San Francisco Double Eagles: A Date by Date Analysis Part Two

The second part of this study on San Francisco double eagles deals with the Type Two issues struck from 1866 to 1876. There are no absolute rarities in this series as with the Type One issues but there are a number condition rarities as well as affordable dates that are easy to locate in Extremely Fine and About Uncirculated grades. Let's take a look at each date and focus on the higher grade coins as these tend to be the most interesting Type Two double eagles from this mint.

1866-S With Motto: After a small number of No Motto double eagles were struck in San Francisco in 1866, the change was made to the new With Motto design. The 1866-S With Motto is desirable as a first year of issue date but it is not really rare in terms of overall rarity. It tends to be found in lower grades (EF40 to AU50) and is nearly always seen with heavily abraded surfaces and poor eye appeal. It is scarce in properly graded AU55 to AU58 and rare in Uncirculated with an estimated two to three dozen known. It is extremely rare in MS62 above and none have been graded better than this by PCGS or NGC. The population figures in MS61 seem to be very inflated at both services and a few of the coins that I have seen in MS61 holders are marginal at best for the grade. The current auction record is $39,100 set by Bowers and Merena 7/06: 1667, graded MS62 by PCGS.

1867-S: The 1867-S is a bit more available than the 1866-S With Motto in terms of overall rarity. In Uncirculated it is actually more rare with an estimated 15 or so known. The finest is a single MS63 at NGC; another five or six are known in MS62. This date is typically seen with a flat strike, very "ticky" surfaces and poor luster. Examples with good eye appeal are quite hard to locate and are worth a good premium over typical coins. Properly graded AU55 to AU58 pieces are very scarce and any example that grades above MS61 is extremely rare. The current auction record is $22,425 set all the way back in 2002 by Superior during the ANA auction; this was for a coin graded MS62 that is still the best that I can recall having seen.

1868-S: The 1868-S is the most common Type Two double eagle from San Francisco struck during the 1860's. It is plentiful in grades below AU55 but it is scarce in properly graded AU58 and rare in Uncirculated. I think there are around three dozen known in Uncirculated with most in the MS60 to MS61. Above MS61, the 1868-S is extremely rare. The highest graded is a single MS64 at NGC; the services have combined to grade four in MS62 with just one of these at PCGS. This date comes better struck than the 1866-S and 1867-S and has better luster as well. Like all San Francisco double eagles of this type, it is plagued by excessive surface marks. The natural coloration is often a pleasing rose-gold; others are found with orange-gold or greenish-gold hues. The current auction record was set by Heritage 2006 ANA: 5644, an NGC MS62 that sold for $32,200.

1869-S: The 1869-S is just a touch less available than the 1868-S in circulated grades but it is more available in Uncirculated. There are as many as 50-75 known in Uncirculated with most in the MS60 to MS62 range. This date is extremely rare in MS63 and above although there are a few really nice MS64 pieces known. The population in MS64 is currently eight coins (five at PCGS and three at NGC) but this includes some resubmissions. Interestingly, the NGC population in MS64 declined from nine in November 2009 to its current three and this indicative of the fact that one coin has been resubmitted numerous times in an attempt to make the first MS65 of this date. The 1869-S tends to have better luster than the earlier Type Two SF issues but it is nearly always found with abraded surfaces. The current auction record is held by Heritage 2005 ANA: 10413, graded MS64 by PCGS, which brought $83,375.

1870-S: I regard the 1870-S as one of the real "sleeper" dates in the Type Two SF double eagle series. It is similar in rarity to the 1869-S in EF and mid-range AU grades but it becomes very scarce in properly graded AU58. It is quite rare in Uncirculated with around 40-50 known but nearly all are in the MS60 to MS61 range. In MS62, the 1870-S is extremely rare (I know of only two) and there is just one graded better than this, an MS63 at NGC. This date has decent luster and can be found with an acceptable strike but many of the higher grade pieces have been processed and nice, original coins with decent surfaces are rare. The current auction record is $33,350 which was acheived by Heritage 4/10: 2311. This coin, by the way, was the single best 1870-S double eagle that I have personally seen.

1871-S: In my experience the 1871-S is considerably more common than the 1869-S and 1870-S although the populations figures for the 1871-S are just a bit higher. It is readily available in EF and AU grades and it is much less rare in Uncirculated than the preceding Type Two issues from SF. There are around 75-100 known in Uncirculated and examples in MS60 to MS61 are reasonably priced and available from time to time. In MS62, the 1871-S is rare and it is extremely rare above this. PCGS and NGC have both graded a single example in MS64 while only four are recorded in MS63 (three at NGC and one at PCGS). This date is sometimes seen with semi-prooflike surfaces and it tends to be well struck by the standards of Type Two double eagles. Surface marks and lack of originality are always a problem with the 1871-S. The current auction record is Heritage 1998 ANA: 7856 which brought $32,200. It is graded MS64 by NGC.

1872-S: The 1872-S is generally lumped with the 1871-S but I think it is a harder coin to find in all grades and it is somewhat undervalued. It is a well-made issue with a good strike and nice luster but surface marks tend to be a problem and it is very hard to find choice. The 1872-S is seen from time to time in the lowest Mint State grades but it becomes very scarce in MS62 and it is extremely rare above this. PCGS has graded nothing higher than MS62 (and just four at this level) while NGC shows a single MS63 and MS64 as well as three in MS62. The current auction record is Stack's 9/09: 5570, graded MS62 by PCGS, that brought $12,075.

1873-S Open 3: There are two varieties of double eagle known for the 1873-S. The Open 3 is the rarer of the two. It is usually seen in the AU50 to AU55 range and it is scarce in the lower Uncirculated grades. It is very rare in MS62 and appears to be unknown above this. Most examples are a bit flatly struck and are almost always severely abraded. It is also very hard to find pieces with nice natural color. NGC and PCGS have combined to grade only seven in MS62 and the current auction record is $28,750 set by Heritage 9/09: 1818 (graded MS62 by PCGS) which is, by the way, the only certified MS62 1873-S Open 3 double eagle to have ever been sold at auction.

1873-S Closed 3: This is the more common of the two varieties. I regard it as around three times more common than the Open 3. It is easy to locate in all circulated grades and it is not especially scarce in MS60 to MS61. It becomes scarce in MS62 and it is extremely rare in MS63. The finest graded are a pair of MS63's at PCGS; NGC shows nothing better than a group of fifteen in MS62. The 1873-S Closed 3 is nearly always very heavily abraded. It tends to have better color and luster than its Open 3 counterpart but it is clearly an issue that was handled roughly with many coins transported loosely in bags. The current auction record is Stack's 6/97: 1583 which brought $15,400. I do not know the current location of this coin or what it grades by today's standards.

1874-S: The 1874-S is one of the more common Type Two double eagles from the SF mint but it is less available than the 1875-S and 1876-S. It is well struck and lustrous but most higher grade pieces show numerous marks on the surfaces that limit the grade. It is reasonably available in the lowest Mint State grades but it becomes very scarce in properly graded MS62 and it is quite rare in MS63. The combined PCGS/NGC population for this grade is just seven coins with none better and I do not recall having seen more than two or three in MS63 that I thought were choice. The current auction record is $18,975 for an NGC MS63 sold by Heritage in their 1998 ANA auction as Lot 7861. Remarkably, this is still the only certified MS63 to sell at auction.

1875-S: The 1875-S is the second most available San Francisco Type Two double eagle. It is very common in all circulated grades and plentiful in the MS60 to MS61 range. It is moderately scarce in MS62 and very scarce in properly graded MS63. In MS64 it is extremely rare with a current PCGS/NGC population of just six. There is just a single Gem known and it is a mind-boggling PCGS MS67 (it has been graded as such by NGC as well) that was originally ex Stack's 3/95: 715 where it brought $82,500 as a raw coin. It traded for more than five times this amount last year when it was sold by private treaty. It is the single finest known Type Two double eagle of any date or mint.

1876-S: This is easily the most common San Francisco Type Two double eagle and this makes it perfect for the type collector who is seeking a single high grade issue from this mint. It is very common in the lower Mint State grades and it can be found from time to time in properly graded MS63. It is very scarce in MS64 and extremely rare in Gem. PCGS has graded just one in MS65 while NGC has graded two. The current auction record is held by Heritage 1/10: 2257, graded MS65, that brought $207,000. This is an all-time record for any Type Two double eagle from this mint at auction; at least one coin has brought more via private treaty.

The Type Two double eagles from this mint are a short-lived set that contain no rarities. The set can be assembled in Uncirculated grades although a few of the issues are essentially unavailable above MS61 to MS62. These coins are currently somewhat out of favor and it seems like a good time for the savvy collector to consider working on a nice, evenly matched set of San Francisco Type Two double eagles.

A Quick Look at the Current Market for Type One Double Eagles

How's the market doing for Type One double eagles? Good question and one that I feel well-qualified to answer, having been a very active participant in this market for over two decades. We've had a lot of interesting external factors shape the Type One market in the last few years. Naturally, the severe economic conditions of 2007-2009 had a profound influence; especially at the high end of the market. And even if the economy had been strong there's a chance that prices for rarities might have slowed down on their own, given the extreme rise in prices we had seen in the Type One market for the previous five years. It was natural that there would be some profit taking; what I didn't expect was some of the forced sales we saw in 2007 and 2008.

And then there is the X factor in the Type One market: the incredible run-up in gold prices that has seen metal prices top $1,200 per ounce, and the associated pressures on supply that this has brought with it.

