Utah sculptor LeRoy Transfield, right, poses in his sculpting studio in Orem.
In a rare Monday holiday appearance by government workers, the U.S. Mint announced that they selected a design for the World War I American Veterans Centennial Commemorative Coin.
The winning design was submitted by LeRoy Transfield, a sculptor from Orem, Utah.
In an interview that appeared in the Desert News, Transfield said that he had two uncles that served as members of the New Zealand Expeditionary Force Native Contingent during World War I. This lead to his interest in learning about the history of the war.
2018 World War I Centennial Silver Dollar Obverse — “Soldier’s Charge” by LeRoy Transfield
2018 World War I Centennial Silver Dollar Reverse — “Poppies in the Wire” by LeRoy Transfield
For the obverse, Transfield titled it “Soldier’s Charge.” In the interview, Transfield said that he “didn’t want him to look like some model in an artist’s studio. I made his nose like it might’ve been broken. I wanted to give him a rugged looking face. … I wanted that feeling of combat”
Transfield said that the reverse was more difficult to for him to design. After several tried he came up with the “Poppies in the Wire”
In 2012, I wrote about the poem “In Flanders Fields” and suggested that it be adopted on a U.S. commemorative coin. It only took five years for my suggestion to become a reality! You can read about the poem and my recommendation → here.
Poppies are a fitting tribute since their use was inspired by the poem “In Flanders Fields.” The poem was written by Lt. Col. John McCrae, a Canadian physician following the funeral of a friend and fellow soldier who died in battle. It was published in 1915 and first adopted by the American Legion to commemorate the American Soldiers killed in the war. It was later adopted by veterans groups within the British Empire including Canada.
Transfield is originally from New Zealand but moved to the United States to attend BYU-Hawaii. After graduating with a Bachelors of Fine Arts degree, he moved with his wife to Orem where he operates a sculpting studio in his garage.
Based on the line drawing, it appears that this is going to be an excellent design when struck on a 40mm silver planchet. This is one time where it appears that the Citizens Coinage Advisory Committee and the U.S. Commission of Fine Arts got it right in picking the design.
The World War I American Veterans Centennial Commemorative Coin will be issued in 2018. According to the law (Public Law 113-212) , the U.S. Mint is limited to selling no more than 350,000 silver dollars. Each coin will have a $10 surcharge (a maximum of $3.5 million) will be paid to the U.S. Foundation for the Commemoration of the World Wars to assist the World War I Centennial Commission in commemorating the centenary of World War I.
Given the texture in the both the soldier on the front and the poppies on the reverse, it will be interesting to see if the U.S. Mint comes up with an enhanced uncirculated version. It could be extraordinary!
Credits
Image of LeRoy Transfield in his studio courtesy of the Desert News.
Earlier this week, the White House announced the nomination of David J. Ryder to be next Director of the U.S. Mint. If the name sounds familiar it is because Ryder served as the 34th Mint Director from September 1992 through November 1993 after being nominated by President George H.W. Bush.
Ryder’s biography in the President’s announcement was as follows:
David J. Ryder of New Jersey to be Director of the United States Mint. Mr. Ryder served as manager and managing director of currency for Honeywell Authentication Technologies. Previously, Mr. Ryder served as CEO of Secure Products Corporation, which was acquired by Honeywell in 2007. In 1991, Mr. Ryder was nominated by President George H.W. Bush and confirmed by the U.S. Senate to serve as Director of the U.S. Mint. His prior government service also included Deputy Treasurer of the United States, Assistant to the Vice President and Deputy Chief of Staff to Vice President Daniel Quayle. Mr. Ryder was born in Billings, Montana and raised in Boise, Idaho. A graduate of Boise State University, Mr. Ryder is married with two children.
The U.S. Mint has not had a permanent director since Edmund Moy resigned in January 2011. Since Moy’s departure there have been a series of Deputy Directors fulfilling the Director’s role including Rhett Jeppson, who was the last nomination not to be considered by the U.S. Senate. Although the Senate Committee on Banking, Housing and Urban Affairs did held a hearing on Jeppson’s nomination, they failed to bring the nomination to the floor for a vote.
