Tale of the Tape 2: Battle of the 1838-C and 1838-D Half Eagles
/Welcome to the second installment of the hit new DWN/RareGoldCoins.com feature which we have named Tale of the Tape. The concept is simple: we take two comparable coins, and give them rigorous head-to-head comparisons. In my opinion, the key word in this USP is “comparable.” Yes, an 1865 quarter eagle is many times rarer than an 1895 Morgan Dollar. But the Morgan Dollar series is avidly collected by date, while the Liberty Head quarter eagle series is nowhere near as in demand. So, despite the fact it is dozens of times rarer than its silver counterpart, the 1865 remains a less expensive issue.
The ultimate goal with the entire Tale of the Tape blog series is to determine which of the two subject coins is the best value. In some cases, I’ll make the determination that both of the coins are good value, and in some cases I might even determine that none of them are good value.
Without further ado, here are the two contestants:
In this corner, we have the Harlot from Charlotte! In the red trunks weighing in at 8.36 grams and standing 22.5mm, I present to you the 1838-C Half Eagle. Here are her numbers:
Mintage: 17,179
Est. Number Known: 225-325+
Total Number Graded by PCGS / NGC: 234 / 123 = 357
Total Number Approved by CAC: 18
PCGS Price Guide, VF30 / EF40 / AU55: $12,500 / $17,500 / $33,500
Current Auction Price Record: $264,000; 8/2022
In the other corner, hailing from the gold fields of North Georgia, it’s the first Lady of the Dog Mint! In the green also weighing in at 8.36 grams and standing tall at 22.5mm, say “hey” to the 1838-D Half Eagle. Here are her numbers:
Mintage: 20,583
Est. Number Known: 300-400+
Total Number Graded by PCGS / NGC: 234 / 152 = 386
Total Number Approved by CAC: 35
PCGS Price Guide, VF30 / EF40 / AU55: $12,000 / $16,000 / $37,500
Current Auction Price Record: $228,000; 8/2022
On the surface, these two coins share a lot of similarities. Both are popular first-year-of-issue, and one-year types with strong multiple levels demand. The total number graded by PCGS/NGC is fairly close with 357 of the Charlotte issue and 386 of the Dahlonega coin.
But a big difference appears when we break down the total number graded by specific grade ranges. These PCGS-only numbers are very interesting:
1838-C Half Eagle, PCGS Graded: AG-VF: 71 / EF: 63 / AU: 25 / UNC: 2 / Total: 162
18638-D Half Eagle, PCGS Graded: AG-VF: 56 / EF: 70 / AU: 95 / UNC: 12 / Total: 233
These numbers show that two issues are reasonably similar in rarity with the AG to EF range. From a percentage basis, these numbers translate as follows:
Nearly 83% of all 1838-C half eagles graded by PCGS as of 11/2024 grade lower than AU50.
For the 1838-D this figure is 54%; a significantly lower percentage.
Viewed another way, just 17% of all 1838-C half eagle have been graded AU50 and finer by PCGS, while this figure for 1838-D half eagles is 46% or well more than double.
While I am certainly aware of the fact that these numbers are flawed due to resubmissions and loads of junky coins in AU50 and AU53 holders, the contrast in high-grade rarity is fairly dramatic.
(As a numismatic aside, the quality of strike seen on the 1838-C half eagle is far less sharp than on the 1838-D. Another factor in determining eye appeal which is unique to the 1838-C is the fact that one of the two known die varieties for the issue—Winter-2—comes with a massive broken reverse die and this impacts the detail on this side.)
This is reinforced by the current data from CAC which is the single best way we have of determining quality for the grade for many issues.
As of 11/2024, CAC has approved 18 examples of the 1838-C versus 35 for the 1838-D. The breakdown is as follows:
| CAC Population by Grade | |||||
|---|---|---|---|---|---|
| VF and Lower |
EF | AU | MS | Total | |
| 1838-C | 6 | 6 | 5 | 1* | 15 |
| 1838-D | 10 | 8 | 14 | 3** | 35 |
| *The sole Uncirculated 1838-C approved by CAC is a PCGS MS63+ | |||||
| **All three are graded MS62 by PCGS | |||||
If you want to own a high-grade (AU55 or finer) 1838-C or 1838-D half eagle approved by PCGS, here is what’s available:
1838-C: two in AU55, one in AU58, and one in MS63+. This is a total of four coins.
1838-D: two in AU55, four in AU58, and three in MS62. This is a total of nine coins.
As shown by these numbers, both coins are very tough to locate in AU55 and finer, but the 1838-C is nearly impossible. There has been just a single example of the 1838-C in this grade range (a PCGS/CAC AU58; it brought $49,200 in the HA 2020 FUN auction and it would bring more today). DWN has sold all four of the 1838-C half eagles approved by CAC which have been graded AU55 and higher by PCGS or NGC.
The 1838-D has proven to be even more elusive at auction with a grand total of zero in AU55 or finer. DWN has sold one NGC/CAC AU55, two PCGS/CAC AU58’s as well as two in PCGS/CAC MS62.
So now it’s time for us to discuss pricing. Let’s view some auction results from the last five years. Please note that I have cherrypicked the most pertinent results due to a substantial number of coins sold during this time period.
| 1838-C Half Eagle | 1838-D Half Eagle | ||||
|---|---|---|---|---|---|
| Grade/Service | Date Sold | Price | Grade/Service | Date Sold | Price |
| AU53/PCGS | 2/2023 | $18,000 | EF45/PCGS-CAC | 9/2023 | $21,000 |
| EF40/PCGS | 11/2022 | $13,200 | AU53/PCGS-CAC | 8/2023 | $27,600 |
| MS63/PCGS | 8/2022 | $264,000 | EF45+/PCGS-CAC | 11/2022 | $18,600 |
| AU58/PCGS | 8/2022 | $43,200 | MS63/PCGS | 8/2022 | $228,000 |
| AU50/PCGS | 4/2022 | $21,600 | EF40/PCGS | 8/2022 | $13,800 |
| EF45/PCGS | 8/2021 | $15,600 | EF45/PCGS-CAC | 5/2022 | $22,200 |
| AU58/PCGS-CAC | 1/202 | $49,200 | AU53+/PCGS | 4/2022 | $31,200 |
| AU58/PCGS | 1/2022 | $31,725 | |||
What can we learn from these listings?
There have been a significant number of nice 1838-D half eagles sold since the end of 2021 with no fewer than eight APRs for coins graded EF40 to AU53+.
There were four CAC approved 1838-D half eagle APRs between May 2022 and September 2023. This represented three different coins.
2022 was a big year for sales of Southern half eagles, and you had the sale of the second finest known 1838-C (PCGS MS63) at $264,000, and the sale of the tied-for-highest-graded 1838-D (also in PCGS MS63) at $228,000. In my opinion, the 1838-C is a rarer coin, and I liked it more for a quality standpoint than I did the 1838-D. I felt that the 1838-C was worth a bit more than what it brought, and I felt that the 1838-D was actually worth a bit less.
In AU grades, the 1838-C is an undervalued issue. Any nice example for the issue is scarce, and properly graded AU55 to AU58 coins are very rare. I feel that they are highly underpriced in comparison to the 1838-D in similar grades.
AND THE WINNER IS:
In a five-round knockout, the winner is the 1838-C Half Eagle!
What are some other Coin Battles that you would like to see waged in upcoming of Tale of the Tape? Email me with your requests and I will try and get them done. My email address is dwn@ont.com.
