10 Undervalued, Affordable US Gold Coins from the Old West

Everyone likes good value when they buy coins, and more collectors than ever opt to buy coins from the two western branch mints located in Carson City and San Francisco. So why not write an article on said topic? And let’s double your enjoyment, dear reader, by selecting affordable coins in the $2,500-7,500 range; coins which are actually available from time to time, so that this guide is actually usable. In fact, let’s go whole hog crazy and even suggest the best value grades (BVG) for each issue!

And away we go….

1. 1870-S Gold Dollar, MS62 to MS63

The 1870-S gold dollar is a numismatically significant coin as it is the final year in which this denomination was produced at the San Francisco mint. It is a low mintage issue with just 3,000 struck, and the coins which survive are pretty evenly spread out between the AU50 to MS63 range.

In MS62 to MS63, the 1870-S is quite a scarce coin but not an impossible one to find. An MS62 currently is valued in the $4,500-5,500 range, while a properly graded MS63 can be found in the $6,500-7,500 range.

I like this coin for a number of reasons. It is a low mintage issue which is one of just seven gold dollars made at the San Francisco mint. It also has “date appeal” due to the extreme rarity of its Big Brother, the unique 1870-S Three Dollar.

2. 1861-S Quarter Eagle, AU55 to AU58

Despite its status as a Civil War issue, the 1861-S is an overlooked scarcity in the Liberty Head quarter eagle series. Only 24,000 were struck and the survival rate of this issue is extremely low. There are likely fewer than 100 known today with most in the VF-EF range. Properly graded AU’s are very scarce, and this date becomes really rare in AU55 to AU58. I know of just two or three in Uncirculated, the finest of which is a PCGS MS62+ that I purchased for $25,300 in the Heritage 8/11 auction.

In AU55, an 1861-S quarter eagle will cost between $3,500 and $5,000+, depending on the quality. In AU58, the price range will run from around $6,000 to over $8,000 for a very choice piece.

This date is starting to show some signs of life, but I still feel it is much undervalued, especially in the higher AU grades.

3. 1879-S Quarter Eagle, MS61 to MS62

This date has been a favorite of mine for years and, I must admit, it was an issue that I once hoarded (but no longer do). It is numismatically significant as the last year of issue for quarter eagles from this mint, and it is scarcer than its mintage of 43,500 would suggest. While fairly easy to obtain in circulated grades, this issue is rare in Uncirculated with probably no more than 15 or so known. Despite its rarity, this issue remains affordable.

In MS61, the 1879-S quarter eagle can be purchased for $1,750 to $2,250. I’d actually recommend a potential buyer wait for a nice MS62—which is valued at $2,500 to $3,000—as said coin is likely to be nicer despite its small premium over a 61.

I doubt if this coin is likely to ever be regarded as “collectable” as others in this group of ten. But I am including it as I regard it as one of the best values available from the San Francisco mint.

4. 1855-S Three Dollar, AU50 to AU53

I have written about this date extensively and it remains among my very favorite dates in the Three Dollar series. It is numismatically significant as the first San Francisco issue of this denomination, and it is the rarest collectible Three Dollar piece from this mint. There are an estimated 300-400 known with most in lower grades. For the sake of not climbing above the $7,500/per coin limit we set for coins in this article, I am suggesting collectors focus on AU50 to AU53 examples, although I would suggest that an even higher grade coin would be a great addition to a set.

In AU50, an 1855-S three dollar is worth $4,500-5,500. In AU53, an example will sell for $5,000-6,500.

A quick buying hint or two: most 1855-S three dollars have been dipped or processed and naturally toned, choice pieces with good eye appeal are very scarce. Be patient and if you see the “right” coin don’t be afraid to pay a premium.

5. 1858-S Half Eagle, EF45 to AU50

Collectors are finally getting wise to the rarity—and excellent value—of the San Francisco half eagles. But most of their attention has been focused on the Civil War issues, meaning that certain dates struck before 1861 and after 1865 remain very under-priced. I could list a number of these but am going to focus on just one or two to keep this article a manageable length.

I like the 1858-S both in terms of its overall and high-grade rarity. It is unlikely that more than 50-60 are known from an original mintage of 18,600. This issue saw active use in local commerce and most survivors are in the VF-EF range.

If you can find a nice, original EF45 1858-S half eagle (it will be a challenge, I can promise you that!), it will cost in the area of $2,500 to $3,000. An AU50 will cost $4,000-5,000 and will present even more of a challenge.

A quick FYI: the 1859-S and 1860-S are two other San Francisco half eagles which are almost as tough as the 1858-S and both are affordable—and undervalued—as well.

6. 1881-CC Half Eagle, AU50 to AU53

With few exceptions, all of the 1870’s Carson City half eagles are scarce to rare, and most are out of the price range for coins in this article. The five CC half eagles produced during the 1880’s are more available but will prove challenging to the collector who likes choice, original coins.

The 1881-CC is the rarest post-1870’s half eagle from this mint. There are around 125-150 known in all grades, mostly in the EF40 to AU50 range. This issue is well produced and is known for pleasing color and luster. A nice quality AU50 should be buy-able in the $4,500-5,500 range, while an AU53 will set you back $5,500-6,500.

Buying hint: more and more CC half eagles from this era are being dipped-n-stripped, leaving sophisticated collectors with fewer available nice coins. Don’t be afraid to pay a premium for the “right” coin if you see it.

7. 1855-S Eagle, EF45 to AU50

The San Francisco mint began production of eagles in 1854 and many of the early issues are more available than one might think; at least in circulated grades. An exception to this is the 1855-S of which only 75 or so are known from the original mintage of just 9,000. In higher grades, this date is extremely rare and priced far out of the range which we have set. But rich guys shouldn’t have all the fun, right? You can still afford a nice 1855-S eagle even if the upper end of your coin budget is in the high four figures.

A nice EF45 example of this rare date will cost around $3,500 to $4,500 and enough exist to make this a real possibility for the collector. An AU50 will prove much harder to find and is likely to cost as much as $6,500-8,500 depending on the quality.

Another buying hint: virtually any San Francisco eagle struck prior to 1877 is highly undervalued and if you can locate nice pieces in the $2,500-7,500 range I’d buy them aggressively.

8. 1882-CC Eagle, AU53 to AU55

You need a big coin budget if you want to collect the Carson City eagles from the 1870’s as even the most available dates (1871-CC and 1874-CC) are big bucks in EF45 and above. But the issues from the 1880’s, while not as scarce, are still pretty good value and you can purchase a pretty scarce coin in a pretty impressive grade for not a whole lot of scratch.

My favorite later date CC eagle is the 1882-CC. Only 6,764 were made and this date is extremely hard to find in grades above AU55. An AU53 is currently priced in the $5,000-7,000 range while an AU55 will run $6,500-8,500.

