5 Deutsche Mark 1951-1974 set completed! - 2020 resolution complete

neildrobertson

The German Silver Eagle - Germany's last circulating silver coin

As of this past week, I've completed my registry set for the 1951-1974 5 Deutsche Mark. I have been building it and working on it for several years. I set a personal goal for 2020 to upgrade all of the coins and get them graded by PCGS. This wasn't an entirely rational pursuit because a large number of the coins are not really worth being graded on value alone, with many coins being worth less than $50. However, I wanted to complete a registry set and make my contribution to the registry program. I have been looking at sets built by others for years, and have learned a lot from it. I feel obligated to give back and share a little bit of what I like.

My set is currently ranked #2 because I was not the only person this last year that had the same idea. Kolonel Klinck on the boards has also created his own set that is just as impressive that is currently ranked slightly above mine. Both he and I are planning to continue to work on our sets. While they are nice, they are not finished. And there is plenty of room to improve.

I submitted roughly 2/3-3/4 of my set to PCGS raw, and I purchased the remainder already graded. The PCGS population numbers are still low. The top 3 registry sets contain 73 coins each, and we've probably submitted ~200 coins between the 3 of us out of a total ~1000 graded. Roughly 20% of all coins graded at PCGS are in the top 3 sets. And it's worth noting that there are no complete or nearly complete sets ATS.

My Set: https://www.pcgs.com/setregistry/alltimeset/134028

The Coin

Size: 29mm
Weight: 11.2 g
Composition: 62.5% Silver, because of the lower silver purity and higher copper content, these coins will tone slightly differently from other 90% silver issues by Germany and the US.
Obverse: Denomination with date, mint mark, country of issue, and legend.
Reverse: Unadorned screaming eagle with wings spread.
Varieties/Types: There are two main varieties of 5 Mark. In approximately 1970, they gave the design a facelift and slightly altered the design. It gave the coin a slightly more precise and less hand-made look to it. The difference is most noticeable in the shape of the starts on the obverse and the eye and details of the eagle head on the reverse. Each mint converted to the new dies at different times and at different paces. You can search for old and new die groupings between the obverse, reverse, and edge lettering from the 1969-1972 timeframe. This is not something I personally pursue.

Figure 1. The coin from its first year of issue, in MS66 condition. Note that PCGS often does not orient the coin's obverse and reverse correctly in the trueview photos or the coin holders. Early variety.

Figure 2. Another example of the 5 Mark from the Karlsruhe mint. This is the later variety of the coin that started to be rolled out in the 1970 time frame.

General Set Analysis

The set is 73 coins in its totality. It is a very approachable set. It can be completed in circulated condition by almost anyone in the United States with the help of ebay and a few dealers. Most people that collect world coins have seen German 5 Mark coins available for sale many times. In many of those cases the coins are available for close to silver spot price. Almost all of the coins, barring some of the rarer dates, can be obtained for less than $10. Periodically, complete circulated sets will come up for sale in the neighborhood of $600-1000 dollars. It is not until you get to higher grades that the set can become difficult. Perhaps this set is comparable to Franklin Half Dollars in that sense. I'm guessing it would cost someone $5000-10000 to put a set together like mine.

The 5 Mark coin was issued as a circulating coin. They were minted in large quantities in 1951 because they had to provide enough coinage to supply the needs of an entire country following World War II. Uncirculated coins from 1951 are not particularly expensive, but they are when you consider the sheer number of coins minted. Most coins did their job and were used in commerce. This is true for all dates int he 1950s and even most of the 1960s. The coin was discontinued and replaced with a CuNi equivalent in 1975. At that time, silver started to be hoarded and the silver coins saw little more circulation. Once you get to the late 1960s dates, finding an uncirculated coin is more the norm, simply because they didn't circulate much after that point.

For the near entirety of the coin's life, it was produced for commerce. Coins were produced in quantity and handled in bulk at the mint and at banks. There were not well-made business strike issues that were kept aside for collectors. For this reason, finding a gem coin is difficult in almost any date prior to the early 1970s. Most uncirculated coins will be in the MS62-64 range. 1974 is the only date (I'm aware of) that the coin was produced specially for collectors. This is part of the reason why you see so many MS67 and MS68 examples in the population report for 1974 and don't see the same thing for other dates.

