decline when (1) changes in collecting habits or economic conditions alter demand for certain coins; (2) speculators sell in large quantities; (3) hoards or large holdings are suddenly released and cannot be quickly absorbed by the normal market; or (4) bullion (gold and silver) prices decline.
Those who edit, contribute to, and publish this book advocate the collecting of coins for pleasure and educational benefits. A secondary consideration is that of investment, the profits from which are usually realized over the long term based on careful purchases.
The Handbook of United States Coins (commonly called the Blue Book), by R.S. Yeoman, Whitman Publishing, contains average prices dealers will pay for these coins, and is obtainable through most coin dealers, hobby shops, bookstores, and the Internet.
ABBREVIATIONS COMMONLY USED IN THIS BOOK
| Abbreviation | Meaning |
| Arr | Arrows |
| Cl | Close |
| CN | Copper-Nickel |
| Dbl | Doubled |
| Dbln | Doubloon |
| Drap | Drapery |
| Dt | Date |
| FR | Flat Rim |
| HE | Heraldic Eagle |
| Horiz | Horizontal |
| HR | High Relief |
| Inv | Inverted |
| Knbd | Knobbed |
| LE | Lettered Edge |
| Lg | Large |
| Lib | Liberty |
| Ltrs | Letters |
| Med | Medium |
| Mmk | Mintmark |
| Nml | Normal |
| Obv | Obverse |
| Pf | Proof |
| Rev | Reverse |
| SE | Small Eagle |
| Sm | Small |
| Sq | Square |
| T | Type |
| V, Var | Variety |
| WR | Wire Rim |
A slash between words or letters represents an overdate or overmintmark: “3/2” is an abbreviation of “3 Over 2,” “D/S” is “D Over S,” etc.
Photographs in This Book
Collectors should be aware that unofficial copies of certain American issues were made after 1850 to provide facsimiles of rarer issues that would otherwise have been unobtainable. Many crude imitations have also been made in recent years, as well as forgeries intended to deceive collectors. Photos herein, however, are of genuine specimens, except for certain modern issues, which may be U.S. Mint renderings.
WELCOME TO NUMISMATICS
CONDITIONS OF COINS
Essential Elements of the American Numismatic Association Grading Standards
Proof—A specially made coin distinguished by sharpness of detail and usually with a brilliant, mirrorlike surface. Proof refers to the method of manufacture and is not a grade. The term implies superior condition unless otherwise noted. See page 363 for details.
Gem Proof (PF-65)—Surfaces are brilliant, with no noticeable blemishes or flaws. A few scattered, barely noticeable marks or hairlines.
Choice Proof (PF-63)—Surfaces are reflective, with only a few blemishes in secondary focal places. No major flaws.
Proof (PF-60)—Surfaces may have several contact marks, hairlines, or light rubs. Luster may be dull and eye appeal lacking.
Mint State—The terms Mint State (MS) and Uncirculated (Unc.) are interchangeable and refer to coins showing no trace of wear. Such coins may vary slightly due to minor surface imperfections, as described in the following subdivisions:
Perfect Uncirculated (MS-70)—Perfect new condition, showing no trace of wear. The finest quality possible, with no evidence of scratches, handling, or contact with other coins. Very few circulation-issue coins are ever found in this condition.
Gem Uncirculated (MS-65)—An above-average Uncirculated coin that may be brilliant or lightly toned and that has very few contact marks on the surface or rim.
Choice Uncirculated (MS-63)—A coin with some distracting contact marks or blemishes in prime focal areas. Luster may be impaired.
Uncirculated (MS-60)—A coin that has no trace of wear, but which may show a number of contact marks, and whose surface may be spotted or lack some luster.
Choice About Uncirculated (AU-55)—Evidence of friction on high points of design. Most of the mint luster remains.
About Uncirculated (AU-50)—Traces of light wear on many of the high points. At least half of the mint luster is still present.
Choice Extremely Fine (EF-45)—Light overall wear on the highest points. All design details are very sharp. Some of the mint luster is evident.
Extremely Fine (EF-40)—Light wear on the design throughout, but all features are sharp and well defined. Traces of luster may show.
Choice Very Fine (VF-30)—Light, even wear on the surface and highest parts of the design. All lettering and major features are sharp.
Very Fine (VF-20)—Moderate wear on design high points. All major details are clear.
Fine (F-12)—Moderate to considerable even