Finest Known Type One Double Eagles: Part One, 1850-1858

While doing the research for my new online reference about Type One double eagles, I began to look for finest known examples for each specific issue. For some Type One double eagles this is easy as there is a clear finest known coin. For others, this is difficult as there might be a few examples bunched at the top of the Condition Census which are hard to separate.

It is my opinion that the highest graded coin is not always the best coin. That’s why you will see, from time to time, an MS63 on this list which is rated as a “better” coin (in my opinion) than one graded MS64. It should also be pointed out that this list contains the finest known specific coins of which I am aware. I haven’t seen everything and it is entirely possible that there a coin (or even coins) which is nicer than the one listed for a specific date below.

Please note that this list is for business strikes only; Proofs will appear in another article which is planned for 2015.

1850: There are some really outstanding 1850 double eagles known. The best that I have personally seen is an NGC MS65 which was last sold as Lot 3698 in the Heritage 1/07 sale (it realized $161,000). It is earlier ex Bowers and Merena 5/00 (Bass III): 757 ($62,100; as PCGS MS64) and it was obtained by Bass in the New Netherlands April 1972 auction. NGC shows a second coin graded MS65 in their population report but I am inclined to think it is the same piece.

1850-O: This is a difficult issue to definitively state which specific coin is the finest known. The highest graded at PCGS is an MS61 which sold for $111,625 as Heritage 6/14: 4890, but I have seen at least two or three others in lower grade holders which I liked better. Two PCGS AU58’s are real standouts: the example in the Crawford collection (likely ex Dallas Bank collection) and an example in a New England collection which was obtained from me via private treaty.

1851: There are two or three known which grade MS64 but the best of these, in my opinion, is the PCGS coin in the Crawford collection. The other PCGS MS64 is a coin in an Old Green Holder which is ex Bowers and Merena 8/10: 1811 ($34,500) and earlier Heritage 1/04: 3078 ($29,900).

1851-O: There are around four or five properly graded MS62’s known for this issue and a few are choice for the grade. The two which stand out to me are the Crawford coin (probably ex Stack’s 1/84: 835, Amon Carter collection), and a coin I sold to a New England collector which is ex Heritage 2006 ANA: 5576 ($48,875). NGC has graded one coin in MS63 which I haven’t seen in its current holder; it is almost certainly a coin which was upgraded from an MS62 holder.

1852: There are three or four known which grade MS64 but I think these can be ranked in order. The best 1852 double eagle I have seen is the Crawford coin which is in a PCGS MS64 and which has superb color and surfaces. The next best is the Heritage 2012 ANA: 5408 coin ($82,250) which is ex Bowers and Merena 9/08: 822 ($35,650). It is also in a PCGS MS64 and has been approved by CAC. The third best is an NGC MS64 with CAC approval which was sold as Lot 5241 in Heritage’s 2011 sale and it was from the Henry Miller collection. It realized $60,375. NGC has a population of one coin in MS65 and it is likely coin #3 on this list after an upgrade.

1852 Repunched Date: The finest known example of this variety is a PCGS MS63 which was in the Gilded Age collection; it was aggressively reserved and it did not sell at the auction. I sold a PCGS MS62 to a New England collector in September 2014, which is the second finest I have seen.

1852-O: The clear finest known for this date is the Henry Miller coin, graded MS65 by NGC, which was obtained privately from Stack’s in the 1970’s; it later brought $276,000 as Heritage 2011 FUN: 5243. The next best is an NGC MS63 from the Dallas Bank collection. There are four or five graded MS62. These include the Crawford coin (PCGS MS62) obtained from the Norweb sale, a PCGS MS62 which I sold to a New England collector which is ex Heritage 2006 ANA: 5580 ($48,815), and a PCGS MS62 which is ex Stacks Bowers 2014 ANA: 12005 ($94,000), ex Gilded Age collection, Bowers and Merena 5/00: 771 (Bass III), Harry Bass collection.

1853: The unquestionable finest known for this date is an NGC MS65 which last sold as Heritage 8/14: 5683 ($152,750); it was earlier Superior 5/05: 5333 ($66,700; as NGC MS64). The next best is a PCGS MS63 owned by Bill Crawford.

