The 1878-S Morgan has a mintage of 9,774,000 and is valuable in higher grades, but a small detail on an otherwise even silver melt coin is a coveted variety. It’s called “Long Nock.”
Let’s define “Nock,” an uncommon word, except for archers, whose definition is a notch at either end of a bow for holding the string.
So right off the word leads us to the quiver of arrows held by the eagle on the reverse.
Morgan 1878-S “Long Nock” coin refers an extended length of the arrow shaft (the “nock”) in the eagle’s talon. This variety is a result of a design variation used on the first set of dies delivered to the San Francisco Mint.
Let’s compare a regular 1878-S reverse with a “long nock” one with this photo from PCGS CoinFacts:
The “long nock” feature extends the tip of the central arrow.
This variety has several specific variations in the VAM directory (named after the directory compiled by Leroy Van Allen and A. George Mallis):
These varieties happened because of an urgent need to produce Morgan dollars at various mints in 1878. The first 10 pairs of dies for the San Francisco Mint had the “long nock” design. When the US Mint asked engraver George T. Morgan to revise the design, reducing the relatively high relief (shortening die life), the nock was shortened and the number of tail feathers on the eagle were reduced from eight to seven.
Value for this variety is high but few ever exceed almost uncirculated levels. The top pop at PCGS is AU53.
At Very Fine 20, the coin retails for $275 and increases by about $100 each Sheldon grade higher up until AU53.
Nevertheless, you will find 1878-S Morgans everywhere–even in slabbed coins–with the owner or holdering company missing the variety. (If you submit a coin without identifying and paying for a variety, that designation will not be on the label.)
Happy hunting!
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When people ask if their coin is cleaned, they may not know the various types of cleaning, which this article explains with illustrations.
Hobbyists sometimes clean coins using acetone or detergents, typically non-destructive. These destructive cleaning methods permanently alter the coin’s surface and dramatically reduce its collectible value.
Dipping: Using a chemical solution (often a dilute acid) to strip away toning or oxidation from the coin’s surface, leaving micro bubbles that are red flags.
Smoothing: Using a cloth, abrasive paste or other substance to rub the surface, leaving tiny scratches called “hairlines.”
Polishing: Using a device or tool to buff the surface of the coin so that it shines with a false luster, often blurring devices.
Whizzing: Using a high-speed rotating brush to create artificial luster, leaving unnatural proof-like sheen with telltale patterns of metal flow around the coin’s devices.
Scrubbing: A coin that contains evidence of an abrasive material like baking soda or a metal brush, often to remove verdigris or other contaminant.
Chemical Application: Soaking a coin in acidic household items like vinegar with salt or lemon juice that remove verdigris and ruin eye appeal.
Electrolysis: Using electrical current in a solution to strip away corrosion, a process often used on ancient coins or ones found by metal detecting.
All sample coins above would get a details/cleaned grade by a holdering company.
For those who want to clean coins via non-destructive methods, consider rinsing them in distilled water or soaking in acetone, mild soap or olive oil. To learn more about if and when to clean coins, see “When, If and How to Clean Coins.”
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View the forgotten women whose beauty metamorphosed to Lady Liberty on our coins. I bring them to life so that we remember Anna Willess Williams, teacher and philosopher, and Teresa de Francisci, model. Anna was a classic beauty (inside and out) and Teresa, a Mediterranean immigrant who became the American symbol of freedom and worldwide peace. Proxiblog will be posting again on Jan. 2, 2026.
Proxiblog had 170, 200 views; 113,600 unique viewers; and thousands of followers on Facebook, YouTube and social media. The site now is considered one of the top coin blogs with stellar reviews about our illustrated coin term and error directories, counterfeit articles and hobby posts. View this video about the top articles and contributors.
Jefferson Nickel role hunters should be on the lookout for valuable 1968-S through 1970-S full-step rarities, often overlooked and sometimes even confused with proof strikes. True, these are ultra rarities; but looking for them sharpens the eye and several dozen or more may still be at large in bank rolls.
In 1968, the “S” mintmark for Jefferson nickels was reintroduced for circulating coinage after a hiatus from 1965 to 1967. During that time, the Mint prohibited mintmarks due to coin hoarding, pursuant to Coinage Act of 1965, meant to alleviate a coin shortage and to discourage hoarding of silver coins.
Mintmarks were restored to circulating coins in 1968. In 1971, the San Francisco Mint struck only proof nickels.
The purpose of this article is to call attention to values associated with business strikes for those critical years. Also, newer hobbyists in general should be able to distinguish the difference between mint state business strikes and proof strikes.
