The Crack-Out Game: Should You Resubmit WWI Victory and Participation Medals to PCGS?

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.

As a professional crack-out artist who has crossed thousands of coins between NGC and PCGS over the years, I can tell you that few areas of numismatics present as fascinating a crossover battlefield as World War I Victory and Participation Medals. These so-called dollars and commemorative medals — many cataloged under the Hibler-Kappen (HK) numbering system — occupy a unique niche where exonumia meets traditional coin grading, and where the crack-out game can be both extraordinarily rewarding and devastatingly costly. In this article, I’ll walk you through everything I’ve learned about identifying undergraded WWI medals, executing NGC-to-PCGS crossovers, and knowing when to leave well enough alone.

Why WWI Victory Medals Deserve a Place in the Slab

Before we get into the mechanics of crossover grading, let’s establish why these pieces matter. The World War I Victory Medal — designed by the renowned sculptor James Earle Fraser, who also created the iconic Buffalo Nickel — was awarded to American servicemen who participated in the conflict. The medal’s obverse features a winged Victory figure, while the reverse bears the inscription “THE GREAT WAR FOR CIVILIZATION” along with the names of the Allied nations.

What makes these medals particularly interesting to collectors is the clasp system. As one forum contributor noted, the medal without clasps was distributed to troops who served in the U.S. only; the medal with a single clasp went to those who served overseas but not in battle; and the medal with more than one clasp was awarded to men who participated in more than one major operation. This creates a natural hierarchy of rarity and desirability that directly impacts numismatic value — and, consequently, grading decisions.

Beyond the standard issue, there exists a rich ecosystem of so-called dollars related to the war effort. HK-892, HK-900a, HK-903, and HK-903A are just a few of the catalog numbers that serious collectors pursue. Some of these pieces, like the 1918-dated varieties of HK-892, aren’t even mentioned in standard references, making them essentially unlisted discoveries. When you encounter a rare variety like that in an NGC holder, the crossover question becomes even more compelling.

The NGC-to-PCGS Crossover Landscape for WWI Medals

In my experience grading and crossing exonumia, I’ve found that NGC and PCGS don’t always see eye to eye on WWI medals. There are several reasons for this:

• Different grading philosophies for exonumia: NGC has historically been more aggressive in accepting and grading medals, tokens, and so-called dollars. PCGS has been more selective about what they’ll slab, which means that when they do accept a piece, the grading standards can be interpreted differently.
• Population report disparities: The NGC Census might show five examples of a particular WWI Victory Medal, while PCGS may have only one or two. This scarcity on the PCGS side can translate to higher premiums — if you can get the coin crossed.
• Market perception: For better or worse, many collectors and dealers still view PCGS as the premium brand. A PCGS MS-65 WWI so-called dollar will often command a higher price than the same piece in an NGC MS-65 holder, even if the technical grade is identical.

I’ve examined dozens of WWI medals in both services’ holders, and I can tell you that the crossover success rate is highly dependent on the specific type. Common dates and varieties in mint condition cross more readily. Rare pieces — like the gold HK-902A Victory Medal that once belonged to Steve Tanenbaum — are a different animal entirely. That particular piece, struck in 22K gold and pedigreed through First Class Coins, represents the kind of trophy where the holder matters less than the piece itself. But for the vast majority of collectors working with bronze and silver so-called dollars, the crack-out calculus is very real.

When NGC Grades Are Too Conservative

Here’s where my professional experience really comes into play. I’ve identified a pattern where NGC tends to be slightly conservative on certain WWI medal types, particularly:

• Looped medals with original ribbon: NGC sometimes penalizes these for contact marks that are consistent with actual wear in service — which, paradoxically, can increase historical value even as it decreases technical grade.
• Pieces with attractive toning: Some WWI medals develop a beautiful patina from age. NGC has been known to mark these down for “environmental damage” or “staining” when the toning is actually quite stable and aesthetically pleasing.
• So-called dollars with die varieties: Pieces like the HK-892 with its multiple die states — late die state with cracks through the flagpole tips, or the variety with flagpoles extending through the word “TRUST” — sometimes get lumped together without proper variety attribution, which can suppress the grade relative to the piece’s true market value.

