Master Numismatist, Rick Tomaska Explains: Why are Mint State We The People Franklins Half Dollars So Rare?
The exclusive We The People holders awarded to Franklin Half Dollars by NGC have long been the brainchild of coin expert, and numismatic author, Rick Tomaska. Tomaska has made the study of Franklin Half Dollars his life’s work in numismatics. His groundbreaking research into the series prompted NGC and PCGS to adopt the FBL, or Full Bell Line, designation for Mint State Franklins. The FBL designation indicates the most fully struck Mint State Franklin with uninterrupted horizontal bell lines along the bottom of the bell. Additionally, Tomaska has authored numerous books, including A Guide Book of Franklin & Kennedy Half Dollars and Cameo and Brilliant Proof Coinage of the 1950 – 1970 Era.
When asked to elaborate on why the WTP holders are necessary, Rick explained, “There are such tremendous differences in eye-appeal and quality between coins of the same grade, whether they are 65FBL, 66FBL, or 67FBL. The We The People holder is reserved for only the most exceptional examples for the date & grade!”
As a result, Tomaska believes that many Franklin Half Dollars in these grades are far rarer than the PCGS and NGC population numbers suggest. In order to create a more accurate representation of truly astonishing Franklin Half Dollars, Tomaska teamed up with NGC to create the We The People holder. These holders were created under the stipulation that Rick Tomaska, himself, would personally inspect each coin, with only the highest quality examples qualifying for the holder.
As a true testament to the quality of these We The People Franklin Half Dollars, NGC has created separate population tables just for WTP examples. This creates a clear divide between the quality of a standard Franklin Half Dollar and a We the People Franklin Half Dollar. According to Tomaska, depending on the date and grade of the coin, it is estimated that population totals for We The People Franklins will only make up between 5% - 25% of generic PCGS and NGC Franklin Mint State totals.
The reason for the discrepancy in numbers when comparing standard Franklins and WTP Franklins is simple. As Tomaska puts it, “For one, many of these coins have very unattractive toning or spotting. Secondly, as we all know, grading is on a scale. Not all examples certified in MS65, MS66, or MS67 are going to be equal in quality or eye-appeal. Again, I reserve the We The People holder for examples of the highest quality or eye-appeal for their date and grade.”
A great example of this case would be this 1953-S Franklin Half Dollar. While finding an example with Full Bell Lines is already quite rare, this Mint State 66+ coin exhibits an out-of-this-world eye appeal that easily makes it qualify for Rick Tomaska's Signature Series holder.
In Rick’s own words, “I believe the best legacy I could leave the collecting community is to earmark those Franklin and Kennedy half dollars that I know, from my experience, are the most exceptional for their date and grade. 50, 100, 200 years from now, collectors of future generations who own a Franklin Half Dollar in a We The People holder, will own a Franklin Half Dollar that is the acknowledged gold standard for the series! That is what the NGC We The People holder represents!”