If Ryder’s nomination is confirmed, he will be the 39th Director of the U.S. Mint and the only person to hold the job for two non-consecutive terms.
PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
An amateur historian from Devon digging in a farmer's field has told how he found a once-in-a-lifetime hoard of 2000-year-old Roman silver coins – worth up to £200,000. Mike Smale, 35, found the hoard of 600 rare denarii in a farmer's field in Bridport while hunting with his pals from the Southern Detectorists club. → Read more at devonlive.com
The U.S. Mint is on track for the lowest sales of American Eagle coins in almost a decade. The 2008 financial crisis began a historic ramp up in sales that lasted for years. 20,583,000 silver American Eagles sold that year, more than double the 2007 total of 9,028,036 coins. → Read more at silverseek.com
The negative sentiment toward gold prevailed on Friday, September 29, the last trading day of the month. Gold futures for November expiration fell 0.3% and closed at $1,282.7 per ounce. The call implied volatility in gold was at 9.7%—the lowest level in September. (Call implied volatility is a measurement of the fluctuations in the price of an asset with respect to the changes in the price of its call option.) → Read more at marketrealist.com
Arizona Gov. Doug Ducey signed a law in May to exempt the sale of U.S. gold coins in the state from capital gains taxes.The measure said taxing a gold coin investment was unfair because the transaction was an exchange of one currency for another. Tax free status would arguably spur investment, but that does not seem to be happening on the large scale.Sales of gold coins in the first nine months of the year shrank to the lowest in a decade, according to new data from the U.S. Mint. Despite preferential tax status in Arizona, investors are choosing the stock market. → Read more at kjzz.org
The Bangko Sentral ng Pilipinas yesterday said it would penalize people found willfully defacing, mutilating, tearing, burning or destroying currency notes and coins. → Read more at philstar.com
Quick update for those interested in the new Palladium Bullion Coin that was sold to authorized purchasers on Monday.
The U.S. Mint added a link for the Palladium Bullion Coin to the American Eagle Coin Program web page. The web page provides scaled image of the coin and the design information.
If you want to find an authorized seller, the U.S. Mint has a web page to let you find one based on your location.
Rather than using the images that were reviewed by the Citizens Coinage Advisory Committee, the U.S. Mint also posted full-sized color pictures of the coins.
2017 American Palladium Eagle One Ounce Bullion Coin Obverse using the Mercury Dime design by Adolph A. Weinman
2017 American Palladium Eagle One Ounce Bullion Coin Reverse using the design 1907 American Institute of Architects (AIA) Gold Medal reverse by Adolph A. Weinman
A quick check of online auctions shows that the American Palladium Eagle coin is averaging $1,100 per coin when buying one graded and encapsulated coin or $1,080 when buying an ungraded coin. Multiple coin lots are averaging between $1,070 and $1,080 each.
As I type this, the current price of palladium is $928.73. Dealers are paying 6.25 percent over the spot price (approximately $986.79) plus shipping costs. Graded coins also incur fees paid to the third-party grading service.
American Palladium Eagle mockup as presented to the Citizens Coinage Advisory Committee
The U.S. Mint announced today that sales of the American Palladium Eagles will begin on September 29. As bullion issues, they are being sold through with authorized channels and not directly to the public.
After seven years since the law was passed (American Eagle Palladium Bullion Coin Act of 2010, Pub. L. 111-303), these coins Will begin their sale. There is no indication whether the U.S. Mint will offer collectable versions or just release the bullion coins.
The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal designed by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.
No price has been announced but the current Price of Palladium is $911.63. As a reference the current spot price of metals are as follows:
Precious Metals Price Snapshot as of September 19, 2017 (This is a static chart—it does not update)
The U.S. Mint does not publish the bullion and bulk sale prices the way it does for collector coins but it is likely that these coins are sold to distributors at a premium over their spot price. I guess we will find out how much these coins will cost for investors and collectors purchase when they hit the market.
American Liberty Four Silver Medal Set will be on sale on October 19, 2017 at Noon ET for $199.95
The U.S. Mint did you publish in the Federal Register last week that the American Liberty 225th Anniversary Silver Four-Medal set will be priced at $199.95.