1853/'2': The highest graded coin for this variety is a single NGC MS62 (ex: Heritage 2004 FUN: 3082 at $41,400), but I don’t regard this coin as being any nicer than the three or four different PCGS MS61 examples which I have seen. The specific example which stands out as being slightly better is the CAC-approved PCGS MS61 last sold as Bowers and Merena 2012 ANA: 11752 ($46,000).

1853-O: The finest known 1853-O is, by a large margin, the PCGS MS63 owned by Bill Crawford. It was purchased as Stack’s 5/91: 1674, where it sold for $28,600. An NGC MS62 (pedigree unknown to me) is likely the second finest, but it likely doesn’t remotely compare to the remarkable Crawford example.

1854 Small Date: This is another date where the single finest known is head and shoulders finer than the next best. The William Crawford collection contains a splendid gem graded MS65 by PCGS.

1854 Large Date: The finest known is owned, again, by Bill Crawford and the coin is graded MS64 by PCGS. It was purchased, as an NGC MS64, as Bowers and Merena 9/08: 831 ($96,600) and it was earlier Heritage 8/07: 2010 ($80,500). The second best of which I am aware is an NGC MS62 that I sold to a Rhode Island collector; I bought it directly out of the Pittman I sale in 1997 where I paid $10,450.

1854-O: This is a frustrating date to reach a conclusion about a finest known example as there is no clear-cut “best coin.” The highest graded are four AU58’s at NGC (most likely two distinct coins) and three AU55’s at PCGS (likely two distinct coins). The best I have seen include the NGC AU58 owned by Bill Crawford, the PCGS AU55 in a New England collection (obtained from me as Bowers and Merena 8/07: 1906) and Heritage 10/08: 3012, a PCGS AU55 which set the current auction record for this date at $603,750. Until I have an opportunity to compare the best examples of this date in person, I am not able to conclude which is the finest.

1854-S: This is another date which is challenging when determining which is the finest known. This is due to the fact that many of the highest graded 1854-S double eagles have finely granular surfaces from exposure to seawater. Of these coins, the three best are two PCGS MS65’s (one is in the Crawford collection and the other brought $115,000 as Heritage 10/08: 3013) and a PCGS MS64 from the S.S. Central America (last sold as Stack’s Bowers 2014 ANA: 12010 and sold by me to a New England collector). There are three or four known in Uncirculated with non-seawater surfaces. The two best I know of include an example in a New England collection graded MS61 by PCGS which is ex Heritage 11/07: 61779 ($21,850), Bass III: 781 ($10,925) and an NGC MS61 owned by Connecticut collector. Both were purchased from me.

1855: This date has a clear finest known and it is the PCGS MS64 in the William Crawford collection. It is ex ANR 3/06: 1704 and it sold for $126,550. The next best is a PCGS MS63 which sold for $69,000 as ANR 8/06: 1607. It is an interesting coincidence that the two finest known 1855 double eagles appeared for sale within a few months of each other in 2006 and both were sold by the same firm.

1855-O: The highest graded 1855-O is an NGC MS61 which recently sold for $141,000 as Heritage 2014 FUN: 5517. However, I think that the PCGS AU58 coin in the Crawford collection is a nicer coin and I would rank it as the finest known without much hesitation.

1855-S: The unquestioned finest known 1855-S double eagle is the PCGS MS66 from the S.S. Central America which sold for $120,750 as Christie’s 12/00: 90. Interestingly, this coin has not been sold at auction since its one and only appearance in 2000, and it would be interesting to see what it would bring today.

1856: Two or three exist in MS63 and these are the highest graded 1856 double eagles. The best of these is probably Stacks Bowers 2014 ANA: 12013 ($41,125) which was obtained by the consignor from me in March 2002.

1856-O: The undisputed finest known 1856-O is the famous NGC SP63 which last sold for $1,437,500 as Heritage 5/09: 1989. The second finest known is a PCGS AU58 in the Crawford collection which is ex Eliasberg: 889. The third finest is a PCGS AU55 in a New England collection, which I sold in 2009.

1856-S: The finest known is a PCGS MS66 from the S.S. Central America which was last sold as Christie’s 12/00: 92 where it brought $57,500. The other PCGS MS66, last sold as Heritage 1/12: 5033 at $74,750 is not as appealing, in my opinion.

1857: I haven’t seen this coin in person but the finest known is likely the PCGS MS64 which was last sold as Stacks 10/08: 1464; it realized $40,250 and was then graded MS64 by NGC. The second finest is a coin I sold to a New England collector and it is ex Heritage 2013 ANA: 5899. It realized $47,000 and was graded MS63 by PCGS.

