Bill Gibbs

Bill’s Corner

Bill Gibbs

William T. Gibbs, senior editor, news, joined the Coin World editorial staff in 1976 and serves as chief copy editor for all Coin World publications while directing weekly editorial production aspects. The collector of numismatic items relating to Adm. George Dewey of Spanish-American War fame has served as lead copy editor for all Coin World books since 1985 and is principal author of the cover topic for Coin World's Guide to U.S. Coins, Prices & Value Trends.

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    Is it Liberty, or is it Wonder Woman?

    January 22, 2015 2:49 PM by

    The United States Mint unveiled a slew of designs for its 2015 High Relief gold $75 coin on the afternoon of Jan. 22: eagles in various poses for the reverse and images of Liberty for the obverse.

    As Coin World’s Washington correspondent Bill McAllister has reported, the Commission of Fine Arts in its Jan. 22 review of the designs recommended two different obverse designs displaying the allegorical figure as Liberty, one showing a Liberty Head and the other a nearly full-length Liberty figure.

    The various Liberty portraits submitted for review encompass a wide range — some gorgeous and others that were much less attractive; some simple and others intricate.

    Some designs stand out above others.

    Two striking portraits of a Liberty Head figure depict her with decidedly African-American features — a bold choice in this increasingly diverse nation, and one which is recommended by the CFA. She wears wheat strands in her hair in both portraits, and both show her in three-quarters view, with one design showing a fraction more of her face than the other.

    Many of the depictions show standing portraits of Liberty,some from torso upward, with others showing the full length of her body. Depictions of flags, flaming torches, various plants, wings, shields and swords help support the central Liberty in her various portrayals. Think of Liberty as botanist, or Liberty as patriot, or Liberty as angel, or Liberty as peacemaker,or Liberty as the potential warrior.

    And then there’s Liberty as Wonder Woman. Yeah, Wonder Woman. The Mint’s 14th design shows a virtually full length portrait of Liberty, her hair held in place by a helmet, armor covering her torso, a sword in her right hand and a union shield being supported by her left hand. The design shows Liberty as Warrior Queen, or an Amazonian princess. Like I said,Wonder Woman.

    The design is clearly modeled after the Statue of Freedom that stands as guardian atop the U.S. Capitol dome, though somewhat modernized.And yet the figure also throws off this Wonder Woman vibe. True, she’s not wearing Wonder Woman’s classic costume (Google “Lynda Carter as Wonder Woman” if you’re uncertain of what that looks like).However, the character of Wonder Woman is sometimes shown in the comics wearing flowing robes similar to those worn by women in ancient Greece and Rome, and thus looks a lot like the design reviewed on Jan. 22.

    These comments should not be construed as criticism. Far from it, as the many Wonder Woman statues and figures and busts that grace the geek shelves of my home prove.

    To Americans, the allegorical figure of Liberty can represent many things. Why not Wonder Woman, who wears the red, white and blue of her adopted country?​

    Finding patterns in the Top 10 Stories of 2014

    December 31, 2014 12:18 PM by

    The year 2014 is now officially past, and Coin World tradition means that it is now time for the editorial staff to present to you its annual recap of the Top 10 Numismatic Stories of 2014.

    As in the past, editorial staff members met in mid-December to vote on the Top 10 stories they had covered in the past year. Everyone had an opportunity to present his or her choices, and then we voted on what we believed were the year’s most important stories. For the most part, the votes were not even close. Stories such as the release of the 2014-W Kennedy gold half dollar and the National Baseball Hall of Fame commemorative coins were universal choices — no one on the staff disagreed that they were among our top stories for the year. 

    It should be noted, however, that we did not rank the stories from 1 to 10 in terms of importance. That is for our readers to decide.

    Read all of the Top 10 Stories of 2014 that have been posted so far

    Some patterns emerged this year, as they often do in each year’s list. Of the 10 stories deemed the year’s most important, four directly involved 2014 programs and initiatives of the United States Mint: the 50th Anniversary Kennedy half dollar program, the Baseball Hall of Fame commemorative coins, another record year for sales of the American Eagle 1-ounce silver bullion coin, and the Mint’s successful launch of its new website. Since most of our readers collect modern U.S. coins issued by the Mint, it should be no surprise that so many of our top stories have a close Mint connection

    Three other stories involved found treasure connected to the California Gold Rush: the Saddle Ridge Hoard of gold coins and the discovery of the 70-ounce gold Butte Nugget, both finds made in Gold Rush country, and the resumption of recovery of gold ingots, coins and more from the shipwreck of the SS Central America, which carried tons of California gold in its cargo bays when it was sunk in 1857. Treasure stories are always popular with readers and with the editorial staff, so it is rare when our annual recap of a year’s news does not feature one or more treasure stories.