Identifying Undergraded Coins: A Professional’s Checklist

Before you crack anything out, you need to develop an eye for spotting undergraded pieces. Here’s the checklist I use when evaluating WWI medals for potential crossover:

1. Strike quality: Is the medal fully struck? On WWI Victory Medals, check the wing tips on the obverse and the lettering on the reverse. A fully struck piece with sharp details in the central arch and eagle’s wing deserves a premium grade.
2. Surface preservation: Look for original mint luster beneath any toning. Many WWI so-called dollars were struck in silver or bronze and retain flashy surfaces if they were never circulated. If the surfaces are clean and free of detracting marks, the grade should reflect that.
3. Eye appeal: This is subjective but critical. A medal with even, attractive toning and no distracting marks will always cross more easily than one with spotty or mottled surfaces.
4. Loop and ribbon integrity: For looped medals, the condition of the loop itself matters. An intact, undisturbed loop with original ribbon significantly enhances collectibility. As one collector noted, “I think that this item is better when it is intact. The ribbon and the bars add a lot to the interest.”
5. Edge and rim condition: Check for rim nicks, edge bumps, or signs of mounting. Many WWI medals were actually worn by veterans — as evidenced by the looped example that shows genuine wear — and this honest wear is different from post-mint damage.

The Crack-Out Process: Risks You Must Understand

Let me be blunt: cracking out a slabbed coin is always a gamble. You’re removing the protective holder and exposing the coin to potential damage, and you’re paying a grading fee with no guarantee of success. Here are the specific risks as they apply to WWI medals:

Physical Damage During Removal

WWI medals are often larger and heavier than standard coins. The large embossed plaques — like the 15-inch by 22-inch bronze plaque showing all aspects of U.S. participation in the war, with unit insignias for Engineers, Army, Navy, Tank Corps, and medics — obviously can’t be slabbed at all. But even the standard 36mm Victory Medals can be tricky. The loop, if present, creates an irregular shape that can make removal from the holder more difficult. I’ve seen loops bent and ribbons torn during careless crack-outs.

Grade Reduction

This is the nightmare scenario. You crack out an NGC MS-64, send it to PCGS, and get back an MS-63 — or worse, a “no grade” for some perceived problem. Now you’ve paid the grading fee, lost the NGC holder (which had some value), and ended up with a worse result. For WWI medals specifically, the risk is elevated because:

• PCGS graders may interpret contact marks differently
• The toning that NGC accepted might be viewed less favorably
• Die varieties that NGC recognized might not be acknowledged by PCGS, affecting the perceived quality of the piece

The “No Grade” Possibility

PCGS may refuse to grade a piece entirely if they determine it has been cleaned, altered, or environmentally damaged. For WWI medals that were actually worn in service — like the looped example that was “apparently worn by a World War 1 veteran at some point due to the wear” — this is a real concern. The honest wear that gives the piece its historical character might be interpreted as damage by a strict grader.

Regrading vs. Crossover: Understanding Your Options

There’s an important distinction between a crossover submission and a regrade submission, and understanding it can save you money and heartache.

Crossover: You submit the coin in its current NGC holder and ask PCGS to grade it at the same level or higher. If PCGS agrees with the grade or assigns a higher one, you get a PCGS slab. If they assign a lower grade, they return the coin still in the NGC holder. This is the safer option.

Regrade (crack-out): You crack the coin out of the NGC holder and submit it raw to PCGS. This gives the graders a fresh look without any preconceptions, but it also means there’s no safety net. If PCGS doesn’t like what they see, you’re stuck with an unslabbed coin.

For WWI medals, I generally recommend the crossover route for pieces that are already graded MS-63 or higher. The odds of a successful cross are reasonable, and the downside is limited. For lower-grade pieces or pieces with questionable surfaces, the crack-out-and-regrade approach might make more sense — but only if you’re confident in the coin’s quality.

Specific WWI Medal Types Worth Crossing

Based on my experience, here are the WWI medal types that I believe offer the best crossover potential:

• HK-892 (1917 date): Multiple die varieties exist, and the late die state with cracks through the flagpole tips is particularly interesting. NGC has graded more of these than PCGS, creating a potential arbitrage opportunity.
• Unlisted 1918 varieties: As one collector discovered, there are 1918-dated pieces that don’t appear in any so-called dollar references. These unlisted varieties, with differences in both obverse and reverse dies (rifle pointing at the “R” of ARMY vs. the “A,” 8 stars vs. 7 stars between the flagpole and eagle’s wing), represent genuine discoveries that could command significant premiums if properly graded by PCGS.
• HK-903 and HK-903A: The American “Saviors of Liberty” and French “Victory of Right” so-called dollars are already Top Pops in the NGC census. Crossing these to PCGS could establish the PCGS population at a high grade, potentially increasing market value.
• Gold HK-902A: While this is an extreme rarity, any gold WWI Victory Medal deserves the best possible presentation. The Steve Tanenbaum piece, pedigreed and previously sold through First Class Coins, sets the standard for how these should be handled.