The registry set weights anything after 1964 as common, with a weight of 1. In universal terms, they are common and are easier than the earlier dates. I have found that high grade coins get progressively difficult as you go further in dates. A high grade set of 1966 is more difficult than 1971.

The Mints

Here are a few comments about the different mints. There were four mints: Munich (D), Stuttgart (F), Karlsruhe (G), and Hamburg (J). Recall that Berlin (A) and (E) Muldenhuetten were aligned to East Germany at the time. The Munich Mint (D) is the toughest mint to find an attractive coin in. Stuttgart (F) and Karlsruhe (G) are the easiest with Hamburg (J) being somewhere in the middle. I think this relates to mint manufacturing practices more than anything else. The Munich coins seem to be the toughest to find any kind of cameo on, with it being much more readily available on the other mint marks. Even though a cameo appearance is not unusual on this type, it is very unusual for a coin to be truly prooflike. The limiting factor tends to be how mirrored the fields are, as opposed to frost on the devices. The G mint has far and away the most die polish lines in the fields. However, the die polish lines never seem to impede the coin being attractive (for me at least).

Toning

At 70 years old, it's not out of the question for an original coin to still be white. That being said, almost no gem, original 5 mark from before 1970 I run into is truly white. They all have some kind of light toning or skin. The key date, 1958-J, and 1964-J are two coins in my set that are bright white. It's because they both have been through some conservation at one point or another. The color patterns on the 58-J suggest it was PVC from being in a vinyl holder. The 64-J had some stubborn PVC residue that I personally removed. When I removed it, the skin on the coin was also removed in the process. While both coins aren't bad, they stand out to me as not being completely original. It's worth pointing out that PVC damage is extremely pervasive on West German coins as vinyl albums were the most popular way to store coins for decades.

These lower purity silver coins pick up an interesting bluish tint that is noticeable on the 1960-F and 1972-F that I am not accustomed to seeing on 90% silver coins. They also pick up a variety of other colors that you are used to seeing on silver coins. After collecting this set for a while, I started to notice certain types of toning show up more on certain dates/mms. You can see some similarities when comparing my set to the other sets on the registry.

The Key Dates

1958-J is the key date of the series with a low mintage of 60,000. The coin is not necessarily rare though. You can find an example or two in almost every major German auction and a few up for sale on MA-Shops at any given time. Finding an uncirculated example is where things start to get difficult. You may only see a handful per year at auction and a handful per year sell elsewhere online. Once you cross the AU58/MS62 grade, the price starts to go up dramatically. Low grade cleaned examples sell in the $150-200 range. The last few MS64 examples have sold for a few thousand.

Behind the key date, two dates 1958-F and 1957-G are still very difficult in uncirculated condition. You can expect to have to pay a few hundred for a halfway decent uncirculated example. These aren't quite as elevated as the 1958-J. They aren't always included in the big auctions, when I think they should be. I am reminded of the conversations I've heard from Lincoln collectors where they say 1909-S VDB gets all of the attention even though there are multiple other dates that are still extremely tough in nice condition.

TwoKopeiki

Congrats! NIcely matched set!

bidask

@TwoKopeiki said:
Congrats! NIcely matched set!

I second that ! Way to go .👍

coinkat

Congrats... this may seem easy but it is not. Well done

TomB

This is a great post and a beautiful set you have built! It is truly impressive and I am happy you are not "finished" with it and will still be researching the coins.

ColonelKlinck

Awesome set, and no easy endeavor as I have first hand knowledge of the difficulties involved in building a set transcontinental. Coin photography of European coin dealers and auction houses leaves much to be desired. That "gem" MS66 often turns out to be 62-borderline-63 when it's finally in-hand after 2 months in transit.
Nothing like some good, stiff competition to keep one on one's collecting toes! I'll be "checking my six" on a regular basis! Also, thank you for the write up; truly first rate!