    A seventh article has links to both treasure and the U.S. Mint: the revelation that a 1974-D Lincoln aluminum cent had been discovered (no one, including U.S. Mint officials, was even aware any of the experimental aluminum cents had been struck at the Denver Mint). 

    The remaining two articles are market driven: one is about the amazing number of major collections entering the marketplace in 2014 or being announced as coming to market in early 2015, and the other top article is about a series of record prices being set for ancient and more recent world coins.

    As with any “Top” list, room for disagreement exists. What do you think of our choices? Did we miss any major stories? Let us know your thoughts by emailing cweditor@coinworld.com and by commenting on our Coin World Facebook page.

    More from CoinWorld.com:

    £1.3 million 11th century coin hoard discovered by metal detectorist in England

    Gold 50th Anniversary 2014 Kennedy half dollars draw crowds: Top 10 Stories of 2014

    When are they going to open the Boston time capsule and see what's inside?

    U.S. Trade dollar series remains one of the most heavily counterfeited among U.S. coins

    U.S. Mint making Proof 2015-W silver American Eagles available for more customers during FUN Show

    Keep up with all of CoinWorld.com's news and insights by signing up for our free eNewslettersliking us on Facebook, and following us on Twitter. We're also on Instagram!

    A Thanksgiving surprise: U.S. Mint releases ‘humdrum’ set that isn’t

    December 8, 2014 5:04 PM by

    Twenty years after the U.S. Mint issued a set with a 1994-P Jefferson 5-cent coin bearing a special finish, and not revealing that the coin was special until after the set sold out, the Mint has done something remarkably similar.

    Coin World Senior Editor Paul Gilkes reports in this issue about the Mint’s surprise “sleeper set of the year”—the 2014 American $1 Coin and Currency set with an Enhanced Uncirculated 2014-D Native American dollar.

    RELATED VIDEO: An exciting end for 2014 Mint products

    When the Mint announced details of the set Nov. 13, it noted only that the coin had an “uncirculated finish." As one collector said, “Yawn. Someone tell me why this set exists.” 

    However, as collectors started examining Mint images of the set packaging, they noticed the words “Enhanced Uncirculated,” and when they started receiving their sets after sales began Nov. 20, the special finish was confirmed in the accompanying certificate of authenticity.

    The failure to announce ahead of the set’s release that the coin had a special finish was a rare misstep by the Mint’s Sales and Marketing staff, which in recent times has done a good job in promoting coins with special features.

    After Mint officials released additional details about the finish on the morning before Thanksgiving, Coin World and other media quickly published news of the coin’s nature. Customers then placed so many orders that by Dec. 1, the set was “out of stock” for several days before sales resumed.

    A 50,000-piece sales limit makes the Enhanced Uncirculated 2014-D Native American dollar the likely key date in the series. 

    In deciding whether to buy the 2014 set, collectors might want to look at current values for the aforementioned Matte Finish 1994-P Jefferson 5-cent coin and a similar Matte Finish 1997-P 5-cent coin. Both coins are among the highest priced pieces in the series since 1968.

    After a busy year with such exciting issues as the Baseball Hall of Fame commemorative coins and the Kennedy gold half dollars, December looked to be rather dull for the Mint. With the release of the new set, however, the year will close out on a high note. 

    Who says collecting modern U.S. coins can’t be exciting? 

    More from CoinWorld.com:

    Federal judge sentences Liberty Dollar creator Dec. 2 to probation for 2011 conviction

    U.S. Mint announces Dec. 5 maximum mintage of 75,000 for gold half dollar

    2014 American $1 Coin and Currency Sets: Sales resume, again, on Dec. 4 after brief period of sales Dec. 3

    Collectors love finding coins bearing the 'CC' Mint mark from the Carson City Mint

    Reader wonders if a 'gold' medal he bought on eBay for $74 could be worth more

    Keep up with all of CoinWorld.com's news and insights by signing up for our free eNewslettersliking us on Facebook, and following us on Twitter. We're also on Instagram!

    U.S. Mint confiscates 1804 dollars — in the 19th century

    September 30, 2014 3:47 PM by

    It's a nightmare scenario for many hobbyists. U.S. Mint officials contact owners of rare 1804 dollars and demand their return, and upon receipt of the coins, destroy most of them.

    Some observers of recent Mint litigation involving 1933 Saint-Gaudens double eagles and a 1974-D Lincoln cent struck in aluminum warn of such a nightmare scenario. They say that if Mint efforts at confiscating these coins are unchecked, classic rarities produced under less than official circumstances, such as the 1913 Liberty Head 5-cent coin and 1804 Draped Bust dollars, could be next.

