An Analysis of Carson City Eagles Through Recent Major Auction Results: Part Two

Last month we looked at how the sale of the Old West and the Morgan collections of Carson City gold coinage impacted the market for half eagles from this mint. This month, we’ll look at the results as they apply to Carson City eagles. Just a few refreshers before we get right into the number crunching. The Old West collection was sold at auction by ANR in August 2006. It contained a nearly complete set of CC half eagles and a complete set of eagles. I sold all the eagles to this collector in the 2004-2005 time period and I had previously handled many of them from 1995-2000 when they comprised the Orange County collection. The Morgan collection was sold by Stack’s in January 2007. It was a complete set of CC half eagles and eagles and all had been purchased from me between 1990 and 1995. All of the coins were in older PCGS and NGC holders and many were good upgrade candidates based on today’s more liberal standards.

In this article, the Old West Collection will be abbreviated as OW while the Morgan Collection will be abbreviated as MC.

1870-CC OW: PCGS AU55, sold for $115,000 MC: PCGS EF45, sold for $46,000

The PCGS AU55 example in the Old West collection was the finest known 1870-CC eagle and it shattered all price records for this date. The price realized for the Morgan collection coin was reflective of the fact that most viewers graded the coin AU50. It subsequently upgraded to NGC AU50 and is now for sale on a dealer’s website for $52,500. After these two sales I think we will see continued price appreciation for this rare and important date.

1871-CC OW: PCGS AU55, sold for $25,300 MC: NGC AU55, sold for $25,300

I wasn’t personally crazy about either of these coins. I think we can assume with a good deal of certainty that an average quality AU55 example of this date is worth around $25,000.

1872-CC OW: PCGS AU55, sold for $34,500 MC: NGC AU55, sold for $34,500

I liked both of these coins quite a bit and thought that they both had a chance to upgrade to AU58 (although I don’t think either has…yet). Again, after these two sales I think it’s safe to say that a nice AU55 example of this date is worth around $35,000.

1873-CC OW: PCGS AU50, sold for $32,200 MC: PCGS AU50, sold for $43,700

The 1873-CC in the Old West collection was decent but nothing special. The example in the Morgan collection was clearly nicer and I graded it AU53. It sold to a dealer who currently has it listed on his website (in an NGC AU53 holder) for a reasonable markup ($48,500). It is nice to see that this date is finally getting some recognition for its rarity in AU grades.

1874-CC OW: PCGS AU58, sold for $37,950 MC: NGC AU55, sold for $19,550

The Old West coin is the third finest known 1874-CC eagle and its price realized was very strong. It later appeared in the Goldberg February 2007 sale (still in a PCGS AU58 holder) where it failed to hit its reserve and was bought back by its consignor, a California dealer. The Morgan collection coin also realized a strong price for the grade.

1875-CC OW: PCGS AU53, sold for $32,200 MC: PCGS AU53, sold for $29,325

I personally liked the Morgan collection coin better than the Old West piece. Considering that it brought nearly $3,000 less, I think it was a relatively good value. These two auction appearances confirm my belief that a nice quality AU53 example of this date is worth around $30,000-32,500.

1876-CC OW: PCGS AU58, sold for $39,100 MC: PCGS EF45, sold for $12,650

The Old West coin was superb and I purchased it for a collector. The price realized for the Morgan collection example was strong for an EF45. The coin, incidentally, is now in an NGC AU50 holder. Both of these sales show that there is demand for this date but the coins offered were so far apart in quality that one can not make any good conclusions based on comparing them.

1877-CC OW: PCGS AU53, sold for $27,600 MC: NGC AU55, sold for $27,600

I thought that both of these had the potential to upgrade: the Old West coin to AU55 and the Morgan coin to AU58. I would have to say that the Morgan coin was a much better value given the fact that it was nicer yet it sold for the exact same price.

1878-CC OW: PCGS AU55, sold for $39,100 MC: PCGS AU50, sold for $20,700

This was an instance where I thought the Old West coin sold for a little too much while the Morgan coin went a little cheaply. The Old West piece was clearly nicer than its counterpart but I do not think it was worth nearly $20,000 more.

1879-CC OW: PCGS AU55, sold for $32,200 MC: PCGS AU50, sold for $27,600

Here is an example where if you hadn’t seen both of these coins in person, the prices realized might not make sense. The Old West coin was properly graded but it lacked good overall eye appeal. The Morgan coin was clearly undergraded (it is now in an NGC AU58 holder) and it brought a strong price as a result.

1880-CC OW: NGC MS61, sold for $18,400 MC: NGC AU55, sold for $4,140

Due to the difference in quality between these two coins, the prices realized do not really lend themselves to comparison. The 1880-CC in the Old West collection was extremely nice for the grade and it sold for a very strong price. I’m not certain if the coin ever upgraded to MS62 but even if it didn’t whoever purchased it now owns one of the finest known examples of this date.

1881-CC OW: NGC MS64, sold for $74,750 MC: PCGS MS61, sold for $10,350

These are two of the finest known examples of this date (the Morgan collection coin, which I purchased, is now in an NGC MS62 holder) and their strong prices realized reflect this. I was pretty surprised at just how high the bidding went on the Old West coin. I purchased this exact piece in B+M’s July 2002 sale (in an NGC MS63 holder) for $25,300. It had previously brought $6,600 in the 1982 Eliasberg sale.

1882-CC OW: NGC MS62, sold for $41,400 MC: PCGS AU55, sold for $8,625

Here is another instance when the difference in quality between these two coins makes a comparison irrelevant. The Old West coin, which I purchased, is probably unique in Uncirculated and I thought it was good value, given what other Carson City eagles from this era were selling for in the auction.

1883-CC OW: PCGS AU58, sold for $14,950 MC: NGC AU58, sold for $5,750

I think these results are extremely interesting. Same date, same grade yet the coin in the PCGS holder brought more than two-and-a-half times as much. Why? I think part of the reason is the fact that the PCGS coin was clearly nicer. But I also think part of the reason is that because of the PCGS Set Registry, collectors are looking for certain CC eagles in the highest possible grade at PCGS. I wonder if in the future we will continue to see such price disparity based on the brand of the holder?

1884-CC OW: PCGS MS62, sold for $46,000 MC: NGC AU58, sold for $6,038

Reasonably big difference in quality, extremely big difference in price. The Old West coin is probably the second or third finest known 1884-CC eagle and it sold for a price commensurate with its rarity. This was a record price for the date and I’m certain that in the future, other Uncirculated 1884-CC eagles will be compared with this Old West coin.

1890-CC OW: PCGS MS62, sold for $10,350 MC: NGC MS62, sold for $6,900

These were both very nice for the grade but at least two bidders clearly thought the Old West coin was an upgrade. Here’s a bit of sobering thought for those of you who like to calculate risk: if the coin grades MS63, its worth $12,000-13,000. If it stays in an MS62 holder its worth $5,500. What you have here, then, is $5,000 worth of downside risk with around $2,000 of upside. This is why coin dealers are not CFO’s of large companies.

1891-CC OW: PCGS MS63, sold for $7,188 MC: NGC MS64, sold for $17,250

The Old West coin was solid for the grade and it had the added benefit of a Pittman pedigree. With average quality MS63 examples of this date readily available in the $4500-5500 range, perhaps the buyer of this coin thought it might upgrade. Clearly, the buyer of the Morgan collection coin did see his new 1891-CC as a strong candidate to eventually reside in an MS65 holder. I thought it had a pretty decent shot as well but was not willing to gamble $17,250 to find out.

1892-CC OW: PCGS MS63, sold for $41,400 MC: NGC MS61, sold for $4,370

The 1892-CC eagle in the Old West collection was remarkable and its price clearly reflected that a number of bidders thought it would grade MS64 if resubmitted. The Morgan coin was decent for the grade but nothing special. Here is clear evidence, in case you needed more, that collectors of Carson City eagles will pay strong prices for high quality coins which are exceptional for the date and grade.

1893-CC OW: PCGS MS61, sold for $16,100 MC: NGC MS60, sold for $8,625

I bought both of these coins. Take a guess which one I consider to be the better deal. I find it interesting that of the eight or nine known Uncirculated examples of this date that two of them sold within a few months of each other. This is further evidence of how important these two sales were for collectors of Carson City gold.

I’m not certain that we will see comparable collections of Carson City half eagles and eagles sold again for a long period of time. If you are a collector of Carson City gold, 2006 and early 2007 have been important (and expensive!) times for your set.

An Analysis of Carson City Half Eagles Through Recent Major Auction Results: Part One

Two major auctions of Carson City gold coinage have enabled specialists in this series to make some interesting observations regarding the strength of this series. The first of these auctions was the sale of the Old West Collection and it was conducted by ANR in August 2006. The second was recently held by Stack’s in January 2007 and it featured the Morgan Collection. For the sake of convenience, in this article the Old West Collection will be referred to as “OW” while the Morgan Collection will be abbreviated as “MC.” 1870-CC OW: PCGS 58, sold for $80,500 MC: NGC 55, sold for $37,375

In my opinion, the Old West coin was exceptional and its price realized at auction reflected this. The Morgan coin was not as nice but I think it was an extremely good value at less than what the Old West coin brought. Clearly, this date is in strong demand due to its rarity and status as the first-year-issue half eagle from this mint.

1871-CC OW: PCGS 58, sold for $27,600 MC: NGC 45, sold for $10,350

Given the big spread in grade, it is hard to make a valid comparison between these two coins. The Old West example was among the finest known and it brought strong money while the Morgan coin was, in my opinion, a lock AU50 in today’s grading environment. This date remains quite rare in AU.

1872-CC OW: NGC AU58, sold for $29,900 MC: PCGS AU50, sold for $23,000

These coins made for an interesting comparison. In my opinion, the NGC AU58 was more like an AU55 while the PCGS AU50 was an AU55; hence, the similar prices realized. The 1872-CC half eagle appears to be more available in AU than I remember it being in the past and I wonder if a small hoard hasn’t been uncovered in the past few years (?).

1873-CC OW: None present MC: NGC AU50, sold for $28,750

This was one of just two CC half eagles missing from the Old West collection which should tell you how scarce it is. The Morgan coin was definitely an upgrade candidate and its price realized reflected this. I am convinced more than ever that this is the rarest Carson City half eagle and that coins grading AU50 or better with any amount of eye appeal are truly rare.

1874-CC OW: PCGS 58, sold for $27,600 MC: PCGS AU55, sold for $18,400

These were two of the nicer 1874-CC half eagles that I have ever seen. The Old West coin set a record for a circulated example of this date while the Morgan Collection coin was, in my opinion, a piece with a good shot to upgrade to AU58. I think both of these were very solid prices and indicate that collectors will pay strong prices for choice, original coins; even for dates that, by the rigorous standards of 1870’s Carson City half eagles, are somewhat common.

1875-CC OW: PCGS 55, sold for $17,250 MC: NGC 63, sold for $103,500

These two coins are really like comparing apples to oranges, given the extreme difference in quality. What is interesting about the Morgan Collection coin is that I sold this piece to the consignor for around $60,000 over a decade ago. Given how superb-and rare—it was, I think it was an exceptional buy and I expected before the sale that it might sell for as much as $125,000-150,000.

1876-CC OW: None present MC: PCGS 53, sold for $17,825

This is another date that, like the 1872-CC, seems to be more available now in the AU53 to AU58 range than I can remember it being in the past. I think the Morgan Collection example brought a strong price since it was judged to have a good shot to grade AU55 if resubmitted.

1877-CC OW: PCGS 55, sold for $17,250 MC: NGC 55, sold for $18,400

I thought these were both nice coins and very comparable in terms of quality. After these two sales, I think we can safely conclude that a nice quality AU55 1877-CC half eagle is worth somewhere in the range of $17,000-19,000.

1878-CC OW: PCGS 50, sold for $16,100 MC: NGC 45, sold for $12,650

Here is an instance where having some knowledge about these two coins answers some interesting questions; namely, why did an EF45 coin bring nearly as much as one graded AU50? The answer is simple: the AU50 was not very nice and had funky color while the EF45 was original, choice and perceived to have upgrade potential.

1879-CC OW: PCGS 58, sold for $12,650 MC: PCGS 58, sold for $13,800

Two coins, same date, same grade, nearly similar prices realized. End of story, right? In this case, no. In my opinion, the Old West 1879-CC was just gorgeous and I could see it grading MS61 on a good day. I did not care for the Morgan Collection example (disclosure: I sold both of these coins and I clearly missed the fact that the Morgan Collection example had been recolored a number of years ago as attested by the fact that it had turned a deep Cheeto Orange shade…).

