The coin above, safe in my bank box, graded MS67FB, a high designation bringing a $50 premium due to strike, retailing at $130. (The lovely patina will bring hundreds more.) To earn the coveted full bands label, the coin must be a business strike, uncirculated with full separation minus any disruption (bagmark, cuts, scratch, etc.) on the upper and lower horizontal bands of the torch.
This equally lovely 1960-D Roosevelt did not earn the FB designation, coming in also at MS67. Do you see why it failed?
My 1960-D dime value is $55. A portion of the lower band shows a tiny break in the bands on the right. Otherwise it would be worth $375. Compare it now to the full bands designation of the 1958-D so that you can discern the subtle differences.
You want to seek full bands on all Roosevelt dimes. However, these may bring the highest premiums, according to PCGS: 1949-S, 1955-S, 1958, 1965, and 1994-D. To compare, an MS67 1949-D without full bands is worth $110 while with full bands is valued at $850.
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The Full Bands (FB) or Full Split Bands (FSB) designation refers to the two bands on the reverse torch. They should be split with lines without any break, an indication of a strong strike. Proof coins are assumed to have split bands. Business strikes, however, may not.
“The bands on a Mercury Dime are found within the fasces design element, serving as the main reverse device that resembles a bundle of sticks and an axe wrapped within vines of olive leaves. Binding all these elements together are the bands, which are shown as three sets of twin belts. The Full Bands designation is granted to Mercury Dimes in which the central (middle) set of bands shows a complete split in the middle.”
Here is an example of split bands from one of my dimes.
Mercury dimes with split bands command higher prices. For instance, an MS65 1927 dime retails for $175. One with the FB designation is worth $400 more.
Here’s the reverse of a 1927 dime being offered on HiBid. The seller states that this is full bands.
It’s somewhat difficult to tell from this photo without enlarging the photo, which I did with an app:
With the enlarged photo, I can tell this is not full bands. The left side is mushy with breaks in the lines.
The search for full bands in Mercury dimes is a great way to spend your hobby time rather than look for so-called errors that click-baiters hype on social media. Go through the series and identify years and mint marks that bring premiums. Others may not have that grading skill.
Case in point: In a recent HiBid auction, I spotted this 1945 dime being offered in a lower-tier slab. This is the holy grail of full bands in the series, worth $10,000 at MS63. At MS67, the coin retails for $65,000.
I looked at the photos and won the coin with a $120 bid.
The obverse of this coin actually may be MS67, although I think it will grade MS66:
Here’s the reverse:
I am sending the coin raw to PCGS and will inform you later about the grade. I don’t think it will earn full bands because the lines are slightly broken in the middle of the bands. Nevertheless, with a nearly complete full bands on this coin, it should sell for hundreds of dollars because of the demand for this coveted designation on the 1945-P coin.
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Hobbyists can easily assemble a full set, business strike and proof, of the Franklin half dollar series, 1948-1963. But it is especially difficult (and expensive) to collect the complete business set with full bell lines. Now that’s a challenge for everyone.
To give you perspective, a complete date and mint set at gem MS65 retails at $3,271. With full band lines, the price soars to $41,205.
Let’s define and identify the Full Bell Lines designation.
PCGS Full Bell Lines (FBL) designation requires fully separated, uninterrupted lines at the bottom of the Liberty Bell on the reverse. The lower sets of horizontal lines on the bell must be complete and distinct. To qualify, coins must grade MS-60 or higher, with no major disruptions to the lines, which also must be free from major cuts, heavy marks, or disturbances.
I’ll share one of my FBL halves and show you where to look with a white circle:
The horizontal lines must be clear and readable. Let’s take a closer look at another FBL half:
You have to know how to identify FBL if you bid on or buy Franklin halves. Here’s an obvious inaccurate description on eBay:
Here’s another with lines broken, eliminating the designation.
As of late, due to social media, particularly Facebook, TikTok and YouTube, new collectors spend hours searching for get-rich-quick coins, such as the 1982-D Small Date transitional error or the 1943 copper cent. Odds are you’ll never find them, although the search does train the eye for grading.
A better way to spend hobby time is to look for Full Bell Lines. Access Red Book or PCGS CoinFacts to see which years offer the best return in gem. Basically, you want to search all the “S” mint marks as San Francisco had a difficult time getting strong strikes on their production. Later 1960s FBL also bring great premiums.
Here is one that is often overlooked, the 1963, which sells for $35 MS65 and $1,750 MS65 FBL. This PCGS example, graded MS66+ FBL, retails for $85,000.
True, you may never own such a marvelous coin. But if you know how to identify full bell lines, you won’t be scammed by false eBay or consignor definitions and, on occasion, can find FBL with the seller not realizing the designation.