1857-O: The finest known is the PCGS MS63 in the Crawford collection. It is from the Bass III sale and was earlier in the Kaufman collection. The second finest is an NGC MS63 which is ex Heritage 2011 FUN: 5251 where it sold for $172,500 as an NGC MS62.

1857-S: Of the thousands of Uncirculated 1857-S double eagles found in the S.S. Central America treasure, it is virtually impossible to select a coin which is the clear single finest known. PCGS has graded 11 in MS67 with none finer. The only one of these to have been approved by CAC is ex Heritage 2014 ANA: 5692 where it sold for a remarkable $172,500.

In Part Two of this article, which will be published sometime in November 2014, we will look at the 1858-1866 Type One double eagles and list specific finest known pieces.

Do you know about any coins with claims to finest known that might not be known to me? I would appreciate your input, whether in a comment added to this article, or as an email sent directly to me at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Recently Sold by DWN: 1865 $20.00, NGC MS66★, S.S.Republic Pedigree

In the last decade and a half, I have been instrumental in helping to create what is now a very solid collector market for choice and rare Type One Liberty Head double eagles. This is not to say that there weren’t great collections of these coins in the 1970’s and 1980’s; there were, but just not to the extent that there are today.

Of course, it didn’t exactly hurt this market to have no less than three major shipwrecks (S.S. Central America, S.S. Brother Jonathan, and S.S. Republic) located during the past two decades. This brought thousands and thousands of Type Ones into the market, and this number included many heretofore unthinkable pieces. These coins were professionally marketed and attracted new buyers into the market; some of whom became serious long-term collectors in their own right.

The S.S. Republic didn’t get the notoriety of its counterparts but there were some amazing coins included in the treasure. The date that saw the best single coins, from a quality and appearance standpoint, was the 1865 double eagle. This makes sense as the boat sank in 1865 and these coins were essentially “brand new” and fresh from the Philadelphia mint.

No less than 271 Uncirculated examples of the 1865 double eagle were found in this treasure and some of these coins were truly special. Most were in the MS61 to MS63 range and were characterized by great luster and detail, but scattered scuffs and abrasions. A few dozen Gems were uncovered. And then there was one remarkable coin that was hand selected by the graders at NGC to represent this date in the Museum Collection which was formed by an investor in the salvage operation.

This incredible 1865 double eagle was graded MS66 by NGC and awarded a “star” designation for having exceptional eye appeal. The coin has semi-prooflike luster and its strike is as sharp as on any business strike Type One double eagle from the Civil War era which I have ever seen. It shows glowing golden-yellow color and its surfaces are nearly perfect save for a few minor scuffs in the fields.

There are a number of factors that make this an important coin.

1. It is the second finest Civil War double eagle of any date after the famous PCGS MS67 1861 which sold for $352,000 in a 2013 auction.
2. It is the single finest-known 1865 double eagle. The next best example is probably the PCGS/CAC MS65 which sold for $88,125 in a Heritage 2013 auction.
3. It is the single highest-graded gold coin of any date or denomination from the S.S. Republic.

This coin was sold to an East Coast collector who is putting together a memorable set of Type One double eagles. This individual already owns the single finest known 1862 (an NGC MS64) and the single finest known 1864 (a PCGS MS65), so the addition of the finest known 1865 now gives him no less than three Philadelphia Civil War coins which are unimprovable.

For more information on choice and rare Type One Liberty Head double eagles or on any facet of collecting American coinage, please contact Doug Winter at (214) 675-9897 or via email at dwn@ont.com.

1862 $20.00 PCGS EF40

The 1862 is the rarest Type One double eagle from the Philadelphia mint, eclipsing the 1859 and the 1863. It is hard to find in all grades and when available, it tends to be very unappealing. This example, which was recently located in Europe and which is identifiable as such by the plastic "gasket" that PCGS uses for coins they grade in their Paris office, is one of the few totally original examples of this date that I can recall seeing. It has deep, even orange-gold and greenish hues with very choice surfaces and sharp detail. There is some hidden luster within the protected areas and, to be honest, I think the coin is much closer to being an EF45 than an EF40. No EF40 examples have appeared at auction since Heritage 12/08: 6325 (graded by NGC) brought $6,325 and the present example is, in my opinion, as nice (or even nicer) than Heritage 9/20: 5570 (graded EF45 by NGC) that realized $8,625. An important Type One double eagle for the advanced collector.

