Collecting $10 Liberty Head Gold Coins

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If you have deep pockets and lots of patience, assembling a set of $10 Liberty Head gold is one of the greatest challenges in all of U.S. numismatics. Even if you are lucky as far as locating the rarities in this series, you are looking at a $1-3 million commitment of funds and a time frame that should last at least three to six years; if not more. I once asked a $10 Lib specialist how he came to choose his set. To paraphrase his answer, he replied something along these lines: “gold dollars were too small, quarter eagles were too monotonous, three dollars and five dollars were incompletable (due to the 1870-S three and the 1854-S five) and double eagles were overpriced. That left the ten lib series...”

It’s hard to argue with brilliant logic like that. And there are a few more points to add. First, the coins are underpriced. As an example, there are a slew of issues that are really cheap (right now) when compared to coins like $10 Indians or Saints or even Liberty Head double eagles. The second is that these coins are big and contain nearly half an ounce of gold. So every time you buy a “boring” common later date issue you are still accumulating a nice chunk of this precious metal. Thirdly, you don’t (currently) have a huge number of collectors competing against you which means that if a rare undervalued coin comes up for sale, you just might be able to buy it very reasonably.

If I were a collector just beginning this series there are a few things that I would do right away.

The first is choosing a great dealer to work with you. Yes, this is a self-serving comment and yes I think I’m the right man for the job. That said, this is a long, complicated series that involves a lot of coin knowledge and good decision making. You can’t assemble a good set of $10 Libs with a mediocre dealer guiding you and you surely can’t do it on your own.

Secondly, I would set parameters for my set even before I began. I would draft a list that included every date in the series and make a decision what grade range I’d want for each date. The most common mistake that collectors make is that they overspend on the common issues and underspend on the keys. I would avoid paying big premiums for uninteresting dates in very high grades but I would make it a point to make the real rarities in the set as nice as possible.

As you can probably guess, I’d also stress learning what a choice, original $10 Lib looks like and sticking with that “look” throughout your set. It’s amazing how rare many of these coins are with choice, original surfaces. Let me give you an example. Take a seemingly uninteresting date like the 1868. PCGS has graded 116 as of September 2009 but only forty-one are in AU50 or better. Let assume that out of these forty-one there are a bunch of resubmissions and the actual number is around 25-30 distinct coins. Most are going to be dipped, heavily abraded unnatural examples that barely make the grade. I’m guessing that there are fewer than ten 1868 eagles known that would qualify as “choice and original” and which would be high enough grade-wise for an important set of $10 Libs. So, this seemingly mundane issue suddenly becomes a challenge to find. And this holds true for many dates throughout the series.

The complaint I hear from some collectors about the $10 Lib series is that it’s “too long.” Here’s a point to consider. It’s no more “long” than the Lincoln Cent series and I haven’t heard too many collectors complaining about Lincolns being uncollectable due to length. And this isn’t even beginning to consider all of the new die varieties that have crept into the Lincoln Cent set and are now “required” to make a set competitive in the Registry.

I’ve also heard collectors state that this series is “too hard” to collect. I actually don’t think this is true at all. If you want to assemble a complete set in Uncirculated, yes it is too hard (in fact, it’s impossible...). But if you want to do a set in VF-EF grades or even in AU and Mint State grades it is completable.

What are the stoppers to this set? The rarest $10 Lib is the 1875 which has as few as 6-8 business strikes known. In the last two decades I’ve only handled a single example and I am aware of a whopping three pieces having traded since the late 1980’s. The 1864-S is another very rare coin but it does come around a bit more frequently than the 1875. After this, there are dates like the 1844, 1863, 1873, 1876 and 1877 that are really rare but which are certainly attainable.

I was discussing the $10 Lib series with another dealer the other day and we came up with an interesting conclusion. If one serious collector started a set each year for the next five year, the entire supply/demand demand ratio of this series would be dramatically changed. And if a good book about the series were to be published in the next few years...well, all bets could be off.

Assembling a "Back-Up" Coin Collection

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I’ve recently had a few collectors ask me a similar question; one that has given me some pause to think. Basically, these are people whose main collecting focus is an expensive, very challenging series. Due to lack of availability (of funds), their purchases may be very infrequent. But they still love coins and the thrill of the hunt. What, they’ve asked me, can they play with as their “back-up” set? The parameters that they’ve given me for this back-up set have been pretty consistent. They want a group of coins that are fun to collect, reasonably affordable, interesting but not wildly esoteric and different enough that they won’t compete against their primary set(s). Most importantly, they don’t want their back-up set to grow so expensive that it depletes funds from their primary set.

