US $10 Liberty MS61 PCGS “Green Label”

What is a ‘Green Label’? 

In 1986, PCGS formed with the goal to bring objectivity to the rare coin industry by assessing coins for condition and encapsulating them at specified grades.  ‘Green Label’ cases are coins that were graded by the company between 1990 and 1998.

Why does that matter? 

While we’d like to believe it’s not the case, the simple reality is that grading standards in those fledgling years were more stringent than they are today.  As such, the vast majority of ‘Green Label’ coins have been broken out and resubmitted/regraded, as they were known to often achieve a higher numerical grade in a newer generation holder.  Further to point, the plus (+) grading system PCGS currently uses also didn’t exist yet.  As a result, we almost never see coins still residing in these now roughly 30 year old cases.  Another point to consider, is that these are all very likely ‘fresh’ coins – meaning this is the first – and last – grading case in which each of these coins resided.   So the narrative is therefore twofold: One, these are all beautiful, original coins, very strong for their grade; And two, the ‘Green Label’ case itself is a scarcity, and a unique opportunity to secure a piece of numismatic folklore and history.

How did you acquire them?

Several years ago, I purchased these directly from a client who was the original owner of these coins from the mid-1990’s on, and never touched them.  I then sold the entire group to another client who appreciated their story, and kept the position in tact.  And now, he sold them back to me as a small part of a broader portfolio rebalancing.  As for now, I’m a purist, and I’d rather see our clients have the opportunity to own these coins in these original cases, because, for lack of a better description, they’re cool.  They can’t be replicated, nor put back in an older generation case… It takes a story like this for these to even be available.

So, they must be expensive right?  

Wrong.  In fact, we are offering these $10’s for same price as a raw AU/UNC variety $10 Liberty, and in range of the lowest premiums to spot gold we’ve ever seen for Uncirculated Historic US gold.  Moreover, they are only just slightly more than half the cost of a raw AU/UNC $20 Liberty – and less than half at the quantity discounted levels.  And as our clients know, smaller denomination historic US gold is typically much more expensive than larger denomination coins on a per ounce basis, owing to the fact that they experienced greater circulation and therefore lower survival rates in high end condition.  So even setting aside the added bonus of the ‘Green Label’ , these are an excellent accumulation opportunity in their own right.

History: The obverse of the $10 Liberty features the bust of Lady Liberty, surrounded by 13 stars representing the original 13 colonies. On the reverse is the traditional bald eagle image, with a shield on its breast, clasping three arrows inS its left talon (sinister) and an olive branch in its right (dexter), symbolizing the power of Congress to bring both war and peace, respectively. The eagle’s head is turned to the right, signaling its preference for peace.

On an interesting side note, the seal for the President of the United States was virtually the same, except the eagle faced the talon holding the arrows. In 1945, Harry S Truman changed it so that the seals were the same. Christian Gobrecht, most famous for the “seated liberty” design seen on dimes, quarters, and half dollars during this era, designed the Liberty series presented here.

$10 Liberty gold coins survived at lower rates than the larger $20 varieties following the gold recall of 1933 and are a good deal scarcer as a result.  When two $10’s can be obtained for close to the same price of a $20, investors would be wise to accumulate.