The Top 5 Costly Mistakes New Collectors Make With 18 mm Medalets (Circa 1860–1885): A Veteran’s Guide to Avoiding Expensive Traps

We all make mistakes when we start collecting—but trust me, some stings last longer than others. If you’ve got your eye on those 18 mm medalets, stick around. I’m about to help you dodge the most expensive traps.

I’ve spent decades knee-deep in 18 mm medalets struck by the US Mint, William Key, and George Soley between 1860 and 1885. This corner of numismatics is endlessly fascinating—but it’s also loaded with pitfalls. I’ve examined hundreds of varieties, and I’ve watched collectors at every level walk straight into the same costly errors. Maybe you’re chasing a Julian-listed Lincoln Broken Column medal. Maybe you’re trying to nail down an obscure die pairing. Either way, the mistakes you make early on will follow your collection—and haunt your wallet—for years.

So here’s my candid rundown of the top five mistakes I see collectors make with 18 mm medalets from this era. These aren’t hypothetical warnings pulled from a textbook. They come from real transactions, real regrets, and lessons I learned the hard way. If you’re serious about building a collection that’s both meaningful and financially sound, pay close attention.

Mistake #1: Buying Cleaned Coins and Medalets Without Realizing It

This is, without question, the single most expensive mistake a new collector can make—and it hits especially hard in the world of 18 mm medalets and Civil War-era pieces. A cleaned coin or medalet can lose half its value overnight, and the damage is almost always permanent.

Why Cleaning Is So Damaging

When someone cleans a piece, they strip away the original surface—what numismatists call the patina or toning. On authentic 18 mm medalets from the 1860–1885 period, that natural toning is a huge part of what makes the piece genuine and desirable. Originals from this era should exhibit a deep, rich patina. If a piece looks unnaturally bright, shiny, or—as I like to put it—”beige” (that telltale washed-out tone you see on improperly handled restrikes), raise your guard immediately.

I’ve handled countless examples where a well-meaning previous owner polished a medalet to “improve” its appearance. The result might catch an untrained eye, but under professional scrutiny, it’s numismatic dead weight. Graders at NGC and PCGS will flag cleaned surfaces right away, and the piece gets a details grade instead of a numerical one. That single distinction can tank its market value.

How to Spot a Cleaned Piece

Here’s what I tell every collector I mentor:

• Look at the fields. Original 18 mm medalets from this period should have reflective, proof-like surfaces on originals, or matte and pebbly fields on restrikes. If the fields look uniformly smooth and suspiciously bright, be cautious.
• Check for hairlines. Under magnification—and I mean a 10x loupe, not a magnifying glass—cleaned pieces reveal fine parallel scratches. Those hairlines are the fingerprints of abrasive cleaning.
• Examine the color. Original Lincoln Broken Column medals and similar pieces from the 1860s should be dark. If it looks pale or washed out, it could be a restrike or a cleaned original.
• Trust your instincts. If a piece looks too good to be true for its age, it probably is.

Actionable takeaway: Before you buy any 18 mm medalet, examine it under strong lighting with a loupe. If you’re buying online, insist on high-resolution photos of both sides—pay special attention to the fields and edges. When in doubt, walk away. There will always be another piece.

Mistake #2: Overpaying for Common Dates and Varieties

This trap catches even seasoned collectors, and it’s especially dangerous given the sprawling world of 18 mm medalets. The sheer number of die combinations—I’ve personally identified about 150 varieties so far, and I’m confident there are more I haven’t encountered—means some pieces are genuinely rare while others are surprisingly common. Knowing the difference is everything.

The Julian Catalog Trap

Many new collectors lean heavily on the Julian catalog (R.W. Julian’s monumental work on US Mint medals) as their go-to reference. And look, Julian’s scholarship is invaluable. But it’s not infallible. Take PR-37, for example—Julian lists it as a variety with an incuse “P” on Lincoln’s truncation, but I’m quite confident that variety doesn’t actually exist. It’s one of the few errors in his otherwise outstanding catalog.

This matters because some sellers will list a piece as a “rare Julian variety” and charge a premium price—when in reality the variety is either common or may not even exist as described. I’ve seen collectors pay three or four times market value for a supposedly rare die pairing that turned out to be one of the most common combinations in the series.