Two other later date CC eagles also worth consideration are the 1883-CC and the 1893-CC; the former in AU53 to AU55 grades and the latter in AU55 to AU58.

9. 1895-S Eagle, MS61 to MS62

You take a risk when you buy post-1877 San Francisco gold coins as many were shipped to Europe or South America and are still being repatriated. I would be cautious of coins like the 1895-S but I think nice MS61’s are probably safe, given their current affordability.

Along with the 1894-S, the 1895-S is the key date in the later San Francisco Liberty Head eagles. It is pretty easy to locate in AU55 and AU58, but it is scarce in properly graded MS61, and very rare in MS62 and above. MS61 examples currently sell in the $2,500-3,500 range and given the fact that they have a PCGS population of just six in this grade with seven higher, they seem like great value. An MS62, if you can find one, will cost $5,500-7,500.

Remember, hoards of this date are a possibility so don’t spend your life savings cornering the market on Uncirculated 1895-S eagles.

10. Common Date Carson City Double Eagles, Gem AU58

No area of the U.S. gold market has been more active in recent years than Carson City double eagles. We’ve seen dramatic price increases, especially for common dates in EF and AU grades. I can’t call any CC double eagle “undervalued” at current levels but I think “gem sliders” are the best value in this market.

Before I go further, let me explain what a “gem slider” is. It is a coin graded AU58 that is really choice with nearly no visible luster breaks, clean surfaces and pleasing natural color. Only a small percentage of coins graded AU58 by the services are “gems” for the grade.

Let’s look at a specific issue: the 1884-CC. It is common enough in circulated grades but it is becoming hard to locate in properly graded AU58. A gem slider coin in a 58 holder is currently worth around $7,500. Compare this to an average quality MS61 1884-CC which would easily bring $15,000-16,000 in the current market. Which seems like better value to you?

If you are going to play in the CC double eagle market, I suggest you look at really nice AU58’s (or even top quality AU55’s) as these represent the best value in a series in which your $2,500 to $7,500 per coin budget might no longer go as far as it once did.

This list could have easily been twenty or even thirty coins. Which issues did I leave off which you like? Please feel free to add your comments 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.

San Francisco Gold Coins with Numismatic Significance

If you read the coin descriptions on my website you will note that I often refer to a coin having what I term “numismatic significance.”  I’d like to explain and discuss this term, and then specifically apply it to gold coins from San Francisco.

The term “numismatic significance” is pretty straightforward. It refers to a coin which has indisputable importance for a collector. What are some of the ways in which this significance might manifest itself?

• first year of issue
• one year, or very limited, period of issuance
• very low mintage figure
• the rarest collectible issue of a popular type

Let's take a look at some of the San Francisco gold coins which, in my opinion, have numismatic significance.

1. 1854-S Gold Dollar

The production of regular issue coins began at the San Francisco mint in 1854. Five denominations were made: the gold dollar, the quarter eagle and half eagle, the eagle, and the double eagle. Two of these (the quarter eagle and half eagle) are exceedingly rare. The most common of these first-year types is the 1854-S dollar.

A total of 14,632 gold dollars were struck at the San Francisco mint in 1854, and this issue is common and affordable in all circulated grades. There are as many as four or five dozen known in Uncirculated, with most in the MS60 to MS62 range. In MS63 this issue is scarce, and it is quite rare in MS64. There are two or three Gems known and the finest is a PCGS MS65+ in the Duckor collection, which was formerly in the Pittman collection.

I like this issue for a number of reasons. Obviously, it is a first-year-of-issue and it is also a one-year type; it is the only gold dollar from this mint which employs the Type One design. It tends to be very well made and it is probably the single best produced of all the gold dollars from this mint. If you can find a nice MS62 at the current going price of $4,000-5,000 I think this is excellent value and it seems like an issue with real upside potential.

2. 1856-S Gold Dollar

The decision to scrap the Type One design and replace it with the Indian Head Type Two design was not one of the mint’s shining successes. The design proved challenging to strike given the too-small size of the portrait and its placement opposite the highest spot on the reverse. It was quickly scrapped, but not before the San Francisco mint made 24,600 Type Two gold dollars dated 1856-S.

As with the 1854-S, this is an issue with two important items of numismatic significance. It is a first-year type and it is a one-year design. The same holds true for the 1855-C, 1855-D and 1855-O dollars, and all three issues are popular for the same reasons.

The 1856-S gold dollar is easily located in all circulated grades and with as many as three dozen known in Uncirculated, it can be found in the MS60 to MS62 range as well. It is very scarce in properly graded MS63, and very rare in MS64. I have never seen a piece which I graded MS65, and the finest I am aware of is a PCGS MS64 owned by Steve Duckor, which has been approved by CAC.

While values have increased for this date over the last decade, I still regard it as good overall value. A nice AU55 to AU58 can still be purchased for around $5,000, and $12,500 will buy you a very solid MS62.

3. 1870-S Gold Dollar

I wasn’t going to add a third gold dollar to this list but there has always been something intriguing to me about this issue. The last San Francisco gold dollar had been struck in 1860 and production of branch issues ended in 1861 with the striking of the 1861-D. Yet for some reason, the mint decided to strike 3,000 gold dollars at the San Francisco mint in 1870. The uniqueness of this issue and its status as the final branch mint gold dollar from any mint gives the 1870-S dollar its numismatic significance. In addition, the 1870-S date is magical as it serves as a connection to the unique 1870-S three dollar.

The 1870-S dollar has an interesting grade distribution for its surviving population which is totally unlike the other four Type Three dollars from San Francisco. It is seen more often in Uncirculated than in circulated grades and there are actually some nice pieces known. I am aware of at least five or six Gems including a single PCGS MS66 and a PCGS MS65+ owned by Steve Duckor.

The 1870-S is probably a bit overvalued compared to the scarcer 1857-S, 1858-S, 1859-S, and 1860-S but it is an excellent value given its “coolness” factor. A nice MS62 is currently valued at around $5,000 while an MS63 is worth in the area of $7,500+.

4. 1856-S Quarter Eagle

The 1854-S is the first quarter eagle from this mint and it is a coin with great numismatic significance. But, it is extremely rare and very expensive and, for most readers of this article, it is not a coin likely to be added to their collection in the foreseeable future. This makes the 1856-S, the next quarter eagle from this mint (none were produced in 1855) the first-year-of-issue for most collectors.

Mintages for gold coins in San Francisco were relatively high in 1856 and 1857 due to strong demand, and 72,120 1856-S quarter eagle were made. There are a few hundred known today including a few Gems. The finest known 1856-S quarter eagle is a magnificent PCGS MS67 from the S.S. Central America which brought $46,000 in Christie’s 12/00 auction. It is the best San Francisco quarter eagle of any date which I have ever seen.

