Rarity and condition can make for a good coin, but coins with a compelling story make for great coins
By Jeff Garrett for Numismatic Guaranty Company (NGC) ……
Despite this being the sixth edition of my popular book, 100 Greatest U.S. Coins, I could not wait to open the box when they arrived this week. The new books have been redesigned, with a much more modern look. Whitman Publishing was sold last year to CDN Publishing, and the new management has been doing a great job creating new products and greatly enhancing titles in the portfolio. We have been working hard recently on next year’s edition of the Red Book, and there are some great surprises in store.
I find it hard to believe that it has been about 20 years since the first edition of the 100 Greatest U.S. Coins debuted. The book was an instant hit and won the Numismatic Literary Guild (NLG) “Book of the Year” award in 2003. It was my first numismatic book, and it helped launch my career as a numismatic writer. I have often been asked how the idea for the book came about.
Shortly after finding out that I am a rare coin dealer, new acquaintances will often begin to ask about coin collecting. One of the first questions many people ask: What is the most expensive coin? Most are astounded when told that a 1933 Saint-Gaudens Double Eagle sold at auction for more than $18 million a couple of years ago. They usually then ask how a coin can be worth so much. The short answer is: “the story.”
It was because of questions like this that I authored the 100 Greatest U.S. Coins. For nearly every coin in the book, it is the story that makes it great! The 1933 double eagle is a prime example. How many coins have been spirited from the Mint, owned by Royalty, confiscated by the Secret Service, targeted in a sting operation, featured in a decade-long legal battle, and spotlighted in a recent appearance on the TV show Pawn Stars with yours truly? The coin now finds itself on the cover of the sixth edition of the book.
There are many, many coins in the United States series that are extremely rare but lack a compelling story to make them highly desirable. On the other hand, there are quite a few coins that are relatively common, but find themselves on the want list of most serious collectors. The 1907 High Relief Double Eagle is a good example. The coin was saved by the thousands and can be found in quantity at nearly every coin show. I have personally handled hundreds of examples over the years.
The 1907 High Relief Double Eagle is highly sought after because of its great story and incredible beauty. The President of the United States, Teddy Roosevelt, commissioned the nation’s greatest artist to redesign the Cent, 10 Dollar, and 20 Dollar coinage. The United States Mint struggled mightily to bring the artistic genius of Augustus Saint-Gaudens to reality. The final result is one of the most beautiful coins ever produced.
Coins have often been referred to as “history in your hands.” Old coins were objects of value, and they were seldom discarded. Although most were melted and recoined, some managed to survive, enabling their new owners to appreciate and to better understand the society they served.
Many of the most historic events in human history can be found on a nation’s coinage. Greek gods and Roman conquerors are immortalized on some of the earliest coinage struck. Roman Emperors used coins for propaganda. One can easily trace the advancement of civilization through coinage.
The history of the United States is very clearly illustrated by its coinage. From the 1652 Pine Tree Shilling struck in colonial Massachusetts to the 1792 Half Disme, all of which were owned by Thomas Jefferson at one time. Coins are a tangible link to the formation of our nation. The early monetary system of the United States was closely tied to its coinage. This was before paper money, and at a time when a silver dollar had a dollar’s worth of silver. What a concept!
The expansion of the United States is also easily found through rare coins. With the discovery of gold in California, the Gold Dollar and double eagle came into being. Even today, coins play an important part commemorating our nation’s history. The U.S. Mint has extensive plans to issue special coins to commemorate the nation’s 250th birthday in 2026.
Interestingly, even common coins can sometimes become very desirable because of the story attached to them. Some great examples of this are the many shipwreck coins that have been found over the years. Coins from the SS Central America, SS New York, SS Republic, and SS Yankee Blade are all highly sought after. Decades later, collectors are still excited when told of the vast treasure found by Mel Fisher when he discovered the Atocha off the coast of Florida. Other hoards that collectors clamor for include the Redfield Silver Dollars, the GSA Carson City Silver Dollars, and the Wells Fargo Double Eagles.
A coin’s pedigree can also have an important impact on its value. Many collectors would much rather own a piece that was once part of a famous collection. Early Large Cent collectors carefully study the pedigree of almost every important Large Cent offered. Coins with such illustrious pedigrees as Clapp, Eliasberg, Ford, Pittman, Bass, etc. will always bring more than coins with little or no history. Many great collections are being formed today, and in the future, coins from these collections will undoubtedly bring a premium.
It is not difficult to understand how a compelling story can make a coin so desirable. This can be important knowledge when making a purchase decision. Remember, value is much more than rarity and condition. It is my guess that in the future, coins with an engaging story will always be the most sought after.
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