Assembling a Collection of Early U.S. Gold Coins

For many collectors, the decision to focus on early United States gold coins is an easy one. These are some of the rarest, most historic and aesthetically appealing pieces ever produced by the United States mint. Once the decision has been reached to begin a collection of these coins, how do you start? This article seeks to focus on the steps required to begin an early gold collection, offers some suggestions on how to collect these coins and charts a course to help new collectors avoid some of the common mistakes that are often made with early purchases. The term “early gold” refers to those issues struck between 1796 and 1834. There are three denominations: the quarter eagle, half eagle and eagle. Breaking these down further, the following types are known:

Quarter Eagles: Capped Bust Right (1796-1807), Capped Bust Left Large Size (1808), Capped Head Left Large Size (1821-1827), Capped Head Left Reduced Size (1829-1834). Total of four types.

Half Eagles: Capped Bust Right Small Eagle (1795-1798), Capped Bust Right Heraldic Eagle (1795-1807), Capped Bust Left (1807-1812), Capped Head Left Large Size (1813-1829), Capped Head Left Reduced Size (1829-1834). Total of five types.

Eagles: Capped Bust Right Small Eagle (1795-1797), Capped Bust Right Heraldic eagle (1797-1804). Total of two types.

In all, there are a total of eleven major types of early United States gold.

Before we discuss suggestions on ways to collect early gold, there are a few important points that I would like to address.

The first is, not surprisingly, budget. Collecting early gold is not for the collector on a shoestring numismatic budget. Just about any decent quality early gold coin is going to cost in the $7,500-12,500 range. Many of the types listed above start at around $25,000 and quickly shoot upwards. If you are not able (or comfortable) spending this sort of money, than early gold is probably not for you.

The second is quality. As someone who has looked at a lot of early gold, I can tell you that only a small percentage of surviving coins are choice and original. I think it is hugely important to assemble an early gold collection that is oriented towards coins with choice, original surfaces. This is not always going to be possible. There are certain individual rare dates that are virtually impossible to locate with original surfaces and other very expensive issues that the collector may have to compromise his standards. That said, it is my belief that an early gold collection with a small number of lovely original pieces is more inherently desirable than a large collection full of mediocrity. This is one area where CAC certification is important as CAC- approved early gold coins tend to be well above average for the grade and, in most cases, represent what I would consider to be collector quality.

One last thing to mention is the “reality factor” of your collection. As I mentioned above, collecting early gold is not for the faint of heart. These coins are expensive and if you are collecting by date or by series, once you buy the “easy” issues, you’ll have to step up to the plate for some serious wallet busters. If you are not a patient, meticulous collector you won’t have the right mindset for early gold. Even a collector with an unlimited budget is going to have to wait a few years to find a very rare issue like a 1797 Small Eagle half eagle and if the collector is picky, the wait could be three, four or even five years. Collecting early gold is not like Peace Dollars where you can race willy-nilly through a set in thirty days; even if you have an ultra-aggressive dealer helping you through the process. If the thought of working on a challenging set for ten+ years gives you the Numismatic Willies, then stop reading here!

Now that we’ve gotten the warnings out of the way, let’s look at some suggested ways to collect early gold. I’m going to make a few suggestions and list the pros and cons for each.

1. Collecting By Type: For many collectors, the best way to collect early gold is to acquire one nice example of each of the major eleven types. Clearly, the stoppers here are the 1808 Capped Bust Left quarter eagle and the 1829-1834 Capped Head Left half eagle. The former is a one-year type with an original mintage of just 2,710 and a surviving population that is estimated to be in the area of 125-150 coins. Compounding this situation is the fact that attractive comparatively “affordable” examples are very rare and the few that do exist do not trade frequently. The Capped Head half eagles struck from 1829 to 1834 are rare not because of low mintages but due to wholesale melting in 1834 after the weight of gold coins was reduced. All six of the half eagles that feature this design are rare and most of the coins that exist are in comparatively high grades.

The other types in this set are fairly easy to acquire. The set can, of course, be made considerably more difficult to complete if the collector is seeking very high grade coins. But most of these types are comparatively affordable in the lower Uncirculated grades and most are within the reach of collectors of average means in circulated grades.

PROS: It is exciting to think that every coin in this set is different in design. There are only eleven coins and this makes it a realistic project for many collectors. Most of the types are available in higher grades.

CONS: Type collectors may not study early gold in enough depth to become experts. Collectors will have to purchase an 1808 quarter eagle which is an issue that some experts feel is overvalued.

2. Collecting By Denomination: As mentioned above, there are just three denominations of early gold: quarter eagles, half eagles and eagle. Many collectors decide to collect a specific denomination. There are pros and cons for each. For some collectors, the quarter eagles are too small and they prefer a larger, heftier coin. For nearly all collectors, the half eagles are extremely challenging as there are a number of extremely rare and expensive coins and at least one issue (the 1822) is unlikely to become available in our lifetime. The eagle denomination is short-lived but it contains a total of fourteen distinct issues produced from 1795 to 1804.

An early gold set that specializes in a specific denomination is generally focused on quality. It can prove difficult to be consistent with grades in such a set due to the rarity of many individual coins. As an example, in an eagle set most collectors will be able to purchase a 1799 in Uncirculated. But the rare 1798/7 issues are not only very expensive in Uncirculated, they are exceedingly rare. My advice when specializing in a specific denomination is to stretch on the key issues and not to overdo it on the more common dates. In other words, buy the nicest possible 1798/7 but don’t go crazy when it comes to the 1799 or 1801.

PROS: Focusing on a specific denomination allows a collector to become very well-acquainted with an area of the market and this will allow him to become a more informed buyer of coins. Most of the early gold denominations include a number of different types so this collection will have a good deal of variety over the course of time.

CONS: Collecting by denomination can prove to be very costly due to the extreme rarity of many early gold coins.

3. Collecting by Date: Perhaps the most ambitious way to collect early gold is to choose a denomination (or denominations) and to assemble a set that includes one example of each date that was produced. Depending on the resources and ambitions of the collector, this can include prominent varieties for each year as well (such as a Pointed 6 and Knobbed 6 half eagle from 1806).

I just mentioned that resources are a key when it comes to a date collection of early gold. This is especially true for the half eagle; a denomination that includes a host of coins that will run in the six figure range. However, what is interesting about this denomination is that if the collector pretends that the impossibly rare 1822 “doesn’t exist,” this set is actually completable. It isn’t easily completable, mind you, but it can be completed by the collector with lots of money and lots of patience. The other two denominations are easier to finish. The quarter eagle denomination has some rare individual issues but nothing that is impossible. The eagle denomination could even be completed in a reasonably short period (less than a year) if the collector gets lucky and finds the two rare 1798/7 issues.

PROS: A date set is a great way to carefully assemble a well-matched set. I believe that a complete or virtually complete date collection would gain value as a set and it could be well-marketed by a dealer or an auction house.

CONS: There really aren’t any cons except if the collector gives himself an incompletable project. If you are set on completing a date run of half eagles from the 1820’s and 1830’s you need to be wealthy and patient.

4. Exotic Collecting: There are some other ways to collect early gold that are a bit more on the “exotic” side. Some suggestions include a first/year last year set, an 18th century set, a pedigree set and a best-available-coin set. Here are brief descriptions of each.

A first year/last year set has coins made in the first and last years of each denomination and/or type. As an example, a first year/last year date set for quarter eagles would have a 1796 No Stars and an 1834. This could be expanded and it could include a 1796 With Stars and an 1807 to represent the first and last issues of the Stars Obverse type of 1796-1807.

An 18th century set would, obviously, focus on those issues produced prior to 1800. It might include a number of denominations and not be limited to just quarter eagles or half eagles.

A pedigree set would focus on early gold coins with important pedigrees. It might include coins from famous early gold collections sold within the last few decades (Eliasberg, Bass, Norweb, Ed Price, etc) or it might have coins that, through plate matching, can be shown to be from famous older collections from the 1950’s and earlier.

A best-available-coin-set is a group of coins that the collector buys just because he likes them. It might feature an assortment of early gold chosen for their originality or for their outstanding coloration.

PROS: These exotic sets are fun because they are unique to a specific collector. The parameters behind assembling them are not as rigorous as for some of the more clearly defined sets described above.

CONS: Don’t make a set so exotic that you are the only person that “gets” it. Run your idea(s) by your dealer and see what they think.

Collecting early gold is one of the really great areas in American numismatics. I would love to help you assemble a great set of early gold and have lots of experience in this area. For more information please contact me via email at dwn@ont.com.

An Analysis of Values of Gem Three Dollar Gold Pieces: The Heritage 5/09 Sale of the American Princess Collection

In their recent May 2009 Central States auction, Heritage sold a number of very important high grade Three Dollar gold pieces. These were from the American Princess collection which, to the best of my knowledge, was one of the top collections of business strike Three Dollar gold pieces to ever be assembled. By looking at a few of these coins and analyzing the prices they sold for, we can get a better handle on the state-of-the market for very high grade Three Dollar gold.

Full disclosure notice: I sold a number of these to the owner of this collection between 2003 and 2006. I am familiar with the quality of the coins, the prices that he paid for them and their background. In the interest of confidentiality, I won’t mention what the consignor paid but will, instead, focus on what the coins sold for and try to place this within the context of what I expected them to bring in auction and how this relates to the current market.

1855, Graded MS66 by NGC. Sold as Lot 2681 by Heritage, this coin brought $40,250. There are two Superb 1855 Threes known: a PCGS MS66 in the Great Lakes Collection and the coin in the American Princess collection. This is the best 1855 that I have personally seen and I thought it had a good shot to cross as it was very fresh and had great eye appeal. The last auction record for a comparable example was in the 2000 ANA sale where an NGC MS66 (which I don’t think was this piece but am not certain if it isn’t the Great Lakes coin prior to crossing) sold for $25,875. With common date NGC MS66 three dollar gold pieces currently selling in the area of $25,000 I think that the American Princess coin brought a pretty strong price, all things considered.