All that said, I'm pretty amazed at how strong this segment of the market is right now. In my mind, there is no question that most Type One double eagles valued at less than $5,000 are in greater demand than I can ever remember. I also think that prices are about as strong as I can recall for these coins. If you look at recent auction, nearly all decent quality EF45 to AU58 Type One double eagles are bringing in excess of Trends (more on pricing in a second...) and these coins are typically selling at auction to dealers; not necessarily end-user collectors.

The coins priced at $5,000-20,000 are generally quite strong as well, although not as much so as at the lower price point. The key factors for Type One double eagles in this price range are: eye appeal, eye appeal, eye appeal and the "sexiness" of the date. This is clearly a collector-oriented market and really pretty coins (i.e., those that are not excessively bagmarked, those that are not all bright and shiny and those that are well-made) are in great demand. Average and below-average quality coins still sell; especially if they are useful dates. But they do not bring the premium prices that the nice coins bring.

The real weakness in this market a few years ago was with the expensive coins. As I touched on above the reasons for this were twofold. When the world economy seemed to be melting down, people weren't all that crazy about dropping $50,000 on a coin. And prices had risen so much on many of the key issues that many market participants wondered if certain key issues were still good values at the levels they had risen to.

Before addressing some specific areas in the market, I mentioned earlier about difficulties with pricing. Coin World Trends ability to keep up with this area in the market appears to not be as good as it was before and many Type One issues now sell for over Trends. This is particularly true with less expensive coins in circulated grades.

Let's look at how the coins from each of the three mints are doing.

New Orleans: If you bought good quality New Orleans double eagles at any time before 2005, pat yourself on the back. You are in a profit position and, in some cases, you are in a huge profit position. New Orleans Type One coins remain strong but not as robust as they were in 2005-2007. The dates that I see some weakness in right now are the 1857-O and 1858-O and, to a lesser extent, the 1859-O and 1860-O. The former seem a bit weak due to the fact that a number of coins in the AU grades have been available and these are two of the few Type One issues where supply seems able to keep up with demand. The latter have cooled off as a result of the fact that some truly awful AU coins have sold slightly cheaply at auction. Very nice AU55 and AU58 1859-O and 1860-O double eagles are extremely rare and choice, properly graded examples will bring well in excess of what the schlocky auction pieces have realized. It is interesting to note that few 1854-O and 1856-O double eagles have traded in the last year or two. I heard through the grapevine that an NGC AU55 1854-O traded for over $600,000 between dealers at the recent Long Beach show. If this is true then, it appears, the market for this ultra-rarity is just fine, thank you.

Philadelphia: I'd have to say that the better date Philadelphia Type Ones are the coins du jour in this series right now. The specific coins that seem to be in real demand are the 1854 Small Date, 1855, 1856, 1857 and 1858. Nice AU examples of these five issues are still buy-able at less than $5,000 and offer alot of bang for the Type One buck. The 1850 is as popular as ever due to its first-year status and the common 1851-1853 issues are in real demand in Uncirculated due to the fact that they are still reasonably priced and occasionally available. The two key issues from this mint, the 1854 Large Date and the 1859, have really come into there own in the last year. I personally love the latter issue and think it is still hugely undervalued in all grades from Very Fine to Mint State. If I were a betting man (and as a coin dealer, I obviously qualify as such) I would say that the Civil War issues will be exceptionally active in the next few years, given the 150th anniversary of the beginning of that conflict is in 2011. The 1862 is already an expensive, well-recognized issue and the 1863 is well-known but the 1864 and 1865 are affordable in circulated grades and seem like good values right now.

San Francisco: In all other denominations, the San Francisco coins lag the other branch mints in popularity. This is not the case in the Type One series where the San Francisco coins are quite popular. We can attribute this, of course, to the shipwreck coins which have been a blessing to the market and which have have made many new collectors aware of and interested in other San Francisco double eagles of this era. The post-shipwreck dates (1858-S, 1859-S, 1860-S, 1861-S) are very popular right now and appear to be bringing close to or even above Trends in AU55 and AU58. The few sales records for Uncirculated pieces in the last year have been very strong and they seem to be consistently at levels higher than 2006-2008. Two interesting individual dates to look at quickly are the 1861-S Paquet and the 1866-S No Motto. For many years these were greatly undervalued and I can remember imploring collectors to buy them at $10,000-20,000 in the early part of the 2000's. They soared in price then came down quite a bit in 2007 and 2008. After being unobtainable in Choice AU for many years, there were a lot of over graded, marginal pieces for sale. I've noticed that there are two very distinct markets for these two issues: the market for low-end pieces and the market for choice, CAC-quality pieces.

I believe that we will continue to see a very strong market for Type One double eagles in the coming years. These coins are big, they contain nearly an ounce of gold, they have a great story behind them and there are still a lot of different dates that can be bought for under $5,000 per coin. I am as bullish on Type One double eagles as on any coin in the market right now.

Carson City Double Eagles: An Introduction and Overview

Carson City twenty dollar gold pieces, or double eagles, are the most available gold coins from this mint. Only one date in the series, the 1870-CC, can be called truly rare, although a number of other dates are very rare in high grades. Amassing a complete collection with an example of each date is an enjoyable pursuit. And if you decide not to include the 1870-CC because of its prohibitive cost, don’t despair; many collections do not include this date. A collector of average means can put together a nice set of Carson City double eagles with the average coins in the Extremely Fine and About Uncirculated range. The collector will soon learn that only the 1870-CC presents a great challenge in terms of availability. There are an estimated 40-50 examples known in all grades. This means that no more than four dozen or so complete collections of Carson City double eagles could possibly exist. In comparison, the maximum number of Carson City half eagles that could exist is around five dozen while around three dozen (or a few more) eagle sets from this mint might be formed. In each series, the 1870-CC is clearly the “stopper” or key date.

The completion of an average quality Carson City double eagle set is somewhat easier than a comparable half eagle or eagle set, provided that the collector is willing to accept coins that do not grade Mint State-60 or better. There are just 19 dates required to form a complete set. Carson City double eagles are without a doubt among the most popular United States gold coins. Their large size, combined with their romantic history, makes them irresistible to many collectors. This fervent collector base is most evident when one examines the great popularity of the 1870-CC. This issue has increased dramatically in price and popularity since the last edition of my Carson City gold coins book was published in 2001. As this is being written (2010) there are a few examples actually available to collectors but a few years back it was nearly impossible to locate an 1870-CC double eagle at any price.

As with the other Carson City gold series, it is very challenging to pursue the double eagles in higher grades; in this case About Uncirculated-55 and higher. It becomes even more of a challenge when the collector demands clean, original coins with a minimum of bagmarks and abrasions. As a rule, CC double eagles are less rare in high grades than their half eagle and eagle counterparts (at least the issues from the 1870’s and 1880’s). This means that locating really choice coins is not as difficult as with the half eagles and eagles from the first decade of this mint’s operation.

More than most other Liberty Head double eagles, the Carson City issues have tended to remain popular and increase in value over the course of time; regardless of their bullion value. One of the major reasons for this has to do with the great story behind these coins. CC double eagles are reasonably easy to promote due to their relative availability (especially in lower grades) and their wonderful history. These coins have long proven easy to sell to non-collectors and pure investors. Interestingly, the Japanese were major buyers of Carson City double eagles in the past and this is due to their interest in the legends and history of the Old West. I am aware of several American dealers who sold a number of Carson City double eagles to the Japanese and other Asians.

At the present time it remains impossible to assemble a complete set of Uncirculated Carson City double eagles. At least one of the nineteen dates is unknown in Uncirculated. However, more dates in the double eagle series exist in full Mint State than in the half eagle and eagle series, both of which contain a number of issues that are either unknown or excessively rare in Mint State.

The 1870-CC is unknown above the AU53 to AU55 range while the 1871-CC and 1872-CC has just three to five and five to six, respectively. The 1878-CC and 1879-CC are extremely rare in Uncirculated as well with fewer than ten pieces believed to exist. The 1873-CC and 1891-CC are very rare in Uncirculated and almost unobtainable above the MS60 to MS61 range. The 11874-CC, 1877-CC and 1885-CC are considered to be quite rare in full Uncirculated as well. Conversely, a few Carson City double eagles are very plentiful in Uncirculated. These dates include the 1875-CC, 1890-CC and 1893-CC of which hundreds are known in the MS60 to MS62 range. It should be stressed that well over 90% of all Uncirculated Carson City double eagles are in the MS60 to MS62 range and any date in extremely rare and desirable in properly graded MS63 or above. I have still never seen or heard of a Gem and have only seen one piece (an 1875-CC) that I regarded as being close to MS64.

High grade Carson City double eagles are in very high demand by date collectors and type collectors. I doubt if there are as many as twenty Carson City double eagles that are true MS63 coins by today’s standards. CC double eagles are essentially unknown in high grades because of the rough way in which they were handled and if a Gem is to ever show up it is likely to be an Assay coin or a piece that was given special treatment by a VIP or prominent local family.

There was probably not a single coin collector alive in Nevada at the time these coins were produced. The few MS63 to MS64 coins that do exist were preserved by good fortune or sheer happenstance. Many were stored in the vaults of European, Central American and South American banks after they had been shipped there as payment for international debts. While stored in these banks they were protected from the American gold recall of 1933 and the wholesale meltings that took place during this period. Many of these coins have worked their way back to America since the 1960’s as their numismatic value increased. Despite the fact that literally thousands have been repatriated, more Carson City double eagles are still being found in Europe, Central America and South America.

An examination of the series reveals some interesting rarity trends. Survival statistics depend, to some extent, on the original mintage figures. But they vary widely according to the year of issue.