This issue doesn’t have the numismatic significance which many of the other coins on this list have. But it is the earliest available date of this denomination from San Francisco and this makes it a tangible relic of the Gold Rush.

5. 1855-S Three Dollar

Three dollar gold pieces were produced at the San Francisco for just five years and one of these—the 1870-S—is unique. I think all of these San Francisco threes have numismatic significance but the date which I give the highest degree of multi-level demand to is the 1855-S.

The 1855-S is the first year of issue for San Francisco threes. Only 6,600 were made and of these as many as 400-500 are known, mostly in the EF40 to AU50 range. In higher grades, this issue is very rare and it is likely that the 1855-S is the only three dollar gold piece from this mint that actually saw heavy service in commerce. I am aware of three or four Uncirculated examples (plus a unique Proof) with the finest of these being a raw MS63 to MS64 in the Bass collection, currently housed in the ANA Museum.

The 1855-S can be lumped with the better-known 1854-O and 1854-D three dollar gold pieces as all are first-year-of-issues from the branch mint. The 1855-S, however, is not a one-year type as are its southern counterparts. That said, it is still a coin with real numismatic significance and it is a major rarity in Mint State.

6. 1864-S Half Eagle

The excessively rare 1854-S is the half eagle which even the most well-heeled specialist in San Francisco gold coinage is likely to never own. The next rarest issue is the 1864-S and this is a coin with clear numismatic significance.

Only 3,888 were produced and this is the second lowest mintage of any half eagle from this mint after the 1854-S which had a run of only 268 pieces. There are an estimated 25-35 known in all grades including a Gem PCGS MS65+ which sold for $178,250 as Bass II: 1150 in October 1999.

The first really nice 1864-S half eagle to be available in close to a decade was recently sold as Heritage 3/14: 30328. Graded EF45 by NGC, it brought a strong $79,913; the same coin had last realized $31,050 in a July 2004 auction.

The numismatic significance of the 1864-S half eagle is a bit more obtuse than some of the other issues on this list, but it is perhaps the rarest coin listed here. The 1864-S is, along with the 1864-S eagle, the rarest obtainable gold coin from this mint. Its low mintage figure and Civil War issuance makes it appealing to a wider group of collectors than other rare San Francisco half eagles and it is a coin which I find greatly desirable.

7. 1866-S No Motto and With Motto Half Eagles

In 1866, the motto IN GOD WE TRUST was added to the reverse of all United States silver and gold coins in which this design element could fit. The 1866-S No Motto and With Motto gold issues are known for half eagles, eagles and double eagles and these are popular with collectors for a variety of reasons. For reasons of space, we are going to focus on just the two half eagles but the comments made here apply equally to the other two denominations.

The reason for the two distinct varieties of 1866-S half eagle is decidedly low-tech. There were 9,000 1866-S half eagles with the old No Motto reverse produced before word could get to the San Francisco mint to changeover to the new With Motto design; 34,920 of the latter were struck.

The 1866-S No Motto half eagle is a bit less scarce than one might assume. But many of the 60-80 which exist are very well worn and this date is quite rare in properly graded AU. I have never seen a Mint State 1866-S No Motto half eagle and the finest known to me is a choice PCGS AU58 which brought $25,300 back in October 1999 as Bass II: 1155. The 1866-S With Motto, on the other hand, is rarer than its comparatively higher suggests. There are an estimated 70-90 known with a few more in EF and AU than its No Motto counterpart. But this date is also unknown in true Uncirculated (NGC has graded an MS61 which I feel is no better than AU58).

The 1866-S No Motto/With Motto gold coinage are the only transitional design pairs from the San Francisco mint. This makes these three sets numismatically significant and the rarity of the half eagles and eagles make higher grade assemblages extremely challenging.

8. 1930-S Eagle and Double Eagle

The 1930-S eagle and double eagle are the two final gold coins struck at the San Francisco mint. They are issues with a similar story: reasonably high mintages (96,000 for the former and 74,000 for the latter), almost none released for circulation, and extremely low survival rates.

The 1930-S is not only the last eagle made at the San Francisco mint, it is the only issue of this denomination made after 1920. Almost all of the original mintage was melted and of the 200-300 known, essentially all are Uncirculated. There are a number of Gems and the finest known is likely the Duckor/O’Neal PCGS MS67 which sold for $299,000 in Heritage’s January 2009 auction.

The San Francisco mint produced double eagles more actively in the 1920’s than they did eagles and the last issue prior to 1930 was the 1927-S. The 1930-S has the fourth lowest mintage of any St. Gaudens double eagle, but it is the rarest San Francisco issue and the rarest of the famous Fab Five late dates from this series. Probably no more than 60-70 are currently known, and nearly all are in Uncirculated and none appear to have been released by the Mint for general circulation. The Simpson Collection has a lovely PCGS MS66+ which is likely the finest known.

The 1930-S eagle and double eagle are coins which combine condition rarity with numismatic significance and they appeal to many collectors for these reasons.

9. 1861-S Paquet Reverse Double Eagle

A strong case can be made for terming this the rarest Type One double eagle from San Francisco (its only competitor is the 1866-S No Motto) and it is certainly an issue with multiple levels of demand. The Paquet reverse is noticeably different from the regular Longacre design with taller letters and a naked-eye “look” which is clear to even a neophyte collector.

The 1861-S Paquet was mostly unknown to collectors until the 1950’s when examples were located in Europe. It remains a very scarce coin although there are now an estimated 200-300 known, mostly in lower grades. I do not believe that a genuinely Uncirculated example is known, and I am aware of no more than two or three properly graded AU58 pieces.

For many years, this variety was undervalued and prices really only began to rise after it became well-publicized in the 1980’s and 1990’s. Values peaked around 2007-2008 then dropped, but have now climbed back. To own a really nice Paquet, you are looking at spending at least $75,000, and a Condition Census example is now worth upwards of $175,000-200,000.

I regard the 1861-S Paquet as the most numismatically significant double eagle from this mint and it is a coin whose level of demand in the Type One series is exceeded only by the rare 1854-O and 1856-O.

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.

Ten Buyer's Tips for San Francisco Gold Coin Collectors

If you are a collector of San Francisco gold coins, there are a few buying tips I’d like to offer. These range from pretty basic to pretty savvy, and they can be applied (in some cases) to other series if San Francisco coins are not your particular cup of chai.

1. Don’t Pay Shipwreck Prices for non-Shipwreck Coins

It is an established fact in the market that coins from the major shipwrecks are worth a premium over non-shipwreck coins. This is especially true for S.S. Central America coins with low shipwreck populations. But this information can be misinterpreted and can cause a collector to overpay. Let me give you an example.

Recently, I was offered a decent quality AU58 1855-S double eagle by another dealer. As part of his sales pitch, he mentioned that an example had recently sold for $7,931; thus his coin, priced at $7,500, seemed like a good deal. What he conveniently failed to mention to me was that this auction price was for a coin pedigreed to the S.S. Central America and that the last non-SSCA coin had brought $5,288. Once I mentioned this, his reaction was a simple “oh…I forgot to mention that, huh?”

