The Rare and Undervalued 1873, 1876, and 1877 Liberty Head Eagles: A Study
/Viewed as a series, the Liberty Head eagles tend to be overlooked. This is especially true for the With Motto series which was produced from 1866 through 1907. You can make a strong case that the Carson City eagles are far from overlooked, and the New Orleans eagles of this design have a good amount of demand. But the Philadelphia and San Francisco coins remain overlooked.
When you ask the typical collector about the rarity of specific Philadelphia issues in the With Motto Liberty Head eagle series, he is likely to recognize the excessively rare 1875. With a mintage of just 100 business strikes, and with a few as six to eight known, this date became a Numismatic Celebrity in 2022 when a PCGS AU53 example set an all-time auction price record for any issue of this type at $1,020,000 (it was broken in August 2023 when the finest known 1870-CC $10, graded AU58 by PCGS/NGC brought $1,080,000).
When you ask the same collector about the 1873, 1876, and 1877 eagles, it is likely that you will receive a blank stare. These three issues all have mintages of less than 1,000 business strikes and are—along with the 1875 and the 1883-O—the sole Liberty Head eagles of either design which can make this claim.
The mintage figures for these three issues are as follows:
1873: 800
1876: 687
1877: 797
Before we go down the rabbit hole, here are my thoughts on each of the coins in this low mintage trio.
1873 $10.00
1873: Around 30-40 exist from the tiny mintage of 800 business strikes. I consider this date to be a legitimate R-7 in AU with fewer than a dozen known. The highest graded is a PCGS MS61—ex Harry Bass—that sold for a record $102,000 in July 2023; it had been upgraded from a PCGS AU58 and it brought $78,000 in 2022. The Warren Miller coin (sold in 1995) was a PCGS MS60, while the Tyrant Collection coin, ex Stack’s Bowers 5/2016: 109, was a heavily abraded but natural appearing PCGS AU58. Only two have been sold from the Fairmont Hoard; a PCGS 40 for $22,000 in August 2022, and a nice PCGS 55 that brought $52,800 in April 2022. Along with the exceedingly rare 1875, this is one of only two business strike Liberty Head eagles which have never had an example an any grade stickered at CAC.
I’ve not seen an 1873 $10 that I actually thought was choice, and just two or three which I’ve liked. This coin is a truly rare issue in all grades, and I feel is comically undervalued at current levels.
1876 $10.00
1876: Despite a slightly lower business strike mintage than the 1873, the 1876 is a bit more available with an estimated 40-50 known. Most 1876 eagles are in the EF 40 to AU50 range, and are characterized by excessively abraded surfaces and prooflike luster which is greatly impacted by the presence of beaucoup deep marks. The highest graded is the PCGS MS60 in the Tyrant Collection, but I personally like the PCGS/CAC AU58 that sold for $70,500 as Heritage 2015 FUN: 4341 quite a bit more. The same coin was resold later in 2015 for $61,688, and again in 2016 for just $52,875. The Jacobson: 3288 coin was a PCGS/CAC AU55 that brought $26,400 in early 2020. Interestingly, there have been no 1876 eagles in the Fairmont Hoard as of 10/2024.
I am aware of around three or four 1876 eagles that I feel are solid for the grade, and all are in the AU55/AU58 range. My sentiments about the 1873 being so undervalued apply to this date as well.
1877 $10.00
1877: Due to some finds in overseas bank hoards, the 1877 is a bit more available than the 1876. I believe that around 45-55 exist; mostly in the EF45 to AU53 range. The PCGS population figures for AU55 and AU58 1877 eagles are significantly inflated by resubmissions, and properly graded coins in this range are very rare. The best I have seen is the PCGS/CAC MS61 in the Tyrant Collection; it sold for $64,625 as Stack’s Bowers 3/2015: 6099. The PCGS MS60PL example, which sold six different times between 2/2018 and 9/2020, was artificially toned and unattractive. Every 1877 eagle known shows heavily marked and reflective surfaces, with minimal eye appeal. There have been no 1877 eagles in the Fairmont Hoard as of 10/2024.
CAC has approved two 1877 eagles: an AU55 and the aforementioned MS61. This date may be even more undervalued than the 1873 and the 1876.
