Metropolitan Coin Club of Atlanta

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Bill Fivaz

It’s Confession and Revelation Time!

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In the July 16, 2025, issue of the Metropolitan Coin Club of Atlanta’s Newsletter, the From the Desk of the Editor column, titled Understanding AU-58 and the Nuances of Coin Grading, introduced three seminal articles by Bill Fivaz exploring the significance of AU-graded coins. These articles—AU-58: The Grade of the Future?, Almost Unlimited Bargains in AU, and It’s Confession and Revelation Time!—are being reprinted in full on our website and will appear in the club’s next three consecutive newsletters, presented in the order of their original publication. Following the insightful discussions in AU-58: The Grade of the Future? and Almost Unlimited Bargains in AU, we conclude this series with It’s Confession and Revelation Time!. In this final article, Fivaz takes an introspective approach, reflecting on the evolution of grading systems and introducing the concept of “low-end,” “mid-grade,” and “high-end” coins within the same grade. He emphasizes the importance of nuanced grading and encourages collectors to prioritize high-end AU-58 coins for their superior quality and visual appeal. Dive into this thought-provoking piece to explore Fivaz’s compelling framework and its implications for collectors.

Confession: Years ago, when the 11-point Mint State grading scale was adopted, I was not alone in shaking my head and telling anyone who would listen that it was impossible to grade uncirculated coins in one point increments. How in the world could someone, even the seasoned third-party grading experts, be astute enough to tell an MS-63 from an MS-64 or an MS-64 from an MS-65, etc. with any degree of consistency? It just can’t be done!

Computer-grading of coins was touted for a while, but faded into the sunset as quickly as it arrived. It was probably possible to measure two of the four basic components of grading by computer, the severity and location of contact marks on each side, as well as the strength of the strike, but what about the two more important factors – luster and eye appeal? These are both elements that only the human eye can evaluate, and no computer was up to that challenge.

Revelation: After a bit of reflection on the 11-point grading concept, and trying to keep an open mind, I came to the realization that armed with sufficient expertise and viewing a lot of coins, yes, incremental point Mint State grading is possible.

To illustrate my opinion, let’s look at the following scenario:

Let’s say that you go down to your local bank, the Wombat Federal Savings and Loan, and ask the head teller to sell you that $1,000 bag of uncirculated 1886-P Morgan Dollars that they’ve had stored in the back corner of their vault for over 75 years. He does, and you haul it home and spread out the 1,000 coins on your dining room table (be prepared to eat out for the next few nights!). I would bet a double struck, off center Peruvian bottle cap that you would be able to arrange those coins into at least 11 piles, with the first pile being the worst looking pieces, the next pile being a little bit nicer, and so on.

Then, referring to the first chart, I suggest that you would have, at a minimum, 8 piles of coins which would represent the grades of MS-60 to MS-67 (we must realistically expect that there would be no MS-68, 69 or 70 coins in the bag.

The “guesstimates” I have assigned each grade you might find in the bag are just that, and others may disagree, but it’s a figure that hopefully will get the point across.

$1,000 Face Value Bag – 1886-P Morgan $ (BU) (All numbers above are +/-)

There Is Quality In Every Grade

The three columns under each grade represent the Low End (L), the Mid Grade (M) and the High End (H) of that particular grade. Based on this individual grade expansion, you can see that the original 8 piles could, theoretically, expand to as many as 24 piles (8 x 3). You may only have 1 or 2 piles of coins that you feel fall into the MS-66 or 67 category, one a tad better than the other, but the point is, as stated above, there is quality in every grade, and this is reinforced by the second chart below:

$1,000 Face Value Bag – 1886-P Morgan $ (BU) (All numbers above are +/-)

This chart zeros in on MS-65 as the subject grade. The 25 coins you might find in the bag of this particular grade are sub-divided into the three categories I mentioned above. Low End, Mid and High End examples.

I should point out that this sub-division is applicable to every grade, even on circulated grades, and the goal of the collector should be to try to purchase specimens in the third column, those that are at the upper end of the grade.

By virtue of the above, you can see that it is theoretically possible to have between 18 and 24 piles of different quality uncirculated dollars in an original bag. The key, of course, is grading with consistency. Even professional graders are not completely absolved from mistakes, a fact that they will freely admit, but because they (1) have the years of expertise and (2) look at multi-thousands of coins, their accuracy percentage is pretty darn high and they are certainly capable of grading Mint State coins incrementally.