1880-CC OW: PCGS 62, sold for $29,900 MC: NGC 60, sold for $12,650

I liked both of these coins a lot and their prices realized indicates that a number of other bidders did as well. Both coins sold in excess of current Trends and/or CDN Bid and the reason is simple: they were really nice, original coins with great eye appeal. Simple lesson: buy nice coins, build an interesting specialized collection, realize strong money when you sell them.

1881-CC OW: NGC 62, did not sell but later resold by Stack’s in their November 2006 auction for $46,000 MC: NGC 63, sold for $57,500

Given the fact that only three or four Uncirculated 1881-CC half eagles exist, it is a wonderful coincidence that two of the better ones sold at auction within a few months of each other. Given their results, I would say that the new owner of the MS63 example from the Morgan Collection got himself an amazingly good deal as he was able to buy a coin which I though was a lot nicer than the Old West specimen for just a 20% premium.

1882-CC OW: PCGS 62, sold for $32,200 MC: PCGS 61, sold for $21,850

I’ve been surprised at the strength of the market for Uncirculated examples of the 1882-CC, given that at least four have sold in the past six months that either grade MS62 or will be in an MS62 holder at some point. As a point of reference, the MS62 in the Old West collection was extremely choice for the grade while the MS61 in the Morgan Collection was clearly believed to be an upgrade candidate.

1883-CC OW: PCGS 58, sold for $9,775 MC: PCGS 58, sold for $12,650

Ah, the magic of the old PCGS holder. The Morgan Collection coin, while not appreciably better than the one in the Old West Collection, brought nearly 30% more. I would have to say that a good reason for this was the fact that it was a fresh coin in a very old PCGS green label holder.

1884-CC OW: PCGS 58, sold for $12,650 MC: PCGS 61, sold for $29,990

These were two of the nicer 1884-CC half eagles that have sold recently and the market seems to have finally recognized the fact that this date is quite rare and undervalued in higher grades. In fact, the example in the Morgan Collection is quite possibly the Finest Known and I thought it was among the most important pieces in this memorable collection of Carson City half eagles.

1890-CC OW: PCGS 64, sold for $9,775 MC: NGC 63, sold for $8,050

The NGC MS64 in the Morgan Collection should probably grade MS64. But here’s why buying coins at auction can be risky. If the coin stays as an MS63 it’s worth $5,500. If it upgrades, it’s worth around $10,000. So the buyer has around $3,000 in downside and $2,000 at most in upside. For most dealers, this upside/downside ratio is acceptable but for many collectors it isn’t.

1891-CC OW: PCGS 65, sold for $43,700 MC: PCGS 64, sold for $13,800

As far as I know, both of these are record prices for slabbed examples of this popular common date. The MS65 in the Old West Collection is probably the finest known 1891-CC and I was impressed by what it sold for. The MS64 in the Morgan Collection was awfully nice for the grade and given that it brought more than twice what the typical MS64 brings, I would guess that at least two people thought it had a good shot to grade MS65.

1892-CC OW: PCGS 63, sold for $5,750 MC: PCGS 62, sold for $4,140

This was an instance where I thought the coin in the lower grade holder (i.e., the Morgan Collection MS62) was nicer than the coin in the higher grade holder. This is why you can’t blindly look at auction records when determining a coin’s value. Clearly, not every 1892-CC half eagle in MS62 is worth $4,140.

1893-CC OW: PCGS 62, sold for $4,600 MC: NGC 63, sold for $8,625

The Morgan Collection coin was in an older holder and was exceptionally nice for the grade (I thought it had a very good chance to grade MS63). Here is another coin that can mislead the new collector. Not every MS63 1893-CC half eagle is worth $8,625. In fact, I recently sold a nice properly graded PCGS MS63 for $6,500.

2007 Crystal Ball Survey

I was recently asked to participate in the annual Crystal Ball survey published by Maurice Rosen. Although some of these questions are not totally pertinent to the area of rare gold coinage, I think there is quite a bit of interesting reading here. 1. We had a great market till May, then a slump. What's your outlook for 2007/2008? Please explain in detail.

I think the coin market is going to be very two-tiered in the next year. I think that really good/really interesting coins will continue to show strong demand while average quality/uninteresting coins will be very soft. We’ve had a great run the past few years but it seems inevitable to me that certain areas will slow down. I think the market weakness that we saw in 2006 reflected the fact that many areas which had performed well the past few years were strong because of dealer promotions. When the promotions stopped or the dealers decided to take profits, the demand for these series dropped quickly.

I think the price of gold will fluctuate between $500 and $600 throughout the year and we will see occasional run-ups in generic prices but nothing spectacular.

I’ve noticed that coin buyers are becoming more sophisticated and I think that choice, original coins will be strong in 2007. As an example, if you have two MS65 Bust Halves for sale at an auction and one is a true Gem with nice color while the other is dark and shows obvious rub on the high spots, the nicer of the two might bring 50%+ more. This schism between true quality and junk will be more graphically illustrated in 2007 (and beyond).

2. What areas of the market look to be the best performers for 2007/2008? Please explain why.

I think better date Seated Liberty coinage in Mint State will do well in 2007. There are still some really good values in this area, especially in the quarter and half dollar series. I love just about any No Motto Seated coin in MS64 or better. Attractive, properly graded examples of many of the so-called common dates are much, much harder to locate than people realize.

Early gold will continue to be strong but buyers are becoming more selective in this area. I really like pre-1834 quarter eagles. They are many, many times rarer than comparable half eagles and eagles yet are often priced at considerably lower levels.

Proof gold will continue to be a strong performer, especially larger denominations. My favorite coins are the pre-1890 issues with mintages of 50 coins or less in PR64 to PR66. These coins are really rare and they are very appealing to wealthy investors.

I really like the potential of New Orleans gold coinage, especially No Motto half eagles and eagles. People have finally realized how rare these issues are in higher grades and they like the fact that Condition Census coins can often be acquired for less than $10,000.

It seems that Commemorative Gold is about due for a promotion and this looks like a good area right now for speculators. I like most of the issues in MS65 and MS66.

Variety collecting has really become popular and I think that very rare varieties in popular series will do quite well in 2007. It always impresses me to see what serious collectors will pay for very rare Sheldon or Overton varieties in specialist auctions.

3. What areas of the market look to be the worst performers for 2007/2008? Please explain why.

Small sized type coins like Three Cent Nickels, Shield Nickels and Liberty Nickels are cheap right now but for a good reason. These coins are boring. No one really collects these series any more (except as type coins) and I can’t see any real reason for these series gaining in popularity.

With certain exceptions, I think that Barber coinage will remain soft as well. There are not many collectors working on complete sets of Barber coins and unless a very rare, very low population piece is offered (or a nice mid-grade circulated example of a rare date) most issues show little demand.

I think many key date 20th century (and late 19th century) coins are overvalued. Issues like 1901-S quarters and 1916 Standing Liberty quarters have dramatically increased in value and I think they are now very overpriced.

Common date Bust Dollars in Fine-Extremely Fine have gotten pretty pricey in the last few years and I would not be surprised if this market shows some correction. Lots of the pieces I see in this grade range are very overgraded. That said, I still like nice AU and better Bust Dollars as long as they are original and attractive.

It seems like you just can’t give slightly off-quality Silver Commemoratives away and I think this market will stay soft unless some large marketing firm decides to promote Commemoratives. If a Commemorative isn’t gorgeous, it is very hard to sell.

In nearly all series, I think low-end, marginal coins will be harder to sell in 2007. Even in really popular areas like early Type, coins that are clearly ugly for the grade just aren’t going to be as liquid s they were back in 2005 or early 2006.

4. Since the lows of 2001, gold almost tripled, but rare coin performance severely lagged gold. Some indices show gains of 20%-40% from 2001 to the highs of 2006! (A) What accounts for the disparity? (B) What does this portend for the future?

I think the weakness in generic gold has to do with the fact that many of the older telemarketing firms who used to promote these coins are no longer actively supporting the market. They’ve moved on to other areas with larger profit margins and that’s why the demand for bread and butter generics like MS65 Saints is nowhere what it used to be. If there is no real level of demand for generic gold, then I expect levels to continue to lag the performance of gold.

5. (A) Do you think that "Ohiogate" had a detrimental impact on the market? If yes, how so and why. If not, why not? (B) What lasting effects can we expect from "Ohiogate?"

I originally thought it would have a very detrimental short-term effect, given the fact that a huge amount of coins were being dumped on the market under the direction of a liquidator who had no clue how to properly market them. I was surprised that the market was, for the most part, able to absorb the Fund’s coins. However, I do not think the full ramifications from the scandal have been clearly felt yet. The Fund was a huge entity in the market with their fingers in a lot of pies. It will be very interesting to see what happens in the next year or two.

I think the biggest lasting effect we might see from Ohiogate is that larger intuitional investors who might have previously toyed with the idea of getting into coins might not be as anxious after they hear the gory details from this story.

6. (A) What will it take for a large financial institution to make a commitment to the coin market? (B) What specific sectors of the market would be most likely emphasized in the portfolio of a large coin fund?

I’ve spoken with clients of mine who are involved in hedge funds or private equity groups and most of them won’t do a coin deal because the numbers are just too small. These guys are looking at doing $250 million+ deals (in many cases more than this) and a little $25 million to $50 million coin deal is just too small for them. That said, there is always the chance that a hedge fund guy who loves coins might do a fund as sort of a lark. But every time we’ve seen large funds in the coin market, the results have not been good.

If a fund were to be established, it needs to be run by someone like John Albanese who is very smart and very ethical. I assume that a fund run by someone like John would focus on really rare coins like Proof gold, early type (silver and gold), classic rarities and popular individual issues like High Reliefs, Pan-Pac Octagonal and Round $50’s, etc. This is essentially what the Ohio Fund was focusing on and I think they did a very good job in terms of buying coins and focusing on specific market areas.

7. As we close 2006, how do you assess the state of coin grading? This is a broad question. I leave it to you to comment any way you want.

My complaints about the services today are the same as they were ten years ago. I do not think that either of the majors rewards originality and I see lots of coins in holders that I think are very, very marginal at best. In my area of specialization (rare date gold), I think both services have really diminished the market’s expectation of what an AU58 should look like. Coins with little or no original mint luster are graded AU55 or AU58 and this has lessened the price premium for certain dates in these grades.

On a related note, kudos to NGC for having the best customer service I’ve ever seen in a company that I do business with on a regular basis.

8.(A) How important are Modern Coins becoming to the market? Despite many people deriding them, many coins bring high prices in super-grades. (B) What are your overall views and recommendations for investors?

I’m sure every answer you’ll get about modern coins is that they are horrible, the market is totally one-way, the coins are ugly, etc. Although I basically agree with these points, I can’t completely denounce the modern coin market. I don’t like the coins and I can’t see why anyone would want to collect them but, by the same token, I can see how someone might not be as turned-on by 18th or 19th century classics as I am. I take a “live and let live” attitude with moderns. I do not plan to ever deal in them but if someone chooses to collect these coins, more power to them. They are affordable, easy to buy and, hopefully, are a good stepping-stone to more sophisticated market areas.

That said, I would NEVER recommend any modern coin as an investment. As far as collecting these coins, I think at $50 or $100 per coin, moderns are just fine. But I would caution the investor to avoid expensive PR70 and MS70 moderns as they have lots of downside risk, in my opinion.

9. Two sophisticated investors come to you to invest for the long-term. One has $25,000, the other $250,000. Each investor wants only a few coins. What do you recommend to each and why? Please state the upside potential for your picks.

For a $25,000 package, I would suggest the following. I would choose an interesting No Motto Seated quarter or half dollar in MS64 or MS65 in the $7500-10,000 range. I’d try to find a coin with a population of fewer than ten coins with relatively few higher and a piece that was original and very attractive. Then, I’d find a New Orleans half eagle or eagle in the AU58 to MS62 range that was Condition Census quality in the $7,500 to 10,000 range. With the remaining money, I would find a piece of Proof gold that was relatively affordable (around $10,000) but which had a lower mintage figure than a “common” date. I think this would be a small but neat group of coins.

