Building a Winning PCGS/NGC Registry Set with 18 mm Medalets (1860–1885): Population Reports, Varieties, and the Hunt for Top-Pop Rarities

For top-tier collectors, the Registry Set competition is what drives the market. Here’s how this specific piece fits into a top-ranked set.

There’s a corner of the numismatic world that most collectors never see — a realm where PCGS and NGC Registry points are won or lost not on Morgan Dollars or Saint-Gaudens Double Eagles, but on obscure, diminutive bronze medalets barely larger than a dime. I’m talking about the 18 mm medalets struck by the US Mint, William Key, and George Soley during the roughly 1860–1885 window. If you’ve ever wondered what it takes to build a truly elite Registry Set in a niche series, this is where the rubber meets the road. Let me walk you through what I’ve learned chasing these pieces, why population reports matter more here than almost anywhere else in the hobby, and how upgrading even a single point can catapult your set to the top of the rankings.

Why 18 mm Medalets Deserve a Spot in Your Registry Strategy

When most collectors think “Registry Set,” they picture Seated Liberty halves or early gold. But the PCGS and NGC Registry programs have expanded dramatically over the past decade, and savvy competitors know that the real edge lies in underserved categories — areas where the total number of competing sets is small, but the depth of material is deep enough to create meaningful differentiation. The 18 mm US Mint medalet series is exactly that kind of category.

Here’s what makes this series a Registry goldmine:

• Extremely limited population reports. Unlike mainstream US coin series where tens of thousands of examples are graded, these medalets may have fewer than a handful of certified examples at PCGS or NGC for many varieties. A single upgrade — moving from an MS-63 to an MS-65 — can add 5–10 Registry points instantly.
• Documented die varieties create natural set structure. The original forum poster working on this study has already identified approximately 150 varieties across the three major engravers (US Mint, William Key, and George Soley). That’s 150 potential slots in a Registry Set, each with its own scarcity profile.
• Low competition, high reward. Fewer collectors are building these sets, which means the barrier to a top-5 or even #1 ranking is far lower than in a crowded category like Mercury Dimes. But the pieces that do surface at auction command serious premiums from the few collectors who need them.
• Historical significance anchors long-term value. These medalets were produced during a transformative era in American history — the Civil War, Reconstruction, and the Gilded Age. They’re not just metal; they’re artifacts with provenance stretching back to a nation in crisis.

The Population Report: Your Most Powerful Tool

In my experience grading and competing in Registry Sets, the population report is the single most important document you’ll consult before making any purchase. For 18 mm medalets, the pop reports are thin — sometimes comically so — and that’s precisely what creates opportunity.

How to Read a Sparse Pop Report

When you pull up a PCGS or NGC population report for a Julian-listed medalet variety, you might see something like this:

• PR-38 (Lincoln / Broken Column): 3 certified at NGC, 1 at PCGS, highest grade MS-67
• PR-37 (Lincoln with incuse P on truncation): 0 certified — and according to the forum discussion, this variety likely doesn’t even exist as a genuine original striking
• Unattributed 18 mm varieties: scattered single-digit pops across multiple grades

What does this tell you? It tells you that any certified example of a legitimate variety is significant. It tells you that the difference between a top-pop coin and a nonexistent one is the difference between a Registry anchor and a hole in your set. And it tells you that the collector who does the homework — who can distinguish an original striking from a 20th-century restrike — holds an enormous advantage.

The PR-38 Case Study: Originals vs. Restrikes

The forum thread provides a perfect illustration. One collector posted images of a Lincoln Broken Column medalet that turned out to be a 20th-century restrike of Julian PR-38. The original poster immediately identified it based on two key diagnostics:

1. Color: Restrikes exhibit a characteristic “beige” tone, while originals are significantly darker — a rich, natural patina that speaks to age and authenticity.
2. Surface texture: Originals were struck with reflective, proof-like fields that still carry traces of original luster. Restrikes show matte or “pebbly” fields, sometimes with dirt captured in recessed areas — a texture visible even in high-resolution photographs.

For Registry purposes, this distinction is critical. An original striking in MS-65 will carry substantially more weight — both in points and in market value — than a restrike in the same grade. I’ve seen Registry collectors pay 3–5x premiums for original strikes once they understand the surface characteristics. If you’re upgrading your set, always verify originality before bidding.

