The Crack-Out Game: Hunting Hidden Value in PCGS Doily, 2.1, and 2.2 Holder Crossovers

Sometimes the plastic holder is holding the coin back. Let’s talk about the risks and rewards of trying to upgrade this piece across grading services.

I’ve spent years studying the nuances of early PCGS holders — and I can tell you that few areas of numismatics are as fascinating, or as potentially profitable, as the murky transitional period between late 1989 and early 1990. That’s when the PCGS Doily (Gen 2.0), Gen 2.1, and Gen 2.2 holders overlapped in ways that still spark debate today. If you’re sitting on a coin in one of these holders, you need to understand exactly what you have. The difference between a common holder and a rare transitional variety can mean thousands of dollars.

The Great Holder Debate: Were the Doily, 2.1, and 2.2 Produced Concurrently?

The conventional wisdom, as presented by the PCGS Museum of Coin Holders, states a clean linear progression:

• Gen 2.0 (Doily): Introduced September 1989, used only through October 1989
• Gen 2.1: Used from October 1989 through December 1989
• Gen 2.2: Introduced December 1989, used into January 1990

PCGS classifies the Doily as “Very Scarce” and both the 2.1 and 2.2 as “Scarce.” But the real story is far more complicated — and far more interesting for those of us who make our living cracking coins out of holders.

The evidence for concurrent production is compelling. Video footage from the 1989 ANA Convention in Pittsburgh, PA (held August 9–13) shows then-PCGS Director of Marketing Patti Manassian describing and displaying the new Doily holder — complete with hologram, printed safety paper, and outer collar. The broadcast, aired on the Financial News Network on August 26, 1989, stated the new holders would hit the market within two weeks. This places the Doily’s market introduction in the last days of August through the second week of September 1989, consistent with PCGS’s own timeline.

But here’s where it gets interesting. The November 1989 issue of COINage magazine — which, like all newsstand magazines, would have been produced and distributed at least five weeks before its cover date, meaning final production no later than the last week of September 1989 — contains a full-color, full-page photograph of a PCGS-certified Saint Gaudens double eagle in what appears to be a Gen 2.2 holder. The image was shot at Continental Coin Corporation dealership and shows a regular-issue slab, not a sample.

If the 2.2 holder was already in dealer inventory by late September 1989, and the Doily was only just being introduced to the market at that same time, then these holders were almost certainly being produced and used concurrently — not in the neat sequential handoff that the official timeline suggests.

Identifying the Key Physical Differences

For crack-out artists, the ability to distinguish between these holders at a glance is essential. Here’s what I look for:

Gen 2.0 (Doily) Characteristics

• Perforated edges throughout the label
• Solid white bottom band covering the barcode area
• “PCGS” printed at the top of most (but not all) labels
• Seven-digit certification numbers (original production; retro Doily holders from ~2015 have eight digits)
• The distinctive “doily” lace-pattern background design

Gen 2.1 Characteristics

The Gen 2.1 is actually the most complex of the three, with at least three recognized sub-varieties:

• Wide perforation variant with “PCGS” on label: The rarest of all Gen 2 holders — even scarcer than the Doily or 2.2
• Wide perforation variant without “PCGS” on label: Shares the squared corners and perforated edges of the Doily
• Fine perforation variant: All lack “PCGS” printed at the top, resembling the earlier Rattler labels

Gen 2.2 Characteristics

• Smooth, rounded edges — no perforations
• Die-cut label stock
• “PCGS” printed at the top of all labels
• Cleaner, more refined appearance than the Doily or 2.1

The Sample Slab Mystery: A Hybrid Doily

One of the most intriguing aspects of this discussion is the existence of what appears to be a hybrid Doily sample slab — a holder that combines Doily label stock with the smooth, rounded edges characteristic of the Gen 2.2. This hybrid lacks the solid white bottom band and perforated edges of the standard Doily, yet features the Doily’s distinctive background design (albeit less vibrant than standard production).

Multiple sample slabs with these characteristics have been documented. The forum discussion references at least one example that sold on eBay, and collectors have identified several others. The critical question: were these sample slabs produced using leftover Doily label stock mated with Gen 2.2 collar components, or do they represent a previously unrecognized production variety?

As one forum participant astutely noted, in a business setting, who wouldn’t use up already-printed label stock before switching to new materials? PCGS likely had boxes of Doily labels on hand and would have used them regardless of which collar or outer holder was being assembled. This practical explanation accounts for the hybrid characteristics without requiring us to rewrite the entire production timeline.