The 1854-S Type One Double Eagle

One of the more interesting and most misunderstood Type One double eagles is the 1854-S. This is an issue whose seemingly high population of Uncirculated coins belies the fact that it is actually extremely rare in higher grades. Read on for some more information about this interesting issue. The 1854-S double eagle is a historically significant coin as it is the first double eagle produced at the new San Francisco mint. Unlike the quarter eagle and half eagle of this year, it is a relatively obtainable coin as one would expect from its original mintage of 141,168. PCGS has graded a total of 148 while NGC has graded a total of 158. In my book “An Insider’s Guide to Collecting Type I Double Eagles” I suggested a total population of 325-425+. I believe that this figure remains accurate.

What is especially interesting about this date, however, is its population in Uncirculated. Looking at the PCGS and NGC populations, one might think that the 1854-S is only moderately scarce. After all, PCGS has seen 52 in all grades of Mint State while NGC has recorded 68.

But the population reports fail to explain an important fact about the 1854-S double eagle: virtually every coin in a PCGS or NGC Uncirculated holder has matte-like surfaces as a result of exposure to seawater.

Seawater Uncirculated 1854-S double eagles come from no less than three sources:

The wreck of the Yankee Blade which sank off the coast of Santa Barbara in October 1854. It is believed that somewhere between 100 and “a few hundred” coins with Uncirculated sharpness were recovered.

The wreck of the S.S. Central America which sank in 1857. It is believed that 20 or so 1854-S double eagles were salvaged from this ship and this includes some with Uncirculated sharpness.

The wreck of the S.S. Republic which sank in 1865. There were eight 1854-S double eagles salvaged from this ship including five that were graded by NGC and three which were “no grades” due to problems. Seawater Uncirculated 1854-S have a matte-like surface texture due to exposure to the oceanic environment in which they rested for over a century. But there are also a few other interesting tell-tale signs that they show.

As mentioned above, the majority of the seawater 1854-S double eagles are from the Yankee Blade shipwreck. These coins (as well as the ones that I have seen from the S.S. Central America) have die cracks on the obverse and the reverse which are easily identifiable. On the obverse, there is a crack to the left of the 5 that runs from the rim to the truncation and which branches off to the right over the 4. Another crack begins at the left side of the coronet and runs up to the space between stars six and seven. The reverse shows a large crack from the first T in STATES out into the field below the UN in UNITED. I have never seen a seawater 1854-S double eagle in any grade that did not have these cracks.

What’s interesting about the non-seawater coins is that they do not show any of the cracks described above.

There are some other minor diagnostic differences between the seawater and non-seawater coins as well. On the former the 54 in the date are very close and the top of the mintmark is firmly embedded in the tail feathers. On the latter, the 54 appears to be less close and the mintmark is a bit lower.

I first learned about the rarity of high grade 1854-S double eagles with original surfaces around fifteen years ago and have searched for Uncirculated pieces for many years. The finest that I have ever seen is a piece that was recently sold as Lot 61779 in Heritage’s November 2007 sale where it brought $21,850; it had earlier been in the Bass collection and it sold for $10,925 when offered as Bass III: 781 in May 2000. The only other example I can recall having seen with claims to an Uncirculated grade was Heritage 1/05: 9473 ($5,175). This coin was in an old holder and it might grade MS60 or better by today’s standards. It is now owned by a collector in Connecticut.

So where are all of the high grade 1854-S double eagles without seawater surfaces? My guess is that a considerable number were melted. This seems more likely when one takes into account the fact that the vast majority of the 325-425+ pieces known lack original surfaces. My best estimate is that only 25-50 are (currently) known from non-shipwreck sources. It is my opinion that these should command a strong premium over seawater coins in all grades.

