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1918-S Mule US Philippine issue
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<p>[QUOTE="jhinton, post: 1505986, member: 24410"]1918-S Mule US Philippine issue: One of the great, underrated rarities of modern numismatics.</p><p><br /></p><p><br /></p><p>Sometime in 1918, an obverse die prepared for the Twenty Centavo, was inadvertently used while striking Five Centavos. It is believed the error was apparently discovered rather quickly as the "Mule" has proven to be very elusive. The finest know is a single MS65 graded by PCGS with a total of nine recorded in mint state by PCGS. The 1918-S Mule, can be found in lower grades, but still presents a challenge for problem free examples in fine or better. NGC has graded ten examples ranging from EF40-AU58 with none lower and a mere two in mint sate. PCGS has graded twenty seven examples ranging from Poor 2 - AU58. That is a total of 48 from the two larger grading companies and ICG reporting none. That is less than the famed 1906-S Peso!</p><p><br /></p><p><br /></p><p>A quick search on Heritage revealed only two examples sold, with the last in 2008. There is a lower grade example currently on ebay for less than $100, but it has some problems and a PCGS EF45 example just sold for $1495 buy it now. I thought that piece was over priced by a couple of hundred dollars when I first saw it but now regret not purchasing it. I believe that it was an astute purchase by an informed collector, and would be hard to replace. There were two examples in the recent Greg Pineda collection auctioned by Lyn Knight but both were problem coins, listed as an AU cleaned (hammered for 1200 plus BP) and a Smothed VF details (No sale). Problem coins will always be problem coins, and most collectors are after nice original problem free examples, that said; I believe the AU cleaned example was a bargain at the hammer price.</p><p><br /></p><p><br /></p><p>The 1918-S mule is characterized by woodgrain toning, weakness in the siting figure and on later examples, a die crack on the obverse at 09:00 to 10:00 and then again from the bottom of the shield through the "9" into the denticles as pictured below. When comparing a 1918-S Five Centavo with a 1918-S Mule, the difference is easily made clear, with a wider shield and a smaller date. I find an easy diagnostic is to count the denticles starting on the right side of the "1", the ninth denticle will be under the base of the "8" on the mule and much further to the left (near the second "1") on the regular 1918-S issue.</p><p><br /></p><p>Regular 1918-S Five Centavo:</p><p>[ATTACH]193874.vB[/ATTACH]</p><p>1918-S Mule Five Centavo:</p><p>[ATTACH]193873.vB[/ATTACH]</p><p>1918-S Mule Five Centavo, Die Cracks:</p><p><br /></p><p>[ATTACH]193875.vB[/ATTACH]</p><p><br /></p><p>The 1918-S Mule, represents a lucrative cherry pick to the informed collector as nice examples are easily sold to both collectors and dealers.[/QUOTE]</p><p><br /></p>
[QUOTE="jhinton, post: 1505986, member: 24410"]1918-S Mule US Philippine issue: One of the great, underrated rarities of modern numismatics. Sometime in 1918, an obverse die prepared for the Twenty Centavo, was inadvertently used while striking Five Centavos. It is believed the error was apparently discovered rather quickly as the "Mule" has proven to be very elusive. The finest know is a single MS65 graded by PCGS with a total of nine recorded in mint state by PCGS. The 1918-S Mule, can be found in lower grades, but still presents a challenge for problem free examples in fine or better. NGC has graded ten examples ranging from EF40-AU58 with none lower and a mere two in mint sate. PCGS has graded twenty seven examples ranging from Poor 2 - AU58. That is a total of 48 from the two larger grading companies and ICG reporting none. That is less than the famed 1906-S Peso! A quick search on Heritage revealed only two examples sold, with the last in 2008. There is a lower grade example currently on ebay for less than $100, but it has some problems and a PCGS EF45 example just sold for $1495 buy it now. I thought that piece was over priced by a couple of hundred dollars when I first saw it but now regret not purchasing it. I believe that it was an astute purchase by an informed collector, and would be hard to replace. There were two examples in the recent Greg Pineda collection auctioned by Lyn Knight but both were problem coins, listed as an AU cleaned (hammered for 1200 plus BP) and a Smothed VF details (No sale). Problem coins will always be problem coins, and most collectors are after nice original problem free examples, that said; I believe the AU cleaned example was a bargain at the hammer price. The 1918-S mule is characterized by woodgrain toning, weakness in the siting figure and on later examples, a die crack on the obverse at 09:00 to 10:00 and then again from the bottom of the shield through the "9" into the denticles as pictured below. When comparing a 1918-S Five Centavo with a 1918-S Mule, the difference is easily made clear, with a wider shield and a smaller date. I find an easy diagnostic is to count the denticles starting on the right side of the "1", the ninth denticle will be under the base of the "8" on the mule and much further to the left (near the second "1") on the regular 1918-S issue. Regular 1918-S Five Centavo: [ATTACH]193874.vB[/ATTACH] 1918-S Mule Five Centavo: [ATTACH]193873.vB[/ATTACH] 1918-S Mule Five Centavo, Die Cracks: [ATTACH]193875.vB[/ATTACH] The 1918-S Mule, represents a lucrative cherry pick to the informed collector as nice examples are easily sold to both collectors and dealers.[/QUOTE]
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