Reconnecting With Collecting

Even though I am a dealer who has a reputation as being very pro-collector, I hadn’t actually collected anything numismatic (with the exception of 19th century books and catalogs) for a number of years. Being a dealer and a collector simultaneously is very difficult and I certainly did not ever want to find myself in a situation where I was debating whether to sell a new purchase or to keep it for my collection. This changed around two years ago when I let myself get talked into collecting National Bank Notes. A dealer friend of mine had been an avid collector of Nationals from his home state for a number of years and his enthusiasm was contagious. I started to dabble and, before I knew it, I was hooked. Two years later, I am a confirmed Natty-holic.

So what have I learned in my reconnection with collecting and what sort of advice can I give to you, the collector? Following are a few ideas. Please note that although I am collecting paper money, I think the gist of what I am saying is applicable to coins as well.

Specialization Works For Me

I’m the sort of collector who would rather be very knowledgeable in a few areas than semi-knowledgeable in many. That’s why I decided to focus on just one specific state for my National Currency collection. I feel the same way about coins. I’ve written this a jillion times before but I am strong believer in the adage that being strongly focused as a collector makes you stronger at assembling a really great collection. Now, I don’t necessarily believe in being ultra-specialized. I could care less about varieties that are impossible to see without strong magnification and I am, in my own way, as much of a type collector within my specialization as I am a date collector. But every time I get bored and think that I should expand my collection to include another state or two, I realize that this is a bad idea and that I’d rather have a great specialized collection that a random group of interesting pieces.

Eye Appeal is Everything

If an object isn’t aesthetically appealing to me I don’t want it in my collection, no matter how rare it is. I’ve already been faced with situations where I have had the chance to purchase a very rare but very ugly note. In every one of these situations, I’ve chosen to pass on the note. Even though I plan on assembling a set that includes at least one piece from every town that issued notes, I am not yet in the mindset that I’ll buy something that’s ugly just because it is very rare. I would assume that, as my collection progresses, I will have to buy some pieces that are duds from the standpoint of appearance. But these will probably be among the last items I purchase and they will be made with a degree of regret. I have also reached the conclusion that, at this point in my collecting career, I would rather have a really pretty duplicate example of an interesting note (or coin) than a single example of a rare but unattractive issue.

Having an Expert In My Corner

While my level of expertise has clearly improved greatly since I’ve started my collection, I will be the first to admit that I am not yet an expert. While I think I have a pretty good eye, I am not yet sophisticated enough to detect very good alterations to notes. That’s why I’ve elected to have a really smart dealer be my representative at auctions. In my opinion, paying him 5% for his expertise is one of the best deals I can imagine. I’m certain he’s already saved me from myself at least a few times and he’s also encouraged me to be more aggressive on items that I should probably be buying but was figuring too cheaply. As a beginner, it’s really hard to collect without someone assisting you and I, for one, can heartily recommend establishing a good working relationship with one or two experts in your chosen specialization.

Older Is Better

In the field of paper money, you can neatly divide the body of all notes issued into two parts: large size and small size. When I first collected, I focused on small size notes. They were cheaper and more available. But as I looked at more notes and became more sophisticated, I gravitated towards large size notes. Using a very basic analogy, I came to see the division in notes as the equivalent of early coins (basically pre-1900) versus modern coins (post-1900). When I was a coin collector, I always preferred older coins and, in fact, never purchased any pieces struck after 1890. At this point in my collecting career I am willing to spend more money on older notes and to have fewer pieces in my collection. That said, I will buy small size notes but they have to have a very strong “coolness factor” for me to give them consideration.

Establishing a Comfort Zone

While I am very comfortable buying notes in the $500-5,000 range for my collection, I still do not feel comfortable enough to buy very expensive notes. A few months ago I was given the opportunity to purchase a small group of very rare (and expensive) notes that would have unquestionably taken my collection to the next level. But they were priced at levels that exceeded my comfort zone and I decided to pass on them. In retrospect, I wish that I had purchased at least one or two of them but, to be frank, I’m just not quite comfortable enough with my new collection to spend this amount of money. In another year or two, I probably will. And I think this is good advice for any collector. Establish a comfort zone for the first few years you collect and don’t exceed it until you feel that you are ready to do so.

Use the Best Resources Available to You

When I first started collecting coins as a child, information was hard to come by. You had to guess at how rare coins were and pricing was essentially a crapshoot. Today, there is a staggering amount of great information available to collectors in almost all areas. I quickly learned that for National bank notes, I had amazing resources available. To learn more about the notes, I bought Don Kelley’s incredible reference book. To get an idea of rarity, I purchased Kelley’s census information. And for pricing, I referred to the CAA/Heritage auction archives and Sandy Bashover’s Track and Price software. For coins, there is comparable—if not superior—price and rarity information available for nearly every series. In my opinion, the accessibility of this information has made collecting more fun than ever.

Make Some Collecting Friendships

Collecting tends to be a solitary pursuit but I’ve found that one of the real benefits from buying any sort of object is the friendships that you make in the pursuit phase. I have two close dealer friends who both happen to be collectors of National bank notes. Whenever a new auction catalog arrives in the mail, I know I can count on getting emails from both of my friends about the notes in the sale that they think I will be interested; just like I send them emails about the notes from their states that I think they will be bidding on. And after the sale is over, we inevitably compare our success from the sale. What’s really funny about this is that the three of us almost never talk about coins, even though we are all extremely successful in this arena. But when we meet up for dinner at a coin show, the talk inevitably turns to our collections. To me, this is an extremely satisfying part of collecting; maybe THE most, in fact.

Think Long Term

When I buy a note, I don’t worry about flipping it for a quick profit. I’m assembling my collection over the long term and hope to have at least fifteen to twenty years worth of effort into it before I even consider selling it. That’s not to say that I won’t at some time in the future analyze my holdings and make a decision to weed out the duplicates and the duds. But I’ve found that buying for the long term makes collecting alot more fun. I’m using funds that I don’t have to worry about for more pressing needs and I look at my collection as a long-term asset that is going to provide my family and I with some nice income when I’m old and no longer interested in it.

As I mentioned above, I’ve really enjoyed my foray back into collecting. I think it’s made me a better dealer and I’m looking forward to expanding my collections in the coming years. And who knows—maybe I’ll even start to buy coins again!

Early Eagles, 1795-1804: A Date by Date Analysis

Until the establishment of the double eagle in 1849, the Eagle (or Ten Dollar gold piece) was the highest denomination produced by the United States mint. These coins were struck from 1795 through 1804 but this denomination was discontinued until 1838 when the new Gobrecht Liberty Head design was introduced. Early Eagles have proven to be very popular with collectors over the years. These coins are big and beautiful and more available than the quarter eagles and half eagles produced during this time period. The dates from the 1790’s have proven to be especially popular and price levels have risen to record highs during the last few years.

Here is a date by date analysis of these coins which is written with the new collector in mind.

1795

All eagles produced from 1795 through the first part of 1797 are found with a Draped Bust obverse and a Small Eagle reverse. The 1795 has two major varieties. The more common of the two is seen with thirteen leaves on the reverse. The rarer of the two has nine leaves on the reverse. Generally, collectors focus on the more available 13 leaves but the 9 leaves is recognized by both PCGS and NGC. Advanced collectors generally include this variety in a date set of early eagles, even when they do not focus on other die varieties. (FYI, there are a total of five die varieties for this issue).

There were of 5,583 1795 eagles produced. It is believed that around 5,083 employed the 13 leaves reverse while the remainder used the 9 leaves reverse. There are an estimated 400-500 1795 eagles known, including around 15-20 of the 9 leaves coins. Most 1795 eagles grade in the VF to EF range. AU coins are scarce but available. Properly graded AU55 to 58 coins are very scarce and Uncirculated coins are rare although they are far more available than the 1796 or 1797 Small Eagle. Most of the Uncirculated pieces in the MS60 to MS62 range are not choice. Examples exist in MS63 and MS64 and I am aware of at least four of five Gems that have been graded MS65 or better by PCGS or NGC. The 9 leaves variety is usually seen in AU and appears to not have circulated much. There are probably six to eight Uncirculated examples with the finest grading MS63.

The 1795 tends to be the best struck and most aesthetically appealing of the Small Eagle ten dollar gold pieces. The typical example has some weakness on the obverse hair behind the ear and at the lower portion of the cap. The stars are sometimes flat at the centers and on many the denticles are flatly impressed. The reverse shows weakness on the eagle’s neck and head and the denticles are often flat with a partially beveled appearance. The surfaces often show numerous small marks and on many of the 9 leaves coins, there are mint-made die chips and/or planchet defects in the fields. The luster is often frosty with a somewhat grainy texture. Some are known with reflective prooflike surfaces and at least a few have fully prooflike fields on the obverse and reverse. The natural coloration tends to be a deep yellow-gold. Others are seen with orange-gold or greenish-gold hues. There are a number of higher grade 1795 eagles with superb color but these are becoming very hard to find as more and more are dipped. Most circulated 1795 eagles show processed surfaces and original, attractively toned pieces are rare and worth at least a 20% premium over a typical example. There are a good number of extant 1795 eagles with acceptable eye appeal. The collector who is seeking one is urged to be patient as most of the examples offered for sale at auction or at coin shows are low end for the grade.

