The 1845-O Quarter Eagle

If I had to list my favorite United States gold coins, the 1845-O quarter eagle would be at the top of the list. This is an issue that I like for a variety of reasons. It’s rare, it’s enigmatic and it has an interesting numismatic background. After striking a comparatively large number of quarter eagles in 1843, the New Orleans mint did not produce any in 1844. None were actually struck in the calendar year of 1845 either; all 4,000 dated 1845-O quarter eagles are known to have been delivered on January 22, 1846. This meant that there was no official record of the 1845-O quarter eagle in the Mint Director’s Annual Report. As a result, this issue was all but unknown to numismatists until the beginning of the 20th century.

The first public record of the 1845-O was in the December 1894 issue of The Numismatist and in 1909, the famous uber-collector Virgil Brand purchased an 1845-O quarter from J.C. Mitchelson for the then-astounding price of $150 (this very coin is traceable today and it is the finest known; see the Condition Census listing below for more information).

Of the 4,000 struck, it is believed that just 65-75 are known. Most are very well worn and the typical 1845-O grades in the VF to EF range. Properly graded About Uncirculated pieces are very rare with fewer than a dozen known to me. I am aware of just three known in Uncirculated. These are as follows:

1. Private collection, ex: Doug Winter, Heritage 1999 ANA: 7836, Bowers and Merena 1987 ANA: 538, Bowers and Merena 10/83: 110, Virgil Brand collection, J.C. Mitchelson. Graded MS63 by PCGS and NGC. 2. Louisiana collection, ex: Doug Winter, Nevada collection, Bowers and Merena 11/90: 477, Paramount Auction ’87: 386, Bowers and Merena 6/86: 149. Graded MS61 by PCGS. 3. Kansas collection. Graded MS60 by NGC.

Most 1845-O quarter eagles show considerable wear and I know of a number that have rim damage or have been cleaned to the point that they would not grade at PCGS or NGC. This issue tends to come with a decent strike. The obverse is typically sharper than the reverse and even lower grade specimens have nicely defined radial lines at the centers of the stars. Nearly every example has a mint-made depression that runs from the area between the curls on the back of Liberty’s head towards the final star. It is the result of a foreign deposit adhering to the die when it was struck. This does not affect the grade of an 1845-O quarter eagle.

There are two other die characteristics seen on 1845-O quarter eagles that are of interest. A series of raised die scratches can be seen inside of the first star. There is also a diagonal bar on the face of Liberty; this can be seen only on higher grade examples. A few 1845-O’s also have a reverse depression from the O in OF down to the back of the eagle’s neck.

As one might expect, it is exceptionally hard to find an 1845-O that has original color and surfaces. The natural color is a deep coppery-orange hue and this can be very attractive. I know of an example in a North Carolina collection (ex: Eliasberg) that has superb original color and this is among the more pleasing examples that I have seen. The finest known is clearly the Brand coin. It is very choice for the grade and has claims to the MS64 level. It would set a record price if it became available in the near future.

This is an issue that has become very popular in recent years. I think it is exceedingly undervalued in VF and EF grades. The current Trends value for an EF45 is just $3,500 and in my opinion, an accurately graded EF45 example is worth more than this. Prices for nice AU coins have risen considerably in recent years but I still think a nice AU55 or AU58 is a good value at the new, higher levels. It is hard to ascribe a value to this date in Uncirculated given its extreme rarity and high level of demand.

The Proof 1878 Quarter Eagle

When viewing mintage figures, most numismatists exclaim that a coin is “rare” because only 10,000 or so were produced. But this figure seems almost laughable in comparison to the mintages for Proof gold coins struck prior to 1900. In fact, many of these issues have mintages that were lower than 100 coins. Proof gold was struck for collectors every year from 1858 until 1915. From the 1850’s until the early 1880’s, mintages were incredibly low. In fact, a few issues have mintages as low as twenty coins. A number of these issues are well-known and highly prized by collectors but a few have fallen through the cracks and their true rarity remains unknown even today. One of these overlooked issues is the Proof 1878 quarter eagle.

I recently sold an NGC PR65 Ultra Cameo example of this rarity to an Eastern collector. In searching through my records I realized that this was the first Proof 1878 quarter eagle that I have handled. And the more I studied this issue, the more I realized just how rare it truly is.