The American Liberty Four Silver Medal Set are four silver medals featuring the gold 225th Anniversary American Liberty Gold design struck in silver and without a denomination. Each medal will contain one troy ounce of silver and consist of one medal from each of the active mints with different finishes:
Philadelphia Reverse Proof
San Francisco Proof
West Point Enhanced Uncirculated
Denver Uncirculated
It was previously announced that the set will go on sale at noon on October 19, 2017.
Following the sell out of the 225th Anniversary Enhanced Uncirculated Coin Set, a few readers asked if I was going to post a comment. I declined to let the rest of the industry have this discussion. I would rather have a discussion about a different issue related to the U.S. Mint: the lack of leadership.
Since the resignation of Edmund Moy as of January 9, 2011, the U.S. Mint has not had a permanent director. Even though Moy’s term would have expired on September 5, 2011, there has been no permanent leadership as required by law.
Since Moy’s departure, there have been three people acting as director and two attempts at nominating a director that was not acted upon in the Senate.
Bibiana Boerio was nominated in Sept 2010 but never acted on by the Senate.
Rhett Jeppson was nominated in July 2015 and even had a hearing, but his nomination was not acted on in the Senate.
As of this post, the U.S. Mint has not had a permanent director for 2,407 days or 6 years, 7 months, 3 days and counting. This appears to the longest vacant position in the federal government.
In the past, this seemed to be a good thing because the government professionals taking the reigns of leadership seems to have made decisions that did not appear to hurt collectors. That was until the 225th Anniversary Enhanced Uncirculated Coin Set was sold without household limits.
Given the current state of the government where it is estimated that over 40-percent of the positions open for appointments, including those that do not require Senate confirmation, maybe this is something we have to live with regardless of consequences.
Not including the regular issues that will be sold by the U.S. Mint, the items left on their schedule is the American Liberty Four Silver Medal Set and the American Palladium Eagle.
American Liberty Four Silver Medal Set will be on sale on October 19, 2017 at Noon ET
I previously discussed the Palladium Eagle. The american Liberty Four Silver Medal Set are four silver medals featuring the gold 225th Anniversary American Liberty Gold design struck in silver and without a denomination. Each medal will contain one troy ounce of silver and consist of one medal from each of the active mints with different finishes:
Philadelphia Reverse Proof
San Francisco Proof
West Point Enhanced Uncirculated
Denver Uncirculated
Although the price has not been announced, given the current 225th Anniversary American Liberty Silver Medal $59.95, it is within reason to predict that the four medal silver set with special packaging will cost around $250 (plus-or-minus 15-percent).
The poll question of the day is are you going to buy these items?
Are you interested in the remaining U.S. Mint special collectibles?
I am just not interested (42%, 18 Votes)
I will buy the American Liberty Four Silver Medal Set (23%, 10 Votes)
These items are too expensive for my budget (14%, 6 Votes)
I am going to buy both (12%, 5 Votes)
I will buy the American Palladium Eagle (9%, 4 Votes)
I might consider them but buy them on the secondary market (0%, 0 Votes)
As part of the lame duck session following the 2010 midterm elections, Congress passed the American Eagle Palladium Bullion Coin Act of 2010 (Pub. L. 111-303) telling the U.S. Mint strike one-ounce .9995 fine palladium bullion coins as part of the American Eagle Bullion Program. The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal designed by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.
The catch to the law was that the U.S. Mint was to perform a feasibility study to determine if there will be market demand. Although the study showed that there is a market for palladium coins, it was not overwhelming. Based on the wording of the law, the U.S. Mint opted not to strike palladium coins.
This did not sit well with Rep. Dennis “Denny” Rehberg (R), Montana’s only member of the House of Representatives since the primary source of palladium in the United States is the Stillwater Mine in Montana. The mines, which also provides the U.S. supply of platinum group metals (PGM), is owned and operated by the Stillwater Mining Company. Rehberg added an amendment to the Fixing America’s Surface Transportation Act or the FAST Act (Public Law 114-94, 129 STAT. 1875, see Title LXXXIII, Sect. 73001) that took away the U.S. Mint’s option and added the word “shall.”
