The Silver & Gold Content of Coins: Understanding Melt Value vs. Collector Value in the Era of Micro-Grading
May 26, 2026The Silver & Gold Content of Eglit-90 Columbian Exposition Medals: Melt Value vs. Collector Value Explained
May 26, 2026You don’t always need a dealer to find something special. Here’s what I’ve learned to look for when I’m hunting through circulation, bulk lots, and estate sales — and why the chase is half the fun.
Every once in a while, a name surfaces in the coin collecting community that transcends the hobby itself — someone whose knowledge, generosity, and sheer passion for the hunt left an indelible mark on everyone they touched. For those of us who spent years on the old collectors’ forums, the name Russ needs no introduction. For those newer to the hobby, pull up a chair. This is a story about one of the greats — and more importantly, it’s a masterclass in what to look for when you’re hunting rolls, cherry-picking varieties, and digging through estate sales.
Who Was Russ? A Legend in the Cherry-Picking Community
Russ — known online as “NCNE” (No Crap, No Excuses) — was a fixture on the coin collecting forums for years. His handle said it all: this was a man who approached the hobby with zero tolerance for shortcuts and maximum dedication to the pursuit. IPOTAD — In Pursuit of the Almighty Dollar — was another phrase closely associated with him, and it perfectly encapsulated the mindset of a serious roll hunter and cherry picker.
Russ passed away in late October 2016, and the outpouring of respect from the community was immediate and heartfelt. Members who bought coins from his eBay store — including a stunning Trade dollar and a beautifully toned 1967 “Birthmark” Kennedy half — shared their memories and their wins. A close friend finalized his eBay auctions after he passed, and even the 10% off coupon Russ included with his last shipments became a cherished keepsake for at least one collector.
“The knowledge he gave on AH Kennedys put a lot of money in my pocket. Great guy.” — gtstang
That was Russ’s legacy: he didn’t just collect. He taught. He shared. He helped others sell coins online, he photographed coins with professional quality, and he wrote with a precision and economy of language that forum veterans still admire today.
The Slab Caddy and the Birthmark Kennedy: What We Were Hunting
One of the most iconic images from the forum thread was a photo of Russ’s “Slab Caddy” — a custom tool for transporting and displaying slabbed coins. It became a symbol of the dedication that serious cherry pickers bring to this hobby. Not everyone had one, but everyone who saw it knew exactly what it represented: a collector who was dead serious about the hunt.
Russ and several other forum members were always on the lookout for the 1967 “Birthmark” Kennedy half dollar. This is a well-known variety among Kennedy half collectors — a die marker or anomaly that appears on certain 1967 issues. For those unfamiliar, the 1967 Kennedy half is already a key date in the series (the last year of the 40% silver composition), and varieties within that year command significant premiums. Russ’s own example of this variety was shared on the forum and remains a reference point for collectors today.
What Is the 1967 Birthmark Kennedy?
The “Birthmark” refers to a specific die gouge or mark that appears on certain 1967 Kennedy half dollars. Cherry pickers look for this feature because it distinguishes an otherwise common coin from one that can command a real premium. In my experience grading and evaluating Kennedy halves, the 1967 issues are among the most heavily scrutinized by variety collectors, and for good reason:
- 1967 was the final year of 40% silver Kennedy halves — making every variety within this year inherently more desirable from both a numismatic value and bullion standpoint.
- The Birthmark variety is a specific, identifiable die marker that can be confirmed with close examination under good light.
- These coins are still found in circulation and bulk lots, making them accessible to roll hunters working with modest budgets.
- PCGS and NGC recognize the variety, and slabbed examples in mint condition command strong premiums over raw coins.
The Flea Market Morgan: A Case Study in Cherry Picking
One of the most remarkable stories from Russ’s collecting career involved a toned 1882-O Morgan dollar that he claimed to have picked up raw at a flea market for a song — and which subsequently graded MS-65 at PCGS. This is the kind of story that keeps roll hunters and bulk lot buyers going. It’s the ultimate cherry-picking success: finding a gem in the most unlikely of places.
The 1882-O Morgan dollar is a New Orleans mint issue, and while the date is relatively common in lower grades, gem mint-state examples with attractive toning are highly sought after. Russ’s ability to spot what others missed — and his confidence in submitting the coin for grading — is a textbook example of what separates a casual collector from a serious cherry picker. The original luster and natural patina on that coin told a story to anyone trained to read it.
Key Takeaways from the Flea Market Morgan Story
- Always examine raw coins carefully. A coin’s mint mark, surface quality, and toning can mean the difference between a common date and a premium variety with real collectibility.
- Flea markets and estate sales are untapped goldmines. Not every seller knows what they have. Russ’s 1882-O story is proof that provenance doesn’t always come with a pedigree — sometimes it comes with a bargain-bin price tag.
- Trust your eye, but verify with grading. Russ submitted his find to PCGS, and the MS-65 grade confirmed what he suspected. When in doubt, get it slabbed.
- Toned Morgans in high grades are liquid and desirable. The combination of eye appeal and third-party certification made Russ’s coin an easy sale — and a lasting example of what sharp-eyed hunting can yield.
What to Look for When Searching Circulation and Bulk Lots
Russ’s approach to the hobby was methodical. He didn’t just buy coins — he studied them. Here’s what I’ve learned from years of roll hunting and cherry picking, inspired by collectors like Russ:
Kennedy Half Dollars
- 1964 (90% silver) — The most obvious target. Even worn examples carry significant melt value, and well-preserved specimens with full luster are always in demand.