With an original production figure of only 20 Proofs, the 1878 is tied with three other issues (1874, 1875 and 1877) as the lowest mintage Proof date of this denomination from 1859 onwards. The rarity of this was known by numismatists as early as the 1910’s/1920’s. As recently as 1975, David Akers wrote the following about this date:

“Proofs are extremely rare and the 1878 is, in fact, the rarest post-1859 quarter eagle in Proof. At least I know of fewer examples of this date than of any other Proof after 1859. I would estimate that only a half dozen or so remain in unimpaired condition, most of which are impounded in museums or prominent collections.”

Despite this praise from Akers, the rarity of the 1878 seems to have been forgotten by this generation of collectors and other Proofs of this type, namely the 1875, are more highly regarded.

As a rule, Proof gold of this era has a survival rate of approximately half of the original mintage. This typically holds true in the quarter eagle series but the 1878 appears to be an exception. Akers believed that some of the 1878 Proof gold coinage may have been melted after it went unsold and given the extreme rarity of all Proof gold denominations from this year, I feel that this may well be correct.

Unfortunately, the population reports for Proof 1878 quarter eagles include a number of resubmissions and this has further obfuscated the true rarity of this issue. PCGS has graded three: one example each in PR64, PR64 Deep Cameo and PR65 Deep Cameo. NGC shows ten submissions but I can all but guarantee you this number is severely inflated. These include one each in PR63, PR64 and PR65 plus four (!) in PR64 Ultra Cameo and three in PR65 Ultra Cameo.

In the last decade or so, I am aware of only two distinct examples of this date being available for sale at public auction. The most recent of these was a PCGS PR65 that was offered as Superior 8/06: 639. It brought $32,570.

My best estimate is that there are seven or eight examples known. This includes at least two that are impounded (ANS and Smithsonian). Breen wrote that “at least three” are impaired but I have never seen or heard of one of these.

As someone who has specialized in rare United States gold for over two decades, it isn’t often that I handle a coin that is so rare that it causes me to write a blog about it. But this was clearly the case with the Proof 1878 quarter eagle that I just sold. It was an exciting piece for me to handle and I greatly appreciate being able to buy and sell it.

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

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


1. 1865 Gold Dollar

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

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

2. 1884 Gold Dollar (MS 64 and above)

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

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

3. Accurately Graded PR63 Gold Dollars

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

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

4. 1837 Classic Head Quarter Eagle

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

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

5. 1842 Quarter Eagle

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

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

6. Uncirculated 1870 Quarter Eagle

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

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

7. 1914 Quarter Eagle, MS63

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

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

8. 1884 Three Dollar Gold Piece

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

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

9. 1838-C Half Eagle, Choice XF

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

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

10. 1847-O Half Eagle, Choice XF

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

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

11. 1892-O Half Eagle

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

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

12. 1910 Half Eagle, MS64

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

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

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

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

The Ten Rarest Liberty Head Quarter Eagles

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

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

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

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

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

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

1. 1854-S

2. 1841

3. 1863

4. 1864

5. 1865

6. 1856-D

7. 1855-D

8. 1875

9. 1866

10. 1842

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The 1864 Quarter Eagle

One of my all-time favorite “sleeper” issues is the 1864 quarter eagle. Although not well-known outside of the specialist community, the 1864 is not only among the rarest Liberty Head quarter eagles of any date, it is also one of the rarer Liberty Head issues of any denomination struck for general circulation. Production of gold coinage at all mints was extremely limited during the final years of the Civil War with the exception of double eagles. The Philadelphia mint all but eliminated the quarter eagle denomination from 1863 through 1865. In 1863, only 30 Proofs were struck (none were issued for circulation) while in 1864, a total of 2,824 pieces were struck for circulation. In 1865, the mintage dropped back down to a scant 1,520 and it would remain at well under 10,000 per year until 1873.

You would expect the 1864 quarter eagle to be a rare coin with an original mintage of just 2,824 but it has a very low survival rate. I estimate that no more than 15 or so exist including one or two which have been harshly cleaned. It is interesting to note that the 1865, with a mintage which is nearly 50% lower, is at least twice as available.