For a larger budget collection, I would start with two pieces of early gold. I’d try and find a rare Fat Head half eagle struck in the 1820’s or 1830’s in Uncirculated in the $25,000-35,000 range and a quarter eagle from this era in MS62 or above in the same price range. I would then look for a really neat piece of Proof gold; something like a PR65 quarter eagle from the 1870’s or a high end PR64 half eagle from this decade. I’d figure to spend another $25,000-30,000 on this piece. Then, I would look for a Gem Large Size Bust quarter in the $15,000-20,000 range or a killer MS66 Bust half dollar. After this, I would try and buy one great early copper coin; something like a 1794 cent in Uncirculated with a great 100+ year pedigree. I’d budget around $20,000 for this coin. Next, I’d buy a sexy $10,000 Colonial coin with a Ford pedigree. The Ford sales have been a little under the radar to those who don’t specialize in Colonials but this is easily the greatest offering of early Americana in our lifetime. I’d look for a high grade example of a popular issue like a Pine Tree shilling or maybe a New Jersey or Massachusetts or Connecticut copper. I would finish off this collection with a few great 19th century gold coins; maybe a couple of very high grade Carson City or Dahlonega pieces or some killer New Orleans coins. I would be highly selective here and focus on really nice, really high end coins. If I had another $5000-10,000 left I would buy a few great plated Chapman auction catalogs. These are rare, undervalued and incredibly neat.

If I had a chance to buy an 1838-O half dollar or an 1876-CC twenty cent piece I’d choose one of these two classic rarities as my $250k portfolio and punt the group of coins listed in the paragraph(s) above. I’ve always felt that these were the two “Great American Rarities” that were truly undervalued, even though they have appreciated significantly in the past few years.

10. Increasing government regulations, further losses of privacy, more taxes, these are all likely to impact our lives in the years ahead. (A) How might they impact the coin market? (B) What specific advice do you have for today's investors?

I don’t really feel qualified to answer this question so I am not going to delve into it…except for one quick comment. I’m going to assume that a big issue in the coming years for the coin business will be an Internet sales tax. My business has grown exponentially over the years due to the Web and I think that an Internet VAT-type tax could really hurt the growth of the coin market.

11. Your Best Buys for Type Coins in MS and Proof.

As I mentioned above, I love No Motto Seated quarters and halves in properly graded MS64 and above. These coins are really rare and really good deals. New Orleans half dollars from the 1840’s in MS63 and above seem to be one of the best values in the market right now. It’s hard to find these coins but when they are available you can purchase some legitimately great coins for under $7,500. I’ve always had a soft spot for Flying Eagle cents in Gem Uncirculated. If you can find coins that are well struck, free of mint-made defects and which are not dark, they are great values at current levels. For many years, I’ve thought that Proof Braided Hair half cents in 64RB and better are really cheap at current levels. I’m not saying that they are great “investments” but they seem like a lot of coin for the money.

I think that very pretty type coins in MS65/PR65 and better are, in general, good value right now. By this, I mean coins that have very pretty (but not too deep) multi-colored toning. I would avoid ultra-high grade coins that have a high premium over the next grade down and I would avoid coins that have a huge premium for Cameo/Ultra Cameo designation. I think a lot of low population Ultra Cameo coins run the risk of growing populations when coins graded a number of years ago are resubmitted.

12. Your Best Buys in the Gold Coin sector.

In early gold coins, I love the quarter eagles struck from 1821 through 1834. They are extremely well priced in comparison to early half eagles and eagles. I have a few clients right now who are assembling date sets and I am amazed at how hard it is to find a number of these early quarter eagles.

In the Liberty Head series, I think New Orleans coins offer unbeatable value. My new book has created a number of new collectors and I’d say that high grade New Orleans gold from the 1840’s and 1850’s tends to be, in most cases, many times rarer than Charlotte and Dahlonega issues from this era—at lower price levels!

An esoteric but much undervalued series of coins is the Philadelphia eagles from the 1840’s. There are a few dates (such as the 1844, 1845 and 1846) that are almost impossible to find in any grade above AU50 but which are still relatively affordable. And unlike most mintmarked coins, not all of the Philadelphia pieces have been dipped-n-stripped.

If I were a rich guy who liked 20th century gold, I think I’d focus on Indian Head half eagles. These are by far the rarest 20th century gold pieces in Gem Uncirculated and a number of dates in this series (1909-O, 1911-D, 1912-S, 1913-S, 1914-S and 1915-S) are excessively rare in Gem. If you started a high grade set, you’d have less competition than in the Indian eagle and St. Gaudens double eagle series, so you might actually have a shot at the really great coins if and when they become available.

13. Your Best Buys in Silver Dollars.

I’ve always thought that Gem Trade Dollars were one of the rarest and most undervalued mid-19th century types.

I personally hate Morgan Dollars so I’m probably not that the best person to ask about “best buys” in this series.

I’m amazed that more people don’t try and assemble Peace Dollar sets. These coins are such great deals compared to Morgans. The series is short, completable and not terribly expensive in Gem. If someone was to write a really good guide to collecting Peace Dollars and a few of the larger retailers actively promoted this series, I think prices could rise dramatically. That said, I doubt this will happen anytime soon.

14. Your Best Buys in the U.S. Commemorative series.

Every time I’ve been asked this question, I always give the same answer: I like Gem examples of the pre-1928 silver half dollars. I don’t look at that many commemoratives but when I do, I find most of the issues like the Maine, Missouri, Alabama, Grant, Vancouver, Pilgrim, etc. to be washed out and “yucky.” I think undipped, lightly toned MS65 and MS66 examples of these early issues are cheap at current levels.

15. Your Best Buys among 20th Century Series coinage.

Superbly toned Proof 1936-1942 coinage seems to have disappeared as most of these coins have been dipped. I’ve always liked coins with lightly toned centers that become deeper in hue towards the edges. In PR66 and PR67, the silver issues from this era are very favorably priced right now.

16. Your Best Buys in any other sector of your choice.

In my primary area of the market (branch mint gold) I’d have to say that nice quality Charlotte gold is a good contrarian play right now. $20,000+ Charlotte coinage is a hard sale but it is inevitable that one or two new deep-pocketed collectors will want to create great sets of these coins in the coming years.

Three Dollar gold pieces were certainly due a correction after the great run they had in 2005 and 2006 but I think the market overcorrected. I like the low mintage dates from the 1880’s (like the 1881, 1883, 1884, 1885 and 1886) in Mint State and nice AU and better examples of the San Francisco issues. A great time to buy coins like this is when all of the “geniuses” who became Instant Experts on Threes last year have now moved on to greener pastures.

Nice New Orleans gold is a terrific value right now. In most cases, you can buy a scarce No Motto half eagle or eagle from this mint at a significant discount in comparison to a more available piece from Charlotte or New Orleans.

As I’ve mentioned about ten times, I really like No Motto Seated coinage in MS64 and better, especially New Orleans pieces.

I think, in general, that in nearly any series, “best buys” are always nice, original coins. It’s become so hard to find pieces that haven’t been messed with. I think down the road that really fresh coins will begin to bring huge premiums over the typical run-of-the-mill junk that you see most of the time.

17. What changes or innovations are needed to make the pricing of coins a better deal for investors? Just as reduced commissions (even the elimination of commissions!), plus much narrower spreads between bids and asks, have dramatically lowered trading costs for stock traders, what can be done to make our market more efficient and a better deal for investors?

The Heritage auction archive is an amazing tool. It enables a collector to see the price performance of nearly any coin over the past few years. If Heritage (or someone else) were to take this idea and include all of the major numismatic auction companies, this would be an incredible resource for collectors and investors. The ability to quickly and accurately track pricing is something that increases a new investor’s confidence level; especially in thinly traded market areas.

The advent of the Internet has increased the amount of transparency in the coin market in the past few years. I think the coin market is far, far more transparent than most any other collectible and, again, that is a good boost for investor confidence.

Something that has long hurt the coin market is that a decent number of neophyte investors are still making their first trades with brokers who are either taking advantage of them or are not providing them with the tools to turn them into long-term market participants. As an industry we still need to shed the last vestiges of the Wild West mentality of the 1970’s and the 1980’s and treat potential new investors with the attitude that the coin market is a great place to place some discretionary income in for the long term.

18. Since PCGS and NGC began, we've seen a general loosening of grading standards. (A) Could standards in the future become stricter, thus reversing the trend of the last 20 years? (B) If yes, what event or events would cause this to take place. If you disagree, please explain why. I doubt very much that either PCGS or NGC is going to admit that standards have changed, let alone reverse them back to where they were in 1986/87. I think it’s more important, at this point, for collectors to keep up on current standards so that they can grade by the standards of 2007 and not by the standards of 1987. Wishing for grading standards to revert to where they were 20 years ago is sort of like someone wishing that you could buy an apartment in Manhattan tomorrow at 1987 prices.

19. What 1, 2, or 3 coins are your favorite "sleepers," coins you know to be much scarcer than generally perceived and, as a result, undervalued. Anything from the 1700's to date, your picks. Please explain why you picked them and tell us their potential.

Here are three coins that I regard as true “sleepers:”

1. 1845-O Quarter Eagle: With only 4,000 struck, this is a very scarce coin in all grades. Any original piece grading EF45 or better is really rare, yet you can still buy a very presentable example for under $10,000. This is the key issue in the New Orleans quarter eagle series, which is short, completable and getting popular.

2. 1847-O Half Eagle: Few non-specialists realize just how rare this date is in nearly any grade. It is the hardest New Orleans half eagle to find and it is nearly impossible to obtain in properly graded AU50 or better. I recently sold a very nice AU55 example of this date for $15,000. If this were a Dahlonega coin of comparable rarity, it would have been worth $25,000++.

3. 1841-O Eagle: I love this issue. It has a low mintage figure (2,500), it is the first No Motto eagle struck at the New Orleans mint and it is nearly impossible to find above EF45. Despite this fact, it is priced at a fraction of the second-tier double eagle rarities from the New Orleans mint (i.e., the 1855-O, 1859-O, 1860-O and 1879-O).

The Pinnacle Collection of New Orleans Gold Coinage: An Overview

There haven’t been many truly great collections of New Orleans gold coins formed over the years. This is due to two reasons: a lack of popularity until recent times and the rarity of many of these issues in higher grades. One of the finest collections of New Orleans gold coinage of which I am aware is the Pinnacle Collection which is currently owned by a collector who lives on the West Coast. I have been the primary supplier of coins in this collection and, if you don’t mind a little plug for Douglas Winter Numismatics, I don’t think it would be possible to form a much nicer set than this. Nearly every coin is very high end for the grade and most were selected with the following criteria in mind: originality, excellent overall eye appeal and sharp strikes.

The owner of this collection began assembling it in 2002 and bought the majority of the coins in 2003 and 2004. I was lucky to have been able to purchase a superb collection of New Orleans gold coinage in 2003 of which many pieces went into the Pinnacle Collection. It was clearly a situation that this collector was in the right place at the right time.

The Pinnacle Collection is very nearly complete with the exception of the Liberty Head double eagles. The owner of this collection decided not to focus on this denomination due to the extremely high cost of choice pieces and because he felt that the smaller denomination coins represented better value for the money. His gold dollars, quarter eagles, three dollar gold pieces and half eagle sets are complete while the eagle set lacks just four coins (none of which are especially rare) to be complete.

NOTE: You can view this set on on-line on the PCGS website (www.pcgs.com). Simply go the Set Registry area, search for gold sets and then for New Orleans sets. The collection is listed as the “Crescent City” collection but it is better known to collectors as The Pinnacle Collection. In my new book “Gold Coins of the New Orleans Mint, 1839-1906”, many of these coins are described and photographed as well.

I. GOLD DOLLARS

The six coins in this set have an average grade of 63.66 and are very evenly matched and original. They range in grade from MS62 (the 1855-0) to MS65 (the 1849-O).

One coin in this group that really stands out is the 1850-O. It is graded MS63 by PCGS and is one of just five recorded by PCGS in this grade with two better (both MS64). The 1850-O is the rarest gold dollar from this mint yet it remains an issue which is overlooked by many collectors. This is a coin that would be priced at $15,000-20,000+ if it had a C or a D mintmark but it is still valued at well under $10,000 in this grade.

I also really like the 1849-O gold dollar in this set. It has been graded MS65 by PCGS and is one of just four graded as such by PCGS with none finer. It is historically significant as a first-year-of-issue date and it is, obviously, very rare in Gem. The Pinnacle Collection example is unusually well struck and it exhibits lovely natural rose and orange-gold color.