1861, Graded MS67 by NGC. Sold as Lot 2685 by Heritage, this coin brought $51,750. This is the single highest graded 1861 three dollar seen by either service. It is certainly one of the best two I have seen. I don’t think the coin would have crossed to MS67 at PCGS but not as much because of the quality as the fact that PCGS just doesn’t like to cross MS67 gold coins. The best comparable was the PCGS MS66 sold as Heritage 1/05: 30639 at $46,000. I felt at the time that this MS66 1861 sold cheaply and it was, as I recall, a coin that was sold without reserve at around 3:30 in the morning after a Platinum Night sale that dragged on and on for what seemed an eternity. I thought that the 1861 in the Central States sale would bring in the area of $55,000 so in my opinion the buyer got a pretty good deal. If the coin does wind-up in a PCGS MS67, he got a great deal, as a “population one, none better” example of this scarcer issue could be worth as much as $75,000 to the right buyer.

1871, Graded MS64 by PCGS. Sold as Lot 2687 by Heritage, this example sold for $13,800. I wasn’t wild about this coin from a quality standpoint but I thought it was acceptable for the grade. Trends for the 1871 in MS64 is a very high $30,000 so, from a value perspective, this coin sold very reasonably. As a comparable, Heritage sold a PCGS MS64 back in their June 2004 auction for $13,800. Given the fact that prices for this series appear to have drifted back to their 2004-2005 level, $13,800 is probably exactly the right amount of money for this coin. That said, the buyer (a very smart dealer from the West Coast) is likely to do very well on this piece given the Trends play.

1873 Closed 3, Graded MS63PL by NGC. This coin was offered as Lot 2689 by Heritage but it failed to meet its reserve and did not sell. Interestingly, the only two major pre-1880 Threes in the American Princess collection that didn’t sell were two examples of the rare 1873 Closed 3. I was personally surprised that the MS63PL example did not hit its reserve. This is the single highest graded 1873 with a PL designation at NGC (PCGS, of course, does not designate gold as PL) and it is among the highest graded. My guess as to why it did not sell is that all of the major collectors of this series have a nice example (the Great Lakes coin is a choice PCGS MS64). I also think that there is still a lot of confusion about the origin of the 1873 Closed 3 and Open 3 issues that needs to be clarified. As an aside, this coin is currently available in the Heritage after-sale for $40,250 which seems like a pretty fair deal to me considering that an NGC MS64 brought the same amount all the way back in January 1998 (Heritage 1/98: 7700).

1880 Graded MS65 by NGC, 1882 Graded MS65* by NGC and 1883 Graded MS65 by PCGS. None of these three coins sold, despite being offered with pretty realistic reserves. I wasn’t totally shocked by the 1880 not selling. It was a solid coin for the grade but it’s not all that rare in Gem and most of the buyers of high quality coins in this series are looking for coins in PCGS holders. The 1882 is a coin that’s a pretty hard sell right now. It’s expensive, it’s not that rare and the look of the coin suggested it has visited the NCS lab. The coin that surprised me, though, was the 1883. The coin was really nice and it was in the “right” holder. Unlike the 1880 and the 1882, Gem 1883 Three Dollars are very rare. In fact, the PCGS population is just four in MS65 with two better. The fact that this coin didn’t sell (despite a pretty realistic reserve) indicates to me that there is real weakness in the upper end of this series right now. If this coin had been offered for sale in 2005 or 2006 (when the Three Dollar series was more active) it would have generated considerable interest.

1887 Graded MS66 by PCGS and 1888 Graded MS66 by PCGS. These two coins were offered as Lots 2698 and 2701. They sold for $23,000 and $24,150 respectively. In my opinion, both of these were very nice coins. In fact, when I sold them to the consignor, they were pieces that I had been very careful about selecting and had passed on a number of other examples of these dates. When the market for Gem threes was stronger, these two coins would have probably brought in the area of $30,000-32,500.

So what conclusions can we draw from this small but exceptional group of coins and the Heritage May 2009 CSNS sale? Here are a few things that come to mind:


1. There is no doubt whatsoever that the Three Dollar series is about as cold right now as at any time in the last decade. There are lots and lots of Threes on the market (though not many like the Gems from the American Princess collection) and the supply clearly outstrips the demand. That said, if I were a contrarian collector and I wanted to start a series where I could become King o’ The World it would probably be Threes.

2. In this series, collectors appear to be oriented more towards PCGS coins that NGC, especially very high grade pieces.

3. For most dates in the Three Dollar series, prices for MS65 and better coins appear to be down 20-30% from a year ago. There are exceptions to this rule but these would be for extremely rare and extremely fresh coins.

4. The market premium factor for semi-rare dates in this series is diminishing. As an example, a date like an 1887 or an 1888 in MS66, which is tons scarcer than an 1878, now sells for a much lower premium factor than it did a few years ago. For type collectors, this a great opportunity.

I’d like to dedicate this article to my friend TL. Hang in there, buddy, things will get better soon!

Philadelphia Type One Double Eagles

Since the publication of my book “The Insider’s Guide to Collecting Type 1 Double Eagles” in 2002, this has been one of the strongest and most avidly collected areas in the entire U.S. coin market. I think this is the case for three reasons:


1. Size: New collectors can relate to big, attractive coins and Type One double eagles are exactly the sort of coins that are easy for dealers to sell (and for collectors to buy).

2. Shipwrecks: The discovery of the S.S. Central America and S.S. Republic shipwrecks added a tremendous shot in the arm to this market. Many collectors were first attracted to Type One double eagles by the shipwreck coins but found the series interesting enough that they decided to collect more extensively.

3. Story: There is an incredible amount of history inherent in the Type One series. The 1850-1865 era is pivotal in the story of the United States and this has also attracted many collectors to the Type One series.

I am personally very attracted to the Philadelphia Type One issues. These issues do not get the publicity that the branch mint coins do and, as a result, they remain undervalued. Here is a date-by-date analysis for beginning collectors that, hopefully, will be useful.

1850: This issue is in heavy demand due to its status as a first-year-of-issue. I used to think it was undervalued but now I think it is fully priced, especially in the AU55 to MS62 range. There are as many as 3,000+ known with 50-100 in Uncirculated. There are actually two Gems graded MS65 and another half dozen or so that I grade MS63 to MS64. The current record price was set by Heritage 1/07: 3698, graded MS65 by NGC, which brought a healthy $161,000. Collectors should be patient when looking for an 1850 as there are some very pleasing pieces available.

1851: Over two million were struck but this date is a bit more difficult to locate than most people realize, especially in higher grades. There are an estimated 100-150 known in Uncirculated. I have never seen or heard of a Gem but have known of two or three that grade MS64. Most 1851 double eagles are grainy in appearance with very “choppy” surfaces. However, there are a number of frosty, lightly abraded coins known and the collector would do well to wait for such a piece to appear.

1852: The 1852 is similar in rarity to the 1851 except that it is a bit more available in Uncirculated. Nearly every known example is very heavily abraded and many have inferior grainy luster. Some lightly abraded, frosty pieces are known and I feel that these are desirable and worth a premium. There is a single example in MS65 (graded by NGC) but I have never seen an 1852 that I regarded as a Gem. I have, however, seen at least four or five very nice MS64’s. This date is an excellent choice for novice collectors as it tends to be well-made and affordable.

1853: The 1853 is similar in rarity to the 1851 and 1852 even though it has a lower mintage. I estimate that there are 1750-2250 known but most are in circulated grades and the 1853 is much scarcer in Uncirculated than the 1851 and 1852. I think there are around 30-40 known in Uncirculated and most are in the MS60 to MS62 range. The best I have seen is the NGC MS64 (which I now believe is in an MS65 holder) that was sold in the Superior 5/05 auction for $66,700.

There is also an 1853/2 overdate that is controversial but accepted as such by both PCGS and NGC. It is clearly identifiable by a small raised die dot below the R in LIBERTY. This variety is generally seen in EF and AU grades and from the standpoint of availability it is the rarest Philadelphia double eagle of this type. It is the second rarest in Uncirculated, trailing only the 1859. I am aware of less than a half dozen in Uncirculated and all are in the MS60 to MS62 range.

1854: The 1854 is not a really scarce date in lower grades but it remains scarce and undervalued in AU58 and above. There are an estimated 25-50 in Uncirculated including an MS64 and MS65 at PCGS. The record price for an 1854 is $96,600 which was set by Bowers and Merena 9/08: 831, graded MS64 by NGC. Finding examples with good luster and decent surfaces is very difficult as most are somewhat dull and very heavily abraded.

There are a number of interesting varieties for the year but the most widely collected is the 1854 Large Date. This issue is rare in all grades and it is very rare in Uncirculated. For more information about this variety, refer to the blog I wrote about Type One varieties dated March 30, 2009.

1855: I am a big fan of this date and it is an issue that I have always believed was rarer than its original mintage would suggest. There are around 1,000 known but just 15-20 qualify as Uncirculated. The best I have seen was a PCGS MS63 (later upgraded to MS64) that was ex: ANR 8/06: 1607. It brought $69,000 and was purchased by a well-known Midwestern collector. The 1855 is really hard to find with good eye appeal as most have been cleaned or dipped and exhibit severe abrasions. Pieces that show good luster, original color and minimal marks are very scarce and typically bring strong premiums over the usual “schlock” offered for sale.

1856: This is another sleeper date that I have been writing about for many years. There are an estimated 500-600+ known with most in the VF to EF range. Any 1856 double eagle that grades AU55 or better is very scarce and this date is quite rare in Uncirculated with just 15-25 accounted for. I have only seen one or two that I graded MS63 and another half dozen or so that I thought graded MS62. An auction record was set by Bowers and Merena 1/08: 584, an NGC MS63 example that was bid up to $27,600. Most 1856 double eagles are very heavily scuffed and the vast majority have unoriginal coloration. Finding an example with good eye appeal is quite a challenge and even though price levels have risen quite a bit for the 1856 in the last few years, I think nice pieces are still vastly underpriced.

1857: For many years, the 1857 was regarded as a common date and lumped with the 1851-1853 issues. We now know that this is not true and my best estimate is that only 900-1200+ are known. The 1857 is more available in higher grades than the 1855 and 1856 with as many as 30-50 known. I have seen two that grade MS64 and another two or three in MS63. Many 1857 double eagles show a below average strike and most have poor luster and very heavily bagmarked surfaces. It has become very hard to locate a piece with original color as well. In my opinion, the 1857 remains undervalued, especially in AU55 and higher grades.