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Many social media sites—especially TikTok and YouTube—give the impression that it is relatively easy to discover the two major nearly impossible to find 1992/1992-D Close AM varieties.
To give you the odds of your finding one, the 1992 Cent has a mintage of 4,648,905,000. But since 2009, only three Close AM coins have been authenticated. The 1992-D Cent has a mintage of 4,448,673,300. But since 1993, but only 15 Close AM coins have been found.
These are Power Ball lottery odds of your finding something. But the difference is time. You buy a lottery ticket and check the winning numbers once. Searching for a 1992/1992-D Close AM Coin wastes valuable hobby time with chances close to zero that you will ever hit the numismatic jackpot.
The label “Close AM” has sparked hundreds of click-bait posts on social media, promising riches if you only will subscribe to their site. What makes the hunt for the rare 1992/1992-D Close Am cents so confusing are billions of regular 1998, 1999 and 2000 cents, all with Close AM. The moderately valuable error in these years is the Wide AM.
Let that sink in. 1992/1992-D Close AM cents=riches; 1998-2000 Wide AM cents=lunch money, usually.
Now let’s use PCGS CoinFacts photos and values to help you identify the various types.
1992/1992-D Close AM
1992 Close AM (worth $2,600-$26,000 in mint state) and 1992-D Close AM (worth $2,100 to $12,250) in mint state).
Here’s how to tell:
Here are other diagnostics:
The “A” in the Wide AM is centered between the two “T”s. The “A” in the desired Close AM leans toward the second “T.” Also see the difference in the designer initial fonts. The common Wide AM has a trace of a serif on the “G”; the rarity Close AM lacks that with slightly more spacing between the initials and device.
The above die markers are critical when evaluating whether or not you have the ultra rarity. China has flooded the market with replicas having the Close AM but forgetting those markers. They turn up on online auctions and land in the hands of hobbyists. Here’s an example:
New collectors beware: The hobby has no mercy. If you do not know what you are buying, trying to score a bargain, you’ll lose hundreds of dollars in a short time. In coin collecting, you get what you pay for.
That’s why articles like this are important.
1998, 1999, 2000 Wide AM
Because values for the Wide AM 1998-2000 are relatively low, you’ll find fewer fakes and replicas. But it still is important to know how to tell if you have one.
Let’s look at the regular issues of 1998, 1999, 2000 cents v. WIDE AM varieties (worth $15-700 based on mint state grades):
Another way to distinguish between the two concerns the placement of the initials. In the Wide AM, the “FG” is closer to the base of the Lincoln Memorial building.
Commit to memory:
1992/1992-D Regular/Wide Strikes are worth 1 cent to ?? depending on color, grade and condition.
1992/1992-D Close AM are worth thousands.
1998-2000 Regular/Close Strikes are worth 1 cent to ?? depending on color, grade and condition.
1998-2000 Cents Wide AM are worth $15-?? depending on color, grade and condition.
You can also consult this handy chart:
Finally, to complicate matters even further, two additional varieties exist in 1998 and 1999 Proof cents. All Proof Lincoln Cents from 1993 to 2009 should have Wide AMs. But fewer than 100 were struck with the reverse of the business strike, the 1998/99 Close AM. The proof errors here are typically worth hundreds.
If you’re going to spend hobby time looking for the 1998-2000 Wide AM cents, that’s justifiable. You’re training your eyes for grading. But if you’re bent on finding the rare 1992/1992-D Close AM cents, you’re wasting your time … and a good part of your life.
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If your Jefferson nickel has a strong strike, it might have 5 or 6 steps at the base of Monticello on the reverse. That adds value to most years and high value to some years, depending on date and mint mark.
To view steps on Jefferson nickels, use a loupe and look at them at the base of the Monticello depiction.
Keep in mind that this designation is only for business strikes, not proof coins. In fact, if proof coins lack complete steps, they would be impaired and lose collector value.
PCGS awards the designation if 5 lines are complete. NGC has 5-step and 6-step designations.
Sellers and lower tier grading companies often just state “full steps” when there is a break, a blending or a mark on any of the steps. There can be no such issue. The steps must run the complete base.
This internet seller claims his 1944-P war nickel has full steps. It doesn’t. There is a blending of steps, losing the designation:
One might anticipate such a blending as this coin is almost uncirculated and exhibits wear. In any case, with or without steps, this is a common issue with 119,150,000 minted. This specimen is only worth its 35% silver. But even in gem MS65, the retail value difference is only a few dollars.
A full steps designation on some years and mint marks dramatically increase value. There are many examples, but let’s just look at the 1949 nickel with a mintage of 60,652,000. The strike this year was dull for most of those coins, leading to higher values with full steps:
Some sellers disregard the fact that only some years and mint marks earn those higher values. They are counting on your not knowing which coins are common in full steps and which, rare.