Let’s begin with proof strikes for these years. These largely have no value unless PR69 deep cameo.
The San Francisco mint was extraordinarily busy making business strikes: 1968-S mintage: 103,437,510; 1969-S mintage: 123,009,631; and 1970-S mintage: 214,464,814.
Because of huge quotas, dies weren’t swapped out as they normally would, meaning deterioration limited the number of full-step coins. Only those at the beginning of the manufacturing process produced those rarities.
In fact, you will not find a 1969-S nickel with full steps. f you find one, you bagged the unicorn. None are thought to exist, although this ANACS example was offered in 2009 by Heritage Auctions. A reserve of $1200 was put on the coin, but it did not sell.
There is a reason it did not sell. I question whether this even has full steps. It definitely would not crossover to PCGS or NGC:
That said, PCGS has holdered 25 full-step 1968-S and 106 full-step 1970-S. NGC has holdered 13 1968-S FS and 36 1970-S FS.
See this PCGS chart for values:
True, you might not be able to find a full-step 1968-S through 1970-S. Nevertheless, knowing the rarities of these dates and the enormous mintages of each, it still is worth checking, even if only to distinguish the business strike from the proof strike.
Concerning other denominations:
The San Francisco Mint struck business strike and proof cents from 1968-74, with the facility shifting to producing proof coinage for collectors after 1975. The San Francisco Mint also produced business strike Roosevelt dimes from 1946-55 but did not produce circulating dimes between 1968 and 1974. The facility produced quarters and half dollars from 1968 through 1974. After 1975, the California Mint produced proof coinage, with business strikes in some years for collectors.
Finally, the San Francisco Mint made Eisenhower dollars from 1971 to 1978, but did not produce copper-nickel business strikes during all of those years. It also minted business strike dollars later with the Susan B. Anthony series.
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Five valuable VAMs exist for the 1880-P Morgan dollar whose working dies differed from each other significantly, resulting in their being listed among popular “Top 100” VAM list.
The “spikes” are readily seen above the “8” with another die marker on the “0.” This retails for about $65 in XF40; $180, AU55; and $1,140, MS63.
1880 VAM 7 8/7 Crossbar
1880-P VAM-7 Crossbar overdate is one of the most difficult to identify and rarely found in high grades. VAMWORLD advises to look for the horizontal line crossing the top of the second 8 of the date. Values are XF40, $185; AU55, $485; and MS63, $5,500.
1880 VAM 8 8/7 Ears
The second 8 in the date has two short ears on top. Values are XF40, $1,250; AU55, $5,500; and MS62, $15,500.
1880 VAM 9 8/7 Stem
VAMWORLD states the second 8 has raised metal on right side of upper loop and bottom loop has faint outline 7 stem with raised metal at top right. Values are XF40, $65; AU55, $100; and MS63, $240.
1880 VAM 11 Checkmark
Note the doubled “880” with remains of 7 showing on the upper left surface of the second 8, creating that checkmark. Values are AU55, $90; MS63, $185.
While many 1880-P coins exist in circulated condition, the above VAM varieties are rare in pristine mint state, prooflike and deep mirror.
Also, if seeking to purchase one of these varieties, your best option is to find one slabbed by PCGS. NGC, ANACS or CAC.
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A Flowing Hair half dollar from my Great Grandfathers collection always amazed me. The tattered remains of Lady Liberty and a featherless silhouette of an eagle are some of the characteristics that endear this 230-year-old coin to me. I can’t imagine the many hands it passed through, or the type of purchases made. It makes one think “if only coins could talk.”
The Designer Robert Scot:
Robert Scot was born in 1745 in Edinburgh, Scotland, and was trained as an engraver, watchmaker and silversmith in England before coming to the United States in 1775. When Scot was about 30 years old, he immigrated to Fredericksburg, Virginia. In 1780, under Governor Thomas Jefferson, Scot moved to Richmond (the Capital of Virginia) as an engraver to the Commonwealth. Scot and his family were Free Quakers, a sect that supported the Revolution; therefore his work reflected the ideals of unity, liberty, and rebellion (which were at the core of the American Revolution). During the turbulent times of the Revolutionary War (1775-1783,) Richmond was burned and destroyed by the British. This led Scot to move to Philadelphia in 1781 where he set up a small shop. He started engraving for Robert Morris the Superintendent of the Office of Finance for the United States. His portfolio was large and impressive including engraving books, medals, seals, currency, stamps, and maps.
