The Currency Connection: Unattributed FS Varieties, Historical Banking, and the Paper Money Cross-Over

Coins Didn’t Circulate in a Vacuum: The Fascinating Paper Currency Connection

For collectors, coins never existed in a vacuum. They were inextricably linked to the paper currency that facilitated everyday commerce. Let’s look at the fascinating paper currency that was used right alongside this piece.

When I encounter an unattributed Fivaz-Stanton (FS) variety—a coin designated by the Cherrypicker’s Guide (CPG) but lacking a slabbed variety number on the PCGS, NGC, or CACG holder—I am faced with a classic authentication dilemma. The core question posed in our recent forum thread was straightforward: Should you send it in for TPG attribution, or leave it unslabbed? However, as a syngraphics expert who studies the broader landscape of historical currency, I view this situation through a different lens. The “paper money cross-over”—the intersection of numismatic authentication and historical banking—offers profound insights into why this variety remains elusive and how matching coin and currency sets enriches our understanding of the era.

During the late 19th century, the United States was undergoing a massive monetary revolution. The National Bank Note Act of 1863 and the subsequent establishment of the Office of the Comptroller of the Currency fundamentally reshaped the American financial system. This era gave birth to national bank notes, which were liabilities of local banks chartered by the federal government, and later, the widespread issuance of silver certificates to provide liquidity and stabilize the economy. These paper instruments didn’t exist in isolation; they were the backbone of commerce, just as robust as the coins of the era. An unattributed FS variety, therefore, is not merely a numismatic curiosity—it is a fragment of a historical moment where metal coinage and paper currency were deeply intertwined.

The Authentication Dilemma: TPG vs. PCGS and the Back-of-Slab Attribution

Over the years, I’ve seen firsthand how frustrating it can be to get a variety recognized by topgrading services. The forum thread highlighted a critical friction point: the disconnect between what the grading service offers and what dealers will actually pay for.

It has been mentioned previously about having an attribution added to the back of the slab through a couple of different services, VSS comes to mind, which I have used previously. But, I have tried to sell to dealers a variety with such attribution, on the backside of the slab, and they would not offer anything above a normal coin without the info variety on the information insert.

This is a crucial consideration for any collector weighing the cost of reholdering. While third-party services like Variety Services Society (VSS) allow for variety attributions on the back of the slab, the market value often doesn’t reflect this added prestige. Dealers frequently discount varieties that appear only on the back, viewing them as less desirable than front-listed types. Consequently, the financial incentive to pursue TPG attribution can be questionable unless the variety becomes a known, highly sought-after rarity.

Yet, there is another path. Some collectors prefer seeking out TPG attribution directly—even if it means paying the premium for a topgrade certification. As one forum participant noted, “I would spring for the TPG attribution so that the coin appeals to the registry set crowd.” A TPG attribution carries significant cachet among advanced collectors building complete sets. Yet, as the commenter also warned, “You just have to keep on your toes” because TPG attributions aren’t infallible, and occasionally, the variety may not be recognized at all.

Beyond the Cherrypicker’s Guide: The Need for Broader Recognition

Why One Book Isn’t Always Enough

The Cherrypicker’s Guide is an essential reference, but relying solely on its designation is risky business. In the forum, a participant asked, “Do you know if this variety has been published anywhere else?…CoinWorld, Coinweek, etc.. If not, you might need more proof of other publications or recognition of this coin besides the CPG before a TPG’er slabs it with the FS number.”

This is a crucial point. Grading services rely heavily on documented evidence to recognize varieties. If the only source of documentation is the CPG, and that book lacks high-resolution images of the Pick Up Point, the grading services may hesitate. As another user pointed out, “The only image of one that I have seen is in the Cherrypickers Guide,” and the image was described as “ok, identifiable, but mine is clearer.”

To overcome this barrier, collectors must build a robust paper trail. One successful strategy involves submitting articles to numismatic magazines. As the forum detailed, a collector once wanted a coin listed in NGC’s Virtual Census (VP). Even though he had an FS number assigned, the late Dave Lange wouldn’t list it until he provided additional documented history. By publishing articles in several coin magazines, the collector eventually secured recognition from all four TPG grading services.

Historical Banking Context: National Bank Notes, Silver Certificates, and the Era of the FS Variety

The Intersection of Metal and Paper Currency

To truly understand the significance of an unattributed FS variety, we must step back and examine the historical banking context of the era. The 1876-CC commemorative half dollars and dimes—where the Fivaz-Stanton varieties are found—were struck during a period of immense monetary transformation. The Civil War had devastated the Southern economy, and the nation needed a unified financial system. The National Bank Note Act of 1863 established the framework for national banks, allowing them to issue their own currency backed by government bonds. These national bank notes became the backbone of the country’s paper money supply.