Here's the link to my set...

https://pcgs.com/setregistry/germany/west-germany/german-5-mark-basic-set-circulation-strikes-1951-1974/alltimeset/204950

Clio

Absolutely awesome write up. This is what I come to this forum for. Great insight into a very cool series that you have endeavoured on. Even the measly 19 coin set I am assembling feels dauting so I cannot imagine a set more than 3 times the size. Really enjoyed reading your observations regarding the series.

Do you think more world sets will draw more attention in the future? I really would like to have more of this kind of set building in the world side of coins. Great sets like this with a reasonable chance for the average collector to assemble are just waiting, while having $10k invested into a US set would rank you in the top 500 sets maybe.

AuldFartte

Congratulations @neildrobertson! Wonderful writeup and a beautiful collection. Thanks for this contribution to the forum!

Bob13

Wonderful post - your dedication real comes through. Both you and @ColonelKlinck have great sets!

Now I feel laze about 2020! What is your plan for 2021?

neildrobertson

@ColonelKlinck said:
Awesome set, and no easy endeavor as I have first hand knowledge of the difficulties involved in building a set transcontinental. Coin photography of European coin dealers and auction houses leaves much to be desired. That "gem" MS66 often turns out to be 62-borderline-63 when it's finally in-hand after 2 months in transit.
Nothing like some good, stiff competition to keep one on one's collecting toes! I'll be "checking my six" on a regular basis! Also, thank you for the write up; truly first rate!

Here's the link to my set...

https://pcgs.com/setregistry/germany/west-germany/german-5-mark-basic-set-circulation-strikes-1951-1974/alltimeset/204950

Even though your technical grades are top notch, you are definitely becoming the king of toners for this series.

I wasn't even sure you could have a coin toned like the one in your profile pic until I saw it.

I know we see sets of toned coins on the US side of things all the time, I think we take for granted how uncommon that sort of thing is. I don't see many toners at all. Most of the ones I've seen look AT or are in your set. I don't know if it's because mintages are lower. Maybe it's the alloy and planchet preparation. Either way, it's rare.

ColonelKlinck

Most of the "Toners" are self made; that is to say they have been tucked away in felt lined boxes in my Münzschrank (Coin Cabinet) for 20+ years. When I discovered the pictured coin below, I was hooked. The iridescent greens, oranges and blues are reminiscent of "textile" or bag toned Morgans. It is not in my set as it grades 2 points below the sets' MS67, but is one of my fav's.

PillarDollarCollector

Congrats!!

Abuelo

Congratulations! I knew nothing about these. Thank you for sharing.

neildrobertson

It's worth noting that I called them the German silver eagle because Germans refer to them as silberadler. That literally translates to silver eagle. There have been many other German silver coins with eagles on them, but this one got the name.

It also goes by the nickname Heiermann, which I have never heard the full story on.

neildrobertson

Old Reverse:

New Reverse:

The easiest thing to look for on the reverse is the shape of the eye. On the new one it is more of a semi-circle and the old is more of a full circle.

Old Obverse:

New Obverse:

On the older obverse, the stars are skinnier.

cecropiamoth

What a tremendous writeup @neildrobertson . Great sets that you and @ColonelKlinck have put together...quite the undertaking at 73 coins too. I draw some similarities to the Washington Quarters, Basic Set, Circulation Strikes (1932-1964) which is 83 coins. Your type is a bit larger, also the last circulating silver coinage of its time and both have some tough key and semi-key dates. The difference being if you are sufficiently well heeled, the Washington Quarters silver basic circulation strike set can be put together pretty fast in 65-66/67 if so desired. Not so with your set given the low numbers of already graded coins in the pop reports.

Always loved this type when picking through foreign junk silver bins. Really cool that silver coinage was struck and circulated in West Germany up until 1974, a full five years more than our last circulating 40% silver half dated 1969. A similar late date circulating silver coin can be found from Mexico, the large .720 fine Morelos 100 Peso dated 1977-1979. I could be wrong but the West Germany .625 fine 5 Deutsch Mark (thru 1974) and Mexico .720 fine 100 Peso (thru 1979) may have been the last world circulating silver coinage. Of course there were the bi-metallic, silver center (.925) Mexico 10 new peso (1992-1995) and 20 and 50 new Peso (1993-1995) coins. But those were produced at a time when I believe silver prices had long gone sideways at $4-6 per troy ounce. Neat stuff.