On November 23, 1793, Scot was commissioned by George Washington to be the Chief Engraver of the United States Mint, after the non-commissioned engraver Joseph Wright died from yellow fever that very year. Throughout the years Scot designed many coins, such as the Liberty Cap Half Cent, Draped Bust Half Cent, Draped Bust Large Cent, Matron Head Large Cent, Flowing Hair Half Dime, Draped Bust Half Dime, Draped Bust Dime, Draped Bust Quarter, Flowing Hair Half Dollar, Draped Bust Half Dollar, Flowing Hair Dollar, Draped Bust Dollar, Capped Bust to Right Quarter Eagle, Capped Bust to Right Half Eagle, and Capped Bust to Right Gold Eagle.
PCGS Coin
Flowing Hair Half Dollar Design
Congress’ 1792 Coinage Act (also known as the Mint Act) standardized American coinage. The Act provided a framework for design and production and called for the obverse image to be “Emblematic of Liberty” as well as using the word “LIBERTY” and year. The reverse was to be inscribed with “UNITED STATES OF AMERICA” and have a “Figure or Representation of an Eagle.”
Scot portrayed Liberty as a right-facing youthful female with “flowing hair” to represent freedom. The word LIBERTY appears on top of the coin, while 15 six-pointed stars around represent the number of states in the Union (eight to the left and seven to the right). The date is located at the bottom. The reverse illustrates a small eagle with spread wings perched, surrounded by laurel branches. The border displays the motto “The United States of America.” The edge is inscribed with “Fifty Cents or Half Dollar” with decorative symbols between the words. Interestingly, this was also the first time three different denominations in silver had the same design: the Dollar, Half Dollar, and Half Dime.
Mintage and Varieties
The Coinage Act of 1792 not only regulated coins but created the United States Mint in Philadelphia. The mint produced 23,464 half dollars dated 1794, and 299,680 dated 1795. The obverse was later replaced by the Draped Bust portrait of Liberty; thus, the Flowing Hair half dollar was only minted for 2 years. They weight was 13.48 grams with a 32.5 mm diameter with a thickness of 2.15mm. The composition was 89.24% silver and 10.76% copper, although many sources round up to 90% silver. In fact, it was not until 1836 (a transition year) when dollars and half dollars were 90% silver.
Most of these half dollars were coined from dies having a master bust with a single line to mark Liberty’s portrait. They were then manually struck on adjusted planchets, leading to notable differences in coins weight and thickness. This led to a variety of types with a total of 19 obverse and 22 reverse dies known to have been used in various combinations. This resulted in about 32 die marriages (pairing different obverse and reverse dies together). A few sought after easily noticeable variations include: 2 leaves under each wing; 3 leaves under each wing; combination of 3 leaves under left wing and 2 under the right; die crack varieties, broken stem, recut date, an A over E in STATES; adjustment marks in which planchets were filed to achieve the correct weight; silver plug; and Small Head.
According to NCG, there are 62 documented variations between 1794 and 1795, although there is believed to be many more. Varieties are distinguished by the Overton numbering system. Established in the early 20th century, numismatist A.W. Overton created a comprehensive catalog of die varieties. An example is my coin, a 1795 O-104, due of the recut M in America and the last curl placement on the obverse.
Enduring Denomination
While the Flowing Hair Liberty dollar is well known, especially since the anniversary and special minted rounds in 2024, the half dollar is lesser known and talked about. Only 323,144 silver Flowing Hair half dollars were minted and (unlike the dollar) went right into commercial use. Due to the irregularities in quality of strike, it is not unusual for wear to be uneven, thus high grades are scarce. It is thought that 12% of these coins survived suggesting fewer then 3,000 examples exist today. These coins are sought after by collectors, which means they are highly counterfeited. Collectors beware and use caution, as these coins are valuable and are often thousands of dollars raw (ungraded). I hope through this article to not only share my thoughts, but to educate on the first silver half dollar, a denomination that is still minted today.
EDITOR’S NOTE: A special thank you to Darren Jewru Bartz and Sources: NCG; Coinweek; alchetron.com/Robert-Scot; learnapex.com; Wikipedia; USAcoinbook.com; Numismatic News; DJR Authentication; Greysheet; Stacks Bowers; “A Guidebook of United States Coins (Red Book), PCGS, Numismatic News, Q. David Bowers, Coin Community Family,
Proxiblog’s Michael Bugeja has one of the top California Fractional Gold collections, but his highest rated coin in that category is actually a restrike: 1863 $1, minted with the original dies in 1906. His restrike, depicted above, came in at MS66, a top pop.
PCGS has only authenticated 2 of the original 1863 $1. In fact, only a handful have ever come up for auction, with this MS62 as the highest rated.
