In my work as a numismatic writer and blogger, I often am asked to grade condition rarity via digital photography, without examining the item in my hand (apart from the keyboard). Usually I turn down such requests because my judgment may differ from that of a slabbing company, and then email complaints and demurs start to fly if my assessment differs.

Occasionally I will make exceptions, as I did for an auctioneer who specializes in excellent photography and who sells coins via the online portal Proxibid.

Recently the auctioneer emailed some photos of an 1884-S Morgan dollar, typically available for $100 or less in EF40 but that jumps in price as a condition rarity to $600+ in AU55 to $25,000 in MS62.

As such, this was an interesting case for me to take on when the auctioneer described the coin: "Here are some photos of the 84-S. Mirrored fields have some minor scratches; doesn't appeared to have been cleaned. Owner thinks it is MS60/62. It has some definite DMPL [deep mirror prooflike] qualities but sometimes that makes a coin look worse than it actually is. As you know an AU58 to MS60 is a big jump. Any input would be greatly appreciated."

Click on and expand the photos accompanying this post. You'll see in the first photo how I test for mint state. Many numismatists go for eagle breast feathers on the reverse, but my telling point is the hair above the ear on the obverse. That's how I can distinguish a slider (AU58, noticeable wear) from mint state (MS60 and above, little if any wear).

The hair here is inconclusive. It looks AU55-58. But this could be a weak strike. I'm leaning toward AU58, but it still can be MS60-61.

The next photo provides a straight-on shot of the obverse, and there are disturbing lines in different directions at various points in the fields, especially to the left of the profile. The coin may be cleaned. If not, it may be damaged in the cheek area or worse, tooled. I just can't tell from the photo.

I wrote the auctioneer, "Look with a loop to see if you discern uniform hairlines indicating tooling.I'm hoping those are album slide marks and not circulation marks or a poor attempt at altered surfaces."

The next photo shows mirrored fields. Such a coin's surface must reflect at least 4 inches away from newsprint to be designated deep mirror prooflike. This seems to show that. However, with top grading companies, the devices have to be frosted and distinct from the fields. This doesn't seem to have that quality.

Now go to the last photo here, a straight-on shot of the reverse.

The owner, who believes the coin to be MS60-62 DMPL, is typically looking on the bright side--literally. The left field is heavily marked, disqualifying the coin, unless the picture is faulty (I think not). The coin does have some deep-mirror properties (obverse field and devices, reverse fields--but not devices). There is too much noise for this to be DMPL, too. There's a chance of this being labeled proof-like, if the cheek isn't tooled.

If altered, the coin is a show piece for an album worth about $400 because of the mirrored fields.

My conclusion? There is too much noise on the obverse cheek and around the cheek to the extent that this will not slab at PCGS or NGC. Because 1884-S coins with this much going for it are exceedingly rare, there would be a better chance that this will slab at ANACS or ICG, although that is very doubtful as well. Slabbing by third- and bottom-tier companies is a telltale sign in numismatic circles that the coin didn't pass muster at first- and second-tier grading companies.

If sent to PCGS, whose standards I know best, my guess would be "Genuine, altered surfaces." At NGC, my guess would be "Improperly cleaned, AU55." But this is only as judged through a camera's lens. If analyzed with a loop in person, the coin may turn out to be low mint state, prooflike. Or worse: obviously doctored.

Here's what I proposed to the auctioneer: "Tell the owner that you need to send this to PCGS. It's worth the money to see how this will slab, if at all. Potentially, this coin may be a $400 or $7500 piece given the spread of those grades. I'd say chances are better than a lottery ticket."

The auctioneer liked that advice and is planning to submit the coin for grading. What is YOUR assessment?

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El Yunque Nationl Forest is located in Puerto Rico and is the only tropical rainforest within the U.S. National Forest System. The reverse design of the coin features a Coqui tree frost sitting on a leaf and a Puerto Rican parrot behind an epiphyte plant with tropical flora in the background. Inscriptions around the outer edge read "El Yunque", "Puerto Rico", "2012", and "E Pluribus Unum".

The obverse design of the coin contains a portrait of George Washington designed by John Flanagan for the 1932 Washington Quarter. The inscriptions include "United States of America", "Liberty", "In God We Trust", and "Quarter Dollar".

The US mint offers bags and rolls of the El Yunque Quarters struck on the main production floors of the Philadelphia and Denver Mints. The packaging for each product indicates the name of the park, state abbreviation, year of issue, mint mark, and face value of the contents. The 100-coin bags are available from each mint and priced at $34.95. The two rolls sets contain one 40-coin roll from each mint and are priced at $32.95.

There is no stated maximum product limit or household ordering limit in place. The numismatic bags and rolls are expected to remain on sale for one year from the original release date. The products can be found online at http://catalog.usmint.gov

The El Yunque National Forest Quarters were entered circulation on January 23, 2012.