A Guide To Collecting New Orleans Double Eagles: Part Two

The first part of this article looked at New Orleans double eagles struck from 1850 through 1856. Part Two includes the remaining Type One issues from 1857 to 1861 and the sole Type Three issue from 1879. 1857-O: It's easy to overlook this issue as it comes directly on the heels of the ultra-rare 1856-O. This is a scarce coin in its own right, although it is far more available than its predecessor. There were 30,000 struck of which an estimated 200 exist today. Most 1857-O double eagles are in the Very Fine to Extremely Fine range and show heavily abraded surfaces with a cleaned, unappealing look. There are around four or five dozen About Uncirculated coins known with most in the lower part of this grade range. The 1857-O is very rare in the higher AU grades and it is exceedingly rare in Uncirculated with just two or three known. The finest I am aware of is the Bass/Kaufman coin, graded Mint State-63 by PCGS, that sold for $97,750 in May 2000. While prices have risen considerably for higher grade 1857-O double eagles in the past few years, this date still represents excellent value for the collector.

The beginning collector should look for an 1857-O that grades Extremely Fine-45 and expect to pay $2,000-3,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $7,000-8,000. If available, an Uncirculated piece will sell for $25,000+.

1858-O: The 1858-O double eagle closely compares in overall rarity to the 1857-O. In my opinion it is slightly scarcer, especially in the middle to higher range of About Uncirculated. Both are exceedingly rare in Uncirculated. There are around 150 to 175 examples known of the 1858-O and well over half are in the Very Fine to Extremely Fine range. As with the 1857-O, the typical example shows very heavily abraded surfaces and has been cleaned. Any 1858-O with original coloration and reasonably clean surfaces should sell for a significant premium over a typical example. I am aware of just two Uncirculated 1858-O double eagles: an NGC MS-60 in a Midwestern collection and a PCGS MS-62 that sold for $50,600 in the May 2000 Bass III sale. This is another date that has appreciated quite a bit in price over the last few years but which is still very fairly valued in Extremely Fine and About Uncirculated.

The beginning collector should look for an 1858-O that grades Extremely Fine-45 and expect to pay $2,000-3,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $7,500-8,500. If available, an Uncirculated piece will sell for $25,000+.

1859-O: This is the fourth rarest New Orleans double eagle, narrowly trailing the 1855-O. Only 9,100 were struck and 75-85 are known today. When available, the typical 1859-O grades Very Fine to Extremely Fine. There are fewer than twenty properly graded About Uncirculated specimens known and currently only one Uncirculated, a PCGS MS-60, has been certified by either of the major services. This issue was not as well made as some of the earlier New Orleans double eagles. It is generally flatly struck with weak stars and hair on the obverse. Almost every known 1859-O double eagle is covered with deep, detracting abrasions and most have been cleaned at one time. On the few higher grade pieces that are known, the luster is prooflike and is actually better than one might expect. This is a coin that is currently in extremely high demand as many advanced collectors lack an 1859-O. When a nice specimen does become available, it is advisable to take a deep breath and "go for it" as it is likely that if you pass on such a coin, the next one that comes around will be even more expensive.

The beginning collector should look for an 1859-O that grades Extremely Fine-45 and expect to pay $6,000-7,000+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $20,000-30,000+. If available, an Uncirculated piece will sell for $70,000+.

1860-O: Even though fewer 1860-O double eagles (just 6,600) were produced than in 1859-O, the 1860-O is actually a slightly more available coin. It is likely that just 85-95 1860-O double eagles are known with fewer than twenty in About Uncirculated and none in any Mint State grade. When available, the typical piece is likely to grade Very Fine to Extremely Fine. As with the 1859-O, this is an issue that is exceptionally hard to locate with good eye appeal. Most 1860-O double eagles show extensive detracting abrasions and have been repeatedly cleaned or dipped. I have not seen more than a small number of choice, original coins and these have typically sold for strong premiums to very knowledgeable specialists. Here is another issue that appears on a great number of want lists and nice ones tend to get quickly snapped-up and go off the market for many years.

The beginning collector should look for an 1860-O that grades Extremely Fine-40 and expect to pay $6,500-7,500+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $22,500-32,500+. If available, an Uncirculated piece will sell for $60,000+.

1861-O: After many years of being almost completely ignored, the 1861-O double eagle is currently experiencing near cult-like popularity. There are a number of reasons why this date has become so popular. First of all, it has been very undervalued. The current Trends valuation of $4,500 for an Extremely Fine-45 example strikes many collectors as being low, given this coin's true scarcity. Secondly, this coin is a very important issue from an historic viewpoint. 1861-O double eagles were struck by three authorities: the Federal government, the State of Louisiana and the Confederacy. The 1861-O is the most poorly produced New Orleans double eagle. It is often very weak on the date and shows little detail on the hair. The surfaces are almost always excessively abraded and most have been cleaned and/or dipped. Of the 135-165 pieces that survive, between two and three dozen grade About Uncirculated. One or two Uncirculated examples are known and these have been graded very recently (between August and September 2003).