Understanding What’s Actually Rare

After years of grading and cataloging these pieces, here’s what separates genuinely rare 18 mm medalets from the rest:

• Original strikes vs. restrikes. Original 1860s-era medalets carry significantly more numismatic value than 20th-century restrikes. Restrikes are interesting and collectible in their own right, but they shouldn’t command original prices.
• Die pairings matter enormously. Some reverse dies were paired with multiple obverse dies, creating combinations that are far scarcer than others. The Lincoln obverse paired with the Broken Column reverse, for instance, has at least four other Lincoln dies that I know of—but only one pairing was used for 20th-century restrikes.
• Condition is king. A common variety in exceptional mint condition (say, MS-65 or above) can be worth more than a rare variety in poor shape. But don’t confuse “uncommon” with “rare”—there’s a significant difference, and the market reflects it.

Actionable takeaway: Before you pay a premium for any variety, cross-reference multiple sources. Don’t rely solely on a Julian number. Check recent auction results on Heritage, Stack’s Bowers, and eBay sold listings to understand what the market actually bears for that specific variety in that specific condition.

Mistake #3: Trusting Bad Holders and Questionable Authentication

This mistake has grown more common as the market for 18 mm medalets and similar pieces has expanded. Not all holders are created equal, and not every piece in a slab is what it claims to be.

The Problem with Third-Party Holders

NGC and PCGS are the gold standard for coin grading, but the world of medalets and exonumia is far less standardized. Some pieces land in holders from lesser-known grading services that simply don’t have the expertise to properly authenticate 18 mm medalets from the 1860–1885 period. I’ve seen pieces in third-party slabs that were misidentified, overgraded, or even mislabeled as originals when they were clearly restrikes.

And then there’s the padded flip box problem. Many collectors—myself included, early in their careers—stored interesting medalets in flips or cardboard holders that offered zero protection and no authentication. If you’re buying a piece in a flip from a local shop or an online seller, you’re essentially taking their word for it. That’s a gamble, not an investment.

How to Protect Yourself

Here’s my hard-won advice for making sure you’re getting exactly what you pay for:

• Buy NGC or PCGS when possible. For higher-value pieces, the extra cost of professional grading buys you real peace of mind. These services have the expertise and the institutional reputation to stand behind their authentication.
• Learn to authenticate yourself. Study the known die characteristics of the varieties you collect. For Lincoln Broken Column medals, for example, learn to distinguish the matte fields of a restrike from the reflective fields of an original. That kind of knowledge is invaluable at shows and estate sales.
• Be wary of raw pieces at premium prices. If a seller is asking top dollar for an ungraded, unauthenticated piece, ask why it hasn’t been slabbed. There may be a perfectly good reason—or there may not.
• Document everything. When you acquire a piece, photograph it thoroughly, note its provenance if available, and keep detailed records. This protects you down the road if you ever need to sell or if questions arise about authenticity.

Actionable takeaway: If you’re spending more than $100 on any 18 mm medalet, seriously consider professional grading. The cost of slabbing is trivial compared to the financial pain of buying a misidentified or overgraded piece.

Mistake #4: Falling for Marketing Hype and Emotional Buying

This is the mistake that separates casual collectors from serious numismatists—and it’s the one I encounter most often in online forums and at coin shows. The excitement of finding a new variety or completing a set can completely override rational judgment, and sellers know exactly how to exploit that.

The “Rare Find” Syndrome

How many times have you seen a listing screaming: “EXTREMELY RARE 18mm Lincoln Medalet—ONE OF A KIND—MUST SEE!”? In my experience, the vast majority of these claims are exaggerated at best and outright fabrications at worst. The 18 mm medalet market is full of pieces that are interesting and collectible but not particularly rare.

I’ll be honest—I’ve fallen for it myself. Early in my collecting career, I bought a piece on pure impulse because it looked fascinating and the seller made it sound extraordinary. It sat in a padded flip box for years before I did any real research. When I finally examined it carefully, I discovered it was a 20th-century restrike, not an original. It’s still a nice piece with its own collectibility, but it wasn’t what I thought I was buying—and I overpaid accordingly.

