If you are a veteran collector of Liberty Head gold you no doubt recognized that the recent Stack’s Bowers Fairmont Hendricks auction was quite likely the best overall sale for this sort of material in the last 20+ years. Sure, there have been great specialized collections such as Battle Born for Carson City gold or Admiral for Liberty Head eagles. The Hendricks sale contained the most impressive date runs Liberty Head half eagles, eagles, and double eagles since the monumental Bass sales of 1999-2000.

What made these sets so memorable was the originality of the coins. They were—quite literally—a numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults until they were repatriated by Stack’s Bowers and introduced to appreciative collectors. As you are aware, I’ve been an advocate for gold coins with natural color and unadulterated surfaces for longer than I care to remember. It takes a lot to impress me after having specialized in US gold for close to 40 years, and I was hugely impressed with these coins.

Due to the importance of this sale, I’m going to write a series of articles over the next few weeks which reflect on what I’ve gleaned about the rare date gold market as it stands in April 2022, and about the idiosyncrasies of many specific numismatic issues.

It’s hard to choose just 12 coins from this sale as there were literally dozens I loved. Perhaps I’ll do a second article on this same topic if I have the time and the inclination.

1. 1840-D Tall D $5, PCGS/CAC MS61.

Unless you are a true insider on this series, you might not know just how rare the 1840-D half eagle is in real Uncirculated with natural color and surfaces. In three+ decades of specializing in Dahlonega gold, I can’t recall more than two or three really nice examples of this issue as 98% of them have been stripped. There are some nice ones around in EF and lower AU grades, but just try to find a pleasing BU 1840-D half eagle!

*1840-D Tall D $5.00 PCGS MS61 CAC, Lot 5016*

The Fairmont coin (Lot 5016) had great color and I graded it MS62. It brought $32,400 (please note that all prices in this article include the 20% buyer’s premium), which I think was a really fair price for its new owner. I was the underbidder and, frankly, had this coin not been right at the beginning of the sale—before I could get a pulse of the prices—I would have stretched.

2. 1859-D Medium D $5, PCGS/CAC MS62.

This coin neatly encapsulates a perspective on rarity which many new collectors have. By the standards of Dahlonega fives, the 1859-D is somewhat available in Uncirculated. PCGS has graded six in MS62 with three finer, and I’ve probably handled four or five nice Uncirculated examples. But the key factor here is that the CAC population is just one coin in MS62 and one finer. The new breed of collector doesn’t care about a PCGS MS63 which last appeared for sale in 2006. He cares about what CAC says, and in this case CAC says this date is a lot rarer in MS62 than what PCGS or Doug Winter say.

*1859-D $5.00 Medium D PCGS MS-62 CAC, Lot 5096*

I thought this coin (Lot 5096) was simply exceptional with great color, a sharp strike, and a really nice appearance for the date and grade. It sold for $50,400 which seems like a ton of money for the coin until you stop and re-read my comment(s) above. In a world where CAC populations are more relevant than PCGS or NGC populations, a coin which is the second best of its issue and is from a very popular, widely collected series, $50k suddenly doesn’t seem so expensive…

3. 1864-S $5, PCGS/CAC AU58

From the moment I first saw this coin in person, I knew I had to buy it. The 1864-S is the third rarest business strike half eagle of this date after the 1854-S and the 1875, and of the 30 or so which exist there are likely not more than four or five which are actually nice. This new discovery (Lot 5110) was clearly the second finest known (trailing only the remarkable Bass/Melish coin graded MS66 at PCGS), and it was a literally perfect AU58 with lovely color, strong luster, and just a smidgen of rub on the high spots.

1864-S $5.00 PCGS AU58 CAC, lot 5110 — *1864-S $5.00 PCGS AU58 CAC, Lot 5110*

I was prepared to bid up to $300,000+ on it and I was able to buy it for $264,000, which I believe was among the best values of any coin in the sale. Yes, a quarter of a million dollars is a lot of money, but when you consider the far less rare and far more esoteric coins which trade for this much in 2022, I think we will look back at this result in a few years and wonder how it sold so reasonably.

4. 1876-S $5, PCGS/CAC MS61

Most collectors pooh-pooh the later date S-mint half eagles as being boring and for the most part, they are correct. However, the 1866-S to 1876-S half eagles are all conditionally rare, and the low-mintage 1876-S (just 4,000 were made) may well be the rarest coin of this group. Before this coin was discovered, it was unique in Uncirculated (the NGC MS65 from the Garrett Sale which has not been seen in close to 50 years) and I haven’t had more than a few decent AUs in stock.

I graded this 1876-S M62 and my succinct comment in my catalog was “amazing coin.” I bid up to $60,000 for it but couldn’t justify going any higher. It brought $84,000 which is an extremely strong result, but which in the New Dated Gold Market of 2022 can be justified as this is a fundamentally and conditionally rare issue.

5. 1839 Head of 1840 $10, PCGS/CAC AU58

I’ve written about this date many times. While numismatically significant as a first-year-of-issue, it tends to be overshadowed by the far more common but much sexier 1838 eagle. The 1839 Head of 1840 is very rare in any grade above EF45, and I have only seen two or three AU coins which I actually liked.

*1839 Head of 1840 $10.00 PCGS AU58 CAC, Lot 5214*

This example (Lot 5214) was far and away the nicest circulated 1839 Head of 1840 eagle I’ve seen. It isn’t the finest known (that honor belongs to the remarkable NGC MS64 which Stack’s Bowers sold for $180,000 in December 2020) but it’s the highest approved by CAC. I bid $40,000 for the coin and it brought $46,000 hammer, or $55,200 with the fees. Given that the far more common PCGS/CAC AU55+ 1839 Type of 1838 sold right before this brought $22,800, I think the new owner of this coin got a really good deal.

6. 1853-O $10, PCGS/CAC MS61

If I had to wager how many readers of this article would have predicted this coin as one of my Top Dozen faves in Fairmont, I’d guess exactly zero. The 1853-O is a sneaky date in a series full of sneaky dates. It is dirt common in grades through AU55, and scarce in properly graded AU58 although not as hard to locate as are many No Motto eagles from New Orleans in this grade. Uncirculated coins are another story altogether.

The Fairmont coin (Lot 5249) was one of only two or three real BU 1853-O eagles I’ve ever seen and I loved the coin. It remains the only example of this issue approved by CAC in MS61 with exactly zero finer. The coin sold for $51,600 which was just a bit more than I wanted to pay, but which is still far less expensive than the $316,250 which a so-called Specimen brought back in 2010.

7. 1855-S $10, PCGS AU55

Speaking of Sneaky Date 10 Libs™ let me introduce you to my little friend, the 1855-S. Without looking at your Redbook or PCGS Coinfacts, can you tell me the mintage and/or just how rare this coin is in higher grades? Give up? Just 9,000 were struck and only 60-70 exist today, mostly in lower grades. I’ve never seen a real Mint State 1855-S (or even a 58) and the two or three I’ve owned in AU55 have been so-so at best.

This date always comes marky and lackluster. The Fairmont coin (Lot 5256) was the best 1855-S eagle I’ve ever seen. It was absurd that the coin wasn’t approved by CAC (C’mon guys, just how nice does an AU55 1855-S $10 have to be to sticker?!?). The problem with this date is that its lumped in with the 1854-S, 1856-S, and 1857-S which are more available in higher grades. The new owner paid $31,200 which I think is very fair given its true rarity.

8. 1857 $10, PCGS/CAC MS62

Here’s another coin which would have likely fallen through the cracks even a few years ago but which shattered all records for business strikes of this issue with a winning bid of $78,000. Do I think this is a lot of money for an 1857 $10? Check. But have I ever seen another 1857 $10 which even remotely compares to this? None even close, although I do currently own a nice PCGS MS61 (Cheap and Shameless DWN Plug™).

Unlike the other P mint dates from this decade (with the notable exception of the 1858), the 1857 is exceedingly rare in Uncirculated with just two or three known. The Fairmont coin (Lot 5260) was gorgeous with wonderfully clean surfaces, lovely color, and an overall freshness unlike any other example of this date I’ve ever seen. Plus how can you not love the Extra Jumbo date punch seen on all 1857 eagles (this includes the 1857-O and the 1857-S)?