The moment you begin to study some numbers about the 1864 quarter eagle, the more impressive this date becomes. As an example, PCGS has graded just eight examples in all grades, giving it the second lowest population of any business strike Liberty Head quarter eagle (trailing only the extremely rare 1864). NGC has graded even fewer with just six coins recorded.

Studying auction records for the last fifteen years provides even more impressive results. There have only been twelve coins sold at auction since 1993. Perhaps the most remarkable fact about this date is that the Bass collection, which contained multiple examples of most very rare quarter eagles, had just a single low grade example: a cleaned piece with the sharpness of Extremely Fine.

I thought it would be interesting to create a Condition Census for this date which is something I’m not certain has ever been done before. Here are the finest 1864 quarter eagles of which I am aware.

1. Private collection, via Spectrum Numismatics, ex: Spink America 10/96: 57 ($132,000), Byron Reed collection. Graded MS67 by NGC. I think this is one of the most amazing United States gold coins in existence. It is among the two or three best pre-1880 quarter eagles I have ever seen and it is among my favorite United States gold coins of any date or denomination.

2. Kansas collection, ex: Doug Winter, Nevada collection, Bowers and Merena 1/96: 1848 ($27,500; as NGC MS60). Graded MS61 by PCGS.

3. Kansas collection, ex: Doug Winter. Graded MS61 by NGC. It is in a different collection than #2. I actually handled both of these coins simultaneously and I am almost certain that this was the only time in numismatic history that a coin dealer had two Uncirculated 1864 quarter eagles in stock at one time(!)

4. PCGS has graded one piece AU58. It is possible that it may be either coin #2 or one of the coins listed below.

5. Heritage 9/02: 8005 ($20,700), ex: Heritage 1/01: 8099 (unsold). Graded AU58 by NGC.

In addition to these five coins, there is a single piece graded AU55 by PCGS, two coins graded AU50 by NGC and a single coin graded AU50 by PCGS. Altogether, there are a total of two pieces known in Uncirculated, another six or so in AU and probably another half dozen that grade EF.

Every 1864 quarter eagle I have seen is very well struck. Both the obverse and the reverse tend to display full detail in the centers. A few are just a bit weak on the eagle’s right (or facing) leg. The surfaces are quite scuffy and show a number of marks and hairlines. As one might expect from an issue with such a low mintage figure, the surfaces on most of the survivors are quite reflective. I have seen a few lower grade pieces which appeared to be more frosty than reflective but this was probably the result of long, intense wear. The natural coloration is a medium to deep orange-gold hue. Most every piece I have seen has been cleaned or dipped at one time, although the Byron Reed and PCGS MS61 coins listed above were both quite original. The eye appeal for this issue is definitely below average. Most 1864 quarter eagles show a good deal of wear, have been cleaned and do not possess pleasing color.

The current Trends value for this date is $21,000 in EF40 and $27,500 in AU50 with no prices listed for grades higher than this. In my opinion, these figures are way too low, especially for AU50. This is a remarkably rare coin that appears for sale at a rate of less than once per year and if it were a part of a more popular series than Liberty Head quarter eagles, it would trade for at least $40,000-50,000 in AU grades.

1841 Quarter Eagle Observations

I recently studied an 1841 quarter eagle graded PR53 by PCGS which was offered by Heritage in their February 2007 Long Beach auction. Numismatic tradition states that around 20 1841 quarter eagles were struck, all as Proofs. Numismatic tradition, in this case, is wrong.

The 1841 in the Heritage sale was unquestionably produced as a business strike. I’ve seen at least three other examples which I believe were produced for circulation as well.

Here are a few observations about the 1841 quarter eagle which I’d like to share:

1. Given the fact that around fifteen 1841 quarter eagles exist, let’s assume that the actual original mintage figure is more like 25-30 instead of the presumed 20 (I actually think it could be as high as 50). Then, let’s look at one other important fact: the mintage figure for Proof quarter eagles during the 1840’s is, with the exception of the 1841, less than ten coins per year. In some cases (i.e., 1847 and 1849) Proofs from this decade do not even exist. Why is the Proof mintage figure so high? Especially given the fact there is nothing “special” about this year; nothing, that is, which would cause so many Proofs to be struck.