The rarity trends for CC double eagles do not break down as neatly as they do for the half eagles and eagles from this mint. Unlike these two other denominations, the double eagles do not always get characterized as “rare early dates” and “common late dates.” One of the rarest double eagles is the low mintage 1891-CC while the most common is the 1875-CC. After studying the half eagles and eagles from this mint, I feel that the rarity of the Carson City double eagles are based less on mintages and actual use than on mintage values and subsequent shipment overseas. The collector who studies the rarity tables that I included in my 2001 book on CC gold will note the following very general trend: the lower a coin’s mintage and the older its date, the rarer it tends to be in terms of pieces known today.

The 1870-CC double eagle had the lowest mintage figure of any Carson City double eagle: a scant 3,789 coins. In the entire 57 coin Carson City gold series, only the mintages of the 1877-CC, 1878-CC and 1879-CC eagles were lower. As with the other 1870-CC gold issues, the comparably high survival rate of the double eagle (on a percentage basis) is most probably due to a few pieces being saved as first-year-of-issue keepsakes. The fact that no AU-55 or better specimens exist implies that these coins went directly into circulation and saw active use.

The next rarest dates are the 1871-CC and the 1891-CC. The 1871-CC is rare due to a low original mintage figure (just 17,387 coins) and the fact that this issue saw active commercial use. The 1891-CC is rare more because of the fact that only 5,000 were produced. It is also interesting to note that the similarly dated half eagle and eagle are extremely common by the standards of Carson City gold and can be found with no difficult even in the lower Uncirculated grades.

The next rarest issues are the 1885-CC, 1879-CC and 1878-CC. All three have low mintages and tend not to be found in groups of CC double eagles located in overseas sources.

The 1875-CC, 1876-CC, 1884-CC, 1892-CC and 1893-CC appear to have been saved and then shipped overseas. A decent number of these coins are still being brought back to the United States, including examples in the lower Uncirculated grades. The 1892-CC and 1893-CC, in particular, are less rare in Uncirculated than their comparatively low mintages would suggest.

As with other gold denominations, a general rule is that the older a coin is, the lower the average grade of surviving specimens. This intuitive statement is not nearly as easy to predict in the double eagle denomination. As an example, the 1872-CC is the third rarest Carson City double eagle when it comes to high grade rarity but it is only the eighth rarest in terms of overall rarity. This suggests that this coin was released into circulation and used in commerce; not stored in banks and shipped overseas like the 1892-CC and 1893-CC.

Carson City double eagles served two primary functions. They were meant to circulate but they were also meant as a storehouse of value. The large $20 denomination was the most convenient form in which to coin, transport and trade the large quantities of gold that had recently been mined in Nevada. During the western gold rushes, paper money was viewed with suspicion. This made gold coins an important factor in daily commerce, which quickly became the accepted mode of payment in the Old West. Thus, it is not surprising to learn that Carson City double eagles can be found in comparatively low grades today. These low grade coins (Very Fine and Extremely Fine) are often heavily abraded from years of use in commerce. Conversely, most of the known Uncirculated coins are also heavily marked, the result of loose coins striking against each other while being transported in bags. It is not uncommon to see CC double eagles with no real wear but with such extensive abrasions that they are downgraded in the commercial marketplace to About Uncirculated.

The greatest challenge for the collector of these coins is not finding specific dates but, rather, locating clean problem-free coins. As mentioned above, the typical Carson City double eagle, whether it grades Very Fine-30 or Mint State-61, tends to have negative eye appeal due to excessive marks, scuffing or mint-made spotting. Coins which have truly good eye appeal are quite rare and deserve to sell for a strong premium over average quality specimens. The collector is always urged to “stretch” for exceptional pieces with high quality eye appeal.

Most of the pieces struck from 1870 through 1875 are not sharply impressed. This is most evident in the central portion of the coin where the greatest amount of pressure is needed to raise the metal of the planchet and bring out the details. On the obverse, the weakest area is usually on the hair. On the reverse, this weakness is most often seen on the neck feathers of the eagle, the radial lines in the shield and on E PLURIBUS in the motto. This weakness of strike is often confused with wear. Still, Carson City double eagles of this era tend to be sharper (and easier to grade) than their half eagle and eagle counterparts.

The survival estimates in my new book are based on information current as of 2010. Since the last edition of the book in 2001, a number of new coins have surfaced. This has included some reasonably significant hoards. Populations for Uncirculated have increased due to relaxed grading standards. Some coins that I considered to be About Uncirculated in 2001 and now Mint State.

Due to the sheer number of Carson City half eagles that exist, I have always found it difficult to estimate surviving populations; especially with the more common issues. I anticipate that my current overall population figures will prove to be conservative, just as they were in 2001 (and in 1994 when I wrote the very first Carson City gold book).

To reach these conclusions, I study auction data, population reports, dealer ads and websites as well as my own personal records of sale. In an average year, the number of 1870-CC double eagles might be as low as one or two coins. For other dates, such as the 1871-CC and 1891-CC, the number might be around one per month; possibly less. Obviously, the rarer the date and the higher the grade desired, the harder it will be for the collector to locate an acceptable example. Finest known or Condition Census examples may stay in specific collections for many decades.

As I mentioned earlier, the collector with a budget can form a complete (or near-complete) set of CC double eagles excluding the 1870-CC in the VF and EF grades. A number of the dates in the series can still be found in lower grades for less than $2,500 per coin and they would appear to have very little downside risk at these levels.

The collector with a larger budget is likely to focus on coins grading AU50 and above. With the exception of the 1870-CC, no Carson City double eagle is prohibitively expensive or unobtainable in this range. Such a set could probably be assembled in two years or less.

A connoisseur with a large budget will focus on coin that grade About Uncirculated and Uncirculated. For the 1870-CC, a coin grading EF45 to AU50 will prove satisfactory. The collector of such coins should focus on pieces with minimal marks and original color. Since many of the early issues are so rare in full Mint State, finding even properly graded AU55 to AU58 pieces is very difficult. Given normal market conditions, a collection of this magnitude might be assembled in three to five years.

An even more impressive collection would be one in which all the coins except the 1870-CC were MS60 or finer. Such a collection might take decades to assemble.

Collecting Carson City double eagles is a very enjoyable pursuit and the number of serious collectors currently working on sets will attest to this.

The Best Values in Todays Rare Coin Market

There are many issues that face collectors in the coin market of 2010. A lack of quality coins is driving many collectors to seek new areas of specialization. Both PCGS and NGC have recently added “plus” grades which will no doubt change certain areas of the market as well. More than ever, collectors are gravitating towards areas that offer value. The days of new collectors and uninformed wealthy investors arbitrarily throwing money at plastic rarities are over and we appear to be back to a collector-oriented market. So what are some of the areas in this new market that offer the best value to collectors? I have chosen three price ranges ($1,000-5,000; $5,000-10,000 and $10,000 and up) and included some of the series and/or types that I feel are especially good values. Some are currently popular; some are not. What I have tried to focus on are coins that are actually available in some quantity and issues that I gladly buy to put into my own inventory when they are available.

1. $1,000-5,000

a) Gold Dollars, 1865-1872: The eight year run of gold dollars produced at the Philadelphia mint from 1865 through 1872 doesn’t include any real rarities but nearly all of these coins are scarce and undervalued in MS63 to MS64 grades. Most are priced in the area of $1,500-2,000 in MS63 and $2,000 to $3,000 in MS64 (the 1865 is rarer and more expensive in both grades) and they seem like good value to me. Take the 1872 as an example. Just 3,500 business strikes were made and only a few hundred exist in all grades. In MS64 this coin is worth around $3,000 yet it might take me months to find a decent example in this grade. Yes, gold dollars are small but this is a very collectible series and one with a number of really undervalued issues.

b) Classic Head Quarter Eagles: I’m a big fan of this series in properly graded AU55 to MS62 grades. Note that I stress properly graded as many of the coins that I see are either low end or unappealing due to having been processed. The Philadelphia issues, with the exception of the rare and much undervalued 1839, are affordable in this grade range with pieces valued at $1,750 or so at the lower end and around $5,000 at the higher end. The mintmarked coins are, of course, far more expensive and are not necessarily “good values” although I am an avid buyer of any mintmarked Classic Head quarter eagle in EF40 and better that is choice and original. For collectors at the lower end of this budget range, a nice set of About Uncirculated Classic Head Philadelphia quarter eagles is a fun and challenging endeavor.

c) Three Dollar Gold Pieces: After a few years of collector and investor popularity, this series has recently gone quiet. I don’t necessarily believe that all three dollar gold pieces are good value. In fact, I feel that some formerly undervalued issues are now marginal value at best (primarily due to the fact that many are grossly overgraded and have absolutely no eye appeal). What I do like about this series is that prices are actually down versus where they were five to seven years ago; which is pretty remarkable when one considers that gold has essentially doubled in price since then. Given the lack of collector interest, a new collector can buy PQ quality three dollar gold pieces for a very small premium right now. There are many coins on the market and with some patience, a really nice partial set of Threes could be assembled. The dates I still regard as undervalued include the 1858, 1862, 1864, 1870-72 and the ultra-low mintage issues from the 1880’s.

d) No Motto Half Eagles and Eagles: In the $1,000-5,000 range there are few areas in the United States gold coin market that offer better value than No Motto half eagles from the Philadelphia mint in the higher About Uncirculated grades. As an example, I frequently sell very nice common date AU58 half eagles from the 1840’s for under $750. That might not seem like a big thing until you consider that an ultra common With Motto half eagle in AU58 is worth $350 or so. In the case of the eagles from this era, many of the common date issues from the 1840’s are still available in nice AU58 for less than $1,500. I love the idea of a large size, visually attractive U.S. gold coin that was made well before the Civil War being highly affordable.

e) Crusty Original Charlotte and Dahlonega Quarter Eagles and Half Eagles in Extremely Fine: It will be very interesting to see what percentage of Charlotte and Dahlonega quarter eagles and half eagles receive a “plus” designation from PCGS and NGC in the coming years. If they are strict with their standards I believe that the number could be as low as 10-15% of the total submissions. As someone who is a strong buyer of nice, affordable branch mint gold I can tell you that choice, original pieces with natural color and surfaces have become exceptionally hard to locate. You can still buy nice Extremely Fine Charlotte and Dahlonega quarter eagles and half eagles in EF40 and EF45 for less than $3,000. I think these are wonderful values given their history and rarity.