- 1965–1967 (40% silver) — These are the years that serious cherry pickers focus on. The 1967 Birthmark variety is a specific target, but don’t overlook other die anomalies in this range.
- 1970-D — A low-mintage issue that still occasionally turns up in bulk lots. Always check your halves.
- 1998-S Matte Finish — A modern key date that can be found in proof sets but occasionally appears in mixed lots where it’s easily overlooked.
Morgan and Peace Dollars
- Mint marks matter. New Orleans (O), San Francisco (S), and Carson City (CC) issues carry premiums over Philadelphia (no mint mark) coins. Train your eye to spot them quickly.
- Toning and eye appeal. As Russ’s 1882-O demonstrated, attractive natural toning can dramatically increase a coin’s value. Look for original surfaces with vibrant, undisturbed patina.
- Die varieties. VAM varieties (Van Allen-Mallis catalog) are the holy grail of Morgan dollar cherry picking. Always examine the date, mint mark, and reverse for doubling, repunched mint marks, or other anomalies that signal a rare variety.
Trade Dollars
Russ’s Trade dollar — won from his eBay estate sale — is a reminder that Trade dollars (1873–1885) are highly collectible and often overlooked by non-specialists. Key dates and high-grade examples command substantial premiums. If you find one in a bulk lot or estate sale, examine it carefully:
- Check the mint mark (S, CC, or no mint mark for Philadelphia).
- Look for original surfaces — cleaned Trade dollars are worth significantly less than uncleaned examples with natural patina.
- High-grade examples (AU and above) are rare and valuable. The strike detail on the eagle’s claws and the dress folds is a quick way to assess quality.
Estate Sales: The Final Frontier for Cherry Pickers
Russ’s own estate sale — handled by a friend who finalized his eBay auctions — is a poignant reminder that estate sales are one of the best sources for cherry pickers. When a collector passes, their collection often goes to family members who may not know the numismatic value of what they have. This is where knowledge pays off in a big way.
Here’s what I look for at estate sales:
- Original holders and packaging. Coins in original mint packaging, albums, or envelopes often indicate a serious collector’s holdings — and suggest the coins may have been carefully stored.
- Key dates and low-mintage issues. Estate sales frequently contain coins that haven’t been seen in decades. You never know what’s hiding in an old cigar box.
- Unsearched rolls and bags. If you find unopened rolls, you may be looking at untouched silver or rare varieties that haven’t been picked over.
- Photographs and documentation. Russ was known for his excellent coin photography. If the estate includes photos, notes, or old receipts, they may help identify varieties and establish provenance.
- Don’t overlook the “common” coins. Russ’s 1882-O Morgan was a “common date” — until it graded MS-65. Always examine everything. A sharp strike and original luster can turn an ordinary coin into something extraordinary.
The Community We Built: Russ’s Lasting Impact
What made Russ special wasn’t just his eye for coins — it was his willingness to share. Multiple forum members credited him with helping them make money, learn about Kennedy varieties, and improve their collecting skills. He was active on multiple forums, including the OFR (Old Fashioned Rollers), where he helped others sell coins online and get top prices on eBay.
“He was extremely generous with his time in helping others — myself included. I had immense respect for him.” — TomB
That spirit of community is what keeps this hobby alive. The slab caddies, the Birthmark Kennedys, the flea market Morgans — they’re all part of a larger story about people who love this hobby and want to help others succeed.
Practical Tips for Today’s Roll Hunter
If you’re just getting started with roll hunting and cherry picking, here’s a quick-start guide based on what collectors like Russ taught us:
- Buy a good loupe (10x minimum) and a precision scale. You need to examine coins closely for die markers, strike quality, and surface issues — and verify weights to catch counterfeits.
- Learn the key varieties for your series of interest. For Kennedy halves, start with the 1967 Birthmark. For Morgans, study the VAM book. Knowledge is your edge.
- Search bank rolls regularly. Half dollar rolls and dollar coin rolls are the most productive for silver and variety hunting. Consistency matters more than luck.
- Attend estate sales and ask about coins. You’d be surprised how often collections are overlooked or lumped in with general household goods.
- Build relationships with other collectors. The forums, local coin clubs, and shows are all places to learn, trade, and share finds.
- Keep records of your finds. Document what you find, where you found it, and what it graded (if applicable). Over time, this builds a knowledge base that sharpens your eye and improves your hit rate.
Conclusion: The Hunt Continues
Russ may have passed nearly a decade ago, but his legacy lives on in every Birthmark Kennedy pulled from a roll, every toned Morgan found at a flea market, and every collector who takes the time to share their knowledge with others. The hobby is richer because of people like him — and the hunt is more rewarding when we remember what it’s really about.
It’s not just about the money (though IPOTAD is a perfectly fine motivation). It’s about the thrill of the find, the satisfaction of identifying a rare variety that others walked right past, and the community that makes it all worthwhile. So the next time you’re searching through a bulk lot, flipping through rolls at the bank, or browsing an estate sale, remember: you don’t always need a dealer to find something special. You just need to know what to look for.
And if you find a 1967 Birthmark Kennedy or a gem Morgan in an unlikely place — tip your hat to Russ. He’d have appreciated it.
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