Simultaneously, the discovery of gold in the Black Hills and the subsequent influx of wealth prompted the Treasury Department to issue silver certificates. These certificates represented a form of paper currency backed by silver bullion, designed to increase the money supply and facilitate trade. The era of the 1870s and 1880s was characterized by a complex interplay between these metallic and paper monies. The coins we authenticate today are physical remnants of this era, but their design and the varieties they exhibit were deeply influenced by the monetary policies of the time.

Matching Coin and Currency Sets: A Holistic Numismatic Approach

For the serious collector, the “paper money cross-over” manifests beautifully in the practice of collecting matching coin and currency sets. A collector holding an 1876-CC half dollar with an FS variety can pair it with corresponding national bank notes and silver certificates from the same era. This holistic approach provides context that a standalone coin cannot. For instance, if the FS variety represents a specific die state or error pattern, understanding whether that die was used in a banknote-issuing district can shed light on the economic pressures of the time.

By cross-referencing the numismatic details of the coin with the historical banking documents, collectors can construct a richer narrative. They learn not just about the mechanics of minting, but about the economic forces that drove the creation of both coinage and paper currency. This is the true essence of the paper money cross-over: moving beyond the metal and the paper in isolation, to see how they functioned together as the dual pillars of American commerce.

The Economics of Reholdering: Will the Juice Be Worth the Squeeze?

Evaluating the Financial Risk

The forum thread also delved deeply into the financial mechanics of obtaining a variety attribution. The core question was whether the potential payout justified the cost of reholdering. One participant noted, “If you’re confident the variety will be attributed, yes, get it in a holder that has the variety attributed. If it turns into a pop 1/0, I’d imagine you’d be able to sell it for enough to make the cost ‘worth it’.”

However, the reality of numismatic transactions is rarely so straightforward. The cost of TPG attribution, reholdering fees, and potential buyer premiums must all be weighed against the likelihood of a high-value sale. Another participant shared a cautionary tale: “I can’t even count the times I thought I found a rare variety and got a normal coin sold with a crappy, shaky picture.” This highlights the danger of overestimating the rarity of an unattributed variety without solid documentation.

The Slush Fund Dilemma

For many collectors, especially those without deep pockets, the decision to spend significant funds on attribution is fraught with risk. As one user admitted, “I don’t have a lot in my ‘slush fund’ for coins, so it took a little bit of time to bail her out.” This sentiment underscores the reality that not every unattributed variety is a fortune. The market for low-pop varieties is niche, and the financial return on investment can be unpredictable.

Nonetheless, the anecdote about turning a ~$50 proof Franklin half into a ~$200 coin serves as a reminder of the potential upside. If the variety is genuinely rare and the documentation is bulletproof, the reholdering investment can yield massive returns. The key is confidence. If you are absolutely certain that the Pick Up Point is obvious and the variety is documented beyond the CPG, spending the money is a calculated risk. Otherwise, it may be wiser to hold onto the coin and seek alternative avenues for selling it, such as auction houses or online venues where the variety can be listed for a set price.

Actionable Takeaways for Collectors and Sellers

Based on the extensive discussion in the forum, here are my recommendations for handling an unattributed FS variety:

• Verify the Documentation: Don’t settle for just the Cherrypicker’s Guide. Seek out publications from CoinWorld, Coinweek, or other reputable numismatic journals. High-quality, clear images of the Pick Up Point are essential for convincing grading services of your coin’s eye appeal and true mint condition.
• Consider Multiple Attribution Services: Before committing to a TPG reholdering, have the coin examined by other services like VSS. A second opinion can add prominence and provide provenance that may be needed for future recognition.
• Weigh the Financial Reality: Assess your “slush fund.” If the potential numismatic value is a pop 1/0, the math must work. If the variety is merely unusual but not a major rarity, the cost of reholdering may exceed the expected return.
• Prioritize the Front of the Slab: If you decide to reholder, understand that dealers value varieties listed on the front of the holder. A variety restricted to the back will struggle to fetch the premium needed for high collectibility.
• Build a Paper Trail: Submit articles to numismatic magazines. Publishing your findings builds credibility and increases the chances of securing recognition from NGC’s Virtual Census or TPG attribution.

Conclusion: The Hidden Value of the Unattributed Variety

The debate over whether to submit an unattributed Fivaz-Stanton variety for TPG attribution ultimately comes down to personal conviction and market knowledge. As the syngraphics expert perspective reveals, every numismatic item exists within a broader historical context. The era of this coin—characterized by the rise of national bank notes, the introduction of silver certificates, and the complex monetary policies of the late 19th century—provides a rich backdrop for understanding why certain varieties remain unrecognized by major grading services.

An unattributed FS variety isn’t just a coin with a missing label; it’s a puzzle piece waiting for the right historical context to fit into place. By considering the intersection of numismatic authentication and historical banking, collectors can better appreciate the significance of these varieties. Whether you choose to invest in reholdering or hold onto the coin, the journey of uncovering this variety connects us to the foundational days of American currency. The “paper money cross-over” reminds us that the story of numismatics is incomplete without the story of the money itself.

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