My answer(s) has typically been based on the needs and wants of the collector. I’d like to share a few suggestions that I have given focusing on the ideas that appear to have been popular as opposed to ideas of mine that have gone over like the proverbial lead balloon.

1. Dahlonega half eagles in EF and lower AU grades. With the exception of two dates (the 1842-D Large Date and the 1861-D), the Dahlonega half eagle set does not include any major rarities or extremely expensive coins. Every issue can be purchased in the EF-AU range for $5,000 or less and there are no “stoppers” that will prove frustrating for the collector. The series is reasonably short (just 26 coins) and the coins themselves are highly collectible. One of the best things about this series is that if a collector gets tired of these coins after buying just a few, he will have little downside risk. I’d say the key to collecting a set of Dahlonega half eagles is to be patient and to wait for choice, original coins.

2. No Motto Philadelphia Eagles. This is a set that the collector might not want to actually form a date set but it is a great area to dabble in. There are lots of very interesting coins that are priced in the $1,000-3,000 and what’s important to remember is that, generically, just about any still-round ten dollar gold piece from this era is worth in the area of $700. If you become seriously interested in this series, you can pursue the rarities which include the 1844, 1858, 1863 and 1865. If you’d rather just dabble, buy coins like the nice AU50 1857 eagle I just sold off my website for less than $2,000 (it was a great value, in my opinion).

3. A date set of gold dollars. I might be stretching on this one but I think a set that one example of every year in which the gold dollar denomination was produced (1849 to 1889) would be pretty interesting. I suggest this as a date set given the relatively high cost of issues such as the 1855-D, 1856-D and 1861-D. In a date set, these can be replaced by inexpensive issues from Philadelphia. A date set of gold dollar could be assembled in Uncirculated grades for a pretty reasonable sum and they only two challenging years would be the 1863 and the 1875. And, yes, I know these coins are small and not necessarily for everyone.

4. Coins with Low Mintage Figures. If you scan through a copy of the Redbook, you’ll be stunned to see how many United States gold coins from the 19th century have original mintage figures of 5,000 or less. You’ll be even more stunned to learn how many of these rare, low mintage issues can be purchased in very presentable grades for less than $5,000. No, you won’t be able to be ultra-low mintage issues in very popular series like Type One or Type Three double eagles. But there are literally dozens of gold dollars, quarter eagles, threes, half eagles and even a few eagles with stupidly low mintages that are highly affordable. And you don’t have to worry about forming a “set”; just buy what you like and look for the issues that seem most undervalued.

5. Related Numismatic Literature. Assembling a collection of books and catalogs related to your primary collection might be a fun adjunct project. Let’s say you collect early gold. Wouldn’t it be interesting to have a library that featured all books about early gold going back to the 19th century (admittedly there are not many...) and all important catalogs that featured early gold collections? Work closely with one of the major numismatic book dealers and have him help you come up with a list of, say, the 100 Greatest Sales of US gold coins.

Instead of waiting months or even years between your “big” purchases, think small(er) and create a secondary set that will keep you busy during the dry spells that all collectors face. It will make you a better collector and it will make you appreciate numismatics as a hobby even more than you already do!

How I Stopped Worrying and Learned to Like the PCGS Genuine Holder

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If you've followed my blogs in the past few years you know that I'm a Coin Purtist. I tend to be particularly pure when it comes to "no grade" coins. Loosely defined, a "no grade" is a coin with a problem (or problems) that preclude it from getting into a regular PCGS or NGC holder. This can range from harsh cleaning to scratches to rim damage to a hole.

Until two weeks ago I had never (as in not one single time...ever) had a coin on my website that was not in a regular PCGS, NGC or ANACS holder. But I made an exception to this Winter Rule when I bought an 1864-S half eagle in a PCGS Genuine holder at the recent Los Angeles ANA show.

The coin I bought had clearly been around the block (a few times...) It had been mounted in a soldered bezel and when it was removed it lost detail at the borders. The surfaces had some roughness and the coin had probably been recolored at one time to make it look more original. That said, I still liked this coin alot.

