Comparing a new die with old dies

johnmilton · Mar 8, 2021

The concept of die states and the way that the amount of time that a die has been used effects the finished coin is something that intermediate and advanced collectors notice on coins. To the beginner, it might seem that every coin that is struck by a given is the same, but in the reality is quite different.

As a coin die is used over a period of time, it deteriorates. New dies can produce coins that have Proof-like surfaces if they have been polished significantly. They can also produce coins with well defined design features if the die was well made from the beginning.

As a die is used over time, it loses the polish that it once had which is reflected on the coins. The design features might no be as sharp, and the die can develop cracks and sometimes chips result in raised areas.

Here are two Classic Head gold coins, a $2.50 and $5.00. The $5.00 gold was made from a new die that had just been put into service The design elements are sharp, and the surfaces are very bright, almost Proof-like. I like to say that this coin is one tiny rub away from being a great coin. If it had somehow been preserved just as it fell from the dies, it would be one of the great surviving examples of this design. Of course if it had been preserved that way, I would not have had the money to buy it.

Here are a couple of angle shots, which show the luster. As usual my pictures make the friction or marks in the field look much bigger than than they are. The coin is quite smooth in person.

This 1836 $2.50 gold was stuck from a pair of worn dies. In addition there were issues with the metal flow. Designer William Kneass and his successor, Christian Gobrecht, were constantly tinkering with Ms. Liberty’s bust. They made frequent small changes to it through the time that this design was issued, from 1834 to 1839.

The luster on this piece is subdued. It is what some collectors call “satiny.” There is also a die break on the obverse that runs from the rim, through the sixth star and into the bottom of the “L” in “LIBERTY.” This probably contributed to the weakness in the center of the coin.

As for the PCGS assigned grades for each coin, the 1936 $5 gold is graded MS-61 and the 1836 $2.50 gold is graded MS-62.

On a historical note, the mintage for the 1836 $2.50 is 547,986 which is by far the highest over the entire series. The 1836 $2.50 is the most common date in the series. For the 1836 $5, the mintage is 553,147, which is the second higher output for the Classic Head $5 pieces. It is the second most date behind the 1834.

The reason for this high mintage was due to the fact that the French paid indemnity gold to the United States that year as a settlement for damage that was done to American shipping during the Napoleonic Wars.