Liberty Head gold coins from the Philadelphia mint were struck from 1838 through 1908 in six different denominations. There are hundreds of individual issues and they range from extremely common to extremely rare. These coins tend to be less desired than their branch mint counterparts for at least four reasons:

The duration of many denominations is so long that they tend to not be collector-friendly for set builders.
They don’t have the sex appeal of the Southern branch mint issues and are less popular as a result.
They contain many grade rarities which make set building very difficult.
Yours truly has never written a reference book about Philadelphia gold coins which leaves collectors “on their own” when it comes to purchasing coins.

Because of these factors (and more) there are probably more overlooked and subsequently undervalued gold coins from Philadelphia than from any other mint; maybe even more than from all of the other mints combined.

In this article, I’m going to discuss the first 14 “undervalued” P mint Liberty Head gold coins which pop into my mind. Rest assured, I could easily have tripled the size of this group - and I’ve tried to include as broad a mix of denominations as possible. Note that I’m focusing on dates which I feel are undervalued in all grades, not just in high grades. This keeps me from painting with a broad brush and stating, for instance, that “all No Motto half eagles in properly graded MS63 and finer are rare and undervalued.”

1. 1865 Gold Dollar

In the Civil War gold dollar subset, the 1863 gets all the love (and has the highest price) but I have actually handled fewer 1865 gold dollars over the years. This date has a very odd pattern of survival with virtually no survivors in grades below AU55 or above MS65. Clearly this date didn’t circulate and many were melted. Unlike many of the other gold dollars from this era, there are not many super-Gems known which were put away by collectors, dealers and hoarders at the time of issue.

It seems likely that the PCGS population for 1865 gold dollars is inflated by resubmissions. There are supposedly six graded in both MS63 and MS64, but only one MS63 has been sold at auction since 2009, and the last MS64 to cross the block was in 2006.

The two finest known 1865 gold dollars are the PCGS MS68+ in the Big Mo Collection, and the PCGS MS68 owned by Bob Simpson.

2. 1873 Closed 3 Gold Dollar

Here is an issue that gets little respect due to the fact that its counterpart the 1873 Open 3 gold dollar is so common that most collectors naturally assume the same for the Closed 3. With a reported mintage of just 1,800, this date is scarce even in circulated grades. Remarkably, you can buy a decent AU58 example for under $1,000 and even an MS63 will only cost you around $3,000.

Where the 1873 Closed 3 gold dollar really becomes rare, though, is in high grades. I have never handled a Gem and the current PCGS population of two in MS65 with just one finer (a single MS66) explains why.

Some collectors will argue that this issue is a variety and this is why it is undervalued. I disagree with this as the Open and Closed 3 varieties are found on all Philadelphia gold denominations of this year, save for the eagle, and all are collected as “regular” issues.

3. 1844 Quarter Eagle

Over the course of the last few years, I’ve championed the Philadelphia quarter eagles from the 1840s. Almost without exception, these issues are undervalued. The rarest member of this subset is, of course, the ultra-low mintage 1842. However, this coin is relatively expensive and I can’t really claim it is “undervalued” any more. In its place, I’m selecting the second rarest quarter eagle from this group, the 1844.

It is interesting to compare the total number of coins graded by PCGS based on the 1842 (a total of 37), and the 1844 (a total of 46). This suggests that the latter is just a bit less rare overall but at a significantly reduced price.

The current value of a nice AU55 example of this date is around $3,500. This seems like a real bargain to me.

4. 1867 Quarter Eagle

This date has been a favorite of mine for years and while it has increased significantly in value, I think it is still much undervalued, especially when compared to the scarcer but far more expensive 1865 and 1866.

I’ve seen estimates that as few as 50 examples of this date are known and this seems too low to me, but not by all that much. There are a few more Uncirculated 1867 quarter eagles around than one might expect with six to eight accounted for including a PCGS/CAC MS64 (now in a 64+ holder), and the Gem PCGS MS65 that sold back in the 1999 FUN auction for $24,150.