An “entry level” 1795 eagle is now worth in the area of $40,000-50,000 and a nice, solidly graded AU will cost at least $50,000-70,000+. Expect to spend over $100,000 for a nice Uncirculated example and multiples of this for a piece that approaches Condition Census.  

1796

Because of the fact that it is not a first-year-of-issue coin like the 1795, the 1796 has long been less popular than its counterpart. Until recently, it was even priced at a lower level. But collectors have learned that this is a much rarer date, especially in higher grades, and it now commands a significant premium over the 1795.

The reported mintage figure for the 1796 eagle is 4,146. It is likely that 150 or so are known today with most grading EF45 to AU55. The 1796 is quite rare in the higher AU grades and it is extremely rare in Uncirculated. I believe that as few as four to six true Uncirculated pieces are known with the best grading MS63.

The 1796 is not as well struck or as well produced as the 1795. On the obverse of most 1796 eagles, there is weakness of strike at the center and the hair behind Liberty’s face tends to be very weak with little actual definition. The radial lines in the stars seldom show full detail but the denticles are more clearly defined than on the 1795 eagle. The reverse is slightly better struck than the obverse. The weakest areas tend to be the eagle’s head and neck. The wing feathers are often sharply defined and the denticles are clearly evident. The surfaces are usually heavily abraded and have a pebbly texture that is probably the result of poor preparation of the planchet. I have seen many 1796 eagles that had substantial planchet voids or other mint-made defects. Any example with choice, minimally marked surfaces is extremely rare. The luster tends to be prooflike and it is usually impaired as a result of improper handling or heavy circulation. The natural coloration is a deep orange-gold hue. Most 1796 eagles have been cleaned at one time and any piece with attractive natural color is very rare. The level of eye appeal for this date is well below average.

Until a few years ago, it was possible to buy a nice example of the 1796 eagle for a reasonable figure. Today, the collector can expect to spend at least $75,000-85,000 for a decent example and well over $100,000 for a choice piece. A nice, unquestionably Uncirculated 1796 eagle would probably sell for over $200,000 today were it to become available.  

1797 Small Eagle

Two distinct types of eagles exist from this year: the Small Eagle and the Heraldic Eagle. This is the only early eagle in which two types exist for one year and this makes the Small Eagle issues popular with type and date collectors.

The mintage figure for this issue is reported to be 3,615 but I believe that the actual number is lower. There are an estimated four to five dozen known with most in the EF45 to AU55 range. In Uncirculated, the 1797 Small Eagle is an exceptionally rare coin with probably no more than four or five pieces known. NGC has graded one in MS63 while PCGS has graded an MS62; none are better at either service.

The quality of strike seen on the 1797 Small Eagle is generally better than that found on the 1796. The 1797 has some flatness at the central obverse and on the radial lines of the stars; the reverse is usually much sharper than the obverse with very good detail seen at the center and border. On most, there is an obverse die crack from the final star up towards Liberty’s throat. The surfaces are often hairlined or abraded and many I have seen show mint-made adjustment marks. The luster is much different in texture than the 1796 with a dull, slightly reflective finish that is sometimes a bit frosty. The natural coloration seen on the 1797 Small Eagle is a light to medium greenish-gold. Very few exist that have not been cleaned or processed and original pieces are worth a considerable premium. The eye appeal for this date is generally below average and choice, attractive pieces are usually only offered for sale when important specialized collections of early gold become available.

Collectors who budget less than $100,000 for an example of this variety will probably not be able to purchase a 1797 Small Eagle. A nice AU coin will cost $125,000-150,000+ and a solid Uncirculated, if available, will run over $200,000.

1797 Large Eagle

The Heraldic Eagle reverse was added to United States gold coins in 1797. The 1797 Large Eagle is by far the more available of the types of eagles produced this year. Of the 10,940 struck, there are probably in the area of 300-400 known.

Unlike the 1795-1797 Small Eagle coins, the 1797 Large Eagle appears to have actually seen some circulation and pieces can be found in grades as low as Fine to Very Fine. Most are in the EF40 to AU55 range and examples can sometimes be found in the lower Uncirculated grades. But this issue becomes very rare in MS62 and it is excessively rare above this. NGC has graded a single coin in MS64 but the best I have personally seen is an MS63 and only two or three are known which grade as such.

The quality of strike is extremely distinctive for this issue. On the typical coin, the obverse appears to be much weaker than the reverse. I have seen pieces which, for example, have EF45 detail on the obverse but the appearance of AU55 or better on the reverse. The obverse is usually weak at the center with little definition seen on the hair strands. The denticles are also very weak and on some pieces they are lacking from 2:00 to 7:00. The reverse is much better struck with good detail seen on the eagle’s wings and on the shield. The surfaces are usually very heavily abraded and, for some reason, the obverse fields on many examples show roughness. The luster tends to be excellent with a range of textures seen. Many are very frosty but I have seen a few that were almost fully prooflike. The natural color is a deep yellow-gold and this can be exceptionally attractive on uncleaned, original higher grade pieces. The eye appeal ranges from well below average to above average. It is possible to locate a very nice 1797 Large Eagle ten dollar gold piece but collectors have come to realize that choice, higher grade pieces are much harder to find than once believed.

Until a few years ago, the 1797 Heraldic Eagle sold for about the same price as the more common 1799. But prices have risen dramatically for the 1797 in recent years and, today, an EF example sells for around $30,000 while AU coins range from $40,000 to $60,000 depending on their quality. For a nice Uncirculated piece, expect to spend at least $75,000-100,000 and possibly alot more depending on the coin’s eye appeal and originality.  

1798/7 13 Stars Arranged 9 Left, 4 Right

Two varieties of 1798 eagle are known. Both are quite rare but the 1798/7 Stars 9+4 is clearly the more available of the two. The mintage figure for this variety has long been reported to be 900 coins but a number of experts believe that this figure is too low. I personally think the right number is more in the area of 1,500. I feel that there are around 60-80 pieces known with most in the EF50 to AU55 range. Properly graded AU58’s are quite rare and this variety is very rare in Uncirculated with perhaps as many as five or six known. The highest graded examples are a single MS63 at NGC and an MS62 at PCGS.

This is another early Eagle that has a very distinctive appearance due to its strike. The obverse is always weaker than the reverse and it tends to show weak peripheral detail from 2:00 to 5:00. The left side of the obverse is always sharper than the right and most examples have a thin but easily visible obverse die crack from the L in LIBERTY into the cap. The reverse is better struck although the left wing tends to have weakness. The surfaces on nearly all known examples are noticeably abraded and many show hairlines from past cleanings. It is also common to see 1798/7 9+4 eagles with heavy adjustment marks. The luster tends to be subdued with a slightly reflective appearance. The natural color is a medium green-gold with orange hues sometimes seen as well. I cannot recall having seen more than a small handful that had original, attractive color. This is a very rare coin with good eye appeal and most examples that are offered for sale are low end and/or overgraded.

The 1798/7 Stars 9+4 is one of the scarcer early eagles although its availability is actually a bit greater than sometimes stated. You can expect to spend at least $75,000-85,000 for an average quality example and over $100,000 for a solid, high end AU. If available, an Uncirculated piece will cost at least $200,000 and possibly much more for one of the finest known.

1798/7 13 Stars Arranged 7 Left, 6 Right

The second variety of eagle struck in 1798 is the rarest early eagle (not including, of course, the 1795 9 leaves). The mintage is reportedly 842 but I think this is on the high side and the actual number is more likely in the area of 500-600. There are only 20-25 pieces known and, surprisingly, most are in the AU grade range. I am aware of just two or three Uncirculated examples with the finest of these being a coin graded MS62 by PCGS.

The 1798/7 Stars 7+6 is a better produced variety than its 9+4 counterpart. The obverse shows good detail although the center has a slightly sunken appearance which can cause some weakness on the hair behind Liberty’s ear. Many of the stars have full radial lines and the denticles are long and fully formed. Many have a number of obverse die cracks including one through the E in LIBERTY and another at the left side of star seven. The surfaces on most examples have small mint-made flaws including chips and voids. These are seen most often in the obverse fields and the reverse tends to be better produced. The luster is slightly dull and grainy in texture. The majority of 1798/7 Stars 7+6 eagles have been cleaned at one time and, as a result, it is nearly impossible to locate an example with good luster and nice overall eye appeal.

This is a very rare coin in any grade and an issue that is generally only made available when major collections are sold at auction or via private treaty. The 1798/7 Stars 7+6 is clearly the key date in the early Eagle series. Plan on spending at least $200,000-250,000 for an average quality specimen and considerably more than this for one that approaches Condition Census.  

1799

I regard the 1799 as the “High Relief of Early Gold.” In other words, it is common and probably somewhat overvalued but since it is a big beautiful coin (and it has the magic 1790’s date) it will always be in great demand.

37,449 examples were struck and I estimate that as many as 750-1,000 are known today. The 1799 eagle can be found in a wide variety of grades. It is plentiful in EF and AU and not especially rare in the lower Uncirculated grades. It becomes scarce in MS63 and it is rare in MS64. Gems are extremely rare with maybe as few as five or six known.

