Building a Winning PCGS/NGC Registry Set with 18 mm Medalets: A Deep Dive into US Mint, William Key, and George Soley Varieties, 1860–1885

For those of us who live and breathe the Registry Set game, the competition is everything. It drives what we collect, how we collect, and—let’s be honest—how many hours we lose staring at pop reports long after midnight. If you’ve ever hunted for that one elusive variety to push your set from “excellent” to genuinely untouchable, you already know the feeling. The Registry Set phenomenon isn’t just a hobby within a hobby. It’s a full-blown arms race, and the arena of US Mint medalets from the 1860–1885 period is one of the most fascinating, underappreciated battlefields in competitive collecting. Today, I want to walk you through a niche that’s been quietly heating up: 18 mm medalets struck by the US Mint, William Key, and George Soley, circa 1860–1885. Whether you’re building a PCGS or NGC Registry Set, this is the kind of thorough, painstaking research that separates a good collection from a Hall of Fame collection.

What Are 18 mm Medalets and Why Should Registry Collectors Care?

Let me start with the basics for those of you who may not be familiar with this slice of numismatic history. Medalets—small medal-like pieces, often struck in bronze or copper—were produced by the US Mint and by private mints like those operated by William Key and George Soley during the mid-to-late 19th century. The 18 mm diameter is a specific size category that collectors and researchers have identified as a distinct area of study.

So why should this matter to a competitive registry collector? Because medalets occupy a unique niche in the Registry Set ecosystem. They’re often overlooked by the broader collecting public, which means several things:

• Lower competition for top spots: Fewer collectors are actively pursuing comprehensive medaled sets, so a well-researched, high-grade collection can dominate the rankings with far less direct competition than, say, Morgan dollars or Walking Liberty halves.
• High research-to-reward ratio: The more you know about die varieties, pairings, and restrikes, the better your chances of acquiring undervalued pieces that other collectors walk right past. Knowledge is literal currency in registry competition.
• Pop report scarcity: When you’re hunting for pieces that have been graded by PCGS or NGC, the population reports for many medaled varieties are razor-thin—sometimes single digits. That scarcity is exactly what drives registry points through the roof.

In my experience, the collectors who dominate Registry Sets in any category are the ones who’ve done the homework nobody else wants to do. Medalets are a perfect example of that principle in action.

The Research Landscape: 150+ Varieties and Counting

A dedicated collector-researcher recently shared on a forum that they’ve been working on a study of 18 mm medalets struck by the US Mint, William Key, and George Soley, and have so far identified approximately 150 varieties. Let that number sink in: 150 varieties in a single size category from a relatively narrow historical window (1860–1885).

But here’s the critical caveat, and it’s one that every serious registry collector needs to internalize: as the researcher put it, “there are lots of similar dies that were struck in lots and lots of combinations. This is a case where I don’t know what I don’t know.”

For those of us who live and breathe pop reports, that statement should send a jolt of excitement through your system. An area of numismatics where the total variety count is still unknown, where die combinations are still being mapped, and where new discoveries are actively being made? That’s not just a collecting area. That’s a frontier.

What This Means for Registry Points

Here’s how I think about this from a competitive standpoint. When PCGS and NGC Registry Sets award points, they factor in several variables:

1. Rarity: How many examples of a given variety have been graded? Fewer graded examples means higher rarity weighting.
2. Grade: Obviously, a medaled graded MS67 will earn more points than one graded MS63.
3. Completeness: Does your set include all recognized varieties? Missing even one means leaving points on the table.
4. Historical significance: Certain varieties carry premium weight due to their historical context or their place in the scholarly literature—Julian-listed varieties being a prime example.

In an area like 18 mm medalets, where the total number of varieties is still being established, there’s a very real possibility that new varieties will be formally recognized in the coming years. If you’re the collector who already has an example of a newly recognized variety in a PCGS or NGC holder, you’re suddenly holding a piece that nobody else in the registry competition has. That’s not just valuable. It’s a strategic weapon.