Why? Because it had one thing going for it: extreme rarity. Many people don't know this, but the 1864-S half eagle is the second rarest Liberty Head half eagle after the 1875 and there are as few as 20-30 pieces known in all grades. This is clearly an issue that does not become available very often. To put it in perspective, it is rarer than an 1870-CC double eagle and not much less rare than the celebrated 1854-O and 1856-O double eagles.

But here's the kicker. I sold this 1864-S half eagle for just a touch over $5,000. To me, this seemed like remarkable value. And I wasn't the only person who felt this way. Three collectors ordered the coin within two days of it appearing on my website RareGoldCoins.com.

So am I going to become a regular player in the PCGS Genuine market? I seriously doubt it. But I am going to be more attentive to affordable examples of extremely rare coins like the 1864-S half eagle. Would I buy an 1864 Philadelphia half eagle that was damaged? Absolutely not. But the next time I see a major rarity in the Liberty Head gold series that is fairly priced yet extremely rare, I will give some serious thought to adding it to my inventory.

When Auction Records Don't Tell the Whole Story

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I’ve discussed how using previous auction records can be an extremely valuable asset in determining the current value of a coin. But there are instances when previous records can be misleading and they can keep a collector from making an intelligent buying (or selling) decision. When I recently attended the Heritage pre-ANA Platinum Night Sale, I was bidding both for my own account and for a number of clients. One of the coins that a client of mine had a strong interest in was an 1855-D quarter eagle graded AU55 by PCGS. The coin was pedigreed to the North Georgia collection and it had been off the market since its last auction appearance all the way back in January 1999. This could easily be confirmed three ways: it was in an older style PCGS holder, there were no auction records for this specific coin in the last decade and the consignor had been actively buying key date quarter eagles during the 1999-2000 era and it was likely that he had purchased it back then.

The next step for me was to view the coin in person and I travelled to Dallas a few weeks before the sale to look at the lots. I liked the 1855-D quite a bit. It had attractive medium to deep reddish-gold color, a nice planchet and I thought it was a high end example of a date that is seldom found with good eye appeal. I called the client the next day and reported the good news.

We then needed to determine the coin’s value. My first reaction was to go to Heritage’s auction archives and look to see what the last couple of PCGS AU55 examples had brought. Here’s what I discovered:

In February 2009, a PCGS AU55 had sold for $12,650. The only other relevant record for a PCGS AU55 was in June 2007 when an example brought $14,375. Trends for this date in AU55 is $27,500 which I told the client I thought was on the high side but I also mentioned that I thought the prior two auction prices seemed very low.

My next step was to go back to the two Heritage sales that the 1855-D quarter eagles had appeared and read my viewing notes. I first went to the February 2009 catalog. According to my notes, I thought that the 1855-D in that sale was “recolored with a large obverse flaw at 12:00.” Given the fact that I had scratched a large “X” through the photo and wrote “YUCK” next to it, I assumed I wasn’t crazy about the coin. Then, I checked the June 2007 sale. Voila! It was the same coin and my reaction was equally as harsh.

Just for grins, I also checked the Heritage January 2006 catalog where there was another 1855-D quarter eagle in PCGS AU55. This one had sold for $18,975 and, guess what, it was the same coin. So not only had this coin dropped in price from close to $19,000 to just over $12,000 it also meant that the PCGS population of nine coins in this grade was probably inflated as well.

My client was interested in this information but he was even more interested in what I told him next. According to my notes, the North Georgia coin had brought $32,200 all the way back in 1999. Even more interesting was the fact that this coin was graded the same ten years ago, meaning that it hadn’t magically gradeflated from, say, an AU50 to an AU55 as have so many branch mint gold coins.

As I stated earlier, the crux of the issue was what to pay for this coin. Based solely on the auction records cited above, I would have stated in the $13,000-16,000 range. But as I just explained, these records were misleading because they all represented one coin and this specific coin is probably the world’s worst PCGS AU55 1855-D quarter eagle.

In the end, we wound-up purchasing the coin for $23,000. Compared to the $12,650 that the last 1855-D quarter eagle in PCGS AU55 this seems like a high price. But I don’t think it is. What the auction records didn’t explain was that the 1855-D is an extremely rare coin in properly graded AU55, it is essentially unavailable any finer (PCGS has graded just three above AU55) and a high end coin with great eye appeal for the issue and a good pedigree is worth a premium to a serious collector.