1799 eagles can be found with sharp strikes. Most are seen with some weakness on the hair strands below Liberty’s cap and at the center of the reverse but it is possible with some patience to find an example that is sharp. The surfaces on most examples show signs of mishandling and some pieces have mint-made adjustment marks. It is possible to locate a piece with choice surfaces but this can be challenging. The luster on this issue is excellent and it is better than on any other dates of this type. High grade examples are often richly frosty. A smaller number are known with semi-reflective or even fully reflective fields but I personally prefer the coins with a frosty appearance. The natural coloration ranges from an intense yellow-gold to a deeper greenish-gold or even orange-gold. It has become hard to find 1799 eagles with original color and examples with good eye appeal are worth a premium.

There are no less than ten different die varieties known for this date. Some collectors divide 1799 eagles into two collectible varieties: Small Stars and Large Stars. The former is the scarcer of the two although it does not generally command much of a premium.

For the type collector, the 1799 is a perfect selection as it is probably the most available early eagle and it comes with a nice appearance. Expect to spend at least $25,000-30,000 for a decent quality piece and $40,000-50,000+ for a solid Uncirculated example.

1800

The mintage figure for this date is reported to be 5,999 coins but this almost certainly includes examples dated 1801. The actual number of eagles struck in 1800 is probably more in the area of 7,500-10,000 coins. There are an estimated 225-325 known with most in the EF45 to AU55 range. The 1800 eagle is very scarce in the lower Uncirculated grades and it becomes quite rare in MS62. It is very rare in MS63 and extremely rare in MS64. PCGS has never graded a coin MS65 while NGC has graded just one at this level.

The quality of strike seen on the 1800 eagle varies. Some are found with reasonably good strikes while others are fairly weak at the centers, especially on the obverse. On most pieces, the obverse stars are flat at the centers and show incomplete radial lines. The reverse is usually better detailed. The surfaces on nearly all pieces show numerous abrasions and many have mint-made planchet imperfections which are frequently seen in the obverse fields. The luster is excellent with higher grade, original pieces having a rich, frosty texture that can be among the best seen on any early eagle. The natural coloration ranges from reddish-gold to yellow-gold and very few examples remain that have not been cleaned or dipped. The eye appeal for this date is generally below average. There are a few higher grade pieces that are visually stunning (the Pittman coin comes to mind) but most seen in today’s market are mediocre at best.

The 1800 generally sells for a 15-20% premium over a common date like a 1799 or an 1801 and this seems to be about right given its overall scarcity. A nice AU example will cost in the $35,000-40,000+ range while Uncirculated pieces range in price from $50,000 to well over $100,000.  

1801

The reported mintage figure for this date (44,344) includes coins dated 1800 (see above). The 1801 is the most common early eagle with as many as 750-1000 known including low grade and damaged pieces. The 1801 is common in circulated grades and it can be found in MS60 to MS62 without a great deal of difficulty. It is scarce in MS63 and rare in properly graded MS64. Gems are extremely rare. PCGS has graded three in MS65 and none better while NGC has graded just a single coin in MS65 and none better.

This is generally a well struck coin with some of the best detail seen on any date of this type. The obverse is usually very sharp with the center well defined; the reverse is also sharp although most have some weakness in the wings. Many examples have a number of mint-made vertical spines in the cap and show die clashes as well. The surfaces are typically abraded but are better produced than the 1799 and 1800. Examples exist which are comparably clean and free of marks and these are very scarce. I have seen a number of 1801 eagles that had prominent adjustment marks. The luster is not as good as on the 1799 but it is still among the best seen on any early eagle. It is most often frosty in texture. The natural coloration is usually green-gold or a bright yellow-gold. Locating uncleaned, original 1801 eagles is, as one might expect, very difficult and such coins command a premium versus the typical overdipped, processed piece.

The 1801 is comparable in overall rarity to the 1799 but, in my experience, it is a bit more scarce in MS63 and higher grades. It is less popular than the 1799 as it lacks the magical 1790’s date and it is priced a bit lower in certain cases. A nice AU example will run in the $30,000-40,000 range while Uncirculated pieces will cost $45,000 and up.

1803

After a one-year hiatus, production of eagles resumed in 1803. During this year, the reported mintage was 15,017 but it was believed that some of this figure includes coins dated 1804. There are an estimated 400-500 examples known and this date, while regarded as fairly common, is clearly scarcer than the 1799 or 1801.

There are a total of six die varieties and this includes three interesting naked eye varieties. The most common has small stars on the reverse. Another variety has 13 large stars on the reverse. The rarest and most unusual variety has a tiny fourteenth star punched on the reverse which is hidden in the cloud below F in OF. This is one of the most interesting and enigmatic varieties in the entire early eagle series.

The quality of strike of this date depends on the die variety. Certain examples are quite weak on the base of Liberty’s neck and the lower right stars on the obverse. Others are sharper in these areas but show weakness at the centers. The surfaces on most 1803 eagles are very heavily abraded and many display pronounced adjustment marks. It is very hard to locate a coin with choice surfaces. The luster is typically below average as well with many showing a grainy, slightly dull texture. The natural color ranges from green-gold to a more reddish hue. It is hard to find an 1803 eagle with good eye appeal, especially the Large Reverse Stars.

The Large Reverse Stars and 14 Reverse Stars are both recognized by PCGS and NGC and they command a strong premium over the more common Small Reverse Stars. It is still possible to cherrypick the 14 Stars variety although most collectors and dealers now know to closely check the reverse.  

1804

This represents the final year during which early eagles were struck. After 1804, the denomination was discontinued and not resurrected until 1838. The mintage figure for this issue is reported to be 3,757 but I believe this includes coins dated 1803 and that the actual number struck is more in the area of 2,500-3,000. All examples produced in 1804 are distinguished by a Crosslet 4 in the date and it is likely that as few as 75-85 pieces are known. Most are seen in the EF45 to AU53 range and high end AU’s are extremely scarce. In Uncirculated, the 1804 eagle is quite rare with an estimated six to eight accounted for. The finest of these include a single MS64 at NGC and a pair of MS63’s at PCGS.

Many 1804 eagles are distinguished by an odd strike in which the obverse appears to be buckled with ridges or waves in the fields. Coins from this die state are very difficult to grade as they tend to show considerable weakness on both the obverse and reverse. Examples are known that show a bolder, more even strike and these are considered to be especially desirable by specialists. The surfaces on many 1804 eagles have mint-made imperfections and most show handling marks or hairlines from past cleanings as well. The luster is frosty and some examples are slightly prooflike. The natural coloration is a distinctive green-gold but most have been dipped at one time. The eye appeal tends to be below average, mainly due to the strike characteristics described above.

An estimated 6 to 8 Proof 1804 Plain 4 eagles were struck in 1834 or 1835. One of these is included in the famous King of Siam Proof Set. The Proof 1804 eagles are considered among the most desirable of all early United States gold coins even though they were struck three decades after their date.

1804 eagles are currently valued at around $40,000 for an EF and $50,000-75,000+ for an AU. Uncirculated pieces, when available, are valued at $100,000 or more.

The early eagles struck between 1795 and 1804 form one of the most interesting groups of coins in all of American numismatics. They are extremely popular with collectors and despite the high cost of assembling such a set, there are a number of collectors who are working on date sets; some of which even feature the major naked-eye varieties for each year.

What Should I Collect?

Every few days I get asked the question “what should I collect?” I’d like to make some suggestions based on three different budget levels. A quick word on coin budgets before we delve into specifics. As a collector you should not overspend on coins. Buy within the parameters that make you comfortable. Spending $750 on a gold coin doesn’t make you any less of a collector than spending $75,000. I find that many collectors, as they grow more comfortable with their comprehension of the market, find it easier to shift from one budget level up to the next. As always, learn about what interests you as specialized knowledge in numismatics is invaluable. I. Low Budget ($1,000 per coin and below)

Gold coin collecting was not really designed for lower budget collectors. That said, there are plenty of interesting areas to collect in this price range. Here are three suggestions that I find interesting.

a) Common to Slightly Scarcer Date St. Gaudens Double Eagles in MS63 to MS64

This is a perfect area for the individual who is more of an investor than a collector and who would like to put together a nice “position” in the semi-numismatic market. There is something like 25 different dates of St. Gaudens double eagles available in grades up to and including MS64 for less than $1,000. None of these are rare and this is a collection that can be assembled reasonably quickly. This is also a collection that is perfect for the collector or investor who does not want to interact with coin dealers. I would have no problem telling a new collector that he would be perfectly safe buying these coins from a reputable Ebay seller or at auction. The only suggestions I would make is that all of the coins should be PCGS or NGC graded and either the Greysheet or recent auction price records should be consulted when deciding how much to spend on each coin.

b) Philadelphia Type Three Gold Dollars

With the exception of the 1863 and the rare 1875, nearly all of the 34 Type Three gold dollars produced at the Philadelphia mint can be obtained in Uncirculated grades for under $1,000. In the case of the common dates from the 1880’s, the collector can buy coins in grades as high in MS63 well within his allotted budget. The scarcer Civil War dates will probably have to be purchased in the AU55 to MS62 range and the 1873 Closed 3 will either require a stretching of the budget or a lower grade example. Some people will not be attracted to Gold Dollars because of their relatively small size. But I think this is an interesting series for a number of reasons. I like the design, the mintages are comparatively low and the level of production on most of the Philadelphia issues of this type is quite high. In my opinion, these coins seem like great value.

c) No Motto Philadelphia Gold

I recently wrote a blog about how I had “seen the light” regarding No Motto half eagles and eagles struck at the Philadelphia mint. There are numerous dates from the 1840’s and the 1850’s that are available to collectors with a budget of $1,000 or less per coin. In the half eagle series, virtually every date struck between 1843 and 1861 can be found in nice AU for under $1,000. Eagles from this era are rarer but there are still a number of dates that can be purchased in the EF45 to AU55 for less than $1,000. I haven’t mentioned the Philadelphia quarter eagles from this era but they are also extremely affordable.