Die Varieties, Pairings, and the Julian Connection

One forum discussion touched on a Lincoln Broken Column medaled, specifically Julian PR-38, which is a bronze restrike from the 20th century. The researcher noted that at least four other Lincoln dies are known to have been paired with a Broken Column reverse, but the PR-38 pairing is the only one seen on 20th-century restrikes.

This is exactly the kind of die-variety knowledge that separates a casual collector from a registry dominator. Let me break down why:

• Die pairing identification: Being able to distinguish which obverse die was paired with which reverse die is the foundation of variety collecting. In the medaled world, this skill is even more critical because the minting process was often less standardized than regular coin production.
• Julian numbers as a framework: R.S. Julian’s cataloging work on US Mint medals is the standard reference. When a collector references Julian PR-38 or PR-37, they’re speaking the universal language of the field. Registry set builders should be intimately familiar with the Julian listings for their area of focus.
• Identifying errors in the literature: The researcher mentioned that Julian PR-37—described as having an incuse “P” on Lincoln’s truncation—likely doesn’t exist and was one of the few errors in Julian’s work. This kind of scholarly awareness is invaluable. If you’re building a registry set based on Julian numbers, you need to know which numbers are legitimate and which are phantom varieties. Chasing a phantom variety doesn’t just waste time. It wastes money.

Originals vs. Restrikes: A Critical Distinction for Registry Purposes

The forum thread also highlighted an enormously important distinction: original strikes versus 20th-century restrikes. The Lincoln Broken Column medaled in question was identified as a restrike, and the researcher provided specific diagnostic details:

• Color: Restrikes typically exhibit a lighter, beige tone, while originals are much darker with a richer patina developed over more than a century.
• Surface texture: Originals were struck with reflective, proof-like surfaces that still carry impressive luster in top examples. Restrikes have matte or pebbly fields. In extreme cases, the recessed areas in the fields may capture dirt, making the texture visible even in photographs.
• Strike quality: Restrikes may show different striking characteristics due to the use of different dies, different planchets, or different pressing equipment.

For registry set builders, this distinction is critical. An original strike of a given variety will almost always carry a higher registry point weighting than a restrike of the same variety—assuming both exist. If you’re looking at a medaled in a PCGS or NGC holder and the label doesn’t specify “original” or “restrike,” you need to do your own due diligence. I’ve seen collectors lose registry points because they assumed an original strike and it turned out to be a restrike upon closer examination.

Actionable takeaway: When acquiring medalets for a registry set, always request high-resolution photographs that show both the obverse and reverse surfaces in detail. Look for the telltale matte fields of a restrike. If possible, examine the piece in hand before submitting for grading. The difference in registry points—and market value—between an original and a restrike can be substantial.

Pop Reports and Top Pop Hunting in the Medaled Space

Let’s talk about one of the most addictive aspects of registry competition: top pop hunting. For those unfamiliar with the term, “top pop” refers to a coin or medaled that is the finest known—or among the finest known—for its variety. In the PCGS and NGC population reports, a top pop coin sits at the very top of the list: the highest-graded example that exists, or at least the highest that’s been submitted for grading.

In the world of 18 mm medalets, the pop reports are fascinating precisely because they’re so thin. Consider this scenario:

• A specific die variety of an 18 mm Soley medaled has been graded by NGC. The population report shows: MS67 (1), MS65 (2), MS63 (4).
• You acquire the single MS67 example. You are now the owner of the top pop coin for that variety.
• In the registry set competition, that single coin earns you maximum points for its grade tier and a rarity premium because no other graded example equals or exceeds it.

Now multiply that scenario across 150+ varieties, many of which have populations in the single digits. The opportunity for a dedicated collector to assemble a top-ranked registry set is enormous—but only if you’re willing to do the legwork.

How to Use Pop Reports Strategically

Here’s my approach to pop report analysis for registry competition:

1. Export the data: Both PCGS and NGC allow you to search population reports. For a focused collecting area like 18 mm medalets, I recommend building a spreadsheet that tracks every variety, its population at each grade level, and the total population.
2. Identify gaps: Look for varieties that have zero or very low populations. These are your targets. A variety with zero graded examples is an opportunity—if you can find one and get it graded, you’ll have the top pop by default.
3. Track price trends: Cross-reference pop data with auction records from Heritage, Stack’s Bowers, and similar firms to identify varieties where supply is thin but demand is growing. These are the sleepers that will appreciate in both market value and registry significance.
4. Monitor new submissions: Pop reports are living documents. New submissions can change the landscape overnight. Set up alerts or check regularly to see if anyone has submitted a piece that challenges your position.

