1928-M 20c USPI, Mule Allen-11.18, FS-901

Coin / United States of America / 1928 / Manila / Twenty Centavos / 20c

The reverse features the smaller eagle/shield and larger date typical of the five-centavo piece, rather than the normal twenty-centavo reverse. In 1907 the diameters of Philippine silver coins were reduced to decrease bullion costs. The twenty-centavo piece went from 23 mm to 20 mm, making its diameter very close to that of the five-centavo (20.5 mm). In 1928 the Manila Mint had no reverse dies for normal twenty-centavo pieces, and a reverse die for the five-centavo was put into service. This created a “mule,” as a combination of mismatched dies is known. 100,000 of the coins were minted from this single die pair. They’re valuable not necessarily because of the muling, but because of their low mintage and high collector demand.