Early U.S. Rare Coins
Interested in early U.S. coins? Read more ......
Welcome to my website. I have over 60 years of experience as a collector and dealer, specializing in early U.S. copper, silver and gold coins. I offer a number of services to serious collectors including:
Interested in early U.S. coins? Read more ......
Welcome to my website. I have over 60 years of experience as a collector and dealer, specializing in early U.S. copper, silver and gold coins. I offer a number of services to serious collectors including:
- Auction representation
- Consignment sales
- Appraisals and numismatic counseling
- Solicitation of want lists
You can contact me at:
jimmcguigan@verizon.net
or
Phone (412) 247 - 4484
COLLECTING EARLY U. S. COINS
James R. (“Jim”) McGuigan
INTRODUCTION
Collecting early U. S. coins can be educational and fun. By early U. S. coins, I am referring to coins struck at the U. S. mint from its beginning in 1793 until the introduction of the steam press in the mid-1830’s. During this period, the mint produced two copper denominations-- half cents and large cents, five silver denominations--half dimes, dimes, quarters, half dollars, and dollars, and three gold denominations--quarter eagles, half eagles, and eagles.
Compared with later time periods, minting techniques were relatively primitive during this era. Letters and numerals were hand punched into the dies, which sometimes resulted in misplaced letters and digits and stray marks. Because of the relatively low quality of the steel used in the dies, they frequently developed cracks or other anomalies. Dies from one calendar year were sometimes used to strike coins in subsequent years, making it difficult to know the exact number of coins produced of a given date. In some cases, the dies were altered by punching new digits over the original date on the die, creating what are known as overdates. Furthermore, screw presses were used to strike the coins, which sometimes resulted in uneven or weakly struck pieces. Finally, during the early part of this period, the mint sometimes faced shortages of planchets needed to strike coins. For example, because of periodic shortages of copper, particularly during the late 1790’s and early 1800’s, some half cents were struck over cut-down commercial tokens and spoiled (mis-struck) large cents
WAYS TO COLLECT EARLY U. S. COINS
These are a number of different ways to collect early U. S. coins. These include:
Denomination One can seek to obtain an example of each of the copper, silver, and gold denominations--10 coins in all. An excellent starting point to learn about these coins is A Guidebook of United States Coins by R. S. Yeoman, which is commonly known as the “Redbook”. PCGS’s CoinFacts (PCGS.com) website also contains lots of useful information about early U. S. coins.
Type A collector can attempt to collect all the major deign types of these issues. The “Redbook” contains information needed to get started on a type set.
Date A greater challenge is to focus on obtaining an example of each of the various dates for one (or more) of the different denominations. Again, the “Redbook” is a very useful reference for this endeavor.
“Major” Varieties This form of collecting encompasses a wide range of varieties, such as obverse designs (for example, Flowing Hair, Draped Bust, and Liberty Cap), reverse designs (for example, small eagle and heraldic eagle), date and letter sizes (for example, small, medium, and large), and edge devices (for example, plain, reeded, and lettered), and die cutting variations (for example, number of stars and their placement). Likewise, the “Redbook” can be used to determine which “major” varieties the collector wants to include in a collection.
Die Varieties (and Sub-varieties) Some specialists seek to obtain examples of all the die varieties (that is, combinations of obverse and reverse dies) and sub-varieties (that is, planchet weight or stock and edge variations) for one (or more) of the different denominations. A number of reference books can be very helpful in attributing and collecting die varieties. Among them are:
Half Cents Walter Breen, Walter Breen’s Encyclopedia of United States Half Cents (1983) and Roger Cohen, American Half Cents, the “Little Half Sisters,” 2nd Edition (1982).
Large Cents William C. Noyes, United States Large Cents 1816-1845 (2012), William C. Noyes, United States Large Cents 1793-1794 (2006), William C. Noyes, United States Large Cents 1795-1797 (2007), Walter Breen (Edited by Mark R. Borckhardt), Walter Breen’s Encyclopedia of Early United States Cents 1793-1814 (2000), John D. Wright, The Cent Book 1816-1839 (1992), William C. Noyes, United States Large Cents 1793-1814 (1991), and William C. Noyes, United States Large Cents 1816-1839 (1991).
Half Dimes Russell Logan and John McCloskey, Federal Half Dimes 1792-1837 (1998).
Dimes David Davis, et al, Early United States Dimes 1796-1837 (1984).
Quarters Rory R. Ray, et al, Early Quarter Dollars of the U. S. Mint 1796-1838 (2010) and Steve M. Tompkins, Early United States Quarters 1796-1838 (2008).
Half Dollars Al C. Overton and Don Parsley, Early Half Dollar Die Varieties 1794-1836, 5th Edition (2014).
