Hunting Rare Strike-Through $5 Indians: My 6-Month Case Study and Costly Lessons Learned

I’ve Been Chasing Ghost Coins for Months – Here’s My Reality Check

Let me share my rollercoaster journey hunting strike-through $5 Indians – six months of auction adrenaline, costly missteps, and hard-won wisdom. When I first spotted one at a Fairmont auction preview, I thought I’d discovered the numismatic equivalent of buried treasure. Spoiler alert: the reality of these “rare” errors proved far more complex. Grab a coffee and let me walk you through what $18,000 in bids taught me about this fascinating niche.

The Curious Beginning: My Crash Course in Strike-Throughs

My First Encounter With Phantom Coins

It all began with an auction listing that made my collector’s heart race: “1910 Indian Half Eagle Struck Through Reverse EF-45.” The photo showed those haunting, incomplete details where metal failed to flow – textbook strike-through error. But here’s what shocked me: despite everything I’d read about their rarity, I found five examples in a single Stacks Bowers auction:

• 1909-D AU-58 ($4,800 hammer)
• 1910 EF-45 ($2,640 hammer)
• 1912 AU-55 ($4,560 hammer)
• 1912 AU Details ($2,040 hammer)
• 1915 MS-62 ($9,600 hammer)

Seeing five “rare” coins in one sale? That contradiction became my obsession.

Why $5 Indians Hide Secrets

“Small grease blob strike-throughs are relatively common on $5 Indians due to the incused design trapping die lubricant.” – Industry Veteran

Here’s what I learned the hard way: The Indian Head’s sunken design creates perfect pockets for grease buildup. When a blob sticks to the die during striking, it blocks metal flow in that area. Unlike dramatic cloth errors, these ghostly impressions are often subtle – easy to miss unless you’re looking carefully.

The Hunt: Six Months of Auction Adventures

Phase 1: Newbie Overconfidence

Armed with PCGS reports showing fewer than 50 graded examples, I dove into bidding like I’d found a secret vault. My first “win” – a 1912 AU-55 at $4,250 – felt like genius. The slab noted “strike-through on reverse fields,” matching forum legends. Then came the gut punch: three nearly identical coins surfaced in Heritage’s next sale.

Phase 2: The Market Schooled Me

By month three, harsh truths emerged:

• Commonality Illusion: Single collections being liquidated created temporary surges (that Stacks Bowers sale wasn’t normal)
• Condition Rules: A Mint State strike-through brought $9,600 vs. $2,040 for an AU Details coin
• Location Premiums: Errors touching Liberty’s face added 40-60% value

My most expensive lesson? A $3,100 coin needing $800 in conservation because someone “hid” flaws with toning.

Four Bloody Lessons From the Trenches

1. Rarity Without Provenance Is Just a Story

A strike-through’s true worth combines:

Market Value = (Base Coin Value) + (Error Visibility × Rarity) + (Documented Pedigree)

I stopped trusting population reports alone – now I demand actual auction archives showing comparable sales.

2. Not All Strike-Throughs Are Equal

• Class A (Premium): Facial features affected = big money (1910 EF-45 @ $2,640)
• Class B (Neutral): Reverse fields only = modest premium (1912 AU-55 @ $4,560)
• Class C (Discount): Obscured by wear/cleaning = buyer beware (1912 Details @ $2,040)

3. Auction Frenzy Will Burn You

Watching six bidders battle for a 1910 example taught me this:

“When three collectors want the same error, prices lose touch with reality.”

Now I use this sanity-check formula:

Max Bid = (PCGS Price Guide × 1.3) + (Error Premium × Condition Factor)

4. Focus or Lose Money

After months of trial, my new rules:

• Pre-1910 dates only (fewer survivors)
• PCGS/CAC-certified coins
• Errors affecting design elements (not empty fields)

The Real Numbers: Wins, Losses & Lessons

My six-month report card:

• Total Spend: $18,400 (three coins)
• Current Value: $16,900 (8.2% loss)
• Biggest Mistake: Overpaying for common 1910-1915 dates
• Bright Spot: 1909-D AU-58 bought at $4,800 (now $5,300+)

The turning point? I stopped chasing “strike-through” as a buzzword and started studying specific error types and die pairs.

My Survival Checklist: Never Bid Without These 7 Steps

1. Cross-check PCGS/NGC populations
2. Study auction archives for same-date comps
3. Demand die photos from auction houses
4. Calculate wear vs. error visibility
5. Verify no conservation or surface issues
6. Check for CAC stickers (green = strong value)
7. Set walk-away price using valuation formula

Final Advice to My Past Self (And You)

Strike-through $5 Indians live in a collector’s sweet spot – too common for easy profits, but rare enough for prime examples to shine. What I wish I’d known:

• Each date/mintmark is its own market
• Seek errors that enhance visual appeal
• Never touch cleaned or damaged coins
• Watch for collection liquidations (they create false gluts)

While my bank account took a $2,000 hit, the education was priceless. In coin collecting – as in life – true value lies in details most people rush past.

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