I know that there are many strike conscious collectors out there that flock to the strike designations such as Full Steps (Jeffersons), Full Bands (Mercury), Full Torch (Roosevelt), Full Bell Lines (Franklins), and of course the Full Head Standing Liberty Quarter. In this thread, I would like to examine the value in collecting FH versus non FH SLQ's. Let's first start by looking at the difference between the Full Head designation for both T1 and T2 SLQ's. I have posted photos below that illustrate the difference between the Full Head and non Full Head coins. Technically there is a different standard for 1916 SLQ's which I will not address due to the coins overall rarity. The other 3 full head definitions as stated by PCGS are listed below (courtesy of THE OFFICIAL GUIDE TO COIN GRADING AND COUNTERFEIT DETECTION). 1917 Type 1 The head detail is slightly modified and strengthened considerably for the 1917 Type 1 issues. Instead of hair strands, cords are now present and the mushiness associated with the majority of the 1916 issues is absent. If these hair cords are well defined and distinct, the FH designatin is warranted. There should be a distinct separation between these hair cords and the cap of Miss Liberty, with any blending being extremely minor. 1917-1924 Type 2 & 1925-30 Type 2 In mid year 1917, a major modification occurred in the entire design, with the head detail totally changed. Now there is a distinctive helmetlike cap with a three-leaved or sprigged, wreath; an outline that runs down the face and curves back below the ear; hair detail that is cordlike; and a small round hole for an ear (Note the difference between the 1925-30 issues was that the round hole was changed to a narrow slit). For the FH designation, 95 to 100 percent of the detail intended must be present. In most cases, this means there must be three complete and distinct leaves present (they must be separated from each other and the other details of the hair, with only the slightest blending); the outlined must be distinct all the way around the face; the hair detail will be distinct, although some slight weakness or blending is allowed; and the ear hole must be present. If any of the above is not present to the degree specified, the Full Head designation will not be assigned. Notice how in the first photo there are only two sprigs, no ear hole, and no discernable hair outline. The Value Chart Now that we can tell the difference between a FH and not, we should examine the overall value of the FH designation. I have created a chart that should help in this endeavor. I based the prices on a collection of MS63 and MS63 FH NGC SLQ's. All of the prices listed are Numismedia Wholesale and the population numbers only inlcude NGC graded coins. A complete collection of FH SLQ's would cost a whopping $112,516 more at a ratio of 2.37 times that of the non full head counterpart. The question is this. Is it worth it? I say no for the following reason. The ratio of non full head to full head SLQ's is 1.55 but the price ratio is 2.37. This chart is very elementary and does not take into account things such as conditional rarities; the fact that the ratios for the key dates (1916, 1918/17-S, & 1927-S) are highly affected by the number of circulated examples included in the overall population figures; the absence of PCGS graded coins; or even the effect of the registry competition on prices. However, it is very evident that the FH SLQ's drive a significant premium over what are already valuable coins. If we look at individual dates, this effect is easier to see. Take the 1930 for example. There are almost 2000 FH coins with only 717 non full head coins, yet the FH coin still carries a premium of almost double the price. When compared to the 1930-S which has only 402 FH examples, one would expect that the 1930-S be more expensive. In reality, the 1930 is actually priced higher. Inconsistencies such as this can be found throughout the entire series. In an attempt to put this into further perspective, I created a ratio between the two ratios. By dividing the population ration by the price ratio, you basically can evaluate the value of each issue. Any coin that has a ratio of above one is theoretically undervalued, while those with a ratio below one are theoretically overpriced. If I were building a set of SLQ's, I would only consider buying the FH coins that had a pop/price ratio of 1.5 or better. Where I think this ratio is really applicable is with type coins. Almost every type collector looks for a Full Head example. But are they getting the best value simply by purchasing the highest graded FH with the lowest price? I say no, buy the date with the best ratio. The best value for the FH designation using this method would be the 1928-D. There are only 65 FH coins out of 1219 total, yet the price for the MS63 FH is only $690 compared to $200 for the MS63. Another candidate for consideration would be the 1923. With only 90 FH coins out of 1200 total, the price of $930 compared to $225 is an absolute bargain. I would love to hear your opinions on this topic.