Collectors Corner^SM: The Collectibles Marketplace

1804 Draped Bust Large Cent, State A. Courtesy of PCGS. Click image to enlarge.

Many collectors are familiar with die varieties, the enumerated die pairings which constitute the production run of a particular issue. Coins with especially large mintages often required dozens of different die pairs to strike. The various obverse and reverse dies of a certain date are usually differentiated via the placement, spacing or alignment of the peripheral lettering, date numerals, or the leaves, berries, and other minor design elements punched into the dies by hand after the major devices had been hubbed.

In addition to die varieties, PCGS graders and other numismatists also pay close attention to die states, which describe the progression of a die or die pair as it endures wear from repeated use, is sometimes repaired or modified to extend its life, and eventually begins to significantly deteriorate until it is pulled from production. Understanding of the norms of this process is often helpful in numismatic identification and authentication.

One helpfully simple example to consider is the rare and highly coveted 1804 Draped Bust Large Cent. The low mintage of 96,400 coins was struck entirely by a single pair of hard-working dies, cataloged as Sheldon-266. Though only one pair was used, there are three distinct and highly collectible states, each of which the advanced early copper collector will aim to acquire an example of in the pursuit of a comprehensive set.

1804 Draped Bust Large Cent, State B. Courtesy of PCGS. Click image to enlarge.

Given most die varieties are differentiated numerically (e.g. Overton 101, Sheldon 49, Newcomb 2, etc.), die states are typically notated via the appendation of a letter to the end of the variety designation: Overton 101a, etc. In the case of the 1804 Large Cent, the three states are thus detonated Sheldon 266a, 266b, and 266c. Beginning with the earliest (266a), we see a die pair with no major flaws or breaks – illustrated by the first image accompanying this article. As more and more 1804 Large Cents were struck, the obverse die broke above “RTY” near the top, leaving a distinctive cud that would mark the die for the remainder of its life. Examples showing this obverse cud paired with an unbroken reverse die are known as Sheldon 266b.

1804 Draped Bust Large Cent, State C. Courtesy of PCGS. Click image to enlarge.

Despite this damage, the die pair continued to strike 1804 Large Cents. Eventually, a similarly spectacular cud break occurred above “MERI” on the right reverse rim. Coins showing both obverse and reverse breaks are classified as Sheldon 266c.

While ascertaining die damage and deterioration is one way of identifying differing states, the reparation and mending of dies by the Mint is another. Note the strongly clashed dies illustrated here by the 1814 Overton 105 Capped Bust Half Dollar. A die clash occurs when the obverse and reverse dies come together without a planchet in between, thereby imparting their designs upon one another and on all subsequently struck coins.

1814 Capped Bust Half Dollar, Overton 105. Courtesy of PCGS. Click image to enlarge.

In an effort to remedy these ghostly apparitions, workers at the Mint lapped (or smoothed) the high points of the die, which would have sustained the most apparent damage from a clash. While this did a satisfactory job of removing the dramatic clash marks from the obverse and reverse fields, it also weakened the rendering of the shallower design elements – crucially, the top leaf in the lower left quadrant of the reverse. Known as Overton 105a, this “single leaf” state is considerably scarcer and more valuable than its earlier-struck counterpart.

Numismatics notoriously offers a wealth of opportunities for prolonged study and enjoyment to those willing to plunge into its depths. Familiarizing oneself with the natural process of die deterioration, repair – and occasional implosion – in your series of choice can elevate your appreciation, aid in authentication, and may even add a penny or two to your piggy bank.

1814 Capped Bust Half Dollar, Overton 105a. Courtesy of PCGS. Click image to enlarge.