A Fresh 1864-S Half Eagle

If I had to pick one single Liberty Head gold coin which would generate a whirlwind of interest if posted on my website, it would likely be the 1864-S half eagle. This is the rarest collectible half eagle from this mint (after the ultra-rare 1854-S), and it is clearly one of the four or five rarest gold coins ever struck at the San Francisco mint. In my estimation, there are around 30 examples known with many in the VF-EF grade range.

This coin is an old friend which I sold to its present owner around 15 years ago. The collector who owns the coin, graded EF45 by NGC, decided he wanted to put together a set of San Francisco half eagles. I told him he should start with the keys first, and for his purposes, the 1864-S was clearly going to be the stopper. I found this lovely example a few months later and it’s been off the market for the better part of two decades.

I don’t have all my old records handy, but if I recall correctly he paid around $10,000 for the coin. Today, it is worth four or five times this amount.

After many years of inactivity, the collector who owns this coin has decided to resume assembling his set of San Francisco half eagles. The beauty of his listening to my advice is that he already owns many of the keys and he doesn’t have to worry about the stopper—the 1864-S—as he owns this beautiful example.

This is one of the few original, uncleaned 1864-S half eagles which exist. This piece has pleasing lemon-gold and rich rose color on the obverse and the reverse, and the surfaces are far less abraded than usual for the issue. The obverse stars show flatness at the centers which is typical for the issue; even the single example known in Uncirculated (an amazing PCGS MS65+) shows this weakness of strike.

For many years, the 1864-S half eagle was an unloved issue with only a small number of collectors who appreciated its grade and absolute rarity. Today, this coin is very popular and I think its level of demand is only going to increase as San Francisco gold coins become more and more avidly collected.

Do you want to put together a set of San Francisco half eagles? I would be happy to assist you, and am available to discuss the process by phone (214-675-9897) or via email at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Recently Sold by DWN: 1865 $20.00, NGC MS66★, S.S.Republic Pedigree

In the last decade and a half, I have been instrumental in helping to create what is now a very solid collector market for choice and rare Type One Liberty Head double eagles. This is not to say that there weren’t great collections of these coins in the 1970’s and 1980’s; there were, but just not to the extent that there are today.

Of course, it didn’t exactly hurt this market to have no less than three major shipwrecks (S.S. Central America, S.S. Brother Jonathan, and S.S. Republic) located during the past two decades. This brought thousands and thousands of Type Ones into the market, and this number included many heretofore unthinkable pieces. These coins were professionally marketed and attracted new buyers into the market; some of whom became serious long-term collectors in their own right.

The S.S. Republic didn’t get the notoriety of its counterparts but there were some amazing coins included in the treasure. The date that saw the best single coins, from a quality and appearance standpoint, was the 1865 double eagle. This makes sense as the boat sank in 1865 and these coins were essentially “brand new” and fresh from the Philadelphia mint.

No less than 271 Uncirculated examples of the 1865 double eagle were found in this treasure and some of these coins were truly special. Most were in the MS61 to MS63 range and were characterized by great luster and detail, but scattered scuffs and abrasions. A few dozen Gems were uncovered. And then there was one remarkable coin that was hand selected by the graders at NGC to represent this date in the Museum Collection which was formed by an investor in the salvage operation.

This incredible 1865 double eagle was graded MS66 by NGC and awarded a “star” designation for having exceptional eye appeal. The coin has semi-prooflike luster and its strike is as sharp as on any business strike Type One double eagle from the Civil War era which I have ever seen. It shows glowing golden-yellow color and its surfaces are nearly perfect save for a few minor scuffs in the fields.

There are a number of factors that make this an important coin.

1. It is the second finest Civil War double eagle of any date after the famous PCGS MS67 1861 which sold for $352,000 in a 2013 auction.

2. It is the single finest-known 1865 double eagle. The next best example is probably the PCGS/CAC MS65 which sold for $88,125 in a Heritage 2013 auction.

3. It is the single highest-graded gold coin of any date or denomination from the S.S. Republic.

This coin was sold to an East Coast collector who is putting together a memorable set of Type One double eagles. This individual already owns the single finest known 1862 (an NGC MS64) and the single finest known 1864 (a PCGS MS65), so the addition of the finest known 1865 now gives him no less than three Philadelphia Civil War coins which are unimprovable.

For more information on choice and rare Type One Liberty Head double eagles or on any facet of collecting American coinage, please contact Doug Winter at (214) 675-9897 or via email at dwn@ont.com.

1894-O $5.00 PCGS MS62

While typically lumped with the 1893-O, the 1894-O is far scarcer in all grades. It is seldom seen above AU58 to MS60 and most of the Uncirculated examples known are excessively baggy MS60 to MS61 coins. Properly graded MS62 pieces are very rare as evidenced by the fact that PCGS has graded but four in MS62 with a scant two finer. There have been just two auction records for PCGS MS62 examples in the last seven years: Stack's 3/10: 1585 which brought $4,313 and Heritage 1/04: 7069 that sold for $4,140. This is the first 1894-O half eagle that I've owned in "real" MS62 in close to five years. It is mostly prooflike with splashes of golden-orange color atop vibrant surfaces that are moderately abraded. None of these marks is deep or terribly detracting and most are seen in the left obverse field. This is a true condition rarity and it is a numismatically significant issue, as well, due to its status as the final With Motto half eagle made at the New Orleans mint.