Upgrading Your Collection: The Registry Set Grind

One of the realities of registry competition is that your set is never truly “finished.” There’s always an upgrade available—a higher-grade example of a variety you already own, or a newly recognized variety that you need to add to maintain completeness.

The forum discussion illustrates this perfectly. One collector mentioned buying a medaled “on a whim probably 10 years ago and never did any research.” Sound familiar? I’d bet that a significant percentage of medalets sitting in collectors’ cabinets right now have never been attributed to a specific Julian number, never been submitted for grading, and never been cross-referenced against a pop report. They’re dormant assets, waiting for someone to recognize their potential.

Here’s my framework for upgrading a registry set in a niche area like 18 mm medalets:

• Attribution first: Before you can grade a medaled, you need to know exactly what it is. Is it a US Mint original, a William Key product, or a George Soley piece? What Julian number does it correspond to, if any? Is it an original strike or a restrike? Without proper attribution, you can’t accurately assess its registry value or collectibility.
• Grade optimization: Once attributed, assess the medaled’s condition. Would it benefit from professional grading? In my experience, the sweet spot for registry medalets is the MS65–MS67 range. Below MS65, the registry points may not justify the grading cost. Above MS67, you’re in truly rare territory, but the population is often zero, meaning any submission at that level is an automatic top pop.
• Timing your submissions: Registry set competitions often have annual deadlines or reset dates. Time your grading submissions to maximize your points within the competition window. Submitting right before a reset can give you a head start on the next cycle.
• Strategic selling: Upgrading sometimes means selling a lower-grade example to fund the acquisition of a higher-grade one. Don’t be sentimental about pieces that are holding your set back. The registry doesn’t care about your emotional attachment. It cares about points.

The Role of Community and Collaboration

One of the most refreshing aspects of the forum thread that inspired this article is the spirit of collaboration. The researcher building the 18 mm medaled study actively invited other collectors to share photos of their pieces, saying, “I’d love to see if you have something I don’t know about.” Another collector responded with images from a piece they’d owned for a decade without researching it.

This kind of community-driven research is the lifeblood of niche collecting areas. In my experience, the collectors who build the best registry sets are the ones who are plugged into the community—who attend shows, participate in forums, and maintain relationships with other specialists. You never know when a fellow collector is going to surface with a variety you’ve been hunting for years.

Here are some practical ways to tap into the community for your registry set:

• Post “wanted” requests: Just as the researcher did, put the word out that you’re looking for specific varieties. Include photos of what you’re looking for and be clear about the parameters—for example, “18 mm medalets struck by the US Mint, William Key, or George Soley, circa 1860–1885.”
• Offer attribution help: If you’ve developed expertise in a specific area, offer to help other collectors identify their pieces. This builds goodwill and increases the chances that someone will come to you when they have something you need.
• Contribute to the literature: If you discover a new die variety or identify an error in existing references—like the likely non-existence of Julian PR-37—publish your findings. This not only advances the field. It establishes your reputation as an authority, which can open doors to private sales and off-market acquisitions.
• Network at shows: The medaled world is small enough that the serious collectors all know each other. Attend major shows, visit medaled dealers, and don’t be afraid to strike up conversations. Some of my best registry acquisitions have come from casual conversations at dealer tables.

