A Guide To Collecting New Orleans Double Eagles: Part Two

The first part of this article looked at New Orleans double eagles struck from 1850 through 1856. Part Two includes the remaining Type One issues from 1857 to 1861 and the sole Type Three issue from 1879. 1857-O: It's easy to overlook this issue as it comes directly on the heels of the ultra-rare 1856-O. This is a scarce coin in its own right, although it is far more available than its predecessor. There were 30,000 struck of which an estimated 200 exist today. Most 1857-O double eagles are in the Very Fine to Extremely Fine range and show heavily abraded surfaces with a cleaned, unappealing look. There are around four or five dozen About Uncirculated coins known with most in the lower part of this grade range. The 1857-O is very rare in the higher AU grades and it is exceedingly rare in Uncirculated with just two or three known. The finest I am aware of is the Bass/Kaufman coin, graded Mint State-63 by PCGS, that sold for $97,750 in May 2000. While prices have risen considerably for higher grade 1857-O double eagles in the past few years, this date still represents excellent value for the collector.

The beginning collector should look for an 1857-O that grades Extremely Fine-45 and expect to pay $2,000-3,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $7,000-8,000. If available, an Uncirculated piece will sell for $25,000+.

1858-O: The 1858-O double eagle closely compares in overall rarity to the 1857-O. In my opinion it is slightly scarcer, especially in the middle to higher range of About Uncirculated. Both are exceedingly rare in Uncirculated. There are around 150 to 175 examples known of the 1858-O and well over half are in the Very Fine to Extremely Fine range. As with the 1857-O, the typical example shows very heavily abraded surfaces and has been cleaned. Any 1858-O with original coloration and reasonably clean surfaces should sell for a significant premium over a typical example. I am aware of just two Uncirculated 1858-O double eagles: an NGC MS-60 in a Midwestern collection and a PCGS MS-62 that sold for $50,600 in the May 2000 Bass III sale. This is another date that has appreciated quite a bit in price over the last few years but which is still very fairly valued in Extremely Fine and About Uncirculated.

The beginning collector should look for an 1858-O that grades Extremely Fine-45 and expect to pay $2,000-3,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $7,500-8,500. If available, an Uncirculated piece will sell for $25,000+.

1859-O: This is the fourth rarest New Orleans double eagle, narrowly trailing the 1855-O. Only 9,100 were struck and 75-85 are known today. When available, the typical 1859-O grades Very Fine to Extremely Fine. There are fewer than twenty properly graded About Uncirculated specimens known and currently only one Uncirculated, a PCGS MS-60, has been certified by either of the major services. This issue was not as well made as some of the earlier New Orleans double eagles. It is generally flatly struck with weak stars and hair on the obverse. Almost every known 1859-O double eagle is covered with deep, detracting abrasions and most have been cleaned at one time. On the few higher grade pieces that are known, the luster is prooflike and is actually better than one might expect. This is a coin that is currently in extremely high demand as many advanced collectors lack an 1859-O. When a nice specimen does become available, it is advisable to take a deep breath and "go for it" as it is likely that if you pass on such a coin, the next one that comes around will be even more expensive.

The beginning collector should look for an 1859-O that grades Extremely Fine-45 and expect to pay $6,000-7,000+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $20,000-30,000+. If available, an Uncirculated piece will sell for $70,000+.

1860-O: Even though fewer 1860-O double eagles (just 6,600) were produced than in 1859-O, the 1860-O is actually a slightly more available coin. It is likely that just 85-95 1860-O double eagles are known with fewer than twenty in About Uncirculated and none in any Mint State grade. When available, the typical piece is likely to grade Very Fine to Extremely Fine. As with the 1859-O, this is an issue that is exceptionally hard to locate with good eye appeal. Most 1860-O double eagles show extensive detracting abrasions and have been repeatedly cleaned or dipped. I have not seen more than a small number of choice, original coins and these have typically sold for strong premiums to very knowledgeable specialists. Here is another issue that appears on a great number of want lists and nice ones tend to get quickly snapped-up and go off the market for many years.

The beginning collector should look for an 1860-O that grades Extremely Fine-40 and expect to pay $6,500-7,500+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $22,500-32,500+. If available, an Uncirculated piece will sell for $60,000+.

1861-O: After many years of being almost completely ignored, the 1861-O double eagle is currently experiencing near cult-like popularity. There are a number of reasons why this date has become so popular. First of all, it has been very undervalued. The current Trends valuation of $4,500 for an Extremely Fine-45 example strikes many collectors as being low, given this coin's true scarcity. Secondly, this coin is a very important issue from an historic viewpoint. 1861-O double eagles were struck by three authorities: the Federal government, the State of Louisiana and the Confederacy. The 1861-O is the most poorly produced New Orleans double eagle. It is often very weak on the date and shows little detail on the hair. The surfaces are almost always excessively abraded and most have been cleaned and/or dipped. Of the 135-165 pieces that survive, between two and three dozen grade About Uncirculated. One or two Uncirculated examples are known and these have been graded very recently (between August and September 2003).

The beginning collector should look for an 1861-O that grades Extremely Fine-40 and expect to pay $5,500-7,500+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $15,000-20,000+. If available, an Uncirculated piece will sell for $60,000+.

1879-O: After it was shut down in 1861, the New Orleans mint reopened in 1879. The first two gold issues produced were Eagles and Double Eagles. Only 2,325 of the latter were made. Somewhere in the area of 100-125 pieces are known. These tend to grade Extremely Fine-40 to Extremely Fine-45. There are possibly as many as 15-20 known in About Uncirculated as well as another three or four that grade Uncirculated. The finest 1879-O double eagle that I am aware of is the Dallas Bank Collection that sold at auction in October 2001 for $115,000. Most have prooflike surfaces that are riddled with severe marks. Many also adversely affected by heavy copper spotting. This is an issue that is very hard to find with good eye appeal and like most of the other rare New Orleans double eagles, really pretty examples sell for very strong premiums. Given the fact that this is a one-year "stand alone" type coin, it is likely that demand for the 1879-O double eagle will remain extremely high.

The beginning collector should look for an 1879-O that grades Extremely Fine-40 and expect to pay $6,000-8,000+. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $15,000-20,000+. If available, an Uncirculated piece will sell for $40,000+.