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Commemorative coin programs are authorized by acts of Congress to celebrate and honor American peoples, places, events, or institutions. The authorizing legislation dictates the specific denominations to be issued, maximum mintage levels, design requirements, and period of issue. Legislation also typically requires that certain surcharges be added to the cost of each coin for later distribution to a recipient organization or project.

The United States Army Commemorative Coin Program included $5 gold coins, silver dollars, and clad composition half dollars. The surcharges included within the sales price s for the coins were $35 per gold coin, $10 per silver coin, and $5 per half dollar. Based on sales figures, the program generated estimated total surcharges of $3,055,735.00. The funds are directed to be paid to the Army Historical Foundation to help finance the National Museum of the United States Army.

The Medal of Honor Commemorative Coin program included $5 gold coins and silver dollars. The surcharges included within the sales prices of the coins were $35 per gold coin and $10 per silver dollar. Based on the sales figures, the program generated estimated total surcharges of $2,495,395. The funds are directed to be paid to the Congressional Medal of Honor Foundation to help finance the educational, scholarship and outreach programs.

Under the requirements of United States Code Title 31, Section 5134(f), the surcharges may only be distributed provided that all numismatic program costs have been recovered. Additionally, the recipient organization must demonstrate that they have raised funds from private sources in an amount equal to or greater than the funds generated from commemorative coin surcharges. If the matching funds are not raised within two years of the conclusion of commemorative coin sales, then the surcharges are deposited in the Treasury as miscellaneous receipts.

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The Lewis and Clark Commemorative Coin Program was authorized to commemorate the bicentennial of the Lewis and Clark Expedition. The authorizing legislation required the issuance of up to 500,000 silver dollars with designs emblematic of the famous expedition. The coins would carry an obverse design depicting Captains Lewis and Clark on a stream bank, planning another day of exploration. The reverse would features two feathers representing the Native American cultures touched by the Corps of Discovery and a rendition of the Jefferson Peace Medal presented to important leaders during the expedition. Seventeen stars represented the number of states in the Union when the expedition began.

The Lewis and Clark Coinage and Currency Set went on sale May 12, 2004, the same day that individual coin sales also began. The product was limited to 50,000 sets and priced at $90. This product would include an array of coins, medals, stamps, documents, and a specimen note brought together to recall the story of the Lewis and Clark Expedition.

The United States Mint coins included in the set were the two 2004 Jefferson Nickels issued under the Westward Journey series, with reverse designs featuring the Peace Medal and Keelboat, one 2004-D Sacagawea Dollar, and one uncirculated version of the 2004 Lewis and Clark Silver Dollar. Additionally, a silver plated bronze duplicate of the Jefferson Peace Medal was included.

Three stamps were included from the United States Postal Service. These 37-cent stamps featuring Lewis and Clark were designed by Michael Deas and issued by the USPS on May 14, 2004.

From the Bureau of Engraving and Printing, a replica Series 1901 $10 "Bison" United States Note was included in the set. The note included the portraits of Lewis and Clark to either side of an American Bison.

The set was completed with two informational booklets written by archivists from the National Archives and Records Administration about the expedition and the Louisiana Purchase.

Collectors responded to the Lewis and Clark Coinage and Currency Sets enthusiastically, with the US Mint reporting heavier than normal ordering activity on their website and at their telephone center. In order to provide the widest distribution possible, the US Mint announced that a limit of only ten sets per order would be imposed. Orders previously received in excess of the limit were adjusted. Within one week, the entire limited production of 50,000 sets was sold out.

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2004 Lewis and Clark Coinage & Note Currency Set    US $144.50

2004 Lewis & Clark Coinage and Currency Set - Complete w/Booklets    US $33.00

2004 Lewis & Clark Coinage and Currency Set STILL SEALED - UPOPENED!!    US $37.00

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The Treasury Department recently implemented a suspension of production of Presidential Dollars for circulation. The move was announced by Vice President Biden and Treasury Secretary Timothy Geithner as part of the Administration’s Campaign to Cut Waste.

Federal Reserve Banks hold an estimated 1.4 billion dollar coins in surplus, and it was estimated that the amount would have grown to 2 billion if the Presidential Dollars had continued to be produced for circulation through the conclusion of the program in 2016. The Treasury Department indicated that the suspension would yield annual savings of $50 million over the next several years.

The group of Senators who introduced S. 2049 the Currency Optimization, Innovation, and National Savings Act (COINS Act), cited potential longer term savings from phasing out the $1 bill in favor of the $1 coin. Although the coins initially cost more to produce than bills, savings would be generated due the longer lifespan of the coins compared to bills. A recent GAO study was estimated that the savings would be $5.6 billion over 30 years.