The beginning collector should look for an 1861-O that grades Extremely Fine-40 and expect to pay $5,500-7,500+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $15,000-20,000+. If available, an Uncirculated piece will sell for $60,000+.

1879-O: After it was shut down in 1861, the New Orleans mint reopened in 1879. The first two gold issues produced were Eagles and Double Eagles. Only 2,325 of the latter were made. Somewhere in the area of 100-125 pieces are known. These tend to grade Extremely Fine-40 to Extremely Fine-45. There are possibly as many as 15-20 known in About Uncirculated as well as another three or four that grade Uncirculated. The finest 1879-O double eagle that I am aware of is the Dallas Bank Collection that sold at auction in October 2001 for $115,000. Most have prooflike surfaces that are riddled with severe marks. Many also adversely affected by heavy copper spotting. This is an issue that is very hard to find with good eye appeal and like most of the other rare New Orleans double eagles, really pretty examples sell for very strong premiums. Given the fact that this is a one-year "stand alone" type coin, it is likely that demand for the 1879-O double eagle will remain extremely high.

The beginning collector should look for an 1879-O that grades Extremely Fine-40 and expect to pay $6,000-8,000+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $15,000-20,000+. If available, an Uncirculated piece will sell for $40,000+.

A Guide To Collecting New Orleans Double Eagles: Part One

New Orleans double eagles are among the most popular series with gold coin collectors. They were produced from 1850 to 1861 and again in 1879. This series includes two reasonably common issues, two extreme rarities and a number of dates that are very interesting as a result of their historic background. Because of the great rarity and cost of the 1854-O and the 1856-O (the two extreme rarities mentioned above), it is exceptionally difficult to complete this series. There are some options that the collector might wish to consider if he can not consider acquiring these two significant rarities.

The first is to simply pretend they do not exist. Building a set of New Orleans double eagles that is complete except for the 1854-O and 1856-O is still a formidable accomplishment.

The second is to look at the New Orleans double eagles as type coin and to acquire two pieces: one example of the Type One and a Type Three. Because of the fact that the only Type Three from this mint is the 1879-O, this second task will be very specific.

A third option would be to assemble a three-decade set of New Orleans double eagles. This would include one coin from the 1850's, one from the 1860's and one from the 1870's.

Despite the high cost and great rarity of the 1854-O and 1856-O, there are still a number of collectors currently working on complete sets of New Orleans double eagles. Many of these individuals are focusing on very high grade pieces and prices for Condition Census quality examples have risen appreciably in recent years. But there are still some good values available to the informed collector as the date-by-date analysis below will show.

1850-O: This popular first-year issue is actually fairly common in lower grades and does not become scarce until the About Uncirculated-53 level. It is rare in About Uncirculated-55, very rare in About Uncirculated-58 and extremely rare in Uncirculated. I have only seen two that were fully Uncirculated and none were better, in my opinion, than Mint State-61. This issue is characterized by weak strikes, poor luster and excessively abraded surfaces. An example that is original, reasonably clean and sharply detailed is worth a strong premium above a typical example. Prices for About Uncirculated-55 and 58 coins have shot up in recent years but I think the 1850-O is still a good value as few people truly understand its rarity in this grade range.

The beginning collector should look for an 1850-O that grades Extremely Fine-45 and expect to pay $2,000-2,500. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $9,000-10,000. If available, an Uncirculated piece will sell for $25,000+.

1851-O: The 1851-O is the most common New Orleans double eagle. As it is also among the best produced, it makes an ideal type coin. It is easy to locate in lower grades and this date can be found even in the middle to higher About Uncirculated range without a great effort. In Uncirculated, this is a rare coin with about a dozen fully Mint State pieces known. There are two or three Mint State-63 pieces plus another four to six Mint State-62's. A few years ago, high quality 1851-O double eagles were regularly seen at auctions or large coin shows but the supply has dried-up as type and date collectors purchased these. Today, a nice About Uncirculated-55 coin is about the nicest quality available. Most 1851-O double eagles are found with a good strike and good luster. It is preferable to search for one that is original and which lacks significant abrasions.