My client hasn’t seen this coin yet (I just shipped it yesterday and he should be looking at it about the time I finish this blog) but assuming he likes it as much as I do, the moral of the story is don’t let previous auction prices keep you from making intelligent numismatic decisions. I give this collector alot of credit for being smart enough to figure much of this out on his own without me having to hold his hand through every step of the process. A good collector gets a great coin to add to his impressive collection. Sometimes, things work out for the best...

My Deepest Appreciation to All

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The outpouring of support that I have received from my friends and clients in the numismatic community over the past several days has been both humbling and gratifying. Your thoughtfulness and kindness has provided me with a source of strength that I desperately needed during my darkest hour. Right now, I can only say ”thank you” from the bottom of my heart for this wonderful gift...my appreciation is deeper than words can ever convey. Since I was a boy of seven, numismatics has been a major component of my life. At various times, rare coins have been a hobby, a passion, an intellectual pursuit and a career. Through my numismatic endeavors, I have studied history, formed wonderful relationships, traveled the world, authored books, developed a website and so much more.

Now, I’m turning to numismatics yet again as a source of stability and empowerment in my life. It is my sincere hope that starting today, you will continue to turn to me as your source to buy, sell and learn about Rare Gold Coins. I’m dedicated to helping you succeed in this wonderful field that has given me so much.

The Pre-ANA Show and the Heritage Los Angeles Platinum Night Sale

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I recently attended a dealer-only pre-ANA show in Beverly Hills. I’m not usually a big fan of these pre-shows but I made an exception for this one as it was held in a location that was easy enough for me to get to and still go home for a weekend rest before the Big Show begins next week. Also, for better or worse these shows are an excellent opportunity for me to get an early shot as some major dealer’s coins. I was able to buy a few very interesting pieces (all of which are now imaged and described on my website, www.raregoldcoins.com) These pre-shows don’t really give a great indication as to how the “real” show is going to turn out. My take on the market right now is that it is harder than ever to buy interesting coins and when nice stuff does show up, price levels are a bit stronger than they were a few months ago.

I sold quite a few coins at the pre-show. I noted demand for nice early gold, CAC-approved issues, Proof gold and anything that was “special.” No surprise there, of course...

On Friday, I attended the Heritage Platinum Night sale. The auction contained some very interesting early gold, quarter eagles and eagles and some of the results are worth a quick analysis.

Lot 1199 was an 1861-D gold dollar that was in an NCS “Uncirculated details” holder. This was a really intriguing coin. It had the look of an MS62 but it had been lightly wiped on the reverse years ago. I had thought the coin would bring around $20,000 but it was bid all the way up to $29,900. I’m guessing a dealer bought it and he thinks that with a little “improvement” it will be in an NGC or PCGS holder in the near future.

A group of early quarter eagles ran the gamut from truly exceptional to downright ugly. The ugliest of the ugly was a holed and plugged 1796 No Stars that brought just $19,550; probably the cheapest example of this celebrated issue to sell in a decade or more. The highlight was what is likely the finest known example of the exceptionally rare 1804 13 star reverse, graded AU58 by PCGS. I purchased it for $322,000 which is exactly the same amount as the Price coin, graded AU55 by NGC, sold for last year.

Prices for the Capped Head issues were strong. A nice NGC AU58* 1825 (which was accompanied by an old PCGS MS61 tag!) sold for $23,500 and a pleasing NGC AU53* 1827 realized $21,850. Even though I usually steer clear of cleaned coins, I did buy an NCS “AU details” example of the extremely rare 1834. This coin showed the detail of an AU53 to AU55 and, despite the cleaning, it was a presentable example of this great rarity. It sold for $25,300.

My favorite coin in the sale was an NGC VF35 1854-S quarter eagle. This coin had been off the market since 1991 and it was probably the nicest VF Liberty Head quarter eagle of any date I can recall seeing; let alone a great rarity like the 1854-S. Only a dozen or so are known and all of the pieces graded higher are off the market in private collections or museums. This one brought $253,000 which is exactly the same price that I paid for an NGC 45 example back in 2005. This price seems a bit on the high side but I would contend that the 1854-S remains one of the most undervalued of the Classic Rarities and, when compared to issues like the 1894-S Dime and the 1876-CC Twenty Cent Piece, it is a great value. My hats off to the new owner of this coin...you bought a great 1854-S!

