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821

1918/7-D 5C MS64 NGC. A nationwide minor coin shortage

Currency:USD Category:Coins & Paper Money Start Price:65,000.00 USD Estimated At:1.00 - 2.00 USD
1918/7-D 5C MS64 NGC. A nationwide minor coin shortage
<B>1918/7-D 5C MS64 NGC.</B></I> A nationwide minor coin shortage during the last two years of World War I led to most cents and nickels disappearing from circulation, and accordingly the U.S. Mint began an unprecedented output of those coins in an effort to alleviate further shortfalls. Mintages of the Lincoln cent jumped from 56 million pieces in 1915 (all mints) to 190 million pieces in 1916 and to 284 million pieces in 1917. Meanwhile the Buffalo nickel emissions leapt from 30 million coins in 1915 to 89 million pieces in 1916, to 65 million coins in 1917, and to 45 million coins in 1918 between Philadelphia, Denver, and San Francisco. In the midst of this flurry of hub-, die-, and coin-making, it is little wonder that dies from both 1917 and 1918 would be in preparation during the waning months of 1917. One of those 1917-dated dies was inadvertently hubbed after annealing with a 1918-dated hub, creating this rare overdate.<BR> Most surviving examples of this issue are well circulated, so that the average grade of those coins is only Very Good. Only in 1930 was the first mention made of the variety, even though the overdate is startlingly obvious. According to the Lange reference (2006), only later in that decade did collecting Buffalo nickels by date and mintmark really catch on, by which time the existing specimens of this rare variety had been in circulation nearly 20 years. Most were quite worn. Lange speculates that, "Accounting for possible resubmissions of the same coins to grading services, it's likely that about two dozen or so Uncirculated pieces have survived." As of this writing NGC has certified 30 Mint State pieces, while PCGS adds 47 pieces. Both of those figures likely include multiple resubmissions, so that Lange's estimate appears to be in the ballpark.<BR> In the MS64 near-Gem grade of the current example, there are 12 pieces so graded at NGC, with three coins finer (11/06). This specimen shows delightful lilac-blue patina over problem-free surfaces that offer good luster and enormous eye appeal. The downstroke and the top crossbar of the 7 are both quite bold inside and over the 8, as on all high grade examples. A strong coin worthy of a premium bid.<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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