It is still possible to buy a nice AU example of this date for less than $4,000 and this is excellent value, in my opinion.

5. 1877 Three Dollars

A strong case can be made for calling this the single rarest Philadelphia date of this type in all grades; only the 1873 Closed 3 offers strong competition.

The 1877 is a scarce coin both from the perspective of overall rarity and appearance rarity. It is an issue which is extremely challenging to locate with good eye appeal as most have been brightened and/or mishandled. A quick browse of the CAC census shows a total of a dozen 1877 threes with approval; 10 of which grade About Uncirculated.

This is not an inexpensive coin and you’ll likely have to spend at least $10,000 to buy a nice 1877. But if this series ever regains date collecting converts, it has the potential to show excellent appreciation.

6. 1881 Three Dollars

How could I overlook this low-mintage issue with its crazy small production of 500 business strikes? Sure, the 1881 three isn’t as scarce as the mintage would suggest but, c’mon, how can you not love the fact that a nice AU example is priced at just $7,500 or so?

For those with a bigger pocketbook, a higher grade 1881 is going to cost around $17,000-19,000 for an MS63, and $25,000-30,000 for an MS64. Mind you, neither of these will be easy to locate (especially if you require a PCGS/CAC coin) and I know of just one Gem: the Pogue coin which brought a record-setting $76,375 in February 2016. That coin, by the way, grades PCGS MS66+.

There are two other dates from the 1880s with sub-1,000 mintages (the 1883 with 900 struck and the 1885 with 801 made for circulation) and while I like these as well, I find the 1881 to be a tougher coin.

7. 1842 Large Letters Half Eagle

I love both varieties of this date (Small Letters and Large Letters) but if I have to choose only one, I’m going with the Large Letters. This is the scarcest Liberty Head Philadelphia half eagle struck prior to the Civil War, and the current number graded at PCGS is a scant 25 pieces.

A coin this rare has got to be pretty expensive, right? Well think again. An Extremely Fine (if you can find one) should cost less than $2,500 while a nice AU should cost under $5,000. If you put a C or a D mintmark on a coin of similar rarity, you would be looking at an item worth four or five times more.

A quick word on a recommended set: No Motto P mint half eagles, 1839-1865. Completable? Check. Affordable? For the most part, check. (And a strong yes if the cut-off date the set is 1861). Undervalued? Check.

8. 1859 Half Eagle

Now here is an issue which really flies under the radar. The 1859 half eagle has a reasonably low mintage of 16,734, but it is priced at around two to three times what a common date No Motto half eagle is worth in EF and AU grades. This date is most certainly not common and while I wouldn’t call it “rare” in AU, it offers plenty of bang for the buck. An AU55 will run around $2,000 and an AU58 should cost $3,500 or so.

If you ever get the chance to purchase a reasonably priced Uncirculated 1859 half eagle, I suggest you write your check quickly. This date is really rare in Uncirculated with just three to five known. I’ve only handled two with the best being a PCGS MS62.

9. 1869 Half Eagle

With an original mintage of just 1,760 business strikes, you’d expect the 1869 half eagle to be a widely-recognized rarity. But due to the fact that With Motto P mint half eagles have few date collectors, this is an issue which has fallen through the cracks. That’s not to say that the 1869 is inexpensive but at current levels, I regard this date as a steal.

The most recent PCGS Price Guide suggests a value of $5,000 for an AU50, $9,000 for an AU55, and $11,000 for an AU58. Unless a specific example is CAC approved and very choice, you’ll likely to be able to obtain an 1869 at a discount to these levels. Given that most 1869 half eagles are very low end for the grade, expect to pay up for one of the very few that are nice (FYI, the current CAC population for this date is a whopping one coin; an AU58 I sold last year).

