Assembling a Non-Specialized Set of New Orleans Gold Coins
/Yes I know what you’re thinking. Isn’t a “non-specialized” set of a specialized area such as New Orleans gold coinage a contradiction? While it is, in theory, a contradiction, I believe that a generalist version of a specialized collection actually makes sense in 2023; a year in which many formerly affordable gold coins from the three Southern mints became less affordable for the collector of average means.
I’ve come up with two collections which I think would be challenging but a lot of fun to assemble. Both consist of 10 coins, and there is some overlapping. Each set features coins which I feel are numismatically significant and which are, in my opinion, still good values.
The first set features coins which are priced in the $2,500-7,500 range, while the second set features coins in the $7,500-25,000+ range. Please note that for “special” coins you are likely to have to spend more than my suggested range of values.
Set 1
1.Choice AU Better Date Quarter Eagle
It’s unfortunate that the population figures for New Orleans quarter eagles are grossly inflated by resubmissions, especially in AU58. With the exception of the 1843-O and the 1854-O, every New Orleans quarter eagle is fairly scarce to rare in AU55 to AU58.
The scarcity factor increases significantly if a collector eliminates weakly struck coins, and if he sticks with something with natural color and nice surfaces, the pool of available coins decreases even more significantly.
1850-O $2.50 PCGS AU58 CAC
The dates I would focus on include the 1843-O Large Date, 1847-O, 1850-O, and 1856-O. A nice PCGS/CAC coin should be available at less than $5,000.
2. Choice XF 1854-O Three Dollar
This is an issue which I just can’t see overlooking in an affordable New Orleans generalist set. It’s not really scarce in EF45, but properly graded examples with nice, even green-gold color which have not been cleaned are not easy to locate.
1854-O $3.00 PCGS EF45 CAC
If you can locate an early die state 1854-O $3 which shows sharp overall definition on the wreath, buy it. Such coins are very scarce and should bring a premium.
I would suggest budgeting around $4,000 to $5,000 for a PCGS/CAC EF45.
3. Nice 1840-O Half Eagle
The 1840-O is a first-year-of-issue which just doesn’t seem to get the love it deserves. It is priced considerably lower than the 1840-D, and slightly less than the 1840-C which is more available.
In the current market, a choice EF 1840-O half eagle is only valued at around $2,000-2,500, which means that you should actually budget more like $5,000-6,000 for a Choice AU. It will be difficult to locate but as the picture below shows, such coins do exist.
1840-O $5.00 PCGS AU55 CAC, IMAGE courtesy of Stack's Bowers
This is a coin worth stretching for. It won’t be easy to find nice as CAC has approved only four in AU55 with seven finer.
4. Another Choice AU No Motto Half Eagle
I’m a big fan of No Motto half eagles from any mint, and I don’t think it’s possible for the generalist collector to own “too many” New Orleans half eagles of this type.
As recently as a few years ago, it was possible to locate a snazzy No Motto half eagle from New Orleans for $5,000. This included better dates such as 1845-O, 1851-O, and 1854-O in AU50 to AU53, and the rare 1855-O through 1857-O issues in solid EF grades.
1855-O $5.00 PCGS AU53 CAC
Due to their popularity, these issues are now just about impossible to locate for under $5,000 in AU50. However, if a collector is willing to budget around $6,500, he should be able to find a nicer PCGS/CAC AU53.
5. MS63 1893-O Half Eagle
This is the only New Orleans Liberty Head half eagle which can be located in this high grade—even if you have a virtually unlimited budget.
1893-O $5.00 PCGS MS63 CAC
The current PCGS population is 34 in MS63, along with another 9 in MS63+. Even without a CAC sticker, you are going to see exceptional quality for a New Orleans half eagle with unmatched luster and sharp detail. And with just one example of this date currently graded MS64 by PCGS, you’ll own a coin which is technically in the Condition Census for the date.
You’ll need to budget around $6,500 to 7,500 for such a coin.
6. A Choice AU No Motto Eagle
No Motto eagles were made at the New Orleans mint from 1841 through 1860. There are many dates which are extremely scarce in AU58 and truly rare in any Uncirculated grade, but a few dates can be found in AU58 for reasonable levels.
1851-O $10.00 PCGS AU58 CAC
The least expensive date in AU58 is the 1847-O. A nice PCGS AU58 should be available in the $5,000-6,000 range. Another affordable issue in this grade is the 1851-O which should cost around the same as the 1847-O; or perhaps just a bit more. In my opinion, these coins are very good value in nice AU58, as MS61 are seldom available and are worth five-figures when they do come up for sale.
7. Another Nice, AU No Motto Eagle
I would supplement coin #6 with another scarcer date in a slightly lower grade. As an example, PCGS AU55 1844-O, 1845-O, 1853-O, 1854-O Small Date, or 1858-O should all be available with some time and patience for around $5,000-6,000 per coin.
1858-O $10.00 PCGS AU55 CAC
When you are looking for one of these, be patient and wait for a coin with pleasing natural coloration and limited detracting abrasions. With this many different dates to pick from, you should be able to add a really nice coin to your set.
