Franklin Pierce, the 14th President of the United States, served from 1853 to 1857. While his presidency was marked by several significant events, including the Gadsden Purchase and the controversial Kansas-Nebraska Act, Pierce’s legacy also lives on through the Presidential $1 Coin Program. Launched in 2007, this series of golden $1 coins aimed to honor the nation’s chief executives, with each president receiving their own unique design.
One of the coins in this series is the Franklin Pierce dollar coin, which bears the former president’s portrait on the obverse (heads) side. But how much is this commemorative coin actually worth? In this comprehensive guide, we’ll explore the factors that determine the value of Franklin Pierce dollar coins, including their design, history, condition, and rarity.
Franklin Pierce Dollar Coin Design
The Franklin Pierce dollar coin features a striking design that pays tribute to the 14th president and the ideals of freedom symbolized by the Statue of Liberty.
Obverse Design
On the obverse (heads) side of the coin, we find a portrait of Franklin Pierce facing left. This engraved likeness was sculpted by artist Don Everhart, based on a portrait by George P.A. Healy. Surrounding Pierce’s portrait are the inscriptions:
- “FRANKLIN PIERCE”
- “14th PRESIDENT”
- “1853-1857” (Pierce’s term as president)
Reverse Design
The reverse (tails) side of the coin depicts a striking image of the Statue of Liberty, one of America’s most iconic symbols of freedom and democracy. This design was sculpted by artist Don Everhart as well. The reverse includes the following inscriptions:
- “UNITED STATES OF AMERICA”
- “$1”
- “IN GOD WE TRUST”
Edge Lettering and Position
Along the edge of the Franklin Pierce dollar coin, you’ll find the incused inscription “E PLURIBUS UNUM” (Latin for “Out of many, one”). This lettering helps distinguish the coin from other denominations and serves as an additional security feature.
The position of the edge lettering can vary, with some coins featuring the inscription oriented towards the obverse (heads) side and others towards the reverse (tails) side. While not a significant factor in determining value, collectors often seek out specific edge lettering positions.
History and Significance
The Franklin Pierce dollar coin holds historical significance beyond its unique design. During Pierce’s presidency, the United States experienced several pivotal events that shaped its course.
Key Events During Pierce’s Presidency
- Gadsden Purchase (1853): The acquisition of nearly 30,000 square miles of land from Mexico, now part of Arizona and New Mexico.
- Kansas-Nebraska Act (1854): A controversial law that allowed settlers in those territories to determine whether they would allow slavery, effectively repealing the Missouri Compromise.
While Pierce’s administration was marred by controversy, the Presidential $1 Coin Program honors his role as a U.S. president, preserving his legacy in numismatic form.
Importance of the Presidential $1 Coin Program
The Presidential $1 Coin Program was established to celebrate the rich history of the American presidency and foster a greater understanding and appreciation for the nation’s leaders. Each president, from George Washington to the most recent eligible former president, would receive their own unique $1 coin design, striking a balance between honoring the past and embracing modern numismatic artistry.
Coin Specifications
To fully understand the value of Franklin Pierce dollar coins, it’s essential to be familiar with their technical specifications.
Metal Composition
The Franklin Pierce dollar coin is composed of the following metal alloys:
- Outer Layer: 77% Copper, 12% Zinc, 7% Manganese, 4% Nickel
- Inner Core: 100% Copper
This unique bi-metallic construction allows for the coin’s distinctive golden color while maintaining durability and cost-effectiveness.
Weight and Diameter
Each Franklin Pierce dollar coin weighs approximately 8.1 grams and has a diameter of 26.5 millimeters.
Mint Marks and Their Meanings
Franklin Pierce dollar coins were struck at various United States Mint facilities, each identified by a mintmark:
- No Mintmark: Philadelphia Mint
- D: Denver Mint
- S: San Francisco Mint (Proof coins only)
The mintmark’s location can vary, appearing either on the obverse (heads) or reverse (tails) side of the coin. Certain mintmarks, especially those representing lower mintage numbers, can significantly impact a coin’s value.
Grading and Valuation
Like most collectible coins, the value of a Franklin Pierce dollar coin is heavily influenced by its condition and grade. Coin grading services play a crucial role in accurately assessing a coin’s state and assigning an appropriate grade.
