I'd agree about the 1864 (both types) and the 1875H from the Victorian era. Even 1869 is easier to get in a very high grade than those two. Also, I agree with earlier comments about the fallibility of the Freeman rarity estimates. Obviously they were never really any better than inspired guesswork. Nonetheless, that doesn't really explain why there are so few 1926ME's in high grade. For a coin a lot younger than the buns I referred to, and only 45 years old at demonetisation, it is hard to explain IMO. If I had to put a guess on how many of the original mintage were modified, I'd say 15-20%, something of that order. Again though, pure guesswork. No real way of knowing. Thanks for all the comments & opinions, chaps. In 1926 there had been no pennies issued for 3 years. Then demand must have increased enough to warrant an issue, even though the modified effigy must have been close to readiness. Assuming the normal run of casual collectors who habitually put a BU penny aside, the first run of 1926s must have satisfied that urge. By the time the ME came along (at the end of the year?) would people have readily seen the difference between the two types anyway? By the time they did, the 1927 pennny would have emerged in large quantities so those got put aside instead. I'm really thinking the 1926ME 'slipped beneath the radar' as far as being noticed. I'd agree about the 1864 (both types) and the 1875H from the Victorian era. Even 1869 is easier to get in a very high grade than those two. Also, I agree with earlier comments about the fallibility of the Freeman rarity estimates. Obviously they were never really any better than inspired guesswork. Nonetheless, that doesn't really explain why there are so few 1926ME's in high grade. For a coin a lot younger than the buns I referred to, and only 45 years old at demonetisation, it is hard to explain IMO. If I had to put a guess on how many of the original mintage were modified, I'd say 15-20%, something of that order. Again though, pure guesswork. No real way of knowing. Thanks for all the comments & opinions, chaps. Surely rarity figures are all nonsence now due to decimalisation. I would guess only 10% of pennies exist now and all the so called rarities were stripped for circulatiion beforehand. The playing field is much levelled now a days and H and KNs are as common as 1967 pennies. That's a very good point, though I'd hardly claim parity between H & KNs with 1967!! We're on the same wavelength here Derek. As a schoolboy it took me a year to suss that my first-ever 1926 penny from change, was the ME ! Back in '26, I'm wondering how many people actually noticed, especially considering how few there were anyway? It would be interesting to get some coin magazines/annuals from around that time to see whether or not they are mentioned. The best we are likley to get are the studies of coins undertaken by various heroic numismatists in the early to mid 1970s when surveys of coins in circulation were being carried out and the results reported in Coin Monthly. I've got most of them, so if I find a spare hundred hours, I'll see what was being reported at the time. However, as has I think already been said, they were probably already taken from circulation by then. The best information I’ve seen is from the survey by V. R. Court (Coin Monthly, October 1972, page 42-43) who found 20 M.E. out of a total of 835 1926 pennies, giving an estimated mintage of 107,750 (i.e. about 2.4%). The reason these are so difficult in high grade, may be due to the existence of the M.E. coins not being noted until about 1960 (in Peck’s book). That is, there is no mention in Seaby’s 1949 book on copper coins, which provides coverage of many bun penny varieties. This may have allowed the M.E. pennies to circulate for 35 years or more, before collectors began looking for them. Just my 2 cents, or approximately one pre-decimal penny’s worth. Best Regards,