8. Common Date With Motto $10 in MS63
A limited number of later date New Orleans eagles exist in MS63. The two obvious dates are the 1903-O and the 1904-O. Both are available in PCGS/CAC MS63 for under $4,000, and without CAC approval for around $3,000.
1903-O $10.00 PCGS MS63 CAC
In MS64 both dates are sometimes available, and a pleasing non-CAC might be a good coin for this set. Such a coin is going to run around $7,000-8,000; expensive but conditionally rare and cosmetically appealing.
9. An Affordable O-Mint Twenty Lib
Late 2023 is a great time to buy Type One $20s, as the supply of nice coins is higher than normal and demand is down somewhat. This translates to a likely 10-15%+ savings versus last year at this time. The good news is that this holds true not only for common P-mints, but for popular New Orleans issues as well.
1851-O $20.00 PCGS AU53 CAC
At the $5,000-6,000 price point, you should be able to purchase a wholesome EF example of the 1851-O or the 1852-O. If you are able to swing a $7,000-7,500 purchase, you will be able to purchase a nice AU50 to AU53 example of one of these two dates.
Wild Card
For our tenth and final coin, I’m giving you the option to get creative. I would make your choice based on adding a substantial coin which becomes one of the centerpieces of this 10 coin New Orleans gold set.
I’m thinking that we stick with a large-sized coin. Since $7,500 doesn’t go really far in the $20 category, I’d suggest you shop in the $10 aisle as this amount of money will buy you a pretty cool coin. You might look for a nice EF45/AU50 example of a scarcer issue such as the 1849-O, 1852-O, 1855-O or 1856-O. Another option is to search for a solid AU50 to AU53 example of a date such as the 1846-O, 1848-O, 1854-O Large Date or 1860-O.
1852-O $10.00 PCGS EF45 CAC
To assemble the set I just discussed, we are looking at spending approximately $60,000 to $80,000. It is possible that you spend less (around $50,000) but by spending 10-30% more on each of the 10 coins, you can upgrade significantly whether by grade or by rarity.
Set 2
High-grade Quarter Eagle
There are a total of 14 different quarter eagles from New Orleans. Three of these are very rare in Uncirculated: the 1843-O Large Date, 1845-O, and 1856-O. The other 11 range from slightly scarce (1843-O Small Date and 1854-O) to rare.
I would search for a nice quality MS62 or maybe even MS63 example of a date such as the 1846-O, 1847-O, 1850-O, or the 1857-O. You’ll want to purchase a coin which is well struck (which likely will eliminate the 1840-O and the 1842-O), and which shows nice natural color.
1857-O $2.50 PCGS MS62 CAC
You should budget around $15,000-20,000 for such a coin. If you want the coin to be PCGS/CAC, it will likely take at least six months to a year of searching to locate the right coin.
2. 1839-O Quarter Eagle
It would be difficult to assemble this set and not include the popular one-year type (and first-year-of-issue) 1839-O quarter eagle. This is the only Classic Head design made in New Orleans, and it ranks as among the most popular issues from this mint.
The 1839-O is common in grades through AU55, and a nice AU58 is too low of a grade for a set of this quality. Thus, I would focus on an MS62.
1839-O $2.50 PCGS MS62 CAC
An average quality PCGS MS62 will cost you around $20,000, while a nice, high-end coin with CAC approval is likely to cost $25,000-30,000. A recent sale of a very choice PCGS/CAC MS62+ (originally purchased from DWN) at $38,400 in May, 2023 raised the bar considerately for pricing of this issue.
3. Choice AU 1854-O Three Dollar
Given its status as a one-year type, I feel that the 1854-O is an essential coin despite not being rare in circulated grades. Choice AU58s seem overvalued to me at current levels, but I’m OK with current pricing on nice CAC-approved AU55 1854-O three dollar gold pieces.
1854-O $3.00 PCGS AU55
A PCGS/CAC 1854-O in AU55 has a current value of around $10,000-12,000. However, only nine in this grade have been approved by CAC as of 9/2023, and none have appeared at auction. This means that you’ll have to work with a specialist dealer such as DWN to locate the right coin.
What should you be looking for when you are presented with a buying opportunity? I think nice natural color and choice, non-hairlined fields are the two most important things to consider.
4 and 5. Two Mint State No Motto New Orleans Half Eagles
Your 10 coin set should include at least two different high grade No Motto half eagles. To be honest, I think this set could include another two besides this pair, but that’s just my personal bias towards important examples of this type.
First, let’s discuss dates you won’t be able to put in your set (not only because of high cost but because of prohibitive rarity in Uncirculated). These dates include the 1842-O, 1843-O Small Letters, 1846-O, 1847-O, 1856-O, and 1857-O. There are just 13 different No Motto New Orleans half eagles, and we just knocked six off our list of possibles which is no fun. But it does tell the collector how important it is for him to seize the limited opportunities when they are available.