© 2020 American Numismatic Association. Reprinted with permission of the author.

Originally presented at the Intermediate Grading of U.S. Coins Seminar, 2020 World’s Fair of Money, Atlanta, Georgia.

Almost Unlimited Bargains in AU

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In the July 16, 2025, issue of the Metropolitan Coin Club of Atlanta’s Newsletter, the From the Desk of the Editor column, titled Understanding AU-58 and the Nuances of Coin Grading, introduced three seminal articles by Bill Fivaz exploring the significance of AU-graded coins. As announced, these articles—AU-58: The Grade of the Future?, Almost Unlimited Bargains in AU, and It’s Confession and Revelation Time!—are being reprinted in full on our website and will appear in the club’s next three consecutive newsletters, presented in the order of their original publication. Following the foundational piece, AU-58: The Grade of the Future?, we are pleased to continue this series with Almost Unlimited Bargains in AU. In this article, Fivaz delves deeper into the value of high-end AU coins, offering a market-aware perspective on their collectibility and urging collectors to embrace these coins as strategic acquisitions rather than compromises. Dive into this piece to explore Fivaz’s compelling arguments and stay tuned for the final article in this series.

“Naw, I don’t wanna look at any circulated coins; show me what you’ve got in uncirculated!”

At the risk of sounding vain, this article could be one of the most important you’ve read in some time. I hope it will get you thinking along a slightly different line in your collecting. Whether you act on it is entirely up to you, but I wouldn’t tarry too long—it might just pass you by.

Years ago, collectors weren’t overly concerned if a “nice-looking” coin had a bit of rub here or there or wasn’t truly uncirculated. If it had nice, original luster and “looked new,” it was generally purchased as such and added to the collection. The price differences back then (30–50 years ago) weren’t nearly as dramatic as they are today, with thousands of dollars often separating AU, MS-60, MS-63, and especially MS-64 and MS-65 grades for many coins.

Everyone knows that the current frantic, almost compulsive quest for quality has caused gem material to virtually disappear from the marketplace. The coins that remain are, by and large, pieces with some sort of problem: a noticeable abrasion here, a contact mark on the cheek there, or lackluster sheen. In other words, a bushel of these little round things with the “uglies” would, if they could speak, probably emit a friendly “Bow-wow,” wag their tails, and fetch your slippers.

MS-60 and AU-58 Walking Liberty Half Dollars.
(Left) MS-60: No wear, but much of the original luster is gone, with many contact marks in the right field. (Right) AU-58: Nice original lister; just a touch of wear on the breast and leg, with minimal contact marks in field.

Let’s analyze: What makes an MS-60 coin an MS-60? Simply put, it’s not very attractive for one reason or another. Many MS-60 coins (legitimate 60s, with no wear whatsoever) are so chewed up they look like they took a 500-mile ride in the back of a gravel truck. Others exhibit dull or dirty luster, edge bumps, or have been cleaned to the point where silver coins resemble the front bumper of a ’57 Chevy, and copper coins could double as a backdrop for Judy Garland singing “Somewhere Over the Rainbow.” Although technically mint state, these “woofers” rarely sell for anywhere near the MS-60 price to knowledgeable collectors or dealers and often don’t even garner an AU quote.

Aha! This should tell us something (if we’re listening!). There is quality in every grade! There are quality Very Fine specimens, just as there are quality uncirculated coins. There are quality Very Good pieces, just as there are quality AU examples. In the vast majority of cases, a nice, high-end (quality) AU coin is far superior in “collectability” to the average MS-60 coin. There are exceptions, but compare a lustrous, properly graded AU-55 or AU-58 Morgan or Peace Dollar to an MS-60 example. Which would you be more likely to add to your collection to keep it as uniform as possible? Probably the AU coin. And after checking the price difference between AU and MS-60 listings, definitely the AU! There’s no mystique in having “all mint state” coins in your collection if many of them (the MS-60s) detract from the others in the set.

An accurately graded AU-55 or AU-58 coin is still very attractive and generally free of the “problems” that make an MS-60 an MS-60. The only thing it should have is good, honest wear—and just a bit of it.