The original 1863 California fractional gold coin has slightly less gold purity than the 1906 restrike, at 88%. Here are main differences:
Feature
Original 1863 California Gold $1 (BG-1307)
Knoll 1906 Restrike (BG-1307A)
Gold Fineness
Made from native California gold, which is approximately 0.880 fine.
Struck from gold of a finer quality than the originals.
Strike Quality
Characterized by a “business strike” quality. Can exhibit signs of wear, die clash marks, or weak areas due to the small size and era of production.
Struck with fresher dies and often displays sharper details and higher quality.
Rarity and Value
A very scarce and expensive coin, with relatively few examples known to exist.
Considered common relative to the original. Values are significantly lower.
Collector Purpose
Created for commercial circulation to meet the demand for small-denomination coins in California during the Civil War.
Produced for the collector market using original or reworked dies long after the 1864 act made private coin production illegal.
Expert Identification
Identification can rely on the quality of the strike, the level of wear, and die varieties, sometimes requiring expert examination.
Attributed by experts based on specific die characteristics and the known provenance from Herman Kroll.
An original 1863 at MS62 retails for about $700 whereas the MS66 top pop restrike sells for about half of that.
Hobbyists collect California Fractional Gold because of its Americana pioneer history. However, many newer collectors confuse latter 20th century inexpensive charms and souvenirs for the latter.
Here’s a souvenir token billed as an 1852 ½ dollar California gold coin.
Every word of that description is wrong. The token was not manufactured in 1852; is not a half dollar; not a coin; not gold; and does not come from California. Many of these are manufactured in China or sold by a U.S. tourist shop. They typically are gold plated or brass, as these samples:
Unscrupulous sellers buy these replicas, take them out of the holder, and then offer or consign them individually as California fractional gold. (See “California Gold Scam.”) Authentic pioneer gold has a denomination on it, such as 1/4, 1/2 and 1 DOLLAR. The word “dollar” is sometimes abbreviated as D. or DOL.
Here’s is an example of a token vs. a real coin:
If your small coin has a bear on the reverse, it is probably brass or gold plated; you do not have pioneer gold.
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It’s called “hub doubling” for a reason. Before we get into what causes hub doubling, let’s define what the hub actually is and its role in the minting process.
Role of the Hub
A coin hub is a steel tool or punch with “positive,” or raised images of a coin’s design. The Mint uses the hub to create working dies (which have the negative, or sunken, image). The working dies are what actually strike the coin blanks to create the coins of all denominations. Here is an example.
As you can see, a hub is a master tool in the die-making process, ensuring that multiple working dies can be made consistently.
Its life, however, goes through many hands at the Mint. For starters, a design is created by an artist. That process involves dozens of people. A master hub is then made from this design. That creates all the working dies. One pair of working dies can produce hundreds of thousands of coins, and multiple working dies are created from hubs to keep up with large production runs.
Here is an example of working dies made by the hub.
Hub doubling occurs when the working die is misaligned or mismatched with the planchet. Every coin struck from that flawed die will exhibit the same doubling. That is why you cannot find a one-of-a-kind error.
Causes of Doubling
Before the mid 1990s, multiple impressions, or strikes, were required to transfer the complete design from the hub to the working die. A single press wasn’t powerful enough. The die blank had to be repeatedly heated and pressed. This issue often was the cause of doubled dies.
During this process, the hub and the die blank may not have been perfectly aligned during subsequent hubbings. This misalignment results in a duplicated image on the die face deviating from the approved design.
Errors and varieties happen when the hub or die inadvertently expands, contracts or tilts between hubbings due to improper annealing (heating) or pressure issues.
You won’t find many true and prominent modern doubled dies because the Mint now uses what is called “Single-Squeeze Process.” In other words, a high-pressure squeeze creates the die without all that warming and striking.
Here’s an example of that machine.
Doubling can still occur in the single-squeeze process if the hub slightly rotates or shifts under the extreme pressure before settling into place.
Also, the new machinery also virtually eliminated what used to be called “repunched mintmark.”
Hub doubling is a flaw in the die itself, so all coins produced by that die will show identical doubling. This is different from machine doubling, which is a minor, flat, shelf-like doubling that occurs during the actual coin striking process due to the die bouncing or shifting. As the working die deteriorates and is not changed for a new one by a Mint employee, you also will get machine doubling due to die deterioration.
Here’s an example of hub doubling featuring raised and rounded impressions v. machine doubling’s flat impressions.
Now let’s see how a true hub doubled die looks with the most famous example below.