2. $5,000-10,000

a) Early Half Eagles in Choice, Original About Uncirculated: Given the fact that early half eagles have doubled in price in the last five to seven years, I’m not certain that calling them “undervalued” is the right term. But even at current levels, I like the values that Bust Right (1795-1807) and Bust Left (1807-1812) half eagles offer in the higher AU grades. These are exceptionally historic issues and they are instantly appealing to virtually any new collector or investor who has the resources to afford them. These individuals might not want to assemble a date set of Bust Left half eagles but at $9,000-11,000+ for a high quality About Uncirculated example it is likely that these will become a centerpiece of any new collection. As with the Extremely Fine C+D coins I mentioned above, it will be interesting to see what percentage of early half eagles are given a plus designation by PCGS and NGC.

b) Affordable Uncirculated Dahlonega Half Eagles: If I had to choose the quintessential Dahlonega gold coin for the new collector, I’d select something like an 1847-D or 1853-D half eagle in properly graded MS61 to MS62. These coins are big, rare, attractive and reasonably priced at less than $10,000. What’s even more interesting about coins like this is that they are priced at essentially the same level as they were in the late 1990’s/early 2000’s. Yes, gradeflation has pushed many AU58 coins into MS61 and MS62 holders. But the popularity of Dahlonega half eagles is as high in 2010 as at any point I can remember. If you can locate a few CAC or “plus quality” Dahlonega half eagles in MS61 to MS62 at today’s levels, I’d suggest that you jump on them.

c) No Motto Half Eagles and Eagles in MS62: MS62 is the “sweet spot” for most No Motto gold. The coins in MS60 to MS61 holder are often questionable as to their “newness” but most MS62 gold from this era tends to have a pretty nice overall appearance. What’s most interesting about this grade is its price point. Take, for example, a common No Motto half eagle like the 1847. In MS62 it can be purchased for around $3,000. In MS63, the same issue is going to run at least $6,000. In the eagle series, the price differences are more extreme. An 1847 eagle in MS62 is a $7,500 coin but in MS63, if available, it could cost $20,000 or more. I believe that more collectors will begin to focus on high quality No Motto gold from the 1840’s and 1850’s in the near future and there are still many issues that a $5,000-10,000 per coin budget can secure a piece that is not that far removed from the Condition Census.

d) Type Two Liberty Head Double Eagles: The Type Two series has sort of fallen through the cracks in recent years. Type One double eagles are remarkably popular with collectors and the Type Three series seems to be an area that is a marketer’s delight right now. That has left the Type Two series as a sort of void. There are two areas in this market that I currently like as good values. The first are the scarcer date Philadelphia issues from 1866 to 1872 in About Uncirculated and above. The second are choice, original common dates in MS62 to MS63. The scarce Philadelphia issues have retained most of their value despite not having promoted in the last few years; imagine what an influx of new collectors might do to prices for these coins. Common dates in MS62 and MS63 are scarce and have dropped quite a bit in price from their highs of a few years ago. At $3,500-4,000 for a choice MS62 and $11,000-13,000 for a nice MS63 I like the value that these offer as type coins.

3. $10,000-25,000

1. Capped Head Quarter Eagles: In this price range, it is hard to beat the Capped Head quarter eagles (produced between 1829 and 1834) for value. All of these issues were produced in limited quantity and even the most “common” date (the 1829) has considerably fewer known than the early half eagles and eagles in this price range. After the market highs of 2006 and 2007, prices on Capped Head quarter eagles have dropped around 15-20% but few pieces have been available at the new lower levels. I especially like choice, original examples that grade between AU55 and MS62. In this grade range you are typically getting an aesthetically appealing coin. A nice About Uncirculated pieces will cost in the mid-teens while an MS62 that is properly graded will run in the low to mid 20’s. The “sleeper” date in this series is the 1833 while the 1832 is tougher than many people realize as well.

2. Classic Head Half Eagles in MS63 and MS64. I’ve already mentioned Classic Head quarter eagles in the first part of this article. I also like high grade Classic Head half eagles. In MS63 and MS64 this type is scarce and when these coins are nice they typically have great cosmetic appeal with lovely coloration and surfaces. Classic Head half eagles were made from 1834 to 1838. The commonest issues are the 1834 Plain 4 and the 1835. If you’d like an example of this design for type purposes, you are very likely going to buy an 1834 or an 1835 but the 1836 and 1838 are much scarcer and priced at just a 10-20% premium in the MS63 to MS64 range. Current price levels are around $11,000-12,000 for a nice MS63 and $18,000-20,000 for a nice MS64. Considering that a full Gem MS65, if available, will run around $60,000-65,000+, I think these MS63 and MS64 examples offer really good value.

3. Condition Census No Motto Issues: This area is a pretty narrow focus, I admit, but I think some of the best values in the entire coin market are in the $10,000-25,000+ Condition Census quality No Motto issues. This includes half eagles and eagles produced in the 1839-1866 era. I would throw the quarter eagles from this era into the mix as well. If you can find them, very high grade (in this case MS63 and higher) Philadelphia gold coins from the 1840’s and 1850’s seem like the best values in this area. The coins tend to be very well made, very attractive and genuinely rare in this grade. Given the fact that there are not many date collectors of these coins, they need to be viewed more as type issues. But it is hard to argue with their rarity in high grades, especially due to the fact that most smaller denomination Philadelphia gold coins struck prior to the Civil War are unknown in Gem and excessively rare even in MS64.

Philadelphia No Motto Half Eagles From the 1840’s: A Date by Date Analysis

The Philadelphia mint began producing the familiar Liberty Head half eagle design in 1839. After a quick modification in 1840, this issue continued without change until 1866 when the motto IN GOD WE TRUST was added to the reverse. The branch mint No Motto half eagles from the 1840’s are very popular with collectors. But their Philadelphia counterparts have lagged behind, both in price and level of demand. I would not be surprised to see this change a bit over the coming years given the fact that the Philadelphia issues are much more affordable and a complete “by decade” set from the 1840’s is within the budget of most gold coin collectors.

Here is a date by date analysis of the Philadelphia half eagles from the 1840’s, to assist new collectors.

1840: Mintage: 137,822. This is one of the more common issues from this decade. There an estimated 400-500+ known and they are easily located in all circulated grades. In Uncirculated, the 1840 is scarce. I believe that there are around fifteen to twenty known with most in the MS60 to MS62 range. There is one Gem. It is originally ex Pittman I: 947 where it brought $41,250 as a raw coin. It last appeared as Heritage 2/06: 1853 where it sold for $43,125. It has been graded MS65 by both PCGS and NGC.

There are two varieties known. The more common has a Narrow Mill (or diameter) while the scarcer has a Broad Mill. The Broad Mill variety seems to be considerably harder to find in higher grades, especially in Uncirculated. The Broad Mill has an extremely distinct appearance and it is much easier to distinguish from the Narrow Mill than on the New Orleans and Dahlonega issues of this year.

1841: Mintage: 15,833. The number of half eagles produced at the Philadelphia mint in 1841 is the fewest of the decade. This is the second scarcest date in this subset but it has an interesting grade distribution. There are an estimated 125-150 known and this issue is generally seen in Extremely Fine or in the MS62 to MS64 range.

There was a hoard of 1841 half eagles that was found a few decades ago. Most are in the MS63 to MS64 range and are characterized by sharp strikes, excellent luster and rich golden coloration. I have personally seen at least four MS64 examples and believe that there are a few more known. In all, probably 10 to 15 exist in Uncirculated. The finest is Bowers and Merena 12/04: 2635, graded MS65 by NGC, which sold for a record-setting $27,600. PCGS has not graded any pieces higher than MS64 and their current listing of eight examples is certainly inflated by resubmissions.

1842: Mintage: 27,432. The 1842 is far and away the scarcest Philadelphia half eagle from this decade and it is an issue that is comparable in rarity to all but a handful of the branch mint half eagles from this era. There are two distinct varieties known: the Small Letters and the Large Letters.

Small Letters: This is the rarer of the two 1842 half eagles and it is by far the hardest coin to find in the Philadelphia half eagle series from the 1840’s. I regard it as one of the most underrated coins in the whole Liberty Head half eagle series. There are probably not more than fifty or so known with most in the VF to EF range. I doubt if more than ten exist in About Uncirculated. In Uncirculated, I am aware of just one piece, the Pittman I: 957 coin (which sold for a relatively cheap $17,600 back in 1997). I believe it appears as both an MS63 and an MS64 in the PCGS Population Report.

