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NUMISMATIC
COMMENTARY
Archived Commentaries
GRADING CORONET LARGE CENTS 1840-1857 By John Dirnbauer Winter, 2012 The early date (1793-1814) and middle date large cents (1816-1839) are passionately collected. Because fewer have survived, they tend to be more expensive than the late date large cents (1840-1857.) The late date cents being readily available and less costly are widely collected, and are an excellent entry point into what Sheldon called “penny whimsy.” These late date large cents are referred to by collectors as the Modified Coronet or Braided Hair cents. Current commercial and market grading practices generally follow ANA standards. These standards have been expanded upon (for better or for worse) by the major grading services. Collectors and dealers who specialize in early copper coins often use a grading system devised within the Early American Coppers club and known as EAC GRADING or net grading. While net grading uses the same basic nomenclature as the commercial standards, it takes into consideration all aspects of a coin’s physical condition, defects, and aesthetics to arrive at an average that is often more stringent than the coin’s technical grade. To say it another way, EAC grading is stricter and more focused in nature than market grading. Many and various informal comparative studies have shown that in general EAC and commercial graders tend to agree on the lower grades of Poor-1 through, say, Fine-12, but differ rather dramatically in the grades of Fine-12 through About Uncirculated-58. In the Mint State grades of 60 and above, EAC grades tend to run about two points lower than commercial grades. Even moderately serious early copper collectors recognize and appreciate the conservative nature of net grading. They may actually see it as throwback to the “good old days.” The obverse design on the Coronet large cents of 1840-1857 is the work of Mint engraver Christian Gobrecht. He adapted Robert Scot’s head of Liberty, introduced in 1816, wearing a coronet or small crown with the word LIBERTY boldly engraved upon it. Gobrecht’s Ms. Liberty appears younger with a slightly different hairstyle than she appears with on the middle date cents. In addition, she has a most fashionable braid across her forehead and under the coronet. She also wears her hair in a tighter bun, held in place by a beaded cord, with curls that tumble down around and under the truncated neck. She is actually quite attractive. The reverse on the Gobrecht designed Coronet large cent is a modification of the Wreath reverse design created by John Reich in 1816. Gobrecht’s modifications to the reverse are more subtle than his work on the obverse. He only slightly enlarged the wreath and made bolder the letters of ONE CENT and UNITED STATES OF AMERICA. Striking and sharpness can vary substantially on Coronet large cents. This is due to excessive wear on the dies as a result of the quantities of coins struck. On the obverse, the radials on the stars can be weak or non-existent, especially for dates in the 1850’s. There can also be light or indistinct features on the front edge of the coronet and the hair above the coronet, as well as above the ear. The reverse may display weakly struck leaves and mushy denticles particularly on the early and mid-1850’s coins. Flaky or laminated planchets can be a problem, again with coins of the 1850’s, and thus, the luster is interrupted on Mint State coins. The grading numbers on certified coins do not reflect the sharpness of the strike or the amount or degree of luster, so therein lies the chance to cherrypick. Contact marks and hairlines are nicks, dings, lines, scratches, and other injuries that find their way on to the surfaces and edges of a copper coin. Copper is one of the least noble metals and thus it almost seeks out such abuse. In reality, these marks and hairlines are created by contact with other coins, in storage or in pocket change, or sometimes through clumsy or careless handling by collectors. A coin with minimal or no contact marks or hairlines is a candidate for a higher grade, while a coin with many such signs of injury must receive a lower grade. When late date cents were first struck they had the color and brilliance of red-orange on the surfaces. Over time, especially when exposed to circulating air or placed in contact with or in proximity to paper or cardboard albums containing sulfur, the surfaces of the coins gradually turned brown. The coins faded from Red, to Red and Brown, and finally to Brown. Many times, specialists will designate the percentage of Red remaining on a coin, such as 90 percent, 50 percent, 30 percent, or 10 percent. The greater the percentage of the color Red on a copper coin, the greater will be the price of that coin. Color is an essential factor in grading copper coins. It must be taken into account to a much greater extent than with coins in other medals. Spotting must also be taken into account as part of the evaluation of the surface of a coin. Carbon spotting is typically the result of oxidized contaminants left on the surface of a coin. Spotting most certainly affects the eye appeal of a coin and eye appeal may be the most important factor in the overall evaluation of a coin. Eye appeal is a concept that is difficult to define. Generally, if a coin is beautiful we can see it; if a coin is ugly we can see that too. A good rule to consider when evaluating copper coins that are really quite equal except for color, would be to subtract two points for surface preservation if the coin is Brown and add two points if the coin is full Red. In closing, all dates of Coronet large cents are readily available. The 1857 is somewhat more difficult to find. It is also becoming more difficult to find coins above the Extremely Fine level without contact marks, hairlines, or spotting. Coins dated in the 1850’s are usually found in grades of Very Fine and above. It is quite difficult to attribute varieties of late date large cents that are graded below the Very Fine level. This being said, the late date large cents are great fun to hunt, collect and study. Give it a try . . . for the first time. . . or try it again. Resources: *Bowers, Q. David. Grading Coins by Photographs. Atlanta, Whitman Publishing, LLC, 2008. *Breen, Walter. Complete Encyclopedia of U.S. and Colonial Coins. New York, FCI Press, Inc., Doubleday Publishing, 1988. *Bressett, Kenneth. A Guidebook of United States Coins 2012. Atlanta, Whitman Publishing, LLC, 2011. *Grellman, John R, Jr. The Die Varieties of United States Large Cents 1840-1857. No Location Given, M&G Publications, 2001. *Newcomb, Howard R. United States Copper Cents 1816-1857. New York, Numismatic Review, 1963. *Robinson, Jack H. Copper Quote by Robinson. 20th Edition. Centerville, VA, Self-published, 4/30/2011. |
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coins kept on premises.