Despite its low mintage of just 10,000 coins, the 1892-O half eagle is a coin which doesn’t receive a lot of love, even from New Orleans gold specialists. This is likely because it is lumped along with the 1893-O and the 1894-O which are much more available.

The rarity profile of the 1892-O is far different than any of the low mintage No Motto half eagles from New Orleans. Those issues are generally seen in Extremely Fine and the lowest About Uncirculated grades, and all of them are very rare in Uncirculated. Cleary, those issues saw active use in the booming Antebellum economy that was New Orleans and the Deep South during these pre-Civil War years.

The 1892-O is entirely different in that virtually every example which exists grades AU55 or finer. There are a small number of coins known in the EF45 to AU53 range, but these are generally Choice AU coins which have been net graded due to excessive abrasions or past cleanings. The 1892-O is sometimes available in the lowest Uncirculated grades and these coins have a similar appearance: excessive abrasions with somewhat subdued luster as a result.

I recently handled the single best 1892-O half eagle I have ever seen. Graded MS63 by PCGS and approved by CAC, it has an appearance unlike virtually every other example known. As the picture above will confirm, the coin had extremely clean surfaces with resultant unbroken satiny luster. The eye appeal was further enhanced by attractive natural yellow-gold color which was a welcome exception to the bright, “dippy” appearance shown by most 1892-O half eagles.

When I was working on the recent editionof my New Orleans gold book, I listed this coin as being tied for the second finest known with one other coin graded MS63 by PCGS. Ironically, I had forgotten that I handled this exact coin a number of years ago and had sold it to an Illinois specialized collector. When he recently sold it back to me, I had a head-slapping moment and quickly remembered this exact coin. It was the best 1892-O half eagle I had seen then, and it remains the best I have seen up through the present time.

PCGS shows a population of two coins in MS63 with just one finer; an MS64. I have never seen or heard of the higher graded 1892-O, and the highest graded 1892-O to ever sell at auction is a PCGS MS62+.
I sold this coin to the New England Collection which, as I have mentioned before, is by far the finest set of New Orleans gold ever assembled. It had been many years since I located a half eagle which would be an upgrade for the collection. The previous 1892-O was graded MS62 by PCGS, and while nice for the issue it couldn’t compare to the new MS63.

Despite the obvious rarity of this coin it was still reasonably priced as I sold it for less than $20,000. Given that it is one of the two finest known examples of a legitimately scarce (and popular) issue, this seems like very good value to me.

If you’d like to purchase coins such as this 1892-O half eagle for your collection, please feel free to call me at (214) 675-9897 or email me at dwn@ont.com.

HALF EAGLES