Something that might make for an interesting challenge would be to select a specific date and to assemble a denomination set. As an example, a collector might decide to put together a set of 1855 Philadelphia coinage. There were a total of six denominations produced in this year and none of these are especially rare in circulated grades—or expensive.

I can, off the top of my head, think of a few other interesting areas in this price range. Examples include lower grade New Orleans quarter eagles, Indian Head quarter eagles (discounting the key 1911-D), lower grade Classic Head quarter eagles and half eagles and nearly all of the With Motto half eagles and eagles struck at the Philadelphia and San Francisco mints between 1880 and 1907.

II. Medium Budget ($1,000-5,000 per coin)

If you are able to afford coins in the medium budget range, your selection becomes considerable larger and more interesting. Here are some suggestions:

a) Charlotte and Dahlonega Quarter Eagles and Half Eagles with Original Color and Surfaces

This collection is a little more “conceptual” than the others listed in this section. It wouldn’t be a complete set and it might have three examples of, say, an 1846-D quarter eagle and none of another common date such as an 1843-D. It would focus on coins in the EF40 to AU55 grade range with most of the coins costing between $2,000 and $5,000.

As I have mentioned in many other articles, even the most common Charlotte and Dahlonega quarter eagles and half eagles are very scarce to rare with natural deep coloration and no signs of recent cleaning or processing. There may be 200-300 examples known of a certain issue but probably no more than 5-10% would be what I referred to as “original” in appearance. That’s what makes this set challenging and interesting.

To work on a set like this, the collector will need to learn what an original Charlotte or Dahlonega coin looks like; which may not be an easy feat, considering how few examples are available at auctions or coin shows these days.

b) Year Set of Liberty Head Eagles

Despite the fact that it contains many rarities, the long-lived Liberty Head eagle series has many affordable issues as well. It is possible to assemble a virtually complete year set of Liberty Head eagles if you have a budget of $1,000-5,000 per coin.

Here’s the catch: certain years in which this series was produced contain major rarities. As an example, the 1875 Philadelphia eagle is an incredibly rare coin with fewer than ten business strikes known. But the 1875-CC is more affordable and with some patience, a presentable VF can be obtained for $4,000-5,000. There are some years that are going to prove to be very hard for the Liberty Head eagle collector on a medium budget. These include the 1838 and the1863-1865. But if the collector is willing to accept a VF example of a few dates (or to stretch his budget for a few pieces) he should be able to put together a very nice set.

This is probably the most numismatic and most formidable project discussed in this price range. Given the fact that Liberty Head eagles were produced from 1838 to 1907 you are looking at a set with 70 coins; including a number which, in spite of relatively low catalog values, do not trade with regularity. I would expect that this project would take a number of years to complete and a commitment of at least $150,000-250,000+ to do it properly.

c) Scarce and Undervalued New Orleans Gold Coinage

The gist of this collecting strategy is to obtain a number of different undervalued New Orleans gold coins in the $1,000-5,000 range. It would not mean assembling any sort of complete set. I look at this strategy as something akin to an NFL team deciding to “draft the best available athlete,” even if they are already stocked at that player’s position.

My personal belief is that the best values in New Orleans gold coinage are in the half eagle and eagle denomination. If you have a budget in the $1,000-5,000 area, you are not going to be able to buy Finest Known or Condition Census coins but you will be able to obtain very presentable examples of some truly scarce and undervalued issues.

Some of the issues which fall under these parameters are as follows:

Half Eagles: 1843-O Small Letters, 1846-O, 1851-O, 1855-O, 1856-O, 1857-O and 1892-O.

Eagles: 1846-O, 1848-O, 1849-O, 1850-O, 1852-O, 1855-O, 1856-O, 1857-O, 1880-O, 1881-O, 1882-O, 1897-O and 1899-O.

There are certainly a number of other areas that collectors with a medium budget can explore. I would suggest New Orleans quarter eagles, Three Dollar gold pieces and Philadelphia Type One double eagles for starters and I can think of many more interesting possibilities.

III. High Budget ($5,000 and up per coin)

When a collector is able to afford $5,000 or more per coin, he has an almost unlimited number of potential collections. It is difficult to limit my list to three suggestions.

a) Bust Right Half Eagles, 1798-1807

This type actually dates back to 1795 but the first three (1795, 1796 and 1797) are expensive pieces that many collectors might not feel comfortable including in this set. The remaining nine issues (no half eagles were produced in 1801) are all relatively obtainable in grades ranging from Extremely Fine to MS62.

There are some variations that could make this set more challenging than just running out to a few big auctions and buying as many of these coins as possible. The first would be to use eye appeal and originality as a factor. In my experience, many of the early half eagles from this era have been cleaned or dipped and locating choice, original examples of many of the dates is extremely difficult. Secondly, this set could be expanded to include the different varieties listed in the Redbook. As an example, there is an 1804 half eagle with a Small 8 as well as the unusual Small 8 over Large 8 variety. The only year which this would really pinch the pocketbook would be for the 1798 where there are at least three major varieties known including the Large 8 14 Stars which is rare and fairly expensive.

b) Carson City Half Eagles or Eagles

I have always thought that Carson City half eagles and eagles are excellent sets for the collector with a higher coin budget. Both of these denominations were produced for just 19 years between 1870 and 1893. Neither denomination contains an impossibly rare or expensive issue or significant varieties which add to the complexity or cost of the core set.

Both denominations can be neatly categorized by the three decades in which they were produced. The issues from the 1870’s are generally seen well worn and even the more available dates are rare in properly graded AU and extremely rare in Uncirculated. The 1880’s issues are more readily available in circulated grades but tend to be very rare in Uncirculated. The 1890’s issues are, for the most part, fairly common in lower grades, sometimes available in the lower Uncirculated grades and rare to very rare in MS63 or better.

Nicely matched Carson City half eagle and eagle sets are very popular with collectors and I believe that these are two of the few sets that might actually be worth more as a well-matched unit than as an amalgamation of miscellaneous coins.

c) Bust Left Quarter Eagles, 1821-1834

This third and final suggestion is a personal favorite of mine. After a thirteen year hiatus, the quarter eagle denomination was resurrected in 1821, employing the John Reich Capped Head Left design. These coins were struck in 1821 and 1824-1827. In 1829, the design was modified and the diameter was reduced. The modified early quarter eagles were then struck from 1829-1834. In all, there are a total of eleven coins that form the complete series. Only one (the 1834) is very rare but even that issue is affordable when compared to the major rarities in the half eagle series of this era.

The 1821-1827 issues are generally seen in the AU50 to MS62 grade range while the 1829-1834 tend to be found in the AU55 to MS63 range. These coins did not see as much circulation as the quarter eagles produced prior to 1808 and many were melted.

For someone with a coin budget that can handle $15,000 or more per purchase, this is a great area to specialize in. The coins are rare but they are not so impossible that the set is essentially incompletable. They are also very good value when compared to the larger-sized early gold denominations.

There are innumerable other areas that collectors with a high budget can focus on. If you like large coins, focus on Type Two Liberty Head double eagles. If you prefer smaller coins, the Liberty Head quarter eagle series is very challenging but it contains a host of overlooked and undervalued issues.

The Availability of Original Southern Branch Mint Gold Coins - Part One

Need to get the rest of the article from Mary. In a recent blog (July 30, 2007) I discussed my criteria for what constitutes "originality." Using this criteria, how available are Charlotte, Dahlonega and New Orleans gold coins? In the first of what may be a multi-part series of articles, I’m going to look at C, D and O mint gold dollars and discuss their availability with original surfaces and color.

State of the Market Report: Early United States Gold Coinage

In the last five years, early United States gold has been one of the most active areas in the coin market. In this article, we will examine each of the major types of pre-1834 gold coinage and see how the market has performed. In addition, we will look at some future trends and make some predictions which may be of interest to the specialist. Early coinage has always been a popular area with collectors but all pre-1834 gold types have been just about the most avidly collected area of the coin market since the beginning of the current bull market. I think this is attributable to a number of factors including the following:

* In 2000, the oldest early gold coins became three centuries old which added a sense of age that was very impressive in comparison to more modern issues.

* Some excellent books and specialized research tools made these coins more accessible to new collectors.

* A number of dealers (myself included) steered many wealthy new collectors into this area of the market due to the "coolness factor" of these coins. The resulting spike in demand significantly reduced the already limited availability of these coins, resulting in an increase in price.