2. Proof gold coins from the 1840’s look like Proofs, even when they are well-circulated. The 1841 in the Heritage sale did not look remotely like a Proof. It had absolutely no reflectiveness in the protected areas, the rims were not squared and the overall “look” of the coins did not suggest that it had been made for presentation purposes.

3. There are 1841 quarter eagles that exist in grades as low as Very Good to Fine. No other Proof gold coins from the 1840’s are known in very low grades so why should 1841 “Proofs” be found with this degree of circulation?

4. Despite having its own nickname (the “Little Princess”) the 1841 quarter eagle is a coin whose status as a Classic American Rarity seems to have diminished in recent years. My guess is that this is because specialists feel that since it is considered to be a “Proof-only” issue it isn’t necessarily an integral member of a business strike set of Liberty Head quarter eagles. It is curious that the 1854-S quarter eagle, an issue that was traditionally valued at lower levels than the 1841, is now regarded as a “better” coin and is bringing higher prices.

David Akers, who I regard to be the most knowledgeable expert of all-time on the subject of United States gold coinage has stated in his seminal work on quarter eagles that he believes that the 1841 quarter eagle was struck in two formats: as Proofs and as circulation strikes. However, in their 2006 book “Encyclopedia of United States Gold Coins,” Jeff Garrett and Ron Guth state that “only Proof quarter eagles were produced in 1841; circulated examples are said to exist, but these are actually mishandled Proofs that entered circulation.” I am clearly in the Akers camp in this debate and the 1841 quarter eagle I just viewed at Long Beach makes me feel more strongly than ever that business strike 1841 quarter eagles DO exist.

The 1854-S Quarter Eagle: A Forgotten American Gold Rarity

In the early part of 2003, an excellent book entitled "The 100 Greatest United States Coins" was published by H.E. Harris. The coins were selected by a panel of experts including myself. The 1854-S quarter eagle was only listed as #87 and was outranked by a number of more common gold issues including the 1915-S Octagonal and Round Pan-Pacific $50 gold pieces, the 1879 Flowing Hair Stella and the 1848 "CAL" quarter eagle. I recently had the pleasure of selling an 1854-S quarter eagle. As I researched this coin, I quickly realized that I was every bit as guilty as most numismatists of overlooking its rarity and historical importance.

The San Francisco mint officially opened in 1854. Its first year was exclusively dedicated to striking gold issues. It issued gold dollars, quarter eagles, half eagles, eagles and double eagles in 1854 and added three dollar gold pieces to its roster in 1855.

Tradition states that the mintage figure for the 1854-S quarter eagle (along with its half eagle counterpart) was extremely limited because of an absence of sufficient parting acids required to remove silver from the impure gold that California was receiving from its local sources. Only 246 1854-S quarter eagles were produced, giving this the lowest mintage figure of any regular issue produced at the San Francisco mint (the 1854-S half eagle, with an original mintage figure of 268 is a close second). Only two Liberty Head issues, the 1875 half eagle and eagle, have lower business strike mintage figures.

Curiously, the mintage figure for 1854-S eagles and double eagles was relatively high with 123,826 of the former and 141,468 of the latter produced. The real reason for the extremely limited mintage figures of the quarter eagle and the half eagle is much more likely due to the fact that the depositors of gold who requested coins in 1854 wanted large-sized denominations such as eagles and double eagles. The quarter eagle denomination was never popular in the West. None were made in 1855 and mintage figures remained small at San Francisco through the discontinuance of this denomination in 1879. The other western branch mint, at Carson City, never struck any quarter eagles.

Despite the very low mintage figure of the 1854-S quarter eagle, it has never achieved much popular acclaim. It is believed that between nine and twelve are known, making it the single rarest Liberty Head issue of this denomination and one of the two rarest quarter eagles of any type, along with the 1804 13 star variety. Unlike the two other great Liberty Head quarter eagles rarities, the 1841 and the 1863, the 1854-S is never seen in high grades. In fact, it is unique above Extremely Fine.