1858: With a mintage figure that is less than half that of the 1857, one would expect the 1858 to be a much scarcer date. These two issues are similar in terms of overall rarity but the 1858 is scarcer in high grades. There are just twenty to thirty known in Uncirculated and I have never seen a piece that graded higher than MS63. Eye appeal is a real problem for the 1858 double eagle and the typical example is somewhat softly struck, subdued in appearance and heavily bagmarked. The price of this date in AU and above has risen in the last few years but I feel the 1858 double eagle is still an excellent value as it possible to purchase a very presentable example for less than $5,000.

1859: When my Type One book was published, I stated that the 1859 was the fourth rarest Type One double eagle from the Philadelphia mint. Because of the aforementioned shipwrecks and other hoards, I now think that the 1859 could well be the rarest Type One from this mint. And if it isn’t the rarest, it is certainly the hardest issue to locate with good eye appeal in higher grades. Virtually every 1859 double eagle I have seen is very heavily abraded and these marks are often in prime focal points such as the left obverse field or on the face of Liberty. While the strike tends to be good, the level of eye appeal is nearly always well below average. I believe that there are around 200-250 known including five to seven in Uncirculated. I have only seen one in MS62 and another three in MS61.

1860: The 1860 is a date that is actually a bit more available than one might expect considering its mintage of 577,670. There are an estimated 2,000 known including as many as 100 in Uncirculated. PCGS has graded one in MS65 and NGC graded the finest of the S.S. Republic coins MS65 as well. This is generally a well-produced year and there are still some examples around that have nice color and good luster. The 1860 tends to come with fewer bagmarks than some of the issues from the mid-to-late 1850’s and the collector should be able to find a pleasing piece if he is patient.

1861: Until the discovery of the S.S. Central America treasure, the 1861 was easily the most common Type One double eagle. Today, it is the second most available after the 1857-S. There are at least 4,000-5,000 known and the actual number could be even higher. This is an easy issue to locate in higher grades with coins in MS61, MS62 and even MS63 sometimes available. As such, it makes a good type coin for the collector who prefers a Type One double eagle that is not from a shipwreck. The finest known is an amazing PCGS MS67 that brought $181,500 all the way back in October 1989 when it was sold at auction. I still regard that coin as the single best business strike regular issue Type One double eagle that I have seen.

1862: For many years, the 1862 was a sleeper date that had attained virtual cult status among the small number of people who collected Type One double eagles. Today, its rarity is better known and its value has increased accordingly. I regard it, along with the 1859, as one of the two hardest Philadelphia issues of this type to find although it is more available in higher grades than its counterpart. This is another date for which eye appeal is a problem. Many 1862 double eagles have very heavily abraded surfaces and the luster is sometimes impaired as a result. There are around a dozen or so known in Uncirculated. This includes a solitary NGC MS64 and a combined four in MS63 between PCGS and NGC. The 1862 remains an extremely challenging issue to locate in all grades and it should prove to be one of the tougher holes to fill in any Type One set.

1863: Until the discovery of a number of higher grade examples in the S.S. Republic treasure, high grade examples of the 1863 were extremely rare. Today there are around three dozen known in Uncirculated including one in MS64 and four in MS63. The eye appeal of this date tends to be significantly better than that seen on the 1862. The 1863 is reasonably well struck and original examples show very nice coloration. Many have been cleaned at one time and I have seen more “no grade” examples of this date than nearly any other Type One double eagle from the Civil War era. The coins from the shipwreck have a very unique (and cosmetically appealing) appearance that makes them easy to distinguish from non-shipwreck coins. They tend to have somewhat grainy luster and lack the extensive marks found on most 1863 double eagles.

1864: There are many more 1864 double eagles known today than back when I produced my Type One book. The majority of the new high grade 1864’s are from the S.S. Republic shipwreck which contained at least seventeen Uncirculated examples. Most were in the MS60 to MS62 range and the 1864 remains extremely rare in MS63 or better. Non-shipwreck examples tend to be a bit scuffy in appearance and have frosty luster. From time to time, original pieces are offered for sale and they tend to show attractive deep green-gold or orange hues. In my opinion, the 1864 remains a scarce and undervalued date that does not receive the attention that the (now) better known 1862 and 1863 are showered with.

1865: Close to three hundred Uncirculated 1865 double eagles were found on the S.S. Republic. Obviously, the rarity profile of this date has changed dramatically in recent years and the 1865 has gone from being very rare in higher grade to reasonably common. Some of the coins from the shipwreck were quite spectacular and the best pieces include one in MS66 and no less than two dozen in MS65.

What exactly is it about the Philadelphia Type One issues that appeals most to me? I would have to say that it is value. Unlike smaller denomination coins from this era, there is enough demand for double eagles that there are not many absurdly undervalued issues. But that said, there are a number of Philadelphia double eagles from the 1850’s that can be obtained in decidedly above average condition (in most cases AU55 to AU58) for well under $5,000. I also like the fact that the Philadelphia issues are completable by the collector of average means (unlike the New Orleans coins of this era which have become the playground of wealthy collectors). If I were going to focus on Type Ones, I would work on a set of nicely-matched AU55 to AU58 coins with choice original color and surfaces.

For more information about Type One double eagles, please feel free to contact me via email at dwn@ont.com.

Building A High Quality 19TH and 20TH Century U.S. Gold Type Set: The BVG Theory

In the last few decades, specialized (and highly specialized) collecting has become all the rage in numismatics. But back in the day, anyone who was anyone collected coins by type. I believe that the type method of collecting still applies well to United States gold; especially those coins produced from 1838 through 1933. I wrote an article in March 2000 in which I coined the phrase “Best Value Grade.” This concept (if not this phrase...) seemed to have a big impact on the people who read it and to this day I still have people refer to it when discussing individual coins with me.

In case you’ve forgotten what Best Value Grade or BVG means (and I accept your apology if you have forgotten) I described it as follows back in March 2000: “every U.S. coin has a price point above which it no longer makes economic sense to purchase it.” Let me give you a quick example of the BVG.

Let’s say you can buy a nice MS64 1899-S double eagle for around $3,000-3,500. Seems like a pretty reasonable price for a coin that is relatively scarce in this grade, is probably quite attractive and which has a very limited range of popularity. The same coin, if you can find it, costs around $20,000 in MS65. My belief is that unless you are a large-budget collector who absolutely has to have the best of everything, it makes more economic sense to buy this coin in MS64 and use the saved money for other more interesting items.

My BVG theory applies really well to gold type collecting. Let’s take a look at the various major gold types produced between 1838 or so (the introduction of the Classic Head design) and 1933 (the abolishment of gold issues for circulation).

I. Gold Dollars

There are three gold dollar types that are included in all type sets. The first, known as the Type One, was struck between 1849 and 1854. I personally feel that MS65 coins are the best value in this type. Given the small size of these coins, many collectors have a tough time determining the difference between an MS65 and an MS66 and the former is about half the price of the latter. At the present time, you can find a really nice MS65 Type One gold dollar for under $5,000. I’d pay a small premium and choose an 1849 as this is a neat first-year-of issue.

Type Two gold dollars were produced from 1854 through 1856 and they are among the more expensive coins in a gold type set. Even though MS65 examples have dropped quite a bit in price from a few years ago, I think a nice high end MS64 is a really good value right now. I have seen examples selling in the $15,000 range and this price point makes sense to me. For type purposes, either an 1854 or 1855 will suffice.

Type Three gold dollars were produced from 1856 through 1889. This is one type that as a collector I might splurge a bit on. Very high quality pieces are more available than one might expect and they often have exceptional eye appeal. I would select an MS67 for my type set and these coins are now available for around $4,000. I’d try and pick a date from the early 1880’s as these are a bit scarcer than the late 1880’s issues, yet sell for essentially the same price.

II. Quarter Eagles

Some type collectors begin their quarter eagles with the Liberty Head type but I would suggest adding a Classic Head as well. Produced from 1834 to 1839, this type is attractive, historic and highly collectible. Gem examples of this type are rare and expensive but MS63 and MS64 pieces are available. I would be inclined to go with an MS64. An 1834 or 1836 are the two relatively available dates of this type and a nice MS64 should be available in the $15,000-17,500 range.

The next quarter eagle type is the Liberty Head that was made from 1840 through 1907. I would personally choose an MS66 example for my type set. These had been in a price slump and had dipped well below the $3,000 level. With the current strength in the generic gold market they are back up to around $4,000 but are still good deals at this level. If possible, I’d choose a coin made in the 1890’s as opposed to one made in the early 1900’s.

The third and final quarter eagle type in this set is the popular Indian Head. This is another issue that has seen some price declines in the past few years in higher grades. I’d suggest a nice, handselected MS65. This is going to cost in the $3,500 to $4,000 range and it seems to me to be better value than an MS66 at more than double the price. I’d select a 1908; again, due to its first-year-of-issue status. III. Three Dollar

The charismatic Three Dollar gold piece was struck from 1854 to 1889. This is one of my personal favorite types in this set. The type collector has a number of options here. He can choose a common date in MS65 and probably find a really exceptional coin for less than $20,000. Or, he might choose a common date in MS64 for around $8,000-9,000. Due to the scarcity and uniqueness of this denomination, I might splurge and go for the MS65. The most common dates in high grades are the 1854, 1874, 1888 and 1889.

