Population Reports

Population reports have revolutionized how collectors evaluate coin rarity. These databases, maintained by major grading services, track exactly how many coins of each date, mintmark, and grade have been certified—providing invaluable data for informed collecting decisions.

What Population Reports Reveal

When PCGS or NGC grades a coin, they record it in their population database. Over time, these records accumulate into comprehensive pictures of certified coin populations. Want to know how many 1893-S Morgan dollars have been graded MS65? The population report tells you instantly.

This information matters because rarity drives value. A coin might have a high mintage but prove genuinely scarce in high grades. Population data reveals these condition rarities that mintage figures alone cannot predict.

Reading Population Data

Population reports show grading distributions across the Sheldon scale. You’ll see how many coins graded at each level from Poor-1 through MS/PR-70. The numbers tell stories: a steep drop-off above MS63 suggests the issue is condition-sensitive. A large population in lower grades with virtually nothing above MS65 indicates a true high-grade rarity.

Compare populations across dates within a series. Sometimes a lower-mintage date proves more available in high grades than a common date that didn’t survive well. Population data helps identify these collecting opportunities.

Population Report Limitations

The data has important limitations. Resubmissions inflate numbers—collectors crack coins from holders and resubmit hoping for upgrades. A population of 100 coins might represent only 50 actual specimens submitted multiple times.

Not all coins get certified. Many collectors prefer raw coins, and countless high-quality examples remain in old collections never submitted to grading services. Population reports capture certified coin populations, not total surviving populations.

Using Population Data Strategically

Smart collectors use population data to identify undervalued coins. If two dates price similarly but one has a population one-tenth the other’s, the scarcer coin may be underpriced. Registry set competition drives premiums for top-pop coins—those with the highest grades in population reports.

Watch for plus grades and CAC designations, which create sub-populations within grade levels. An MS65+ coin with CAC approval represents the cream of the MS65 population, justifying significant premiums over straight-graded examples.

Accessing Population Data

Both PCGS and NGC provide free access to their population reports online. These searchable databases update regularly as new coins are certified. Third-party sites aggregate data from multiple services, allowing comprehensive population analysis across the certified coin market.