1844-O $5.00 PCGS MS63+ CAC
The only semi-common No Motto New Orleans half eagle in Uncirculated is the 1844-O. I’d want the minimum grade for this date in my set to be MS62, and while PCGS has graded 9 at this level with 14 finer, a quick search of auction data shows no sales in this grade since August, 2016 (in this period, DWN has sold seven in MS62, with three of these receiving CAC approval). Jumping to MS63/63+, PCGS has graded a total of 11 with 3 being “+” graded coins. I’d budget around $15,000 for this date as anything more feels like an overbuy.
1843-O Large Letters $5.00 PCGS MS62 CAC
You won’t have a whole lot of choices for your second No Motto New Orleans half eagle. The most obvious is the 1843-O Large Letters, of which there are around a dozen known in Uncirculated. I’ve handled a few stunners which I’ve sold in the $30,000-40,000+ range. The other potential dates to look for include the 1840-O, 1845-O, 1851-O, 1854-O, and 1855-O. You should note that every single one of these five dates is truly rare in MS62 and finer. If you have the chance to buy a nice example, run to your check book and pay up for what will become a collection centerpiece.
6 and 7. Two Mint State (or really nice AU58) No Motto New Orleans Eagles
The rarity scenario for No Motto eagles is slightly different than it is for its half eagle counterparts; if only because of the fact that there are 21 different issues compared to 14.
1845-O $10.00 PCGS AU58
I would begin with a really nice AU58 example of a date such as the 1844-O, 1845-O, 1848-O, or 1854-O Small Date where the price increase to the next grade up (MS61) is as much as double. As an example, you might be able to find a solid slider for around $7,500 to $10,000, while a nice MS61 example of the same date—if it is even available—is likely to run around $15,000-20,000. In this instance, I will more often than not opt for the lower grade coin.
1851-O $10.00 NGC MS62+ CAC
The second coin needs to be something really special. It might be a common date in a uncommon grade (such as an MS62 1851-O), or it might be a scarcer date in an unusual grade (a coin such as an 1855-O in AU58, or an 1848-O in MS62. This is going to be difficult coin to acquire, and you need to budget in the $30,000-50,000+ to buy it.
These two coins require considerable planning as they rarely are available to collectors. The Fairmont/“Hendricks” sale contained a number of great New Orleans eagles, but virtually every one of them set all-time price records for the grade. This means that you’ll really have to pay up for the right coin.
8 and 9. Two Interesting New Orleans Double Eagles
For the first coin in this set, I would most likely shoot for a nice EF45 to AU55 1879-O. It is probably the single most popular double eagle from this mint; mostly on account of its being a one-year type. Just 2,325 were made and with an estimated 125 or so known, it is rare in any grade. The last really nice one to sell at auction brought $114,000 in April 2022, and it was graded AU58 by PCGS. In February 2023, a PCGS/CAC EF45 brought $63,000. You’ll want to budget at least $70,000+ for this date, and if you wish to acquire a nice AU, expect to spend $100,000 or more.
1879-O $20.00 PCGS AU53
Choosing the second coin is a bit controversial. I believe that there are two directions in which the collector can go. One would be to opt for a common date in an uncommon grade. A good example of this would be an 1851-O or an 1852-O in MS62. PCGS has graded nine of the former with just one finer (a single PCGS MS63), and six of the latter in MS62 with just two finer (both in MS62+). If such a coin is available, it is likely to run around $65,000.
1855-O $20.00 PCGS EF45 CAC
Taking the other direction, I would look for a Tier 2 rarity in EF45 to AU53. The Tier 2 New Orleans double eagles are the 1855-O, 1859-O, and 1860-O issues which are the three rarest $20s from this mint after the extremely rare 1854-O and 1856-O. All three of the Tier 2 coins are scarce, and in my opinion well under 10% of all the surviving examples in our preferred grade range have been stripped and/or processed. Locating a nice example is challenging, but with three potential dates, I believe it will be possible to locate the right coin at around $50,000-60,000+.
Wild Card
There are a few specific issues which I would look for to round-out this set. The first would be a PCGS/CAC AU58 1845-O quarter eagle. This low mintage date (just 4,000 struck) is the only truly scarce quarter eagle from New Orleans, and there are just three or four known in Uncirculated, all of which are currently off the market. If you can find a nice AU58, it will cost around $25,000-30,000, and I believe that if it’s nice, it’s worth every bit of that.
1845-O $2.50 PCGS AU58 CAC, Old Green Holder
Another coin I would look to add would be an Uncirculated 1840-O half eagle. It will not be easy to find a decent coin, given that just three separate coins have traded at auction since 2005, and only one of these—graded MS62 by PCGS—is nice.
A nice 1841-O eagle would make a great addition to this set. The same comment I made for the 1840-O half eagle applies to this date; namely there are very few available.
1879-O $10.00 PCGS AU55 CAC, Old Green Holder
One last Wild Card suggestion is the low-mintage 1879-O eagle. With just 1,500 struck it has the second lowest mintage of any $10 from this mint. The ideal grade for this would fall in the AU53 to AU58 range.
Which coins would you include in these two New Orleans gold sets? Leave your thoughts in the Comments section below. If you are interested in working on either (or both!) of the New Orleans sets, please contact me at (214) 675-9897, or via email at dwn@ont.com.