The FAST Act was also the law where the law was changed to allow the U.S. Mint to use better than 90-percent gold and silver in commemorative coins by changing the wording to say “not less than 90 percent….”
Palladium Eagle coins may have roughly the same impact on the market as the Platinum eagles since palladium is about $100 less expensive than platinum, 69-percent of the price of gold, but 53-times the price of silver. Based on the way the U.S. Mint prices precious metal products, the Palladium Eagle should cost within $100 of the platinum coins.
Precious Metals Price Snapshot as of August 4, 2017 (This is a static chart—it does not update)
Although palladium is only the fourth metal to have an official ISO currency code (XPD), it is not readily thought of as a precious metal that is used to hedge against financial disaster. Gold (XAU) and silver (XAG) are usually thought of first. Sometimes, platinum (XPT) is part of the discussion, but not as frequently as gold or silver.
Palladium does have industrial uses. Because of its ability to absorb hydrogen and compounds with hydrogen, like hydrocarbon, its major use is in catalytic converters used in every gasoline powered vehicle. It is also seen as a key element in the potential of cold fusion because of its ability to absorb hydrogen.
It is likely the American Palladium Eagle will be as popular as the Platinum Eagle. Maybe the U.S. Mint will sell more of these coins because they will be slightly cheaper and have a design more appealing to collectors, but neither of these coins will approach the sales totals of the gold or silver version of the American Eagle coins.
It is not a coin I am likely to collect. However, I will probably purchase the 2017 coin to have one from the first year of issue just as I did with the 2007 American Buffalo 24-karat Gold Proof coin.
Palladium Eagle images courtesy of the U.S. Mint via Coin World.
A while ago, I received the following question from a reader:
Why do coins that were made NOT for circulation, like Silver Eagles, Commemoratives Productions, etc have any value other than their face value? I do not see the value of collecting something that was never meant for circulation.
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
Starting with the first question, the face value of any coin is assigned by the legal authority that produces the coin. In the United States, the face value of any coin is determined by Congress. In other countries, the central bank or the treasury ministry makes the determination.
The American Silver Eagle Program was the result of the Reagan Administration wanting to sell the silver that was part of the Defense National Stockpile to balance the budget. Originally, the plan was to auction the bullion. After intense lobbying by the mining industry warning that such an auction would damage their industry, the concept was changed to selling the silver as coinage.
Changing the sales to coinage allowed for market diversification. Rather than a few people attempting to corner the market at an auction, selling coins on the open market allows more people to have access to the silver as an investment vehicle.
As codified in Title II of the Statue of Liberty-Ellis Island Commemorative Coin Act (Public Law 99-61, 99 Stat. 113), the “Liberty Coin Act” defines the program as we know it today including the phrase “The coins issued under this title shall be legal tender as provided in section 5103 of title 31, United States Code.”
As a legal tender item, the coin’s basic value has the backing of the full faith and credit of the United States government. Regardless of what happens in politics and world events, the coin will be worth at least its face value. Being minted by the U.S. Mint is a guarantee of quality that is recognized around the world making worth its weight in silver plus a numismatic premium.
Coins are perceived by the market as being more desirable than medals. Medals have no monetary value except as an art object. When it comes to investments, they do not hold a value similar to that of a legal tender coin. This is because medals are not guaranteed by the United States government, a key factor in determining its aftermarket value.
Once the coin has been sold by the U.S. Mint, its value is determined by various market forces. For more on how coins are priced, see my two-part explanation: Part I and Part II.
Why do American Silver Eagles have a One Dollar face value? Because the law (31 U.S.C. Sect. 5112(e)(4)) sets this as a requirement.
Why are the coins worth more than their face value? Because the law (31 U.S.C. Sect. 5112(f)(1)) says that “The Secretary shall sell the coins minted under subsection (e) to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).”
Can you spend the American Silver Eagle as any other legal tender coin? In the United States, you can use any legal tender coin in commerce at its face value. This means that if you can find someone to accept an American Silver Eagle, it is worth one dollar in commerce. However, it would be foolish to trade one-ounce of silver for one dollar of goods and services.
