Collectors Corner^SM: The Collectibles Marketplace

The 1942/1 Mercury Dime is one of the most famous of the 20th-century overdates, though there are many other fascinating overdates that literally “leap” a year or even more. Courtesy of PCGS TrueView. Click image to enlarge.

Overdated coins are some of the most eye-catching and coveted varieties in American numismatics. Struck since the earliest years of the United States Mint, which was established in 1792, they exist for virtually every denomination of U.S. coinage. Popular issues, such as the 1918/7-D Buffalo Nickel, 1918/7-S Standing Liberty Quarter, and 1942/1-P and 1942/1-D Mercury Dimes were all made inadvertently, whereas those made in the 18th and 19th centuries were consciously made for practical and economical reasons.

Although the majority of U.S. overdates are sequentially dated, there are a number of curious issues with a date that skips or “leaps” a year or two (or even three!), a few of which rank among the greatest rarities of United States coinage. To better appreciate these exceptional overdates, a working knowledge of the hub and die making process is in order.

The manufacture of steel coining hubs and dies was a laborious, time-consuming, and expensive process in the early years of the U.S. Mint. The original or “master” hubs were forged and turned by hand. The portrait, wreath, or eagle were engraved into the hubs by hand. Each letter and numeral/number was hand punched into each die, often multiple times, in order to make full impressions. The dies were then heat treated, hardened, and put into production until they wore out or broke/failed. If the dies were still serviceable by the end of a current striking period, they would be shelved and considered for future usage. In some instances, multiple years would pass before these dies would be repurposed for the current year.

One of the earliest “leap” year U.S. overdates is the 1797/5 Half Eagle (BD-7). This 1797 obverse die was created when a “7” was repunched over the “5” of an unused 1795 die. Little effort was made to obscure the “5,” resulting in one of the boldest overdates in U.S. coinage. Additionally, it is the only collectible 1797 Heraldic Eagle Half Eagle variety, with only 16-20 pieces known to exist. In March 2015, the finest-known specimen, a PCGS-graded MS62+, sold for $223,250.

Another leaping-year overdate is the famous 1817/4 Capped Bust Half Dollar. Discovered in Los Angeles in 1930, this 1817 variety was created when a surplus 1814 die was repunched with a “7” over the “4.” An 1813 obverse die was also recycled for 1817 to create the 1817/3 overdate. However, this variety is relatively available. The 1817/4, on the other hand, is one of the great rarities of United States coinage. Only 11 are known to exist, and in July 2009, a PCGS-graded AU50 specimen sold for $356,500.

The 1827/3/2 Proof Original Capped Bust Quarter is among the most famous and desired issues. The obverse die was first made to produce 1822-dated quarters but went unused. In February 1823, this leftover 1822 obverse was repunched with a “3” and used to strike every 1823-dated quarter, itself a rarity with 31 known. Then for 1827, this 1823/2 obverse die was overdated a second time, resulting in the 1827/3/2 that represents a span of six years! (And if one considers the 1850s restrikes, the date belies a true utility span of three decades!) Only nine examples of this twice-overdated, landmark rarity are known to exist today. The finest-known Original 1827/3 Capped Bust Quarter, graded PR66+CAM by PCGS, sold for an auction record of $705,000 in May of 2015.