Explanation of Coin Grading Services
Two of the most reputable coin grading services are the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC). These companies employ teams of expert numismatists who evaluate coins based on a strict grading scale and criteria.
Once graded, the coin is encapsulated in a tamper-evident holder, ensuring its condition remains intact.
Grading Scale and Criteria
Both PCGS and NGC use a standardized grading scale that ranges from Poor (P-1) to Mint State 70 (MS70). The grading process considers factors such as:
- Surface preservation
- Strike quality
- Luster
- Eye appeal
Higher grades, such as Mint State (MS) or Proof (PF), indicate better preservation and can significantly increase a coin’s value.
Factors Affecting Value
Several key factors influence the value of a Franklin Pierce dollar coin, including:
- Condition and Grade: As mentioned, better-preserved coins with higher grades command higher prices.
- Mintage: The total number of coins produced for a particular year and mintmark combination can impact rarity and value.
- Errors and Varieties: Coins with noticeable errors or distinct design varieties are highly sought after by collectors.
- Demand: The overall popularity and desirability of the coin among collectors can drive up prices.
Average Price Ranges for Different Grades
To give you an idea of how condition and grade affect value, here are some average price ranges for Franklin Pierce dollar coins:
- Circulated Grade (e.g., XF, AU): $1 – $5
- Mint State (MS) 63: $2 – $10
- Mint State (MS) 65: $5 – $20
- Mint State (MS) 67: $15 – $50
- Mint State (MS) 69: $50 – $200
- Mint State (MS) 70: $100 – $500+
Keep in mind that these are approximate ranges, and actual prices can vary based on specific factors like mintage, errors, and demand.
Collecting and Investment Potential
The Franklin Pierce dollar coin holds appeal for both casual collectors and those seeking long-term investment opportunities in the numismatic market.
Appeal of Presidential $1 Coins for Collectors
Collectors are drawn to the Presidential $1 Coin series for several reasons:
- Historical Significance: Each coin represents a former U.S. president, offering a tangible connection to American history.
- Limited Mintages: Compared to circulating coinage, these coins were minted in lower quantities, increasing their potential for long-term value appreciation.
- Artistic Merit: The coin designs, sculpted by talented artists, showcase a blend of portraiture and symbolism.
- Completion Goals: Collectors often aim to assemble complete sets of the series, driving demand for individual coins.
Potential for Long-Term Value Appreciation
While most Franklin Pierce dollar coins in circulated condition hold little value beyond their $1 face value, certain examples with low mintages, errors, or exceptional grades may see their values increase over time. As with any collectible item, rarity and demand play a significant role in driving long-term appreciation.
Tips for Buying and Selling Franklin Pierce Dollars
If you’re interested in buying or selling Franklin Pierce dollar coins, here are some tips to keep in mind:
- Buy the Book Before the Coin: Research the coin’s history, mintages, and grading standards before making a purchase.
- Deal with Reputable Sellers: For valuable coins, consider purchasing from established coin dealers or auction houses with a solid reputation.
- Get Coins Graded: For high-value examples, consider having the coin graded by PCGS or NGC to ensure accurate condition assessment and authentication.
- Check Online Marketplaces: Sites like eBay can provide a good reference point for current market prices, but exercise caution when dealing with unknown sellers.
- Join Collector Communities: Online forums and local coin clubs can connect you with fellow enthusiasts, facilitating trades and knowledge-sharing.
- Consider Long-Term Holding: For investment purposes, holding onto high-grade or rare Franklin Pierce dollars may yield better returns as the coin’s scarcity increases over time.
Frequently Asked Questions
To address some common queries about the Franklin Pierce dollar coin, here are some frequently asked questions and their answers:
Is a Franklin Pierce dollar coin rare?
In general, circulated Franklin Pierce dollar coins are not considered rare, as they were produced in relatively high mintages. However, certain examples with low mintages, errors, or exceptional grades can be quite scarce and valuable.
Are there any errors or varieties of the Franklin Pierce dollar coin that are valuable?
Yes, there are several known errors and varieties of the Franklin Pierce dollar coin that can command higher prices from collectors. These include:
- Double-Struck Errors: Coins struck twice, resulting in a doubling of design elements.