Most Famous Example: 1955 DDO
The 1955 DDO is one of the most pronounced examples of hub doubling. You are not apt to see another like this because of the new improved machinery at the Mint. But this happened then because of pressure on the Mint to produce more cents in a high intensity work environment for the employees.
The night shift was so busy that many of the doubled die cents were mixed with other cents and released into circulation before the error was discovered. Employees and supervisors who learned about the mistake were not coin collectors. They actually believed the defective items had no special value.
The 1955 DDO is the top doubled die, with values between $1,000 to $300,000+ (depending on condition). Here are other Lincoln Cent doubled dies:
1969-S DDO
Clear doubling on the date, “LIBERTY,” and “IN GOD WE TRUST” ($13,000 to $600,000 depending on condition).
There is also an ultra-rare 1958 doubled die penny, but only three have been found to date.
Numismatic News reported in 2023 that GreatCollections of Irvine, Calif., handled the sale of the above coin. It received 117 bids and was hammered at $1,136,250 with buyer’s fee.
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Editor’s Note: John Lorenzo is author of “Un-Real Counterfeit 8 Reales & Forgotten Coins of the North American Colonies” and is a researcher at World Numismatics. We are delighted to publish his views on the hobby.
John Lorenza, one of the top numismatists, has several recommendations for beginners and veterans about making money in coin collecting. His recommendations are so succinct that we will just illustrate his content.
Basic Hobby Recommendations
1. Educate yourself first. Build a strong foundation in grading, authentication, and market history before spending heavily. See this post about grading.
2. Buy the best quality you can afford. Coins with superior eye appeal and originality appreciate more reliably than average examples
Look at the eye appeal of this coin, previously owned by Michael Bugeja:
3. Focus on rarity and demand. Low‑mintage issues, historically significant coins, and series with strong collector bases tend to hold value.
4. Think long‑term, not short‑term. Coins are illiquid compared to stocks; meaningful appreciation often takes 10–20 years.
5. Buy from reputable sources. Stick to trusted dealers, major auction houses, or certified coins (PCGS/NGC) to reduce risk.
6. Diversify your collection. Spread across different series, eras, or regions to balance risk and opportunity.
7. Track market trends. Follow auction results, price guides, and collector forums to spot shifts in demand.
Click the photo below to see various holdering companies and their quality.
8. Protect and store properly. use correct holders, avoid cleaning, and maintain stable storage conditions to preserve value.
9. Network with other collectors. Join clubs, attend shows, and engage online to gain access to private deals and insider knowledge.
10. Be patient and enjoy the hobby. The best returns come from years of appreciation; passion for history and artistry makes the wait worthwhile.
Key takeaway: Rare coins reward patience. Their value grows as generations of collectors compete for limited supply, as historical narratives deepen, and as registry set competition heats up. Treat it like planting a tree—you profit when it matures, not the day you plant it. It’s a lifetime endeavor.
Collecting for Profit and Enjoyment After 60
1. Prioritize quality over quantity. Focus on a smaller number of high‑grade, desirable coins rather than building a massive collection that takes decades to mature.
2. Focus on established demand. Buy coins with proven collector bases (e.g., key dates, classic U.S. gold, popular world crowns) rather than speculative modern issues.
3. Think about liquidity. Choose coins that are easy to sell through major auction houses or dealer networks. This ensures your collection can be converted to cash if needed.
See Michael Bugeja’s past offerings at GreatCollections.com.
4. Certification matters even more. Stick to PCGS/NGC graded coins, since authentication and marketability are critical for heirs or future resale.
5. Enjoy the history and artistry. At this stage, the journey is as valuable as the financial return. The stories behind the coins can be as rewarding as the appreciation.
6. Plan for estate and legacy. Document your collection clearly, with purchase records and notes. This helps family members or executors maximize value later.
7. Network actively. Join clubs, attend shows, and connect online. Relationships can lead to better deals and trusted buyers when it’s time to sell.
8. Consider shorter‑term appreciation niches. Registry set competition, low‑population coins, or coins tied to anniversaries can see value rise in 3–5 years, not just decades.
9. Protect and preserve. Proper storage ensures your coins don’t lose value due to mishandling or environmental damage.
10. Balance profit with passion. The most successful collectors at any age are those who buy what they love. That way, even if the market is slow, the collection is still deeply rewarding.
Key perspective: At 60, you may not be holding coins for 30 years, but you can still see meaningful appreciation in 5–15 years—especially if you focus on quality, rarity, and liquidity. And unlike many investments, coins give you daily enjoyment while you own them. Stay away from modern U.S. Mint products whether 6 years old or 60 years old. Good Luck.
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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.