Year Denomination AU MS-60 MS-65
1885 1c $62 $78 $500
1911-S 1c $80 $145 $2,175
1912-S 5c $100 $110 $4,800
1914-S 5c $120 $135 $1,575
1918-D 10c $35 $80 $450 (not FB)
1921-P 10c $670 $900 $2,350 (not FB)
1924-S 25c $175 $235 $1,150 (not FH)
1935-D 25c $95 $190 $410
1941-S 50c $23 $60 $590
1943-S 50c $17 $35 $220
1883-S $1 $100 $675 $44,500
1891-O $1 $36 $175 $7,100
(Prices: September 2013 Greysheet)

The challenge, of course, is locating accurately graded, high-end AU coins. The tendency, even among some grading services, is to push these “almost there” examples into the mint state category (“because that’s the price they’ll bring in the market”). But when you do find accurately graded AU-55s and AU-58s, consider adding them to your collection—or even your stock. I’m telling you straight out: it will take some reorganization of your mindset. We’ve been so conditioned to the “MS-65 or nothing” syndrome that it can be difficult to bring yourself to buy that AU coin. But down the line (and it’s just about upon us now), when AU and EF coins are all most collectors can afford, the nice ones will increase in price and disappear from the scene. In my opinion, upper-end AU coins—especially AU-58s and some AU-55s—should command a higher price than MS-60s. This trend has already started.

As stated earlier, there is quality in every grade. A glance at the chart above, taken from the September 2013 Grey Sheet, highlights some interesting price spreads for AU, MS-60, and MS-65 grades for a few randomly selected coins. The AU prices listed are for AU-50 coins, those at the lower end of the AU scale. If you can capture some solid AU-58 or AU-55 specimens (the quality AU coins) at these prices, grab them. I think you’ll be delighted you did in the years ahead.

“Naw, I don’t wanna look at your uncirculated coins; show me what you’ve got in AU!”

© 2013 Bill Fivaz. Reprinted with permission of the author.
Originally published in the September–October 2013 issue of the Metropolitan Coin Club of Atlanta newsletter.

AU-58: The Grade of the Future?

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In the July 16, 2025, issue of the Metropolitan Coin Club of Atlanta’s Newsletter, the From the Desk of the Editor column, titled Understanding AU-58 and the Nuances of Coin Grading, introduced three seminal articles by Bill Fivaz exploring the importance of AU-graded coins. As announced, these articles—AU-58: The Grade of the Future?, Almost Unlimited Bargains in AU, and It’s Confession and Revelation Time!—are being reprinted in full on our website and will appear in the club’s next three consecutive newsletters, presented in the order of their original publication. We are pleased to begin this series with AU-58: The Grade of the Future?, a foundational piece that examines the growing significance of AU-58 coins in the numismatic world. Dive into this article to explore the origins of Fivaz’s perspective on AU-graded coins and stay tuned for the subsequent articles in this series.

Have you been just a wee bit confused as to why one particular coin in a certain grade sells for a great deal more than another coin of the same date in the same grade? Why does one MS-65 1882-O Morgan dollar, for example, sell for $650 while another, also a legitimate MS-65 specimen, bring only $400?

While both of these coins might technically grade MS-65, the specimen that garners the higher price probably has that “something” extra in the way of toning and appearance—eye appeal! No two coins are exactly alike (a nick here, an abrasion there); each must stand on its own merit and therefore may command a higher (or lower) price than the one “listed” for that grade.

AU-58: The Grade of the Future? image Indian Cent, Lincoln Cent, Bust Half Dime, Buffalo Nickel.
Arrows indicate the first point of wear to watch for on the (top row, left to right) Indian Cent, Lincoln Cent, (bottom row, left to right) Bust Half Dime, and Buffalo Nickel.

The point is that there are MS-65s and there are MS-65s, just the same as there are different qualities in the grades of MS-63, Fine (F), Extremely Fine (EF) and, most important in my opinion, About Uncirculated (AU).

The quality grade in the AU range is at least AU-55 and more specifically, AU-58. So that we know what an AU-58 coin really is and what it actually looks like, let’s define it. I suggest the following: “AU-58—a coin that when first observed, appears to grade MS-64 or MS-65 (good luster, few contact marks), but on closer examination reveals slight wear on the highest points.”

