1880-O $1 VAM 48 Hangnail TOP 100 MS63 认证号40964212, PCGS号133879

Ron Guth

1880 VAM 48 is one of the Top 100 VAM varieties.  The reverse is known as the "Hangnail Reverse" because of a thick, raised line that extends through the tail feathers just below the fletches of the arrows, presumably simulating a really, really long "nail" from the eagle's talon.  VAM 48 was previously known as VAM 1A.  VAM 48 shares a reverse with VAM 49 (also a Top 100 VAM), but the obverses are different in that the VAM 49 has a small spike on the top left of the 8 (the remnant of an underlyinh 7); the VAM 48 does not have the "spike." 

VAM 48 is a relatively scarce variety, but can be found in grades up to MS-64.  As of April 2011, PCGS has certified VAM 48's, including 23 in MS-63 and 12 in MS-64.  PCGS has not yet certified any PL or DMPL examples.