3 Types of Rare Coins

When it comes to Rare coins there are 3 types.

1. Rare
2. Key Date/Semi-Rare
3. Common Date

So the real question becomes what determines the rare coin type. The answer is two-fold, original mintage figures & certified population figures. Original mintage figures tell you how many of that specific type of coin were minted. Certified population figures tell you how many of that specific type of coin have been certified at a certain grade level.

Most people feel that if a coin is 100 years old it must be rare. However age alone has nothing to do with rarity. Rarity is determined by Supply. Here are two examples where supply, not age, determined rarity. Let's take a closer look:

Pre - 1933 Example

*MS60 = Mint State 60 (see the next section on Grading Scale)

Modern Day Example

*MS69 = Mint State 69 (see the next section on Grading Scale)

As you can see in both of these examples, Age Does Not determine Rarity. It is the Supply or Mintage/Production Figures that determine Rarity. This is why it is important to know the "Numbers" on the coins you buy.

Most people will look at only the price of a coin and say "I Can Get That Same Coin Cheaper!" This may be true for Common Date Coins, but when it comes to True Rarities - it is simply not the case. The reason is supply.

Knowing the Numbers

You must become familiar with the Series of coins that you are buying to determine Rarity. Having a Dealer that will take time to explain all the Numbers is invaluable.

When it comes to Pre - 1933 gold, we know that our country was on the Gold Standard. So when you went to the bank to cash a check you received a gold coin. The United States Mint was responsible for minting or producing our money. As our country grew so did our need for Money. More and more gold coins were produced to reflect the growing wealth of our country. So some gold coins that were produced year-to-year had mintage figures in the millions.

For example, the $2.50 Indian Head Quarter Eagle was produced from 1908-1915, and then again from 1925-1929, at both the Philadelphia and Denver Mints. Total production of this coin was 7,250,261. If you own 1 of these coins, which type do you own? Rare, Key Date, or Common Date. To answer that question, look at the Numbers.
There were 7,250,261 Total Coins Produced, 12 Different Dates from 2 Mints producing 15 Unique Coins. The average mintage figure for the 15 unique coins is 483,350.

Any date of this coin that has a mintage figure above the average of 483,350 is a "Common Date."
Any date of this coin that has a mintage that is at or below the average of 483,350 is a "Key Date."
Any date of this coin that has a mintage figure of 25% of the average, or 120,837 or less, is a "Rare Date."

So Here They Are!

Common Dates

Key Date / Semi - Rare Dates

Rare Dates

What about Certification & Population Numbers?

At The United States Gold Bureau we believe that it is very important to have all of your rare coins certified by a third party.

We recommend PCGS (Professional Coin Grading Service) & NGC (Numismatic Guarantee Corp) for certification and population count information.

Certification has many benefits.

• First and foremost it authenticates your coin as being a true United States Government issue and NOT a copy, fake, replica, or counterfeit.
• Second, once the condition of the coin is determined, it is sealed in a protective holder to preserve your rarity from damage.
• Third, your coin is assigned a bar code/serial number. If your coin is ever lost or stolen, you can prove ownership with this number.
• Finally, each time PCGS or NGC grades a coin they count the coin and include it in "Population Reports" so you will know how many other coins are like yours.

These "Population Reports" are critical in determining if your coin is a Common, Semi-Rare, or Rare coin. You will also know if a coin that you own has a "Finer" (higher quality) example and how many.

Due to the Gold Recall Act by President Roosevelt in 1933, the gold coins that were returned to the government were believed to have been melted down and turned back into bars. Since no records were kept of which coins, and how many of each were melted, population reports help us know how many coins are still around. This is critical in knowing if you have a True Rarity.