Dollars Q. David Bowers, The Encyclopedia of United States Silver Dollars 1794-1804 (2013) and Q. David Bowers, Silver Dollars and Trade Dollars of the United States Mint, A Complete Encyclopedia, Volume I (1993).
Quarter Eagles, Half Eagles, and Eagles John W. Danreuther and Harry Bass, Jr., Early U. S. Gold Coin Varieties, A Study of Die States 1795-1834 (2006) and Anthony J. Taraszka, United States Ten Dollar Eagles 1795-1804 (1999).
Many of these books are available from numismatic supply dealers. Some of the books are out of print, but can be obtained from numismatic book sellers.
Die States In addition to die varieties, some specialists also collect various die states of each die variety. They seek to obtain examples that were struck from dies exhibiting breaks and cuds, and other forms of die deterioration. The reference books cited above can be useful in learning about die states. In addition to the Breen and Cohen books (cited earlier), another useful reference on half cent die states is Ronald P. Manley, The Half Cent Die State Book 1793-1857 (1998).
Mint Errors Another way to collect early U. S. coins is to focus on mint errors. Mint errors can occur in the planchet preparation, die preparation, or striking processes. Planchet preparation errors include such defects as laminations and splits, as well as over- and underweight planchets. Die preparation errors include such issues as misplaced letters and digits and stray engraver marks. Striking process errors include anomalies such as off-center, brockage, and multiple strikes. In general, copper errors are relatively scarce, silver errors are rare, and gold errors are very rare. The “Whoops!” chapters of Walter Breen’s half cent and large cent books, cited earlier, contain excellent discussions of errors that can occur on early copper coins. These discussions are also applicable to early silver and gold coin errors.
SOURCES OF CONDITION CENSUS INFORMATION
The three major grading services, PCGS, NGC, and ANACS publish population data for all of the coins they have graded. This information is useful in determining the grade distribution of the better specimens for the dates and “major” varieties of all the early U. S. coin denominations. However, the population data may not give a complete and accurate account of the true population for every date and “major” variety, since not all of the significant coins have been submitted for grading. Additionally, many coins have been removed from their holders (crackouts) and resubmitted to the grading services in hopes of receiving a higher grade.
With respect to die varieties of each of the denominations, most of the reference books cited earlier contain varying amounts of condition census information.. While this information may have been relatively accurate at the time the books were published, it becomes less reliable over time as previously unattributed specimens enter the market. In an effort to keep an up-to-date census for large cents, William Noyes and Jon Lusk maintain a data base, entitled Numistudy (Noyes/ Lusk Copper Data Base), where information is continuously updated as new specimens are reported. With respect to early silver coinage, the John Reich Collectors Society (JRCS), discussed below, periodically publishes census information on early half dime, dime, quarter, half dollar, and dollar die varieties owned by its members.
SOURCES OF PRICING INFORMATION
Various sources of pricing information (or guides) are available in print and/ or online versions. A basic starting point is the “Redbook” cited earlier. It contains pricing information for all the dates and “major” varieties of early U. S. coins. The pricing information is updated annually. Various periodicals, such as Coin World and The Quarterly I, II, and III issues of the Coin Dealer Newsletter, which are available in both print and online formats, contain pricing information similar to that in the “Redbook,” except that they are updated more frequently. The PCGS and NGC websites also contain pricing information for early coins. Sources of information for die varieties are more limited. A Price Guide for 1793-1857 Half Cents and Large Cents (Third Edition, 2014) by William C. Noyes contains pricing information for die varieties of early copper coins. Probably the most useful pricing information is recent auction prices, since these represent actual transaction prices. Most of the major coin auction companies publish (either in print form or online) a list of prices realized for their most recent auctions. Additionally, Heritage’s website (HA.com) contains auction pricing data for all of its sales back to the mid-1990’s. PCGS’s website also has historical pricing data for all the major coin auction companies back to 1941. Lastly, Stephen J. Herrman’s Auction and Mail Bid Prices Realized for Bust Half Dollars 1794-1839, which is updated semiannually, contains auction pricing information for the rarer early half dollar die varieties.
NUMISMATIC ORGANIZATIONS
Two numismatic organizations are excellent sources for collectors to learn more about early coins, including information about newly discovered varieties and condition census examples. They are the Early American Coppers (EAC) club, whose primary focus is half cents and large cents, and the John Reich Collectors Society (JRCS), which is devoted to early silver and gold coinage. Each club publishes a periodical, Penny-Wise and John Reich Journal respectively, containing research and information pertaining to early coinage. In addition to a (joint) annual convention, with a bourse, exhibits, and seminars, each club holds meetings at some of the larger coin shows around the country, including ANA, FUN, Central States, Long Beach, and Baltimore.