* Some important old-time collections (Pittman, Bass and others) came on the market, making a number of seldom-seen early gold pieces available to collectors. This spurred interest and a number of new collections were begun as a result.

I. Quarter Eagles, 1796 to 1834

A. Draped Bust No Stars, 1796 Only

As one might expect, this celebrated one-year type has seen a huge increase in price and demand in the past five years. In 2002, it was possible to find a nice AU example in the $60,000-70,000 range. Today, a similar coin is going to cost a collector $125,000 to $150,000.

I wouldn’t have a problem with this price increase except for the fact that grading standards for this type have become very lax in the last few years. Most of the 1796 No Stars quarter eagles that I see in AU holders are very low-end, unoriginal coins that would have been graded EF as recently as a few years ago. I still love this type and would recommend it to a wealthy collector as a blue-chip investment vehicle but I think great caution has to be taken when buying $100,000+ examples of this type.

The high water mark for this issue was in June 2005 when a superb PCGS MS65 example sold at auction for $1.38 million.

B. Draped Bust With Stars, 1796-1807

Five years ago, it was still possible for the collector of slightly above-average means to purchase a respectable example of this type. Today, the rarity of the With Stars quarter eagle type has been widely acknowledged and it is almost impossible to find a problem-free example for less than $15,000-20,000.

That said, I still think that this type is a great value and that it is undervalued when compared to the half eagles and eagles of this era. I am especially fond of the 1790’s dated issues. They have clearly risen in value, although nowhere near as much as the 1796 No Stars. As an example, I purchased a decent PCGS AU53 1797 quarter eagle in an auction in 2003 for around $50,000. Today, this coin would sell for around $70,000-80,000. An AU 1798 was worth around $30,000 five years ago and today it might sell in the $50,000-60,000 range. My gut feeling is that nice quality examples of these two dates aren’t going to be available for much longer at these levels and they should be purchased if and when they become available.

The 1802/1, 1804 14 Stars, 1805 and 1807 are the more common dates of this type. All four of these have become nearly impossible to locate with original color and surfaces. A common “type” example of one of these dates in the MS61 to MS62 range was reasonably available five years ago for around $20,000. Today, such a coin would cost $30,000-35,000 but most of the pieces I see in MS61 and MS62 holders are very unappealing. I have been advising collectors for many years that this type is undervalued and, despite the price rise in the past five years, I still believe that this is the case.

C. Capped Bust Left, 1808 only

As with all significant one year early type coins, the value of the 1808 quarter eagle has risen dramatically in the past five years. Today, a solid AU example is worth in the $100,000-150,000 range. Five years ago, it was possible to find an AU priced in the $40,000-50,000 range.

I wouldn’t have any qualms with the new price levels for this date if I actually liked many of the 1808 quarter eagles that I have viewed in the past year or two. The days of finding choice, original pieces in EF and AU holders may well be over, although I have seen a few examples in the last year graded AU55 and AU58 that I thought were acceptable for the grade.

I would expect that there will be some leveling off on prices for this issue in the coming year or two, if only because levels have risen so dramatically since 2002-2003. That said, I think a choice, attractive 1808 quarter eagle is a great coin to purchase. As long as there are collectors assembling type sets of early gold, there always is a very strong demand level for this one-year type.

D. Capped Bust Large Size, 1821-1827

Five years ago, I was literally begging clients to purchase examples of this type. This was one area of the early gold market that $10,000 would go a long way and this figure would buy you an impressive example of a legitimately scarce coin. The rap against early quarter eagles back then was that the coins were “too small” and that they were “too rare for their own good.” I thought these were silly reasons for these coins to be undervalued and, today, they seem positively quaint, given the new level of respect and interest that early quarter eagles command. Nevertheless, I still feel that quarter eagles of this type remain the most undervalued early U.S. gold coins.

The sort of coin that was available five years ago for $10,000+ is now more realistically a $20,000+ coin; not to mention the fact that it has become very hard to locate. But I still feel that any date in this series is an excellent value. I especially like the underrated 1821 and the low-mintage 1826.

I don’t think that the future of this type is date collecting as these coins are simply too challenging for most collectors. I think that the future is as a type coin and I would anticipate that five years from now it will be very difficult to find a nice, problem-free Capped Bust Large Size quarter eagle for much less than $30,000+.

E. Capped Bust Small Size, 1829-1834

The quarter eagles produced between 1829 and 1833 have also seen a surge of interest in the past five years. In 2002, you could buy a nice AU example of any of these dates for $7,500 or so. Today, a similar coin will cost you $12,500-15,000. Five years ago, an MS63 example of this type could be purchased for around $15,000-20,000. Today, a similar coin is more likely to cost in the area of $30,000-35,000.

I’d like to think that at least part of the reason that this type has shown such strong price increases in the last five years is due to the continual urging I’ve given clients to buy these coins. I have often written that I felt these were the best values in the early gold market. I still feel this way, although I have been pretty disappointed at the quality of a number of the coins I have seen lately in MS60 to MS63 holders.

That said, I think the future of this series remains very bright. Despite small original mintage figures, these coins exist in large enough numbers to make collecting by date a possibility. The stopper in the series remains the 1834 which, curiously, has become impossible to locate. I am not aware of a single example of this date appearing at auction since October 2004 and only two separate problem-free pieces appearing at auction since 2000. The last piece to sell was a PCGS AU55 which brought $35,600. Today, the same coin could bring as much as $65,000-75,000.

II. Half Eagles, 1795 to 1834

A. Draped Bust Small Eagle, 1795-1798

This type includes two relatively obtainable issues (the 1795 Small Eagle and the 1796/5) and three rarities (the 1797 15 and 16 Stars and the 1798 Small Eagle).

The 1795 has become one of the most popular early United States gold coins and for good reason. It is one of the first two gold coins struck by this country, it is charmingly designed and generally well produced and it can be found in relatively high grades. Five years ago, a collector could expect to find a nice AU for around $15,000 and a properly graded MS62 for around $50,000. Today, a nice AU should cost in the area of $40,000-50,000 while an MS62 will run around $100,000. I still recommend purchasing this issue in nearly any grade, as I feel it is a coin that will always be in great demand. I would definitely caution the new collector to seek an example with good eye appeal, nice surfaces and as much original coloration as possible. Nice, original coins are becoming extremely hard to find and I think they will begin to command a huge premium in the coming years.

The 1796/5 half eagle is many times scarcer than its 1795 Small Eagle counterpart but it does not command as much of a premium as one might expect. This has to do with the fact that it is not a first-year issue and, thus, is not as “sexy” a date. The 1796/5 has proven to be very rare and it is generally only offered at major auctions. I highly recommend this issue and feel that it is still an excellent value at its current level of $50,000-60,000 for a solid AU coin.

The great rarity of this type is the 1798 Small Eagle of which only seven or eight pieces are currently known. The last example to sell was a PCGS EF40 that brought $264,500 at auction in June 2000. I think this coin would easily sell for $500,000 today and I think a slightly nicer example, if available, could break the $1 million mark with ease.

B. Draped Bust Large Eagle, 1795-1807

For most collectors this type is dividable into at least two groups: the issues struck from 1795 to 1799 and those produced from 1800 to 1807.

The 18th century Draped Bust Large Eagle half eagles have proven to be extremely popular with collectors in recent years. As one can readily guess, they became especially popular around 2000, once they turned three centuries old. The two reasonably available issues are the 1798 and the 1799. These have both seen dramatic price increases in the last five years. As an example, a nice AU 1799 half eagle was worth $7,500-10,000 in 2002. Today, such a coin is valued at $15,000+. The increase in value is more dramatic in higher grades. Five years ago, with some careful searching, it was possible to find an MS63 1799 half eagle for around $40,000. Today, if such a coin became available (good luck convincing the guy who bought one in 2002 to sell his today!) it would sell for $65,000-75,000. Despite the new, higher levels, I still like the concept of an 18th century half eagle and would advise collectors to be on the lookout for nice 1798 and 1799 half eagles in EF45 and higher.

The common date half eagles from 1800 to 1807 have also shot up in value. Five years ago, nice AU coins were easily located in the $4,000-5,000 range. Today, similar coins are worth $10,000-12,500. I have mixed feelings about the value levels of these coins. Clearly, at around $5,000 they were very fairly priced. At $10,000 they are no longer cheap, especially when one considers the relative availability of these coins. I will no longer buy these common date half eagles for inventory unless they are wholesome, choice original coins with very good eye appeal. If they are bright-n-shiny, riddled with adjustment marks or vastly overgraded, low end coins, I will almost always pass.

What about higher grade common dates of this type? Five years ago, you could have purchased a common date in MS63 for around $12,500-15,000 and an MS64 for around $20,000-22,500. Today, the former costs around $25,000 and the latter runs $40,000-50,000+. I have mixed feelings about these. I think a fresh, original MS63 in the mid-20’s is still an excellent purchase and would recommend it to a collector or an investor. I’m a little less excited about a common date in MS64 at around $50,000 unless the coin is extremely high end and looks like it could gradeflate to an MS65 someday.

C. Capped Bust Left, 1808-1812

The Capped Bust Left half eagles are the most available and affordable early gold issues. They have proven to be remarkably plentiful in the AU50 to MS62 grade range and this makes them popular with collectors. For some reason, this type has never really appealed all that much to me. I don’t really care for the design and the relative availability of these coins make them seem like the Morgan Dollars of early gold.