    The fears of a broadened wave of confiscations are likely overblown, but those voicing such concerns can cite historical precedence. The Mint has already confiscated 1804 dollars, and by some accounts, destroyed them — a century and a half ago.

    For longtime collectors, the back story of the 1804 Draped Bust dollars is a familiar one. No 1804 dollars were struck in 1804. The so-called Originals were struck circa 1834 for use in diplomatic Proof sets to be presented to foreign heads of state like the Sultan of Muscat and the King of Siam. When collectors became aware of the coins' existence, a few favored individuals were able to acquire some of the circa 1834 strikes from the Mint. Years later, at the end of the 1850s, Mint employees began striking new 1804 dollars (Restrikes, as they are sometimes called) using the same obverse die and a different reverse die, and selling them to dealers and collectors — without official authority to do so — to meet new demand for the coins. 

    These unsanctioned sales were quite the scandal in the numismatic community in the 1860s, and many collectors were outraged that Mint was selling such pieces to a select few. In November 1861, members of the Boston Numismatic Society wrote James Pollock, director of the Mint, calling to his attention the fact that Mint employees had been abusing the system by striking pattern coins and other rarities, and offering them to dealers. Pollock was pretty noncommittal in his response, about whether abuses truly had occurred and whether he would stop them.

    Some years later, William E. DuBois, the curator of numismatics of the Mint Cabinet — the Mint's collection of coins that was the basis for today's National Numismatic Collection at the Smithsonian Institution — wrote in the numismatic press that Mint employees had sold five 1804 dollars in the category that modern collectors call Class II. These coins, struck circa 1858, have a plain edge and a different reverse than the 1834 Originals, which have a lettered edge along with a distinctive reverse.

    In an apparent effort to clean up the mess some Mint employees had made, Mint officials requested that the owners of the five Class II coins return them, according to DuBois. Four of the coins were returned (no evidence exists of a surviving 16th example, however; just 15 known 1804 dollars survive of all classes), with one retained and three destroyed. Today, the sole Class II coin known rests in the National Numismatic Collection.

    The confiscation and destruction of the Class II coins was not the end of the 1804 dollar story, and the Mint's notorious practices were resumed, if they were ever stopped in the first place. Some time after the end of 1850s and early 1860s (no one today knows for sure), additional examples were struck with a lettered edge and the second reverse. These later dollars are the Class III coins. Other great rarities also slipped out the Mint's doors, even into the 21st century.

    DuBois' claim that some 1804 dollars were destroyed in the 1860s, if true, could cause owners of 1804 dollars today to worry at least a little about future Mint actions. Today, it is impossible to know whether the Class II 1804 dollars were truly destroyed, or whether they were converted into Class III coins with the addition of edge lettering, and then sold back into the marketplace.

    It is unlikely that existing 1804 dollars will be confiscated in the future. However, coins rest in collections today that the government wants to confiscate, and the Treasury Department has an inconsistent history on what it consider legally collectible. Never say never.

    Publisher’s dilemma: what to add to standard price guides

    September 2, 2014 10:35 AM by
    As Coin World’s resident error coin specialist, I get a lot of phone calls from readers about coins they’ve found. A call I received the other day was typical, and unfortunately for the caller, so was my response.

    The caller was excited about a coin he had owned for some 40 years: a 1971 Eisenhower dollar that was missing the letters OL in DOLLAR on the coin’s reverse. The owner expressed surprise that after all those years, the coin had not been listed in any publication, including the “Red Book” — Whitman’s venerable A Guide Book of United States Coins — and was hopeful that it could be listed in standard references.

    Now, I can’t speak for Whitman, but as the principal editor for Coin World’s own annual Guide to U.S. Coins, Prices & Value Trends for more than a quarter century, I’m qualified to discuss why a few “odd” coins make the listings but most do not.

    I explained to the caller that, for his coin, the most likely explanation is that some foreign matter, maybe “grease,” filled incused portions of the die. The grease impeded metal flow into those letters of the die, thus the OL was not formed on the coin. Such pieces are common, though collectible, with minor examples usually bringing very low premiums.

    References like the “Red Book” and the Coin World Price Guide do not add such coins to their listings for a very good reason. The error was temporary — once the grease wore away after a few strikes or was manually removed by a Mint employee, the die would have returned to striking normal coins. It is also of a very common type. 