1856-D $1.00 NGC MS62 Duke's Creek

Duke's Creek Collection pedigree. Only 1,460 1856-D gold dollars were struck and this is the third rarest date of this denomination from Dahlonega, trailing only the 1861-D and 1855-D. In high grades, it is the second rarest, trailing only the 1855-D. There are just four or five known in Uncirculated and the present example, pedigreed to the famous Duke's Creek collection, is the first to be available to collectors in close to four years. This very appealing example is well-known within the specialist community on account of its flashy deep orange-gold color which highlights the obverse and the reverse. The underlying surfaces are clean save for a pair of shallow blunt marks in the left field and the strike is better than average for the issue with a nearly full date (the 5 is slightly weak) and a bold mintmark. As on all known examples, the U in UNITED is barely visible. The current high grade population for the 1856-D gold dollar is two in MS62 with none better at PCGS and one in MS62 (this coin) with one better (an MS63) at NGC. There are two auction records for PCGS MS62's at over $40,000 (Green Pond: 1009 brought $47,150 in 2004 and ANR 9/03: 425 was bid to $41,400). With the market for high end Dahlonega rarities seemingly as strong as it has been for at least five years, this coin is fairly priced and it represents the chance for the serious gold dollar collector to acquire a famous example of a famous, legitimately rare date.

From the Duke's Creek collection (Heritage 4/06), Lot 1488, where it sold for $40,250

1804 $5.00 PCGS AU55 CAC

BD-7, R-4. Small 8 over Large 8 (also known as the Normal/Large 8 variety). From the standpoint of varieties, the 1804 half eagle contains some of the most visually impressive varieties in the entire early gold series. One of my favorites is the 1804 Small 8 over Large 8 which has among the most dramatic repunchings seen on any American coin ever produced. This variety is moderately scarce with an estimated 100-150 known, mostly in lower grades. This very lustrous example has attractive light yellowish-gold color with slightly deeper greenish hues at the obverse border. From the standpoint of wear (or lack of it) and "meat," this piece grades at least AU58 but it has been net graded down to an AU55 by PCGS due to a small scrape on the obverse from the cap up through the space between IB in LIBERTY. The reverse of this coin is especially choice and it grades at least MS61 on its own accord. Heritage 8/11: 7515, also graded AU55 by PCGS and approved by CAC, realized $12,650. This is one of six examples of this variety to have been approved by CAC in AU55 with nine better.

1807 Capped Bust $5.00 NGC AU58 CAC

Capped Bust Left variety. BD-8, Rarity-2. In 1807, the old Capped Bust Right Heraldic Eagle reverse half eagle design was changed by John Reich. This makes 1807 an interesting transitional year for the half eagle denomination with two distinct design available to collectors. As a set, the 1807 transitional half eagles are highly completable in nearly any desired grade. The present 1807 Bust Left half eagle is as an original an early gold coin of any date or denomination that you are likely to find. It shows superb deep green-gold hues that are accentuated by splashes of coppery-gold in the open fields. There is just a tiny amount of friction seen on the high spots and the quality of the surfaces is outstanding with a virtual absence of marks. Below the toning there is a good amount of luster and if this coin were (gasp!) dipped, it would become apparent that it is a very lustrous coin. Even though this is a reasonably common issue, it has become extremely hard to find examples with this degree of eye appeal and originality. In fact, you could search for along time and not find a nicer AU 1807 half eagle than this!

1842-D SD $5.00 PCGS VF35 CAC

Small Date variety. An attractive, evenly worn example with nearly enough to detail to grade EF40 but with a few old, well-hidden surface marks keeping this at the Choice VF level. On both sides, the color is a uniform deep green-gold. A scarce date in any grade and a very hard coin to locate with original color and surfaces. This is the only 1842-D Small Date half eagle in any grade below EF40 to have been approved by CAC.

1844-O $10.00 PCGS MS61

As is the case with most of the New Orleans eagles produced between 1843 and 1848, the 1844-O is common enough in lower grades but it becomes scarce in properly graded AU55 to AU58 and it is very rare to extremely rare in full Mint State. This is clearly the case with the 1844-O. I am aware of seven or eight in Uncirculated (not including the unique Gem Proof example that sold a few years ago in excess of $1 million) and this includes three that have seawater surfaces as a result of having been uncovered in shipwrecks. The present example is the second best I have seen with original surfaces, trailing only the wonderful Byron Reed: 157 coin, graded MS62 by NGC, that brought $31,900 all the way back in 1996. This coin has wonderful soft, frosty luster with lovely natural light orange-gold color on both sides. A few very faint natural reddish spots can be seen; one above the 18 in the date and the other between the two 4's. The strike is sharp and the obverse is clean and choice with just a few minor marks; the reverse has a few more marks with most of these clustered in the field behind the head of the eagle. After years of neglect, high quality No Motto Liberty Head eagles have finally come into their own and are now appreciated for the rarities they are. That said, I think coins like this are still a great value and this lovely 1844-O is among the more exciting New Orleans eagles that I have offered for sale all year.

Ex Heritage 10/10: 4873, where it sold for $18,400.

1864 $5.00 PCGS AU53

The rarity of the 1862-1865 Philadelphia half eagles has been misunderstood for decades. Despite low mintages and no real reason why any should have survived, these coins have traditionally been overlooked in favor of less rare branch mint issues. But the word is finally out on the 1864 half eagle and I, for one, think this coin's sudden appreciation with collectors is long overdue. Only 4,170 business strikes were made and I doubt if more than 60-80 are known in all grades. This date becomes very rare in properly graded AU50 and above and the last PCGS 53 to sell at auction was in May 2000. A PCGS 55 just sold for $9,200 in the last Heritage auction (9/11, lot 4316). This lightly toned example has splashes of tangerine-gold color on the obverse and reverse and is nicely detailed. There are a few marks on the obverse including a series of three small abrasions ( a reeding mark?) from the chin and a light mark or two on the cheek. A nice example of this Civil War rarity.