Here’s an example from eBay:
I know where the seller got the idea that this coin would be worth $25,000. That’s the retail price for MS67 Full Steps in a PCGS holder. The nickel above does look gem, but not MS67 professionally graded so these PCGS values do not apply:
As proof of the above seller’s exaggeration, here is the same year and mint mark, MS65 Full Steps, Buy It Now on eBay, retailing at $45.
Now compare the two to help identify the difference:
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Many Facebook and coin website viewers, schooled not by Red Book but by TikTok and YouTube, actually believe their “ring of death” coin is a valuable error that happened at the U.S. Mint. It didn’t. The circle was caused by a roll packing machine and is considered damage.
See the ring below.
Here’s the Grim Reaper at work:
Clickbait media has made new collectors believe that fortunes can be found in pocket change.
Here’s an example:
On eBay, people are selling “ring of death” coins as Mint errors. Here’s an example:
Please share this article whenever someone posts a ring of death coin thinking it will ca-ching at the bank.
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Grading is expensive. If you don’t know how to grade coins, buying coins top-tier will be your best bet. If you want to send you coins to a company, though, you had better know the various companies and which ones to avoid.
Each holdering company has its own rules, but two stand out with their grades so consistent that they were considered sight-unseen buys in the pre-internet era. Those are PCGS and NGC.
TOP TIER
My favorite for U.S. coins is PCGS because of its spectacular TrueView photos and set registries. Here’s one from a coin in my bank box, an MS68 1990 American Silver Eagle that looks like a flag, primarily because it was stored in corrugated cardboard.
NGC grades as consistently as PCGS. I use it for ancients. There is no better grading service for that. This, too, is in my bank box. (Never keep valuable coins in your house, even if you have a safe.)
Both PCGS and NGC have shortcomings, but I always recommend the two if you are considering grading. Click here for PCGS. Click here for NGC.
CAC (see photo below) is as consistent or even more so than NGC and PCGS. But it’s new to the grading game as it initially was founded as a fourth-party grading company, in essence, affirming (or not) grades of PCGS and NGC. One drawback concerns those assembling a set of PCGS or NGC to compete in registry sets. CAC is not there yet but will be in time.
SECOND TIER
Second-tier reliable grading companies include ANACS and ICG. ANACS coins in my view are close to PCGS/NGC in grading. ICG, less reliable.
Older ANACS holders sometimes are rigorously graded, as in this one:
Here is an 1878-S MS64 by ICG (I say MS63 at PCGS):
THIRD TIER
A few other holdering companies are hit-and-miss with a tendency to overstate grades and to overlook flaws. Nevertheless, they are somewhat reliable. I place them in a third tier. Those are old green and yellow PCI holders and SEGS and Numistrust holders. See below. I always look at these coins at auction and rely on my grading ability to affirm their grades. Personally, I like SEGS the best but have spotted common flaws on some of its coins, including pin scratches. So again I inspect rigorously.
BOTTOM TIER
These are some holdering companies I skip right over, not wasting time, because the grades are usually inflated and flaws, overlooked: SCG, National Numismatic Certification, newer PCI, PGA.
Here are examples:
JUST MY OPINION
Keep in mind that this post is based on my opinion and experience. You may think differently, experience different results, and even prefer lower tiers to PCGS and NGC.
But here is a warning if you are buying coins housed in these lower holders: Do not look up the year/date/mint mark on the PCGS or NGC values sites. All grading companies use the Sheldon 70 scale, but different grading standards mean different values. Read this post about that.
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EDITOR’S NOTE:Because of the influx of hundreds of thousands of Chinese fakes, polluting the U.S. hobby market, Proxiblog recommends holdering all Carson City dollars and gold coins of any denomination. Authenticity is as important as a numerical grade when dealing with rarities.
Do not rely on YouTube or TikTok videos, telling that you have a coin worth thousands and should immediately grade it, only to find out it is damaged (and not an error or variety). That’s a costly lesson. The thinking seems to be along this line: (a) I know what this coin should look like. (b) This coin doesn’t look like that. (c) Ergo, it must be valuable, (d) That’s what the internet states.
True, you can find collectible coins in bank rolls and pocket change. For every Lincoln/wheat reverse cent you find in a roll, you probably went through hundreds if not thousands of cents (depending on what the bank gives you). Moreover, the Wheaties that you find typically would be common and worn, worth less than $5. If you enjoy the hunt, by all means go for it. It trains your eye to estimate a grade.
Holdering coins at PCGS and NGC, the top companies, is expensive. (I do not recommend other companies, although I do buy ANACS holdered coins.) If you go economy with PCGS or NGC, you’re looking at about $45 per coin plus more for mailing and other fees. And then you wait months. Keep in mind that you have to buy an annual membership. Go to the PCGS and NGC sites and see prices. Also, the procedure to submit coins takes time to learn and is beyond the scope of this post. We’re discussing when to grade a coin, not how.