- Off-Center Strikes: Coins that were not properly centered during the minting process, resulting in part of the design being cut off.
- Die Varieties: Minor differences in the design due to changes or defects in the dies used to strike the coins.
How can I tell if my Franklin Pierce dollar coin is real and not counterfeit?
Identifying counterfeit coins can be challenging, but here are some tips:
- Examine the Weight and Dimensions: Use a calibrated scale and calipers to ensure the coin meets the correct specifications.
- Inspect the Design Details: Genuine coins should have crisp, well-defined design elements, while counterfeits may appear mushy or lack intricate details.
- Check the Edge Lettering: The incused edge lettering should be clear and properly aligned.
- Consider Professional Authentication: For high-value coins, consider having it authenticated by a reputable grading service like PCGS or NGC.
Besides condition, what other factors affect the value of a Franklin Pierce dollar coin?
Apart from condition and grade, other factors that can impact the value of a Franklin Pierce dollar coin include:
- Mintage: Lower mintage numbers generally indicate greater scarcity and potential value.
- Mint Mark: Certain mintmarks, like the “S” for San Francisco (Proof coins), can be more desirable to collectors.
- Errors and Varieties: As mentioned earlier, coins with errors or distinct design varieties are highly sought after by collectors.
- Demand: The overall popularity and desirability of the coin in the numismatic market can drive up prices.
What are the average price ranges for Franklin Pierce dollar coins in different grades?
As discussed earlier, the grade or condition of a Franklin Pierce dollar coin plays a significant role in determining its value. Here are some approximate average price ranges for different grades:
- Circulated Grade (e.g., XF, AU): $1 – $5
- Mint State (MS) 63: $2 – $10
- Mint State (MS) 65: $5 – $20
- Mint State (MS) 67: $15 – $50
- Mint State (MS) 69: $50 – $200
- Mint State (MS) 70: $100 – $500+
Keep in mind that these are general ranges, and actual prices can vary based on specific factors like mintage, errors, and demand.
Is collecting Franklin Pierce dollar coins a good investment?
Collecting Franklin Pierce dollar coins can be a worthwhile investment, particularly if you focus on acquiring high-grade examples or those with low mintages or errors. However, it’s important to approach coin collecting as a long-term investment strategy, as the numismatic market can be subject to fluctuations and trends.
By carefully researching and acquiring desirable examples, you may be able to build a collection that appreciates in value over time. Consulting with experienced coin dealers and staying informed about market trends can also help guide your investment decisions.
Where can I buy or sell Franklin Pierce dollar coins?
There are several options for buying or selling Franklin Pierce dollar coins:
- Local Coin Dealers: Reputable coin shops in your area may have inventories of Franklin Pierce dollars and can provide expert guidance on valuation and authentication.
- Online Marketplaces: Platforms like eBay offer a wide selection of Franklin Pierce dollars from various sellers, but exercise caution and research sellers’ reputations.
- Coin Auctions: Major auction houses like Heritage Auctions, Stack’s Bowers, and Great Collections often feature rare and valuable Franklin Pierce dollar coins in their sales.
- Coin Shows and Conventions: Attending local or national coin shows can provide opportunities to buy, sell, and network with fellow collectors and dealers.
Remember, when dealing with high-value coins, it’s always advisable to have them authenticated and graded by a reputable third-party service like PCGS or NGC.
Conclusion
The Franklin Pierce dollar coin holds a unique place in American numismatic history, commemorating the 14th president while embodying the artistic and symbolic elements of the Presidential $1 Coin Program. While most circulated examples hold little value beyond their $1 face value, certain examples with low mintages, errors, or exceptional grades can be highly prized by collectors and investors alike.
Whether you’re a seasoned numismatist or a casual collector, understanding the factors that influence the value of Franklin Pierce dollar coins can help you make informed decisions when buying, selling, or appraising these pieces of American history. By staying informed, networking with fellow enthusiasts, and seeking expert guidance, you can navigate the world of Franklin Pierce dollar coin collecting with confidence.
For those interested in adding these coins to their collections or investment portfolios, remember to prioritize research, authentication, and long-term preservation strategies. With patience and knowledge, the Franklin Pierce dollar coin can potentially yield not only numismatic satisfaction but also financial rewards in the years to come.