One coin that surprised me was the 1864 graded AU53 by PCGS. This was a solid coin for the grade and the 1864 has finally been recognized as a major rarity. But this piece sold for $32,200 which has to be a record price for a circulated 1864 quarter eagle.

Another notable quarter eagle was an NGC AU58 1841. This very rare Proof-only issue has just 15-18 known and the example in the Platinum Night session was exceptional with lovely original color and just a touch of rub on the high spots; in other words it was a real 58 and not some ugly processed “faux-slider.” It sold for $132,250 which I think is a pretty strong price but I thought it could have brought as much as $150,000.

The extremely rare 1880 Coiled Hair Stella was offered as Lot 1246. One of just eight or nine known, it was in an NGC PR62 holder and it had brought $618,125 back in 2005. At the Heritage sale it $546,250 which I actually think is a pretty strong price.

A run of early half eagles tended to bring prices commensurate with the quality. Low end coins were a bit on the cheap side while nice higher end CAC coins were stronger.

The sale also featured a run of damaged or cleaned early eagles which, I’m sorry to say, was one of the less impressive early gold collections I have seen. The prices realized were on the (very) cheap side and I think this was an example of the “you get what you pay for” philosophy of coin pricing.

Two 1799 eagles, lots 1289 and 1290, offered a good example of the intricacies of the early gold market. Lot 1289 was a 1799 eagle in PCGS AU58. It was original and gorgeous with lovely color and the “look” that I strive for when buying early gold. It brought $20,700. The next lot was a 1799 in NGC AU58 that was low-end with zero originality. It brought $18,400. Here was an instance when spending a few thousand dollars more would have meant a huge difference in quality.

The last coin I had interest in was a lovely 1873-CC eagle in NGC AU55*. This was probably the second finest known example of the second rarest eagle from this mint. It brought $63,250 which is far and away a record auction price for the date. Here’s proof that in a popular series like CC eagles, a great coin can still bring a great price.

I left soon afterwards, happy to be done with an auction by 9PM and ready to go home for a weekend of relaxation before the Big Show.

The 1796 No Stars Quarter Eagle

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Dually popular as a one-year type and a first-year-of-issue, the 1796 No Stars is among the most desirable early United States gold coins. It is actually less rare than its With Stars counterpart but it is traditionally valued more highly and is certainly held in greater esteem by most collectors. Its low mintage, unique design and numismatic significance combine to make it an issue that is considered a cornerstone of any collection of early United States gold coins. STRIKE: Virtually all known examples are weak at the centers. On the obverse, this weakness is seen on the ear, the hair above and below the ear and the curls surrounding the face. About half of the 1796 No Stars that I have seen are weak on the E in LIBERTY. Some have detail on the obverse border while others show little or no definition on the denticles in this area. The obverse generally appears weaker than the reverse. This is not so much a function of strike is it is the design of the coin. The openness of the No Stars obverse causes this side to wear easily. The reverse is often weak on both the top and the base of the eagle’s neck. On some, the tip of the tail is weak; on others it is sharper. The tip of the left wing is always flat and the entire left wing appears less detailed than that on the right. The right claw is usually weak as well. The reverse denticles are typically visible from around 7:00 to 2:00 and hard to see or invisible from 3:00 to 7:00.

SURFACES: The surfaces often show numerous small marks in the fields but this issue tends to be a bit less abraded than the 1796 With Stars. Many have adjustment marks that range from light and unobtrusive to heavy and detracting.

LUSTER: This issue has a very distinctive type of luster. It is typically frosty with a somewhat subdued appearance. The fields are usually semi-prooflike and this is in contrast to the frosty texture of the devices. Many 1796 No Stars quarter eagles have been cleaned and show impaired luster as a result. There are some higher grade pieces that have a majority of the luster present and the one Gem that is known has magnificent thick, frosty luster.

COLORATION: The typical color for this issue is medium to deep yellow gold with a prominent olive undertone. A number show (or at least showed this before they were dipped) a nice coppery hue that was somewhat iridescent when tilted into a light source. As recently as a decade ago, it was possible to find a nice original Extremely Fine or About Uncirculated example with fully or nearly full original hues. Today, most of these have been processed or conserved and attractive 1796 No Stars quarter eagles with natural color are very rare.