Membership information about each club is available at the following websites: Early American Coppers, Inc., info@eacs.org and John Reich Collectors Society, www.jrcs.org.
SUMMARY
The availability of good reference books, multiple sources of pricing information, and collector clubs dedicated to the study of early U. S. coinage makes collecting these coins educational and fun.
jimmcguigan@verizon.net
or
Phone (412) 247 - 4484
COLLECTING EARLY U. S. COINS
James R. (“Jim”) McGuigan
INTRODUCTION
Collecting early U. S. coins can be educational and fun. By early U. S. coins, I am referring to coins struck at the U. S. mint from its beginning in 1793 until the introduction of the steam press in the mid-1830’s. During this period, the mint produced two copper denominations-- half cents and large cents, five silver denominations--half dimes, dimes, quarters, half dollars, and dollars, and three gold denominations--quarter eagles, half eagles, and eagles.
Compared with later time periods, minting techniques were relatively primitive during this era. Letters and numerals were hand punched into the dies, which sometimes resulted in misplaced letters and digits and stray marks. Because of the relatively low quality of the steel used in the dies, they frequently developed cracks or other anomalies. Dies from one calendar year were sometimes used to strike coins in subsequent years, making it difficult to know the exact number of coins produced of a given date. In some cases, the dies were altered by punching new digits over the original date on the die, creating what are known as overdates. Furthermore, screw presses were used to strike the coins, which sometimes resulted in uneven or weakly struck pieces. Finally, during the early part of this period, the mint sometimes faced shortages of planchets needed to strike coins. For example, because of periodic shortages of copper, particularly during the late 1790’s and early 1800’s, some half cents were struck over cut-down commercial tokens and spoiled (mis-struck) large cents
WAYS TO COLLECT EARLY U. S. COINS
These are a number of different ways to collect early U. S. coins. These include:
Denomination One can seek to obtain an example of each of the copper, silver, and gold denominations--10 coins in all. An excellent starting point to learn about these coins is A Guidebook of United States Coins by R. S. Yeoman, which is commonly known as the “Redbook”. PCGS’s CoinFacts (PCGS.com) website also contains lots of useful information about early U. S. coins.
Type A collector can attempt to collect all the major deign types of these issues. The “Redbook” contains information needed to get started on a type set.
Date A greater challenge is to focus on obtaining an example of each of the various dates for one (or more) of the different denominations. Again, the “Redbook” is a very useful reference for this endeavor.
“Major” Varieties This form of collecting encompasses a wide range of varieties, such as obverse designs (for example, Flowing Hair, Draped Bust, and Liberty Cap), reverse designs (for example, small eagle and heraldic eagle), date and letter sizes (for example, small, medium, and large), and edge devices (for example, plain, reeded, and lettered), and die cutting variations (for example, number of stars and their placement). Likewise, the “Redbook” can be used to determine which “major” varieties the collector wants to include in a collection.
Die Varieties (and Sub-varieties) Some specialists seek to obtain examples of all the die varieties (that is, combinations of obverse and reverse dies) and sub-varieties (that is, planchet weight or stock and edge variations) for one (or more) of the different denominations. A number of reference books can be very helpful in attributing and collecting die varieties. Among them are:
Half Cents Walter Breen, Walter Breen’s Encyclopedia of United States Half Cents (1983) and Roger Cohen, American Half Cents, the “Little Half Sisters,” 2nd Edition (1982).
Large Cents William C. Noyes, United States Large Cents 1816-1845 (2012), William C. Noyes, United States Large Cents 1793-1794 (2006), William C. Noyes, United States Large Cents 1795-1797 (2007), Walter Breen (Edited by Mark R. Borckhardt), Walter Breen’s Encyclopedia of Early United States Cents 1793-1814 (2000), John D. Wright, The Cent Book 1816-1839 (1992), William C. Noyes, United States Large Cents 1793-1814 (1991), and William C. Noyes, United States Large Cents 1816-1839 (1991).
Half Dimes Russell Logan and John McCloskey, Federal Half Dimes 1792-1837 (1998).
Dimes David Davis, et al, Early United States Dimes 1796-1837 (1984).
Quarters Rory R. Ray, et al, Early Quarter Dollars of the U. S. Mint 1796-1838 (2010) and Steve M. Tompkins, Early United States Quarters 1796-1838 (2008).
Half Dollars Al C. Overton and Don Parsley, Early Half Dollar Die Varieties 1794-1836, 5th Edition (2014).
Dollars Q. David Bowers, The Encyclopedia of United States Silver Dollars 1794-1804 (2013) and Q. David Bowers, Silver Dollars and Trade Dollars of the United States Mint, A Complete Encyclopedia, Volume I (1993).
