Learn about buying, selling and collecting rare U.S. gold coins with Douglas Winter Numismatics and read related articles on this blog.
I’ve handled more finest known Charlotte gold coins than anyone, but even in 2014 new items enter the market and find my inventory which cause me to gasp aloud. One such coin was the finest known 1849-C Closed Wreath gold dollar, graded MS64+ by NGC and later approved by CAC, which I purchased via private treaty at the recent Baltimore show.
Read MoreThe 1855-D is one of two gold dollars from the Dahlonega mint with multiple levels of demand. It is popular with type collectors who like it for its one-year status (it is the only Type One gold dollar from this mint) and it is also popular with collectors who appreciate truly rare coins. While the 1861-D is the “sexy” D mint gold dollar, the 1855-D is actually a rarer coin in high grades, especially with choice surfaces, original color and a sharp strike. Of the 100 or which are known, most 1855-D dollars grade in the VF-EF range and are characterized by very flat central detail. There are an estimated two dozen known in properly graded About Uncirculated, as well as another four or five in Uncirculated.
A very small number (lower than 10% of the survivors) are known with a full date and collectors appreciate these. Full Date coins typically command strong premium and to qualify as such, an 1855-D needs to be as well defined on the 85 as the present coin; see the photo for more evidence.
This fresh-to-the-market coin is perhaps the nicest circulated 1855-D dollar that I have owned and its eye appeal far exceeds the assigned grade. It is extremely well-struck and is probably one of the very first coins struck from the Winter 7-I die pair. The date shows 100% full detail, and there are only moderate clashmarks at the centers. The surfaces are clean and well made with attractive rich deep russet color seen on both sides. Some dirt in the recesses can be seen as well and it is likely that this is one of only a small number of 1855-D dollars which has not been cleaned or dipped.
This coin was recently sent in for grading by the descendants of an old Southern family, where the coin had resided since the 19th century. I was excited to purchase it, and I sent it to PCGS and later to CAC, hoping it would grade AU55.
Here is an example where a coin in a lower grade holder is clearly worth more than one graded higher. My coin was “competing” with an NGC AU58 which was listed on a West Coast dealer’s website for less money than I was asking for a coin which was “only” an AU53. As I pointed out to the collector who purchased this coin from me, the AU58, based on images, was weakly struck, unnaturally bright, and had rough, processed surfaces.
The new owner of this coin is nearing completion of a set of Dahlonega gold and he has just a few more coins before he is finished. I am pleased that he took a leap of faith and purchased this exceptional 1855-D Full Date dollar as it will make a superb addition to his set.
If you want to purchase Dahlonega gold coins which are choice s this 1855-D dollar, please contact me at dwn@ont.com.
Do you buy rare gold coins?
Do you have coins to sell?
Would you like to have the world’s leading expert help you assemble a set of coins?
Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.
This coin is an old friend which I sold to its present owner around 15 years ago. The collector who owns the coin, graded EF45 by NGC, decided he wanted to put together a set of San Francisco half eagles. I told him he should start with the keys first, and for his purposes, the 1864-S was clearly going to be the stopper. I found this lovely example a few months later and it’s been off the market for the better part of two decades.
I don’t have all my old records handy, but if I recall correctly he paid around $10,000 for the coin. Today, it is worth four or five times this amount.
After many years of inactivity, the collector who owns this coin has decided to resume assembling his set of San Francisco half eagles. The beauty of his listening to my advice is that he already owns many of the keys and he doesn’t have to worry about the stopper—the 1864-S—as he owns this beautiful example.
This is one of the few original, uncleaned 1864-S half eagles which exist. This piece has pleasing lemon-gold and rich rose color on the obverse and the reverse, and the surfaces are far less abraded than usual for the issue. The obverse stars show flatness at the centers which is typical for the issue; even the single example known in Uncirculated (an amazing PCGS MS65+) shows this weakness of strike.