AU-58: The Grade of the Future? image Mercury Dime, Washington Quarter, Bust Half, and Liberty Seated Half.
Arrows indicate the first point of wear to watch for on the (top row, left to right) Mercury Dime, Washington Quarter, (bottom row, left to right) Bust Half and Liberty Seated Half.

A common misconception is that a high-quality AU-58 “super slider” is just a hair away from an MS-60. Nope! In reality, it is much closer to an MS-64 or an MS-65 with just a touch of honest wear. It jumps right over the MS-60 grade because of what makes an MS-60 an MS-60—lots of contact marks, impaired luster (or a combination of each), and, in general, no real eye appeal. Add the same amount of honest wear to a coin such as this and you have an AU-50.

Is AU-58 the grade of the future?

Why not? MS-64 and MS-65 coins (and soon MS-63) have, for the most part, skyrocketed in price into the stratosphere and properly graded, very choice AU pieces are currently the bargains of the century!

Think about it. Top quality AU-graded pieces are much more attractive and priced far less than MS-60s. Someday someone is going to see the light and realize that many, if not most AU-58s, and even some AU-55s should com­mand a price in excess of MS-60 listings! I don’t know when this will happen* but believe me, they’re worth it. Don’t hesitate to pay a hefty premium for a nice, eye appealing, choice AU coin—in the years ahead you’ll be glad you did.

AU-58: The Grade of the Future? image Morgan Dollar and Peace Dollar.
Arrows indicate the first point of wear to watch for on the (left to right) Morgan Dollar and Peace Dollar.

Learn the first points of wear on your series and on some of the popular issues. Look for a loss of detail from wear in these areas as well as a difference in color, usually dull and flat in the same areas. Remember, an AU-58 coin must have MS-64 or MS-65 luster and a corre­sponding lack of marks in addition to just that little bit of wear.

If you can locate these coins, properly graded at an AU price, grab them, especially type coins and pre-1935 modern issues. Plain common sense dic­tates that these are the coins of the future—the ones collectors will seek to complete their sets without having to pay big bucks for the MS-63s, -64s and -65s.

*This article was written for The Numismatist in 1986 and this prediction has come to pass. Many technically AU-58 coins now reside in MS-61 and MS-62 holders as this is the price they are commanding in the market.

© 1999 Bill Fivaz. Reprinted with permission. All rights reserved.
Originally published in Helpful Hints for Enjoying Coin Collecting (Stanton Printing and Publishing).

The Near Perfect Counterfeit Coin

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There are two excellent sites on YouTube that offer numismatic information programs that I know you will enjoy. I visit them daily and always come away with increased knowledge in many phases of the hobby. I strongly suggest that you visit both..

One is hosted by Ben (“The Coin Geek”) who owns Old Pueblo Coin shop in Tucson, Arizona, and the other is Portsmouth Coin and Currency, owned by Daniel Malone in Portsmouth, Ohio. Daniel also has a feature called CoinHELPU in which he answers questions about numismatics which is outstanding.

A few weeks ago, Daniel presented a program on gold counterfeits and mentioned the famous “Omega” $20 High Relief St. Gaudens gold coin. I happen to own one of these rare counterfeits and sent it to Daniel for him to photograph and produce a separate video. He did, and his video is above. Enjoy!

World War II Wonders

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1945-S Jefferson Nickel Full Steps
1945-S Jefferson Nickel Full Steps

The World War II years were difficult years historically, but they were also incredibly important years numismatically. During the 1942-1945 span, some of the most significant ( and valuable) coin rarities were minted, possibly due in part to the loss of experienced workers at the U.S. Mint to the service.

Arguably, there were more interesting and collectible coins struck during this 4 year period than at any other similar time span in the history of the mint. This article presents the most popular of those, but many more could certainly be included. Here is a list of the cents, nickels, dimes, quarters and half dollars that are the most important, several of which are extremely rare. Many can still be cherrypicked by the astute collector.