When you are figuring prices for S mint coins, especially Type One double eagles, the sales records for shipwreck coins have little bearing on non-shipwreck coins and vice versa.

2. Don’t Pay Full Shipwreck Prices for Re-Packaged Coins

The premiums that shipwreck coins sell for are packaging-dependent. In other words, an AU58 1855-S double eagle from the S.S. Central America is worth more (quite a bit more in fact) if it is in an original PCGS gold-foil holder than in an NGC holder. Why? Because in this instance, the coins from the SSCA were originally graded by PCGS, and collectors want them in their original packaging.

Another example: in 2013, three PCGS/CAC MS66 1857-S double eagles in their original gold-foil holders were sold at auction, and they brought $32,900, $32,900, and $33,030. Two NGC MS66 examples sold this year and they realized $17,625. Why? Because the market clearly realizes that these coins were formerly PCGS MS65’s and because they are no longer in their original holders.

3. Premium Quality San Francisco CAC Coins Can Be Worth Significant Premiums

As I have previously discussed, many San Francisco issues do not come nice, and it is likely that their CAC populations will be very low. Let me give you two quick examples.

The 1862-S half eagle is a very scarce date in all grades and it is seldom found choice and original. PCGS has graded 39, and CAC shows a current population of just two coins; an EF40 and an EF45. Now granted that many 1862-S half eagles in PCGS holders have not been sent to CAC, but the fact two only two have been approved (and none above EF45) indicates that this is an issue that is not seen with a nice, natural appearance.

As another example, let’s look at the 1862-S eagle; a date which is nearly as rare as its half eagle counterpart. PCGS has graded 45 examples and CAC shows a current population of just two: an EF45 and an AU55. Again, not all the PCGS coins have been sent to CAC, but my feeling is that the percentage of 1862-S eagles (and half eagles) with CAC approval will remain very small; probably less than 10% of the coins graded.

It seems to me that CAC approved examples of the 1862-S half eagle and eagle should be worth a fairly significant premium above their non-CAC counterparts.

4. How Do You Price Very Rare Date San Francisco Gold?

When it comes to rare/very rare San Francisco gold coinage, most published price guides are of little to no use. Auction prices are far more relevant, and this is how I price such coins. So how do you price a coin in, say, EF45 when the last auction record was in 2008?

Here are some of the factors that I take into consideration when pricing San Francisco gold. First, is the coin fundamentally rare? In the case of the aforementioned 1862-S half eagle and eagle, these are issues which are rare in all grades. Secondly, how nice is the coin which is being offered to me? Is it abraded, not terribly original and softly struck, or is it relatively free of marks, original and well impressed for the issue? If it is the former, an older auction record might have some weight with my pricing. If it is the latter, I know I will have to stretch; maybe considerably.

5. The Two Distinct Groups of San Francisco Gold

As San Francisco gold becomes more popular, we are seeing a distinct bifurcation of the market: the coins made prior to 1879 which tend to be rare in all grades, and the coins made after 1879 which tend to be rare only in high (or very high grades).

I think we will continue to see quite a bit strength in the rarity-driven market as collectors tend to be more interested in coins like 1862-S half eagles in VF than in 1892-S half eagles grading MS64. The market for condition rarities will be more hit or miss. Certain coins, including many of the “top pops” from the Saddle Ridge Hoard, will be eagerly absorbed into collections. Others may prove far harder to sell.

6. Year Sets Will Become Popular

There were six different denominations of gold coinage produced at the San Francisco mint. There were just four years in which all six denominations were made, and one of these includes a unique issue (the 1870-S three dollar). This leaves collectors with three possible choices for six-coin year sets: 1856, 1857, and 1860.

None of these three years contains an impossible rarity, and the first two years could even be completed in Uncirculated grades. The 1860-S is the most difficult set as the half eagle and the eagle are both rare in all grades, and virtually impossible to find above AU55.

I don’t think these sets are The Next Big Thing in coin collecting, but I wouldn’t be surprised if a few savvy collectors attempted to complete at least one year.

7. Learn What Real Color Looks Like

There are numerous high-value San Francisco gold coins in both PCGS and NGC holders which have questionable color. I suggest you learn what original color looks like for the San Francisco issues which are of interest to you. Notice I didn’t suggest you learn how to grade; I think most of you taking the time to read this have other things to do with your few free minutes per day. But I do think it’s important to learn that, as an example, all 1862-S quarter eagles are supposed to have a certain shade of color, and if you see one which isn’t close to this shade, it’s likely been enhanced.

How do you learn what original coins look like? Look at catalogs with old time collections (Bass, Norweb, James Stack, and Eliasberg) and study the hues/patterns of color that these coins had. Go to the ANA Museum in Colorado Springs and study the Bass coins. Carefully study the raregoldcoins.com Coinapedia to see hundreds of pictures of unmolested, original coins.

8. Learn How to Differentiate Strike vs. Wear on Type One and Type Two Double Eagles

Many new collectors of San Francisco gold are thrown off by the difference between strike and wear on Type One and Type double eagles; two of the most popular series from this mint.

As you begin to learn about these coins, you will begin to determine that certain issues are always found with weakness on the hair or on the stars or even at the centers. Learn which issues are struck which way. This is reasonably easy to do as photo archives for higher grade San Francisco double eagles can be found on ha.com or on PCGS Coinfacts.

9. Best Value Grades

I have written before on Best Value Grades. As San Francisco gold coins become more popular and increase in value, I think this is an important point for collectors to consider.

10. Does Size Matter?

So far, the San Francisco gold coin renaissance has been led by large-size coins: eagles and double eagles. Will this increase in popularity carry over to smaller coins?

I can see gold dollars and three dollars from this mint becoming popular due to the possibility of these being collected by series, and the possibility of these sets being completed.

The quarter eagles from this mint I’m not as sure about. The fundamentals of these coins make sense to me. Other than the 1854-S, all the issues are obtainable and many can be purchased in Uncirculated grades for under $5,000. But with the exception of the Civil War issues, these coins have just not yet caught on with collectors.

The “wild card” series is the half eagles. These are already reasonably expensive coins and in the case of the Civil War rarities, and they are more expensive than most any southern branch mint half eagle while (currently) being far less popular. It is hard to call a moderately popular (but indisputably rare) issue like an 1862-S half eagle “undervalued” when it is already a pricey coin. But “value” is relative, especially in the rare date gold market and I think San Francisco half eagles—at least those struck prior to 1878—are destined to become very avidly collected in the next few years.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert with you assembling a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Why is San Francisco Gold Hot Right Now?