For many years, the 1864-S half eagle was an unloved issue with only a small number of collectors who appreciated its grade and absolute rarity. Today, this coin is very popular and I think its level of demand is only going to increase as San Francisco gold coins become more and more avidly collected.
Do you want to put together a set of San Francisco half eagles? I would be happy to assist you, and am available to discuss the process by phone (214-675-9897) or via email at dwn@ont.com.
Do you buy rare gold coins?
Do you have coins to sell?
Would you like to have the world’s leading expert help you assemble a set of coins?
Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.
Of course, it didn’t exactly hurt this market to have no less than three major shipwrecks (S.S. Central America, S.S. Brother Jonathan, and S.S. Republic) located during the past two decades. This brought thousands and thousands of Type Ones into the market, and this number included many heretofore unthinkable pieces. These coins were professionally marketed and attracted new buyers into the market; some of whom became serious long-term collectors in their own right.
The S.S. Republic didn’t get the notoriety of its counterparts but there were some amazing coins included in the treasure. The date that saw the best single coins, from a quality and appearance standpoint, was the 1865 double eagle. This makes sense as the boat sank in 1865 and these coins were essentially “brand new” and fresh from the Philadelphia mint.
No less than 271 Uncirculated examples of the 1865 double eagle were found in this treasure and some of these coins were truly special. Most were in the MS61 to MS63 range and were characterized by great luster and detail, but scattered scuffs and abrasions. A few dozen Gems were uncovered. And then there was one remarkable coin that was hand selected by the graders at NGC to represent this date in the Museum Collection which was formed by an investor in the salvage operation.
This incredible 1865 double eagle was graded MS66 by NGC and awarded a “star” designation for having exceptional eye appeal. The coin has semi-prooflike luster and its strike is as sharp as on any business strike Type One double eagle from the Civil War era which I have ever seen. It shows glowing golden-yellow color and its surfaces are nearly perfect save for a few minor scuffs in the fields.
There are a number of factors that make this an important coin.
It is the second finest Civil War double eagle of any date after the famous PCGS MS67 1861 which sold for $352,000 in a 2013 auction.
It is the single finest-known 1865 double eagle. The next best example is probably the PCGS/CAC MS65 which sold for $88,125 in a Heritage 2013 auction.
It is the single highest-graded gold coin of any date or denomination from the S.S. Republic.
This coin was sold to an East Coast collector who is putting together a memorable set of Type One double eagles. This individual already owns the single finest known 1862 (an NGC MS64) and the single finest known 1864 (a PCGS MS65), so the addition of the finest known 1865 now gives him no less than three Philadelphia Civil War coins which are unimprovable.
For more information on choice and rare Type One Liberty Head double eagles or on any facet of collecting American coinage, please contact Doug Winter at (214) 675-9897 or via email at dwn@ont.com.
This first coin might surprise you. I have a well-deserved reputation as a dealer who handles a lot of great 18th and 19th century United Sates gold coins. But I also handle some really interested Bust and Seated coins, including coins such as the featured item in this blog.
I started collecting coins when I was nine years old and one of the first series which I started collecting seriously was Liberty Seated quarters. I have always loved this series and over the years, I’ve handled numerous finest known and Condition Census issues. I’ve always had a soft spot for New Orleans and San Francisco quarters so this Gem 1871-S quarter hit a real nerve for me.
The 1871-S is a scarce, low-mintage issue which, like all of the other San Francisco quarters of this era, tends to be found in lower grades. There are an estimated 200-300 known with many of these showing extensive wear. A small number of Gems (maybe as many as four or five) are known, and it was likely these were all saved by foresighted collectors or local families.
The present 1871-S quarter is famous within the Seated Liberty collecting community and it is very likely the single finest known. It has blazing frosty luster with surfaces which, except for a small scrape in the right obverse field, are essentially “as made.” The coin has blast white centers with some cinnamon hues at the obverse border; the reverse shows lighter but more extensive color at the periphery.