EYE APPEAL: The typical 1796 No Stars quarter eagle actually has better overall eye appeal than many of the other early dates of this denomination. At one point, there were enough nice middle grade pieces to satisfy most collectors. Now, many of these coins have been conserved and rest in third-party slabs where they are enthusiastically graded, to say the least. That said, it is still possible for the patient collector to locate a reasonably attractive example for his type set or date set.

DIE CHARACTERISTICS: The left sides of the LI in LIBERTY are lightly recut. Most examples have a number of die cracks on the obverse with the most prominent located at the obverse rim around 9:00 extending crookedly into the field. On the reverse, there is an intermittent die engraver’s line from the top of the right wing through the tops of AMERI in AMERICA.

DIE VARIETIES: There are two varieties known.

Variety 1 (BD-1): The arrows reach to the foot of the I in UNITED. This variety is extremely rare with just four to six pieces.

Variety 2 (BD-2): The arrows reach to the end of the N in UNITED. This is by far the more common of the two varieties.

RARITY: Total Known: 90-110 By Grade: Very Fine: 10-15 Extremely Fine: 42-45 About Uncirculated: 33-43 Uncirculated: 5-7

AUCTION RECORD: The auction record for this issue was set by Heritage 1/08: 3058. This coin brought $1,725,000 which is the highest price ever paid at auction for any early United States gold coin. Higher prices have been paid, of course, via private treaty.

SIGNIFICANT PIECES: There are an estimated five to seven known that qualify, in my opinion, as being truly Uncirculated. These include the following:

1. Private collection via John Albanese, ex Heritage 1/08: 3058 ($1,725,000), Madison Collection via Heritage Galleries, ANR 6/05: 1002 ($1,380,000), Midwestern collection, Stack’s 11/95: 1498 ($605,000), Lelan Rogers collection, Stack’s 5/64: 1660, Phillip Ward collection, University of Pennsylvania, R.C. Brock collection, NY Coin and Stamp 6/1890: 719, Lorin Parmelee collection. Graded MS65 by PCGS.

2. Pogue collection, ex Stack’s 5/99: 1787 ($276,000), John Whitney Walter collection, Bowers and Ruddy 3/80: 732 ($125,000), obtained via private treaty from Harold Newlin in 1884. MS62 to MS63.

3. Stack’s 7/08: 2324 ($488,750), ex ANR 7/04: 82 ($345,000), Oliver Jung collection via Midwestern dealer, James Swan collection. Graded MS62 by PCGS.

4. Heritage 8/06: 5417 ($322,000). Graded MS61 by PCGS.

5. Heritage 7/08: 1451 ($276,000), ex Ed Price collection. Graded MS61 by PCGS.

As of July 2009, PCGS has graded three in MS61, three in MS62 and one in MS65 for a total of seven in Uncirculated. NGC has graded two in MS60, five in MS61, three in MS62, one in MS63 and one in MS65 for a total of twelve in Uncirculated.

The 1796 No Stars is probably the best known and most desired early quarter eagle. It is not as rare as the With Stars issue but its status as a one-year type and a first-year-of-issue leave it in heavy demand. There are approximately 100 known in all grades with the typical piece being in the Extremely Fine-40 to About Uncirculated-50 range. Properly graded high end AU coins are quite rare and the 1796 No Stars is very rare in Uncirculated with fewer than ten known. There is one Gem known.

The New Orleans With Motto Eagle "Short Set"

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One of the most interesting and completable sets for the beginning branch mint gold collector is the short set of With Motto New Orleans eagles. This set features the New Orleans eagles produced from 1888 through 1906. In all, there eleven issues in this set. A set in the lower Uncirculated grades could be assembled for less than $10,000. Unlike the No Motto eagles produced at the New Orleans mint from 1841 through 1860, the With Motto issues tended not to readily circulate. This is especially true with the issues from 1888 onwards. Many dates are virtually unknown in grades below AU55 and significant numbers have been located in Europe where they were sent a century ago to pay down foreign trade debts. These “Euro” coins have a distinctive dirty-gold appearance (if they haven’t been dipped) and are typically in the MS60 to MS62 range as a result of rough handling and subsequent abrasions on the surfaces.