IV. Half Eagles

The first design type in our set is the Classic Head. It was made from 1834 through 1838. Gems are quite scarce and very expensive so most type collectors will focus on coins graded MS63 or MS64. The former should be available in the $12,500-15,000 range while the latter will cost $20,000 and up. I can see the argument for both sides when considering an MS63 or an MS64 for a BVG gold type set. I think I’d opt for a nice MS63 and I might try and look for any date other than the common 1834. Even though the 1839 is a distinct one-year type, most collectors include it in along with the standard Liberty Head design. There are two major subtypes: the No Motto issues of 1840-1866 and the With Motto issues of 1866-1907. I’ve become a pretty big fan of No Motto half eagles over the years and this is one type that I feel is worth stretching for. For the BVG type collector, the best options are an MS63 or an MS64. A nice example of the former can be found around $6,000-8,000 while the latter will cost $12,500 or so. The Philadelphia issues from the 1840’s and 1850’s are the logical choice for a type set. With Motto Liberty Head half eagles are an easy type to find even in very high grades. For this set, I’d go with a nice MS65 and expect to spend in the area of $4,000-5,000. I would look for a date struck in the 19th century versus one from the 20th century and would expect to pay little—if any—premium for this. The final half eagle type for this set is the Indian Head. The BVG for this type is kind of a no-brainer, given the fact that an MS65 costs around four times more than an MS64. I would look for a nice, high end MS64 and expect to find one in the $4,000-5,000 range.

V. Eagles

The first Liberty Head design type of 1838-1839 constitutes a distinct design but most collectors do not include this as a separate type in their set. Instead, they begin their set with the No Motto Liberty Head issues produced between 1840 and 1866. This is an extremely rare type in Gem and most collectors will be content to add an MS63 or an MS64. As far as the Best Value Grade goes, I’d be inclined to suggest a nice, high end MS63 in the $15,000-20,000 range but could also see the benefits of an MS64; in spite of the healthy $30,000++ price tag and the difficulty in finding such a coin. For most collectors, a Philadelphia coin from the 1847-1856 era is going to be included in their type set.

The With Motto Liberty Head eagles were made from 1866 to 1907 and they are substantially easier to find in high grades than their No Motto counterparts. I would recommend an MS65 and such a coin will cost around $5,000-6,000. As usual, I’d look for a 19th century date versus a 20th but the most important thing to consider for such a coin is the appearance and surface preservation as opposed to the date of issuance.

The final eagle for this type set is the Indian Head. These were issued from 1907 through 1933. This is an interesting design and it features dates that range from very common to very rare. For our BVG set we would focus on one of the common dates and would probably select anything other than the ultra-available 1926 or 1932. An MS65 will cost in the area of $5,000-6,000 and this should suffice.

VI. Double Eagles

There are two distinct designs that exist for this denomination. The first is the Liberty Head. These coins were struck from 1850 through 1907 and are found with three important subtypes.

The first Liberty Head type is the Type One, which was issued from 1850 through 1866. Until the discovery of a number of shipwrecks, this type was extremely rare in higher grades. Now, these coins are plentiful in higher grades. For a BVG type set I would be inclined to go with either an MS64 which will cost around $8,000-9,000 or an MS65 which will cost $12,500 or a bit more. The best issue for a type set is the 1857-S from the S.S. Central America shipwreck.

The Type Two Liberty Head double eagles were made from 1866 until 1876. They are extremely rare in high grades and for most collectors, a nice MS63 is about the best quality that is realistic. For a piece in this grade, we are looking at an expenditure of around $12,500 or so as opposed to $40,000++ for an MS64. The most available dates for a type set include the 1873 Open 3, 1875, 1876 and 1876-S.

The third and final Liberty Head issue is the Type Three. These coins were made from 1877 through 1907 and they are exceedingly common in higher grades. Most BVG collections will feature a nice MS65 and such a coin can generally be purchased for less than $5,000. There are many good dates to choose from but I would suggest, if possible, finding one made in the 19th century as opposed to the 20th century.

The final major gold type is the popular St. Gaudens, struck from 1907 through 1933. Some collectors include a 1907 High Relief in their type set but, for most collectors, a common date in high grades will suffice. I would recommend a very attractive MS66. For well under $4,000 the BVG collector should be able to purchase an outstanding example.

Assembling a high grade set of gold type coins produced from 1834 through 1933 is a good challenge for the beginning, intermediate or advanced collector. By using the Best Value Grade theory, the collector should be able to assemble a very high quality set without overreaching on any of the specific coins.

I would be happy to answer any questions about gold type coins or the theory of Best Value Grade and can be reached by email at dwn@ont.com.

Some Thoughts on Proof Bust Silver Coinage: Part One - Half Dimes and Dimes

Proof gold coinage has been called the “caviar of numismatics” - and with good reason. Everyone loves a nice Proof gold coin and there is no denying the rarity of these issues. But compared to Proof Bust silver coins, most Proof gold is common. I would contend that Proof Bust silver coinage is one of the most fascinating—and undervalued—areas in all of numismatics. The earliest known Proof silver coins (at least those that are universally regarded as having been unquestionably struck as Proofs) date to around 1820. From the early part of the 1820’s until 1837 (when the Capped Bust design was replaced), Proof silver coins were struck in limited quantities. Generally speaking, mintages were around ten to twenty pieces per year. In most cases, official mintage figures were not accurately recorded and rarity estimates today are somewhat speculative. It is clear to state, however, that all Proof Bust silver is, at the very least, quite rare.

The intention of this article is to give the beginning and intermediate collector an overview of Proof Bust coinage by focusing on each of the denominations that were produced in the Proof format. In addition, at the end of this article, I will discuss some pertinent points about these coins that I think are important for all collectors to consider.
I. Bust Half Dimes

There are a few 1794 half dimes known that have been categorized by NGC as Specimen strikings but the first true Proofs were made in 1829. The 1829 has a reported mintage of thirty pieces and it is the most obtainable issue of this type as a Proof by a fairly large margin. I think there are around ten to fifteen known including a few really superb Gems. The best of these is a single example graded PR67 by PCGS; the single finest Proof Bust Half Dime of any date graded by PCGS.

The 1830 has a reported mintage of ten and it is extremely rare with an estimated four or five known. An example graded PR65 by PCGS was recently sold as Lot 1039 in the Heritage 12/08 auction for a strong $50,025. If I’m not mistaken, this is the most that a PR65 Bust Half Dime has ever brought at auction.

The 1831 is another extremely rare issue. I think it is comparable in rarity to the 1831 or perhaps it is just a touch less rare.

The 1832 and the 1833 both have reported mintages of ten Proofs but neither may exist. There have been examples sold at auction as “Proofs” but these were actually reflective business strikes.

The 1834 is probably the second most available date in Proof with as many as ten or so in existence. PCGS has graded two in PR65 and two in PR66 but I have not personally seen a nice example in many years.

The 1835 is a mysterious issue. Ten Proofs were reportedly struck but neither PCGS nor NGC have ever certified an example. Given the fact that Proofs of this year exist for other silver denominations, I would not be surprised if a few exist.

1836 is an extremely rare year with just three to five Proofs known including an amazing PR66 certified by PCGS. No Proof 1837 Bust half dimes are known or rumored to exist. Overall, the Bust Half Dime series is extremely rare in Proof. Only four dates (the 1829, 1830, 1831 and 1834) are even collectible and just one (the 1829) is seen with any degree of regularity. Until recently, Proof Bust half dimes were very reasonably priced given their rarity but this appears to have changed a few years ago. Still, the $40,000-50,000 that it would now take to purchase a PCGS Gem Proof example is still probably good value considering their true rarity.

These coins tend to be very difficult to determine Proof status. Unlike Dimes and Quarters which often “look Proof,” very few Proof Half Dimes of this era have unquestionable status. See the end of this article for some buying tips.
II. Bust Dimes

The Large Size Bust Dimes of 1809 to 1828 are extremely rare as Proofs. It is likely that no more than five to ten Proofs were struck most years and, in some cases, the actual number could well be less. Coinage of Proofs began in 1820.

The existence of Proof 1820 Dimes is controversial but at least one has been certified by NGC. There are an estimated two or three known 1821 Proof Dimes known including a Gem from the Garrett collection.

It is believed that three 1822 Proof Dimes are known. Two have been graded PR66 by PCGS. No Proof 1823 Dimes are believed to exist while three 1824/2’s are known. The finest Proof 1824/2 is the remarkable Bareford/Menjou coin that is currently in an NGC PR67. Many specialists regard this as the single finest known Proof early dime.

There are two or three Proof 1825 Dimes known. The 1827 is the most available Proof of this type with as many as five or six known from an estimated mintage of ten. Interestingly, at least one is known that is from a Proof-only die pair. There are more Gems in existence of this year than of the other early Proofs as well. No 1828 Large Date Proofs are known.

In 1828, the design of the Dime was changed. The 1828 Small Date exists in Proof but it is extremely rare. It has been stated that as many as five Proofs are known but I believe that this is inaccurate and that there are only three. 1829 saw a larger mintage of Proofs with an estimated ten or so struck. At least five or so exist and it is interesting that of the twelve different die varieties known for this date at least three exist in a Proof format.

Proof 1830 Dimes are extremely rare. I believe that there are three or four known including one or two Gems. The 1831 is the most obtainable Proof Bust Dime. There are as many as ten to twelve known and I have seen at least six of these coins including three Gems.

There is just a single Proof 1832 Dime known and it is a PCGS PR64 that I sold to a Louisiana specialist around a decade ago. At one time it was believed that 1833 Dimes were unknown in Proof but PCGS has graded two and NGC has graded four, making it likely that at least two or three distinct examples exist. The finest known is a PCGS PR66 that recently sold for $149,500 in the Heritage 2008 ANA sale.

1834 is among the more available early dimes in Proof. There are as many as seven or eight known including examples in three different die varieties. This includes a piece in the famous King of Siam Proof Set and as many as two superb Gems graded PR67 by PCGS. All 1835 Proof Dimes appear to be struck from the same die pair (JR-4) and this date is one of the more available of this design in Proof. I believe that there are around eight or so known with at least half of these grading in the PR63 to PR64 range. I know of at least two Gems including a PCGS PR67CAM which is unquestionably the finest known.

Proof 1836 Dimes are extremely rare. All are from the JR-2 dies and it is doubtful if more than three are known. None are Gems. The final year of issue for this type is the 1837 and this is a controversial year as far as Proofs go. The authors of the book “Early United States Dimes, 1796-1837” believe that at least two Proofs are known but neither PCGS nor NGC have yet to grade one. I believe that they exist but that they have not traded via public auction since the early 1980’s.

As I mentioned at the beginning of this article, I have some buying tips for collectors who are interested in purchasing Proof bust coinage. These tips are based on having bought many of these coins myself and having looked at most of the major offerings that have appeared at public auction since the mid-1980’s.