There are two superb gems known for this date and these are as follows:
The 1871-S was formerly a neglected and overlooked date and it remains somewhat overshadowed by its rarer counterpart, the 1872-S. But it is very scarce in all grades and it is almost never seen in popular collector grades. Its value has risen appreciably over the years in the VF-AU grade range, but like many Seated quarters of this era it is dominated by the famous Carson City issues which are more popular and which have multiple levels of demand.
With Gene Gardner now out of the market, there is really no single collector who is the “go to guy” for Gem Mint State Seated Liberty rarities. In my opinion, when a new collector or two gets into the market and focuses on coins such as San Francisco Seated quarters (and I think this is inevitable, given how popular San Francisco gold from this era has become in the last three years) a coin such as this Gem 1871-S quarter could easily double its current price level.
This coin is a great combination of beauty and rarity, and I was proud to offer it.
But every now and then, I handle a coin that is not only “unused,” but it is superb quality. I recently handled a PCGS MS68+ 1884 gold dollar approved by CAC, which was as close to perfect as any 19th century American gold coin I’ve handled in some time. I’d like to share some thoughts about the appearance of this specific coin, discuss it within the context of the Type Three gold dollar series, and share some random thoughts on originality and eye appeal.
The late-date Type Three dollars—those issues struck from 1880 through the end of this series in 1889—share a number of characteristics. They all have fairly low mintages but fairly high survival rates. These issues were not well-circulated and for many of these dates, examples below AU55 to AU58 are all but unheard of.
Of the ten late-date Type Three gold dollars, the rarest in terms of overall rarity is the 1884. It sells for just a small premium over a really common date like an 1888 or 1889 but it is actually much scarcer. Of the 5,230 struck, there are around 500 known with nearly all in the MS62 to MS64 range. In MS65 and even MS66, this date is not a big deal and PCGS has graded enough in MS67 (20 coins as of September 2014) that most any collector who wants one can find one. MS68’s are another story, and PCGS has graded only seven in this grade plus this one example in MS68+. NGC has graded an 1884 dollar in MS69, and I’m sure that coin is amazing, but I’m feeling pretty confident in saying right now that this PCGS MS68+ is the single finest known 1884 gold dollar.
What makes this coin an MS68+? Is it really better than an MS67; enough to justify it being worth close to four times what a nice PCGS/CAC MS67? If so, how, what and why?
I generally avoid buying common coins in uncommon grades, and if I were offered an 1888 or 1889 gold dollar in MS68+ I would likely pass. But I quickly pulled the trigger on this 1884. My decision was made easy by the coin’s appearance. It has eye appeal to spare; a result of its great surfaces, lovely color and the “look” which is hard to put into words but which speaks volumes to me. This coin didn’t have the appearance of a “typical” dipped high grade dollar of this era. It was dark and filmy and I mean “filmy” in a good way; more on this below.
Let’s look at the components of grading which combine to give this coin its Mint State rating and its eye appeal factor. First is strike. Strike shouldn’t be much of a factor on late date Type Three gold dollars as these tend to be extremely well-struck. This coin is no exception, and it is fully detailed at the centers and borders. The second factor is surface preservation. A close examination of the surfaces reveals a single light scrape on the upper obverse below ES in STATES. Other than this, the coin is perfect. The next factor is luster. This coin has amazing rich, thick frosty luster which is unbroken and which clearly has never been tampered with. This issue tends to have very good luster, but even by the standards of 1884 gold dollars, this piece has better than average luster. The fourth factor is coloration. You can see from the attached photo that this coin has very pronounced coppery-russet color, which is deeper at the borders than the centers. The color is “right” for the issue and it has a pattern and hues that is clearly natural.
One thing about this coin which is interesting is its “filmy” appearance. Generally, a coin which is filmy has negative connotations, and this film might be putty or some unnatural, applied chemical. But a number of Type Three gold dollars have what is known as “cellophane” toning from storage in old cellophane holders. These coins were often given as Christmas presents and stored for many years in these clear holders which impart a very recognizable “film” over the surfaces. If I saw this same sort of film on, say, an 1854-D gold dollar, I’d be suspicious. But knowing that this look is not uncommon on high-grade business strike gold dollars from the 1880’s, I regard it as another “plus” factor in this coin’s overall appearance.
As a collector, one of the things you should do is educate yourself as much as possible about the series you collect. Focus less on trying to learn what is the difference between an MS67, an MS68, and an MS69, and more on the characteristics which make a coin special for its respective issue. Learn about things like cellophane-style toning on the surfaces of Type Three gold dollars, and why this is a good thing. Most of all, find a visual “look” which appeals to you and try to stick to this as much as possible when you search for coins.
And whatever became of this 1884 gold dollar? I sold it to a prominent collector who is currently working on the finest-known set of gold dollars, and he is thrilled with his new acquisition.
Do you have questions or comments about this PCGS MS68+ gold dollar? If so, please free to comment below or ask me directly via email at dwn@ont.com.
Do you buy rare gold coins?
Do you have coins to sell?
Would you like to have the world’s leading expert help you assemble a set of coins?
Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.
A good guy passed away yesterday and I’d like to share some thoughts about him. William “Bill” Motto was the CEO of a major Midwestern company, but I knew him as an advanced collector of United States gold coins. I really got to know Bill around four or five years ago when the United States Gold Coin Club was founded. I was vaguely aware of Bill prior to this but he was such a low-key, under-the-radar guy, that it was only at the first few club meetings that we began to talk.
Bill collected great coins. He wasn’t what I’d call a super advanced numismatist and he didn’t pretend to be. As I got to know Bill better, he began to share some of his coins with me and I was blown away by the magnitude of his holdings. I always tried to share pedigree and provenance information with Bill on his key coins, and I could tell that he was genuinely interested that a coin he owned was likely from the famous Parmelee sale of 1890, or from the World’s Greatest Collection sales of 1945-1946.
Bill had a rigorous set of standards he applied to his purchases. He was especially fond of early gold, and we both shared a fondness for the rarer “Fat Head” issues from the 1820’s and early 1830’s. I remember speaking to Bill the day of a major sale and we discussed an important coin that was up for auction. Bill had decided that the coin was worth “X” amount and when I told him he wasn’t likely to purchase it at that price, he wouldn’t be dissuaded. He didn’t buy that coin, and didn’t seem to mind that he let it get away. It was worth “X” and not a penny more, in his mind.
I would see Bill a few times a year; always at the FUN and Summer ANA shows and, on rare occasions, at the Central States show. Bill would arrive at the show with his sons in tow, and visit the small coterie of dealers he was close to; I was proud to be included in this group.
Before one show a few years ago, Bill called me and told me he had a neat deal for me to purchase. I grew excited and wondered what neat coins I was going to get buy: Proof gold? Early gold? Rare Saints? When I saw him he came behind the table (he always had “behind the table” privileges) and proceeded to hand me a group of eight circulated Classic Head gold coins. Nice, yes, but not the $100,000 gems I was hoping for. But the transaction went smoothly and I always was thankful that Bill let me buy his spillage.
Bill and I had a running joke at shows. Bill was one of the most low-key rich guys I’ve ever met but he had one vice: he loved to fly on his private plane. To those of us poor schlubs who fly commercial, private flight is a luxury we can only dream about. Bill would sit down next to me at a show and I’d always tell him how awful my flight was and how I’d be happy to hitch a ride with him in case he was heading anywhere near Portland.
Bill, I will miss you. I will miss your enthusiasm, your love of great coins, and the fact that you didn’t even check your own email. Bill, I hope the time we spent together was as much fun for you as it was for me.
Rest in Peace, my friend.
I booked flights to Orange County and Dallas to view the sales in person and at my leisure. One thing I have learned about auctions is that viewing conditions have to be ideal. For me this means the following: my special coin lamp, my music played loud over headphones, no distractions, and plenty of time to take notes on the coins I’m most interested in. I can’t do this at a coin show as, by then, my nerves are frazzled and I can’t properly concentrate. And when I don’t pay full attention, I make mistakes. In my level of dealing, a small mistake can equate to thousands or even tens of thousands of dollars so I want to be cautious, careful, and critical.
The sales were very successful for me. I spent in excess of $2 million dollars including a record-setting purchase of the ultra-rare 1861 Paquet double eagle. (But that’s another story.) The tale I want to tell here is about three coins which I have chosen for what I believe to be their overall level of interest to gold coin enthusiasts.
Lot 11077, Stack's Bowers. 1804 Small 8 over Large 8 half eagle, PCGS AU55, Old Green Holder.
A good client of mine has been searching for the “right” 1804 half eagle for the better part of two years. We’ve bid on a few at auction and always come up just a hair short; on others I’ve put the kibosh to the coin due to quality issues. The above referenced coin, after I saw it in person, was exactly what this collector would want and I knew it was a coin he would be excited about.
After we discussed it on the phone, we debated the value. I told him it was a coin I would gladly bid $10,000 on to stock it for my inventory. We decided to go to $11,000 in the sale, and I was told, “Don’t let this one get away.”
The coin opened at $9,000 and another floor bidder jumped in at $10,000. I bid $11,000 and waited to see if my bid would be topped. After a long pause, it wasn’t, and the coin was mine.
The collector texted me about fifteen seconds after the lot had closed and asked, “Was that our bid?” When I told him it was, I got back a short but rewarding text: “YESSSS!!!!!!!” He was happy, I was happy, and the coin now has a great new home where it will be appreciated for years and years.
Lot 12010, Stack's Bowers. 1854-S double eagle, PCGS MS64, ex SS Central America.
I’m going to be honest. It took me longer to “like” the SSCA coins than most gold coin experts. I had trouble with the coins due to the conservation and the lack of “originality.” But as time has marched on, I have come to like these coins, and certain coins from this wreck really excite me. This 1854-S was one coin that truly floated my boat.
This specific coin was the single finest of only 25 examples of this date found on the S.S. Central America. In addition, the 1854-S is a condition rarity in the Type One double eagle series, and it is desirable as the first double eagle from the brand new San Francisco mint. Not to mention the fact in person this coin was outstanding; quite possibly the best 1854-S double eagle I had ever seen and clearly finer, in my opinion, than the PCGS MS65 which sold for $115,000 in the Heritage 10/08 auction.
With this information at hand, I decided that I would bid up to $80,000 hammer on this coin and I might even stretch a bit if I had to. The coin, it turned out, was reserved by the consignor at $57,500. This meant that a $60,000 bid was required for a potential sale. The auctioneer opened the lot, I bid, and in a matter of seconds, it was hammered to me at $60,000, meaning I purchased it all in at $70,500. I considered this to be an excellent purchase and I grinned quietly, waiting for my next lot to come up in a few minutes.
Lot 4120, Heritage. 1865-S double eagle, NGC Improperly Cleaned, Uncirculated Details.
I don’t generally buy “problem coins” and I never, ever, ever doctor said pieces, but this lot was a really big riddle to me. It was the first and only truly Gem example of this date that I had ever seen except for one big problem: it had been lightly cleaned around the date years ago. Without this cleaning, this was a slam-dunk MS65 and, as an example with original surfaces (i.e., not from the Brother Johnathan or Republic shipwrecks) it could easily be worth $50,000++.
I had a dealer friend who is smarter than I am about such coins look at this and he agreed with me that it was a “no grade” now and likely a “no grade” in the foreseeable future. Still, I was haunted by this coin, and I threw in a bid of $5,000 just for the heck of it.