It is believed that the discovery specimen of the 1854-S quarter eagle was located in a western bank sometime around the beginning of the 20th century. It was sent to B. Max Mehl, the flamboyant Ft. Worth dealer who had advertised extensively to purchase individual rarities. Mehl sold it to H.O. Granberg, a prominent Wisconsin collector in the early 1900's. It is believed that Mehl sold it for $500, a fabulous sum at the time for a coin that was both relatively unknown and very low grade. It was then sold by a Massachusetts dealer named Elmer Sears to John H. Clapp for $395 and it became the property of Louis Eliasberg in 1942. It sold in the 1982 Eliasberg auction for $7,150 and was later offered as Lot 587 in Bowers and Merena May 1993 auction where it realized $20,900. It then resided in a Nevada collection until early 2003 when it was purchased by Douglas Winter Numismatics of Dallas.

The Eliasberg specimen, graded Good-6 by PCGS, is illustrated above and was recently sold by Douglas Winter Numismatics to a Pennsylvania collector for a mid five-figure sum.

In 1999, the Harry Bass example was offered for sale. It had been graded AU-50 by PCGS. It was purchased by a midwestern dealer for $135,700 and was later graded AU-55 by NGC. It is easily the finest 1854-S quarter eagle and it represents the high-water mark for this date in terms of its auction price. It is likely that if the Bass 1854-S quarter eagle were offered for sale today, it would bring considerably more.

Of the remaining pieces known, most are very low grade and at least three are damaged. For some reason, the 1854-S is nearly always found with surface impairments such as scratches or noticeable marks. The Eliasberg specimen, despite its extensive wear, is remarkable for its complete lack of detracting marks or damage.

Due to the rarity of this issue, it is likely that forgeries could be made by adding a mintmark to a common 1854 Philadelphia quarter eagle. However, the 1854-S has a noticeably different date position with the 1 placed very high and imbedded in the neck of Liberty. The other three digits slant downwards with the 4 far from the denticles. On the reverse, the right serif of the mintmark touches the arrow feathers while the left serif is nearly joined to the middle loop of the S. The mintmark is positioned to the left of the fraction line. All known examples show some weakness of strike at the curls at the center of the obverse. The reverse is much more weakly struck and appears to be a full grade lower. The wingtips and neck feathers are poorly defined and have a considerably different appearance than a Philadelphia quarter eagle of this era. Any 1854-S quarter eagle that is offered for sale should be certified for authenticity by third-party services such as PCGS or NGC.

As mentioned above, many experts feel that the 1854-S quarter eagle is an underappreciated and, consequently, undervalued issue. I believe that this is most definitely so. There are a number of reasons for this.

No 1854-S quarter eagle was offered at public auction until 1944 and only three have traded in the past decade. When specimens were offered during the Bass and Eliasberg sales, they were overshadowed by a host of other extremely rare issues and did not command the attention they would have in other less comprehensive "name" collections.

Another factor working against the 1854-S is that the survivors tend to be very low grade. The other great rarities of this series, the 1841 and 1863, are seen in higher grade when they are available. There are approximately fourteen to seventeen 1841 quarter eagles and this includes a number of Proofs. The 1863 is a Proof-only issue with an estimated fifteen known. Of these, at least half grade in the Proof-64 to Proof-65 range. The 1854-S has just nine to twelve pieces known and most of these are in the Good-6 to Very Fine-20 range. It is difficult for a low grade coin to sell for a high price, no matter how rare it is.

There are not many collectors who specialize in San Francisco gold coinage and this has also helped to hold down the price of the 1854-S quarter eagle. However, this issue could just as easily be collected along with Territorial and Pioneer issues as it is an important gold rush era relic.

For a number of years, I wondered if the population of the 1854-S quarter eagle and half eagle would increase from discoveries made on the S.S. Central America. With all of the gold coins on this ship, it seemed possible that at least a few would be dated 1854-S. There were no 1854-S quarter eagles or half eagles on this ship so these fears proved to be unfounded.

When one considers that only 246 of the quarter eagles were struck, a surviving population of just nine to twelve pieces is in line with other issues of this era. What remains very curious about the 1854-S quarter eagle is why these few remaining pieces are in such low grade. There are just three 1854-S half eagles known but two are in relatively high grades. How come there aren't a few more 1854-S quarter eagles that exist in the About Uncirculated-50 to Mint State-60 range as with other San Francisco gold issues of this era? This is a mystery that will probably never be solved.