1. When it comes to Proof bust coins, pedigree is exceedingly important. With some research, you can determine what a coin sold for before it was slabbed by PCGS or NGC. As an example, if an 1831 Dime that was called a “Proof” sold for a seemingly low figure when it was offered for sale as a raw coin in the 1980’s or 1990’s, this is a strong red flag. For collectors of Proof bust coins, important old-time collections such as Eliasberg, Pittman and Norweb are the Holy Grail. If a coin from one of these collections was cataloged as a Proof and it brought the right level, I’d consider this a strong endorsement for the coin’s status as a Proof.
2. My first rule of determining if a coin is or isn’t as Proof is as follows: if it doesn’t look like a Proof it isn’t. I tend to go with my gut instinct and if I have to convince myself that a coin is a Proof, that’s not a good sign.
3. Just because PCGS or NGC calls it a Proof does not mean absolutely for certain that it is. I have seen a number of coins that these services have called Proof that I do not agree with.
4. Learn which varieties are known in Proof. If a coin is the wrong variety then it probably is not a Proof. Buy the standard references for each series and learn the characteristics of the varieties that have known Proofs.
5. Make a trip to the Smithsonian when it reopens and look at their early Proofs. Or go to the ANA Museum and look at Harry Bass’ early gold Proofs. These are true Proofs and you can get a good idea of what the base line is for comparative purposes.

Next month: Part Two, focusing on Proof Bust Quarter and Bust Half Dollars.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part Two: Eagles and Double Eagles

In the first part of this article, I discussed gold dollars, quarter eagles, three dollar gold pieces and half eagles priced below $5,000 that I felt were good values. In the second part, I am going to continue the same format but focus on eagles and double eagles. Given the popularity and high bullion value of these two denominations, you’d think that eagles and double eagles didn’t offer collectors in the $5,000 and under range many good values. This is far from the case. The eagle denomination contains so many exceptional values that I easily could have chosen over a dozen from the Liberty Head type alone. And there are a number of double eagles that are great values as well.

1. 1838 Eagle in VF and EF Grades

If you have a $5,000 and under budget, you won’t have a lot of opportunities to purchase an 1838 eagle. But if you can stretch your budget a bit and you have a chance to acquire a decent-looking example in a third-party holder, I would strongly encourage you to go for it. I absolutely love this issue. It is the first Liberty Head eagle and it has a low mintage figure of just 7,200. I’ve mentioned before that Trends values for this issue are absurdly low. As an example, the current values for an EF40 and EF45 1838 eagle are $2,900 and $4,025, respectively. This date is worth at least double in these grades but I still think it is a good value, given its historic significance and strong collector demand.

2. 1844 Eagle in EF

Since Philadelphia eagles from this era are not avidly collected by date, the 1844 is an issue that does not get a lot of respect. It is actually among the scarcest No Motto eagles. As of December 2008, PCGS had only recorded twenty-seven examples in all grades (including fifteen in EF) while NGC had recorded thirty-eight in all grades (including fourteen in EF). Allowing for resubmissions, I would estimate that there are around a dozen distinct third-party graded EF examples of the 1844 eagle. Heritage shows just three EF’s in their archives sold since 2000 and I have only handled two EF examples in this last decade. This date is still within reach of most collectors, despite its unquestionable rarity. Trends for an EF40 is $3,000 while an EF45 has a suggested value of $4,000. Were this a more popular series, I could easily see an EF 1844 eagle being worth $6,000-8,000.

3. Common Date No Motto Eagles in AU58

Properly graded, cosmetically appealing common date No Motto eagles from the 1840’s and 1850’s are far less available than one might assume, given current population figures. Let’s look at a random date—the 1851—as an example. As of December 2008, PCGS had graded a whopping two (!) in AU58 while NGC had graded forty-nine (including fifteen from the S.S. Republic). Now let’s assume that the thirty-four non-shipwreck AU58’s from NGC include a number of resubmissions as well as some coins that are not nice for the grade. This may leave us with as few as ten or so properly graded AU58’s. Trends for an 1851 eagle in this grade is just $2,500. So, I would contend that an 1851 eagle in nice AU58 at anywhere close to $2,500 is a fantastic bargain. The same holds true with other supposedly common dates like the 1847, 1848, 1850 Large Date, 1854, 1855, 1859 and 1860.

4. 1852-O Eagle in EF

If you have a budget of $5,000 and less per coin, you can get a lot of bang for your buck(s) in the area of New Orleans eagles. Many of the scarcer dates from the 1840’s and 1850’s are pricey in About Uncirculated but are very affordable in Extremely Fine. One of my favorite issues is the 1852-O. I rank this as the fifth rarest No Motto eagle from this mint (it is tied with the 1855-O and 1856-O) and there are probably fewer than 100 known from the original mintage of 18,000. The current Trends values for the 1852-O in EF40 and EF45 are $1,100 and $2,500. I’m guessing that you’ll have to pay more than this for nice, properly graded pieces but the fact that you can buy a very presentable example of this legitimately rare date for less $2,000 makes it an exceptional value, in my opinion.

5. 1855-O Eagle in EF

Another No Motto New Orleans eagle that I think offers the collector a lot of value is the 1855-O. This date is similar in overall rarity to the 1852-O. In fact, the mintage is identical with just 18,000 produced. What I like about the 1855-O is that while it is genuinely scarce in EF grades, it is not impossible to find. Looking through my records over the last five years, I have bought and sold six of them in EF (two in EF40 and four in EF45) and I have never sold an EF for more than $3,250. If this is a coin that interests you, I’d suggest that you look for a piece that has nice original color and surfaces. Strike is not an important factor on this date but eye appeal is and I would always pay a premium for a good looking example.

As an FYI, I would add the 1846-O, 1848-O, 1850-O, 1856-O and 1857-O as other No Motto New Orleans eagles in EF that are affordable but quite scarce.

6. Low Grade 1863 or 1864-S Eagles

These are two of the absolutely rarest dates in the entire Liberty Head eagle series. The 1863 has an original mintage of just 1,248 business strikes while the 1864-S has a mintage of 2,500. The 1863 has a Trends value of just $4,500 in VF while the 1864-S has a Trends value of $5,500 in VF. That’s the good news. The bad news is that you are going to have a pretty tough time finding an affordable example of either date. PCGS has graded just five 1863 eagles in VF and lower grades and just six of the 1864-S in this range. But if you are patient and keep the funds available, these coins do exist and they, in theory, should be available. I generally do not like gold coins in grades below EF but I would make an exception for either of these. In fact, I’d even buy an 1863 or an 1864-S that had been lightly cleaned.

7. 1872 Eagle

Here’s another really rare coin that won’t appeal to everyone who reads this article. Some collectors prefer higher grade coins and they are going to spend their $5,000 budget on a coin (or coins) that are Mint State or thereabouts. Others appreciate true rarity and will like coins like the 1872 eagle. This issue has a mintage of just 1,620 business strikes and a surviving population of three dozen or so. Unlike some of the other dates from this era, the 1872 is sometimes seen in higher grades and I know of two or three Uncirculated examples including a PCGS MS64. So what does five grand buy you in regards to this date? Heritage 6/08: 2150, a nice PCGS VF25 in an old green label holder, brought $4,313. If you are patient you should be able to buy a very presentable VF for around the same price.

8. 1915-S Eagle, MS62

A few years ago, there was a large spread in values between many of the rare date Indian Head eagles in MS62 and MS63. The reason for this was simple: there was a significant difference in visual quality between an MS62 and an MS63. Today, this is not really the case and many collectors have a hard time telling the difference between an MS62 and MS63. Because of this fact, the value spread between these two grades has shrunk. On a percentage basis, the greatest difference between these two grades is seen on the 1915-S. In MS62, a nice example is worth $7,000 or so. In MS63, the price jumps to $15,000+. In my opinion, a nice MS62 is a good value, especially if the coin has a CAC sticker.

9. 1854-S Double Eagle in EF

Unless you are a Type One double eagle specialist, you probably are not aware of the fact that the 1854-S is a scarce and much undervalued issue in all grades. What is confusing about this date is its relative availability in the lower Uncirculated grades as a result of a few small groups found in shipwrecks a few years ago. In circulated grades, however, the 1854-S is a really scarce issue, especially with original surfaces. Another important factor about this date is its strong historic significance. It is, of course, the very first double eagle produced at the San Francisco mint and it has strong Gold Rush association as a result. Trends for an EF40 is just $2,800 while an EF45 is $4,000. I believe that an attractive EF example at anything close to these levels is a great value.

10. 1855, 1856, 1857 and 1858 Double Eagles in AU

I have been a big fan of these four dates for many years. They are probably the most common coins that I have discussed so far in this article but “rarity” is a relative term and they are part of the very popular Type One double eagle series. If you look at a coin like an 1855 in AU58 and compare it to an 1851-O or an 1852-O in a similar grade, you’ll be impressed. As of December 2008, PCGS had graded twenty-one in AU58 as well as another fourteen higher. The figures for the 1852-O are thirty in AU58 with a dozen better. According to these numbers, the 1855 is certainly in the same league as the 1852-O. But look at the Trends values: the 1855 is $5,500 in AU58 while the 1852-O is $20,000. Now granted that the 1852-O is more popular and it is a branch mint coin. Is it worth nearly four times more, though? If I were a collector of double eagles, I’d want to put together a nice little date run of these four Philadelphia issues in AU58 while they were still affordable.

11. 1868 Double Eagle in AU

I first learned about the 1868 double eagle back in the 1980’s when you could buy a really nice example for less than $1,000. This is obviously not the case today but the 1868 remains the best value in the entire Type Two double eagle series. This date is reasonably available in EF grades but it becomes scarce in the medium AU range and it is quite rare in Uncirculated. Today, a nice AU55 can be bought for around $5,000. Given the fact that the Type Two double eagle series is currently out of favor, I think the opportunity factor for this date hasn’t been this good in a few years. When Type Two double eagles become popular again (and I can pretty much guarantee you they will...) I can see the price of the 1868 rising appreciably.

