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MASTERWORKS
of American Numismatics

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Deconstructing
RARITY

  • mintage Mintage
  • mintage Survival

  • mintage Condition
  • mintage Popularity

1882-85 Adjusting Room at Mint in San Francisco, CA Runnels & Stateler, Library of Congress

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The Quest For
CONDITION

In almost every collecting category, there is a significant focus on CONDITION. What drives this Quest for Condition and how will it affect your collecting strategy?

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Numismatic
Connections

  • history-icon History
  • history-icon Economics
  • history-icon Politics
  • history-icon Arts
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The Importance
Of Collectors

In the beginning, numismatics was about coins and collectors. Then came merchants, markets, auctions, and speculators. Yet, without collectors, these byproducts of collecting would not exist.

How do you define yourself as a collector?

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Rare Coins &
Long Term Value

Over long stretches of time, rare coins of the finest quality have maintained a high level of market interest, and demonstrated an ability to preserve value throughout varying economic environments.

Is capital preservation of primary or secondary importance to you? What financial considerations should be included in your collecting decisions?

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Getting Started

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START

If you are new to numismatics, or just new to OCNUMIS, this is a good place to begin. Whether you need a little help deciding on the collecting path that's right for you, or you just want to learn more of my principles and practices, GETTING STARTED should be your first read.

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GALLERY

If you are a regular visitor to OCNUMIS, you may head straight to the GALLERY to view all of our current inventory.

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JOE’S NOTES

If your numismatic curiosity extends beyond certs, stickers, population reports, and auction prices realized, then "Joe's Notes" may be just what you need. Each "Joe's Notes" covers one numismatic item in depth, including discussion of the condition census, trading histories, ownership chains, and relative pricing.

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Deconstructing Rarity

Uncommon. Limited. Scarce. Singular. Precious. Priceless. Unique. In its simplest form, ‘rare’ denotes an object which is not commonly seen. The terms ‘rare’ and ‘rarity’ occur in numismatics far more often than this uncommon-ness may suggest. So, what characteristics properly define a coin as truly ‘rare’?

MINTAGE

The most obvious source of rarity is mintage. If relatively few coins were struck to begin, then those coins will be considered a ‘rare’ issue. Most Proof Capped Bust coins carry estimated mintages in the single digits, so all of these are considered ‘rare’. In comparison, more than 72,000 Barber Quarters were struck in 1901 at the San Francisco Mint. Yet, as the second lowest mintage of the series, 1901-S is considered to be a ‘rare’ Barber Quarter in every grade.

SURVIVAL

Some issues were minted in quantities suitable for their era, yet were lost in greater than average numbers through circulation. Others were melted for their precious metal value as it exceeded their value as money, including pre-1853 silver coins and pre-1834 gold. For many issues, the survival rates are so low that numismatists have developed rosters of all known examples.

CONDITION

Many coins can be readily available throughout the lower and middle grades, yet become notably scarce or rare in the upper reaches of the grading scale. These issues are often called ‘Condition Rarities’. Condition Rarity is taken to its extreme in the more modern series. For example, a 1954 Lincoln Cent can be bought for just a few dollars in Brilliant Red Uncirculated, sells for roughly $100 as PCGS MS66RD, yet a PCGS MS67RD sold for a record $31,200 in early 2019.

POPULARITY

Some coins cannot be considered rare in a global sense, but are often termed ‘rare’ due to their position within a popular series. Every budding U.S. coin collector quickly learns of the ‘rarity’ of 1909-S V.D.B. Lincoln Cents, 1937-D ‘3-Legged’ Buffalo Nickels, and 1916-D Mercury Dimes. While none of these issues are truly rare as they are readily available up and down the grading scale, their positions within popular, high-demand series result in a relative rarity, and continuous attention from buyers on both sides of the table.

Numismatic Connections

History, Economics, Arts, Politics.

The coins and currency of numismatics provide multiple connections to our shared culture in ways unmatched by other areas of popular collecting. Nowhere else are the portraits of emperors, queens, tyrants, and visionaries of over two millennia of human history so easily accessible.