Ike experts: two silver 1971s proof peg leg fs401?
Ppp
Posts: 487 ✭✭✭✭
I received these two Ike’s in a collection and I believe they are silver (because they weigh 24.6 gms) 1971s proof “peg leg” fs401. Do you agree?
I am having trouble finding value information on a proof version of this variation.
I apologize for the pictures and the finger prints are not mine.
Thank you in advance for your comments.
2
Comments
The FS-401 designation is only for the regular strike 1971-S peg leg, and is a harder to find variety.
The proof 1971-S peg legs are not hard to find, and not usually worth a premium unless they are also a doubled die variety or are graded PR70DCAM.
I just looked, I don't see a proof version listed in Cherrypicker's. Maybe it's not listed in there because like @IkesT said, they are not hard to find and might be common.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
There is no such attribution. Approximately 1.2 million of the 71S proof Ikes (all were 40% silver) were struck from the Mint as Peg Legs - all struck in December 1971. The more significant majority of 71S proof ikes, about 3 million, were struck in winter 1972 and are not Peg Legs but instead have the more common serif-R design.
The value of a 71S proof Peg Leg is generally no different than the non-Peg Legs.
This one is listed on eBay.
https://www.ebay.com/itm/204134797461?hash=item2f8761d095:g:IwMAAOSwpsxjXBEm&amdata=enc:AQAHAAAAsF04tzZPtNV++u4YPvLw3JZn5pbL7hu+bRGVSq0MHDehUa2W6dgJtArDOK2qaC5Oq0uS+lsAB3sgY4l9oN8zV6cEHJFD2dg5Vy9tm1Tj7nbWOxxBcUf2gY9PviueYs+bobeOmpYUFVZl60rOm1qXievw/tcHEsVz3CizdPM+Coetd9I64ts4bRweEtNoTQjGAneginYko6CuBK74FlYd/9rThHv2KlzWYrl0T8neiR+8|tkp:Bk9SR7rFhouPYQ
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
The coin in that listing is a proof, and therefore it is not the FS-401. The only way it will sell for $99 is if someone is tricked into buying it. The coin is worth ~$10 or so as an impaired proof.
Thank you for your comments.
I know about the mint state version but I found the attached regarding the proof state version on the ngc site. That’s why I am confused because I don’t see any information on the proof version but as stated by Ikest since common that’s probably why.
NGC and ANACS will both attribute 1971-S peg leg proofs, but NGC is incorrect in calling it the FS-401 variety.
@OAKSTAR is correct that the FS-401 is listed in the Cherrypicker's Guide only as a regular strike variety.
The FS-401 stems from an individual working die that was overpolished, creating a harder to find peg leg variety.
The 1971-S proof peg legs stem from a master die that was overpolished, and that master die gave rise to many peg leg working dies - that is why the proof peg legs are common.
That’s why I like this forum, always learning something.
I should have joined many years ago.
Good information and a fine distinction that likely has confused many collectors. Cheers, RickO
for varieties, it is good to check ngc and especially anacs (icg if they have one) pop reports.
We got a 3-Leg Nickel.
We should have a Peg Leg Ike.
Pete
1) 1971-S Ike proofs were initially peg leg by design. At least 1.2 million (and perhaps up to 2 million) were produced. The serif was added in later production, and the balance of the 4.26+ million 1971-S Ike proof bore the add-on serif R. The average obverse die life of a 1971-S proof die was 2500 coins. This means that there may have been approximately 480 obverse dies with a peg leg R were used in the production of the ~1.2 million peg leg 1971-S proof Ikes. These coins carry no added premium due to the peg leg. (unless the leg of the R is nearly completely gone, then some Ike collector might be willing to pay a small premium)
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2) The peg leg 1971-S Ike proofs are absolutely not attributable as a FS-401. The FS-401 is from single-die 1971-S "business strike" Ikes ("blue pack Ikes"). Seeing unattributed peg leg 1971-S Ike proofs listed on eBay as FS-401 with a significant premium attached is perhaps one of the most aggravating and fraudulent (whether by ignorance or by unscrupulousness) Ike selling activities.
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3) The 1971-S "blue Ike" that gets attributed as a FS-401 actually originates from one of two separate obverse dies, both bearing a similar peg leg. That said, I just lied. I have seen four different single-die peg leg 1971-S business strike Ikes end up attributed as FS-401. There are four 1971-S business strike peg leg dies, but only coins from two of them should appropriately be attributed as FS-401. Examples here
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4) The average die life of a 1971 die strike business strikes (ie, the 1971-S blue pack Ikes) was 100,000. Whether the four dies (two true FS-401 obverse dies + two more additional peg leg obverse dies) producing 1971-S peg leg business strike blue pack Ikes produced as many as 100,000 coins each is unknown (I suspect not). Regardless, coins from these four dies should carry a premium...1.2 million proof peg legs from 480 dies should not
- Ike Group member
- DIVa (Designated Ike Varieties) Project co-lead and attributor
It does say (NEW) on NGC's website ... I wonder if they got a copy of CherryPickers Guide new additions?