Commemorative Coins
Commemorative programs are different in that the authorizing laws add a surcharge to the price of the coin to raise money for some organization. Using the 2017 Boys Town Centennial Commemorative Coin Program (Public Law 114-30) as an example, Rep. Jeff Fortenberry (R-NE) introduced a bill (H.R. 893 in the 114th Congress) to celebrate the centennial anniversary of Boys Town. As with all other commemorative bills, the bill specified the number, type, composition, and denomination of each coin.
The Boys Town Centennial Commemorative coin features Fr. Edward Flanagan, founder of Boys Town
For example, the law says that the U.S. Mint will issue no more than 50,000 $5 gold coins that weighs 8.359 grams, have a diameter of 0.850 inches, and contains 90-percent gold. The law also has design requirements including being “emblematic of the 100 years of Boys Town.” The sale price of the coin will have “a price equal to the sum of” “the face value of the coins; and, the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).”
As with other commemorative, the coins will include a surcharge. Each gold coin will include a $35 surcharge, $10 for a silver dollar, and $5 for each clad half-dollar coin. When the program is over, the surcharges “shall be paid to Boys Town to carry out Boys Town’s cause of caring for and assisting children and families in underserved communities across America.”
The 2017 Boys Town Centennial Uncirculated $5 Gold Commemorative Coin is selling for $400.45 and the proof coin is selling for $405.45 suggesting that the process of producing a proof coin costs the U.S. Mint $5 more than the uncirculated coin.
What goes into the price of the coin? After the face value of $5, there is a $35 surcharge added that will be paid to Boys Town, there is the cost of the metals used. Here is a workup of the cost of the gold planchet using current melt values:
Metal
Percentage
Weight (g)
Metals Base Rate
Price (g)
Metal Value
Gold
90%
7.523
1259.00/toz
40.48
$ 304.52
Silver
6%
5.015
16.57/toz
0.53
0.27
Copper
4%
3.344
2.83/pound
0.006
0.00
Total metal value
$ 304.79
Even though the melt value of the coin is $304.79, there is a service charge the U.S. Mint has to pay the company that creates the planchets. Thus, before the labor, dies, use of machinery, overhead expenses, and marketing is calculated into the price, the coin will cost $344.79 even though the legal tender face value of the coin is $5.
Taking it a step further, the average profit the U.S. Mint makes from gold commemorative coins is 8-percent (based on the 2015 Annual Report). If they are charging $400.45 for the uncirculated gold coin, the coin costs $368.41 to manufacture, $373.41 for the proof version.
Why collect these coins?
Why not?!
American Silver Eagle bullion coins were created for the investment market even though the authorizing law saw the benefit of allowing the U.S. Mint to sell a collector version. All of the Eagle coins are sold for investment or because people want to collect them for their own reasons. Some collect the collector version as an investment.
Commemorative coins are collected for their design or the buyer’s affinity for the subject and to support the cause which is being sponsored by the sale of the coin. Some collect commemorative coins like others collect series of coins.
Even though modern commemorative coins are sold for more than their face value, that does not mean they are not worth collecting. After all, can you buy a Morgan Dollar, Peace Dollar, Walking Liberty Half-Dollar, or a Buffalo Nickel for its face value?
Collecting bullion, commemorative, and other non-circulating legal tender (NCLT) coins is a matter of choice. If you choose to collect these coins, know that they will be worth more than their face value. And while they are legal tender coins, they are not meant for circulation. They are collectibles.
If you like these collectibles, enjoy your collection. Along with coins produced for circulation, I own American Silver Eagle coins, commemoratives, and other NCLT because I like them.
Some of the NCLT coins in my collection
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
2015 March of Dimes Commemorative Proof set
2014 National Baseball Hall of Fame commemorative proof dollar graded by PCGS PR70
2012 Star-Spangled Banner Silver Commemorative Obverse depicts Lady Liberty waving the 15-star, 15-stripe Star-Spangled Banner flag with Fort McHenry in the background. Designed by Joel Iskowitz and engraved by Phebe Hemphill.