12. CAC Approved Slightly Better Date Double Eagles in MS64

The market for slightly better dates Saints is pretty interesting right now. Due to a number of factors, dates that formerly had a Market Premium Factor of 10-20% can be purchased for little or no premium over a common date. When the market for these coins becomes less out of whack, I would expect them to regain much of their old pricing premium. The key to buying these dates is holding out for solid coins for the grade and this is why I think paying a premium for CAC examples makes sense. The dates that I like most in MS64 are the 1907 No Motto, 1908-D, 1909-S, 1910, 1910-D, 1911-S, 1913-D, 1914-D and 1922. Not all of these can be bought for common date levels (and you are going to have to pay a premium for a nice CAC coin) but if you do some basic research you will note that a number of these can be bought at nice discounts relative to their highs in 2007/2008.

This was a hard article to write as I could have easily mentioned another dozen issues that I thought were good value at the sub-$5,000 level. Something that many new collectors do not realize is that interesting gold coins do not necessarily have to be “expensive” and that you do not have to be a rich person to put together a fine collection of U.S. gold.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part One: Gold Dollars Through Half Eagles

In this economy, everyone likes a good value. If you don’t have the discretionary funds for coins now that you had a year ago, every last dollar counts. This brings us to the question at hand. Are there good values in the rare gold market in the $5,000 and under price range? And if so, what are they? This article is focused on twelve of the better values that come to mind in the gold dollar through half eagle denominations. I think there are dozens of other pieces that could be added to this list. Part Two of this article, which will appear on my website in January 2009, will cover the eagle and double eagle denominations and will focus on another dozen undervalued issues in the $5,000 and under range.


1. 1865 Gold Dollar

For many years my favorite “sleeper” date in the Gold Dollar series was the 1863. After a long period of neglect, the 1863 has been discovered and it now sells for levels well in excess of current Trends. But there are other Civil War era gold dollars that remain in the budget of the typical collector. My personal favorite is the 1865 which has an original mintage figure of just 3,700 business strikes. Unlike the low mintage gold dollars from the 1880’s, the 1865 was not hoarded and it is unlikely that more than 100-125 are known. Interestingly, the 1865 is almost never seen in lower grades so the range that the collector with a moderate budget should be searching for is MS61 to MS62. In the Bowers and Merena 9/08 auction, an attractive PCGS MS62 1865 gold dollar brought a very reasonable $2,760 and I know of a small number of others in this grade that have sold privately in the $2,500-3,000 range.

To me, this coin is desirable on a number of levels. It is a Civil War issue which gives it historic significance and it is better produced than some of the other gold dollars of this date. It has a low original mintage as well as a modest survival rate. As of December 2008, PCGS has still recorded just forty-four in all grades.

2. 1884 Gold Dollar (MS 64 and above)

I have always thought that with some creative marketing, the gold dollars produced from 1876 through 1889 could be sold as a “short set” akin to the similarly-themed Walking Liberty half dollars of 1941-1947. In this fourteen coin run, the 1884 has always been an issue that I have found to be much undervalued. It is traditionally regarded to be a common date and it seldom gets any sort of premium over the readily available issues such as the 1881, 1883 and 1887-1889. However, it is considerably scarcer and Gems are actually quite rare. The most recent PCGS population figures show forty graded in MS64, twenty-five in MS65 and another thirty-four higher but I believe these figures are inflated by resubmissions.

At current price levels, I like most all gold dollars in MS64 and above but the 1884 seems really reasonable. The patient collector should be able to buy an MS64 in the $1,100-1,300 range and a very nice MS65 for $2,250-2,500.

3. Accurately Graded PR63 Gold Dollars

Most Proof gold is priced well beyond the collector of average means. Generally speaking, if you have a budget of $5,000 or so, you don’t get to play in this market. But there is one exception. Many of the Type Three gold dollars have CDN Bids in PR63 in the $3,900-4,700 range. These are coins that have mintage figures that are often below 100 and even the “common” Proofs struck from 1884 to 1889 have fewer than 100-150 survivors despite comparatively high original mintages in the 1,000-1,700 range.

There are a few caveats that must be thrown in before you run out and try to buy up all the PR63 Type Three gold dollars you can find at CDN Bid. The very low mintage dates from the 1860’s and 1870’s with Bids in the $4,000-5,000 range are basically impossible to find at these prices. It is more likely that the collector with $4,000-5,000 to spend will have to focus on a more available date from the 1883-1889 range. Still, these coins offer a lot of bang for your coin buying buck; especially if you can locate a PR63 with reasonably good overall eye appeal.

4. 1837 Classic Head Quarter Eagle

Classic Head quarter eagles have grown immensely in popularity in the last few years. And with good reason. They are a short-lived, completable set that includes a number of interesting branch mint issues and they form an interesting bridge between “old gold” and the more modern Liberty Head design that was employed all the way up to 1907. Among the Philadelphia issues, I have always had a soft spot for the 1839 but the rarity of this date has become fairly well-known. But the 1837 remains undervalued.

A quick perusal of the PCGS population figures will show that the 1837 is about three times as scarce as the 1834 and 1836 Script 8. If I were going to purchase a single Classic Head quarter eagle for type purposes, I would strongly consider an 1837 and pay the 25%+ premium that this date carries. I would personally be looking for an MS62 as a type coin and if I were specializing in the Classic Head series I’d probably look for a nice AU58.

5. 1842 Quarter Eagle

I wanted to avoid the “needle in the haystack” sort of coins that always drive me crazy when I read other articles of this sort. But I love this date and am still amazed that it is possible that the collector with a budget of less than $5,000 can purchase a very presentable example. In September 2008, I wrote an article about the ten rarest Liberty Head quarter eagles and the 1842 made it onto the list at #10. There isn’t another Top Ten date in this series that is as affordable as the 1842.

Only 2,823 examples were struck and I estimate that between four and five dozen are known. For the collector on a $5,000 or lower budget, I would suggest either an EF40 or an EF45. The former is currently valued at $3,500-4,000 while the latter is worth $5,000-6,000. The only example to sell in recent memory was Heritage 1/08: 3826 (graded EF45 by PCGS) that sold for $4,888; a remarkable value, in my opinion.

6. Uncirculated 1870 Quarter Eagle

There is probably no other 19th century gold series that offers as much value for the collector with a $5,000 or lower budget than Liberty Head quarter eagles. An especially fertile era in the quarter eagle series is the Reconstruction period of 1866-1874. Mintages during this era tend to be very low (in the case of Philadelphia issues, often less than 5,000) and survival rates for higher grade pieces tend to be even lower.

The 1870 is a vastly overlooked issue with an original mintage of just 4,520. There are an estimated 150-200 known but this date is generally seen in EF40 to AU50 and it becomes very scarce in the higher AU grades. In Uncirculated, the 1870 is genuinely rare with an estimated six or seven known. PCGS has only graded three in Uncirculated (MS61, MS62 and MS65). Despite the obvious rarity of this coin, I have sold two Uncirculated pieces in the last year (an NGC MS62 and a PCGS MS61) for less than $7,000 and even though this is a bit of a budget buster for the collector with $5,000 per coin to spend, I believe that this is an issue worth stretching on.

7. 1914 Quarter Eagle, MS63

When it comes to value, I’m not generally a big fan of the Indian Head quarter eagle series. However, I have always liked the 1914 as a date and I think that a solid, high end example in MS63 is a comparatively good value in this series. Here’s my logic. The key date of the series is the 1911-D. The current PCGS population of this date is 321 in MS63 with 331 graded higher. The 1914 has a population of 432 in MS63 with 320 higher. In my experience, the 1914 is not all that different in rarity from the 1911-D until you get up to the MS65 level. The big difference is price. The current CDN Bid for an MS63 1914 is $4,100 while the 1911-D is Bid at $17,500. When it comes to these two dates, I’m of the belief that the 1914 is undervalued and the 1911-D is overvalued. At current levels, I like the 1914 quite a bit.

Assuming that the Indian Head quarter eagle series stays popular with date collectors, there will be a decent level of demand for the 1914. It is, after all, the second scarcest date in the series and it does have recognition as a semi-key. In my experience it can be harder to find an MS63 1914 than a 1911-D (sometimes it seems that there are 1911-D quarter eagles around everywhere you look!).

8. 1884 Three Dollar Gold Piece

This is another date that I’ve touted for many years. It tends not to get the recognition that the 1881 or 1885 get because those two issues have mintages below 1,000 but the 1884 is comparable to the 1881 in terms of overall rarity and it is far rarer than the 1885 in all grades. There were exactly 1,000 business strike 1884 Three Dollar gold pieces produced and an estimated 150-200 are known, mostly in the lower to medium Uncirculated grades.

This is an issue that did not freely circulate and there are just a few dozen extant in circulated grades. Despite this fact, Trends is just $5,000 in AU55 and I have sold very presentable examples in this grade in the $4,000-4,500 range and AU58’s for $5,000-5,500.

9. 1838-C Half Eagle, Choice XF

I wasn’t going to include any Charlotte coins on this list because, quite honestly, I wasn’t sure how many sub-$5,000 pieces I truly consider to be good value. But the more I thought about it, the more I realized that the 1838-C is an issue that really has everything going for it. Numismatic significance? Check—it’s a first-year-of-issue and a one-year type. Collector demand? Certainly—every time I list one on my website, it sells within a few days. Scarcity? While I wouldn’t call this issue rare from the standpoint of total known, it is very hard to find a nice Extremely Fine with good eye appeal.

While prices have climbed quite a bit for nice EF 1838-C half eagles, I think this is another issue that merits a stretch by our hypothetical $5,000 per coin collector. A properly graded, attractive EF40 can still be had for $5,000 or so although such coins are becoming more and more difficult to find.

10. 1847-O Half Eagle, Choice XF

I’ve been raving about the value of this date for years and still the 1847-O half eagle doesn’t command the respect it deserves. Even though it is part of a relatively popular series (No Motto New Orleans half eagles) and it is clearly the key issue in this set, it is still priced at a fraction of the less rare key date branch mint issues from Charlotte and Dahlonega. As an example, let’s compare the 1847-O to the 1842-C Small Date and the 1842-D; the keys from the Charlotte and Dahlonega mints, respectively. The 1847-O has a PCGS population of thirty-two in all grades and a Trends value of $7,000 in EF40. The 1842-C Small Date has a PCGS population of thirty-eight in all grades and an EF40 Trends value of $25,000. The 1842-D Large Date has a PCGS population of sixty-nine in all grades and it Trends for $7,000 in EF40.