Large Letters: This is the more available of the two varieties but it is still a very scarce coin in all grades. There are as many as 75-100 extant with most in the VF to EF range. Properly graded AU examples are quite rare with probably no more than fifteen known. This variety is very rare in AU55 to AU58 and it appears to be unique in Uncirculated. The finest known is ex Milas: 442 and it is currently in a PCGS MS66 (it was once graded MS65 by PCGS). This is one of those “how the heck does that actually exist” coins and I would have to think it would be a six-figure item today if it came onto the market.

1843: Mintage: 611,205. Beginning with this issue, the half eagle mintage figures from Philadelphia increased dramatically and this denomination became a workhorse issue in commerce. The 1843 is actually a bit scarcer than its large mintage figure would suggest. There are at least 750-1000+ in all grades; possibly quite a bit more when one factors in low-quality or damaged pieces. In all circulated grades this date is easily available although choice, original AU58’s are becoming harder to find. In Uncirculated there are an estimated three dozen known. I have never seen a Gem and just two or three that I regard as MS64. The highest graded is an NGC MS65 that sold as Lot 3380 in the Goldberg 9/09 auction for $25,300. The nicest I can recall was the Milas coin.

This issue has a distinctive appearance with most displaying frosty luster which is typically interrupted by extensive surface abrasions. The natural coloration ranges from deep orange-gold to a medium green-gold shade. Most are well struck and well produced.

1844: Mintage: 340,330. This is a scarcer date than the 1843, which makes sense given its smaller mintage. There are at least 500-750+ in all grades but, as with all of these higher mintage issues from the 1840’s, there might be hoards overseas or large numbers of lower grade coins of which I am not aware. The 1844 is relatively available in Uncirculated with around three to four dozen known; mostly in the MS60 to MS62 range. This date is scarce in MS63, very rare in MS64 and exceedingly rare in Gem. By far the best I have seen is Stack’s 5/05: 1692, graded MS65 by PCGS, which brought $50,025. That coin, by the way, is one of the two or three best No Motto half eagles of any date that I am aware.

The 1844 half eagle is a well produced issue that can be found with excellent frosty luster, attractive rich green-gold color and a nice, sharp strike. Some pieces have excessive marks on the surfaces but the patient collector should be able to locate a really nice piece at an affordable price.

1845: Mintage: 417,099. The 1845 is similar in overall rarity to the 1844. There are an estimated 500-750+. This is a more common date in higher grades than the 1844 with as many as four to five dozen extant in Uncirculated. Most grade in the MS60 to MS62 range. This is a rare issue in properly graded MS63 and an extremely rare one in MS64 with perhaps as few as four or five known. I am not aware of any Gem 1845 half eagles. The two best that I can recall seeing are Bass II: 943, graded MS64 by PCGS, which sold for $16,100 in October 1999 and Milas: 458, graded MS64 by NGC, which sold for $17,100 all the way back in October 1995.

This is another issue that is generally seen well made. Higher grade examples can show excellent thick, frosty luster and the natural coloration is often a very handsome medium to deep greenish-gold or canary yellow-gold.

1846: Mintage: 395,942. In my experience, the 1846 is a tougher date than the 1843, 1844 or 1845. It is typically seen in lower grades than these other three issues and it is quite a bit scarcer in higher grades. There are around 500-700+ known. Two major varieties exist.

Large Date: This is by far the more common of the two varieties. It is common in VF and EF grades and only slightly scarce in the lower AU range. It becomes fairly scarce in AU58 and it is rare in Uncirculated. I have never personally seen one better than MS63 and only one or two in this grade. There are a number of MS63 and MS64 examples from the S.S. New York which have seawater surfaces.

Small Date: This is the scarcer of the two varieties. It has only been recognized by PCGS for a few years so the population figures are a bit on the low side. I think it is at least two to three times scarcer than the Large Date in circulated grades and much scarcer in Uncirculated. The highest graded 1846 Small Date is Stack’s 7/08: 2068, graded MS63 by NGC. It is from the S.S. New York and has sweater surfaces. It sold for $18,975.

1847: Mintage: 915,981. The 1847 is the most common Philadelphia No Motto half eagle from the 1840’s by a fairly considerable margin. There are at least 1,500-2,500+ known in all grades and this estimate may actually be quite conservative. It is common in all circulated grades and fairly available in the lowest Uncirculated range with around 150-200 extant in Mint State. This date becomes scarce in MS63 and it is very rare in MS64. The finest known is a remarkable PCGS MS66 that is ex ANR 11/04: 1804 ($92,000), Pittman I: 981 ($110,000). A strong case could be made for calling this the finest No Motto half eagle of any date.

There are a number of interesting varieties known. A few exist with repunching on the date numerals, including one with a sharply repunched 7. There is also a fascinating misplaced date variety with a 7 located in the denticles well below the date. There is also a very interesting variety with the 7 punched in the throat of Liberty.

1848: Mintage: 260,775. The number of half eagles made in 1848 is significantly less than in 1847 and this date is much scarcer. An estimated 500-700+ are known with most in the EF40 to AU50 range. Nice higher end AU coins are somewhat scarce and this date in rare in Uncirculated with two to three dozen known. The two best I am aware of are Bass II: 986 (graded MS64 by PCGS) that brought $24,150 in October 1999 and Milas: 471, graded MS64 by NGC, that sold for $23,100 in October 1999.

The appearance of this date tends to be different than that seen on the 1846 and 1847 half eagles. The surfaces are more striated (mint-made) and the luster is less “pillowy” and a bit more satiny in texture. The natural color is often a rich reddish-gold or orange-gold hue, unlike some of the earlier dates from this decade which are more green-gold in hue.

The Ten Rarest Early Quarter Eagles

During 2009, I wrote a series of “ten rarest” articles on all the major denominations of Liberty Head gold coinage. These articles were well-received and I enjoyed producing them. It’s a logical progression to apply this topic to the early gold series. Except it’s not quite that easy. The eagle denomination is very short-lived (1795-1804) making a ten rarest study impractical. And the ten rarest early half eagles contain a host of issues that are so rare that collecting them becomes impractical. That leaves us, for the sake of practicality, with just early quarter eagles. Five designs of quarter eagle were produced between 1796 and 1834. There are a total of 23 distinct issues and even the most available of these is rare by the standards of American numismatics. Early quarter eagles have always been undervalued and under collected in comparison to their larger-size counterparts. This has changed somewhat in the last few years as price for early quarter eagles have risen; along with most early coins in general.

Each of the ten rarest early quarter eagles is very hard to locate and a few of them are even six-figure coins in most grades. But what is most intriguing about this list is the fact that a collector with a good deal of patience and a solid coin budget could actually assemble a complete top ten list; something that certainly can’t be said for half eagles.

The list of the ten rarest early quarter eagles is as follows: 1. 1804 13 Stars 2. 1834 No Motto 3. 1797 4. 1806/5 5. 1796 With Stars 6. 1798 7. 1826/5 8. 1824/1 9. 1827 10. 1833

1804 13 Stars: The 1804 13 Stars is clearly The Big Kahuna of early quarter eagles. In my opinion, it is the single rarest quarter eagle of any date or denomination, eclipsing such rarities as the 1841, 1854-S and 1863.

Estimates range slightly on the number of examples known but I think it’s safe to say that the low number is around eleven while the high might go up as high as fifteen. Most are in lower grades. There are probably not more than four or five in the various AU grades and none in Uncirculated. There have been ten auction records for this issue in the last twenty years. The two finest are Heritage 7/09: 1209 (PCGS 58) and Heritage 7/08: 1459 (NGC 55). Both brought $322,000. I purchased the PCGS 58 coin as an agent and it is now in an Eastern specialist’s early quarter eagle collection. The other choice example is in the Bass core collection.

Dannreuther and Bass estimate that between 250 and 1,003 examples of this variety were produced. I am inclined to believe that the number is on the low end of this scale; maybe somewhere in the area of 250-500.

1834 With Motto: Viewed strictly as a year, the 1834 is the rarest early quarter eagle (there are specific varieties, such as the 1804 13 stars listed above, that are rarer). There were 4,000 struck but nearly all were melted due to economic conditions and a weight change of gold coins in 1834. Today, it is likely that around 20 or so survive including at least a few Proofs. Most are in the VF to EF range and properly graded AU coins are very rare. I think that there are three or four in Uncirculated as well as three or four Proofs.

This date has always been underrated and not especially well-known outside of the specialist community. My guess is that it is confusing to beginning collectors that the 1834 also exists in the more familiar Classic Head design and that the latter is a common coin even in comparatively high grades.

The all-time auction record for the 1834 With Motto was set all the way back in 1980 when the Garrett II Proof sold for $60,000 (it would bring many times this today if offered for sale).

1797: The 1797 has long been one of my personal favorite dates in the early quarter eagle series. The mintage is reported to be just 427 coins (although Dannreuther and Bass believe it may be as high as 585) and there are probably not more than two dozen or so known to exist in all grades.

All 1797 quarter eagles have a very distinctive obverse die crack in the right field which can be seen even on very low grade coins. This crack does not affect the quality of strike and most are reasonably well-defined on both the obverse and the reverse.

The probable finest known is Superior 11/05: 484, graded MS64 by NGC, that brought $276,000; a record price for this date. I am aware of two other Uncirculated coins: a PCGS MS62 and the Bass coin, which grades at least MS60 if not higher, that is in the ANA Museum.

Given this coin’s rarity and lack of availability, I believe it is undervalued; especially in comparison to such better known (and less rare) issues as the 1796 No Stars and the 1808.