The Human Element: Why These Medals Matter Beyond the Grade

I want to step back from the technical grading discussion for a moment and remind us all why we collect these pieces. The WWI Victory Medal isn’t just a numismatic object — it’s a tangible connection to the men and women who served in the Great War.

Consider the story of Grace Banker, Chief Operator of the U.S. Army Signal Corps Women Telephone Operators — the “Hello Girls.” She received a Victory Medal service ribbon with two bronze stars for her service in the St. Mihiel Offensive and Meuse-Argonne Offensive, but was denied the Victory Medal itself because the Hello Girls were not considered veterans. It took 105 years — until October 2024 — for her granddaughter Carolyn Timbie to finally receive the medal that should have been awarded in 1919. When you hold a WWI Victory Medal in your hand, you’re holding a piece of stories like these.

Or consider Samuel Woodfill, whom General Pershing called “the most outstanding soldier of World War 1.” Woodfill was awarded the Medal of Honor for single-handedly neutralizing three German machine gun nests while suffering from the effects of mustard gas, then leading his men back to American lines with no casualties. His Victory Medal, along with the French Legion d’honneur, the French Croix de guerre, the Montenegrin Order of Prince Danilo I, and the Italian Croce al Merito di Guerra, represents a legacy of extraordinary courage.

Even the humble trench art shell casings — like the 1918 75mm example from a collector’s grandfather who was honorably discharged from the U.S. Army in 1918 — carry profound personal significance. These aren’t just collectibles; they’re memorials.

Practical Tips for Buyers and Sellers

Whether you’re buying, selling, or considering a crossover, here are my actionable takeaways:

For Buyers:

• Always check both the NGC and PCGS population reports before purchasing. A piece that’s common in NGC might be rare in PCGS, and vice versa.
• Don’t overpay for a PCGS holder if the same grade is available in NGC at a significant discount — unless you specifically need the PCGS brand for resale purposes.
• Examine the actual coin, not just the label. I’ve seen beautifully graded pieces with hidden problems and conservatively graded pieces that are clearly undergraded.
• Pay attention to die varieties. The HK-892 with flagpoles extending through “TRUST” is a different (and potentially more valuable) piece than the standard variety.

For Sellers:

• If you have an NGC-graded WWI medal that you believe is undergraded, consider a crossover submission before selling. The PCGS premium can be substantial.
• Document everything. Photographs of the loop, ribbon, clasps, and any die varieties will help justify a higher grade.
• Be honest about condition. A medal that was actually worn by a veteran has historical value that transcends technical grade. As one collector eloquently put it: “I think that this is very interesting since it was probably proudly worn by a WW1 Veteran!!”
• Consider the provenance. Pieces with documented pedigree — like the Steve Tanenbaum gold HK-902A — command premiums regardless of the holder.

For Crack-Out Artists:

• Never crack out a coin you haven’t personally examined. Forum photos and even TrueView images can be misleading. One collector noted that “the slab image shows a loop by the TrueView doesn’t” — discrepancies like this matter.
• Start with your strongest pieces. Don’t waste money crossing coins that are clearly at the correct grade.
• Keep detailed records of every crossover attempt. Over time, you’ll develop a sense for which pieces cross successfully and which don’t.
• Factor in all costs: grading fees, shipping, insurance, and the time value of having your coin tied up in the grading process.

Conclusion: The Enduring Legacy of WWI Medals in Numismatics

World War I Victory and Participation Medals represent one of the most historically rich and numismatically diverse areas of collecting. From the standard bronze Victory Medal with its various clasp configurations to the rare so-called dollars like HK-892, HK-903, and the legendary gold HK-902A, these pieces connect us to a pivotal moment in human history.

The crack-out game is real, and for WWI medals specifically, the potential rewards can be significant. NGC-to-PCGS crossovers offer a path to higher grades, better market recognition, and increased value — but only for those who approach the process with knowledge, patience, and respect for the coins themselves.

As I’ve emphasized throughout this article, the key to successful crossover grading is identifying genuinely undergraded pieces. Look for strong strike quality, clean surfaces, attractive toning, and intact original features like loops and ribbons. Understand the die varieties that make certain pieces rarer than their census numbers suggest. And always, always remember that behind every medal is a story — of service, sacrifice, and the enduring human spirit.

Whether you’re a seasoned crack-out artist or a newcomer to the world of WWI exonumia, I hope this guide has given you the tools and confidence to make informed decisions. The plastic holder should serve the coin, not the other way around. Sometimes, the best thing you can do for a medal is set it free.

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