II. QUARTER EAGLES

The quarter eagle set contains fourteen coins and every piece except one (the 1845-O) grades MS62 or better. The average grade of these coins is a healthy 61.9 and I would have to think it is one of the two or three best sets ever assembled.

My choice for the highlight of this set is probably not a coin that others might take note of: the 1856-O in MS62. Even though this issue is slightly available in lower grades, it is a major rarity in Uncirculated and the Pinnacle Collection’s example is the best piece ever graded by PCGS. It is really a stunning example for the date and grade with great luster, rich orange-gold color and outstanding surfaces. It traces its origin to the Bowers and Merena 6/01 sale where it brought $19,550 in a much slower market than today.

Two other coins in the quarter eagle set that I think are notable are the 1840-O and the 1842-O, both of which have been graded MS62 by PCGS. The former is pedigreed to the David Lawrence Richmond collection sale while the latter was obtained from my firm via private treaty in January, 2005. Both coins are notable for outstanding strikes and are very original with great green-gold color and thick, undisturbed luster.

The three highest graded quarter eagles in the collection are the 1839-O, 1846-O and 1857-O, all of which have been graded MS63 by PCGS. The 1839-O has a population of seven in this grade with five finer (all MS64), the 1846-O has a population of just one in this grade with one better (an MS64) and the 1857-O is one of four in this grade with a single example better (an MS64). Obviously, all New Orleans quarter eagles are rare in MS63 or higher grades and the fact that the Pinnacle Collection contains three different pieces is, in my opinion, quite impressive.

III. THREE DOLLAR GOLD

The Pinnacle Collection contains a PCGS AU55 example of this popular one-year type. It is notable for its excellent strike and originality and it is a much nicer coin than many I have seen graded AU58 by NGC.

IV. HALF EAGLES

Although the average grade per coin of the half eagles in the Pinnacle Collection is not as high as the quarter eagles, I would have to say this is my favorite set. There are a total of sixteen coins which range in grade from a low of AU55 (the 1843-O Small Letters and the rare 1847-O) to a high of MS63 (the 1840-O Narrow Mill, 1844-O, 1845-O, 1854-O the 1894-O). Of the 16 coins in the set, eleven are Uncirculated and the average grade per coin is 60.68.

It’s really hard for me to pick just one highlight of the half eagles, so I’ll focus on two coins. The first is the incredible PCGS MS63 1840-O Narrow Mill that is pedigreed to the famous Pittman collection. It is an amazing coin that I rank as the finest known for the date. Another highlight coin is the MS63 1845-O that is pedigreed to the Bass collection. It is one of just two known examples of this date in this grade (there are none finer) and it is the epitome of a choice, original coin with superb luster and dramatic rich green-gold coloration.

The PCGS MS61 1842-O half eagle in the Pinnacle Collection is one of just three known examples of this date in Uncirculated while the PCGS MS62 1846-O is regarded as the third finest known example of this date. An 1851-O in PCGS MS61 is another extremely rare coin in this grade with just four or five total pieces believed to exist in Uncirculated.

Two final coins are worthy of a quick mention. The 1854-O, graded MS63, is tied with another example as the finest known and it is pedigreed to the Bass collection. The 1894-O in PCGS MS63 is the sole example of this date graded this high by PCGS and it is likely the finest known.

To the best of my knowledge, the only sets of New Orleans half eagles ever assembled that were comparable to the Pinnacle Collection were Ed Milas’ (sold by Stack’s back in 1995) and Charley Tuppen’s (which, as far as I know, is still intact).

V. EAGLES, NO MOTTO

Of the various gold denominations produced at the New Orleans mint, the No Motto eagles, struck from 1841 through 1860, is certainly one of the most difficult to collect. Many of these dates are exceedingly rare in higher grades and a number are essentially unavailable in grades higher than AU55 to AU58. There are a total of 21 issues in this set. This includes two varieties of 1846-O (the Normal date and the so-called “Overdate”) and two 1854-O (the Small Date and the Large Date).

The Pinnacle Collection contains 17 of these 21 No Motto eagles. It is missing the 1842-O, 1844-O, 1847-O and 1855-O. Ironically, with the exception of the 1855-O, these dates are not especially scarce from the standpoint of overall rarity.

The No Motto eagles in this collection range in grade from a low of AU53 to a high of MS61. There are three coins in Uncirculated and the majority grade AU55 and AU58.

The two key issues in the No Motto eagle set are the 1841-O and the 1859-O. These are nicely represented by examples that grade AU55. The former has a PCGS population of just five with none better and the latter shows three in this grade and none higher.

There are number of coins in this set that might be readily overlooked by the non-specialist but which are quite scarce and have very low population figures. As an example, the 1849-O in PCGS AU58 has a population of three in this grade and just two better. The 1850-O in PCGS AU58 is even rarer in this grade with just three recorded in AU58 and a single coin graded higher.

The Pinnacle Collection contains 18 No Motto New Orleans eagles with an average grade of 57.05.

VI. EAGLES, WITH MOTTO

After the New Orleans mint was closed in 1861, it reopened in 1879. With Motto eagles were produced, with interruptions, at this mint until 1906. There are a total of 16 issues in this set. Unlike its No Motto counterpart, this set can be assembled in (mostly) higher grades.

The Pinnacle Collection contains fifteen of the sixteen issues. It is missing the 1880-O but it contains PCGS AU58 examples of the very rare 1879-O and 1883-O. Twelve of the sixteen coins in this set are Uncirculated and these range from a low of MS61 to a high of MS65.

From the standpoint of rarity, the unquestioned highlight of this set is the 1883-O of which just 800 pieces were produced. This collection has a lovely orange-gold AU58 which is one of just three graded by PCGS with none better.

The sleeper coin in this group is the 1881-O in MS61. This date has a PCGS population of just one in MS61 and none finer and it is a rare, underrated issue in Uncirculated.

The highest graded coin in this set (and in the entire Pinnacle Collection) is a 1904-O in PCGS MS65. As one might expect, Gem New Orleans eagles of any date are extremely scarce and this coin has a PCGS population of four in this grade and only one better.

The With Motto eagles in the Pinnacle Collection have an average grade of MS62. Many of the late date pieces (i.e. those struck in 1897 and later) are notable for their beautiful, original color and most are quite high end for the grade.

The Pinnacle Collection is truly one of the finest sets of New Orleans gold coins that has ever been assembled. It contains examples from other great collections such as Norweb, Bass, Pittman and Farouk. The collector who assembled this collection can certainly be proud of his accomplishment, especially given the fact that the bulk of the collection was assembled in just three years.

13 Interesting Gold Coins Priced Below $2,500

Is it possible to build an interesting collection of desirable United States gold without having a large per coin budget? I think the answer to this question is a resounding “yes.” There are plenty of extremely interesting pieces that are within the average collector’s price range and this includes a number of coins that are both scarce and in comparably high grades. Here are a baker’s dozen suggested areas for a collector with a budget of $2,500 (or less) per coin. 1. San Francisco Gold Dollars: The San Francisco mint produced seven different gold dollars. These include all three types. The 1854-S is a Type One issue, the 1856-S is a Type Two and the 1857-S, 1858-S, 1859-S, 1860-S and 1870-S are all Type Threes. With the exception of the popular (but somewhat overvalued) 1856-S, any of these dates can be obtained in AU50 to AU55 grades for $1,500-2,500. My personal favorite date in this group is the 1857-S. Did you know that from the standpoint of overall rarity, this date is actually rarer than the 1857-C or the 1857-D? The 1857-S has a current Trends value in AU55 of $2,500 which is very cheap for a coin of this rarity; the 1857-C Trends for $7,000 in this grade, while the 1857-D is listed at $6,500.

2. Reconstruction Era Philadelphia Gold Dollars: The Philadelphia gold dollars produced from 1866 to 1872 all have mintages of 7,100 or below (except for the 1868 which had a mintage of 10,500) and all of these issues are reasonably scarce in all grades. This group of coins is not generally seen in circulated grades but very presentable Uncirculated examples (in this case in the MS62 to MS64 grade range) can typically be purchased in the $1,000-2,500 range. I like the 1865 and 1867 best. The former has a Trends value of $1,700 in MS60 and $2,500 in MS62 and is a great value at anything near these levels. The 1867 is listed at $2,000 in MS63 and if you can find a piece at this level, you’ve just bought a truly scarce coin at a most reasonable level.

3. Classic Head Quarter Eagles: If you have a limited coin budget, you won’t be able to buy any early gold as it has become too expensive. But you can still purchase a really nice AU55 to AU58 common date Classic Head quarter eagle for $2,000-3,000. Classic Head gold coinage is sort of a bridge between the pre-1834 “early gold” issues and the more familiar Liberty Head design which was employed all the way into the early 20th century. I personally like the Classic Head design and have seen some pieces in the AU55 to AU58 range which are really attractive. If possible, buy a date other than the ubiquitous 1834 as these issues are considerably scarcer. My “sleeper” date is the 1839 which considerably scarcer than the mintmarked issues of this year but priced much lower.

4. Philadelphia Quarter Eagles From The 1840’s: This group includes some dates that are well out of the price range of the $2,500 and lower budget but it contains a number of other overlooked issues that fall well within these parameters. Want some suggestions? How about the 1844. This is a low mintage coin with just 6,784 pieces originally produced. There are probably no more than 50-75 pieces known in all grades and this date is considerably scarcer than the mintmarked issues from this era. Despite this fact, Trends lists an AU50 example at $2,250. Other dates from this era that I think are very undervalued include the 1843, 1846, 1847 and 1848. Your $2,500 per coin budget will go a long way in this series and you should be able to buy some nice AU pieces if you are patient.

5. Nice About Uncirculated New Orleans Quarter Eagles: There are a number of scarce New Orleans quarter eagles from the 1840’s and 1850’s that the collector can buy in AU55 to AU58 grades for $2,500 or less. This includes the 1846-O, 1847-O, 1850-O, 1851-O, 1852-O, 1856-O and 1857-O. In this same price range it is also possible to purchase nice MS61 examples of the 1843-O Small Date and the 1854-O. I would strongly recommend that the collector looking at these coins familiarize himself with their peculiarities of strike (these are described in my book “Gold Coins of the New Orleans Mint, 1839-1909”) and pay a premium for examples with original surfaces and color.

6. Low Mintage Quarter Eagles, 1880-1899: A collector with a budget of $2,500 per coin could put together a high quality set of Quarter Eagles dated between 1880 and 1899. With just two exceptions, every coin in this set would be Uncirculated and in some cases the coins could grade as high as MS64 or even MS65. What’s great about these coins is that they are well-produced and not hard to find with pleasing original color and surfaces. Some of the dates in this two decade production run are very challenging to find in Uncirculated (1880, 1883 and 1884 come to mind as the stoppers) while others (including nearly all of the coins struck in the 1890’s) are easy to find in Mint State. The real budget-busters in this set are the popular low mintage 1881 and 1885 issues. For $3,500-5,000, the collector will be able to find a nice AU 1881 should cost $4,000-5,000. This is a great set for the collector who wants to own some very high grade yet legitimately scarce gold coins.

7. Scarcer Date Three Dollar Gold Pieces: Three Dollar gold pieces have been a whipping boy in many “experts” recent newsletters but I think there is still great value in this series. For $2,500 you can buy a number of the scarcer issues from the 1860’s and 1870’s in Extremely Fine grades. These coins are not that easy to locate due to the fact that this denomination did not typically circulate enough to get word down to Extremely Fine detail. But when Three Dollar gold pieces are available in EF, they tend to be reasonably attractive and very affordable. All of the Civil War dates (except for the rare 1865) can be purchased in EF40 to EF45 for around $2,500 and a number of the tougher dates from the 1870’s (such as the 1870, 1871 and 1872) can be found in the same grade range for around the same price.

8. Classic Head Half Eagles: I like this series for the exact same reasons mentioned in Item #3, above. I’ve always looked at Classic Head half eagles as the “early gold for collectors who can’t afford early gold.” Think about it. You can still buy a nice Choice AU half eagle that is approaching 175 years in age for less than $3,000. The sleeper date in this series is the 1837 which is many times scarcer than the 1834-1836 issues but which commands just a 20-30% premium in AU. I’d suggest that the collector be fussy when looking at Classic Head half eagles as they are plentiful enough that he can wait for the “right” coin to come around.