A news release from the Senators noted that virtually every modern economy has made a similar transition to higher denomination coins. The release also stated that when the Canadian government switched the the $1 coin, the move generated savings at a rate ten times the initial projections.

The COINS Act introduced in the Senate is a companion bill to H.R. 2977 introduced in the House of Representatives on September 20, 2011. The House bill currently has 12 cosponsors and has been referred to the House Committee on Financial Services.

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The United States Mint offers numismatic versions of the America the Beautiful Five Ounce Silver Coins, featuring a special finish created through a vapor blasting technique and the "P" mint mark. Mintages have been limited to 27,000 for the 2010-dated releases and 35,000 for the 2011-dated releases. Initially, the coins were priced at $279.95 each, but this was later reduced to $229.95 on October 7, 2011, and finally to $204.95 effective December 27, 2011. On the date of the last price decrease, the market price of silver was around $28 per ounce.

Despite an increase in the market price of silver by about $5 per ounce, the US Mint has continued sales at the lowest price level. More collectors seem to have taken notice of the fact. In the latest week, the US Mint sold 3,563 coins across the four available designs. This is up from 2,931 coins sold in the previous week.

The 2011-W Uncirculated Silver Eagle similarly had its price decreased effective December 27, 2011. Since that date, the one ounce coins with an uncirculated finish and the "W" mint mark have been priced at $45.95 each. In the latest week, collectors placed orders for 4,455 of the coins, up from 3,062 in the previous week.

Elsewhere in the sales report, the number of 2012 America the Beautiful Quarters Silver Proof Sets sold has quickly deflated. The product debuted two weeks ago with sales of 61,181. The following week sales registered at 8,048. For the current week, sales moved up by only 1,190.

The complete US Mint numismatic product sales report appears below. The figures are compiled through January 30, 2012. The first number column represents total sales through the reporting date, and the second number column represents the change in sales since the last report. Products with sales followed by an asterisk (*) are no longer available from the United States Mint. Currently available US Mint products can be found online at http://catalog.usmint.gov/

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A similar bill had been introduced in the House of Representatives on July 14, 2011. This previous bill has 296 cosponsors and passed in the House on October 26, 2011. It was received by the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs.

The newly introduced bill S. 2036 National Baseball Hall of Fame Commemorative Coin Act was introduced by Sen. Kirsten Gillibrand of New York. It has four cosponsors and has also been referred to the Committee on Banking, Housing, and Urban Affairs.

Both of the bills seek to require the Secretary of the Treasury to mint and issue up to 50,000 $5 gold coins, up to 400,000 silver dollars, and up to 750,000 clad half dollars. The gold coins would have a composition of 90% gold and 10% alloy, diameter of 0.850 inches, and weight of 8.359 grams. The silver dollars would have a composition of 90% silver and 10% copper, diameter of 1.500 inches, and weight of 26.73 grams. The half dollars would have the same specifications as the clad half dollars previously struck for circulation.

The bills each have the interesting suggestion that the $5 gold coins and silver dollars should be produced so that the reverse of the coin is convex to closely resemble a baseball and the obverse is concave to provide a dramatic display of the design. The 2009 International Year of Astronomy coins issued by Monnaie de Paris were produced in this fashion.

The designs of the coins are broadly required to be emblematic of the game of baseball. A competition would be held to design the common obverse of the coins, with compensation of not less than $5,000 for the winner. The expert jury judging the competition would be chaired by the Secretary of the Treasury and three members each from the Citizens Coinage Advisory Committee and the Commission of Fine Arts. The common reverse design of the coins would depict a baseball similar to those used by Major League Baseball.

The Baseball Hall of Fame Commemorative Coins may be issued during the one year period beginning January 1, 2015. They would be available in both proof and uncirculated qualities.

Surcharges added to the cost of each coin would be distributed to the National Baseball Hall of Fame to help finance its operations.

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The bill H.R. 3818 was introduced in January 24, 2012 by Rep. Rush Holt of New Jersey. He has previously introduced similar bills in the 108th, 109th, 110th, and 111th sessions of Congress. Each of these previous bills died in committee.

The specifics of the current bill call for up to 300,000 $5 gold coins, up to 1,000,000 silver dollars , and up to 2,000,000 clad half dollars to be produced with designs emblematic of the Revolutionary War and the War of 1812. Each coin would be minted in uncirculated and proof qualities, with only one facility of the United States Mint used to strike any particular quality of the coins.

The bill specifies that the coins may be issued only during the one year period beginning on January 1, 2013. This time frame seems problematic since under current rules, only two commemorative coin programs may be approved per year. Congress has already authorized two programs for 2013 featuring the Girl Scouts of the United States of America and the United States Army Five Star Generals.