How to Keep Your Emotions in Check

These are the rules I follow religiously, and I recommend them to every collector I know:

• Never buy on impulse. If you see something interesting, take photos, note the details, and go home to research it. The piece will still be there tomorrow (and if it’s truly rare, it probably won’t be—which tells you something right there).
• Set a budget and stick to it. Decide in advance what you’re willing to pay for a given variety in a given condition. Don’t let auction fever or a smooth-talking seller push you past your limit.
• Ask for expert opinions. Before making a significant purchase, post photos on collector forums and ask for input. The numismatic community is remarkably generous with knowledge, and a second or third opinion can save you hundreds of dollars.
• Remember: interesting doesn’t mean valuable. A 20th-century restrike of a Lincoln Broken Column medal is an appealing piece of numismatic history with real eye appeal. But it’s not worth what an original from the 1860s commands. Know the difference, and price accordingly.

Actionable takeaway: Create a personal “cooling off” rule. For any purchase over a set dollar amount—I use $250, but adjust to your own budget—wait a full 48 hours before committing. If you still want it after two days of research, go ahead. If the excitement fades under scrutiny, you just saved yourself from a costly mistake.

Mistake #5: Neglecting Provenance and Historical Context

This final mistake is the one that separates true numismatists from mere accumulators. Every 18 mm medalet from the 1860–1885 period has a story, and understanding that story is what makes collecting these pieces so deeply rewarding—and so profitable when you get it right.

Why History Matters

The medalets struck by the US Mint, William Key, and George Soley during this period weren’t just decorative trinkets. They were political statements, commemorative objects, and historical artifacts. The Lincoln Broken Column medal, for example, is a powerful symbol of an assassinated president and a nation’s grief. Understanding the historical context—when these pieces were struck, why, and for whom—adds immeasurable depth to your collection.

More practically, provenance directly affects numismatic value. A piece with documented history—one that appeared in a major auction or belonged to a famous collection—commands a significant premium over an identical piece with no background. I’ve personally seen pieces double in value simply because their ownership trail could be traced back to a notable collector or institution.

Building a Collection With Context

Here’s how I approach building a historically informed collection of 18 mm medalets:

• Research the die varieties obsessively. Learn which obverse dies were paired with which reverse dies, and understand the chronology of these pairings. This knowledge helps you identify genuinely scarce combinations and assess their true collectibility.
• Study the mint and private mint records. The US Mint, William Key, and George Soley all left production records. They’re incomplete, but they can help you understand which pieces were struck in quantity and which were produced in very limited numbers.
• Document your own pieces meticulously. When you acquire a medalet, record everything: where you bought it, what you paid, any provenance information, and your own observations about its luster, strike quality, and surface characteristics. This documentation becomes part of the piece’s permanent history.
• Contribute to the community. If you find a variety that isn’t well-documented, share your findings. Post detailed photos, describe the die characteristics, and engage with fellow collectors. The collective knowledge of this community is what keeps the field moving forward.

Actionable takeaway: Treat every piece in your collection as a historical artifact, not just a commodity. The deeper you dig into a piece’s history and context, the better collector you’ll become—and the more meaningful your collection will be.

Conclusion: Building a Collection You Can Be Proud Of

Collecting 18 mm medalets from the 1860–1885 period is one of the most rewarding pursuits in all of numismatics. These pieces connect us to a pivotal era in American history—the Civil War, Lincoln’s assassination, Reconstruction—in a tangible, beautiful way. The Lincoln Broken Column medals, the various die pairings from the US Mint, William Key, and George Soley, and the hundreds of varieties still being fully cataloged represent a rich and evolving field of study.

But the pitfalls are real. Buying cleaned pieces, overpaying for common varieties, trusting bad holders, falling for marketing hype, and neglecting historical context—these are the mistakes that can turn an exciting hobby into an expensive disappointment.

The good news? Every single one of these mistakes is avoidable. With careful research, a disciplined approach to buying, and a genuine willingness to learn from this incredible community, you can build a collection of 18 mm medalets that’s both financially sound and historically meaningful.

I’ve been studying these pieces for years, and I still discover varieties I’ve never encountered before. That’s what makes this field so thrilling—there’s always more to discover. But discovery without discipline is just expensive curiosity. Learn from the mistakes I’ve outlined here, and you’ll be well on your way to becoming the kind of collector that others look up to.

Happy collecting—and when you find that unusual die pairing or that medalet with the fascinating reverse, do what the best collectors do: photograph it carefully, research it thoroughly, and share it with the community. We’re all better for it.

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