Why This Matters for Crack-Out Artists

You might be wondering: why should a crack-out specialist care about holder minutiae? The answer is simple — the holder can be worth more than the coin inside it.

Here’s my professional assessment of the current market dynamics:

1. Gen 2.0 (Doily) in original holder: Commands a significant premium. Collectors of early PCGS holders actively seek these, and cracking the coin out destroys that premium entirely. Do not crack out a Doily unless the coin itself has a realistic chance of a dramatic upgrade (e.g., a full grade or more) at PCGS or a crossover to NGC at a higher grade.
2. Gen 2.1 with “PCGS” on label: This is the rarest of the Gen 2 holders. If you have one, you have something genuinely special. The market may not yet fully reflect this rarity, but it will. I’ve seen knowledgeable collectors pay Doily-level prices for these, and I believe they will eventually exceed Doily premiums.
3. Gen 2.1 without “PCGS” on label: Scarce but less recognized. A good candidate for crack-out if the coin has upgrade potential, since the holder premium is lower.
4. Gen 2.2: Scarce and underappreciated. The market hasn’t fully priced in its rarity relative to the Doily. This is a holder I recommend preserving when possible.

NGC to PCGS Crossover Strategy for Early Holders

Now let’s talk about the crossover game — specifically, submitting coins from NGC holders to PCGS (or vice versa) in pursuit of a higher grade. This is where the real money is made and lost.

When to Attempt a Crossover

In my experience grading and resubmitting thousands of coins, here are the scenarios where a crossover or regrade makes sense:

• The coin is clearly undergraded. You can see with your own eyes — or with a 10x loupe — that the coin deserves a higher grade. Look for strong luster, minimal marks in prime focal areas, and sharp strike details that exceed the assigned grade.
• The coin is in a common holder with no premium. If your coin is in a modern NGC holder that adds zero value, you have nothing to lose by cracking it out and submitting to PCGS.
• You have a strong understanding of PCGS grading standards for the specific series. PCGS and NGC do not always grade identically. Some series consistently grade higher at one service versus the other. Know the tendencies before you submit.

When NOT to Crack Out

• The coin is in a Doily, rare 2.1, or early PCGS holder with a premium. Unless you’re confident of a multi-grade upgrade, you’re destroying value by cracking out.
• The coin is on the borderline. If the coin might come back the same grade — or worse, a lower grade — you’ve wasted your submission fees and lost the security of the existing grade.
• You’re emotionally attached to the outcome. Crack-out artists must be ruthless. If you can’t accept the possibility of a downgrade, don’t submit.

The Crack-Out Process: Professional Tips

For those new to cracking out, here’s my tried-and-true method for early PCGS holders:

1. Photograph everything first. High-resolution images of both sides of the coin in the holder, plus close-ups of the label, cert number, and any holder characteristics. This documents what you had in case of disputes.
2. Use the right technique. For Gen 2 holders, I recommend carefully flexing the holder along the edge seam. The early holders are more brittle than modern slabs, so work slowly. Some professionals use a thin blade to separate the collar from the insert.
3. Never touch the coin with bare hands. Use cotton gloves and handle by the edges only.
4. Submit with a clear target grade. Don’t just submit “for best grade.” Tell PCGS exactly what grade you’re seeking. This focuses the grader’s attention and can improve your results.
5. Consider the population report. Before cracking out, check the PCGS Population Report for the date, mint mark, and grade. If there are very few coins at the next grade up, your odds of a successful crossover decrease. If the population thins dramatically at the grade above yours, that’s where the money is.

The Pareidolia Problem: Seeing Things That Aren’t There

One fascinating thread in this discussion is the role of pareidolia — the tendency to perceive meaningful patterns in ambiguous images. Multiple forum participants admitted that they could “see” Doily characteristics in the COINage magazine photograph of the Saint Gaudens double eagle, but only after others pointed it out. When examining the actual glossy magazine page in hand, the Doily features were far less apparent.

This is a critical lesson for all of us in the hobby. Digital images of slabs — especially those taken of printed magazine pages — can be misleading. Pixelation, glare, and compression artifacts can create the illusion of perforations, white borders, or other features that don’t exist in the physical holder. Always verify with the actual slab in hand before making attribution decisions.

As one collector put it perfectly: “It might just be parei-DOILY-a.”