9. 1854-S $20, PCGS MS62

As I’ve written before, both PCGS and NGC have ruined this date by not distinguishing between seawater and non-seawater surface coins. High grade 1854-S double eagles with natural surfaces are rare and this date is extremely rare in MS60 and finer with non-seawater surfaces. I know of five (all of which I’ve handled) with this coin—sold as Lot 5373—the undisputed finest.

I purchased this coin for $40,800 which I thought was a total bargain. I’ve recently sold PCGS AU50/53 coins in the high $10s, and I honestly think the Fairmont coin is worth closer to $65,000 than what I paid for it.

10. 1859 $20, PCGS/CAC MS62

Every dealer has his/her “pet dates.” These are coins that we love just a little too much and we will buy (and overpay) for each nice one that we see. In the Type One double eagle series many of “pet dates” are now former pet dates due to them having been discovered and becoming spendy (hello, 1862 and 1863…). But I continue to love the 1859, especially in high grades.

I’m aware of just five or six Uncirculated pieces for this issue (all in the MS60 to MS62 range) and this coin (Lot 5385) was the second best known to me after the Crawford/Hansen coin (also PCGS/CAC MS62 but a touch nicer than this one). I was prepared to go all in for it and while I set a new price record for a business strike of this date at $72,000, I still feel that in a market in which Type Ones were more popular (they were the most underperforming part of the “Hendricks” sale) this coin could have easily topped $100,000.

11. 1867-S $20, PCGS/CAC MS64

Funny story: at the Stack’s Bowers table at the recent Baltimore show, I was discussing the Fairmont coins with a savvy dealer. This guy is an “A” level dealer but his tastes are diametrically opposed to mine. He’s a condition guy (I’m a rarity guy), and his specialty is Gem Morgan Dollars (I once rejected “At DWN We HATE Morgans” as my company motto). He asked me what my single favorite coin in the sale was. Without hesitation, I replied, “The 1867-S $20.” He laughed and said, ”There was exactly 0% chance we’d agree on this, but that’s my favorite coin also!”

What a coin. I’ve called these “Unicorns” in the past; coins which exist but which have no reason to. The 1867-S is common in circulated grades and marginally scarce in the lowest MS grades. I’ve never seen a really nice one and certainly not one with sparkling luster and natural brightness. This 1867-S was easily the finest known and I’ve never seen a Type Two S-mint $20 from this era with anywhere near the eye appeal this coin had. I chased the coin up to $110,000 but dropped out and it finally sold for $168,000. It’s a ton of money for an 1867-S $20, but I wouldn’t be shocked if the coin grades MS65 someday. Like I said, what a coin…!

12. 1885-CC $20, PCGS/CAC MS63

This is an unusual coin. It makes my 12 Favorite Coins list but might also make my 12 Craziest Prices Paid list, should I decide to do one. Back in the Good Old Days (say, 2020), us Long Time Coin Dealers would gasp every time a non-1870-CC $20 sold for six figures. It’s become a lot more common place in 2022, as witnessed by the fact that 1871-CC ($132,000), 1878-CC ($120,000), 1882-CC ($156,000), and 1884-CC ($120,000) all sold for six figures in the “Hendricks” auction.

*1885-CC $20.00 PCGS MS63 CAC, Lot 5455*

The 1885-CC (Lot 5455) was the best example of this date I’ve ever seen. It opened at $130,000 (which I thought was insane) and just kept going and going until it was Last Man Standing at $264,000. A quarter of a million dollars is a lot of scratch (see the 1864-S $5 above), and you generally expect to see a much rarer coin than an 1885-CC $20 bringing this much. However, there are clearly a small number of extremely wealthy collectors who are concurrently chasing after Top Pop CC $20s right now and you can’t get an 1885-CC any nicer than this. I wouldn’t be surprised if the underbidder woke up grumpy this morning that he didn’t stretch another 10-20%.