A beginning collector should look for an 1851-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.

1852-O: The 1852-O is the second most common double eagle from this mint. It is similar in rarity to the 1851-O in circulated grades and is very slightly more available in Uncirculated. Around fifteen to twenty Mint State pieces are known including a single piece in Mint State-65 that is regarded as the finest known New Orleans double eagle of any date. As with the 1851-O, the supply of choice, higher grade 1852-O double eagles has been greatly reduced in recent years as type and date collectors have placed most of the really nice examples in their collections. It is possible to find an 1852-O with good color, luster and strike detail. The collector is strongly urged to wait for the right coin; especially if he is using an 1852-O as a type coin or as a representative example of a New Orleans double eagle produced in the 1850's.

A beginning collector should look for an 1852-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.

1853-O: The 1853-O is a reasonably common date but it is considerably harder to locate than the 1850-O, 1851-O and 1852-O. It is not as rare as the 1850-O in About Uncirculated-55 and higher but is still quite scarce in the upper About Uncirculated grades. In Uncirculated the 1853-O is very rare. There are an estimated six to eight known in Uncirculated with the finest of these being a single Mint State-63. Other than this coin, I have only seen one or two examples that I regarded as being fully Uncirculated. Most examples on the market have been cleaned and show heavily abraded surfaces as well as some weakness of strike. On occasion, there are nicely colored, sharply struck coins without serious marks and these are very desirable. The 1853-O is an interesting issue to select for type purposes instead of an 1851-O or an 1852-O as it is considerably scarcer but not all that more expensive.

A beginning collector should look for an 1853-O that grades About Uncirculated-50 and expect to spend $2,000-2,500. A more advanced collector should look for an About Uncirculated-58 and expect to spend $8,000-9,000. If available, an Uncirculated piece will sell for $20,000-30,000+.

1854-O: The 1854-O is one of the two great rarities among the double eagles struck at this mint. Approximately 25-35 survive from an original mintage figure of 3,250. The 1856-O is a bit rarer in terms of overall rarity but both are considered to be among the most desirable United States gold issues of the 19th century. When available, the 1854-O tends to grade Extremely Fine-40 to About Uncirculated-50. There are around a half dozen known in About Uncirculated and none are currently accounted for in Mint State. Most 1854-O double eagles have been cleaned (or at least dipped) and show a lack of detail at the centers. Unlike a more common issue such as the 1851-O, the collector cannot be very choosy when it comes to acquiring an 1854-O. Only one or two specimens are offered for sale each year and prices have risen dramatically in the past decade.

A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.

1855-O: The "second tier" dates in the New Orleans double eagle set are the 1855-O, 1859-O and 1860-O. All three are very scarce in all grades but are not so expensive that they are unrealistic options for most collectors. Fewer than one hundred examples are known from an original mintage of just 8,000. The average 1855-O grades in the Very Fine-35 to Extremely Fine-45 range. Around a dozen properly graded About Uncirculated pieces exist and there are one or two with claims to Mint State. The 1855-O is generally well worn and not especially well struck. Most have been cleaned or dipped and show heavy abrasions on the surfaces. Around two years ago there were three or four nice pieces on the market at one time but these all went into tightly-held collections and there have not been many nice 1855-O double eagles on the market since then. It seems likely that demand will remain high for this date and very few choice pieces will appear in the coming years.

A beginning collector should look for an 1855-O that grades Extremely Fine-40 and expect to spend $4,000-5,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend $22,500-27,500. If available, an accurately graded Uncirculated piece will sell for $50,000+.

1856-O: A strong case could be made for calling the 1856-O the rarest gold coin ever struck at the New Orleans mint. Just 2,250 were produced and approximately twenty to thirty are known. Four to six are in the About Uncirculated range while a single Uncirculated coin (graded Mint State-63 by PCGS) is accounted for. The 1856-O is typically only available for sale when important collections are auctioned. In the past five years I can only account for four or five different pieces and it is not likely that this rate of availability will change in the future. The typical 1856-O is actually a bit nicer in appearance than the 1854-O. Some are seen with semi-prooflike surfaces and exhibit a decent overall strike. There are not many that have original color and nearly all have noticeable abrasions in the fields. As with the 1854-O, the collector must realize that he can not be overly fussy when given an opportunity to purchase this issue as the demand for both of these rarities far exceeds the supply.

A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.