less, except for modern U.S. Mint and bullion products. Some television promotions, investment pitches, and offers to sell coins to the general public are priced above what a knowledgeable collector would pay. Moreover, it is important to remember