In the AU55 to MS60 range, many issues sell for just a very small premium over generic With Motto eagles from this era. This makes these dates very good value, in my opinion, as they are many, many times scarcer than generics and have the added advantage of coming from the highly collectible and historically significant New Orleans mint.

What appeals to many collectors is the fact that the Short Set With Motto New Orleans eagles are legitimately scarce but they are not “too rare” like their No Motto counterparts. The No Motto eagles from New Orleans include a number of rare and expensive issues and even the most common dates are quite rare (and highly priced) in any Uncirculated grade. Even the two hardest Short Set dates (the 1897-O and the 1899-O) can be found in the lowest Uncirculated grades for less than $1,000-1,500.

A few of the Short Set dates can be found in grades up to and including MS63 and these dates (namely the 1901-O, 1903-O and 1904-O) are reasonably affordable even in this comparatively high grade. All eagles from New Orleans become rare in MS64 and Gems (MS65 and above) are very rare. Some of the dates in this series are virtually unknown above MS63; see the date-by-date listings below for more information.

Let’s take a brief look at each of the eleven dates in the Short Set:

1888-O: Until a few decades ago the 1888-O was quite rare in Uncirculated but today it is easily located in grades up to and including MS62. Properly graded MS63’s are scarce and I am not aware of an example finer than this.

1892-O: This is one of the more available New Orleans eagles from the 1890’s. It is usually seen in AU55 to MS61 and it is somewhat scarce in MS62. Properly graded MS63 examples are extremely rare and I only know of one or two.

1893-O: A formerly scarce date that has become the most available New Orleans eagle from the 19th century due to overseas hoards. It is common in grades up to and including MS62 but properly graded MS63’s are quite scarce. I have never seen or heard of one above MS63.

1894-O: Despite a mintage that is greater than the previous three issues combined, the 1894-O is much scarcer. It is a reasonably scarce coin in properly graded MS62 and it is rare in MS63. There are a few very choice pieces known including at least one Gem (ex ANR 9/05: 1319 @ $21,850).

1895-O: The 1895-O is similar to the 1892-O in terms of rarity and availability. It is sometimes available in MS62 but it is very scarce in MS63. I only know of one with claims to a higher grade (ex Heritage 8/06: 2038 @ $18,400).

1897-O: This is the second scarcest date in the set although it is far more available in very high grades (MS64 and above) than the 1888-O, 1892-O, 1893-O and 1895-O. The “look” of the 1897-O tends to be different from the early dates as well and examples can be found without abundant marks. I know of at least three Gems including the Eliasberg coin which is graded MS67 by PCGS.

1899-O: The 1899-O has proven to be the scarcest date in the Short Set and after years of neglect, prices have risen accordingly. It is scarce in properly graded MS62, rare in MS63 and very rare above this. There is an amazing PCGS MS68 that is ex Eliasberg and it is the single finest New Orleans gold coin of any date or denomination.

1901-O: Beginning with this issue, the next few New Orleans eagles are comparatively common. The 1901-O can be found in grades up to and including MS63. It is very scarce in MS64 and extremely rare in Gem. In my experience, nice examples of the 1901-O are much harder to locate than the 1903-O and the 1904-O.

1903-O: This is the most common New Orleans and it has the highest mintage figure (112,771) of any With Motto eagle from this mint. It can be found in grades up to and including MS63 without much difficulty and MS64’s are sometimes available. In MS 65 and above it is very rare.

1904-O: The 1904-O is the second most available date in this set. Like the 1903-O, it is reasonably available in grades as high as MS63. In MS64 it is very scarce and Gems are very rare with around six to eight accounted for. This includes one graded MS68 by NGC (ex Eliasberg and later sold in Auction ’89 where it brought $104,500) and another graded MS67 by PCGS (last sold as Heritage 1/05: 30059 @ $63,250).

1906-O: This last year of issue has proven to be a real “sleeper” in the Short Set. It has often been lumped with the other 20th century issues but it is quite a bit scarcer, especially in MS63 and above. I know of six or seven Gems including at least two graded MS66 by PCGS.

As I mentioned above, I think this set is perfect for beginning collectors. It is challenging without being overwhelming and it allows collectors on a somewhat limited budget to buy relatively high grade, interesting large-sized U.S. gold coins at reasonable levels.