Tale of the Tape 3: Battle of the 1841-O and 1859-O Eagles

/

Welcome to the third installment of the hit new DWN/raregoldcoins.com feature Tale of the Tape. The concept is simple: we take two comparable coins and give them rigorous head-to-head comparisons. In my opinion, the key word in this USP is “comparable.” As a totally random example, an 1865 quarter eagle is many times rarer than an 1895 Morgan Dollar. But the Morgan Dollar series is avidly collected by date, while the Liberty Head quarter eagle series is nowhere near as in demand. So, despite the fact it is many times rarer than its silver counterpart, the 1865 remains a less expensive issue.

The ultimate goal with the entire Tale of the Tape blog series is to determine which of the two subject coins the best value is. In some cases, I’ll make the determination that both of the coins are good value and in some cases, I might even determine that none of them are good value.

Without further ado, here are the two contestants:

In this corner, we have the Premiere NOLA Ten…in the red trunks weighing in at 16.71 grams and standing 27 mm, I present to you the 1841-O eagle. Here are her numbers:

  • Mintage: 2,500

  • Est. Number Known: 70-80

  • Total Number Graded by PCGS / NGC: 69 / 47 = 116

  • Total Number Approved by CAC: 11

  • PCGS Price Guide, VF2030 / EF45 / AU55: $17,500 / $32,500 / $110,000

  • Current Auction Price Record: $72,000 (10/2022)

 
1859-O $10.00 wearing green boxing shorts

In the other corner, hailing from the French Quarter, it’s the eagle that lets the bon temps rouler, in the green trunks also weighing 16.71 grams and standing tall at 22.5 mm, say “bonjour” to the 1859-O eagle. Here are her numbers:

Mintage: 2,300

  • Est. Number Known: 60-70

  • Total Number Graded by PCGS / NGC: 45 / 27 = 72

  • Total Number Approved by CAC: 5

  • PCGS Price Guide, VF2030 / EF45 / AU55: $20,000 / $35,000 / $70,000

  • Current Auction Price Record: $52,900 (8/2022)

Despite very similar mintage figures, the 1859-O is a scarcer issue in terms of overall rarity. This is mainly due to a significantly greater number of low-grade 1841-O eagles.

But a big difference appears when we break down the total number graded by specific grade ranges. These PCGS-only numbers are very interesting:

  • 1841-O Eagle, PCGS Graded: AG-VF: 28; EF: 23; AU: 18; UNC: 0; TOTAL: 69

  • 1859-O Eagle, PCGS Graded: AG-VF: 4; EF: 12; AU: 29; UNC: 0; TOTAL: 45

These two dates have radically different survival patterns. Just four of the forty-five 1859-O eagles graded at PCGS are lower than EF40, while 29 of the 45 are AU.

Statistically, these percentages are as follows:

  • 1841-O eagles graded lower than EF40 (28/69) are 40.57%. This percentage increases to 73.91% when we broaden the range to coins graded lower than AU50 (51/69).

  • 1841-O eagles graded AU (18/69) are 26.08%

  • 1859-O eagles graded lower than EF40 (4/45) are just 8.88% of the total graded for the date.

  • 1859-O eagles graded AU (29/45) are a whopping 64.44% of the total graded for the date.

These numbers show us that while the 1841-O eagle is less rare in terms of its overall rarity (i.e., the total number known), it is actually a scarcer coin in high grades (AU50 and finer).

What if we look at coins graded AU55 and finer?

  • 1841-O is as follows: AU55: 6; AU58: 1; TOTAL: 7

  • 1859-O is as follows: AU55: 8; AU58: 2; TOTAL: 10

These are small sample sizes, but they do show the rarity of the 1841-O eagle in AU55 and AU58.

At this point in time, it is important to make the following statement. Nearly every 1859-O eagle I have seen in PCGS/NGC AU50 and AU53 is a stripped piece of crap that is extremely low-end for the grade. I have personally handled around three or four of the AU55s for this date, and these tend to be nice. However, the total number of AUs for this date that I would immediately write a check for if they walked up to my table at a show is likely not more than six to eight coins.

The same observation can be made about the 1841-O. The eye appeal on the typical piece is basically horrible with most having been stripped and displaying numerous deep, detracting marks. I would estimate that not more than 10% of the total known is nice, and that half of the coins that have been approved by CAC are marginal.

While the 1859-O is clearly the rarer of the two coins in terms of overall rarity, I think the 1841-O is actually the scarcer of the two in higher grades (AU55 and above).

That said, the numbers are so close that I am going to call this one a draw.

Show me your 1841-O and 1859-O eagles. If you have one or both, send me images. If you are looking to add one or both of these to your collection, try DWN as we have handled every single choice example known of both dates.