9. No Motto New Orleans Half Eagles: This is an area where a collector with a budget of $2,500 per coin will be able to purchase some very scarce and desirable issues. One date that I feel is extremely undervalued is the first-year-of-issue 1840-O. I recently posted an example in NGC AU55 on my website (I priced the coin at $2,350) and received seven orders for it. For $2,500 or less, the collector will be able to purchase nice EF45 examples of such scarce dates as the 1843-O Small Letters, the 1845-O, 1846-O, 1851-O, 1856-O and 1857-O. All six of these dates are much harder to find in this grade than most of the Charlotte and Dahlonega half eagles from this era yet they are priced at between $500-1,000 less per coin.

10. 1890’s Carson City Half Eagles: No, the four half eagles struck at the Carson City mint during the 1890’s are not rare coins. But how can you not be attracted to the history and allure of any gold coin struck at this legendary mint. For $2,500 per coin, you could put together a set that would include an MS62 1890-CC, an MS62 1891-C, an MS61 1892-CC and a high end MS61 1893-CC. Four nice Uncirculated coins with a great story for under $10,000. How can you not like this collection?

11. No Motto New Orleans Eagles: If you have a $2,500 per coin budget, you won’t be able to assemble a complete set of No Motto New Orleans eagles; the 1841-O and the 1859-O will prove just about impossible to find in that price range. But you can buy every other date in Extremely Fine or About Uncirculated grades. On the lower end of the grade range, you’ll probably have to settle for EF45 examples of the scarce 1852-O, 1855-O, 1856-O and 1857-O and on the high end, you might be able to go as high as AU55 on the more common issues like the 1847-O, 1851-O, 1853-O, 1854-O and 1858-O. I personally think this would be an extremely interesting set to assemble and when you are done you can take pride in having assembled a group of coins that is genuinely scarce and, in my opinion, extremely undervalued.

12. Type One Philadelphia Double Eagles: A collector on a limited budget is going to find double eagles to be a frustrating area to collect. A date run of Philadelphia double eagles from the 1850’s can be assembled by the individual with tight budgetary constraints and most of his coins will actually be attractive. With just a few exceptions, nearly every coin in this group can be purchased in AU53 to AU55 for $2,500 or less. This includes the 1856, 1857 and 1858 which I feel are much undervalued. The only two dates that will cost more than $2,500 for nice AU’s are the overvalued but popular 1850 and the rare 1859. For $3,500, the collector will be able to purchase a nice AU55 1850 while an AU50 1859 will run around $4,000 and be a very good value.

13. Type Three San Francisco Double Eagles: If you are on a tight budget, you can forget Philadelphia and Carson City Type Three double eagles…they are too expensive. But a collector of average means could assemble a complete set of San Francisco Type Three issues in Uncirculated for a reasonable amount per coin. In my opinion, I think the best grades for this set are the ones just before big price jumps. In other words, I like an MS62 1889-S for this set at $1,000 as opposed to an MS63 at $6,000. With the exception of the 1878-S, 1879-S, 1880-S and 1881-S, every coin in this set could be at least MS62 (with some MS63 examples of the common later dates thrown in for good measure) while the scarcer early dates would all grade MS61.

So there you have thirteen suggestions of collecting areas for gold coin collectors with a budget of $2,500 per purchase. If your budget is a bit larger (say $3,500-5,000) you could greatly expand this list or take some of the items already discussed and move up a grade or two.

Fat Head Fives: A Date By Date Analysis Part One: 1813-1824

The half eagles struck from 1813 through 1834 have been given the appellation of the “Fat Head” design, due to the uncommonly large size of Liberty’s head and neck. John Reich’s half eagles of this era certainly have a “so ugly it’s charming” quality about them. But while they will probably never win a beauty contest, they are a fascinating series of coins which contain a host of great rarities. There are two major types of half eagle known with this design. The first, struck from 1813 to 1829, has a smaller bust with a larger sized planchet. There were a total of 667,536 pieces produced. The second, struck from 1829 through 1834, was modified by William Kneass and these coins show size reduction in the date, stars and lettering as a reduced diameter. There were 700,279 coins struck.

The Fat Head half eagles are a good example why a coin’s true rarity can not be gauged solely by its original mintage figure. The vast majority of half eagles struck between 1813 and 1834 were melted and the survival rate for most dates tends to be well under 1% of the original production.

Very few collectors attempt to collect Fat Head half eagles by date. This is due to the extreme rarity of most of these coins and their per-coin price levels. There is only one date in the entire series that is reasonably available (the 1813) and one (the 1822) is considered by many collectors to be among the greatest of all United States numismatic rarities. That said, these coins have become very popular with collectors in the past few years.

This date-by-date analysis is not meant to be a standard reference on this series. Rather, I intend to touch on some basic points on each date so that the collector can make informed decisions if and when he is considering the addition of one of these coins for his type (or date) set.

1813

As mentioned above, the 1813 is by far the most available date of this type. There were a total of 95,428 struck of which an estimated 600-900+ are known today. This is one of the few dates of this design that appears to have actually circulated and examples can be found in grades as low as Extremely Fine. The 1813 is reasonably common in all circulated grades and can even be found in the lower Uncirculated grades without a huge amount of effort. It becomes rare in MS63 and it is very rare in properly graded MS64. Gems are extremely rare. Most 1813 half eagles are yellow-gold or green-gold and have very frosty luster. The strike is usually sharp at the centers but weak at the borders with many of the denticles not completely defined. I have seen a number with adjustment marks and others with dark spots. Due to the availability of this date, it is the perfect Fat Head Five for the collector seeking a single piece for a type set.

There are two varieties known. The more common shows the first S in STATES over the right side of the E in E PLURIBUS UNUM. The scarcer variety has the first S over the left side of the E.

1814/3

The mintage for this date has traditionally been believed to be 15,454 coins but some contemporary researchers believe that the actual figure might be as low as 10,000. Given the fact that there are probably no more than 75-100 examples known, I would tend to concur with the lower mintage. This variety shows a clear overdate and it is considerably rarer than the 1813 although it does not get a substantial premium over this common issue, especially in lower grades. The 1814/3 tends to be much better struck than the 1813 with strong detail noted at the centers and borders. The color is typically a deep green-gold hue which is sometimes accentuated by orange-gold shadings. The luster is frosty but not as good as seen as on the 1813. The 1814/3 is usually seen in AU to MS61 grades. It is very scarce in MS62 and rare in properly graded MS63. This is a very rare issue in MS64 and I am not aware of a single coin that could be called a Gem by today’s standards.

There is just a single variety known. The reverse is the same as seen on the second variety struck in 1813 and it was also used to produce the very rare 1815 half eagles.

1815 The 1815 has the lowest mintage figure of any half eagle of this type. Only 635 are believed to have been struck. There are approximately a dozen pieces known and this includes five pieces that are housed in museums. The last example to be sold was the lovely AU58 from the Bass collection that was previously in the Eliasberg sale. It sold for $103,500 in 1999, a figure that seems extremely cheap today. There is a single Gem known (ex: Naftzger collection) which is graded MS65 by PCGS and is in a well-known private collection that, in my opinion, is one of the most impressive early gold coins in existence. This tends to be a well-produced issue with a good strike. The Bass II: 805; Eliasberg coin has superb rich coppery coloration and the other Bass coin (ex Norweb, Farouk), which is housed in the ANA Museum, is attractively toned as well.

All 1815 half eagles have the same reverse as that seen on the second variety of 1813 half eagles and on all 1814’s.

1818

There were no half eagles struck in 1816 or 1817. Coinage resumed in 1818 and a total of 48,588 pieces were produced. There are three important varieties known and these are as follows:

Normal Reverse: This variety is easily distinguished by ample space between the words STATES and OF. This is the second most available of the three varieties. There are around five to six dozen pieces known. Unlike the other two varieties, the Normal reverse is sometimes seen in relatively low grades; I have personally handled at least two in EF40. This variety is most often seen in AU50 to AU55 and it is quite scarce in the lower Uncirculated grades. It is rare in properly graded MS62 and very rare in MS63 or better. There is a single MS65 that has been graded by PCGS while NGC shows a solitary Gem as well. This is the best struck of the three varieties and most are very bold at the centers and borders. Most have rich orange-gold color, very frosty luster and numerous marks on the surfaces.

STATESOF Reverse: On this variety, there is no spacing between these words. It is the most available of the three 1818 half eagles with as many as 125-150 pieces believed to exist. This variety is seldom seen in grades below AU55, suggesting that it did not see a great deal of commercial usage. It is somewhat available in the lower Uncirculated grades and sometimes seen in grades as high as MS63 but it is very rare above this. PCGS has graded one coin in MS66 (ex: Norman Stack type set) which is among the best Fat Head half eagles of this type that I have ever seen. This variety is often somewhat weak at the centers and some of the denticles are not fully brought up as well. The luster is often frosty and the natural coloration is a handsome canary yellow hue.

5D/50 Reverse: This is the rarest of the three varieties known for this year but it is not as rare as has been claimed in the past. This variety was created when the D in 5D was inadvertently punched over a 0. This reverse was used again in 1819. There are an estimated 30-40 pieces known and most are in the AU55 to MS60 range. PCGS has graded two Gems (an MS65 and an MS66) and there appear to be around four to six pieces known in the MS63 to MS64 range. The strike is usually somewhat weak at the borders while the curls are not fully brought up. The natural coloration is a distinctive green-gold hue while the luster is very frosty and sometimes has some semi-prooflike reflectiveness in the fields. Most examples are somewhat scuffy and at least a few have light mint-made adjustment marks.

1819

While the mintage figure for this date is reported to be 51,723, it is believed that this might include coins dated 1820. Whatever the actual number struck (and I personally believe the number is significantly lower than 51,723), the 1819 is unquestionably a very rare coin with an estimated 20-30 pieces known. There are two significant varieties known to exist. The first uses the 5D/50 reverse that is found on 1818 half eagles. This is the more available of the two and it is likely that around 15-22 exist. This includes one or two Gems (PCGS and NGC have both graded coins MS65 although I am not certain if these are the same) and a small number in the MS63 to MS64 range.

The second variety of 1819 half eagle has a different date with the numerals much closer and a normal reverse without the 5D/50 blunder. This is a very rare coin with as few as 5-8 examples known. PCGS has only graded one in any grade (an MS61) while NGC has graded two (an EF40 and an MS60 which may be the same coin as the PCGS MS61). This variety is typically seen only in great collections of early gold and it generally appears at the rate of once every two or three years at auction.

1820

There were more half eagles struck in 1820 than in any other year between the advent of this denomination in 1795 and the beginning of the Classic Head design in 1834. The mintage is reported to be 263,806 but this is somewhat misleading as the great majority of these coins were melted. Today, the 1820 is much scarcer than the 1813 but it is more available than the 1818 and 1814/3. There are no less than nine die varieties of 1820 half eagles including a number of extreme rarities. Most advanced collectors focus on the major varieties of this issue of which there are three. These are as follows:

Square Base 2, Large Letters: There are four die variations of this obvious, naked-eye variety. On the obverse, the base of the 2 is flat while the reverse has the A and the second T in STATES close at the base. This variety is easily the most available of the 1820 half eagles. It is almost always seen in Uncirculated grades and this suggests that most were either melted soon after they were struck or were stored in banks and did not enter commerce. Survivors often have exceptional luster which can be frosty or prooflike in texture and vivid rich yellow-gold or green-gold shadings. Most of the Uncirculated coins that exist are in the MS62 to MS63 range. The current population at PCGS in MS64 (55 coins!) is greatly inflated by resubmissions and Gems are extremely rare.

Curved Base 2, Large Letters: There are two die variations of the 1820 Curved Base 2, Large Letters. The more available of the two has the tip of the bottom arrowhead pointing to the outside of the C in AMERICA. It is unlikely that more than two dozen 1820 Curved Base 2, Large Letters half eagles are known. Most of these are Uncirculated coins and many of these are choice examples that grade in the MS63 to MS64 range. The finest known is a PCGS MS66. When available, this variety tends to come very well struck, with excellent luster and superb green-gold or rich yellow-gold coloration. A Proof exists in the Bass collection at the ANA Museum and this is regarded as the earliest known Proof half eagle. It is an absolutely spectacular coin in person!