Coins to look for:

Cents

  • 1943 Copper ( all 3 mints)
  • 1943-D/D Repunched Mintmark * 1943/2-S Overdate
  • 1944 Steel ( all 3 mints)
  • 1944-D/S Overmintmark

Nickels

  • 1942-D/Horiz. D
  • 194 3/2-P Overdate
  • 1943-P Doub. Die Obv.(eye)
  • 1945-P Doub. Die Rev.
  • 1945-S Full Steps

Dimes

  • 1942/1-P Overdate
  • 1942/2-D Overdate
  • 1945-P Full Bands

Quarters

  • 1942-D Doubled Die Obverse
  • 1942-D Doubled Die Reverse
  • 1943-S Doubled Die Obverse

Halves

  • 1942-P Doubled Die Reverse

From the above list, your best chance of finding a collectible coin probably lies in the Jefferson nickel series. Check all Wartime nickel coins carefully for any varieties and the 1944-S and especially the 1945-S issues for Full Step pieces.

Helpful Numismatic Thoughts

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From time to time I jot down various thoughts that relate to numismatics that I like to share with others whom I feel might be interested. Below are a few of those thoughts.

1940-s-50c-o
In the “sleeper coin” category, please consider the 1940-S Walking Liberty half dollar.
  • Generally speaking, if you can read and assimilate images, on grades from Poor to Extra Fine, you can grade! With all the excellent sources available (grading reference books, on-line images, etc.), you should be able to determine with a high degree of accuracy, these circulated grades. The difficulty arises when you step into the About
    Uncirculated and Mint State arena. Experience, based upon learning the intricacies of these grades and looking at a lot of coins is the best teacher. As my good friend Ken Bressett so eloquently states: “Grading is really very simple. All you need are four things: 1) A good loupe, 2) a good light, 3) a good memory, and 4) 20 years experience.”
  • The rim and the edge of a coin are two different things, and should not be confused with each other. The rim is a part of both the obverse and reverse die, and surrounds the design on both sides of the coin. The edge is the oft-called “third side” of a coin and is that portion that is sometimes flat, sometimes reeded, or sometimes with a design of some sort. Folks often confuse these two terms when talking about identifying areas on a coin.
  • When considering the purchase of a raw (non-encapsulated) key or even a semi-key date coin, especially in a high grade, the first thing a savvy collector should ask him/herself is “Why is this coin not in a slab?!” There are instances, of course, when a coin has just emerged from an old collection and hasn’t had time to get “entombed”, but by-and-large, one expects coins of higher value to have been professionally graded. In some cases, maybe they were, but received a “no grade” for one reason or another. A raw coin like this should be a red flag as to “what’s wrong with this piece?”.
  • When trying to determine a doubled die from strike or mechanical doubling, always look for “notching” on the serifs of the numbers and/or letters. Make sure the images are raised and rounded (die doubling) and not flat, shelf like and close to the field (strike doubling). Too, on most strike doubled coins, especially the mint state and Proof specimens, that “doubling” is shiny where the metal was actually sheared off the letters, etc. at the time of the strike when the loose die twisted and caused damage in those areas.
  • Don’t pooh-pooh those undated Buffalo nickels! You may have a gold mine looking at you that you don’t recognize. The most valuable Buffalo nickel is the 1916-P Doubled Die Obverse variety, and you can identify it as such on a dateless coin! The easiest way to do so is to look closely at the long feather at the back of the Indian’s neck. If you see the right side of that feather is doubled, hoot ‘n holler and make plans to take your wife to the fanciest restaurant in town, because you’ve just hit the jackpot – you’ve found the 1916-P DDO! The other two smaller feathers are also doubled, but it’s easier to pick it up on the longest one. The grading services will grade this dateless variety, and even in Fair condition, it’s a $1,000+ coin. You’re welcome!
  • Keeping with my favorite series, the Buffalo nickel, on well circulated pieces that you think might be the 1918/7-D overdate, look closely to see if the upper right and the lower left loops of the “8” are filled and see if you can make out a flatness across the top of the 8 from the upper bar of the 7. There is also a diagnostic die crack from the right top of the tie on the Indian’s braid down to the southeast into the cheek. This may not be visible on lower grade specimens.
  • On the 1937-D 3-Leg Buffalo, one of the diagnostics that is almost always pointed out is the “roughness” (die erosion) at the back of the Indian’s neck. To be sure, it is there on all legitimate 3-Leggers, but it very often appears on many regular 1937-D coins as well, so do not rely on this alone.