1936 Long Island Tercentenary Half Dollar
Reverse of the 2016 Chinese Silver Panda coin
2006 Canada silver $5 Breast Cancer Commemorative Coin
2007 Somalia Motorcycle Coins
2010 Somalia Sports Cars
Boys Town commemorative coin image courtesy of the U.S. Mint.
Errors verus Varieties: Varieties are spice ← you are here
A variety is a coin that differs from its basic design type in some distinctive way and is thus differentiated by collectors. Varieties are not errors. They are deliberate changes to the design whether it is to better define the design, adjust the design to strike better, or to add or change elements like dates and mintmarks.
A key difference between a variety and an error is that varieties are replicated for multiple strikes. Die changes, repunched mintmarks, repunched dates and over polishing of dies can reproduce the variety for the life of the die or until it is detected by Mint workers.
Nearly every series of coins has its own traceable die varieties that have been studied and catalogued by researchers. Researchers assign the varieties a number that is used by the third-party grading services to provide attribution to the variety on their holder.
Bicentennial Dollar Type 1 (1975) Reverse
Bicentennial Dollar Type 2 (1976) Reverse
1979 Susan B Anthony Varieties
Variety collecting is a very specialized subject. If you are going to collect varieties, you should read the references to understand the characteristics of the varieties. Some of the more well recognized and documented varieties include:
Catalog
Coin Series
Main or Initial Reference
Cohen (C#)
Half Cents (1793-1857)
American Half Cents – The “Little Half Sisters” by Roger S. Cohen, Jr.
Sheldon (S#)
Large Cents (1793-1814)
Penny Whimsy by Dr. William H. Sheldon
Fortin (F#)
Liberty Seated Dimes (1837-1891)
Liberty Seated Dimes – Die Varieties, 1837 – 1891, by Gerry Fortin
Overton (O#)
Half Dollars (1794-1836)
Early half dollar die varieties, 1794-1836, by Al C. Overton and Donald L. Parsley
Van Allen-Mallis (VAM#)
Morgan and Peace Dollars (1878-1935)
Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars, by Leroy Van Allen and A. George Mallis
Fivaz-Stanton (FS#)
Varieties from the Cherrypickers’ Guide
Cherrypickers’ Guide to Rare Die Varieties of United States Coins, by Bill Fivaz and J.T. Stanton
Arguably, the most collected series by varieties are Morgan Dollars. VAM varieties and catalog numbers were introduced to the hobby by Leroy Van Allen and A. George Mallis who discovered the varieties while examining Morgan and Peace Dollars. Their book, Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars began a hunt that has seen hundreds of more varieties found and cataloged.
Most VAM varieties cannot be seen without magnification and detailed knowledge of what to look for. The primary resource for VAM collectors is the VAMworld website. Aside from listing the identified VAM varieties, there are instructions how to identify VAM varieties.
1878-P VAM-169 Quadrupled Stars (courtesy of VAMworld)
1886-P VAM-1A Line in 6, Slightly Doubled Ear (Image courtesy of VAMworld)
1921-S VAM-6A Doubled Stars & Motto & Upper Reverse, Die Scratch (Image courtesy of VAMworld)
The third-party grading services have an optional service that will identify VAM varieties on their holders. However, they do not recognize all VAM varieties. There are three sub-lists of catalogued VAM varieties that are recognized. These varieties are as follows:
TOP 100: The 100 most significant VAM Varieties known
HOT 50: A list of additional 50 VAM Varieties that collectors are interested in finding. Many of these varieties are scarce and have sold for significant premiums
HIT LIST 40: A list of 40 new VAM Varieties that have been discovered since the publishing of the HOT 50 list
General searching for varieties and errors should consider picking up a copy of Cherrypickers’ Guide to Rare Die Varieties of United States Coins by Bill Fivaz and J.T. Stanton. The book comes in two volumes. Volume 1 covers die varieties of half cents through nickel five-cent pieces. Volume 2 covers everything else including gold and bullion issues.
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Following the sell out of the 225th Anniversary Enhanced Uncirculated Coin Set, a few readers asked if I was going to post a comment. I declined to let the rest of the industry have this discussion. I would rather have a discussion about a different issue related to the 