Other requirements of the bill include surcharges of $35 per gold coin, $10 per silver dollar, and $3 per half dollar to be added to the sales price of the coins. These surcharges would be distributed to the Revolutionary War and the War of 1812 Battlefields Foundation for the preservation of historically significant battlefields and related historical sites.

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The 2011 America the Beautiful Quarters featured Gettysburg National Military Park in Pennsylvania, Glacier National Park in Montana, Olympic National Park in Washington, Vicksburg National Military Park in Mississippi, and Chickasaw National Recreation Area in Oklahoma.

The total mintage across the five different designs reached 391,200,000 compared to a mintage of 347,000,000 for the first five designs of the series issued in the previous year.

By individual design, the lowest overall mintage for the current  year was reported at 61,000,000 for the Olympic National Park Quarter. The highest overall mintage was 143,200,000 for the Chickasaw National Recreation Area Quarter.

2011 America the Beautiful Quarters Mintages

Mintage levels for the America the Beautiful Quarters still only represent a fraction of the number of coins issued for each design of the previous 50 State Quarters Program. In fact, production for the first ten designs of the ATB Quarters Program has still not reached the mintage level for the first design for the State Quarters Program. In 1999, the US Mint began the innovative program by producing 774,824,000 Delaware Quarters. Mintage levels rose in the following year, reaching a peak with the production 1,594,616,000 Virginia Quarters.

At the onset of the America the Beautiful Quarters Program, the US Mint attributed the lower production levels to decreased orders for new coinage placed by the Federal Reserve Banks. A large surplus of quarters had built up at the Federal Reserve Banks due to residual or redeposited coins from the State Quarters Program. Compounding the problem, the economic conditions of 2008 and 2009 caused a large number of previously issued quarters to return to active circulation, significantly reducing the need for additional payments to circulation by Reserve Banks. As a result of this situation, the Reserve Banks curtailed orders for new coinage and attempted to work down the existing surplus.

At the end of 2009, Federal Reserve Banks held about 3.8 billion quarters in inventory. This amount was reduced by 500 million as of May 31, 2010, according to testimony delivered by the Director of the Division of Reserve Bank Operations and Payment Systems. If the same rate of reduction was maintained throughout 2010 and 2011, the Reserve Banks may have finally reduced inventory levels enough to warrant increased orders for new quarters.

Based on the jump in production for the final quarter issued in 2011, this seems to be a distinct possibility. After two years of unusually low mintages, the America the Beautiful Quarters Program may see higher production and more widespread distribution in 2012.

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The American Silver Eagle was introduced in 1986, with the bullion version available through a network of authorized purchasers and collectible versions sold directly by the United States Mint. Initially, the Mint offered a single collectible proof version of the Silver Eagle as a recurring numismatic product. The standard proof coins carried the "S" mint mark from 1986 to 1992, the "P" mint mark from 1993 to 1999, and the "W" mint mark from 2000 to present.

An additional recurring numismatic version of the Silver Eagle was introduced in 2006. Referred to as collectible uncirculated versions, these coins were struck on specially burnished blanks and minted at the West Point Mint with the "W" mint mark. The coins have been sold individually and included in certain collector sets each year from 2006 to 2008, with the offering resumed in 2011.

Besides these two recurring numismatic products, the US Mint has periodically offered special anniversary sets to mark important milestones in the series. These sets have included one or more coins unique to the sets.

Within the US Mint's 2011 annual report, the Deputy Director of the United States Mint revealed the Mint's plans to offer a collectible uncirculated version of the Silver Eagle from the San Francisco Mint with the "S" mint mark for 2012. Last year, the US Mint had offered an uncirculated Silver Eagle with "S" mint mark only within the 25th Anniversary Set. The mention of the 2012-S Uncirculated Silver Eagle within the annual report seems to position the coin as a new recurring product offering, in addition to the collectible uncirculated version of the coin with the "W" mint mark and the proof version with the "W" mint mark.

Additional potential numismatic American Silver Eagles were revealed within a survey recently conducted on behalf of the United States Mint. The survey indicated that the Mint may consider offering a special 2012 American Silver Eagle Set, containing two coins only available within the set. According to information provided in the survey, the set would include a San Francisco proof coin with the "S" mint mark and a reverse proof coin with the "S" mint mark. The planned production level for the sets would be 200,000, with a household limit of two, and price of approximately $125. These sets would become another recurring annual offering with the next installment available in 2013.

The offering of the special two coin set still seems tentative, with subsequent survey questions asking preferences about other types of coins that could be included in the set. Options included uncirculated Silver Eagles with a special mint mark ("S" or "D"), proof Silver Eagles with a special mint mark ("S" or "D"), an ultra high relief version, reverse proof version, or proof and uncirculated versions carrying their customary mint marks.

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