Many will recommend the Red Book, otherwise known as The Guide Book of United States Coins. In it you will learn about key date for each denomination, along with history and expert commentary. This coin shop has a nifty chart:
But there are also condition rarities, or coins that are common in worn or circulated states but rare in uncirculated condition, like the 1884-S Morgan Dollar worth $75,000:
So far, on your quest to grade your coins, you have been advised to buy the Red Book, to know key dates and condition rarities. All this assumes you know how to grade. An amateur or seller might think their coins are flawless, only to learn about common flaws.
Next step: Try to match the condition of your coin with the same date, denomination and mint on PCGS Photograde Online.
Once that is done, find retail and auction values (usually 20-25% less) at PCGS CoinFacts. This is one of the best digital encyclopedias on the market.
Keep in mind that PCGS and NGC are rigorous graders. They find flaws that many experts miss. Here’s an example of a details (scratch) grade for an otherwise amazing Morgan dollar:
So the question about whether you should holder a coin largely depends on you. Have you visited or read the resources mentioned above? Is your coin worth the $45 per item submission charge? Do you even know how to submit? Do you have the patience to wait months for your grades? How will you react when you get a label that spells out exactly what is wrong with your coin in a details holder?
Last question: Did you find this post helpful?
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PCGS and other top holdering companies–NGC, ANACS, CAC–evaluate a coin’s grade through a rigorous process involving expert visual inspection, magnification, adherence to the 70-point Sheldon Scale, and a final verification, focusing on wear, strike, luster, and eye appeal, then encapsulating it in a secure holder with its assigned grade for impartial certification.
Grading is subjective, but only to a small degree at top holdering companies. The problem, however, especially with PCGS and its popular CoinFacts site about retail and auction values, is that consignors and auctioneers use that data and inflate it to get higher bids on inferior lots.
Here’s an obvious example below. The seller states that these coins came from an elderly gentleman. All of them are graded MS70, the ultimate on the Sheldon numeric scale.
These inflated grades just aren’t accurate; these are just common coins in lower grades–almost 5 to 10 points lower on some. What irks expert numismatists, however, are sellers who feature the grades of basement holders and then cite PCGS values.
Below is an outrageous listing of a common Peace dollar with artificial toning, exposing the metal to sulfur or chemical, turning purple, blue and yellow hues and rendering the lot as silver melt–not the ridiculous opening bid of $4,000. This holdering company may be associated with the seller rather than with another reputable company. I’m not sure about that. But it doesn’t matter. This is a ruined coin, in my opinion.
Here’s another exaggerated grade, again quoting sight-unseen PCGS prices on a coin that was cleaned, dipped and re-toned, worth about $200 by my estimation in this condition and certainly not $78,000.
Let’s do one more:
The above coin has grease stains, poor luster, with some interesting toning. I wouldn’t bid higher than $75. And then I would have to spend time carefully using MS70 detergent methods to try to remove those stains–almost always a futile attempt that renders the entire coin as cleaned.
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PCGS designates Deep Mirror Prooflike (DMPL) as coins with clear reflections in fields on both obverse and reverse from at least six inches away. Those fields should reflect like real mirrors. Prooflike (PL) coins should have similar effects on both sides of the coin, usually four inches. Also those coins should grade uncirculated, from MS60 and above on the Sheldon numeric scale.
Morgan Dollars are known for their reflective “cartwheel” effect. That’s because of the generous fields coupled with strong strikes for some years, such as the 1881-S.
Consignors of raw coins or ones in bottom-tier holders usually exaggerate reflectivity, using the DMPL designation on non- or poorly reflective coins on eBay and HiBid.com.
The obverse of this coin may indeed be deep mirror or proof like. But the reverse isn’t. It merely looks like it has a weak cartwheel effect, as it should have in uncirculated condition. Because both sides must earn the DMPL designation, this one doesn’t meet that standard.
Also, a true DMPL coin not only has deep reflectivity but also cannot have bag marks or other flaws detracting from that mirror effect. This would not qualify as DMPL, as the fields have too many abrasions:
This coin below, holdered by the latest and least consistent version of PCI, has no reflectivity but still carries the DMPL designation because that brings much higher prices.
The value of a true 1879-S MS66+ DMPL, holdered by PCGS or NGC, lists a retail value of $5,850. The above coin also has artificial toning and no reflectivity, worth little more than silver melt.
Also, it is easy to confuse DMPL with polished coins and overly dipped coins, like this 1879-O Morgan:
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Proxiblog also has thousands of followers on Facebook Coin Groups and across social media. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