Curved Base 2, Small Letters: Three die varieties of the 1820 Curved Base 2 Small Letters are known and all are very rare. In all, it is likely that fewer than fifteen examples exist with nearly all of these grading Uncirculated. Interestingly, the last three that I have seen have all been Gems (two were graded MS65 by PCGS while one was graded MS65 by NGC) and all were superb pieces with amazing detail, blazing semi-prooflike and frosty texture and rich green-gold coloration.

1821

The 1821 is a date that does not receive as much attention as other half eagles from this decade but it is a major rarity. There were reportedly 34,641 pieces struck and if this number is accurate than an amazingly high percentage were melted as it is unlikely that more than 12-15 pieces are known. There are actually two die varieties. The more available has the thirteenth star touching the hair while the rarer shows this star away from the hair. There appear to be around four or five 1821 half eagles known in circulated grades (these are all in the AU53 to AU58 range) while the rest are Uncirculated pieces. The finest known is a single MS66 graded by PCGS and also by NGC. All of the 1821 half eagles that I have personally seen are prooflike with a good strike and greenish-gold coloration. There is at least one Proof known (ex: Norweb collection) and the Bass coin in the ANA Museum is a fully prooflike Gem business strike.

1822

The 1822 half eagle is one of the great rarities in all of American numismatics. There are just three examples known to exist. Two are housed in the Smithsonian Institution and are off the market while the third is in the Pogue collection and was obtained for $687,500 back in 1982 when the Eliasberg collection was auctioned by Bowers and Ruddy.

Time for an Editorial: I have always thought that one of the best ways to solve the never-ending cash crunch at the Smithsonian in relation to the National Numismatic Collection would be to sell one of the 1822 half eagles in the collection. Here’s a coin that would fetch $5 million or thereabouts in the open market and which would focus tremendous attention on the collection. Does the Smithsonian really need two examples of this coin?

1823

The 1823 generally gets lumped in the “semi-available” category of Fat Head half eagles along with the 1814/3, 1818 and 1820 but it is a date that I see less often. The mintage figure was reported to be 14,485 coins but I believe that this is a bit low and the actual number might be more like 17,500-20,000. There are probably in the area of 75-100 known with nearly all of these coins grading at least AU55 to AU58. Uncirculated examples of this date tend to be heavily abraded and generally grade in the MS60 to MS62 range. The 1823 is very rare in MS63 and extremely rare in MS64. NGC has graded one coin in MS65 while PCGS has never graded an example better than MS64. The 1823 is generally weakly struck at the left obverse border and on the curls around the face of Liberty; the reverse is bolder with sharp denticles and good detail on the feathers. The luster is very frosty in texture while the original color tends to be a deep green-gold. Many examples have been dipped.

There is just a single variety known and it shows the Large Letters reverse first used in 1820.

1824

The 1824 is the third most available Fat Head half eagle from this decade but it is a very rare coin in all grades. The original mintage figure is listed at 17,340 but I believe the actual number is somewhat lower than this. I believe that there are around 30-40 pieces known. As with most of the half eagles from this era, the 1824 saw virtually no circulation and there are not more than a small handful of pieces that grade below MS60. Most of the Uncirculated coins are in the MS60 to MS62 range and pieces that grade MS63 are quite rare. The combined PCGS/NGC population of twenty-two coins graded in MS64 is definitely inaccurate and this reflects a few coins that have been submitted multiple times in an attempt to secure a higher grade. There are one or two Gem examples known; both PCGS and NGC have graded an example in MS65 but these may be the same coin.

The 1824 is generally a well struck issue although some show weakness at the obverse border from 9:00 to 12:00. The luster is a bit less frosty than that seen on the 1823 and examples that have not been dipped are often a medium to deep green-gold. Only one die variety is known and it employs the Large Letters reverse first used in 1820.

In Part Two of this article, which will be added to www.raregoldcoins.com in November 2006, we will discuss the 1825-1834 half eagles and offer a number of collecting and grading tips for the series.

The Old West Collection of Carson City Half Eagles and Eagles: An Analysis

On August 11, 2006 ANR sold the Old West Collection of Carson City half eagles and eagles. This was the single most important specialized sale of Carson City gold coinage held since the Lang Collection was auctioned by Bowers and Merena in July, 2002. This sale, thus, provided collectors with an excellent opportunity to gauge the current state of the market for high quality Carson City gold issues. On a personal note, this was also an interesting sale for me. The consignor of the Old West collection is a good customer and friend of mine and I sold him all of the eagles and a number of the half eagles in the collection. So I was participating in this sale not only as a bidder but as an interested “friend of the collection” as well.

I. HALF EAGLES

The Old West collection lacked two issues to be complete (the 1873-CC and the 1876-CC) but it did include a number of important condition rarities. My personal observation was that this was a very nice group with some great individual coins but the eagles were better matched, more original and of a generally higher overall quality.

1870-CC PCGS AU58: This was the Bass II: 1170 coin which sold for a strong $69,000 in October, 1999. It is the single best circulated example of this date I have ever seen and it certainly had the appearance of an MS61. My personal feelings about this coin was that it sold for too much in 1999 but that the market had probably risen to the point where it would sell for around the same amount as it had brought seven years ago. It realized $80,500 (note that all prices realized in this article include the 15% buyers premium charged by ANR).

1871-CC PCGS AU58: I purchased this coin out of the Richmond Collection sale in 2004 where it realized $18,400. This is not an easy coin to figure value-wise as there is no Trends above AU50 and very few high grade examples have sold in the past few years. It commanded a winning bid of $27,600 which I thought was a very solid price.

1872-CC NGC AU58: I’m not exactly sure how or why, but high grade examples of this date seem to be everywhere. I’ve seen at least a half dozen AU55 and better 1872-CC half eagles at auction in the past year or so. Some of these are undoubtedly coins that are recycling while others are overgraded examples that were formerly in lower grade holders. Regardless, this date has lost a bit of luster in my eyes but the NGC AU58 in the Old West collection is still among the highest graded. I thought it was nothing special from a quality standpoint and it brought $29,900.

1874-CC PCGS AU58: This is the most common Carson City half eagle struck during the early years of the Mint’s operation but properly graded AU55 and higher pieces are quite rare. I wasn’t all that crazy about this coin but it had a decent commercial appearance and a much better strike than usual. It opened at $12,000 but was bid all the way up to $27,600 which has to be a record price for a circulated example of this date. With AU58 Trends at “only” $25,000 I would assume that the consignor was thrilled with the prices that this coin brought.

1875-CC PCGS AU55: This was a decent coin except for the fact that it had a large, nasty reeding mark right on the jaw of Liberty. It sold for $17,250 which is a little bit more than 70% of Trends. I would assume that the consignor probably broke even on this coin or possibly made a bit of money but it clearly was not one of his best purchases.

1877-CC PCGS AU55: I thought this was a decent, fairly original coin which would bring around $10,000-11,000. But it sold for $17,250 to one of the sharpest “crackout” dealers in the business so I’m assuming that this piece will soon be a bright, shiny AU58.

1878-CC PCGS AU50: This was my least favorite half eagle in the collection. The obverse coloration was artificial and had been applied to cover an old cleaning. Despite this fact, there is no denying the rarity of this date and the Old West coin was bid to a fairly respectable $16,100 which is nearly 75% of Trends. I think if this exact coin had been offered for sale in the regular section of the ANR catalog it would have brought 15% less.

1879-CC PCGS AU58: I had purchased this coin in the Richmond collection sale in an NGC AU58 and paid somewhere in the area of $9,000 thinking it would upgrade to MS61. It never worked for me and I sold it to the Old West collection’s owner for a small profit. This time around, the coin was sold to a savvy collector who paid $12,650. I’m assuming he didn’t buy it to play the upgrade game and if he keeps it in the PCGS AU58 holder he’ll own probably the nicest “slider” example of this date in existence.

1880-CC PCGS MS62: Here was an interesting coin to ponder when considering how the market for high grade Carson City gold has fared since 2000. In May of that year, this lovely example sold in the Bass III auction for a then-reasonable $13,800. In the Old West collection auction, six years later, it sold to the same collector who purchased the 1879-CC for $29,900. While this seems like a stunning increase, I still think this was a good value. It is arguably the second finest known example of the date and it has a superb pedigree (ex: Old West, Bass, Norweb and Melish collections). In today’s market, truly rare coins with great pedigrees such as this are held in high esteem by sophisticated collectors.

1881-CC NGC MS62: I regard this as one of the highlight coins in the Old West collection but it did not meet its reserve and did not sell. Shameless plug: I will have this coin available for sale at my table at the Denver ANA and I would strongly suggest that any serious collector of Carson City gold coinage who wants an unimprovable example of the rarest half eagle from the 1880’s should give this coin careful consideration.

1882-CC PCGS MS62: The 1882-CC is the most common Carson City half eagle from the 1880’s but there are not many pieces out there that compare to this example. It was the second best that I have personally seen and it brought $32,200 which I believe is a record price for this date.

1883-CC PCGS AU58: The rich orange-gold coloration that this coin displayed on the obverse made it uncommonly attractive for the grade but I don’t think anyone looked at this coin as having the potential to upgrade to MS61 if resubmitted. Thus, its price realized of $9,775 is very surprising in my opinion. Trends is $11,000 but I have seen other similar quality examples of this date trade for less money. In an auction environment, however, such considerations are often forgotten.

1884-CC PCGS AU58: Before I sold this coin to the owner of the Old West collection I tried it a number of times to grade higher at both PCGS and NGC. Someone who is better at the crackout game then I am paid $12,650 for this coin and if it works, he’ll have a nice little score. If it doesn’t work, he’ll have a problem on his hands as AU58 Trends is only $10,000.

1890-CC PCGS MS64: This is not a rare coin in this grade but I thought it was an uncommonly nice piece for the grade. It brought $9,775 which I thought was a fairly strong but not ridiculous price given the overall tone of this sale.

1891-CC PCGS MS65: I had sold this coin to the owner of the collection around a year ago for a price somewhere in the mid-$30’s. It was hard to gauge what it would bring in this sale. I thought there was actually a chance it could bring over $50,000 if two deep-pocketed type collectors butted heads, but I also could have seen it bringing in the low $30’s. It opened at $18,000 and there were numerous people bidding until two people remained at $35,000. The final price realized was $43,700 which is certainly a lot of money for an example of this common date but considering it is the only MS65 graded by PCGS I could have seen it selling for more.

1892-CC PCGS MS63: This attractive, original example was a very good value at $5,750. I have seen a few far inferior examples in MS63 holders sell for $5,000 or so and I thought this coin was really PQ for the grade.

1893-CC PCGS MS62: With Trends at $4,000 I expected this coin to sell for around $2,750-3,000. Instead, it brought a very strong $4,600.

II. EAGLES

I had sold the entire group of eagles in the Old West collection intact to its current owner around three years ago. It had formerly been known as the Orange County collection and I had assembled the collection between 1996 and 2002. It included a number of important Condition Census pieces and pre-sale buzz regarding the coins seemed very favorable.

1870-CC PCGS AU55: When I first bought this coin in June 2000, I don’t think more than a handful of people realized its importance. In a nutshell, it is the finest known example of the rarest Carson City eagle. With unattractive Extremely Fine examples of its big brother the 1870-CC double eagle now selling for close to $200,000, this coin seemed to have potential to bring a record price. When the dust cleared, it sold for $115,000; clearly a record price for the issue but still a reasonable level when one considers the big picture. If eagles ever become as popular as double eagles, I could see this coin becoming worth $200,000+ in the near future.

1871-CC PCGS AU55: I always thought this was a fairly mediocre coin for the grade but other people thought it had a shot to come back as an AU58 if it were regraded. It sold for $25,300 which means, basically, that I was wrong and maybe it was actually a pretty decent coin after all.

1872-CC PCGS AU55: I liked the originality of this coin and thought that if it were dipped it would probably windup in an AU58 holder. It sold to a crackout dealer for $34,500 and I would not be shocked to see it offered as a bright AU58 with a $50,000+ price tag in the next few weeks.

1873-CC PCGS AU50: Maybe I’m just too picky but despite this coin’s excellent pedigree, I thought it was not terribly appealing for the grade. I was clearly in the minority as it brought a very healthy $32,200 which is nearly 10% above AU50 Trends.