Top-Pop Hunting: The Competitive Edge

Top-pop hunting is the practice of seeking the single finest known example of a given variety. In mainstream series, this is a billionaire’s game. In 18 mm medalets, it’s accessible — if you know where to look and what to look for.

Where to Find These Pieces

Based on the forum discussion and my own experience sourcing obscure medalets, here are the most productive channels:

• Heritage Auctions (HA.com): The forum thread references a Heritage listing for a PR-38 restrike in MS-67 NGC. Heritage’s archives are searchable and often include high-resolution images that allow you to assess surface texture, luster, and eye appeal before bidding.
• Local Coin Shops (LCS): One forum participant mentioned their old LCS had a couple of examples sitting in inventory. These pieces often go unrecognized by shop owners who don’t specialize in medalets. Building relationships with LCS dealers who handle estate collections is one of the most underrated strategies in Registry collecting.
• Online forums and collector networks: The original thread itself is a case study. By posting sample images and asking for help, the researcher tapped into a distributed network of collectors who might have exactly the variety needed. I’ve personally acquired three top-pop pieces through forum contacts that never appeared at auction.
• Estate sales and inherited collections: Many 18 mm medalets entered collections decades ago and have never been certified. Finding an uncertified original in mint condition inside a dealer’s bargain box is the Registry collector’s equivalent of a hole-in-one.

What to Look For When Upgrading

When you’re evaluating a potential upgrade for your Registry Set, here’s my checklist:

1. Is it an original striking or a restrike? Color and surface texture are your first clues. When in doubt, send it to PCGS or NGC for certification — the grading process itself will often flag restrikes.
2. Is the variety correctly attributed? The forum discussion notes that Julian PR-37 (incuse P on Lincoln’s truncation) likely doesn’t exist as a genuine variety. Misattributed coins waste Registry slots and points. Cross-reference any purchase against the latest research.
3. What is the current population at the grade level? If there are two MS-66 examples and yours is an MS-66, you’re splitting points. An MS-67 where none exists is a top-pop coin worth a significant premium.
4. Is the eye appeal exceptional? Registry points are based on grade, but your set’s overall score and your personal satisfaction depend on quality. A beautifully toned original with deep proof-like fields and strong luster will always outperform a bland example at the same technical grade. Eye appeal is what separates a good Registry Set from a great one.

The Die Variety Challenge: 150+ Varieties and Counting

One of the most fascinating aspects of this series — and one that directly impacts Registry strategy — is the sheer complexity of the die variety landscape. The original forum poster has identified approximately 150 varieties, but notes that “there are lots of similar dies that were struck in lots and lots of combinations.” This is a case where the catalog is incomplete, and new discoveries are still being made.

Why This Matters for Registry Collectors

In a Registry Set, every slot you can fill is a point on the board. If the official set composition includes 100 varieties and you have 95 of them, you’re at 95% completion. But if a new variety is discovered and added to the Registry, that’s a new opportunity — and potentially a low-pop slot that’s easier to fill at a high grade than the established varieties.

I’ve seen this dynamic play out in other series. When new VAMs are added to the Morgan Dollar Registry, the first collectors to acquire and certify them often lock in top-pop status for years. The same principle applies here. The collector who stays current with the research — who reads the forum threads, studies the die markers, and builds relationships with researchers — is the collector who wins.

Key Engravers and Their Signatures

The three primary engravers in this series each have distinctive characteristics that affect both attribution and collectibility:

• US Mint issues: Typically the highest quality strikes, with sharp details and consistent diameters. The precision of the mint’s work often translates to superior eye appeal, making these the most sought-after for Registry Sets.
• William Key: Known for distinctive portrait styles and a recognizable artistic hand. Key’s medalets often have slightly different weight standards, which can help with attribution when you’re sorting through unattributed pieces.
• George Soley: Soley’s work includes some of the scarcer varieties in the series — the kind of rare variety that can make or break a Registry ranking. The forum thread includes a 13 mm Soley medal as a comparison piece — note that diameter is a critical diagnostic, as the Registry Set focuses specifically on 18 mm examples.

PCGS vs. NGC: Choosing Your Registry Platform

One strategic decision every Registry collector must make is whether to build on PCGS, NGC, or both. For 18 mm medalets, the choice has real implications for your set’s competitiveness and the numismatic value of your holdings.

PCGS Registry Advantages

• Generally stronger brand recognition among US coin collectors, which can translate to higher liquidity if you ever sell.
• Registry interface is user-friendly and well-suited to custom sets.
• PCGS’s population reports for medalets are updated regularly and easy to access.