1806/5: Two distinct varieties are known for 1806 quarter eagles. The more common is an 1806/4 overdate with thirteen obverse stars arranged eight by five. The rarer is an 1806/5 overdate with the obverse stars arranged seven by six. Only 480 of the latter were produced and there are around 30 or so known today. This variety is numismatically interesting as it uses the exact dies of 1805 but after they had been annealed and overdated.

When available, the typical 1806/5 quarter eagles grades in the EF40 to AU50 range and has poor overall eye appeal. There are probably around three or so known in Uncirculated and the finest appears to be ANR 6/05: 1004 ($195,500), ex Goldberg 2/03: 1900 ($120,750).

Very presentable examples of this variety are still available for less than $50,000 which, in my opinion, is good value for a coin with such a low original mintage figure and with so few survivors.

1796 With Stars: The 1796 is the fifth rarest early quarter eagle. Surprisingly, it is not even the best known quarter eagle produced in 1796 as the No Stars has, for many generations, received greater acclaim. But the With Stars is considerably rarer.

There were 432 produced and I believe that no more than 40-45 are known. There are as many as five to seven known in Uncirculated including one Gem, graded MS65 by NGC (ex Heritage 1/08: 3059, Heritage 1/07: 3382 and Byron Reed). This coin brought $1,006,250 the last time it sold; the second highest price ever realized at auction for any quarter eagle.

As I mentioned above, the No Stars variety has, for many years, been more highly priced—and prized—than the With Stars. This is due to the fact that the former is a distinct one-year type. The pricing gap has closed considerably and this makes sense as the With Stars is at least twice as rare as the No Stars.

The Philadelphia Gold Coinage of 1870

The 1873 and 1875 gold issues from this mint have received considerable fanfare over the years but I think the Philadelphia gold coinage from 1870 is pretty interesting as well. Having recently sold a number of high quality 1870 Philadelphia gold pieces, I thought it would be interesting to present an in-depth study of these, going from the dollar all the way up to the double eagle. Gold Dollars: A total of 6,300 business strikes were produced along with 35 Proofs. This is a reasonably common date in most grades with an estimated 250-300 known. Probably half of (if not more) are in Uncirculated grades and the 1870 gold dollar is almost never seen below About Uncirculated grades, indicating that it did not circulate widely. There are at least two dozen Gems known and a few incredible Superb Gems including a PCGS MS68 and a group of four to six MS67’s. The finest known is Heritage 3/06: 1714 ($18,400), ex Superior 2/05: 3424 ($14,375), Superior 11/03: 1166 ($15,525). Some of the PCGS MS67 pieces include Bass II: 175 and Childs: 567.

The 1870 gold dollar is typically a well produced issue with attractive color and rich soft frosty luster. The natural coloration tends to a medium to deep golden hue. Many are a bit softly struck at the centers and the 87 in the date may not be fully formed.

This is an affordable issue that is good value with decent quality Uncirculated pieces still available for around $1,000. Gems trade in the $4,000-5,000 range and seem like good value.

Proof 1870 gold dollars are extremely rare and much undervalued. Of the 35 struck there are probably no more than ten to twelve known including a few impaired examples. Since 2000 there have been only five auction records and this includes one duplication (the Pittman coin) and an impaired example (ex Bass IV: 75).

Quarter Eagles: There were 4,520 business strikes produced along with 35 Proofs. This issue is a bit more available in terms of overall rarity than one might expect with an estimated 100-125 known. Most 1870 quarter eagles are seen in the EF45 to AU55 range. Unlike the gold dollar from this year, there are only a handful known in Uncirculated; maybe five to seven at most. The undisputed finest is Bass II: 568 (later sold as Goldberg 2/03: 1924) which is a lovely PCGS MS65. None of the other Uncirculated coins grades higher than MS62.

This tends to be a well-made issue that has luster than ranges from frosty to prooflike. Most are very heavily abraded and I have not seen more than a handful with natural coloration.

Nice AU 1870 quarter eagles remain affordable and undervalued with examples trading in the $1,000-1,500 range. The few decent quality Uncirculated pieces I have seen have brought in the $3,000-5,000 which seems like extremely good value for such a scarce coin.

Proof 1870 quarter eagles are extremely rare. While the mintage is a reported 35, I believe that many were melted and today as few as seven to nine exist. Only two have been auctioned since 1996 and the finest that I have seen is Bass III: 224, graded PR65 by PCGS.

Three Dollars: There were 3,500 business strikes made as well as an additional 35 Proofs. An estimated 150-200 are known with most in the EF45 to AU55 range. In Uncirculated there are around two dozen known. There are no Gems and just two or three properly graded MS64’s. The finest that I have seen is ex Bass II: 685 and this PCGS MS64 sold for $16,100 in 1999. A decade later (in March 2009 to be exact), an NGC MS64 brought $18,400 in a Heritage auction.

The typical 1870 three dollar gold piece business strike is semi-prooflike and there are some that are so fully prooflike that that can resemble Proofs. Business strikes always show die striae in the fields and some have clashmarks at the centers. The natural coloration is a medium orange-gold and undipped pieces tend to show coppery hues towards the borders.

This is another affordable issue. A nice quality About Uncirculated 1870 Three Dollar gold piece will run in the area of $2,500-4,000 while presentable lower grade Mint State pieces run around $5,000 to 9,000.

Proofs are extremely rare. There are an estimated dozen known and only four auction appearances have occurred since 2000. Nearly every known Proof is in the PR63 to PR64 range and Gems are exceedingly rare with perhaps one or two accounted for.

Half Eagles: The mintage for business strike half eagles from 1870 is just 4,000 while an additional 35 Proofs were produced. I believe that there are 65-75 known with most in the EF40 to AU50 range. Properly graded AU coins are extremely scarce with twelve to eighteen accounted for and there is just a single Uncirculated 1870 half eagle, ex Bass II: 1169 (graded MS61 by PCGS) where it sold for a reasonable $14,375 back in 1999.

The luster on 1870 half eagles tends to be satiny but it also tends to be impaired due to heavily abraded surfaces. Most examples have been cleaned or dipped at one time and original pieces with nice color and surfaces are very rare.

Prices for this date remain very reasonable, given its scarcity. An Extremely Fine piece will cost in the $1,500-2,000 range while AU’s run in the $3,500-7,000 range depending on the quality.

Proof 1870 half eagles are extremely rare and it is likely that a number of the 35 struck were melted later in the year after they went unsold. Based on the fact that only four auction appearances have been recorded since 2000 (one of which is a duplicate), I would not be surprised if only seven or eight are known. The finest known by a large margin is the wonderful NGC PR66Cam that is ex Goldberg 5/08: 4437 ($92,000) and Goldberg 2/07: 2325.

Eagles: The mintage for 1870 eagles is 3,990 business strikes along with another 35 Proofs. The certified population figures for this date are higher than one would expect with a total of 147 graded between the two services as of December 2009. However, I believe that this is the product of numerous resubmissions and the actual number of 1870 eagles known is fewer than 100. The typical example grades in the EF40 to AU50 range and choice, properly graded pieces in AU55 to AU58 are extremely scarce. I do not know of a single Uncirculated 1870 eagle although NGC has graded a solitary coin in MS60.

This date is typically seen with very heavily abraded semi-prooflike surfaces. It is probably the most difficult gold denomination from this year and mint to locate with good eye appeal. I can’t recall having seen more than a very small number of 1870 eagles which had good overall eye appeal and attractive natural coloration.

Lower grade 1870 eagles are very reasonably priced and the last Extremely Fine I had brought in the area of $1,500. AU pieces range from $2,000 to close to $10,000 based on quality.

Proofs are exceedingly rare. As with the other denominations of this year, it seems likely that a number were melted. Today it is likely that as few as seven or eight are known and only three have sold at auction since 2000. PCGS has graded just one Proof 1870 eagle (a PR64) while NGC shows five including two each in PR65 Cameo and PR65 Ultra Cameo.

Double Eagles: The mintage figure for business strike 1870 double eagles is considerably more than for all the other denominations from this date and mint combined. There were 155,150 business strikes made along with another 35 Proofs. This date is much scarcer than generally believed and it is likely that only 400-500 business strikes are known with most in the EF45 to AU55 range. Uncirculated pieces are scarce and I believe around three dozen exist with nearly all grading MS60 to MS61. Properly graded MS62 examples are rare and there are no pieces currently graded higher than MS63. The best I have personally seen is Heritage 1/07: 3718, graded MS63 by PCGS, which sold for a record $48,875. There are five graded MS63 between the two services including two at PCGS and three at NGC.

The vast majority of business strike 1870 double eagles have very heavily abraded surfaces and show a moderate amount of frosty luster. The few higher grade pieces known tend to exhibit rich frosty luster and nice orange-gold coloration. The strike is better than average for a Type Two issue of this era with some definition noted on the hair strands and shaper radial lines than on the 1868 or 1869 double eagles.

A decent quality Extremely Fine 1870 double eagle remains reasonably priced at around $2,000 while a nicer AU coin will set you back $3,000 to $5,000+.

Proofs are extremely rare although there appear to be more around than the eagles of this date. An estimated ten to twelve are known including a few very nice survivors. The finest known is the incredible Stack’s 1/09: 1410 that sold for $368,000 in a PCGS PR66 holder. This coin now appears to be graded PR67 Ultra Cameo by NGC and it is one of the very finest Proof Type Two double eagles of any date.

The Philadelphia gold coinage of 1870 is scarce and interesting but unlike other dates from this era, the set is completable and not expensive in medium grades. In fact, the collector of average means can put together a very nice set of these issues in Extremely Fine to About Uncirculated grades for well under $20,000.