In spite of my obvious early gold snobbery, this type has proven to be popular with collectors. It is the only series of early half eagles that could be realistically completed by date and there are a number of interesting varieties as well. In 2002, a nice AU type example was easily purchased for $3,500-4,500. Today, a nice AU commands $7,500-9,000+. Five years ago, a really nice MS63 common date was worth $12,000-14,000. Today, this same coin is worth $20,000+.

My opinion has changed on the desirability of this type. I generally like the quality of slabbed AU examples more than I do for the earlier Draped Bust type and I think any nice, original AU example that can be purchased for less than $10,000 is pretty decent value in today’s market. I have mixed feelings about higher grade examples. If I’m going to buy a $20,000+ MS63 for my inventory, it had better be a high end, attractive coin with original color and surfaces. Same holds true for an MS64, especially since we’re talking $40,000+ for a common date.

D. Capped Bust, Large Size 1813-1829

It’s hard for me to discuss this series without getting passionate as Fat Head Fives are probably my favorite series in the early gold issues. Why? Well, it’s clearly not the beauty of the design as this is arguably the most homely United States gold coin ever struck. For me, it’s all about the rarity and these coins are amazingly rare. When you kick out the “common” 1813 and 1814/3, the coins in this series range from downright rare (1818, 1820 and 1823) to virtually impossible (1819, 1821, 1824-1829). And we won’t even begin to mention the classic rarities like the 1815, 1822 and 1825/4.

The really rare coins in this series are hard to monitor as they trade so infrequently. When I look back at what prices were like in 2002, they seem amazingly cheap by today’s standards. As an example, in February of that year, a PCGS AU58 1827 sold in the Goldberg’s Benson II auction for $19,550. Today, a properly graded example is worth triple this amount.

What about the common 1813? Five years ago, a nice AU example would have cost you $4,000-5,000. Today, you’d have to pay around $10,000. In my opinion, this date is still a great value at less than $10,000. In 2002, a nice MS63 1813 would have been priced at around $12,500. Today, the same coin is worth $20,000. Again, I think it is an excellent value as it is the only reasonably obtainable date of this rare type and properly graded MS63’s are far, far scarcer than common date Capped Bust Left and Capped Bust Right half eagles despite being similarly priced.

E. Capped Bust, Small Size 1829-1834

As rare as the Large Planchet type of Fat Head half eagles is, the Small Planchet is even rarer. At least with the earlier type, the collector has a chance to buy such relatively common and affordable issues as the 1813 and the 1814/3. But the Small Planchet type offers no such chance for collectors with limited budgets. This is a series with seriously rare coins with seriously high price tags. And rightfully so.

If you were smart enough to be purchasing 1829-1834 half eagles in 2002, give yourself a large pat on the back. You are smart and you made yourself a lot of money. Let’s say you decide that you want to start buying these coins in 2007. How does the future of your investment look? I’d say pretty good. Now that nearly everyone understands how rare these coins are and appreciates them, I think the levels for the series will continue to soar. I’d just give my usual warning on expensive coins: if you are going to pay $50,000+ for a fat Head half eagle, make certain you know what you are doing. Buy a coin that is attractive for the date and grade and which is original as possible.

So there you have it: the DWN State of the Market Report on early gold coinage. I doubt if anything I wrote in this article is terribly surprising to people who read my articles on a normal basis. I’ve always loved early gold and I will continue to be an active participant in this market for as long as I am a coin dealer.

The Ten Coolest United States Coins Revisited

In June 2000, I wrote an article entitled “The Ten Coolest United States Coins.” Let’s say you were a true Douglas Winter Numismatics cultist and you had decided to follow my advice to the letter. How would your seven year investment have performed? Are there any coins I would have deleted from this list? Some analysis and random thoughts regarding these ten coins follows. In 2000, I suggested purchasing an example of this popular, historic issue in Choice About Uncirculated and stated that an example would cost around $10,000. I think this amount represented a typo as, even back then, a Continental Dollar in AU would have cost at least twice the amount I listed.

My decision to include this coin was prescient, to say the least. This has proven to be among the most popular and in-demand early American issues in the last seven years. And how can it not have been? This issue has everything going for it: size, interesting history, unique design and the magical 1776 date.

Today, a nice AU 1776 Continental Dollar will probably cost in the area of $60,000. And if you had bought a really nice AU55 to AU58 back in 2000, the chances are better than even that this coin would be regarded as an MS61 today with an estimated value closer to six figures. Clearly, this would have been a very good purchase.

I. 1776 Continental Dollar

This is not a regular issue coin but, rather, a proposed or speculative issue. Varieties are known in silver, pewter and brass and with different spellings of the word CURRENCY. For this set, I would suggest a pewter piece with the spelling "CURENCY" and the lack of the designers initials (represented on this coin as "EG FECIT," which is believed to signify that the design was by Elisha Gallaudet).

It is probable that these coins did circulate in colonial America and that they did have a recognized value. This fact makes them a legitimate candidate for the first "dollar" struck in this country as well as the largest coin, in terms of size, issued prior to the establishment of the United States. The magical date 1776 makes them even more desirable, in my opinion. And, finally, the charming design on the reverse (featuring thirteen interlinked rings with the name of each colony and symbolizing unity) is believed to have been suggested by Benjamin Franklin.

For this set, I would opt for a very slightly worn piece; perhaps in the About Uncirculated-55 to 58 range. I like the idea that the coin saw some light circulation during the colonial era but would want it to be lustrous and well struck. Such a coin would cost $7,500-$10,000; making it an exceptional value for such an incredibly historic issue.

II. 1792 Half Disme

This is another coin that seemed much undervalued to me back in 2000. I like this issue for many of the same reasons I mentioned above for the Continental Dollar: great story, interesting design and fascinating history. In 2000 I suggested purchasing a nice AU example and felt it would cost around $10,000-15,000. If you had been able to find a nice half disme back then, you probably would have been able to buy it at the high end of my suggested range.

As with most early coins, this is an issue that has performed fantastically since 2000.

If you can find a good looking AU55 to AU58 half disme (and this will be hard as most real AU coins are now in MS61 and MS62 holders) you are probably going to have to pay around $100,000 for this coin. Even an example which looks like its been run over by a train is going to cost in the mid-five figures.

Without patting myself on the back too much, I’d have to say that this choice was a home run. Of course, I wasn’t smart enough to listen to myself and actually put away any nice half dismes...

III. 1793 Chain Cent

There aren’t all that many coins left that still give me a tingle in the spine when I buy one, but Chain Cents qualify. I love the design and history of these coins and admire the fact that they have been coveted by collectors since the late 1850’s.

In 2000 I recommended buying an EF or an AU Chain Cent and felt that it would have cost in the area of $20,000 to $45,000. It wouldn’t have been easy to find a decent looking example but with some searching you might have been able to buy one with good detail and reasonably choice surfaces.

Today, Chain Cents are not only nearly impossible to find in grades above VF20, they are just about the most overgraded type I have seen in third-party holders. Coins that I personally grade Fine-12 are housed in EF-40 holders and both services seem to conveniently overlook the fact that coins in EF holders are riddled with problems.

Assuming you could find a decent coin in 2007, you’d be looking at spending $60,000-80,000 plus for an EF and at least $100,000 for an AU.

This was a good choice but in retrospect I think I might have selected a 1793 Liberty Cap instead. But, as I recall, I didn’t choose this type in 2000 because I thought it would be impossible to find one that I liked even back then.

IV. 1794 Silver Dollar

This is the first and largest United States silver coin. Any well-heeled collector who couldn’t be sold on the desirability of this coin back in 2000 had to truly have his head in the sand.

In my 2000 article I suggested a nice EF example of this coin and that such a piece might be available in the $75,000-90,000 range. This value range might have been just a touch low and I’m guessing that if anyone did take my advice, they probably had to pay closer to $100,000.

Regardless of what this theoretical collector paid, if he did buy a 1794 dollar, he did very, very well. Early dollars caught fire a few years ago and the 1794 proved to be the ultimate trophy coin in the early dollar series.

A nice EF 1794 dollar today is worth $250,000 to $300,000. Any significant investment made in early dollars around 2000 would have done fantastically well seven years later but the 1794 is the one issue which I believe will continue to show the greatest strength in the future.

V. 1795 Eagle

I selected this coin for my group of 10 because it is the first United States gold coin and it is the sort of big, neat, old gold coin that new and old collectors alike seem to love. Looking back at this choice, I might have changed it to a 1796 quarter eagle or another 18th century issue.

In 2000, a nice About Uncirculated 1795 eagle was available for around $30,000-35,000. Such a coin would have graded AU53 to AU55 (and would grade AU55 to AU58 in today’s looser environment). Today, the same sort of coin would be priced at around $80,000-90,000; possibly a bit more if the coin was original and had nice eye appeal.

I am not as enthusiastic about this issue today as I was seven years ago. I think at close to $100,000 the 1795 eagle in AU is pretty pricey, given the fact that it still somewhat available. More importantly, most pieces in AU holders are really low end for the grade.

Still, a rise in value from $35,000 or so to around $90,000 isn’t too shabby for a seven year hold. This is typical of most early gold during the past seven years.