As recently as a few years ago, I was wondering why San Francisco gold coins weren’t as popular as I thought they should have been (a blog from one year ago, for example). But a combination of factors has quickly turned the market for certain San Francisco gold coins, and still other factors bode well for the future popularity of nearly all gold coins from this facility.

Why have San Francisco gold coins gone from unpopular to popular in a relatively short period of time? I think there are a few factors at play.

The first is obvious: rarity has really become en vogue in the coin market in the last few years, and it is hard to argue with the fact that most pre-1878 San Francisco gold coins are both absolute and condition rarities. You don’t have to suspend disbelief when, for example, you look up the number of coins graded at PCGS for 1860-S eagles and you see a whopping 23 graded (and assuming the typical number of resubmissions, this might equate to as few as 15 separate examples). Many new collectors have become attracted to coins which are rare not just because a piece of plastic says so.

The second is less obvious: I see younger collectors coming into the rare date gold market and these individuals tend to not want to buy the coins that their parents were attracted to. Which, in certain cases, means out with the southern branch mint coins and in with the western mints. If you think about it, Charlotte and Dahlonega coinage has reigned supreme in dated gold popularity circles for over 25 years. Maybe it’s just time the pendulum swung somewhere else, and San Francisco coins became popular as a result.

The third is simultaneously obvious and not obvious: the various shipwrecks full of San Francisco double eagles have focused considerable attention on large-sized coins from this mint, and the newly-discovered Saddle Ridge Hoard is likely to do this yet again. Does the typical collector who buys an 1857-S S.S. Central America double eagle in MS65 suddenly take an interest in 1857-S gold dollars or quarter eagles? Probably not, but you can certainly make the connection between the new interest in San Francisco gold with all the publicity these finds have generated in both the pre-internet and internet eras.

The Saddle Ridge Hoard motivated me to provide readers with a basic guide to San Francisco gold coins of all denominations, and to provide some collecting tips as well.

Before we look at each denomination and type, a couple of things need mentioning for beginning collectors. The San Francisco mint opened in 1854 and struck gold coins, with occasional interruptions, until 1930. Gold coins were struck in the following denominations: dollars, quarter eagles, three dollar gold pieces, half eagles, eagles, and double eagles.

Gold Dollars

Type One (1854 only)

The 1854-S dollar is a one-year type which saw a mintage of 14,632. It is common in circulated grades and available from time to time in the lower Mint State grades. It becomes rare in MS63 to MS64, and Gems are extremely rare. There are probably two or three known in MS65, and the best I have personally seen is the Pittman I: 863 coin, now graded MS65 by PCGS, which was recently sold to a California specialist; it brought $33,000 back in its 1997 auction appearance. I like this issue a lot and find it to be much undervalued, given its numismatic significance as a dual first-year-of-issue and one year type.

Type Two (1856)

The ill-fated Type Two gold dollar design was introduced in 1854, but it didn’t reach the San Francisco mint until 1856; a year in which the Philadelphia and Dahlonega mints were already striking dollars with the new Type Three design.

The 1856-S dollar is a common issue in circulated grades and a surprisingly high number exist from the original mintage of 24,600. It is moderately scarce in the lower Uncirculated grades, rare in properly graded MS62 to MS63, and very rare above this. I have never seen a Gem, and maybe four or five in MS64 which I thought were choice. The current auction record for this date is $52,875, set by an NGC MS64 with CAC approval which sold as Heritage 2/13: 3910.

There are two varieties known for this date: the normal mintmark, and the visually impressive S/S which is actually the most common of the pair.

The 1856-S is another numismatically significant issue which is a one-year type.

Type Three (1857-1860 and 1870)

Type Three dollars were made at the San Francisco mint for just five years, including a ten year gap between the fourth and the final issue. The first four issues all have reasonably similar mintages (between 10,000 and 13,000) and similar rarity profiles. All are usually seen in EF45 to AU55 grades and are very scarce in the lower Mint State grades. Most are exceedingly rare in MS63 and above, and non-existent in Gem. The 1870-S has a mintage of only 3,000 coins but it is more available than its earlier counterparts, especially in comparatively high grades.

The Type Three gold dollars from San Francisco are very affordable and a nice About Uncirculated set could be assembled for around $10,000. I think these coins are very undervalued, especially in properly graded MS61 and above.

Liberty Head Quarter Eagles (1854-1863, 1865-1873, 1875-1879)

The quarter eagles from this mint begin with the second rarest gold coin ever produced in San Francisco: the 1854-S. A mere 246 were struck, and there are an estimated dozen or so known with the single finest of these grading AU50 at PCGS. For many years, the 1854-S quarter eagle was a neglected Classic Rarity. Prices began to appreciate around ten years ago and have risen since, but I still feel that the 1854-S is an undervalued coin compared to other less rare 19th and 20th century issues.

The other San Francisco quarter eagles from the pre-Civil War years are less interesting (and far more available) than the 1854-S. The Civil War issues themselves are scarce with the low mintage (8,000 struck) 1862-S leading the way.

The 1865 through 1873 issues form one of the more undervalued groups in all of American numismatics. These coins are certainly not rare in circulated grades, but nice AU coins are typically available in the $1,500-2,500 range and these represent excellent value. Most of these dates are even available, from time to time, in the lower Uncirculated and are still comparably affordable.

This denomination was terminated by the San Francisco mint after 1879. Today, quarter eagles from this mint are not terribly popular with collectors. This could very easily change and a nice quality set, minus the rare 1854-S, is still within reach of the collector with an average budget. In fact, if I were a collector with a budget of around $2,500 per coin, I would seriously look at specializing in San Francisco quarter eagles.

Three Dollar Gold Pieces (1855-1857, 1860 and 1870)

Production of this odd denomination was a seeming afterthought at the San Francisco mint with only one issue, the 1856-S, having a significant original mintage figure. The four obtainable San Francisco three dollar gold pieces are all reasonably obtainable in EF and the lower AU grades, but all are scarce in properly graded AU55, rare in AU58, and very rare in Uncirculated.

The rarest collectible three dollar gold piece from this mint is the 1855-S with an original mintage of just 6,600. It is a numismatically significant issue due to its status as a first-year issue, but unlike its counterparts the 1854-O and 1854-D, it is not a one-year type and it is not as popular as the two southern coins. The 1855-S is exceedingly rare in Uncirculated and there is a single Proof known which brought $1,322,500 in Heritage’s 8/11 auction.

The 1870-S is a unique issue which is in the ANA Museum. It was purchased by Harry Bass from the Eliasberg sale in October 1982, and when it next becomes available, it will shatter all prices records for a gold coin from the San Francisco mint.

As far as collecting this series goes, it is short-lived and fairly easy to complete with just four issues (not including, of course, the unique 1870-S). For $30,000 or so, a nice AU set could be assembled. An Uncirculated set is possible, but it would be very challenging, especially if the collector is careful to avoid coins graded MS60 and MS61 which are debatable as to their “newness.”