It is still possible to buy a nice EF40 example of this date in the $4,500-5,500 range and if the collector is willing to stretch a bit (a well-deserved stretch, in my opinion...) he may be able to find an EF45 for $6,000-7,000. Given the rarity, popularity and upside potential of such a coin, I would give it my strongest recommendation.

11. 1892-O Half Eagle

Here’s another date that I’ve been foaming at the mouth about for years. People have finally caught on to the fact that the 1892-O is a really scarce half eagle but I think it still ranks as one of the neater mintmarked coins of this denomination that you can purchase for less than $5,000. And for $3,000-4,000 you can still buy a really respectable example that is not far removed from Condition Census quality.

There were only 10,000 examples produced and I believe that there are fewer than 100 known; mostly in the AU50-AU55 grades. In Uncirculated, the 1892-O is rare with 15-20 known; mostly in the MS60 to MS61 grades. If you are offered an 1892-O half eagle it is likely to be heavily abraded and probably not really attractive but unless it has really horrible eye appeal, you want to buy this coin. Maybe even two...

12. 1910 Half Eagle, MS64

I’ll let you in on a little Indian Head half eagle secret: in MS64, the 1910 is much scarcer than many of the common issues in this series but unless this series is hot or being actively promoted, you can generally buy it for little or no premium over a date like a 1908, 1911 or 1912.

In truth, no properly graded MS64 Indian Head half eagle is “common.” And I really like the fact that there is a huge price jump to the next grade. With Gems currently bringing close to $20,000, you have to love a nice MS64 1910 half eagle at $4,500-5,000.

As I mentioned at the beginning of this article, there are literally dozens of great values in the rare date gold market. If you have a budget of around $5,000 per coin, there are some exceptional pieces that are available for purchase. In these trying economic times, good value is exceptionally important.

I’d love to hear from you regarding the gold coins in this price range that you feel are great values.

Collecting Coins in Difficult Economic Times

If you are like most people, the last few months have been tough on your pocketbook let alone your psyche. We are, at least for the immediate future, in tough economic times. For some people, there are difficult decisions that have to be made: which bills get taken care of, can the mortgage be paid, do we eat dinner or fill the tank with gas. Fortunately most coin collectors are faced with decisions that are much less dramatic. When people are feeling wealthy, spending discretionary income on something like coins is a no-brainer. You see something you like and you buy it. In a Recession, such purchases become far less impulsive. But I don’t think the coin market is going to come to a screaming halt. Prices may come down (in some cases they may actually raise) but I sense that there will be activity. Simply put, there are just too many people who enjoy numismatics and there is just too much money (in the United States and world-wide) for established hobbies like numismatics to crash. And, if we enter an inflationary period as many experts believe, there could easily be a rush into tangible assets.

That said, I think people’s buying habits will change quite a bit in the next few years. The Irrational Exuberance we saw in the middle part of the decade could be over forever. As someone who has survived a number of lean Numismatic Cycles, I’d like to share some observations on how you can still add coins to your collection, even in tough times.


1. Buy Smart. I can’t begin to tell you the number of purchases I saw in the last few years that were just plain dumb. Collectors battling to the death at auction over coins that weren’t really that nice or rare. Dealers falling all over themselves to buy old holder coins in one grade and paying a price that assured them they would possibly break even if the coin upgraded three points...sheesh!

Being a smart coin buyer means being informed, confident and well-connected. In my opinion, this means taking the time to carefully research the coins that you are contemplating buying, fully understanding the buying and selling process(es) and having a good relationship with a small group of dealers.

I am a huge believer in first impressions being correct. In numismatics, this means having a good feeling about a coin’s appearance, a coin’s price and the person who is selling it. If you have to convince yourself that you like a coin, don’t buy it. If you have to make irrational justifications about a coin’s price, pass. If the person who is selling the coin makes your skin crawl, have a trusted dealer make the transaction for you—or shop somewhere else.

2. Look for Value. I think value is going to be a real buzzword in the coming coin market. You the collector are going to be bombarded with this word but do you really understand it? And, if so, how does it apply to what you collect?

Here’s an example of how I form opinions in regard to value. I have spent quite a bit of time in the last few days doing pricing for the 2010 edition of the Redbook. As I was going through the various sections, one thing that really grabbed my attention was the pricing structure of Extremely Fine Charlotte and Dahlonega half eagles. As an example, virtually every C+D half eagle in EF40 is priced at basically the same amount. Sure, there are a few exceptions but we are talking about issues with a wide range of rarity and availability being priced exactly the same. For instance, the 2010 Redbook prices for an 1854-C and an 1858-C half eagle in EF40 are both $2,500. That’s great except for the fact that the 1854-C is a considerably scarcer coin in this grade (and in all grades higher than EF as well). As a value conscious buyer, I’m going to be looking for the 1854-C half eagles of the numismatic world.

When money is tight and you don’t have as much to spend on your hobby as in the past, make your purchases as value-conscious as possible.

3. Think Long Term. There are many collectors who have never known a slow coin market and they’ve been spoiled. In the past few years, they’ve been able to bail themselves out of trouble when they’ve bought “bad” coins by throwing them into auctions and letting the next buyer come along. In some cases, they’ve been able to turn handsome profits on coins that they had no business buying, let alone selling, for a profit. In a slow market, these “unburials” are going to happen with less and less frequency.

There’s a pretty basic solution to this problem. Buy the “right” coins and buy for the long term. You don’t have to become a numismatic “black hole” who never sells any coins (in fact, I urge you to sell from time to time so that you better understand how this part of the market works). But buy every coin as if you were going to hold it for a reasonably long period of time.

4. Eye Appeal, Eye Appeal, Eye Appeal. If the coin market were to tank in the next few years, the coins that are going to maintain their value better than anything else are the ones that are aesthetically appealing. This is particularly true if you collect a series in which the coins aren’t really rare from the standpoint of total number known. Let’s say you collect Proof Seated Liberty Quarters. If you have a set of coins that are all bright white and which show average quality contrast, the chances are good that these coins will devolve into semi-widget status (unless they are in very high grades). The same set with all beautifully toned original coins or with a mix of toned coins and superb black and white cameo pieces is probably likely to retain more of its value and interest levels even in a poor market.

Coins do not have to be expensive to be pretty. And they don’t have to be in ultra high grades to be considered great eye appeal pieces either. Savvy, sophisticated buyers are often more content to purchase a nice EF45 example of a rare date than a marginal quality AU55. The only time you should allow yourself to buy a coin with marginal eye appeal is if essentially every known example of the type or issue is crudely made. But even in the case of an issue like this (an example would be the 1856-D quarter eagle) there are still pieces that despite a crude or “ungainly” appearance have a certain charm to them that make them clearly desirable.

5. Be Patient. I’m a strong believer of being patient even in a bull market. In a slower market, patience is, I believe, imperative. Back in the day, collectors looked at their collections as long-term endeavors. The collector who was assembling a set of Carson City gold looked at his challenge as something that would take many years, not just a few months. I blame the short attention spans of many new collectors on the internet mentality that says “I want it, I must have it NOW!!” Sure, it is possible to complete a set of Carson City gold in a few months. But the collector who rushes his way through a set is certain to make some potentially big mistakes and he is missing out on the fun of the big, long-term picture.

One thing I’ve learned over the years is that many so-called “rare” coins are not rare at all. Unless you collect a series that is replete with truly rare coins (Liberty Head eagles would be an example of a series that contains dates that ARE truly rare, in my opinion) don’t sweat it if you missed out on a certain coin on a dealer’s website or at auction. You’ll probably find another one in a few months.

6. Buy Special Coins. Whether you collect Roosevelt Dimes or Proof Liberty Head double eagles there are clearly coins which exist that are “special.” In other words, there is something about them that make the viewer stop and look twice. As an example, when I view lots at an auction, I tend to plow through the coins and after a while they literally all begin to look the same. But then some lot will pop up that make me stop, take a deep breath and exclaim, “man, is that cool/pretty/neat.”

For the Roosevelt Dime collector, this “special coin” might be a piece with monster toning or one that is fully prooflike and very unusual as such. For the Proof Liberty Head double eagle collector, his special coin might be a piece with a Bass, Eliasberg or Norweb pedigree or one with splendid natural hazy orange-gold color.

Special coins can also be pieces that have a great story to tell. I have always liked coins that are one-year types or first-year-of-issue pieces because they can be appreciated by someone who knows nothing about the specific series. Even if you could care less about Dahlonega gold or three dollar gold pieces, the chances are good that you’ll still think an 1854-D three dollar is a pretty interesting coin.

One last thought. In tough economic times, the natural instinct for many people is to panic. Your sense of fear may be played on by some of the numismatic newsletters or ads that you read. Don’t buy into this shameless marketing. If you like collecting coins and you can afford to keep buying them, do so. If you think the world’s economy is going to hell in a hand basket, putting 10% or so of your net worth into a nice coin collection probably isn’t the worst thing you can do. Coin collecting is a great hobby and I hope that you’ll call on me to help you with your purchases whether the Dow is 12,000 or 3,000.

The Ten Rarest Liberty Head Quarter Eagles

The response to the article that I wrote last month on the ten rarest Liberty Head eagles was so overwhelmingly positive that I’ve decided to extend this format to other denominations of Liberty Head gold. This month’s topic: quarter eagles. The Liberty Head quarter eagle series was produced from 1840 through 1907. Unlike the larger denomination issues of this type, quarter eagles were never produced at the Carson City or Denver mints. Thus, these coins were produced at five facilities: Philadelphia, San Francisco, New Orleans, Charlotte and Dahlonega.

There are numerous ways in which to collect Liberty Head quarter eagles. Most specialists focus on the issues from a specific mint. The most popular individual mint is Dahlonega, followed by Charlotte and New Orleans.