Interesting Subsets for Gold Coin Collectors

While I am personally still a fan of collecting gold coins by sets, I understand that this method is not for everyone. Some individuals find set collecting monotonous; others lack the patience to assemble anything but a short set. And other collectors simply do not have the financial resources available to work on a set that might not only have a long duration but may contain many expensive coins as well. One interesting compromise is for a collector to work on a subset. This subset might take many forms. As an example, let’s say a collector really likes Type One Liberty Head double eagles but he is realistic enough to know that he will never be able to afford the expensive New Orleans issues that populate this set. The solution is to pick an alternative within this set that is completable. Later on in this article I will discuss an actual subset that I have worked on with a number of collectors that still allows them to finish a Type One set; just without spending $1 million+.

For the sake of brevity, I am only going to mention four potential subsets in this article. But there are many, many others that are highly collectible.

1. Civil War Era Gold Coins.

A set of Civil war gold coins is among the more challenging of the subsets that a collector might choose but it is certainly one of the most popular as well. A complete Civil War gold set would consist of the following:

-Gold Dollars (6): 1861, 1861-D, 1862, 1863, 1864, 1864

-Quarter Eagles (10): 1861, 1861-S, 1862, 1862/1, 1862-S, 1863, 1863-S, 1864, 1865, 1865-S

-Three Dollars (5): 1861, 1862, 1863, 1864, 1865

-Half Eagles (12): 1861, 1861-C, 1861-D, 1861-S, 1862, 1862-S, 1863, 1863-S, 1864, 1864-S, 1865, 1865-S

-Eagles (11): 1861, 1861-S, 1862, 1862-S, 1863, 1863-S, 1864, 1864-S, 1865, 1865-S Normal Date, 1865-S Inverted Date

-Double Eagles (12): 1861, 1861-O, 1861-S, 1861-S Paquet, 1862, 1862-S, 1863, 1863-S, 1864, 1864-S, 1865, 1865-S.

In total, there are 56 coins in the Civil War gold set. The coins range from very common to very rare and most are extremely hard to find in higher grades.

The grade range that most collectors are likely to tackle is Extremely Fine to About Uncirculated. It is possible to assemble this set in Uncirculated but there are a number of extreme rarities in Mint State from this era including at least a half a dozen issues that, to the best of my knowledge, consist of no more than one to three known.

In the gold dollar denomination, the key issue is the 1861-D. This date isn’t really rare from the standpoint of overall rarity but it is extremely popular and the collector can expect to spend at least $25,000+ for an acceptable example. The rarest quarter eagle is the 1864 which, while not widely known, is actually among the rarest Liberty Head gold coins to acquire. The 1863 is a Proof-only issue that is expensive and very rare as well. The third rare issue in this group is the 1865 of which only 1,520 business strikes were produced. However, an extremely nice example of this issue can be purchased in the $20,000-25,000 range.

The five three dollar gold pieces in this set are all obtainable with patience. The key issue, by a large margin, is the 1865 which has an original mintage of only 1,140 business strikes. If the collector is willing to spend in excess of $10,000 per coin, all of the Civil War era Three Dollar pieces can be purchased in Uncirculated and some can even be found in comparatively high grades.

The half eagles in this group contain some very scarce issues. The most popular is the 1861-D while the rarest is the 1864-S. The former’s popularity is a result of its status as a Confederate issue while the 1864-S is unique in Uncirculated and very rare in any grade. The 1863 and 1865 Philadelphia issues are quite rare in all grades and extremely rare in full Mint State.

The toughest denomination in this set is the ten dollar. With the exception of the 1861 and 1862 Philadelphia, every issue is rare in circulated grades and many are exceedingly rare in Uncirculated. The 1864-S is the rarest and it is closely trailed by the 1863. The 1865, 1865-S Normal Date and 1865-S Inverted Date are all rare and all three are seldom available above AU50 to AU53.

There are a number of double eagles in the Civil War set that will prove challenging. The 1861-O is scarce in all grades and a nice, middle grade piece will require a commitment of at least $25,000-35,000+. The 1861-S Paquet is a rarity in all grades and it is extremely rare in properly graded AU55 and higher. The 1862 is the “sleeper” in this group and the collector who seeks an Uncirculated example will be greatly challenged.

2. No Motto Philadelphia Half Eagles and/or Eagles

I’ve written a few blogs and articles in the last year about No Motto half eagles and eagles being a sort of “final frontier” for the U.S. gold coin collector. I still believe this to be the case. There are lots of issues that cost less than $2,500 per coin which are genuinely scarce and appealing.

As far as subsets go, here are two suggestions for the collector.

1. No Motto half eagles, 1840-1849. This is an interesting date run with no individual coins that are rarities. If a collector has a fairly limited budget, he could purchase many dates in the middle to higher About Uncirculated grades for less than $1,000. This set is even feasible in Uncirculated as many of the No Motto half eagles of this decade can be found in MS62, MS63 and even MS64 grades.

I personally like this subset for a number of reasons. Firstly, as I mentioned above, it is reasonably easy to complete. Secondly, the Philadelphia coins of this era are less likely to be found with unattractive processed surfaces. Thirdly, the coins tend to be better produced than the branch mint pieces from this era. Finally, I think they are much undervalued and have some real upside potential down the road.

2. No Motto eagles, 1840-1849. The eagles from the 1840’s tend to be appreciably scarcer than the half eagles from this decade. There are exceptions. Dates like the 1847, 1848 and 1849 are not hard to find in any circulated grade and are even available from time to time in Uncirculated. But there are some really tough issues from this era as well. These include the 1844, 1845 and 1846, all of which are extremely rare in Uncirculated and very scarce to rare in properly graded AU55 and above.

This set would be much more expensive than the half eagles mentioned above but I like it as well. It is completable, the coins are sometimes seen with choice original surfaces and they also represent excellent overall value.

3. Type One Philadelphia Double Eagles

With gold speeding towards the $1,100 per ounce level, the popularity of the double eagle denomination seems greater than ever. I have always thought that the Type One issues were among the most interesting of all the twenty dollar gold pieces struck. The problem with this series is that many of the New Orleans issues are priced at levels that many collectors can’t afford. The best solution is to look at the Philadelphia issues.

A specific subset that I think is especially interesting is the Philadelphia double eagles from the 1850’s. All ten are within the budget of most collectors. There is only one date (the 1859) that is going to cost more than $5,000 for a nice mid-level About Uncirculated example.

The dates in this subset range from very common (1851 and 1852) to scarce (1856) to rare (1859). Most collectors will be able to purchase the majority of the dates in AU53 to AU58 and, as such, they will be assembling a collection with some visually impressive coins.

I have a few tips for collectors interested in Type One double eagles from this era. First and foremost is to be patient and wait for coins that have choice, relatively non-abraded surfaces. Most double eagles from the 1850’s saw some hard time in circulation (or in bags being transported from bank to bank) and they are heavily marked as a result. But there are coins out there with nice surfaces and these are worth paying a premium for. I would also suggest being careful to avoid coins that are bright, shiny and unnatural in appearance.

One of the great things about this set is that every time you purchase a double eagle, you are buying nearly an ounce of gold. If you complete the Type One Philadelphia subset, you will not only have a nice collection, you’ll have a nice gold position that contains nearly ten full ounces. In this era of economic uncertainty that seems like a wise decision to make.

4. Three Decade Carson City

I have met few collectors who weren’t fascinated by the history and the mystique of the Carson City mint. It’s hard not to feel a real attraction to the gold coins produced there. But it is hard to be a collector assembling a complete set of any of three gold denominations from this mint. Let’s face it: the coins are very expensive and not everyone is going to be able to continually spend $10,000+ on the scarcer issues.

I have a solution that allows a collector to do more than dabble in Carson City gold. It’s a subset that I refer to as the “Three Decade Set.” Carson City produced coins from 1870 to 1893. The three decades are generally very clearly differentiated as well. The coins from the 1870’s tend to be scarce in all grades and very rare in Uncirculated (with the exception of the double eagles which are more available in higher grades). The coins from the 1880’s are more available in higher grades but not really “common.” And the coins from the 1890’s tend to be readily available in circulated grades and are even within the price parameters of many collectors in MS60 to MS62 grades.

Here are my suggestions for a Three Decade Set of Carson City gold.

1. 1870’s issues: For a half eagle, I’d probably look for an issue that is available in nice EF or even AU grades. And I’d want to look for an issue that was well-produced and a good value from a price standpoint. I would probably select a date like the 1876-CC or the 1877-CC as they seem to fit the bill perfectly. The eagle denomination is harder to locate than the half eagles from this decade and there are no “easy” dates to fill a hole. I’d probably lean towards a date like the 1877-CC in nice Extremely Fine. I’d be very selective with my 1870’s eagle as this is going to represent a $5,000-10,000+ investment and many of the available coins on the market are inferior for the grade. A double eagle from the 1870’s is an easier decision. I’d stick with an 1875-CC or an 1876-CC as both are reasonably available in circulated grades and are known for being well struck and nicely produced.

2. 1880’s issues: For a half eagle, I’d look at an 1883-CC or 1884-CC. Both are scarce in the lower AU grades but not all that expensive. For the eagle denomination I think I’d focus on these same two dates. Both have low mintages and are very rare in Uncirculated but they can be obtained in nice AU grades for under $5,000. For the double eagle denomination, I would look at virtually any other dates from this decade other than the 1885-CC which is scarce. A nice twist to the set would be to have all three coins from the 1880’s be the same year; in other words, an 1883-CC or 1884-CC half eagle, eagle and double eagle.

