Obtained a 1944-P Jefferson Nickel PCGS MS67+ FS from Heritage 2012 February 2-5 US Coins Signature Auction- Long Beach #1167 for $5,750 and 1,486 registry points as part of a lot which included a complete set of PCGS graded war nickels.

This auction was won using a max bid of $5,750.

PCGS-Certified Complete 1942-1945 "War Nickel" Business Strike Set.... (Total: 11 coins) Lot # 3973

1944-P 5C MS67 FS: NGC Census: (12/0). PCGS Population (7/0) (2/12).

Auction: 2012 February 2-5 US Coins Signature Auction- Long Beach #1167

Seller: Heritage Rare Coin Auctions

Auction Ended On: February 3, 2012

Coin Description:

This coin is the quintessential Jefferson War Nickel. Absolutely booming luster and a hammered strike combine with stunning eye appeal to drive this coin to an inevitable market grade of MS67+ FS. Iridescent blue/green toning transforms into vibrant hues of yellow, pink, and lime green when rotated under a light source. This toning scheme is the signature of the war nickel silver-manganese alloy and is the hall mark of a many a registry war nickel. Despite a shallow mark on the steps under the second pillar, the coin achieves the full step designation and the steps grade 6-5-5-5 by the quarter step method.

Comments:

The grade of this coin needs to be discussed both with respect to the number grade and the full step designation. First, it should be made clear that the surfaces of this coin while worthy of MS67 are not the reason this coin achieved an MS67+ grade. The chatter on the jawline is the result of remnant planchet flaws which do not affect the grade. However, there are several marks that are minor but noteworthy. The first is on the bottom edge of Jefferson's coat collar. The second is halfway up the second pillar of Monticello. And the third and most important is on the steps below the second pillar. It is this mark that seems to interrupt the steps at certain angles. The fact is that the mark is very shallow and while it does traverse the steps and is visible, PCGS determined that the disturbance did not interrupt the steps (lines) enough to preclude a full step designation. The decision of PCGS to award the + grade was related solely to the other elements of grading since the surfaces are not high end for the grade. However, it is visually evident that the luster, strike, and eye appeal of this coin are at the highest level possible for a Jefferson Nickel. The result is an accurate market grade of MS67+ FS.

I was perusing the Heritage website in early January and found a PCGS-Certified Complete 1942-1945 "War Nickel" Business Strike Set.... (Total: 11 coins) listed in the 2012 February 2-5 US Coins Signature Auction- Long Beach Sale #1167. My first thought was that I had never seen a complete set of war nickels sold as one lot in a signature sale before so needless to say, I was intrigued. I opened the lot and saw 22 thumbnail slab photos and immediately felt overwhelmed so I proceeded to read the item Description shown below:

PCGS-Certified Complete 1942-1945 "War Nickel" Business Strike Set. Includes: 1942-P Type Two MS66; 1942-S MS67; 1943-P MS67; 1943-D MS65 Full Steps; 1943-S MS66; 1944-P MS67+ Full Steps; 1944-D MS66; 1944-S MS65+; 1945-P MS66; 1945-D MS65; and 1945-S MS67. Many examples show gold, orange, or amber toning at the borders. Centers are almost universally silver. (#4016)

As I read the grades of the coins I was not overly impressed. MS65 & MS66 war nickels are essentially widgets and I already have several MS67 1942-S's. I was ready to close the listing when I stumbled upon the 1944-P MS67+ FS. I thought to myself, What? No Way! The population of the 1944-P in MS67 is only 19/0 for both grading services. I know this because I own one. It didn't seem possible that a 1944-P MS67+ FS which is essentially a top pop registry coin could be buried in such a listing. I immediately scrolled down and opened the oversized photo which showed hints of rainbow toning. It was at that moment that I knew. Despite Heritage's cookie cutter photos, I knew this coin was going to be blazing with immense eye appeal.

Unfortunately, I aslo knew that this coin would not escape the eyes of the PCGS registry collectors who are fanatical about improving their sets. I knew that this lot was going to cost a fortune. I reached deep and placed a proxy bid of $5,000 with the intention of not looking until the auction was complete. At the end of the auction, I felt sick to my stomach. I won the lot, but I was forced to pay the entire $5K + the 15% buyers premium. I had overbid and now I had overpaid. And while I now own the highest graded 1944-P full step Jefferson Nickel, I still have to deal with my own fiscal irresponsibility. It is my hope that I can sell all of the other coins in the lot as well as my other full step 1944-P through my E-Bay store and not incur too much of an incremental cost.

When I refer to the quintessential war nickel with the distinctive toning that only appears on the silver-manganese alloy unique to war nickels, it is hard to describe in words. The toning is iridescent and appears very different when viewed from different angles and under different lighting conditions. When viewed outside of direct lighting, the toning appears as a hazy intermingled hue of deep blue & green. That same toning when tilted into a light source turns into gorgeous shades of pastel rainbow colors usually including yellow, pink, and lime green. I have included two photos below to show the contrast that this quintessential toning creates. Enjoy!