1874-CC PCGS AU58: Now here was a coin that I did like. A lot. It was fully original with great color and surfaces. I had hoped to place it with a major collector and bid up to $32,000 but was foiled by a dealer who bid $33,000. With its final price realized at a hefty $37,950, this means that the buyer graded this coin at least MS61. It will be curious to see if a “fresh new” MS61 appears on the market soon.

1875-CC PCGS AU53: In the past fifteen years, I’ve bought and sold this coin at least three times. Way back in 1992, I paid $12,000 for it at auction. It brought $32,200 in its most recent sale which is about 15% more than I expected it to.

1876-CC PCGS AU58: This was one of my favorite coins in the collection. I love gold coins with great color and this piece has always appealed to me due to its natural fiery orange-red peripheral hues. I purchased this coin for $39,100 and thought it was one of the better deals in the sale as I expected it to bring 10-15% more.

1877-CC PCGS AU53: I like this date very much and I really liked the coin for the grade (I thought it graded AU55). Apparently, someone else did as well as I was outbid at $27,600.

1878-CC PCGS AU55: No one other than me seemed to find this coin’s price realized of $39,100 to be extremely strong but I think this had to be a record price for a slabbed AU55 example of this date. I didn’t see the coin has having the potential to upgrade so I am assuming it was purchased by a collector as exactly what it was: a nice representative high grade example of a very scarce date.

1879-CC PCGS AU55: It’s funny how market perceptions and values change over time. As recently as five years ago, the 1879-CC sold for more money than nearly any other Carson City eagle. But after a group of really ugly, overgraded AU examples sold at auction in the last few years, Trends dropped and today the 1879-CC is now one of the most undervalued Carson City eagles from the 1870’s. This coin sold for $32,200 which is more than Trends but which still seems to be a good value relative to other less rare CC eagles from this era.

1880-CC NGC MS61: The date run of Carson City eagles from the 1880’s in the Old West collection is probably the best ever assembled. The 1880-CC was a lovely coin with great color and fresh, original surfaces. I thought it had a good shot to grade MS62 and it sold for a strong $18,400.

1881-CC NGC MS64: What a great coin this is. It is the single finest Carson City eagle from the 1880’s, it has a glorious pedigree (ex Eliasberg, Clapp and obtained from a bank by Clapp in 1895) and it is a stunning piece from a visual perspective. I bought it out of the Lang sale in 2002 for $25,300 and upgraded it from MS63 to MS64. I really wanted to buy this coin again and bid up to $60,000 but it sold to a determined phone bidder for $74,750.

1882-CC NGC MS62: Bet you didn’t know that this date is unique in Uncirculated and that the present example, pedigreed to the Lang collection where I bought it in 2002 for $20,700 in an NGC MS61 holder, is one of the most important Carson City eagles in existence. I was able to buy this coin for $41,400 and was thrilled with my purchase as I would have paid considerably more. This great coin now resides in the finest collection of Liberty Head eagles ever assembled.

1883-CC PCGS AU58: I think I charged the owner of the Old West collection something like $6,500 for this coin. It brought $14,950 in the sale. I think he was pretty happy about this…

1884-CC PCGS MS62: Only five or six Uncirculated examples of this date are known and the present example is the second best of these. I thought its grade of MS62 was conservative and I was able to purchase it for $46,000. It, too, will be residing in the finest collection of Liberty Head eagles that has ever been assembled and it certainly will fit in well in this remarkable group of coins.

1890-CC PCGS MS62: While “only” graded an MS62, this coin has sensational color and great eye appeal. Trends is $7000 for an MS62 but this lovely coin brought $10,350 which is almost certainly a record price for the grade. I bought this coin for $3,520 in an August 1995 Bowers and Merena sale and liked it enough that I had kept it for myself for a few years until I sold it to a collector.

1891-CC PCGS MS63: This coin was nothing all that special but it had a nice pedigree (ex Pittman collection) and attractive original color. It brought over $7,000 which is a strong price for a date that typically trades in this grade for $5,000 or so.

1892-CC PCGS MS63: I’m not sure that I’ve ever seen a prettier Carson City eagle of any date or a nicer example graded MS63. Not only did this coin have nearly immaculate surfaces but it had amazing orange-gold color that gave it a “glow” that could only be appreciated if seen in person. I paid $41,400 for it and was obviously buying the coin and not the holder as Trends is all of $10,000.

1893-CC PCGS MS61: Unlike the other Carson City eagles from the 1890’s, this date is very rare in Uncirculated. The example in the Old West collection was among the finest known and I purchased it for $16,100.

The final price realized for the Old West collection was close to $950,000 and this was a significant profit for the owner. It turned out to be a win-win deal for everyone: a happy consignor and many happy collectors who now have outstanding new Carson City gold coins in their collections.

Four 20th Century Gold Rarities and the Stories Behind Them

All four of the 20th century American gold types that were produced contain key issues that are very popular with collectors. This article takes a look at four of these: the 1911-D quarter eagle, the 1909-O half eagle, the 1920-S eagle and the 1921 double eagle. What do these four coins have in common? More than you would think. With the exception of the 1921 double eagle, each has a comparatively low mintage figure and is recognized as a key issue within its respective series. Each is very popular with collectors. And all four are relative “late discoveries” among collectors that have only recently been recognized as rarities within their series and have shown price appreciation befitting this status.

I. 1911-D Quarter Eagle

The Indian Head quarter eagle has proven to be one of the more popular of the four 20th century United States gold types. It is a short-lived set with just fifteen coins. Unlike its three counterparts, this series does not contain any impossible rarities and it can be completed in nice Uncirculated grades by a collector of reasonably average means. Because of this series brief duration and its relative ease of completion, it was a natural to be promoted on a large scale. And, unlike with other 20th century coinage, Indian Head quarter eagles have always been available in large enough quantities to make promotion readily feasible.

As soon as the first coin dealer realized that Indian Head quarter eagles were a great set to promote, the status of the 1911-D rose dramatically. Here was a coin that was an obvious candidate to be the superstar of the set. It had the lowest mintage figure by a huge margin and it was a legitimately scarce coin. As the Indian Head quarter eagle series became more and more popular, price levels for the 1911-D ran amuck. Today, many observers (including myself) feel that this is now among the more overvalued United States gold coins.

It is interesting to look at the numbers of 1911-D quarter eagles graded by PCGS and price levels. As an example, PCGS and NGC have graded over 1,200 1911-D quarter eagles in MS63 and MS64. Even assuming that a number of these are resubmissions, that is still somewhere in the area of 600-800 coins. According to the most recent Coin Dealer Newsletter, dealer bids for this date are $20,500 and $29,000, respectively, in MS63 and MS64. By the most optimistic standards, let’s say that there are currently 200 or so collectors and investors assembling high grade sets of Indian Head quarter eagles. That still means that the supply of these coins is generally more than enough to meet the demand. The bottom line is that while I think this coin has a great story behind it, it is wildly overvalued in the middle Uncirculated grades. (In MS65, the 1911-D is a truly rare coin and I think its current value of $80,000++ is legitimate). When and if the firms that are actively promoting Indian Head quarter eagles wind-down their marketing efforts, I can see MS63 and MS64 examples of this date losing a significant amount of their value.

II. 1909-O Half Eagle

The 1909-O has long been recognized as a key issue in the Indian Head half eagle series but its true scarcity in Uncirculated grades was not always recognized. This is true, of course, with most dates in this series. Before grading became as specialized as it is today, collectors who focused on Indian Head half eagles were unlikely to know—or care—if a coin was an MS63 or an MS64 or an MS65. The rarity of these coins in Gem really only became apparent once modern grading standards were applied to United States gold issues in the late 1970’s - early 1980’s.

The 1909-O has the lowest mintage figure of any Indian Head half eagle. In fact, it is one of just three issues in the series with an original mintage of less than 100,000 coins. There were 34,200 struck and this issue was clearly used in commerce as most of the survivors are in the EF40 to AU55 grade range. What is very surprising about this issue is that almost no examples were saved as souvenirs by local collectors or wealthy New Orleans residents who clearly must have found the 1909-O half eagle to be an interesting coin; after all, it was the first example of this denomination to be struck at New Orleans since 1894 and it was the first with the novel new incuse Indian Head design.

By the 1960’s, it was clear that this date was very rare in Choice to Gem Uncirculated and looking at auctions from this era, one sees some comparatively high prices realized for examples of the 1909-O half eagle that were described as Choice. But prices for this date really came into their own in the mid to late 1970’s when high grade rarities reached price levels that went unequalled for many years.

Today, specialists know that the 1909-O is rare in properly graded MS62, very rare in MS63 and extremely rare in MS64. The population figures for this issue appear to be very inflated as witnessed by the current PCGS population of 21 coins in MS64 (in my opinion, it is unlikely that there are more than four or five accurately graded MS64 examples known). There are two or three Gems known including the Eliasberg coin which is now in a PCGS MS66 holder and which is, without a doubt, the single most valuable business strike Indian Head half eagle in existence.

Is the 1909-O half eagle overvalued? I think the current prices that this issue fetches in AU55 to MS61 seem too strong, given the relative availability of such coins and the fact that most are dramatically overgraded. In MS62 and higher I don’t think this coin is overvalued. My reasoning behind this is the fact that the 1909-O is the only Indian Head half eagle that has multiple levels of demand. It is considered desirable by New Orleans gold collectors, one-year type coin specialists and Indian Head half eagle aficionados. These multiple levels of demand ensure that the 1909-O is likely to continue to be one of the key 20th century American gold coins.

III. 1920-S Eagle

Between 1916 and 1929, only one eagle was produced at the San Francisco mint: the 1920-S. This is a coin which is far rarer than its original mintage figure of 126,500 would suggest. It appears that virtually all of these coins were melted and that almost none of the 1920-S eagles that were struck were released into circulation. I can’t recall having seen more than three or four that showed signs of actual circulation (and these were, in all probability, pocket pieces that had been carried as souvenirs).

There are a number of features that are unusual about the 1920-S, besides the fact that it is the only San Francisco eagle of this design struck in over a decade. Most Indian Head eagles are exceptionally well struck and show very strong fine detail at the centers. The 1920-S is the most poorly produced Indian Head eagle of any date. It is the only issue that typically shows pronounced weakness of strike. Many examples are weak on the hair below the word LIBERTY and on the corresponding portion of the reverse. In addition to this, the luster is often inferior and the overall level of eye appeal is inferior to that seen on other San Francisco eagles of this type. I presume that the reason for this is the fact that the people making these coins at the San Francisco mint hadn’t had much practice on any eagles, given the fact that none had been struck since 1916.

The price history of the 1920-S is interesting as well. This was a relatively expensive coin in the 1940’s and 1950’s but its price flattened in the 1960’s and early 1970’s. It became popular again the 1970’s and early 1980’s but when the Indian Head eagle series dropped in popularity in the late 1980’s and early 1990’s, the 1920-S flattened. In fact, prices for this date in almost all grades were remarkably stagnant throughout the 1990’s. It has only been during the past few years that prices have risen, especially in higher grades. As an example, in Heritage’s July 2006 auction, a high end PCGS MS64 example sold for a remarkable $172,500. As a mater of comparison, the last two PCGS MS64 1920-S eagles offered by Heritage brought $41,400 and $55,200, respectively, when sold at auction in 2002 and 1999.

Today, the 1920-S is recognized as the third rarest issue in the series, trailing only the 1907 Rolled Edge and the 1933. Interestingly, the 1920-S has proven to be a far scarcer coin than the 1930-S; a date with which it was historically paired. But third-party grading has shown that the 1920-S is actually not the rarest San Francisco eagle in Gem Uncirculated. This honor belongs to the 1913-S. And another date in the series, the 1911-D, is comparable in rarity to the 1920-S in Gem, if not even a bit rarer.

IV. 1921 Double Eagle

The fourth and final coin in our discussion of 20th century gold issues is the rarest, although it is not necessarily the best known. Although some experts might disagree, I would rank the 1921 as the rarest Philadelphia double eagle of this design. Unlike its closest competitor the 1932, the 1921 is most often seen in the AU55 to MS61 range and it is extremely rare in MS64 and above.

The true rarity of this date was not known to the early generation of St. Gaudens double eagle collectors. Back in the day, the issues that were most actively sought were the mintmarked coins from the mid-1920’s. But hundreds of these were eventually located in Europe and in all grades below MS64; most of these coins are now only moderately scarce. Unlike dates such as the 1924-D, 1925-S and 1926-S, the 1921 was not exported to Europe. The “story behind the story” of the 1921 is very interesting and the true rarity of this date can be better understood when this is discussed.