3. 1890’s issues: This is the one decade that the collector who likes Uncirculated coins will be able to purchase high quality issues without completely breaking the bank. The 1891-CC half eagle and eagle are both common in the MS60 to MS62 range and both dates can be found in MS63 for less than $7,500 per coin. The 1890-CC, 1892-CC and 1893-CC double eagles can be found in the lower Uncirculated grades (MS60 to MS62) for mid-four figure sums. If the collector would prefer to step down to nice AU coins, the 1890’s issues are very affordable.

As I mentioned above, the number of interesting subsets that a collector could assemble is almost limitless. I like the fact that a subset allows a collector to be involved in set collecting without the intensity (or cost) that a “full” set might entail. For more information on this subject, please feel free to contact me at dwn@ont.com

Ten Underappreciated Early United States Gold Coins

I’ve written numerous articles about Liberty Head gold coins that I think are clearly undervalued or underpriced. I’ve never really written one that’s focused on early United States gold coins for one simple reason: it’s hard to brand coins that trade for $10,000 and up (in most cases) as “undervalued.” That said, there are a number of issues whose price levels do not make sense given their rarity. I’d like to thank my good friend Paul Nugget, from Spectrum East Numismatics, who helped me prepare this list and whose expertise in the area of pre-1834 gold is unrivalled.

Before we start, the basic question to answer here is why are these coins undervalued or underappreciated or “underwhatever?” I think the answer has to do with collecting patterns in the early gold series. Because of price considerations, most collectors who do focus on early gold do it from the standpoint of type collecting. This makes sense, especially in a denomination like half eagles that contains a number of spectacularly rare (and expensive) issues. Also, I have noted that many more early gold collectors focus on the pre-1807 issues by date (or even die variety) while the issues struck from 1808 to 1834 tend to less actively pursued as such.

Here is my list of ten underappreciated early US gold and the reasons why I think they qualify as such:

1. 1827 Quarter Eagle. The short-lived Capped Head Left quarter eagle type was produced for only five years from 1821 to 1827. All five issues are scarce but pricing guides typically lump the 1821, 1824/1, 1825 and 1827 together and accord them similar values in virtually all grades. I think that the 1827 deserves to be priced at least 10-15% higher than the 1825.

As of October 2009, PCGS shows a total of 26 1827 quarter eagles having been graded in all grades versus a total of 52 for the 1825. The population for the latter seems rather inflated but that said, the 1827 is still much scarcer. I don’t think it is as scarce as the 1821 (and it doesn’t have the 1821’s cachet as being a first-year-of-issue) but it is comparable to the 1824/1 in terms of overall rarity.

The 1827 has a reported mintage of 2,800 but it is believed that this figure includes some coins dated 1826. There are an estimated four to five dozen known in all grades.

2. 1833 Quarter Eagle. The quarter eagles struck from 1829 through 1833 are always lumped together to form a sort of “generic” Fat Head type. All five dates are priced exactly the same. In my experience, the 1833 is quite a bit scarcer than these other issues and it should be given at least a 10% premium in all grades, if not more.

PCGS has graded just 35 examples of the 1833 in all grades. Compare this to the 1829 with a total of 51, the 1830 with a total of 70, the 1831 with a total of fifty-two and the 1832 which has 50. I understand that very few people collect this design by date but I think that the 1833 is so clearly scarcer than the other dates mentioned that it should be accorded a 10% premium.

There were 4,160 quarter eagles produced in 1833. There are around five to six dozen known with the majority in the AU53 to MS62 range. In my experience, I see this date far less often than any other of the 1829-1832 issues and, for some reasons, when I do find an example it almost never is choice and/or original.

3. 1834 With Motto Quarter Eagle. This is an issue whose extreme rarity I have mentioned in previous articles on my website. Pricing data remains way too low and should be increased immediately to reflect recent auction sales. As an example, in the Heritage 2009 August Pre-ANA sale, I purchased an 1834 in an NCS “AU details” holder for $25,300. Trends for an 1834 in AU50 is only $28,500 so I paid close to 90% of this amount for a coin that had been cleaned.

PCGS has graded just nine examples of the 1834 With Motto and it is likely that fewer than twenty exist in all grades. The original mintage of 4,000 is misleading as nearly all were melted soon afterwards when the weight of all United States gold coins were lowered.

I wouldn’t have a problem with the current numbers in Trends for the 1834 With Motto quarter eagle being doubled in all grades.

4. 1805 Bust Right Half Eagle. The Capped Bust Right/Heraldic Eagle reverse series is popular with collectors and there is enough date collecting that a coin like the 1805 should get some kind of a premium over the more available 1802/1, 1803/2 and 1806 Round 6. In my experience, I would price it at around 10% more than a common issue in all grades.

The most recent PCGS population figures show that there have been 229 1805 half eagles recorded in all grades. Compare this to the total of 264 for the 1802/1, 334 for the 1803/2 and 463 for the 1806 Round 6. In my personal experience, the 1805 is quite a bit harder to find than the other three “common” dates of this type that I mentioned, especially in AU55 and higher grades.

5. 1806 Pointed 6 Half Eagle. It’s interesting to note how the respect accorded this variety tends to change almost every year. At some points in time, the 1806 Pointed 6 sells for a significant premium over the common 1806 Round 6 and at other times, the premium is very small. In my opinion, the 1806 Pointed 6 is a scarce and undervalued issue with enough of a naked-eye “coolness factor” that it should sell for at least a 15-20% premium over a common date.

This is supported by the PCGS population data for this variety which shows just 58 examples recorded in all grades. Some of this can be attributed to the fact that this variety was not always designated by PCGS and some of the 1806 half eagles in PCGS holders that are this variety are not marked as such. Nonetheless, this variety is many times scarcer than the more common issues of this type.

I personally find the 1806 Pointed 6 half eagle to be a fascinating coin. There are no less than five die varieties which is even more impressive when one considers that the original mintage was probably well under 20,000.

6. 1808/7 Half Eagle. The Capped Bust Left type probably generates less interest than any other of the early half eagle designs. I think a lot of this has to do with the fact that the only rarities in the series (1810 Small Date, Small 5 and the 1810 Large Date, Small 5) are very esoteric and most people can’t easily remember which of the 1810 varieties are rare and which are common.

The 1808/7 is a sleeper issue in this series. It is the only true overdate of this design and it is a coin that is far scarcer than most people realize. There were an estimated 10,000-15,000 produced and as few as 100-150 are known today. PCGS has only graded fifty-two versus, for example, 211 for the common 1808 Normal Date.

The 1808/7 half eagle currently gets a decent premium over the common dates of this type but I feel this premium should be increased another 15-25% given its scarcity.

7. 1810 Small Date, Tall 5. As I mentioned in my description of the 1808/7, the half eagle varieties of 1810 are confusing and it’s hard to remember which of the four major ones are very rare and which are common. The 1810 Small Date, Tall 5 (BD-1) is the second most available of the four with an estimated 150-250 known. The most common is the 1810 Large Date, Large 5 (BD-4) which has as many as 750 known in all grades. This is confirmed by the PCGS population data which shows a total of 80 graded for the former and 236 for the latter.

Despite the fact that the 1810 Small Date Tall 5 is clearly much scarcer than the 1810 Large Date Large 5, the latter gets a 10-15% premium in Trends. I’m assuming that this is a clerical error (?) as the exact opposite should be the case

8. 1828/7 Half Eagle. Here’s an example of a coin whose current published values have suffered due to its extreme rarity. There are an estimated four to six examples known and the last to sell at auction was all the way back in May 1999 when the Goldbergs offered an NGC MS63 that brought $159,500. Despite this fact, the current Coin Values shows a price of just $100,000 for an 1828/7 in AU58. If you own one and would like to sell it to me for anywhere near this price, don’t bother calling; just ship today for an immediate check!

The pricing of this coin brings us to a quick point of discussion: how does one price issues that are this rare? Given the fact that it has been a decade since an 1828/7 half eagle has sold, the last auction price realized isn’t terribly relevant. In this case, I think I would put a blank through any price for this issue as a reflection of an unknown (current) valuation. If one does trade in the near future, this one transaction will represent the “market” for the issue. I don’t generally advocate establishing a value for a coin based on one trade, but when there are only four to six known, this is the only way to create a realistic value level.

9. 1829 Large Planchet and Small Planchet Half Eagles. Both varieties of 1829 half eagles are exceedingly rare. There are just seven to eight known of the former and fewer than a dozen of the latter.

As you can imagine, there have been very few examples of either variety that have traded publicly or privately in the last decade. The last Large Planchet 1829 half eagle to have sold at auction was the fantastic Bass II Gem that brought $241,500 in 1999. In the same sale, an 1829 Small Planchet realized $80,500.

The current Trends value for the 1829 Large Planchet is $150,000 in MS60 with no other values listed in grades above or below. I’d suggest, in this case, that the value is way, way too low and should either be raised considerably or left blank. In the case of the 1829 Small Planchet, values are listed in Fine, Very Fine, Extremely Fine and About Uncirculated grades. All are far too low and all should probably be deleted.

10. 1834 Plain 4 Half Eagle. The current Trends value for an AU50 and an AU58 of this variety is exactly the same: $50,000. I would assume that this is a typo. I don’t want to seem nit-picky but this is an important, rare issue and this mistake should be fixed.

I think that the overall pricing information on early gold is pretty good, especially when one considers how hard it is to price these coins. As with all series of US gold coins, there are some issues whose prices are a bit off and need to be tweaked. Hopefully, this list will motivate the Pricing Powers that Be to make some of these changes.