PMD or Post Mint Damage is a very common term used at online forums, dealerships and coin shows in reference to coins that obtained damage after it was released from the mint. It’s a class of it’s own in numismatics but most generally devalues the coins involved. However there remains a few instances when a coin is PMD, and actually gains in value. In example, Buffalo Nickels carved into HoBo Nickels, but none are most valuable than the 1804 10C struck on 1838 1C, pictured above.
What occurred here is that an 1804 Draped Bust Dime die was used to strike an 1838 Matron Head Large Cent, and according to the records this happened outside of the mint. A couple diagnostics confirms this assertion: One, the 1838 Large Cent shows signs of wear, so the coin had been in circulation for a few years before it was restruck with the 1804 discarded dime die. Two, the Joseph Mickley auction catalog in the mid 1860’s, listed several discarded mint dies that the government repurchased from his auction.
Therefore, it’s believed by many experts, that Joseph Mickley could have created this restrike himself during the 1860’s. Only two are known. Did Mickley strike these coins for his auctions? He did oversee the 1804 cent restrikes among other related items, but it still remains a mystery, in part, that has few other leads and many guesses.
The last one sold at Heritage Auctions, July 30, 2008 for $25,300, making it the most valuable PMD coin in existence. At least until one is presented at auction again.
Research credit: 2008 July-August Baltimore, MD (ANA) US Coin Signature Auction #1114