Authentication and Grading Considerations

When it comes to submitting medalets to PCGS or NGC for registry purposes, there are several authentication and grading considerations that are specific to this area:

• Diameter verification: The 18 mm measurement is a key identifier. Make sure your pieces are accurately measured before submission. A piece that’s 17 mm or 19 mm may be a different variety entirely—or a different class of object.
• Metal composition: Most 18 mm medalets from this period are bronze or copper, but variations exist. If a piece’s metal composition seems off, it could indicate a restrike, a fantasy piece, or a different issue altogether.
• Die characteristics: Familiarize yourself with the die characteristics of originals versus restrikes. The matte, pebbly fields of a restrike are a reliable indicator, but they can be subtle. Study known examples—like the Heritage auction photo referenced in the forum thread—until you can identify the texture confidently.
• Provenance: If possible, document the provenance of your medalets. A piece with a clear chain of custody back to the 19th century is more likely to be an original strike, and that provenance can add both registry points and market value.
• Label accuracy: When your medaled comes back from grading, double-check the label. Make sure the attribution is correct—Julian number, mint of origin, original versus restrike. Label errors happen, and an incorrect label can cost you registry points.

Market Dynamics and Investment Potential

While registry competition is primarily about collecting excellence, it’s worth noting that the medaled market—particularly in under-researched areas like 18 mm varieties from 1860–1885—offers genuine investment potential. Here’s why:

• Supply is fixed and dwindling: Unlike modern commemoratives, 19th-century medalets were produced in limited quantities, and the surviving population can only decrease over time through loss, damage, or melting.
• Demand is growing as knowledge spreads: As more collectors become aware of the depth and variety in this area, demand for key pieces will increase. The forum thread itself is evidence of growing interest.
• Registry competition creates a price floor: When collectors are competing for the same scarce pieces to complete their registry sets, it creates sustained demand that supports prices even in softer markets.
• Scholarly recognition drives value: As the research matures and new varieties are formally recognized, the first collectors to acquire those varieties will see their holdings appreciate in both registry significance and numismatic value.

I’ve seen this pattern play out repeatedly in other niche areas. The collectors who get in early, do the research, and build comprehensive sets with strong eye appeal and documented provenance are the ones who benefit the most when the broader market catches on.

Building Your Action Plan: From Forum Thread to Registry Dominance

Let me leave you with a concrete action plan for turning the opportunity presented by 18 mm medalets into a registry-winning strategy:

1. Define your collecting focus: Decide whether you’re building a set of all 18 mm medalets from the 1860–1885 period, or focusing on a specific subset—US Mint only, William Key only, or a specific theme like Lincoln medalets. A focused set is easier to complete and easier to dominate in the registry.
2. Build your reference library: Acquire the standard references, including Julian’s work on US Mint medals. Supplement with any specialized research that’s been published—forum threads, auction catalogs, society journals.
3. Map the pop reports: Create your spreadsheet of every known variety and its current PCGS/NGC population. Update it regularly.
4. Engage the community: Join the relevant forums, post your want list, and offer to help with attribution. The more people who know what you’re looking for, the more likely you are to find it.
5. Acquire strategically: Prioritize varieties with the lowest populations and the highest registry impact. Don’t overpay for common varieties when your budget could be better spent on a rare variety that will move the needle.
6. Grade wisely: Submit your best examples for professional grading. Aim for the highest grade you can justify economically, and always double-check the label for accuracy.
7. Monitor and upgrade: Registry competition is ongoing. Keep an eye on pop reports, auction results, and new submissions. Be ready to upgrade when opportunities arise.

Conclusion: The Hidden Power of Medaled Registry Sets

The world of 18 mm medalets struck by the US Mint, William Key, and George Soley during the 1860–1885 period represents one of the most compelling opportunities in competitive registry collecting today. With approximately 150 known varieties and counting, a research landscape that’s still being mapped, and pop reports that are thin enough to offer genuine top pop opportunities, this is a space where dedication and knowledge can translate directly into registry dominance.

The forum thread that sparked this article is a microcosm of what makes this area so exciting: a researcher doing groundbreaking work, collectors surfacing with pieces they’ve held for years without knowing their significance, and a community willing to collaborate in the pursuit of knowledge. That combination of scholarship, hidden material, and community engagement is the recipe for a registry set that doesn’t just compete—it leads.

Whether you’re a seasoned registry competitor looking for your next challenge or a newer collector drawn to the intellectual thrill of die variety research, 18 mm medalets from this period deserve your attention. The pieces are out there, waiting to be discovered, attributed, graded, and slotted into a set that could sit at the top of the registry rankings for years to come. The question is: will you be the one to do it?

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