A small but dedicated cadre of collectors attempts to put together a complete set of Liberty Head quarter eagles. Such a set can be completed although at least two or three issues are very rare and quite expensive. This set is impossible to complete in Uncirculated due to the unavailability of at least one issue (the 1854-S) in Mint State. Every other issue, however, is known in Uncirculated although a number of these are extremely rare.

Some of the collectors who are attempting to assemble a complete set of Liberty Head quarter eagles also include significant varieties. These are generally limited to the ones that are recognized by PCGS and/or NGC.

One interesting way to collect this series would be to focus on the major rarities or key issues. But in the case of the Liberty Head quarter eagles, the most famous coins are not necessarily the rarest. Most readers of this article will be surprised that I have not included the famous 1848 CAL in the list of the ten rarest issues of this type. Even though this is clearly one of the ten most popular (and most desirable) issues, it is less scarce than generally acknowledged and it does not make the Top Ten list.

Without further ado, here are the ten rarest Liberty Head quarter eagles along with pertinent information about each issue:

1. 1854-S

2. 1841

3. 1863

4. 1864

5. 1865

6. 1856-D

7. 1855-D

8. 1875

9. 1866

10. 1842

1. 1854-S: The 1854-S is the rarest Liberty Head quarter eagle by a fairly large margin. There are around a dozen examples known from the original mintage of just 246 coins. Something that I have always found interesting about this date is the fact that most of the survivors are extremely well worn. At least five or six of the dozen known either grade VF20 or less or show damage. In fact, I am aware of just two examples that grade EF (by my standards) and a single coin that grades AU. For many years, the 1854-S was overlooked and, in comparison to other great U.S. gold rarities, it was greatly undervalued. The first example of this date to sell for a six-figure price was Bass II: 472 (now graded AU53 by NGC) that brought $135,700 in October 1999. In September 2005, I purchased an NGC EF45 example that was previously unknown to the collecting community out of an ANR auction for $253,000. This record was broken in February 2007 when a PCGS EF45 brought $345,000 in a Heritage sale. My best guess is that prices will continue to rise for this issue and the next comparatively choice example that is made available to collectors will set another price record.

2. 1841: This is probably the most famous date in this series and, for many years, it was the issue that traditionally sold for the highest price when it appeared at auction. Known as “The Little Princess,” it has been stated that “20 pieces” were struck. For many years, numismatic tradition has stated that these were produced only as Proofs. It is my opinion that some (if not most) were also struck in a business strike format. It is also my opinion that the reported mintage is too low and that as many as 50 or so were made. To the best of my knowledge, the current auction record for this issue is $253,000 which was set in June 2004 when Heritage sold an NGC PR65; this broke the previous record set by Bass III: 105 (graded PR64 by PCGS) back in 2000. I believe that a Gem 1841 quarter eagle, if available today, would sell for considerably more than this.

Note: For more information on this issue, please click here.

3. 1864: Placing this date as #3 on my Top Ten list may be a surprise to many collectors who probably expected the 1863 to make the #3 spot. But I feel the 1864 is clearly rarer than the 1863 and that it is one of the most overlooked and undervalued 19th century American issues. Only 2,824 were struck but, as with most gold coins from this era, the survival rate was very low due to significant meltings. I believe that around 15-20 examples are known. This includes an amazing NGC MS67 (ex: Byron Reed collection) that sold for $132,000 back in 1996 as well as two other Uncirculated coins, an NGC MS61 and a PCGS MS61, that are owned by two different collectors in Kansas. There are another six or seven that grade AU and the rest are in the VF-XF range. Despite this coin’s rarity, it is still affordable (especially in comparison to #1, #2 and #4 on this list).

Note: For more information on this issue please click here.

4. 1863: The 1863 is the single Proof-only quarter eagle of this type (although the 1841 has traditionally assumed to be as well; see above for my refutation of this belief). There were a total of 50 pieces struck of which I would estimate that around 20 or so exist. I place this coin as #4 on my Top Ten list based on the fact that I have seen far more 1863 quarter eagles available for sale in the last ten years than 1864 quarter eagles. Nonetheless, this is a very rare coin and it has always been a stopper for date collectors of this denomination. As recently as the middle of this decade, prices for this issue were relatively modest, considering this date’s rarity and significance. Nice PR63 to PR64 examples were selling for $35,000-50,000+ until a few years ago when prices began to jump; as they did for all Classic Rarities. The all-time auction record for this issue was set in January 2007 when Heritage sold an NGC PR66 Deep Cameo for $149,500. I have handled three examples of this date in the last four years. The 1863 quarter eagle is generally found with light hairlines but excellent contrast and very deep mirrors. It is a date whose importance is only now being fully realized and I believe that it is an issue whose price levels will continue to soar as this series becomes more popular.

5. 1865: Due to the fact that it has a mintage of just 1,520, some people have assumed that the 1865 is a rarer date than the 1864. This is not the case as the 1865 appears to have a slightly higher survival rate. My best estimate is that there are 25-35 examples known. According to the PCGS Population Report, there is an example graded MS63. I am not aware of this piece but assuming that it exists, it is by far the finest known and it is the only Uncirculated 1865 quarter eagle that exists. Both PCGS and NGC show an abnormally high number of coins graded AU58 and this is as a result of multiple resubmissions. I believe that there are around six or seven properly graded AU’s known as well as another ten or so in EF. When available, this date tends to have below average eye appeal due to very scuffy surfaces. I haven’t seen more than a handful of 1865 quarter eagles that were totally original and choice. At current price levels, I think this coin is excellent value as it is a major rarity that can be purchased in a Condition Census-level grade for less than $20,000.

6. 1856-D: There may actually be one or two quarter eagles that I placed lower on this list that are scarcer than the 1856-D. But these don’t have the little “D” mintmark placed on the reverse; a feature that makes this coin so endearing to specialists. Oh—and they don’t have an original mintage of just 874 coins either. The 1856-D is the rarest Dahlonega gold coin of any denomination with an estimated 45-55 pieces known. It is generally seen in EF grades with many advanced collectors holding out for a nice AU coin for their collection. As I have mentioned in past writings, this is probably the single hardest United States gold coin to properly grade due to the fact that it was poorly struck from improperly prepared dies and many examples have the luster and surfaces of one grade but the detail of another, far lower grade. The current auction record for an 1856-D was set by yours truly when I purchased the Heritage 4/06: 1513 coin for $71,875. This piece graded MS61 by NGC and it is certainly among the finest known.

Note: For more information on this issue please click here.

7. 1855-D: The 1855-D is the second rarest Dahlonega quarter eagle. For a number of years, I believed that it was the rarest but this is mistaken as the 1856-D (see above) is clearly rarer. Only 1,123 1855-D quarter eagles were struck and an estimated 50-60 are believed to exist. This issue tends to be a bit better struck than the 1856-D but it is another issue that the eye appeal tends to be negative. Any 1855-D that is well struck and which shows original color is very rare and worth a significant premium over the typical example. Most are seen in the VF to EF range and properly graded AU’s are very rare. I have only seen one or two that I regard as Uncirculated. The finest known is the example in the Smithsonian that is said to grade MS62 or thereabouts. The all-time auction record is Heritage 4/06: 1512 (graded MS61 by NGC) that realized $54,625.

Note: For more information on this issue please click here.

8. 1875:If this article had been written a few decades ago, it is likely that the 1875 would have ranked much higher up the list. With an original mintage of just 400 business strikes, it is easy to see why this date was once believed to be an extreme rarity. It appears that the 1875 is actually a bit more available than one would assume (this is also the case with the ultra-low mintage gold dollar of this year) with as many as 50-60+ pieces known. That said, the 1875 quarter eagle is still extremely popular and I love the fact that the collector of average means can still purchase a decent EF example, given the fact that these still trade in the $4,000-5,000 range. The 1875 becomes rare in properly graded AU55 and it is very rare in Uncirculated with four to six known. The finest I have seen is Goldberg 5/99: 666 (graded MS64 by PCGS; it sold for $25,300) while the second best is probably the Bass II: 587 coin (graded MS62 by PCGS; it brought $17,250 back in 1999). The 1875 quarter eagle is nearly always found with fully prooflike surfaces but it is easy to distinguish from a Proof due to an entirely different date position.

9. 1866: As you can tell from this list, the Philadelphia quarter eagles from 1863 to 1866 include many of the rarest individual issues in this entire series. The 1866 is not quite in the same league as the 1864 or 1865 but it is another rarity with an original mintage of just 3,080. There are around 55-65 known with most in the EF40 to AU50 range. The 1866 is extremely scarce in the middle AU grades and rare in properly graded AU58. There are around five or six known in Uncirculated. Interestingly, this date was unknown in Uncirculated at the time Akers wrote his seminal guide to quarter eagles. I am aware of at least two Gems and another coin that grades MS64. The all-time auction record is held by Heritage 5/07: 2239 (graded MS65 by PCGS; it sold for $40,250). All 1866 quarter eagles have satiny luster and surfaces that show pronounced horizontal die striations.

10. 1842: This is probably the least well-known date in my Top Ten list and, honestly, I think I am slighting it by ranking it as “only” #10. The 1842 quarter eagle is very scarce in all grades and around 50-60 are known from the original mintage of just 2,823. Unlike the 1866 and 1875, this issue is generally seen in very low grades and it becomes extremely rare in AU. I doubt if more than five to seven properly graded AU’s exist and in Mint State the 1842 is unique. I sold a PCGS MS62 a number of years ago to a Kansas collector who owns the finest set of Liberty Head quarter eagles ever assembled. I had earlier bought the coin from the Superior 9/99 auction where, as Lot 1863, it sold for $31,050. Despite this issue’s unassailable rarity, it is still very reasonably priced. I have seen examples in EF grades bring between $3,000 and $5,000 at auction which seems downright cheap for a coin that is many times rarer than its better-known (and more expensive) branch mint counterparts from this era.

There are a number of other Liberty Head quarter eagles that I think are worthy of Honorable Mention status. These include the 1844, 1845-O (if the Top Ten list featured bonus points for popularity, I would have certainly included this date instead of the far less popular 1866 or the more obscure 1842), 1862/1, 1863-S, 1867 (possibly the most underrated date in the entire series) and the 1872.