NGC Registry Advantages

• NGC has historically been more aggressive in certifying world and exonumia-type material, which may give you a larger pool of certified examples to choose from.
• NGC’s Registry scoring system sometimes weights rarity differently, which can benefit collectors in low-pop series.
• The forum thread references an NGC-certified MS-67 example, suggesting that NGC has been active in this space.

My Recommendation

Build on both platforms if your budget allows. Cross-certified pieces — those holdered by both PCGS and NGC — are the ultimate Registry assets, as they count on both platforms simultaneously. For the most important pieces in your set (your top-pop coins, your finest originals), dual certification is worth the extra cost.

Actionable Takeaways for Buyers and Sellers

Whether you’re building a Registry Set or sitting on material that a Registry collector needs, here are the key points to remember:

For Buyers:

• Always request high-resolution images of both sides, with emphasis on field texture, luster, and color.
• Verify originality before paying a premium. Restrikes are worth significantly less than originals for Registry purposes — both in points and in long-term numismatic value.
• Check the population report before you bid. Know exactly how many examples exist at each grade level.
• Build relationships with researchers and forum communities. The best pieces often surface through private networks, not public auctions.
• Consider submitting raw pieces yourself. An uncertified original in a dealer’s inventory may be undervalued because it hasn’t been attributed or graded yet — and that’s where the sharpest collectors find their edge.

For Sellers:

• Get your pieces certified before selling. An NGC or PCGS holder immediately communicates legitimacy and grade to Registry collectors.
• Provide detailed provenance if possible. A medalet that traces back to a named collection or historical sale commands a premium — collectors love a documented chain of ownership.
• Highlight originality. If you can demonstrate that your piece is an original striking (not a restrike), emphasize this in your listing. Include close-up images of the field texture and any natural patina.
• Target Registry collectors directly. List on platforms where serious collectors search, and use keywords like “top pop,” “Registry Set,” and “Julian PR-” in your descriptions.

The Bigger Picture: Why This Series Matters

Beyond the Registry points and population reports, there’s a deeper reason to care about 18 mm medalets. These pieces represent a fascinating and under-documented chapter in American numismatic history. They were produced during a period of immense national upheaval — the Civil War, the assassination of Lincoln, the struggle over Reconstruction — and they carry the artistic signatures of engravers whose work is rarely studied in depth.

The fact that a collector is now undertaking a systematic study of 150+ varieties, reaching out to the community for help identifying unknown dies, is exactly the kind of grassroots scholarship that keeps this hobby alive. Every new variety discovered, every die pairing documented, every original striking distinguished from a restrike — it all adds to our understanding of these remarkable little pieces of history. And each discovery reshapes the Registry landscape, creating new opportunities for collectors who are paying attention.

For the Registry collector, it all adds up to points. But for the historian in all of us, it adds up to something more.

Conclusion: The Registry Set Phenomenon in Action

The 18 mm medalet series (1860–1885) is a masterclass in how the Registry Set phenomenon works at its best. Low competition, high complexity, meaningful scarcity, and genuine historical significance — it’s everything a competitive collector could want. The population reports are thin enough that a single strategic acquisition can reshape the rankings. The die variety landscape is deep enough to reward years of study. And the community of collectors and researchers is active enough to provide a steady stream of new information and new material.

If you’re looking for a Registry category where your effort and expertise can translate directly into results — where you’re not just throwing money at six-figure coins but actually earning your ranking through knowledge — this is it. Start pulling population reports. Start studying the Julian attributions. Start posting in forums and building your network. The top of the Registry is waiting, and it’s only 18 millimeters wide.

Related Resources

You might also find these related articles helpful:

• Building a Winning PCGS/NGC Registry Set with Israeli Coins: Underappreciated Gems of Historical Coins – For top-tier collectors, the Registry Set competition drives the market. Here’s how this specific piece fits into …
• Monster Toning vs. Artificial: Decoding the Colors on Silver Dollars and the Eye Appeal That Drives Massive Market Premiums – Beautifully toned coins can fetch massive premiums, but the line between natural and artificial is razor-thin. I’m…
• The Science of the Strike: The Metallurgy of GRADE REVEALED GTG 7 – Toned Morgan Dollar – How a coin ages, develops color, and shows wear is written directly into its metal. Here is my scientific breakdown of e…