The Three Varieties of Gen 2.1: A Closer Look

For those who want to go deeper, the Gen 2.1 holder deserves special attention. Based on the research compiled by forum contributors and cross-referenced with resources like oldslabholders.com, there are at least three distinct Gen 2.1 sub-varieties:

1. Gen 2.1a: Wide perforated edges, “PCGS” printed at top center of label. Extremely rare — the scarcest of all Gen 2 holders.
2. Gen 2.1b: Wide perforated edges, no “PCGS” on label. Shares physical characteristics with the Doily but lacks the doily background pattern.
3. Gen 2.1c: Fine perforated edges, no “PCGS” on label. A transitional variety that bridges the Doily and the 2.2.

The existence of these sub-varieties strongly supports the concurrent production theory. PCGS was clearly experimenting with different label stocks, perforation patterns, and branding approaches during this brief window — likely using up existing inventory while simultaneously introducing new materials.

As one astute observer noted, the progression seems to follow a logical trial-and-error pattern: the awkward and easily cracked collar of the Gen 2.0 was refined through the 2.1 iterations, with the die-cut Gen 2.2 ultimately “winning out” and becoming the basis for the Gen 3.0 holder design.

Market Outlook: When Will Prices Align with Rarity?

Forum participants have raised an excellent question: when will the prices for Gen 2.1 and 2.2 holders “get in line” with the Doily?

My professional opinion: they already have, for informed buyers. The market for early PCGS holders is efficient among knowledgeable collectors. The Doily gets the most attention because it’s the most visually distinctive and the most widely recognized. But serious slab collectors already pay appropriate premiums for rare 2.1 varieties and 2.2 holders.

That said, I believe there’s still upside potential, particularly for:

• Gen 2.1a (with “PCGS” on label): This variety is genuinely rarer than the Doily, yet it doesn’t command the same premium. As awareness grows — and as more collectors complete their Gen 2 holder sets — I expect prices to rise significantly.
• Gen 2.2 in high grades: A Gem-quality coin in a 2.2 holder is a genuinely scarce item. The combination of a rare holder and a premium coin creates a compounding effect on numismatic value and collectibility that the market hasn’t fully recognized.
• Documented transitional pieces: Any slab that can be proven to represent a transitional production period — such as the hybrid Doily/2.2 sample slabs — has significant collector value beyond the holder premium alone. Provenance matters here.

Actionable Takeaways for Collectors and Investors

Before you crack open that holder, run through this checklist:

• Identify your holder generation. Use the PCGS Holder Museum, oldslabholders.com, and the physical characteristics described above to determine exactly which holder you have.
• Check for sub-varieties. Not all Doilies are created equal. Look for the presence or absence of “PCGS” on the label, the type of perforation, and the edge characteristics.
• Research recent sales. Search Heritage Auctions, eBay sold listings, and dealer price lists for comparable slabs. Don’t rely on asking prices — look at what actually sold.
• Evaluate the coin independently of the holder. Would this coin be worth more raw or in a different holder? Or does the current holder add value? Consider the eye appeal, luster, strike quality, and patina on their own merits.
• Consider the census. Check the PCGS Population Report. If your coin is already at the top of the population for its grade, an upgrade is unlikely. If there’s room to move, the crack-out game may be worth playing.
• Document everything. Photograph the holder, record the cert number, and note any distinguishing characteristics before you crack.

Conclusion: The Enduring Mystery and Value of Early PCGS Holders

The debate over whether the PCGS Doily, Gen 2.1, and Gen 2.2 holders were produced sequentially or concurrently may never be fully resolved. The evidence from the 1989 ANA Convention video and the November 1989 COINage magazine strongly suggests overlapping production, but the exact timeline remains murky — a reflection of the chaotic, experimental nature of PCGS’s early years.

What is clear is that these holders represent a fascinating chapter in numismatic history. They capture a moment when the third-party grading industry was still finding its footing, experimenting with holder designs, security features, and branding in real time. For collectors and crack-out artists alike, understanding the nuances of these early holders isn’t just an academic exercise — it’s a pathway to identifying undervalued coins and rare varieties that the broader market hasn’t yet recognized.

The next time you’re browsing a dealer’s inventory or lotting through an auction, take a closer look at those early PCGS slabs. That unassuming Gen 2.1 might be rarer than the Doily sitting next to it. That coin in a 2.2 holder might be a candidate for a lucrative crossover. And that hybrid sample slab might be one of the most interesting pieces in the entire collection.

In the crack-out game, knowledge is profit. And when it comes to early PCGS holders, we’re still learning.

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