Jeff

ColonelKlinck

@neildrobertson said:
It's worth noting that I called them the German silver eagle because Germans refer to them as silberadler. That literally translates to silver eagle. There have been many other German silver coins with eagles on them, but this one got the name.

It also goes by the nickname Heiermann, which I have never heard the full story on.

From what I have gleaned, the term "Heiermann" is derived from a dialect meaning "sleep" as these coins were popular in Hamburg's red light district and one of these coins "could get you a good night's sleep" (edited for young numismatists) in their day.

https://translate.google.com/translate?hl=en&sl=de&u=https://de.wikipedia.org/wiki/Heiermann&prev=search&pto=aue

neildrobertson

I upgraded 8 coins in my set with a recent batch from grading. I copied the photos below. There are a few shared top pops and no lone top pops. Most of these coins are coins I'd be happy to keep in my set long-term and will have a tough time upgrading. I still have 10+ coins I could upgrade in my set without too much trouble. I expect things to start getting pretty tough after that. I'm already getting to a point where a not insignificant portion of the coins I buy as upgrades end up not being upgrades (only rarely do I get to see coins in hand before buying, so it's an inherent risk). The 1964-F is probably the least exciting coin of the bunch, but I still submitted it because it was technically better than the one I already had graded.

It's interesting to even see the diversity of color and appearance on these 8 coins below. I do think the higher copper content in these 62.5% pure silver coins do lead to more coloration.

1974-G 5 Mark - MS68 - pop 3/0

1971-D 5 Mark - MS66 - pop 3/1

1970-J 5 Mark - MS66 - pop 7/1

1970-F 5 Mark - MS66 - pop 3/0

1967-F 5 Mark - MS66 - pop 4/0

1964-F 5 Mark - MS65 - pop 10/8

1959-D 5 Mark - MS65 - pop 2/0

1958-D 5 Mark - MS65 - pop 3/1

coinkat

nice examples...

thefinn

Very nice. I don't think people realize how tough these are to find nice. They circulated! And with the open fields - especially the denomination side - they are tough to find without hairlines.

Marty111

Hi,
A beautiful set. I like the simple and plain design

neildrobertson

I made what will likely be my last update of the year to my 5 Mark set. - https://pcgs.com/setregistry/germany/west-germany/german-5-mark-basic-set-circulation-strikes-1951-1974/alltimeset/134028

I've improved the set by roughly a half a weighted grade point since I originally completed the set in March. On a 73 coin set that is already 100% complete in Uncirculated condition, that's substantial. I probably updated around 2 dozen of the coins. Only 9 of the coins are graded 63/64. Everything else is 65 and better.

I'm not sure whwat my goals for 2022 will be. I'll still look to improve, but many of the coins are becoming legitimately difficult to upgrade. It would be pretty cool to get to a grade minimum of MS65, but that would prove very costly on the key date. I'll probably be able to cherry pick another 67 or two since I had 3 of them on my last submission that I was able to get for under $20. That's still doable on the later dates since they're common in gem.

I'll also note that I am taking an iterative approach to this set that many people advise against. I completed the set 7 years ago and have been repeatedly upgrading it. I've owned at least 3 coins for every single date at this point. I've owned more than 3 coins for some. I've been fortunate to be able to sell my coins for what I've bought them for, so it hasn't been a financially bad proposition. But the process of owning so many coins of this single type, and sending over 100 of them in to get graded has really enhanced my knowledge and ability to grade the series. Something like 1 out of 12 coins of this type certified have been sent in by me in the past year. It's probably twice as much if you count ColonelKlinck and I together.

The registry is still relatively immature and could change a lot in the future. I'm not sure if and when that will happen. I'm seeing a lot of coins from Germany making it into NGC holders these days, but it hasn't really manifested itself in this series (based on what I see on IG). It's likely because they have an office in Munich. You're average collector has a certain amount of discomfort mailing things internationally.