Question for Lincoln nuts: Why is the 22 no D so valuable?
ER
Posts: 7,345 ✭
What 's the big deal?
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Remember Laura whining about why the 1849-C open wreath $1 in the Richmond sale was overrated? That was pretty funny.......
Also, there's a slot for it in the dansco album. Lots of the raw collectors prefer to buy them slabbed for authenticity reasons, then crack them to put in their dansco.
David
But what I find fascinating is the price these cents bring at auction. I believe if there were only one or two produced, they would historically not have sold for anything near what they have though still they would sell for some sort of premium. However, there were enough minted so that 99% of Lincoln collectors knew they existed (or at least enough that Whitman deemed them worthy of a space in their folders) and yet few enough that the supply was such that they fell far short of the demand.
Personally, I would pay a premium over the same price that I'd pay for a 22-D, but nothing near what they typically go for today.
The 22-D has stood the test of time as it has made the successful leap from hype to desirability.
peacockcoins
Anybody want to buy a 1923-S no-mintmark Lincoln in VF20 for $350? Yes, uhh-huh....my point.
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<< <i>Dansco has a hole for it in their album. Probably most albums do. I think they just did that so it would be 6 total Lincolns 1921-1923, so the pattern of having each dates p,d,s nicely in one row would last throughout the entire album. I do not consider 22 no d as part of a basic Lincoln set at all. >>
You have to be kidding! Albums including it just to even out their pages?? Come on! The truth here is that it is an established rare coin and has kept rising in value in all grades because it is in a highly popular series, and there are just enough of them to let everyone dream about owning one. If only five were made, then it would probably not get much attention at all. I will add that what happened at the Denver Mint in 1922 probably happened in almost EVERY other year of the Lincoln series at Denver and S.F., but we only know about it in this case since 1922 was the only year that Philly didn't strike cents. A perfect parallel would be the 1990 no S proof cent, the future king of the memorials. No one would know it was a mistake that they forgot the "S" and it would be indistinguishable from the Philly output but for the fact that it happens to be on a proof coin. If you dismiss the 22 no D, then you also have to dismiss the 90 no S, the 3 legged Buffalo, etc. as they all fall in the same category.
And it is an exotic error. It is cool knowing it should have a D. The 1955 DD is a BLATENT DD, and is worth more than other up-and-comer DD's that do NOT show as much a strong Double Die, which is why they are worth so much.
And, people like me WILL pay big bucks (if we can afford it) to have a nice specimen. There is NOT very many nice ones, because for YEARS, no one knew anything was wrong with the coin.
You ask: Why are they worth so much? ??? Can the same question not be asked about highest grade lincolns in which they made MILLIONS OF???
<< <i>What 's the big deal?
Pretty well asked and answered so far.
According to research, Philadelphia was fairly well involved with producing huge quantities of Peace Dollars that year (1922) and the 7+ million Lincoln cents they needed for circualtion were parcelled out to the Denver Mint. Right near the end of the production run, with only about 10,000 coins remaining to fill the quota, the remaining 1922-D dies clashed. A request was made to the Mint Director in Philly to rush out a fresh obverse die (Denver had plenty of reverse dies) but Denver was told that it wasn't possible and to do the best they had with the damaged die.
As a result, the obverse was heavily polished to remove the clash marks, and in the process, all traces of the mintmark were removed. Thus the Die Pair 2 (strong reverse) was created, and all coins struck with this die have NO trace of a "D". Dies Pairs 1 & 3 are merely filled die examples, but the Die Pair 2 is different.
In EF, as has been posted here, they are scarce in EF, rare in AU and exceedingly rare in true Unc states. Only one MS-65 red has been certified, and that one is in an NGC holder. I saw it when Bob Hughes was selling it about7 or 8 years ago..Price was $75,000 then and in my opinion was only a RB. The red had deeply mellowed. PCGS has only certified the finest they've seen as a MS-64RB.
They are prized by serious Lincoln Cent collectors and since they were not even known about till about 1934, the vast majority were heavily circulated. When one was encountered earlier, most felt they were poor examples struck in Philadelphia.
Although some may disagree, it is a high demand coin that will sell for strong money in almost any grade above Good, although VFs and higher are the preferred grades, since the obverse is so weak that Fines look no better than most Goods of other dates. They should be graded primarily by the reverse. Unless you are a specialist, they should generally be purchased slabbed by one of the majors, and there are more altered dates than genuine ones out there! The weak D of a Die Pair 1 is often removed and the coin recolored, with the chracteristic jogging die crack thru the O of ONE camafloged by brown goop to make the reverse look legitimate. Die Pair 1s have much stonger reverses than Die Pair 3 examples, which is why they are used for the deception.
Ira (this date is my specialty)
After observing the market for nearly 40 years on these cents, I finally realized in 2000 that I had to have a couple for my set.
In studying them very carefully, the strong reverse is clearly a distinct die from all the others of 1922-D.
The fact that they usually look so poor in quality adds to their allure.
hey Claw
of course that's the answer, demand is almost always the reason for higher and higher prices for everything, not just coins. but if you ignore Chuck's reasoning and explanation in the post just above yours, you'll likely get duped into buying the 1923-S.
al h.
<< <i>If you dismiss the 22 no D, then you also have to dismiss the 90 no S, the 3 legged Buffalo, etc. as they all fall in the same category. >>
I do dismiss them. The 90 no S isn't quite in the same catagory though as it never had the feature in the first place, while the other two started out as normal and had details removed through grinding on the die face.
It's got a spot in nearly every Lincoln cent album, and nearly everyone started with Lincoln cents, so lots of people needed one. The good one was made from one set of dies, therefore it's a very limited number of possible coins available.
And (again) the biggest reason, I don't have one