Liberty Head Half Eagles

a. No Motto, 1854-1866

The thirteen coin San Francisco No Motto Liberty Head half eagle is a very challenging set. Only one or two coins (the 1856-S and 1857-S) are reasonably easy to find in collector grades and every date in this series is, at the very least, rare to extremely rare in the higher AU grades.

The kingpin of this set, and arguably the most valuable gold coin ever struck at this mint is the 1854-S. Only 268 were made, and just three are known today with one in the Smithsonian Institution and the others in private collections. The finest of the three is the Eliasberg coin, currently owned by a Texas collector, which could bring $4-5 million or more if offered for sale today.

The next rarest No Motto half eagle from this mint is the 1864-S of which an estimated 30 or so are known including one gem PCGS MS65+ example which is ex Norweb/Bass.

Many of the San Francisco No Motto half eagles are either unknown or unique in Uncirculated, and even the reasonably common 1856-S and 1857-S are very rare in Uncirculated with just three or four known for the former and seven to nine for the latter.

For many years, demand for the rare No Motto half eagles from San Francisco languished. This was due to a combination of factors including conspicuous overgrading of available coins by the services, the lack of published references, inflated values in published price guides, and more.

Around three or four years ago, No Motto half eagles from San Francisco became more popular. Interestingly, prices rose from the bottom up. I began noticing coins like 1858-S half eagles in VF25 and 1860-S half eagles in VF30 selling for very strong prices at auction, especially if they were in PCGS holders, choice and original for the grade, and eye appealing for the issues. Coin like 1858-S or 1860-S half eagles graded AU55 haven’t quite shown this level of appreciation, but this tends to be because most of the coins of this caliber are not CAC quality.

b. With Motto, 1866-1888, 1892-1906

The With Motto half eagles from San Francisco can basically be divided into two distinct groups: the rare (and mostly) interesting issues from 1866 to 1876 and the available (and mostly) uninteresting issues from 1877 to 1906.

The motto IN GOD WE TRUST was added to the reverse of the half eagle denomination in 1866 but no before dual varieties were produced at the San Francisco mint. 9,000 of the No Motto half eagles were struck compared to 34,000 of the With Motto coons and the latter are more available.

My favorite “sleeper” date from this era is the 1867-S which is rarer than its mintage of 29,000 would suggest. There are only 60-80 known in all grades, and I have never seen one above AU55. Despite this issue’s obvious scarcity, it is affordable and I recently sold a pleasing PCGS EF45 for just a hair over $3,000.

The 1876-S is the single rarest With Motto half eagle from this mint. Only 4,000 were produced and this date is not often seen above AU50. It is unique in Uncirculated with the Garrett coin having been graded MS64 by PCGS; nothing else known comes close.

Beginning in 1877, mintage figures increase for half eagles from San Francisco and by the end of the 1880’s, they sometimes exceed 1,000,000 coins. Many of the San Francisco half eagles from the 1880’s, 1890’s and early 1900’s exist in significant quantity in grades up to MS64 and the high mintage 1901-S is common even in Gem Uncirculated.

The “sleeper” issue for the late dates from San Francisco is the 1894-S. It has a much lower mintage than the other post-1878 dates. This date is not often seen above MS62 although an amazing NGC MS69 (ex Clapp/Eliasberg) is known; it recently sold for $176,250.

The With Motto half eagles from this mint are not as popular with collectors as the No Motto issues. This means that there are some great values in this sub-set, especially in the 1867-1876 date range. The later dates are currently of interest primarily to type collectors but it is certainly possible that they may receive more focus from date collectors in the future.

Indian Head Half Eagles (1908-1916)

The attractive incuse Indian Head design was created by Bela Lyon Pratt and it was used on both the quarter eagle and half eagle denomination. The San Francisco mint produced half eagles using this design from 1908 through 1916.

There are no great rarities in the nine-coin Indian Head half eagle set from San Francisco, unlike the eagles and double eagles from this era. All of the San Francisco issues of this type can be easily found in AU grades and even in the lower Mint State range at reasonably affordable prices. These issues tend to become scarcer (and expensive) in the MS63 to MS64 range and nearly all are very rare in MS65.

Indian Head half eagles tend to be collected in one of two ways: in affordable AU58 to MS62 grades or in challenging MS64 to MS66 grades. In the case of the former, the San Francisco specialist will have an easy time. In the case of the latter, he will be greatly challenged as dates like the 1913-S and 1915-S are extremely rare in Gem.

Liberty Head Eagles

a. No Motto, 1854-1866

Unlike its quarter eagle and half eagle counterparts, the Liberty Head eagle series contains no stoppers like the 1854-S from both denominations. That said, the No Motto eagles from San Francisco contain many very dates and one—the 1864-S—which has finally been recognized as a truly rare issue.

The 1854-S eagle is an interesting issue as it has a comparatively high mintage of 123,826 and it is rather easy to locate in EF and lower AU grades. The real “sleeper” among the early San Francisco eagles is the 1855-S with a mintage of just 9,000. This date is unknown in Uncirculated and very rare in AU. Other early dates from this mint which are rare to very rare include the 1859-S and the 1860-S.

I mentioned the 1864-S eagle in the opening paragraph of this section and I think some more comments are in order about this date. Of the 2,500 struck, there are likely no more than 25-30 known. For close to a decade, most of the available specimens were sold to one collector and now that his collection is being sold, price records for this date are being shattered. Heritage recently sold a PCGS EF45 for $117,500 and it is likely that this price will be eclipsed if a nicer example is made available in the coming months.

Despite the great fanfare that the 1864-S eagle has recently received, other rare issues in this series remain fairly priced. I am a big fan of the 1860-S but I like the Civil War issues as well. With the exception of the 1854-S, 1856-S and 1857-S, virtually all of these No Motto issues are nearly unobtainable above AU50, especially with original color and choice surfaces.

b. With Motto (1866-1889, 1892-1903, 1904-1907)

As with the half eagles from this mint, there are two distinct rarity profiles for San Francisco With Motto eagles. The coins struck from 1866 through 1878 tend to be very scarce to rare in all grades and virtually impossible to find in Uncirculated. while the post-1878 dates were struck in greater quantities and are much more available. In fact, the 1901-S has the highest mintage figure of any Liberty Head eagle and it is the single most available date of this type to locate in MS65 to MS66 grades.

The top “sleeper” dates in the With Motto series? In the earlier dates, I like the 1870-S and the 1876-S (although this second date is not really a secret any longer) and in the later dates, I like the 1894-S and 1895-S; two issues which are very scarce in Uncirculated.

It is feasible to collect the With Motto San Francisco eagles by date as there are no stoppers and many of the later issues can be found in comparatively high grades. While this type hasn’t really been much collected by date, perhaps the discovery of some interesting With Motto San Francisco eagles in the Saddle Ridge Hoard might spur interest.