Two things conspired to make the 1921 double eagle a rare coin. The first was that most of the mint’s production capacity and efforts in 1921 went towards silver dollars. Millions of Morgan Dollars were produced after a near-two decade hiatus and these were followed by the new Peace Dollar which was a complex, hard to produce High Relief design. Secondly, the United States economy in 1921 was going through a post-World War One slump which would continue until the middle part of the decade. Few gold coins were circulating in the early 1920’s and there was not a great deal of demand for double eagles in 1921. As a result, many of the 528,500 1921 double eagles that were struck were melted.

In addition to being rare because of mass meltings, this issue is rare because of the way it was produced. The 1921 is among the worst struck St. Gaudens double eagles and it is generally seen with poor luster. This shoddy level of workmanship meant that most examples were of inferior quality before they were produced. Coupled with the fact that the survivors tend to show heavy marks from rough handling and copious hairlines from numismatic abuse, the 1921 is among the rarest dates of this type in the higher Uncirculated grades.

It is likely that somewhere in the area of 60-80 examples are known. The PCGS and NGC population figures are both inflated with the AU58 and MS62 numbers showing the greatest number of resubmissions due to attempts to garner upgrades. The 1921 becomes an extremely rare coin in MS63 and above. There are probably no more than four to six known that grade MS63 or higher.

In 2005, I had the honor of handling the finest known 1921 double eagle. At Heritage’s Morse sale, my ex-partner and I purchased a PCGS MS66 example for $1,092,500. At the same sale, an MS65 example sold for $805,000 while and MS64 realized $402,500. Today, all three of these coins have been placed in prominent collections where they will, no doubt, remain for many years.

If any other high grade 1921 double eagles become available for sale, I would expect to see them sell for record prices. This is one 20th century issue whose rarity can not be disputed and it seems highly unlikely that any hoard or accumulations of this date are going to appear at any time in the future.

A Collector's Guide To Indian Head Half Eagles

Among the various United States gold coins produced during the 20th century, Indian Head half eagles are sort of the red-haired stepchild. They do not get the respect accorded to the dynamic St. Gaudens Indian Head eagles or double eagles and have never been as actively collected as the Indian Head quarter eagle. There are a number of reasons why the Indian Head half eagle series is not as actively collected as its three 20th century gold counterparts. I believe that the major reasons are as follows:

1. This is, by far, the rarest 20th century American gold coin in higher grades. Even the most common dates in the series are rare in MS65 and a number of dates are nearly impossible to find even in MS63 to MS64. Simply put, this set is a bear to collect in Gem condition.

   Indian Head half eagles are extremely hard to grade. I’ve met very few people who truly know how to grade this series and both PCGS and NGC can be wildly inconsistent when it comes to Indian Head half eagles.

   This series has, somewhat by happenstance, fallen through the cracks. Indian Head quarter eagles are an easy series to complete and have been actively promoted. Everyone loves Saints and the massive size and lovely design of these coins make them ever-popular. Indian Head eagles have gone through ups and downs in terms of popularity but they currently seem to be in strong demand and I know of at lest four or five collectors currently putting together Gem sets.

   Which leaves Indian Head half eagles…a series which, up to now, has been out of the limelight for many years. I do think this is going to change, as evidenced by the fact that prices for common dates have jumped considerably in the past two years and I believe that a number of collectors are beginning to assemble sets.

How should Indian Head half eagles be collected? I can think of a number of ways. Here are three which make sense to me:

By Date: Assembling a complete set of Indian Head half eagles, as I mentioned above, is very challenging. The higher grade the set, the greater the challenge. If the collector wants to put together a set with the coins in the AU55 to MS62 range, he will find the set to be fairly easy to finish.

The two most expensive coins in the lower grade range for this set are the 1909-O and the 1929. The 1909-O is relatively plentiful in AU grades but because it is a very popular one-year type it is in great demand. Expect to pay between $7,500 and $12,500 for a nice AU coin and $35,000-40,000+ for an MS62. The other expensive coin in this set is the 1929. This date doesn’t really exist in grades lower than MS62 to MS63.

You’ll be looking at $15,000-20,000 for a nice example in this grade range. You should be able to assemble a complete set of Indian Head half eagles in AU55 to MS62 grades in a fairly short period of time for $75,000.

Moving up to an MS63 to MS64 set is a much more challenging and expensive proposition. Even the common dates are going to run around $4,000 for a nice MS63 and $6,000 for an MS64.

The 1909-O is extremely hard to find in MS63 and if you can locate one it’s going to set you back $60,000 or more. In MS64, this date is generally offered at the rate of once per year to year and a half and I would expect that the next nice PCGS example that shows up will sell for close to $200,000. The 1911-D is a very hard date to find in MS63 to MS64 grades. The former will cost at least $10,000 while the latter is easily a $50,000 coin.

The San Francisco dates produced from 1911 to 1915 are common and inexpensive in AU55 to MS61 grades but they become scarce in MS62 and very scarce to rare in MS63 to MS64. The most expensive of these is the 1913-S which is generally priced at around $10,000 in MS63 and $35,000+ in MS64. The 1914-S is a little less expensive but every bit as hard to locate, especially in MS64. And the 1915-S is extremely hard to find in MS63 and higher grades. You can expect to spend around $20,000 for a nice PCGS MS63 and close to $50,000 for a high end PCGS MS64.

To assemble a set of Indian Head half eagles in MS63 to MS64 you are probably going to have to spend $250,000+ and can expect the project to take at least two years.

Putting together a Gem Uncirculated set of Indian Head half eagles is one of the real challenges in all of numismatics. In fact, it is a harder set to assemble than the Indian Head eagle or St. Gaudens double eagle set.

Let’s say that you want your set to include only coins graded by PCGS in MS65 or higher. The 1909-O has a population of one in MS65 and one better. The 1909-S has a population of one in MS65 with three better. The 1910-S has a population of three in MS65 and one better. The 1911-D has a population of one in MS65 and none better. Still not intimidated? How about the 1914-S and the 1915-S which still have never had a single example graded above MS64 by PCGS? Even if you have an unlimited budget and a tremendous amount of patience, it’s unlikely that you’ll be able to assemble a complete set in MS65. If you are willing to compromise somewhat by including a few MS64’s, then it might be possible to assemble a world-class set over the course of three to five years with an expenditure of well over $1 million. Obviously, this is a “big boy” set that isn’t for everyone. But with most of the current specialists in 20th century gold focused on other denominations, this set seems like a great opportunity.

By Year: An easier and more affordable way to collect Indian Head half eagles is by year. This series was struck for ten different years between 1908 and 1929. For most of these years, the collector has the option of including a Philadelphia issue which is inevitably cheaper than a branch mint counterpart. In addition, the Philadelphia coins tend to come very well struck and most have nice eye appeal. This set can be spiced up a bit by throwing in some of the more affordable branch mints. As an example, the 1908-S is surprisingly affordable in grades up to and including MS64 and it usually sells for just a small premium over a common Philadelphia coin.

A number of the Denver issues are also very affordable. The 1908-D and 1910-D are very scarce in higher grade but do not sell for a premium in the MS62 to MS63 range. The 1909-D is one of the more common dates in the entire set and can be found even in MS65. The 1914-D is similar to the 1908-D and the 1910-D in that it has a much lower population than the Philadelphia half eagles from these years but it typically has just a very small market premium in grades up to and including MS64.

The two most challenging dates in a year set are the 1916-S and the 1929. In 1916, the San Francisco mint was the only facility that produced Indian Head half eagles. This issue is actually not all that rare in MS63 and MS64 and for $5,000-10,000 the collector will be able to find a nice piece without a great deal of effort. The 1929 is the final year of issue for this design and it is a date that is far rarer than its original mintage figure would suggest. It is almost never found in grades below MS62 to MS63 and, as I mentioned above, a nice example in this grade range is currently valued at around $15,000-20,000.

An MS62 date set should cost around $30,000 with well over half of the price attributable to the 1929. This is an easy set to assemble.

An MS63 date set should cost around $60,000 with around a third of the price due to the 1929. It is a fairly good challenge to assemble this set and a few coins might prove hard to find but it should be completable in six months to a year.

An MS64 date set should cost around $90,000. This set is fairly challenging but can generally be assembled within a year.

An MS65 date set will cost at least $300,000. It will be a very hard set to assemble. The 1916-S and the 1929 are both very rare in MS65 and some of the supposedly common Philadelphia and Denver years will prove to be harder to find than expected.

By Type: Most people collect Indian Head half eagles as a type coin. The beauty of this series is that there is only a single type.

The easiest way to fill a hole in your type set with an Indian Head half eagle is to pick a common date. In higher grades, the most common issues are the 1908, 1909, 1909-D, 1911, 1912, 1913 and the 1915. All seven of these dates have hundreds of examples known in MS64 and, in the case of the 1909-D, there are thousands and thousands of pieces known in MS63.

There are a few scarcer date Indian Head half eagles that do not bring a large premium over a common date but which are appreciably harder to find in MS63 and higher grades. These include the 1908-D, 1908-S, 1910-D, 1914 and 1914-D. These “semi-scarce” dates are favorites of mine for type collectors as they offer excellent value for the savvy collector who is willing to stretch a bit to buy a rarer coin for his set.

As I mentioned earlier in this article, all Indian Head half eagles are rare in properly graded MS65. PCGS has graded only 573 examples of this type in MS65 and this number is unquestionably inflated by resubmissions. By far the most common date in the series in MS65 is the 1908. The two next most available are the 1909 and the 1909-D. After these three dates, the rarity level jumps appreciably. As recently as a few years ago, dealers had a hard time selling PCGS graded MS65 common date Indian for $10,000. Today, they are very liquid in the low-to-mid $20,000 range.

I feel that the real sweet spot in this series is in the MS64 grade (I would not be surprised to see these jump in price to $7,500-8,500 in the next few years) and for lower population issues in MS65.

I also stated earlier that one of the reasons this series is not as popular as other 20th century gold issues is that it is extremely difficult to grade. Here are a few tips to make buying these coins easier:

Every Indian Head half eagle I have ever seen has friction on the Indian’s cheek bone. Many new collectors are confused as to why the grading services will call a coin MS64 or even MS65 that seems to be AU based on wear. Because of the nature of the design, these coins are always going to show friction in this area. When you are looking at an Indian Head half eagle, ignore the cheekbone and look, instead at the eagle’s breast feathers and the left obverse field. These are areas that are much more telling when it comes to true wear.

It is important to learn each issue in the series in regards to luster, surface texture and strike. As an example, did you know that the early San Francisco issues tend to come very well struck while the issues from 1912 through 1915 are often poorly struck and show peculiar die deterioration around the borders? It is important for the collector to work with a dealer who really knows these coins, especially if he is working on a higher grade set.

In my opinion, the two most important factors when considering the grade of an Indian Head half eagle are coloration and luster. If a coin shows some scattered marks but it has wonderful original rose-gold or rich orange coloration, it is likely that this piece will be bumped up a point or two by the grading services. Similarly, an Indian Head half eagle with dynamic, booming luster is considered very desirable by specialists and such coins are often accorded high grades.

There are a number of potential factors that are considered negatives when considering an example of this design. Coins with dark, dirty coloration are undesirable—which is one reason why many collectors do not purchase Indian Head half eagles in grades lower than AU55 to AU58. Coins with very weak mintmarks should be avoided. A number of the San Francisco issues in the 1910’s are sometimes seen with mintmarks that are so weak they can be hard to detect with the naked eye. There is never any good reason to buy a coin such as this.

When examining population figures for higher grade coins in this series, there is quite a bit of consistency between PCGS and NGC. In my opinion, NGC does a very good job grading Indian Head half eagles and I do not think that coins in their holders (especially rare and very rare dates) should be penalized. As with most of the 20th century gold series, the popularity of the PCGS Set Registry has given many collectors a pro-PCGS bias which has occasionally forced them into making bad decisions in the assembling of their collections.

The Indian Head half eagle series is a wonderful group of coins for the collector who seeks a challenge and who wants to be involved in a set that currently is out of favor. I believe that this series will become considerably more popular in the coming years and that rarities such as the 1909-O, 1911-D, 1914-S and 1915-S will be accorded the same level of respect that the key issues in the $10 Indian and $20 St. Gaudens series currently hold.