It’s pretty obvious that the two rarest No Motto New Orleans eagles in higher grades (in this case, AU55 and better) are the 1841-O and the 1859-O. But there’s a lot of competition for the number three (and four) spots. Using PCGS and CAC population data plus my own observation, let’s examine the five dates which I regard as contenders.

In the 2020 edition of my book on New Orleans gold, I ranked the third through eighth coins as follows:

3. 1849-O

4. 1855-O

4. (tie) 1856-O

6. 1857-O

7. 1846-O

8. 1852-O

First, let’s look at PCGS population data as of early April 2020. Note that I am listing these chronologically.

    DATE
    GRADED
AU55
    GRADED 
AU58
    GRADED
MS60 
& FINER
    TOTAL
  


    1846-O*
    19
    1
    5
    25
  

    1849-O
    5
    3
    3
    11
  

    1852-O
    18
    5
    1
    24
  

    1855-O
    5
    3
    2
    10
  

    1856-O
    11
    11
    1
    23
  

    1857-O
    4
    6
    0
    10
  

    Note: 1846-O includes both Normal Date and the now-debunked 
1846/"5"-O varieties. 
  

These numbers are very interesting as they reflect a number of new coins which have been introduced into the market through overseas sources in the last two or three years. Clearly, these six dates, which used to be very similar in overall high grade rarity, are now split into two groups.

Group One includes the 1849-O, the 1855-O, and the 1857-O. Group Two includes the 1846-O, 1852-O, and 1857-O.

Now, let’s look at CAC population data as of early April 2020. Again, these six issues are listed chronologically.

    DATE
    AU55 CAC
    AU58 CAC
    MS60 CAC 
& FINER
    TOTAL
  


    1846-O*
    2
    1
    2
    5
  

    1849-O
    0
    0
    2
    2
  

    1852-O
    4
    1
    0
    5
  

    1855-O
    0
    0
    0
    0
  

    1856-O
    1
    3
    2
    6
  

    1857-O
    0
    3
    0
    3
  

    Note: As above, 1846-O includes both Normal Date and the now
debunked 1846/"5"-O varieties. 
  

Pfffffffffttttttt….that’s the sound of most of the air being let out of what I had hoped was useful statistics from CAC. I guess I didn’t realize exactly how tough all of these actually are in higher grades with CAC approval. With such a small sample size for each date, it is difficult to make conclusions, but I think a few things stand out.

First, look at the 1855-O. Not a single example of this date graded AU55 or higher has yet to be approved by CAC. I find this to be pretty remarkable. Even more amazing is the fact that the single highest graded 1855-O eagle with a CAC is an AU50.

Second, look at the 1849-O. Here’s another issue with no AU coins currently approved in the 55/58 range and (just one each in AU50 and AU53). The CAC population of two in Uncirculated are both MS60 with one coin being the PCGS which I paid $45,600 for as Heritage 2/2020: 3218.

The 1856-O shows six coins in total and at least a few are from the remarkable Kunker 340 sale held in Germany late in 2020. This auction featured some very high-quality New Orleans eagles amongst other impressive branch mint US gold issues.

As someone who has handled a majority of the higher grade No Motto New Orleans eagles, I think some personal observations are a good way to wrap up this blog. Let’s look at each of these six issues chronologically.

1846-O: This date is clearly the most available of this small group in higher grades. PCGS has graded 19 in AU55 but this figure is inflated by resubmissions plus there are a number of junky coins in 55 holders. Really nice AU58s are very rare. There are more Uncirculated 1846-O eagles known than all other five dates combined, but this is still a truly rare issue in MS60 and finer.

1849-O: I discussed this date earlier (see above) and it is very rare in properly graded AU55 and AU58. Even a coin which is nice but not-quite-nice-enough-to-sticker is still worth a strong premium over the typical washed-out, scuffy example seen in a 55 holder. I would likely rate this as the fourth rarest No Motto eagle from New Orleans in higher grades, after the 1841-O, 1859-O, and the 1855-O, in that order.

1852-O: I don’t have access to PCGS population figures from a few years back but the number of coins graded by PCGS in AU55 (“18”) seems WAY inflated and it is possible that someone submitted a high-end coin a number of times trying to get an AU58 out of it. I’ve seen more nice 1852-O eagles than I have most of the other dates in this group, but nearly all have been ‘just’ 55s. This date remains very rare in AU58 and it is an R-8 in Uncirculated with two or three known.

1855-O: I gave you the Big Reveal in the 1849-O description but my experience tells me that the 1855-O is the third rarest No Motto O mint eagle after the 1841-O and the 1859-O. I’d also add that the New England Collection—which is far and away the finest set of New Orleans gold ever assembled—could use a nicer 1855-O eagle. This is a statement I can’t make with many other gold issues from this mint!

1856-O: The Kunker 340 sale added a number of higher grade 1856-O eagles into the mix for this date. I find the current PCGS population figures of 11 coins each in AU55 and AU58 to be unlikely; especially the latter. In my experience, choice higher grade 1856-O eagles remain rare and this date is exceedingly rare in Uncirculated with just two or three currently known.

1857-O: This would have been my choice for third rarest No Motto eagle from New Orleans as recently as a few years ago, but I feel the 1855-O has proven to be a bit tougher. The PCGS figure of six graded AU58 doesn’t include a PCGS/CAC AU58+ formerly from the second group of S.S. Central America coins, which I sold to a specialized Louisiana collector in 2020. This is a really tough issue in high grades, but I believe that the 1855-O and the 1849-O are rarer.

To recap, I rank these six issues, in high grades, as follows: