Which New Orleans Gold Issues Are Really Rare?

In 1992, my book "New Orleans Mint Gold Coins 1839-1909" was published. A decade later, the information in this reference is considerably out-of-date. Which gold issues from the New Orleans mint have remained rare and which are now more readily available? 1. Gold Dollars: The 1850-O is still the only gold dollar from this mint that can be called scarce in any grade. Properly graded Uncirculated pieces are quite rare, especially above Mint State-62. I have never seen a gem and only one or two at the Mint State-64 level. The 1849-O and 1851-O are more plentiful in the lower Mint State grades than I previously believed but are extremely rare in gem. The 1852-O remains reasonably scarce in the lower Mint State grades, quite rare in Mint State-63 and very rare above this. Price levels for the 1855-O have increased dramatically in the past decade. This issue cannot really be called rare but its status as the only Type Two gold dollar from New Orleans makes it extremely popular. The supply of high-grade examples (Mint State-62 and higher) has dried up in recent years.

2. Quarter Eagles: The only New Orleans quarter eagle that can rightfully be called rare in circulated grades is the 1845-O. It has proven to be almost impossible to find above About Uncirculated-55 and I still know of just two or three Uncirculated examples. The 1840-O, 1842-O and 1843-O Large Date quarter eagles are very hard to locate in the higher AU grades and all three are very rare in Uncirculated. The 1846-O, 1850-O, 1851-O and 1852-O have proven to be a little more available in Uncirculated than formerly believed but all four are extremely undervalued in comparison to Charlotte and Dahlonega quarter eagles of this era. The 1856-O is still the biggest "sleeper" date of the quarter eagles and I doubt if more than six or seven are known in Uncirculated. The 1854-O, while extremely common in circulated grades, is quite scarce in Mint State-62 and rare in Mint State-63 or better. It remains absurdly undervalued. The 1857-O is more plentiful in high grades than formerly believed but it remains very rare in Mint State-63 and above.

3. Three Dollar Gold Pieces: If one goes strictly by population figures from NGC and PCGS, it seems that the 1854-O Three Dollar gold piece is far more common than once believed in the higher About Uncirculated grades. This is not the case. Properly graded, sharply struck examples with original surfaces are very rare in Mint State and extremely scarce in About Uncirculated-55 and About Uncirculated-58. Many have been submitted to the grading services multiple times and a number I have seen in NGC AU-55 and AU-58 holders have been considerably overgraded.

4. Half Eagles: The 1842-O and the 1847-O half eagles are two of the rarest gold issues from this mint. There are two examples known of the former in Mint State and well under a dozen in properly graded About Uncirculated. The 1847-O remains unknown in Uncirculated and extremely rare in AU. Most of the coins in AU-50 to AU-55 holders are unattractive and considerably overgraded. The 1840-O is still an issue that has not really received its due in Uncirculated. A small group of 1843-O Small Letters (four pieces) was discovered in the late 1990's and these increased the number of high-grade examples known. The 1845-O, 1846-O and 1851-O are very rare in Uncirculated and very scarce in the higher AU grades. The 1854-O has become somewhat more available in high grades and I have seen at least six or seven different Mint State pieces over the last decade. The 1855-O, 1856-O and 1857-O are all very rare in Uncirculated and extremely scarce in the higher AU grades. The only readily obtainable No Motto issue is the 1844-O.

The three With Motto New Orleans half eagles have gained in popularity (and price) since my book was published. The 1892-O is far and away the scarcest of this trio and is still considerably undervalued in Mint State. The 1893-O and 1894-O have become far more available in the lower Uncirculated grades but are unquestionably rare in Mint State-63 and essentially unavailable any finer.

5. Eagles: With the exception of the 1847-O, every New Orleans eagle from the 1840's remains very scarce in the higher About Uncirculated grades and very rare in Uncirculated. There are still no Mint State examples of the 1841-O known while the 1849-O appears to be unique. The 1846-O is extremely rare in high grades with just two or three known in Mint State. Even issues such as the 1842-O, 1844-O and 1845-O, which are relatively easily to locate in lower grades, are very rare in properly graded AU-58 and extremely rare in Mint State.

A number of the issues from the 1850's have proven to be extremely rare in high grades. The 1859-O is a bit more available in lower grades than formerly believed but it is unknown above AU-55. The 1852-O, 1855-O, 1856-O and 1857-O are all very rare in the higher AU grades and all except for the 1855-O appear to be unknown in full Mint State.

The 1879-O eagle seems to be a bit less rare than its original mintage of 1,500 would suggest but the supply of higher grade (AU-50 and better) pieces has dried up in the past few years. Only a single Uncirculated example is known.

The 1883-O remains the rarest of the post-Civil War issues. It is rare in all grades and examples in AU-55 or higher are extremely rare. No strictly Uncirculated piece is known to me although one or two might exist. The 1880-O and 1881-O remain rare and underrated in Uncirculated grades while the 1882-O is slightly more available in higher grades than once believed.

The New Orleans eagles from the 1890's are far more available in the lower Uncirculated grades than they were a decade ago. This is due to a number of sizable hoards having been uncovered in the mid-1990's. However, all of these dates remain rare in Mint State-63 and very rare in Mint State-64 or above.

The eagles from the 1900's are among the most available gold issues from this mint in higher grade. They are very good value in the lower Uncirculated grades.

6. Double Eagles: As this article is being written (April 2003), double eagles have become the most popular issues from New Orleans. There is currently an unprecedented level of demand for these issues and the two classic rarities, the 1854-O and 1856-O, have seen incredible price increases in the past decade. The 1850-O was formerly a sleeper issue in high grades and was very undervalued. High-grade AU's now sell for $15,000-20,000. The 1851-O and 1852-O are a bit less rare in Uncirculated than formerly believed. Nice AU's are only moderately scarce but they have become hard to locate as a result of strong demand. The 1855-O, 1859-O and 1860-O remain very rare in AU-55, extremely rare in AU-58 and unobtainable in Uncirculated. The 1857-O and 1858-O are more available in the lower to middle AU grades than they were a decade ago. But both remain extremely rare in Uncirculated. The 1861-O has gained in popularity and it is now, along with the 1879-O, a coin that appears on more want lists than nearly any other gold coin from this mint.

In the decade since the release of "New Orleans Mint Gold Coins, 1839-1909", these issues have become far more popular with collectors. While still not as actively collected as the branch mint issues from Charlotte and Dahlonega they have developed an active collector base. Prices have risen considerably, particularly on the major rarities, stand alone issues (such as the 1855-O gold dollar and the 1854-O Three Dollar) and finest known and Condition Census issues. The release of a number of hoards in the mid-1990's and the sale of the Pittman and Bass collections in the late 1990's brought a number of important new coins on to the market that were not known to me a decade before. When my next book on New Orleans gold is released, there will be numerous changes, both in the Condition Census listings and in the rarity estimates.

Which Dahlonega Coins Are Really Rare?

In the six years since the publication of my book "Gold Coins of the Dahlonega Mint", I have changed some of my opinions about which Dahlonega issues are really rare. The sale of the Bass collection in a series of auctions from 1999 to 2001 brought many exceptional pieces to market. In addition, I was able to purchase a number of collections that contained fresh, high grade examples of coins that I had never previously seen in very high grades. 1. Gold Dollars: In the Type One series, no single issue has proven to be truly rare; at least in terms of its availability in the Extremely Fine to About Uncirculated grade range. The 1850-D remains the rarest Type One issue in higher grades and it is extremely scarce in properly graded About Uncirculated-55 or better. The 1854-D is another issue that is harder to locate than I previously thought. PCGS claims to have graded nine examples in Uncirculated as of January 2003 but I think this number is inflated by resubmissions and overgraded coins.

The 1855-D gold dollar is even rarer than I formerly believed. It is extremely scarce in the lower About Uncirculated grades, very rare in the higher About Uncirculated grades and exceedingly rare in Mint State. The few nice pieces to have come on the market in the past six years have brought record prices and are now stashed in advanced collections.

Many of the Type Three Dahlonega gold dollars appear to be more available in higher grades than I previously believed. The 1856-D is an exception. It remains exceedingly rare in full Mint State and the current population figures at the grading services (twenty-nine alone at PCGS in AU-55 to AU-58 as of January 2003) are absurdly inflated by resubmissions and overgraded coins. Two other issues I still respect are the 1857-D and the 1860-D. The former is very rare and much undervalued in About Uncirculated-58 and better while the 1860-D, despite a fairly high number certified in higher grades, is truly rare when one takes eye appeal into consideration.

2. Quarter Eagles: I still strongly believe that any attractive, original Dahlonega quarter eagle in About Uncirculated-55 or better is rare. And a number of dates have proven to be harder to locate in high grades than I previously expected. The 1840-D and the 1851-D are two issues that I almost never see in AU-55 or better and when one factors eye appeal into the mix, they are nearly impossible to locate.

The population figures for every single Dahlonega quarter eagle in About Uncirculated-55 to Mint State-62 are heavily inflated as a result of resubmissions and overgraded, low-end coins. As an example, the January 2003 PCGS Population Report shows thirty-one 1850-D's in About Uncirculated-55 to About Uncirculated-58. In my opinion, it is highly unlikely that more than a dozen are known in this grade range and this includes a number that are decidedly unattractive.

In my 1997 book, I stated that the 1855-D was the rarest Dahlonega quarter eagle. I now believe that the 1856-D is the rarest. A few other facts about these dates have become apparent. Nearly all 1855-D quarter eagles have some sort of mint-made planchet damage. Any nearly all of the pieces that I have seen in PCGS and NGC AU-50 to AU-55 holders are very low-end. The 1856-D is an issue that noone in the world, myself included, knows how to grade. This is due to the incredibly primitive appearance of these coins. They look like buttons and this makes them just about impossible to grade with any degree of accuracy.

3. Three Dollar Gold Pieces: The 1854-D Three Dollar gold piece is an issue that I have really come to know and appreciate. I have a few observations I'd like to share.

It's not as rare as most people think. For whatever reason a surprisingly high percentage of the 1,120 originally struck were saved. Probably ten percent or more of the mintage exists today, which is a remarkably high number in comparison to nearly any other Dahlonega coin.

It's the most overgraded issue from this mint. An 1854-D that was graded Extremely Fine-45 in 1997 is almost certainly an About Uncirculated-50 or About Uncirculated-53 in 2003. And nearly all of today's AU-58's are really no better than AU-50 to AU-53 by the "old" standards.

Almost all of the pretty, original 1854-D Three Dollar gold pieces have either been dipped or are put away in strong hands. As a result, examples with good eye appeal are now selling for a significant premium over typical washed-out pieces.

Prices for high-grade 1854-D Three Dollar gold pieces bottomed-out in 2000-2001 and have steadily increased since then. In early 2003, the demand for this coin is extremely strong.

4. Half Eagles: More "fresh" half eagles have come on the market in the past six years than any other denomination from the Dahlonega mint. That said, there are still a number of issues that I feel are underappreciated.

The 1839-D has become very popular due to its status as a one-year type coin. And it has proven to be exceptionally hard to locate in About Uncirculated-55 or better with original color and nice surfaces. The 1840-D is also a major source of frustration for collectors who desire a choice, original example.

The 1842-D Large Date remains a major rarity in About Uncirculated-55 or better. It is quite a bit rarer in choice, original Extremely Fine-45 to About Uncirculated-53 than I formerly believed.

The 1846-D normal mintmark half eagle is now recognized as one of the rarest coins from this mint in About Uncirculated-55 or better. Pieces with original color and nice surfaces are almost unheard-of.

For me, the real surprise in the half eagle series has been the 1848-D. In the past six years, I do not think I have seen more than two or three pieces that were well struck and had original color. PCGS claims to have graded twenty in AU-55 to AU-58 but I doubt if more than a small handful are accurately graded and sharply struck.

Two issues from the 1850's have proven to be harder to locate in high grades than I previously believed: the 1851-D and the 1855-D. Most of the PCGS and NGC examples that I have seen in AU-55 and higher holders have either been very softly struck, are noticeably unoriginal or just plain overgraded. Both dates are really rare and undervalued in higher grades.

In the Spring of 2003, I am planning to publish a fully updated version of "Gold Coins of the Dahlonega Mint." This book will include all new rarity and Condition Census updates, new photographs, extensively revised die variety information and interesting personal observations on each issue. It should prove to be the essential work for any Dahlonega collector and will provide important current information that the 1997 edition is lacking.

New Orleans Gold Coins: A Date by Date Analysis - Part One

PART ONE: GOLD DOLLARS - HALF EAGLES The New Orleans mint produced gold coins from 1839 through 1906. During this period, twelve different major design types were produced, encompassing six denominations. These coins range from relatively common to exceedingly rare and all are interesting, collectible issues.

I. Gold Dollars

DATES OF ISSUE: 1849 - 1853, 1855 TYPES: Type One (1849 - 1853), Type Two (1855)

1849-O: A popular first year of issue which is common in grades up to MS-61; becomes scarce in MS-62 and rare in MS-63 or better. Usually well struck; often with pretty green-gold color.

1850-O: The rarest New Orleans gold dollar. Scarce in all grades and rare in Uncirculated; almost impossible to find above MS-62. Very undervalued in higher grades. Usually seen with grainy surfaces; often cleaned.

1851-O: The second most common issue and a date that can be found up to MS-62 without much difficulty; becomes scarce in MS-63 and rare better than this. Usually found well struck and a good type coin because of its excellent appearance.

1852-O: A scarce and underrated issue that is usually seen in lower grades; very scarce in lower Mint State grades and rare in MS-62 or better. Often weakly struck at the centers but original coins show lovely orange-gold and green color.

1853-O: The most common New Orleans gold dollar but less available than its mintage figure of 290,000 would suggest. Obtainable up to MS-63 but rare above this; often comes well struck and lustrous.

1855-O: A very popular one year type coin; overvalued relative to its rarity as are all Type Two gold dollars but its high level of demand justifies its price level; Mint State coins are often low end and poorly struck. Population figures for MS-63 and MS-64 coins seem inflated due to regrades and this is a truly rare issue in higher grades.

OVERALL ANALYSIS: This is a short, easily completed series. An AU-55 to Mint State-62 set is well within the budget of most collectors and an all Mint State set is not unfeasible or prohibitively expensive.

II. Quarter Eagles

DATES OF ISSUE: 1839-1843, 1845-47, 1850-1852, 1854, 1856-57 TYPES: Classic Head (1839), Liberty Head (1840-1857)

1839-O: A one year type coin that, like the 1855-O gold dollar, is overvalued but popular enough to justify its price level. A few dozen are known in Mint State and any coin grading MS-62 or better is rare. Two varieties are known: High Date, Wide Fraction and Low Date, Close Fraction.

1840-O: Historically significant as the first Liberty Head quarter eagle from New Orleans and a very scarce coin above AU-50; very rare and underrated in Mint State. Often found poorly struck. Two varieties known: Large Mintmark and Small Mintmark. The best I know of is the Ex: Eliasberg coin now in the Bass collection.

1842-O: One of the rarest New Orleans quarter eagles. Usually seen in low grades; scarce in EF, rare in AU and very rare in Mint State. Most are poorly struck and have inferior planchets; well struck examples should carry a large premium. Two or three exist in MS-63 with the best of these in a Nevada collection.

1843-O Small Date: The most common New Orleans quarter eagle; easily located in most circulated grades but surprisingly rare and significantly undervalued in Mint State. Extremely scarce above MS-62 and unknown in Gem. Often seen with die rust on the surfaces.

1843-O Large Date: Much rarer than its Small Date counterpart and actually one of the rarest New Orleans quarter eagles. Usually seen in Extremely Fine and very scarce in AU. Around 12-15 are known in Mint State; I have never seen one better than MS-62.

1845-O: Only 4,000 struck and easily the rarest quarter eagle from this mint. In fact, this is one of the hardest Liberty Head quarter eagles of any date; very undervalued in comparison to comparable C+D issues. Perhaps a dozen are known in AU plus two or three in Mint State. Original, problem-free pieces are extremely hard to locate. The finest known was just offered in the 1999 ANA sale.

1846-O: Relatively common in lower grades but becomes scarce in AU and very rare in Mint State with around a dozen known. Many are found with very weak strikes. The example from the Pittman sale (later graded MS-66 by NGC) sold for $121,000 which is a record price for any New Orleans quarter eagle.

1847-O: More available than the 1846-O in circulated grades and less rare in Mint State but still a very tough issue with probably no more than two dozen known in Uncirculated. Another issue that is often found with poor strikes. Sharp examples exist and should sell for strong premiums. An MS-65 in a Louisiana collection is the finest known.

1850-O: Similar in rarity to the 1847-O in circulated grades; slightly rarer in Mint State. Around 12-15 known in Mint State with most of these in MS-60 to MS-62 grades; extremely good value in this grade range at current levels. The very choice example from the 1999 ANA sale is the finest known.

1851-O: One of the more available of the "medium rarity" N.O. Quarter eagles but still a very scarce coin in AU and a rarity in Mint State. About 12-14 are known in Mint State. Weak strike are a problem with this date as on most New Orleans quarter eagles. A lovely MS-65 exists and this is in a private collection.

1852-O: Similar in overall rarity to the 1850-O and 1851-O but a bit more common in AU grades; another rare and very undervalued date in Mint State with 10-12 known. Frequently seen with weak strikes but easier to locate with good deal than the 1840's dates.

1854-O: Along with the 1843-O Small date, the only New Orleans quarter eagle that is common in circulated grades. In Mint State, this is a very scarce and surprisingly undervalued issues. I have never seen one better than MS-63 and just two or three at that level.

1856-O: A true "sleeper" and one of the hardest quarter eagles of any date to find in higher grades. Around 6-8 known in Mint State with none better than MS-62. Many are found with weak centers and poor luster. The only Uncirculated example to sell in some time was the NGC MS-61 in the 1999 ANA which was a great value at $8337.50

1857-O: Formerly rare but now relatively common in AU due to a small hoard; still fairly scarce in Mint State but, again, now more available due to the aforementioned hoard.

OVERALL ANALYSIS: This thirteen issue set is completable but very challenging, especially if the collector is not willing to purchase weakly struck examples of certain dates. An all Mint State set is feasible, albeit difficult, while a nice AU set is an exceptionally good value at current levels.

III. Three Dollar Gold Pieces

DATES OF ISSUE: 1854

1854-O: Common in lower grades but very scarce and undervalued in the higher AU grades; properly graded Mint State examples are very rare. Most are seen with very weak strike and a "delicate" appearance due to die lapping and polishing. A popular one year type that still seems to have growth potential from the standpoint of price.

IV. Half Eagles

DATES OF ISSUE: 1840, 1842-1847, 1851, 1854-1857, 1892-1894, 1909 TYPES: Liberty Head, Without Motto (1840-1857), Liberty Head, With Motto (1892- 1894), Indian Head (1909)

1840-O: Unlike most first year of issues, this date was not saved and is rare and undervalued in higher grades. Usually seen well worn, abraded and in deep green-gold. An extremely undervalued coin in Mint State with fewer than ten known; the finest I have seen is the Pittman coin (graded MS-64 by NGC). Varieties are known with a Broad Mill (very rare) and a Narrow Mill.

1842-O: Tied with the 1847-O as the rarest New Orleans half eagle in terms of overall rarity (with around 45-55 known) and the rarest in high grades. This date is still unique in Mint State (the Milas/Eliasberg coin) and there are no more than 9-11 real AU's known.

1843-O Large Letters: The more common of the two varieties. Usually seen with very heavily abraded surfaces and yellowish-green color. Quite scarce in AU and rare in Mint State; around a dozen Uncirculated pieces are known including a few fairly choice ones. There were two lovely Uncs. in the Milas sale.

1843-O Small Letters: Once believed to be of similar rarity to the Large Letters variety but now known to be considerably scarcer. Usually seen in VF-EF grades and often weakly detailed due to die cracks and lapping. Very rare in full AU and an extreme rarity in Mint State.

1844-O: By far the most common New Orleans half eagle of the 1840's and an easily located date in any circulated grade. MS-60 and MS-61 coins are not particularly scarce but this date becomes rare in MS-62 and very rare above this. Often found with excellent frosty luster and superb green-gold or yellow-gold color. A single Proof is known in the John Murrell collection.

1845-O: An overlooked, undervalued date that is typically seen well worn, softly struck and heavily marked. Rare in AU and very rare in Mint State with approximately seven to nine known. Very good value in comparison to comparable Charlotte and Dahlonega half eagles of this era. There is a gem in the Bass collection.

1846-O: A bit rarer than the 1845-O overall and another rare coin in the higher AU grades. In Mint State, this is a true rarity with around a half dozen known. Mostly found with a soft overall strike and unappealing surfaces. The MS-63 Milas/Eliasberg coin is the finest known.

1847-O: Tied with the 1842-O for the rarest New Orleans half eagle overall but a bit more available in AU grades. Unknown in strict Mint State and excessively rare in AU-55 or better. The AU-58 Milas coin is still the best I have seen. Often found with below average surfaces.

1851-O: Comparable to the 1846-O in terms of overall and high rarity. This issue is characterized by excellent luster and nice green-gold color; often weak on Liberty's hair. Rare in the higher AU grades and very rare in Mint State with around seven to nine known.

1854-O: The second most common No Motto New Orleans half eagle but much scarcer in the higher AU grades than realized and quite rare in Mint State. A well produced issue with pleasing green-gold color; sometimes found prooflike.

1855-O: A favorite of mine and one of the most undervalued Liberty Head half eagles of any date; just a bit less available than the 1842-O and the 1847-O and a truly rare coin in AU-50 or above. I know of two or three Uncs. and none of these grade above MS-61 to MS-62. A small hoard of 10-15 coins entered the market in the Summer of 1996.

1856-O: At one time, similar to the 1855-O in terms of overall rarity but more available due to a small hoard found in the mid-1990's; still very rare in AU and extremely rare in Mint State. Often seen weakly struck and nearly always on inferior planchets. The MS-62 Milas coin is currently the best known.

1857-O: The most available of the underrated 1855-1857 dates but still very scarce in all grades and rare in AU; very rare in Mint State with maybe half a dozen known. The best I've seen is a lovely PCGS MS-63 owned by a Pennsylvania dealer a few years ago.

1892-O: The rarest of the three With Motto half eagles from this mint. This date appears not to have seen much circulation as it is usually in AU grades. It is rare in Mint State and appears to be unknown above MS-63. Almost all known are excessively abraded.

1893-O: Common in all circulated grades and not hard to locate in the lower Mint State grades. Becomes scarce in properly graded MS-62 and very rare above this. A hoard of two dozen or so Mint State 60 to Mint State-62 coins entered the market in the mid 1990's.

1894-O: A much scarcer coin than the 1893-O as its lower mintage figure would suggest. Most Mint State examples are excessively abraded and have satiny, slightly reflective surfaces. I have never seen one better than MS-63 and just one or two at that level.

1909-O: The only Indian Head half eagle from New Orleans and very popular as a result. Common in "slider" but very scarce in real Mint State and quite rare in MS-63 and above. The best I have seen is the Price/Eliasberg coin that brought an incredible $374,000 when last sold in May 1998.

OVERALL ANALYSIS: The Liberty Head half eagles from New Orleans are an interesting group of coins. The only two reasonably common Without Motto half eagles are the 1844-O and the 1854-O are neither of these is exactly obtainable in Mint State. This is a very challenging set to collect in high grades. The three With Motto coins are easily obtained in the lower Mint State grades as is the 1909-O.