Quarter Eagles, Half Eagles, and Eagles John W. Danreuther and Harry Bass, Jr., Early U. S. Gold Coin Varieties, A Study of Die States 1795-1834 (2006) and Anthony J. Taraszka, United States Ten Dollar Eagles 1795-1804 (1999).
Many of these books are available from numismatic supply dealers. Some of the books are out of print, but can be obtained from numismatic book sellers.
Die States In addition to die varieties, some specialists also collect various die states of each die variety. They seek to obtain examples that were struck from dies exhibiting breaks and cuds, and other forms of die deterioration. The reference books cited above can be useful in learning about die states. In addition to the Breen and Cohen books (cited earlier), another useful reference on half cent die states is Ronald P. Manley, The Half Cent Die State Book 1793-1857 (1998).
Mint Errors Another way to collect early U. S. coins is to focus on mint errors. Mint errors can occur in the planchet preparation, die preparation, or striking processes. Planchet preparation errors include such defects as laminations and splits, as well as over- and underweight planchets. Die preparation errors include such issues as misplaced letters and digits and stray engraver marks. Striking process errors include anomalies such as off-center, brockage, and multiple strikes. In general, copper errors are relatively scarce, silver errors are rare, and gold errors are very rare. The “Whoops!” chapters of Walter Breen’s half cent and large cent books, cited earlier, contain excellent discussions of errors that can occur on early copper coins. These discussions are also applicable to early silver and gold coin errors.
SOURCES OF CONDITION CENSUS INFORMATION
The three major grading services, PCGS, NGC, and ANACS publish population data for all of the coins they have graded. This information is useful in determining the grade distribution of the better specimens for the dates and “major” varieties of all the early U. S. coin denominations. However, the population data may not give a complete and accurate account of the true population for every date and “major” variety, since not all of the significant coins have been submitted for grading. Additionally, many coins have been removed from their holders (crackouts) and resubmitted to the grading services in hopes of receiving a higher grade.
With respect to die varieties of each of the denominations, most of the reference books cited earlier contain varying amounts of condition census information.. While this information may have been relatively accurate at the time the books were published, it becomes less reliable over time as previously unattributed specimens enter the market. In an effort to keep an up-to-date census for large cents, William Noyes and Jon Lusk maintain a data base, entitled Numistudy (Noyes/ Lusk Copper Data Base), where information is continuously updated as new specimens are reported. With respect to early silver coinage, the John Reich Collectors Society (JRCS), discussed below, periodically publishes census information on early half dime, dime, quarter, half dollar, and dollar die varieties owned by its members.
SOURCES OF PRICING INFORMATION
Various sources of pricing information (or guides) are available in print and/ or online versions. A basic starting point is the “Redbook” cited earlier. It contains pricing information for all the dates and “major” varieties of early U. S. coins. The pricing information is updated annually. Various periodicals, such as Coin World and The Quarterly I, II, and III issues of the Coin Dealer Newsletter, which are available in both print and online formats, contain pricing information similar to that in the “Redbook,” except that they are updated more frequently. The PCGS and NGC websites also contain pricing information for early coins. Sources of information for die varieties are more limited. A Price Guide for 1793-1857 Half Cents and Large Cents (Third Edition, 2014) by William C. Noyes contains pricing information for die varieties of early copper coins. Probably the most useful pricing information is recent auction prices, since these represent actual transaction prices. Most of the major coin auction companies publish (either in print form or online) a list of prices realized for their most recent auctions. Additionally, Heritage’s website (HA.com) contains auction pricing data for all of its sales back to the mid-1990’s. PCGS’s website also has historical pricing data for all the major coin auction companies back to 1941. Lastly, Stephen J. Herrman’s Auction and Mail Bid Prices Realized for Bust Half Dollars 1794-1839, which is updated semiannually, contains auction pricing information for the rarer early half dollar die varieties.
NUMISMATIC ORGANIZATIONS
Two numismatic organizations are excellent sources for collectors to learn more about early coins, including information about newly discovered varieties and condition census examples. They are the Early American Coppers (EAC) club, whose primary focus is half cents and large cents, and the John Reich Collectors Society (JRCS), which is devoted to early silver and gold coinage. Each club publishes a periodical, Penny-Wise and John Reich Journal respectively, containing research and information pertaining to early coinage. In addition to a (joint) annual convention, with a bourse, exhibits, and seminars, each club holds meetings at some of the larger coin shows around the country, including ANA, FUN, Central States, Long Beach, and Baltimore.
Membership information about each club is available at the following websites: Early American Coppers, Inc., info@eacs.org and John Reich Collectors Society, www.jrcs.org.
SUMMARY
The availability of good reference books, multiple sources of pricing information, and collector clubs dedicated to the study of early U. S. coinage makes collecting these coins educational and fun.