    What standard price guides incorporate into their listings is a selection of die varieties (and die stages and states), and even then, just a tiny fraction of varieties that are produced are included. Granted, a few outliers have made their way into general works like the "Red Book" and Coin World's price guide, including the 1922-D Lincoln, No D cents. These errors are not die varieties in the technical sense; they fall into the category of die stages/states, since the changes that resulted in the missing D Mint mark occurred after the obverse die was placed into production, and not during the creation of the die itself.

    Collectors who don’t understand the differences between errors, like the struck-through coin owned by the caller, and die varieties, like the 1955 Lincoln, Doubled Die Obverse cent (which the caller repeatedly referred to as “double stamped”) don’t enjoy the broad exposure to errors and varieties both great and small that we at Coin World and Whitman enjoy. They also don’t face the dilemma we publishers face of deciding what legitimate varieties to add to our respective products.

    Generally, varieties are added to a standard reference when they are collected not only by specialists but by general collectors as well, or have gained wide popularity in collecting circles. That’s why the prime Doubled Die Obverse variety for the 1955 Lincoln cent is listed in standard references while the other multiple Doubled Die Obverses for the same date are found listed only in highly specialized references.

    There is another reason a coin may not have been listed in any reference, even a specialty one devoted to Eisenhower dollars that goes beyond true die varieties — the coin may never have been reported to a specialist and confirmed. The caller had owned the coin for some 40 years but I got the impression that he had never contacted anyone in the publishing field about the coin previously; he was waiting for someone else to do so, apparently. And even when a variety has been reported to a specialist and confirmed, the find may not be reported to the broader numismatic community, even in this age of online chat rooms, forums and websites devoted exclusively to error and variety coins. 

    The caller’s coin sounded like an interesting error, especially being on a large dollar coin, and would be a nice circulation find. However, it just doesn’t qualify for a listing in any standard price guide.

    When is an error coin not an error? (Part two)

    June 2, 2014 11:45 AM by

    Last week, I previewed an attractive, desirable error coin offered in a recent Heritage auction —  a mated pair of 1973-S Washington quarter dollars. I noted that while most error collectors would love to own the coin, some concerns had to be noted.

     

    In the 1970s, Proof coins were struck on planchets that were individually hand fed into the press. After each coin was examined by the press operator, it was then delivered to the packaging facilities to be inserted into the hard plastic cases used for Proof sets in the 1970s. Error coin experts state that it would have been impossible for (1) a coin of this type to have been struck by accident and (2) to have left the San Francisco facility legitimately. By all evidence, these pieces fall into the categories of intentional and assisted error.

    So what happened?

    It is well known within the error coin community that during the 1970s, employees of the San Francisco facility were deliberately producing error coins using Proof dies, and then selling them into the collector marketplace. Many of the coins were grossly misshapen, like the mated pair described here. Some were struck on unusual planchets or scrap. They were well publicized in the numismatic community.

    Eventually, Mint investigators working on a tip from the error coin community discovered that the intentional errors were secreted within the oil pans of fork lifts used at the San Francisco facility. When the fork lifts were shipped to an outside firm for service, a confederate removed them from the oil pans and cleaned them with a degreasing agent. From there, the coins entered the marketplace.

    Mint officials shut down the unofficial minting. However, some of the Proof coin errors produced during this time remain in the marketplace, generally unmolested by authorities.

    The mated pair of quarter dollars in the Heritage auction brought a winning price of $4,553.13.

    When is an error coin not an error?

    June 2, 2014 11:20 AM by

    Coin World contributing writer Mike Diamond addressed the concepts of “assisted error” and “intentional error” in his May 12, 2014, “Collectors’ Clearinghouse” column, where he defines the two categories of coins. In short, intentional and assisted errors are given “help” by mint employees. These employees are the spiritual descendants of the 19th century U.S. Mint employees who unofficially produced 1804 dollars, patterns and other rarities for sale to favored collectors and dealers. Such practices continued well into the 20th century, as a lot in a recent auction suggests.

    Heritage Auctions’ April 23 to 27 Central States Numismatic Society sale offered a small number of visually appealing, desirable errors. Among them was lot 5200, a mated pair of 1973-S Washington quarter dollars. The Glossary of the Combined Organizations of Numismatic Errors of America defines “mated pair” thusly: “These coins were struck together in the coining chamber. They fit together perfectly.”

    Most error collectors would love to own the pair of quarter dollars in the Heritage auction. They are visually striking and would be the centerpiece of anyone’s error collection. However, a thin cloud shades this pair of coins — a shroud no commercial dip can remove. Look at the date and Mint mark. The two coins are Proofs, bearing the S Mint mark of the San Francisco Assay Office, and they are all wrong for this kind of error.

    We look at what makes this piece somewhat questionable next week.