The coin wound up bringing $11,162.50, and I can guess which dealer bought it even without knowing the answer. I will be on the lookout for this coin in the near future and I won’t be shocked if it is in a “regular” MS65 holder and priced at some crazy number.
So there you have it: two sales, three coins, and one very tired dealer’s opinions. I greatly enjoyed my participation in both of these sales, and thanks go to Stack's Bowers and Heritage for putting on such a great group of coin auctions.
Do you buy rare gold coins?
Do you have coins to sell?
Would you like to have the world’s leading expert help you assemble a set of coins?
Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.
Most coin purchases involve some sort of compromise. Very few coins are “perfect” from an appearance standpoint. A coin may have been cleaned at one time or it may have some weakness of strike or more marks in prominent locations than you would hope for. When should you compromise your standards, and when should you hold fast and true?
A lot of the answers that I would give to these questions depend on what sort of coins you are buying and whether you collect by type or by date. If you are a type collector, it is much easier to, as an example, wait for the perfect AU55 Capped Bust Right Heraldic Eagle ten dollar gold piece than it is to wait for an 1804 eagle in AU55 which is well struck and which has natural color.
Let’s look at some specifics for compromise vs. non-compromise, and use some real world examples.
Intuitively, you would think that the exact opposite should be true in numismatics, but it’s not.
The rarest Dahlonega half eagle is the 1842-D Large Date. It’s the only issue in the series which is genuinely hard to find in EF and higher grades with really good eye appeal. I haven’t handled a truly nice one in years, and I have numerous want lists for this date in nearly any grade. If someone offered me a marginal quality in a 45 holder tomorrow, I would invariably buy it unless it was grossly overpriced or it had some flaw that I just couldn’t get past.
The most common Dahlonega half eagle is the 1854-D. It’s kind of a blah issue, but I seldom buy this date unless it is outstanding for the date for one of the following reasons: it's 100% original, it has great color, or it is exceptional eye appeal. In other words, I’m not going to buy an 1854-D (or any other very common Dahlonega half eagle) unless there is something really exceptional about it.
If I hold the 1842-D Large Date to the same standards that I hold the 1854-D to, I’m never going to buy an example. And this is a trap that many collectors fall into.
There are a number of very rare coins that just don’t come nice. A classic example is the 1870-CC double eagle. I’ve seen or owned probably half of the surviving examples and I can’t recall more than two or three that I would regard as “choice.” The typical example is not only well-worn but it lacks original color and has numerous abrasions. As a buyer who loves original color and tends not to like abrasions, the 1870-CC is problematical for me. Which is why I hold it to an entirely different set of standards than, say, an issue like the 1890-CC double eagle, which I can easily locate with good eye appeal.
Around a year ago, I began selling coins to a new collector who decided that he wanted to specialize in rare to very rare Liberty Head eagles. His collecting background was with more modern issues such as Walking Liberty half dollars and he was used to big, bright, shiny coins which were just about perfect. I warned him that he would have to use an entirely different set of standards with a coin like an 1860-S eagle; an issue which is not only extremely rare but is one with which rigorous buying standards have to be thrown out the window.
The first two transactions I had with this gentleman were disasters. He returned one very scarce coin (in a PCGS holder and with CAC approval) for having a tiny “scratch” hidden on the reverse, and another rarer one for not being as “dark and dirty” as he thought the photo and description on my website indicated. I don’t have many coins returned due to quality issues, and two have two returned by the same individual in the space of a few weeks…well, let’s just say this doesn’t happen much at DWN.
We spoke on the phone and this is what I learned: since these coins were expensive (high four figures in one case and low five figures in another) he expected them to be superb. I tried to explain to him that what constitutes “superb” in the realm of rare date eagles is entirely different than what constitutes “superb” when looking at MS66 and MS67 late date Walkers. He was using a set of standards that were totally inapplicable to rare date 19th century gold coins that were both conditionally rare and which had very low survival rates. I think we parted friends, but to this day I have never sold him another coin and don’t think he is likely to buy anything from me.
