A Guide To Collecting New Orleans Double Eagles: Part One
/New Orleans double eagles are among the most popular series with gold coin collectors. They were produced from 1850 to 1861 and again in 1879. This series includes two reasonably common issues, two extreme rarities and a number of dates that are very interesting as a result of their historic background. Because of the great rarity and cost of the 1854-O and the 1856-O (the two extreme rarities mentioned above), it is exceptionally difficult to complete this series. There are some options that the collector might wish to consider if he can not consider acquiring these two significant rarities.
The first is to simply pretend they do not exist. Building a set of New Orleans double eagles that is complete except for the 1854-O and 1856-O is still a formidable accomplishment.
The second is to look at the New Orleans double eagles as type coin and to acquire two pieces: one example of the Type One and a Type Three. Because of the fact that the only Type Three from this mint is the 1879-O, this second task will be very specific.
A third option would be to assemble a three-decade set of New Orleans double eagles. This would include one coin from the 1850's, one from the 1860's and one from the 1870's.
Despite the high cost and great rarity of the 1854-O and 1856-O, there are still a number of collectors currently working on complete sets of New Orleans double eagles. Many of these individuals are focusing on very high grade pieces and prices for Condition Census quality examples have risen appreciably in recent years. But there are still some good values available to the informed collector as the date-by-date analysis below will show.
1850-O: This popular first-year issue is actually fairly common in lower grades and does not become scarce until the About Uncirculated-53 level. It is rare in About Uncirculated-55, very rare in About Uncirculated-58 and extremely rare in Uncirculated. I have only seen two that were fully Uncirculated and none were better, in my opinion, than Mint State-61. This issue is characterized by weak strikes, poor luster and excessively abraded surfaces. An example that is original, reasonably clean and sharply detailed is worth a strong premium above a typical example. Prices for About Uncirculated-55 and 58 coins have shot up in recent years but I think the 1850-O is still a good value as few people truly understand its rarity in this grade range.
The beginning collector should look for an 1850-O that grades Extremely Fine-45 and expect to pay $2,000-2,500. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $9,000-10,000. If available, an Uncirculated piece will sell for $25,000+.
1851-O: The 1851-O is the most common New Orleans double eagle. As it is also among the best produced, it makes an ideal type coin. It is easy to locate in lower grades and this date can be found even in the middle to higher About Uncirculated range without a great effort. In Uncirculated, this is a rare coin with about a dozen fully Mint State pieces known. There are two or three Mint State-63 pieces plus another four to six Mint State-62's. A few years ago, high quality 1851-O double eagles were regularly seen at auctions or large coin shows but the supply has dried-up as type and date collectors purchased these. Today, a nice About Uncirculated-55 coin is about the nicest quality available. Most 1851-O double eagles are found with a good strike and good luster. It is preferable to search for one that is original and which lacks significant abrasions.
A beginning collector should look for an 1851-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.
1852-O: The 1852-O is the second most common double eagle from this mint. It is similar in rarity to the 1851-O in circulated grades and is very slightly more available in Uncirculated. Around fifteen to twenty Mint State pieces are known including a single piece in Mint State-65 that is regarded as the finest known New Orleans double eagle of any date. As with the 1851-O, the supply of choice, higher grade 1852-O double eagles has been greatly reduced in recent years as type and date collectors have placed most of the really nice examples in their collections. It is possible to find an 1852-O with good color, luster and strike detail. The collector is strongly urged to wait for the right coin; especially if he is using an 1852-O as a type coin or as a representative example of a New Orleans double eagle produced in the 1850's.
A beginning collector should look for an 1852-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.
1853-O: The 1853-O is a reasonably common date but it is considerably harder to locate than the 1850-O, 1851-O and 1852-O. It is not as rare as the 1850-O in About Uncirculated-55 and higher but is still quite scarce in the upper About Uncirculated grades. In Uncirculated the 1853-O is very rare. There are an estimated six to eight known in Uncirculated with the finest of these being a single Mint State-63. Other than this coin, I have only seen one or two examples that I regarded as being fully Uncirculated. Most examples on the market have been cleaned and show heavily abraded surfaces as well as some weakness of strike. On occasion, there are nicely colored, sharply struck coins without serious marks and these are very desirable. The 1853-O is an interesting issue to select for type purposes instead of an 1851-O or an 1852-O as it is considerably scarcer but not all that more expensive.
A beginning collector should look for an 1853-O that grades About Uncirculated-50 and expect to spend $2,000-2,500. A more advanced collector should look for an About Uncirculated-58 and expect to spend $8,000-9,000. If available, an Uncirculated piece will sell for $20,000-30,000+.
1854-O: The 1854-O is one of the two great rarities among the double eagles struck at this mint. Approximately 25-35 survive from an original mintage figure of 3,250. The 1856-O is a bit rarer in terms of overall rarity but both are considered to be among the most desirable United States gold issues of the 19th century. When available, the 1854-O tends to grade Extremely Fine-40 to About Uncirculated-50. There are around a half dozen known in About Uncirculated and none are currently accounted for in Mint State. Most 1854-O double eagles have been cleaned (or at least dipped) and show a lack of detail at the centers. Unlike a more common issue such as the 1851-O, the collector cannot be very choosy when it comes to acquiring an 1854-O. Only one or two specimens are offered for sale each year and prices have risen dramatically in the past decade.
A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.
1855-O: The "second tier" dates in the New Orleans double eagle set are the 1855-O, 1859-O and 1860-O. All three are very scarce in all grades but are not so expensive that they are unrealistic options for most collectors. Fewer than one hundred examples are known from an original mintage of just 8,000. The average 1855-O grades in the Very Fine-35 to Extremely Fine-45 range. Around a dozen properly graded About Uncirculated pieces exist and there are one or two with claims to Mint State. The 1855-O is generally well worn and not especially well struck. Most have been cleaned or dipped and show heavy abrasions on the surfaces. Around two years ago there were three or four nice pieces on the market at one time but these all went into tightly-held collections and there have not been many nice 1855-O double eagles on the market since then. It seems likely that demand will remain high for this date and very few choice pieces will appear in the coming years.
A beginning collector should look for an 1855-O that grades Extremely Fine-40 and expect to spend $4,000-5,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend $22,500-27,500. If available, an accurately graded Uncirculated piece will sell for $50,000+.
1856-O: A strong case could be made for calling the 1856-O the rarest gold coin ever struck at the New Orleans mint. Just 2,250 were produced and approximately twenty to thirty are known. Four to six are in the About Uncirculated range while a single Uncirculated coin (graded Mint State-63 by PCGS) is accounted for. The 1856-O is typically only available for sale when important collections are auctioned. In the past five years I can only account for four or five different pieces and it is not likely that this rate of availability will change in the future. The typical 1856-O is actually a bit nicer in appearance than the 1854-O. Some are seen with semi-prooflike surfaces and exhibit a decent overall strike. There are not many that have original color and nearly all have noticeable abrasions in the fields. As with the 1854-O, the collector must realize that he can not be overly fussy when given an opportunity to purchase this issue as the demand for both of these rarities far exceeds the supply.
A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.