  • When grading Buffalo nickels and Walking Liberty half dollars, I grade them 90% from the reverse. I find it much easier to pick up the first evidence of wear by examining the hip bone and the flank underneath it on the Buffalo and the breast feathers immediately under the eagle’s neck feathers on the Walker. First wear will manifest itself by a lighter color, which is the loss of the original luster in these areas.
  • If you see a difference in color on the high point(s) of a coin, make sure that color is not shiny. If it is, it is likely the result of coin-to-coin contact, either in a roll or in a bag, and will have a completely different look. This alone does not make it a non-mint state coin.
  • Very many of the Morgan dollars from the New Orleans mint during the early 1880s are weakly struck and show little or no detail in the hair over Liberty’s ear or on the eagle’s breast. Trying to determine whether this is wear or a weak strike is sometimes challenging. What you should look for is that change in color, sometimes lighter, sometimes darker, in these areas which denotes wear. If those portions show a “frosty” appearance, that is the original planchet frost from not having been struck out by the design (a weak strike).
  • There is another phenomenon that is associated with many Morgan dollars during this era and that is coins showing what I refer to as planchet striations. These are light, parallel “grooves” in a coin in the areas of high relief such as the hair over the ear, the breast feathers etc., which occur on the planchet before the coin is struck. Until recently, in order to reduce the thick ingots for the various denominations down to the proper thickness, they went through a series of rollers for this process. Once the proper thickness was achieved, the strip went through a final pass of large knife blades to scrape any impurities off the top and bottom of these strips. If those blades had any nicks or imperfections, the blades would impart long parallel scratches in the strip. These scratches would remain on the strip through the blanking process when planchets were created, and if deep enough, would not be struck out at the time they were struck by the dies. The grading companies know this, and unless very severe, they usually do not impact the grade/value of the coin.
  • On any 1910-P or S Lincoln cent, it might be a good idea to check the lower reverse where the “V.D.B.” might appear. I sold a Proof 1910 many years ago with just a vestige of those letters by the rim and speculation has been for years that some left over 1909 reverse dies with the V.D.B. might have been polished down to remove these letters and used for 1910 striking’s. I’ve seen quite a few 1910 coins with heavy die polishing marks in this area which leads me to believe that there is some truth to this rumor.
  • An easy way to tell the 1970-S Small Date is to check the last two letters in LIBERTY. On the Small Date those letters, especially the “Y” are very weak.
  • For some unknown reason, most higher grade 1879-O, 1880-O and 1881-O Morgan dollars are either very lightly circulated or have a great many contact marks. Finding a clean cheek and field on the obverse of one of these dates is tough! Incidentally, although “bag marks” is used universally, the correct term is “contact marks”.. Bags don’t make marks – other coins do.
  • To spot a “whizzed” coin which is usually created by using a high speed wire brush, note that the overall appearance of the coin looks the same, with no color changes or reflection. The false “luster” is all-encompassing and the surfaces usually appear to be “wavy” under high magnification. Also, you may look for a buildup of metal (like a ridge) on the edges of the letters, numbers and devices.
  • “Milk spots” on coins such as many Peace dollars are there for good, so don’t try to remove them. They are probably the result of the planchet being improperly dried from the cleansing bath before being struck and the solution on the planchet was struck into the coin, never to be gone.
  • In the “sleeper coin” category, please consider the 1940-S Walking Liberty half dollar. The next year’s 1941-S has received all the hype about being a weakly struck date, but I have found that by far the earlier 1940-S is much, much tougher to find with even a decent strike. No one seems to have woken up to this fact yet as the 1941-S is priced in the grey sheet at $350.00 in MS-65 while the 1940-S stands at $220.00. I’ve seen infinitely more 1941-S Walkers in MS-65 with a decent strike than I have 1940-Ss, and for the past 5-6 years I’ve been latching onto any 1940-S graded MS-65 (or 66) I can find with anywhere near good details.
  • An easy way to tell if you have a 1916 Standing Liberty quarter if it’s a coin with the T-1 reverse and no date is to check Miss Liberty’s hair behind her cap. The 1916 only has one strand of hair while the 1917 T-1) has two. Also check the lower gown near the foot. On the 1916 it goes over to the foot, and on the 1917 (T-1) it curves upward toward the ankle.
  • On the 1942/41-P Mercury 10c, the bottom of the “4” is doubled on the right side of the vertical while the bottom leg of the “4” on the 1942/41-D is doubled on the left.