Indian Head Eagles (1908-1916, 1920 and 1930)

Augustus St. Gaudens’ Indian Head design was introduced on the eagle denomination in 1907, but the first San Francisco coins were not struck until 1908. They were produced without interruption through 1916, then in 1920 and 1930.

The two rarest San Francisco issues of this type are the 1920-S and 1930-S. Both were heavily melted and didn’t see much in the way of circulation. The 1920-S is the rarer of the two and it is extremely rare in higher grades. The finest known is the famous PCGS MS67 from the Duckor collection that realized $1,725,000 in March 2007. The finest known 1930-S is also graded MS67 by PCGS and it realized $299,000 in a January 2009 auction.

A date which is not as well-known is the 1913-S. This is the true “condition rarity” among San Francisco eagles of this design. It is only moderately scarce in the lowest Uncirculated grades but it is rare in MS63, and Gems are extremely rare. The finest known is an NGC MS67 (formerly graded MS66 by PCGS) which brought $299,000 in 2009, and $287,500 in 2007.

A Gem set of San Francisco Indian Head eagles would be extremely difficult to complete and very expensive as well. A set in MS63 to MS64 (with a few Gems included) is more feasible, but certainly not an easy accomplishment.

Liberty Head Double Eagles

a. Type One, No Motto (1854-1866)

For a variety of reasons, Type One Liberty Head double eagles are the single most avidly collected series of gold coins from the San Francisco mint. These coins are big, they can be found in relatively high grades, they are affordable, and only two issues—the 1861-S Paquet and the 1866-S No Motto—are hard to locate.

The first year of issue, the 1854-S, is a curious coin. It is reasonably available in higher grades but nearly every known example has matte surfaces from exposure to seawater. High-grade examples with original surfaces are extremely rare.

Many dates of this type are plentiful in Uncirculated due to shipwrecks such as the S.S. Central America, S.S. Brother Jonathan, and the S.S. Republic. Nearly every serious collector has seen or may even own a nice Uncirculated 1857-S double eagle from the Central America. There were thousands of choice to gem examples of this date, and they spurred considerable interest in other San Francisco double eagles and shipwrecks coinage in particular.

The rarest Type One double eagle from this mint is the 1861-S Paquet Reverse. A total of 19,250 were struck but most were melted and an estimated 100 or so are known today, mostly in EF40 to AU50. This issue is unknown in Uncirculated, and most seen have very heavily abraded surfaces, poor luster and negative eye appeal.

Another interesting variety is the 1866-S No Motto. 120,000 were struck before orders were received to changeover to the new With Motto reverse. Many were melted but this variety has lately become very popular with collectors. A PCGS MS62+ from the Saddle Ridge Hoard is the new finest known and this is likely to be the single most highly valued and sought-after coin from this treasure.

Type One doubles from San Francisco are popularly collected by date. With the exception of the 1854-S, 1861-S Paquet, and 1866-S No Motto, all eleven coins can be obtained in nice AU grades for four figure prices. This set could not be completed in Uncirculated due to the current status of the Paquet and most high-budget collectors “settle” for an AU55 or AU58 example.

b. Type Two, With Motto (1866-1876)

The 11 coin set of Type Two Liberty Head double eagles is very popular as well and, unlike the Type One series mentioned above, it can be completed in Uncirculated grades. The two rarest San Francisco Type Two issues in higher grades are the 1866-S With Motto and the 1867-S. Both of these are seldom seen above MS60 to MS61 and are characterized by heavily abraded surfaces and soft strikes.

A few of the Type Two San Francisco issues are relatively plentiful in MS62 to MS63 and, as a result, they are popular with type collectors. These include the 1875-S and the 1876-S.

The “sleeper” date of this type is the 1873-S Closed 3 which is an issue almost never seen above MS60 to MS61.

c. Type Three, With Motto and value spelled TWENTY DOLLARS (1877-1885, 1887-1907)

Type Three San Francisco issues are typically divided into two groups: those from 1877 to 1881 which are condition rarities and the later issues which tend to be far more available, even in higher grades.

The 1877-S through 1881-S double eagles are all extremely scarce above MS62 and mostly unknown (at least until the discovery of some exceptional pieces in the Saddle Ridge hoard) in Gem Uncirculated. These dates tend to be extremely abraded hence the reason most are graded AU58 to MS61 by the services.

The Type Three double eagles from 1882 onwards are found a bit more often in MS63 and even MS64 grades but nearly all dates are rare to very rare in MS65.

This is an easily completable series which should see the most immediate benefit from the Saddle Ridge Hoard due to the fact that most of the coins in this 1,400+ piece group were of this type. Some dates, such as the 1889-S and 1890-S, are suddenly far more available in MS64 and MS65 than before as a result of discoveries from the hoard but these coins are likely to be quickly absorbed into the market.

St. Gaudens With Motto (1908-1911, 1913-1916, 1920, 1922, 1924-27, 1930)

The beloved St. Gaudens double eagle was produced in huge quantities at the San Francisco mint. Dates range from very common to very rare.

The San Francisco double eagles which are hard to find are rare as a result of heavy meltings. As an example, there were 558,000 double eagles made at this mint in 1920 but the survival rate is low and today the 1920-S is represented by fewer than 300 coins. In Gem, this date is extremely rare with probably no more than four or five known.

The single rarest St. Gaudens double eagle from this mint is the 1930-S. It has the lowest mintage of any date from San Francisco except for the 1908-S (which was saved as a first year of issue) and around 125-150 are known, mostly in the MS62 to MS64 range.

Collectors don’t typically specialize in San Francisco Saints as they tend to focus on either the whole series if they have big ambitions, or they dabble in the series with occasional forays into the higher grade type coin realm and/or slightly better dates.

So there you have it. In around 4,000 words an encapsulation of the various types and designs of San Francisco gold coinage, with pieces ranging from super common to exceedingly rare (and even in the case of the 1870-S $3.00, unique).

I personally feel that the future for better quality gold coins from this mint is rosy. I’ve seen a strong influx of new collectors into this area of the market, and prices have risen accordingly. But there are many undervalued, sleeper issues that are as good a value as anything in the U.S. gold coin market.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert with you assembling a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

The Saddle Ridge Hoard: Some Thoughts

Unless you spent the last two weeks in deep space you have no doubt read about/discussed/dreamt about the fabulous Saddle Ridge hoard. Enough has already been written about the background of this hoard that I won’t repeat it here. (NBC News, BBC, CNN, Yahoo, etc.) The scope of this find has truly captured the fancy of the collecting and non-collecting public alike, and I have been asked about the coins dozens of times; from people ranging from good clients to my doctor to my barista who chatted  me up about the “stolen coins” while making me a pour over macchiato today at my local coffee joint. This is a story with legs.