This blog is not meant to be an apology for compromising your standards. In the field of rare date gold collecting there are many coins that you can take a firm stand and not waver from it.
More dated gold collectors are collecting by a type or by “best available neat coin” strategy and wandering from the previous standards of collecting series by date.
Let’s say you’ve decided that you like Charlotte quarter eagles but you want just two examples: a Classic Head and a Liberty Head. You are more limited with the former as there are just two Classic Head issues; the Liberty Head series offers much more flexibility with 18 different issues to choose from.
You’ve saved up and have $3,500 to spend on a really nice quarter eagle. You are someone who really values good strikes and you hate coins which are made on inferior planchets. This automatically eliminates around half to two-thirds of the possible Liberty Head issues from this mint (due to budget constraints, strike problems, or poor method of manufacture) and you can focus on the issues which make sense. The chances are good that the “right” $3,500 coin will show up in a few months; a coin with excellent striking detail, nice surfaces and the original color and surfaces that collectors now crave. It might be a “common” issue such as an 1847-Cl or it might be a scarcer issue such as an 1840-C.
Or you can just buy assorted neat coins in your price range. Let’s say you love dirty, original coins and your price point is $2,500-5,000. It doesn’t theoretically matter if you buy a PCGS AU58 1857-S gold dollar or an NGC AU50 1846-D/D half eaglel as long as the coin has character and its eye appeal “speaks” to you.
I’ve discussed this more than once but most collectors overbuy the common dates in their chosen set(s) and underbuy the keys.
Let me give you an example of the right way to form a set. A very good client of mine has been working on a Dahlonega quarter eagle set for five or six years now. His motivation to begin this set was when I had just bought a great collection of D mint quarter eagles and was breaking them up. It just so happened that the key 1855-D and 1856-D in this collection were wonderful quality for the date: comparatively high grade, nice and original, and well-pedigreed. He realized that by purchasing both coins, he would be off to a great start and that he might not have a chance to purchase such nice examples again.
After buying these two key issues, this collector decided that the other rarities in the set (1840-D, 1841-D, 1842-D, and 1854-D) had to be special coins. And over the course of the next five years, I was able to purchase beautiful AU55 to AU58 examples of each.
As picky as he was on the keys, he was discriminating on the common dates in the set. He bought nice AU examples but resisted the temptation to spend $15,000 on a common 1843-D when he could own a perfectly presentable example for $4,000 and funnel the savings towards another key date, or two to three more nice commons.
Let’s say you are a collector for whom strike is a key factor in determining whether or not you buy a coin. On some issues, you are out of luck as all known examples are found with weakness of strike (an example of this would be the 1859-C and 1860-C half eagles). Other issues are found with varieties which are well struck or poorly struck, depending on the die state (examples of this include the 1844-D and 1848-C quarter eagles).
To be a good collector in the area of rare date gold, you have to learn about each issue’s appearance. This is why the books I have written explain factors such as typical strike in great detail.
You are surfing the web and you happen on a nice, crusty 1844-D quarter eagle in a PCGS AU55 holder. It has your “look” and is priced in your wheelhouse, but the strike is very poor. If you know the intricacies of this issue, you know that around 50% of all 1844-D quarter eagles show central weakness. This means that you still have a good chance to find a well-struck example and that you should probably pass on the coin, even if you need it for your date set.
Knowing when to be picky and when to compromise is an important part of the strategies used by sophisticated collectors of all coins; not just dated gold. Do you have any stories to share about being picky or not being picky when you bought a coin? Please share them in the comments section below.
Do you buy rare gold coins?
Do you have coins to sell?
Would you like to have the world’s leading expert help you assemble a set of coins?
Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.
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