Grading NEWP 1944 Henning Nickel: The Difference Between $10 and $1,000

The Art of Grading a Henning Nickel

Condition is everything. When evaluating a Henning Nickel, the difference between a $10 circulated piece and a $1,000 mint-state example often comes down to subtle details that only experienced graders can properly assess. The 1944 Henning Nickel (NEWP variety) presents unique challenges due to its distinctive strike characteristics and historical significance.

Understanding the Strike Quality

The Henning counterfeits were struck using dies that produced inherently soft, mushy details. Unlike genuine U.S. Mint strikes, these pieces exhibit a grainy texture across the surfaces. When examining a Henning Nickel, pay close attention to the following high points:

• Jefferson’s hair and cheek
• The building details on Monticello
• The lettering, particularly around “E PLURIBUS UNUM”
• The rim definition

A well-struck Henning will show these details with minimal weakness, though they’ll never achieve the crispness of a genuine mint product. The strike quality significantly impacts the overall grade and, consequently, the value.

Luster and Surface Preservation

Authentic mint-state Henning Nickels display full, undisturbed luster across their surfaces. This is particularly evident in pieces that have retained their original surface characteristics. Look for:

• Even, unbroken luster across the fields
• Absence of hairlines or cleaning marks
• Undisturbed edge slide marks (from the blank punching process)

The edge slide marks are a crucial diagnostic feature. In mint-state examples, these should be completely undisturbed, running perpendicular to the edge of the coin.

Wear Patterns and Circulation Evidence

Circulated Henning Nickels show distinctive wear patterns. The soft strike means wear tends to appear more quickly than on genuine coins. Key areas to examine for wear include:

• The high points of Jefferson’s portrait
• The dome of Monticello
• The horizontal lines on the steps

XF45 specimens, as mentioned in the forum discussion, show light wear on the high points while retaining most design details. The loop in the “R” of “LIBERTY” is often one of the first areas to show circulation, making it a reliable wear indicator.

Die Characteristics and Varieties

The 1944 Henning Nickel exists with different reverse dies, some showing the distinctive “looped R” variety. This die variety, along with the presence or absence of die cracks, can affect both the grade and the desirability of the piece. The forum images clearly show examples with and without the die crack through the “R”.

Understanding these die characteristics is essential for proper attribution and grading. The 1939 and 1953 Henning varieties, mentioned as particularly valuable, often command serious premiums even in circulated conditions.

PCGS/NGC Standards vs. ICG Approach

While major grading services like PCGS and NGC rarely grade Henning counterfeits, ICG has established standards for these pieces. The forum discussion reveals that ICG typically caps grades at Fine, even for technically better-preserved examples. This conservative approach reflects the market’s perception of these as counterfeits rather than legitimate collectibles.

However, the existence of true mint-state examples with full luster challenges this grading ceiling. A technically MS-60 or better Henning might receive a more conservative grade from ICG, but its true condition could justify a higher valuation among specialized collectors.

Authentication and Attribution

Proper authentication is crucial for Henning Nickels. Key diagnostic features include:

• Incorrect metal composition (typically a copper-nickel alloy rather than the silver used in genuine war nickels)
• Incorrect weight and dimensions
• Distinctive strike characteristics
• Die markers like the looped “R” and die cracks

The forum images provide excellent examples of these diagnostic features, particularly the high-resolution shots showing the edge slide marks and surface texture.

Market Value and Investment Potential

The market for Henning Nickels has evolved significantly. While once available for under $100, even circulated examples now command hundreds of dollars. The price spectrum reflects the grading scale:

• AG-GF: $200-400
• VF-XF: $400-800
• AU: $800-1,200
• MS: $1,000+

The 1939 and 1953 dates mentioned in the discussion represent the pinnacle of Henning Nickel collecting, with values that can reach serious money even for circulated examples. These earlier dates are particularly prized for their historical significance and rarity.

Conclusion: The Collector’s Perspective

Grading a Henning Nickel requires understanding both technical grading standards and the unique characteristics of these counterfeits. While they’ll never achieve the technical grades of genuine U.S. Mint products, their historical significance and rarity make them fascinating collectibles. The forum discussion reveals a community of collectors who appreciate these pieces not just for their monetary value, but for their place in numismatic history.

For collectors considering a Henning Nickel purchase, focus on the overall eye appeal, the presence of original surfaces, and the strength of the strike. Even a technically circulated example with good eye appeal can be a valuable addition to a specialized collection. Remember that proper attribution, including die variety identification, can significantly impact both the grade and the value of your Henning Nickel.

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