VI. 1836 Gobrecht Dollar

I didn’t choose a Proof 1836 Gobrecht Dollar as one of my Ten Most Cool Coins because of its history or numismatic significance. I chose this issue because I love the design. There’s just something about the stark cameo-like appearance of the obverse and the eagle flying in the field of stars on the reverse that I’ve always found very appealing. Apparently, I’m not the only one who thinks this way.

Back in 2000, nice PR63 Gobrecht Dollars seemed pretty cheap. They could be bought for around $20,000. Today, the same coin is more likely to cost in the area of $30,000-35,000. So the gain that this coin has shown has been pretty impressive although it pales in comparison to some of the early issues listed above.

Personally, I think PR63 and PR64 1836 Gobrecht Dollars are still a good value and even though the market for these pieces is a bit soft right now, they are a good long-term purchase at current levels. Examples which are too dark should be avoided as should pieces which have been overdipped and which are now bright white.

VII. 1850 Double Eagle

What could I possibly have been thinking when I put this issue on my list of Ten Cool Coins? Sure it’s interesting and it has status as a first-year-of-issue but I’d hardly put it in the same ballpark as the other nine coins on this list.

That said, this issue has performed very nicely since 2000, especially in high grades. In my first article, I suggested purchasing an MS61 and figured that such a piece would be obtainable in the $6,000-9,000 range. Today, a nice MS61 sells for $12,000 or so.

In retrospect, a Liberty Head double eagle collector could have done a lot better from an investment standpoint if he had purchased a few nice New Orleans pieces. As an example, the 1854-O and 1856-O issues have shown spectacular price gains in the past seven years and even the secondary rarities such as the 1855-O, 1859-O, 1860-O, 1861-O and 1879-O have performed exceptionally well.

I’m not going to totally disown this choice but I’m pretty embarrassed to see it alongside such issues as a 1794 Dollar or a Chain Cent.

VIII. 1861-D Gold Dollar

The 1861-D gold dollar remains my favorite Dahlonega coin of any denomination. It’s the most historic southern issue, I love the crudeness of its manufacture and it is, of course, genuinely rare.

Back in 2000, the 1861-D gold dollar seemed to be available on a somewhat regular basis. With a little luck and patience you could find one at auction or in a specialist’s inventory. Today, these coins seem to have disappeared and I have not personally handled an 1861-D in close to a year.

I recommended purchasing a nice AU58 example and suggested that it would cost $17,500-20,000. If you heeded my advice, you did very well as a similar example would probably fetch double that amount today. What makes this all the more remarkable is the fact that the high end of the Dahlonega market has been fairly flat in the past seven years with certain coins actually dropping in value despite what is arguably the most sustained bull market in modern numismatic history.

This is another coin which I would hang on to for the long term if I had one put away right now. Despite its rise in price, it is a coin which is in great demand and which has such a wonderful story that it can’t help but appreciate in value in the coming years.

IX. 1879 Flowing Hair Stella

Unlike the 1861-D dollar, the 1879 Flowing Hair Stella is a truly rare coin. If you check auction records over the past few years, you’ll note that a lot of pieces have sold. But I still think the Stella is a coin that is genuinely cool. It is interesting, has a unique design and history and it really is a perfect “trophy coin” for a well-heeled investor.

In 2000 I suggested purchasing an example that graded PR63 (back then, Stellas existed in this grade. The PR63 of 2000 is now a PR64). A nice example would have been available back then for around $50,000-55,000. Today, the same coin would probably be worth around $150,000.

When nice Stellas were worth $50,000 or so they were a great value. At today’s price level, I don’t really like the value that they represent. But, I can certainly see how coins like this trade for $150,000 given their great story and always high level of demand.

Time to pat myself on the back one final time. This was a great recommendation and if you listed to me you made a ton of money!

X. 1907 High Relief Double Eagle

I can remember struggling with the decision to make this the tenth and final coin on my list. High Reliefs are big, beautiful and “cool” but they are just so...common. I hated to put a coin on this list that I knew could be obtained by the truckful at major auctions and conventions. But this was a list built around cool coins and if a High Relief isn’t a cool coin than what was?

My recommendation was to purchase a nice MS64 and back in 2000 this coin was obtainable in the $14,000 to $17,000 range. For a number of years, the market for High Reliefs stayed pretty flat but this coin was extensively promoted in 2005 and 2006 and it rose in value to a high of around $35,000-40,000. Today, the market for these has softened and a nice MS64 High Relief is more likely to sell in the $26,000-28,000 range.

If I were in the market for a High Relief as an investment, I’d probably consider buying one now, while prices are somewhat depressed. I’m guessing that MS64’s could drop as low as around $22,500-25,000 but at that level there would be enough market support that people would jump in and start pushing up demand.

So there you have it. Ten Cool Coins revisited seven years later. Had you bought some or all of these coins you would have tripled your money and had a pretty neat little coin collection to boot. The best lesson to learn from this list is that cool coins are always what people will want to buy, regardless of what series or price range you are discussing.

Ten Great U.S. Coin Auctions and Some Reminiscences

I’ve now been attending coin auctions for the better part of thirty years. I’ve gone to major sales in New York and tiny little farm sales in New England. I’ve truly seen the good, the bad and the ugly in the hundreds of sales I’ve participated in. Here is a brief recap of ten which are especially memorable to me and some noteworthy incidents that I always associate with each of these sales. 1. 1975 EAC Sale, Pine Tree Auctions 1975

As a youngster, my first love was collecting Colonials. I specialized in Connecticut Cents and, at one time, was good enough with these coins that I could attribute many of the 350+ die varieties by sight without a reference book.

The 1975 EAC sale contained what still probably ranks as the finest collection of Connecticuts ever assembled. When I received the catalog I was obsessed and can remember spending days in my room analyzing it and making lists containing first, second and third choices.

I also remember grappling with the financial aspects of the sale. I was ready to spend my net worth at the time (which was probably around $1,500) as well as sell off all my non-essential coins. My mom tried not to be to concerned as she saw my attempts at raising a few thousand dollars to spend at the sale but you’ve got to wonder if my financials wheelings and dealings didn’t alarm her somehow.

There are two things I remember best about this sale. The first is that Richard Picker, a really kind old-time colonial specialist who lived out on Long Island, volunteered to help me bid in the sale and to steer me towards the coins which he thought were the most desirable. And, best of all, he did it for free, just to “help the kid out.” Secondly, I remember that there was a Led Zeppelin concert at Madison Square Garden the day after the EAC auction ended which I had been invited to go to with arguably the best looking girl in my class—and her parents had Garden connections which enabled her to sit in great seats. So within a 24 hour span I was going to participate in my first major auction and go to my first major concert. Life just didn’t get much better than that!

2. New York ANA Sale, Stack’s 1976

I was still in high school when I heard that the ANA convention was going to be held in my home town of New York. This was clearly going to be the highlight of my summer and, as far as I can remember, it was going to be the highlight of my numismatic career, such as it was at the time.

I had participated in Stack’s sales before this but I had always had to have my mother’s written permission for Stack’s to allow me to bid; understandable as how many 13 year kids were trustworthy enough to be spending a few thousand dollars in an auction back then? This time, Stack’s let me bid without my mother’s consent and I remember thinking, for the first time, that I must be movin’ on up in the world of coins.

The sale itself was huge. I don’t know how many of you have actually thumbed through the catalog but it contained seemingly a complete set of United States coins in a dazzling array of grades, dates and denominations. At the time I was mostly interested in Seated coins and decided to focus on the dimes, quarters and half dollars.

I don’t really remember what I bought in the sale but what I do remember is my excitement viewing the auction lots, attending the sale and running around the coin show. From that point on, I was hooked on coins and decided, pretty much then and there, to become a full-time coin dealer. 31 years later, the rest, as they say, is history.

3. R.T. Wilder, Stack’s 1994

This collection of Southern gold coinage is not well-remembered but it contained one of the nicest sets of Charlotte pieces ever assembled. The coins had been consigned to Stack’s in a custom-made plastic holder with a hand-engraved brass plaque which read “Coin of Charlotte N.C. Mint 1838-1861.” The set was complete (except for the 1849-C Open Wreath gold dollar) and it appeared to be very choice.

There was just one problem: the coins had been lacquered at one time and it was extremely hard to determine what their surfaces looked like under the lacquer. As an example, I remember that many of the quarter eagles seemed to be exceptional. But what would the surfaces look like below the lacquer? This was clearly going to be a sale for coin dealers who were very, very confident in their grading.

If you’ve ever viewed coins at Stack’s you know that the lighting isn’t wonderful. I hadn’t brought any special lighting with me and, quite honestly, I couldn’t make good headway in grading the coins. I then had a brainstorm: go buy a halogen lamp.

New York may be The City That Never Sleeps but, on that day in 1994, it was The City That Didn’t Sell Halogen Lamps. I can remember running all over midtown Manhattan looking for a good quality lamp. Some stores were out of them, others had the wrong ones in stock. Finally; I located one and was able to view the coins with a little more confidence.

In the end it really didn’t matter. One dealer wound-up buying most of the coins for a customer who had informed him to purchase the majority of the sale. Ironically, the few coins that I did buy turned out to be really nice once I removed the lacquer and I made quite a bit of money on these.