10. 1844 Eagle

*1844 $10.00, NGC MS63, Tyrant Collection*

There are three pre-Civil War eagles from Philadelphia that I regard as legitimately rare: the 1839/Head of 1840, the 1844, and the 1858. Of the three, the 1844 is the rarest both in terms of overall and high grade rarity. There are just four or five dozen examples of this date and unlike other scarce issues of this type, quantities have not been located in overseas hoards (at least not yet…).

There aren’t many examples of this date that grade AU55 or finer; certainly not more than five or six. And there are just two known in Uncirculated: an NGC MS61 and an NGC MS63 owned by the Tyrant Collection and ex Heritage 2/18: 4230 at $72,000.

Despite the rarity of this coin, it really doesn’t get expensive until you reach the AU55 range. I recently sold a nice PCGS EF40 for a bit less than $4,000, and the last AU50 I handled sold in the high $5s.

11. 1863 Eagle

This is a reasonably well-known issue with just three dozen or so known from a tiny original mintage of 1,248. PCGS has only graded 23 examples and this is likely inflated by resubmissions.

The 1863 eagle is the priciest coin on this list. I just listed an example on my website in PCGS AU50 for $45,000. But, in my opinion, this coin compares favorably to the 1864-S which is valued at more than three times as much. I’m not making the case for the 1864-S eagle being overpriced; it’s a key Civil War issue and a coin which has become somewhat trendy in recent years as more collectors learn how rare it is. But the 1863 has a lower mintage, it also has a Civil War date of issue and it is only a smidge less rare in AU grades. By these metrics, the 1863 eagle should be worth close to double its current level.

12. 1873 Eagle

This date is not as well-known as the 1863 but it has an even lower mintage with only 800 business strikes made. There are an estimated 30-40 known with most in the EF40 to AU53 range. This is a date which tends to come with below-average eye appeal due to most pieces showing extremely bagmarked surfaces.

The 1873 eagle isn’t an inexpensive date but I think its price doesn’t fully reflect just how rare it is. In their February 2020 auction, Heritage sold a nice PCGS/CAC EF45 for $25,200 which sounds like a lot of money, but we are talking a truly rare issue here. Expect to pay in the mid-to-high $30s for a mid-range AU example.

13. 1859 Double Eagle

There are more date collectors of Liberty Head double eagles than all other series of this design so the concept of being “undervalued” is applied somewhat differently to this denomination. But I think almost any serious student of 19th century gold coinage will agree that the 1859 is not accorded the respect it deserves.

I regard this date to be the second rarest Type One issue after the 1862. There have been reasonably few found in recent overseas hoards which have swelled the populations of such dates as the 1855, 1856, 1857, and 1858 and the ones which have been located tend to be in lower grades.

I really like this issue in the mid-AU grades. An AU53 should price out at around $10,000-12,000 while an AU55 seems like an even better value at around $14,000-16,000.

14. 1868 Double Eagle

The 1868 has been recognized as the scarcest Philadelphia Type Two double eagle for some time. Recent hoards have made this date more available in About Uncirculated than in the recent past, but the date is popular enough that values have stood-up very well.

A nice AU55 example of this date should be available in the $7,500-8,500 range while an AU58 will run $11,000-13,000. The 1868 remains a very scarce issue in Uncirculated and I’m not aware of a single MS61 or finer example from the recent hoard(s) which have entered the market since 2018.

This is an issue that tends to come reasonably nice so if you don’t like the first example or two that you are offered, be patient as a better one is likely to turn up.

How about a runner-up list which includes some of the dates which could have just as easily made this list if it were expanded to include more coins?

Gold Dollars: 1850, 1864, 1871
Quarter Eagles: 1846, 1848, 1859, 1883, 1884
Three Dollars: 1865, 1871, 1873 Closed 3
Half Eagles: 1850, 1871, 1872, 1877
Eagles: 1841, 1843, 1858, 1871, 1876
Double Eagles: 1854 Large Date, 1886, 1891

Would you like to assemble a set which focuses on undervalued 19th century gold coins? Contact Doug Winter at (214) 675-9897 to discuss this or any other collecting goals which you might have.

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