Timeless Coin Rarities

EXPLORING CURIOUS AND ENTERTAIN ING PRICE FLUCTUATIONS

- GREG REYNOLDS

Great rarities capture the attention of collectors, dealers, scholarly numismatists, and the news media in coin realms. Moreover, the general public hears about them. When 1913 Liberty Nickels or 1804 silver dollars sell at auction, news coverage is often wide scale.

Curiously, though, the prices realized at auction for great rarities vary tremendously. Auction sale prices for the same great rarity may go up or down in a curious and entertaining manner, though the trend from around 1948 to 2008 was clearly upward.

A coin is a great rarity if fewer than twenty-five are currently known, in all grades, including coins that have problems. A condition rarity is a whole different matter. A coin could be rare in MS-65 and higher grades yet be very common in grades below MS-64. The topic here is auction prices for Great Rarities. Condition rarities are not being covered.

As popularity and rarity are the primary factors employed to rank great rarities, the 1913 Liberty Head nickel is clearly the leader. Just five exist, and only three of those are available to collectors. It is easy to complete the rest of the set of Liberty Head nickels, and circulated common dates are very inexpensive. Before I was ten years old, I collected Liberty Head nickels as did several of my friends. Even if a collector seeks just Proof Liberty Head nickels, not one of the Proofs dating from 1883 to 1912 is particularly rare. Indeed, they are all available for modest amounts in the context of pre-1917 Proof U.S. coins.