4. Eliasberg Silver Part II, Bowers and Merena April 1997

This was one of those collections which I would have paid money to look at. It was like opening the door of a numismatic time capsule and viewing hundreds and hundreds of coins which had been put away (and well cared for) for a century.

It was hard to decide what the most exciting area of this sale was. I can remember gasping at the Carson City silver coinage and cooing with love at the page after page of Gem Bust halves. There were amazing Proof Bust coins and the finest run of Bust Dollars I have ever seen. And the thing about these coins that was the neatest was the fact that 80-90% of them had gorgeous original coloration.

I wound up spending more money at this sale than at any other non-gold auction I’ve ever attended. I bought some superb pieces for clients and some great coins for stock, including numerous Gem Seated half dollars from New Orleans. I’m not sure that there will ever be another deal like this.

My favorite memory of this sale involved a well-known and very naughty dealer. The lots were being shown in a tiny room and, as I recall, there were no more than around 20-25 seats available at any time to see the coins. This dealer hogged up a spot for three days and parked three or four of his employees in neighboring chairs. I can remember seeing the looks of disgust on the faces of collectors who waited two full days to view lots but who could never be accommodated. Ironically, this included at least two collectors whose combined numismatic holdings are, today, worth somewhere north of $100 million. At the end of the lot viewing these two collectors were allowed to request around a dozen coins each to view in an “express lane.” Many other collectors never got to view even a dozen lots(!)

5. John Whitney (“Mr. 1796”), Stack’s 1998

This was among the more unique specialized collections ever assembled. John Whitney Walter, a New York businessman, specialized in the coinage of 1796 and he assembled an amazing set of coins which featured high grade examples struck in copper, silver and gold. This was the sort of ultra-competitive “old school” auction which probably will never happen again. I think we can officially say good-bye to small, highly specialized collections featuring unslabbed coins sold in the Stack’s pre-21st century environment.

The sale was held in a fairly small ballroom in one of the mid-town Manhattan hotels; I can’t remember if it was the Park Lane, the Essex House or another location. By the time the sale began, the room was absolutely packed. What I remember most about the crowd was the fact that there were lots of middle-aged men in beautiful suits who looked very rich and very much fit the New York Investment Banker stereotype. None of these guys ever seemed to bid during the sale, but it made for a much more impressive room than your typical drooling pack o’ coin dealers.

But the thing I really remember about the night was that a few minutes into the sale, Donald Trump (and a small entourage) popped into the room. I later learned that that the consignor was some sort of security consultant who had installed a system either in Trump’s house or office (or both) and The Donald decided to grace the room with His Presence. FYI, he never raised his hand to bid and he left after a few minutes (now doubt to do another Epic Deal) but it was a pretty cool few minutes to have The Donald in a coin auction.

6. North Georgia Collection, Heritage 1999

With a value well north of $3 million, the North Georgia Collection of Charlotte, Dahlonega and Bechtler coinage is still the largest single deal I have ever been involved with. Along with my partners Hancock and Harwell of Atlanta, we had numerous difficult decisions to face in the marketing of this collection. Which coins should be sold privately and which should be sold at auction (in a deal which contained over a dozen 1838-D half eagles, this was no easy decision!). Which firm would auction the coins and when? Would the coins be regraded or kept in the original holders?

After a numbers of strategy sessions, we decided to put the coins in the Heritage 1999 FUN auction. This was not an easy decision to make as we were paying interest on a sizable amount of money and had to wait six months for the auction to take place. But in the long run we were happy with our decision.

Looking back at the prices realized in this sale, one can see that in many ways the 1999 FUN sale was the all-time height of the market for most Charlotte and Dahlonega issues, especially high grade pieces. Even factoring in the upgrades that many of the coins in this collection saw in later years, it is still pretty remarkable to look at the levels which they sold for.

When I look back at this sale my memories are bittersweet. The owner of the collection, a truly nice guy named Leon Farmer, passed away soon afterwards and my close friend and business associate Jack Hancock is dead as well. Every time I pull a Heritage North Georgia catalog down off the library shelf to research a coin, I think of these two wonderful men.

7. Bass II, Bowers and Merena 1999

Usually, when I attend a sale I am only interested in a small number of coins. I may have to sit around for hours waiting for the coins I want to bid on but, clearly, I’m interested in a few dozen lots at most. The Bass II sale was the first auction I’ve ever been where I was interested in almost every lot. And there were well over 2000 lots in the sale!

It took me two full days of viewing to see all the coins and another day to figure out my bids. Even three days really wasn’t enough.

This was a sale that should have been broken into at least three more parts. There were simply too many great gold coins in one sale. I can remember $5,000 and $10,000 coins stuck in large lots, multiple examples of very rare dates one after another and a true sense of overload that I can’t imagine will ever be repeated.

My strongest memory of this sale was that it was an endurance contest; a true Coin Marathon, if you will. If I’m not mistaken, the first session lasted between thirteen and fifteen hours and I can remember leaving, bleary-eyed, at 3:00 in the morning. The second session started around 9:00 and last the better part of the day. I remember leaving New York that day with a number of incredible coins and being as tired as I’ve ever felt after an auction.

8. Dallas Bank Collection, Stack’s/Sotheby’s 2001

This collection actually belonged to Jeff Browning, a collector who was active in the Dallas area in the 1960’s and early 1970’s. I had heard about these coins for years and despite the fact that I spent essentially my entire adult life in Dallas I had never had the chance to see the coins (as they were kept in a bank vault in Dallas).

The meat of this collection was a set of Double Eagles which was complete from 1850 through 1932. It included one of just two known examples of the rare 1861 Paquet Reverse as well as Condition Census examples of many of the New Orleans Type One issues. My personal favorite coin in the sale was a fantastic Uncirculated 1879-O (easily the finest known) on which I was outbid by a prominent Midwestern collector.

My strongest memory of this sale is not coin-related. It was held in New York just a few weeks after the 9/11 bombings and I can remember taking the subway downtown with a friend and visiting Ground Zero. It still smelled of smoke and chemicals and many of the shrines which had been erected to the dead were still intact. It was one of the most chilling and moving mornings of my life.

9. The 1933 Saint Sale, Stack’s/Sotheby’s 2002

You probably know all about the importance of this coin and this sale so I won’t rehash old news. But my impressions from the auction are incredibly vivid.

Most coin dealers are very jaded when it comes to auctions and it takes a lot to get us excited. Everyone I knew was excited about this coin. We knew it would bring a record price but no one had a clue who would buy it. The sale took place at Sotheby’s headquarters on E. 72nd St. in New York. It was during the ANA convention and, as I recall, it was in the early evening during a heat wave when getting from place A to place B in Manhattan was even more grueling than usual. I went with a friend of mine and I remember leaving the bourse floor early so that we could get to the sale in time. We took a cab but got caught in horrible rush hour traffic. We wound up leaving the cab and jogging the remaining ten or so blocks to Sotheby’s, arriving in a pool of sweat in our suits.

When we got to the sale it was packed. We stood in the aisle and waited for the proceedings to begin. Because of the fact that we were well-dressed, someone from Sotheby’s grabbed us and escorted us to the front row where we were told to sit. I remember being very excited to have front row seats at what felt like the Numismatic Sale of the Century.

The sale itself was a bit anticlimactic. It was hard to know who was particpating with the exception of some guy a few feet away (Barry Goldwater’s son) who apparently was bidding more as a public relations gesture than as a serious player. Once the bidding hit $5 million it was nearly impossible to figure out what was going on but I do remember it was suspenseful, drawn-out and the numbers being called out by the auctioneer seemed impossibly large for a coin.

When the sale was over, everyone got up, chatted for a few minutes and went their separate ways. It was fun to attend a coin auction which, for once, had all the high dollar drama of an Impressionist Art sale.

10. The Morse Sale, Heritage 2005

When my ex-partner Todd Imhof and I first heard that this collection was coming onto the market, I knew it represented a wonderful opportunity for our company. I thought that the combination of my savvy as an auction participant and Todd’s strong customer base for rare St. Gaudens double eagles meant that we could be THE major participants in this sale. I quickly identified our major competitors for the coins and knew what our strategy would be: we would work harder than anyone to prepare for this sale.

And prepare we did. I flew down to Dallas twice before the sale to carefully look at the coins; each time grading them and taking notes. Then, Todd and I prepared a detailed Morse Guide which we sent to selected customers. The guide gave an in-depth background of each date: its rarity levels, its price history and my comments regarding its grade and appearance and Todd’s estimate as to values.

The sale was originally supposed to occur in West Palm Beach but it was moved to Dallas due to hurricane damage. Psychologically, I thought this was a huge advantage for us as Dallas felt like my “home court.”

The sale itself was hugely exciting. The room was packed and a number of bidders were represented on the bank of phones. There was a vibe in the room not often felt in auctions. To make a long story short, our hard work paid off in spades as we spent over $5 million in the sale, including two coins (a Gem 1921 $20 and a superb 1927-D $20) for over $1 million. To the best of my knowledge this is the only time in numismatic history a single firm has purchased two coins for over $1 million in a single sale. It was definitely fun being able to make history that night at the Morse Sale.

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.