What I find fascinating about this story is that it is the first great “treasure “ to be found in the day of Web 2.0. When the lost 1913 Nickel was rediscovered a few years ago, it certainly made the rounds on the web, but stayed mainly in numismatic circles. And when the greatest find of them all, the S.S. Central America, was discovered oh so many years ago, there wasn’t even an internet around for the story to go viral; it had to build its momentum over the course of months; not moments.

As I mentioned above, I have been asked a lot of questions about these coins; enough so that I thought it made sense to blog about them so I could just say “read my blog” the next time someone asks me the following.

Here are some thoughts about the Saddle Ridge hoard that I’d like to share.

1. As I mentioned above this is the first truly viral story involving numismatics and the all new (and not necessarily improved) interwebs.

Much of the information I read online about the source and origin of the coins was seemingly invented by reporters who never bothered to check their source(s), and some blatantly wrong numismatic information was written by “news” sources who should have known better. Stolen coins…uh, I don’t think so. Special presentation piece made to commemorate the death of President Lincoln…? Nope.

Wrong information aside, the coins provided the gold coin market was the type of exposure you’d have to spend millions of dollars to generate. It was a true viral buzz and any coin story that doesn’t involve a Long Island telemarketer swindling a little old lady for her life savings is a good story in my book.

2. I’ve known Don Kagin for a long time (he tried to hire me a billion years ago when I was a high school student) and I was glad to see this deal being handled by a firm that is both reputable and knowledgeable.

Often times, deals like this wind up with the wrong people. This time it didn’t.

David McCarthy, the senior numismatist at Kagin’s, is a close friend of mine and he deserves kudos for a host of reasons: treating the owners fairly, properly conserving the coins, making savvy marketing decisions, and just generally doing the right thing. David is one of the good guys in the business and I am really happy for him and his 15+++ minutes of fame. And damn if he didn’t clean up nicely for TV. (Sadly the Good Morning America clip is not currently available online, but CoinWeek has a nice short piece on YouTube.)

3. When I first read that much of the deal was going to be sold online at Amazon.com my first reaction was “wow, that’s ballsy.” My next reaction was “wow, that’s incredibly smart.”

Amazon.com has flirted with entering the coin market before, but for a number of reasons they couldn’t find the best way to enter the market. So why not enter the market with a deal worth millions of dollars and with scads of good publicity?

But this deal could really be win-win for the owners and for Amazon. With all the publicity these coins have garnered, they are clearly worth a premium. Who better to possibly reach the ultimate audience of non-collectors who might be willing to pay the sort of premium which might (or might not) seem too high to dyed-in-the-wool collectors than a company who gets more traffic every minute than I probably do in a month? Well, you might say, the traffic you get is more established and (most) everyone on the raregoldcoins.com site is a likely buyer. But as the owners of the coins - wouldn't you rather have them exposed to millions and millions of people worldwide than an audience of a few thousand established collectors? And if doesn’t work on Amazon? The coins are still great and still can be sold through more established numismatic channels. If Amazon does well and becomes a player in the coin market, it’s great for everyone. If it doesn’t work? No harm, no foul…

4. As the World’s Most Jaded Coin Dealer (OK, maybe not the most jaded but certainly in medal contention) it takes a lot to get me excited.

When I heard that the coins were going to be on display at the Atlanta show I was skeptical. Would they be bright, shiny, and obviously conserved? Would PCGS get carried away with the grading ? Would the coins themselves mostly be common date double eagles in slightly uncommon grades?

The 50 or so coins that were on display at the show were impressive to say the least. Many were the best examples of their specific issue that I have ever seen, and they look fresh and original; not overly conserved. I think PCGS did a nice job grading them and I really liked the special gold labels which PCGS prepared for the coins. I arrived expecting to be unimpressed and left impressed. And my guess is that most collectors are going to feel the same; at least with the top 10-20% of the coins in the hoard; I can’t speak for the remaining examples.

5. How will the Saddle Ridge coins affect the market?

Ah…the $10 million dollar question. Since the majority of the coins were Type Two and Type Three double eagles from San Francisco, the scope of the hoard is narrow and series specific.  I haven’t seen a list of all the coins, but I assume that the majority of them are dated in the mid to late 1870’s and the 1880’s. One area that will be greatly impacted are slightly better date SF Type Threes, like an 1887-S or an 1888-S. If there are 100 MS63 1887-S double eagles, this date could drop in value by 20-50% . And the biggest loser is likely to be the guy who owns the current finest known 1877-S or 1879-S (to pick two random dates) who might see his $50,000+ population one/none better coin become a population two/one better coin.

The Condition Census and Finest Known coins could easily be absorbed by the market as long as they are fairly priced. From some of the preliminary numbers I’ve seen thrown around (such as “a million dollars” for the new finest known 1866-S No Motto) it feels that the asking prices might be extremely aggressive. If the coins are priced “right,” they will sell easily. My guess is that these are not the coins that will be sold on Amazon and will, instead, be offered via private treaty by Kagin’s and/or other specialist dealers or via auction.

The market for San Francisco gold coins has heated up in recent years after near-permanent dormancy. The Saddle Ridge hoard can only do good things to this area of the market. Will it make an 1859-S half eagle in AU50 more valuable? Not directly, but it will focus more attention on SF gold and it is likely that a few deep-pocketed new collectors who buy a Saddle Ridge knick-knack will be compelled to focus on other gold coins from this mint. The Type One double eagle market back in the 1990’s was jumpstarted by the availability of the SS Central America 1857-S double eagles and this market has been in hyper-demand ever since.

6. What sort of premium are these coins worth?

My gut feeling is that a less expensive (sub-$5,000) SF Type Three double eagle in average Uncirculated grades is going to have an ultimate premium of 10-30% for its saddle Ridge provenance. I would assume the original premium will be much higher and, as with the SSCA double eagles, it will evaporate over the first few years only to come back as the coins are absorbed. The numismatically significant five figure coins probably won’t be accorded a big premium.  The finest known 1877-S double eagle is a valuable, desirable coin but it won’t be worth an extra $5,000 or $10,000 because it is from this hoard.

One thing that will be interesting to see is how the collectors who focus on shipwreck coins view this hoard. As an example, “unique” coins from the S.S. Central America (i.e., coins which were one of a kind from the shipwreck) now bring a huge premium due to their collectability; something which was not the case even six or eight years ago. What sort of premium will the only Dahlonega half eagle from this hoard be accorded?  My guess is that the premium will be quite significant, and that these coins will be collected alongside the S.S.Central America, Brother Jonathan and S.S. Republic shipwreck coins.

The Saddle Ridge Hoard is certainly a topic which could be discussed endlessly, and I have the feeling that this is not the last time you will read a DWN Blog on the subject. I look forward to your comments and, hopefully, to selling a few of the neater coins from this group later in the year.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert with you assembling a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.