Next, let’s compare the total number graded by PCGS (P) and NGC (N).
| Date |
Number Graded by Grade | Total Number Graded |
|||||
|---|---|---|---|---|---|---|---|
| VF | EF | AU | UNC |
||||
| 1873 | P | 1 | 6 | 13 | 0 | 22 | |
| N | 0 | 7 | 15 | 0 | 23 | ||
| C | 0 | 0 | 0 | 0 | 0 | ||
| 1876 | P | 5 | 7 | 22 | 1 | 35 | |
| N | 1 | 4 | 16 | 1 | 22 | ||
| C | 1 | 0 | 6 | 0 | 7 | ||
| 1877 | P | 4 | 10 | 30 | 3 | 47 | |
| N |
0 | 5 | 27 | 1 | 33 | ||
| C |
0 | 0 | 0 | 1 |
1 | ||
It’s all well and good to claim that these three issues are undervalued, but I think that we need to compare them to other rare Liberty Head eagles to backup this boast. I feel that the 1864-S, 1870-CC, and the 1883-O offer good contrast from the standpoint of low original mintages and fairly comparable numbers of coins known in all grades.
1864-S $10.00
These three dates have the following original mintages:
1864-S: 2,500
1870-CC: 5,908
1883-O: 800
| Date |
Number Graded by Grade | Total Number Graded |
|||||
|---|---|---|---|---|---|---|---|
| VF | EF | AU | UNC |
||||
| 1864-S | P | 14 | 6 | 8 | 8 | 30 | |
| N | 1 | 3 | 2 | 0 | 6 | ||
| C | 4* | 1 | 1 | 0 | 9 | ||
| 1870-CC | P | 25** | 21 | 12 | 0 | 58 | |
| N | 9 | 21 | 15 | 0 | 45 | ||
| C | 3*** | 1 | 2 | 0 | 9 | ||
| 1883-O | P | 5**** | 12 | 19 | 2 | 38 | |
| N | 0 | 5 | 27 | 1 | 33 | ||
| C | 0 | 0 | 0 | 6 | 6 | ||
*includes three coins graded lower than VF
**includes three coins graded lower than VF
***includes 10 coins graded lower than VF
****includes one coin graded lower than VF
1870-CC $10.00
The following chart summarizes the total number of coins graded by all three services combined. It is imperative to note that these numbers are severely inflated due to resubmissions.
| Date | Total | Ranking |
|---|---|---|
| 1864-S | 36 | 1 |
| 1873 | 45 | 2 |
| 1876 | 57 | 3 |
| 1883-O | 71 | 4 |
| 1877 | 80 | 5 |
| 1870-CC | 103 | 6 |
1883-O $10.00
Let’s do some direct comparisons in terms of prices and rarity levels.
In my opinion, it doesn’t matter that the 1864-S is a No Motto issue while all of the other coins are With Motto. I also don’t think that the higher mintage figures for the 1864-S and the 1870-CC are that significant.
What is significant, however, are the survival rates and the average grade for all of these issues. Here are some numbers which I find interesting.
| Date | Mintage | Estimated Number Known |
Percentage |
|---|---|---|---|
| 1864-S | 2,500 | 30-40 | 1.3-1.6 |
| 1870-CC | 5,908 | 60-70 | 1.0-1.2 |
| 1873 | 800 | 30-40 | 3.8-5.0 |
| 1876 | 687 | 40-50 | 5.8-6.4 |
| 1877 | 797 | 45-55 | 5.9-6.7 |
| 1883-O | 800 | 50-60 | 6.2-7.2 |
The survival rates for the 1864-S and theB1870-CC are significantly lower than they are for the other four dates. This is easily explained.
There were significant numbers of Civil War era US gold coins melted. While most of these were from Philadelphia and New Orleans, it is likely that more than 50% of the 1864-S and 1870-CC eagles were melted as well. The three Philadelphia coins were not melted as extensively, nor was the 1883-O.
What I find to be very interesting about these six coins is the percentages of the survivors for each issue in AU and finer.
| Date | Total Graded |
Number Graded in AU and Finer |
|---|---|---|
| 1864-S | 36 | 10 |
| 1870-CC | 103 | 27 |
| 1873 | 45 | 31 |
| 1876 | 57 | 40 |
| 1877 | 80 | 61 |
| 1883-O | 71 | 46 |
Viewed as percentages, we see the following:
1864-S, 27.77%
1870-CC, 26.21%
1873, 68.88%
1876, 70.17%
1877, 76.25%
1883-O, 64.78%
What do these numbers mean? They show conclusively that the With Motto coins circulated far less extensively than the No Motto coins did. If we reverse engineer the numbers above and derive the percentages of coins known for each of these six issues in EF and lower they are as follows:
| Date | Total Graded |
Number Graded in EF and Lower |
|---|---|---|
| 1864-S | 36 | 26 |
| 1870-CC | 103 | 76 |
| 1873 | 45 | 14 |
| 1876 | 57 | 17 |
| 1877 | 80 | 19 |
| 1883-O | 71 | 25 |
Viewed as percentages, we see the following:
1864-S, 72.22%
1870-CC, 73.78%
1873, 35.22%
1876, 31.11%
1877, 29.83%
1883-O, 23.75%
Phew…that was exhausting! Go take a five minute water break and meet back at your screen when you have re-hydrated.
Now, we need to look at pricing. I suggest we use EF45 and AU55 as our two grades. We’ll use the PCGS Price Guides and also my personal pricing for average quality and above-average quality examples of each of the six dates
| Date | PCGS Price Guide | DW Pricing | ||
|---|---|---|---|---|
| EF45 | AU55 | EF45 average/choice |
AU55 average/choice |
|
| 1864-S | 165,000 | 350,000 | 100,000/125,00 | 250,000/300,000 |
| 1870-CC | 165,000 | 525,000 | 125,000/175,000 | 300,000/425,000 |
| 1873 | 30,000 | 62,500 | 25,000/28,500 | 45,000/60,000 |
| 1876 | 20,000 | 37,500 | 20,000/26,000 | 32,500/37,500 |
| 1877 | 11,500 | 25,000 | 10,000/12,500 | 25,000/30,000 |
| 1883-O | 75,000 | 170,000 | 55,000/67,500 | 120,000/145,000 |
To compare the pricing/rarity of these coins, let’s try and focus on the issues which are most similar in terms of their overall rarity. I think the three following match-ups make the most sense:
1864-S vs 1872
1870-CC vs 1877
1876 vs 1883-O
For matchup #1 here is the tale of the tape:
| 1864-S | Total Number Graded: 36 | PCGS Price Guide EF45: $165,000 |
|---|---|---|
| PCGS Price Guide AU55: $350,000 | ||
| 1873 | Total Number Graded: 45 | PCGS Price Guide EF45: $30,000 |
| PCGS Price Guide AU55: $62,500 |
The prices for the 1864-S are more than five times that of the 1873 in both EF45 and AU55. Considering that the 1864-S is not an avidly collected issue, I think it is wildly overvalued when compared to the 1873. Or, perhaps it is better to say that the 1873 is wildly undervalued when compared to the 1864-S.
Matchup #2 is as follows:
| 1870-CC | Total Number Graded: 103 | PCGS Price Guide EF45: $225,000 |
|---|---|---|
| PCGS Price Guide AU55: $525,000 | ||
| 1877 | Total Number Graded: 80 | PCGS Price Guide EF45: $11,000 |
| PCGS Price Guide AU55: $25,000 |
The prices for the 1870-CC are around 20x more than those for the 1877. This is primarily due to the great popularity of CC gold in general, and the 1870-CC in particular. However, the 1877 at 1/20th the price seems grossly undervalued.
And here is the final matchup:
| 1876 | Total Number Graded: 57 | PCGS Price Guide EF45: $30,000 |
|---|---|---|
| PCGS Price Guide AU55: $62,500 | ||
| 1883-O | Total Number Graded: 71 | PCGS Price Guide EF45: $75,000 |
| PCGS Price Guide AU55: $170,000 |
The prices for the 1883-O are around 2.5x those for the 1876. While the1883-O is a popular issue and one which I don’t regard as being exorbitantly priced, in my opinion, the 1876 should be priced at least 50% higher.
From all of the data above—as well from my personal observations and expertise—we can make the following conclusions:
The 1873, 1876 and 1877 eagles are highly undervalued when compared to other rare date Liberty Head eagles.
Despite their ultra-low mintage figures, all three of these issues remain little-known.
The 1873, 1876 and 1877 eagles are likely to remain undervalued due to the fact that a sizable percentage of the coins offered for sale are unattractive due to excessive marks.
The Fairmont Hoard contained virtually none of these three dates; a further confirmation of their rarity.
A three coin set with each issue grading AU50 to AU55 can be assembled for well under $100,000 which seems like great value to me.
Would you like to build a three-coin set of the rare 1873,1876, and 1877 Philadelphia eagles? Or would you like to take a deep dive into the Liberty Head eagle series? If so, contact me at 214-675-9897, or by email at dwn@ont.com and we can plan a strategy that works for you!
