1869 $2.50 PCGS MS63 CAC

Only 4,320 business strikes were produced and while not as scarce in circulated grades as one might believe, the 1869 quarter eagle is very rare in full Mint State with an estimated six to eight known. This example, which is the only piece graded MS63 that has been approved by CAC, could well be the finest known 1869 quarter eagle. It is semi-proofike but with more than enough frosty within the surfaces to have a business strike-like "look." The surfaces are lightly toned in rich lemon-gold hues and the naked-eye appearance is suggestive of a point higher. There are a few wispy lines on the obverse and a very small, very faint mint-made flake between the final two stars on the obverse. Coins like this are a sort of Final Frontier in 19th century gold collecting: an issue that is not solely a condition rarity, that has claims to finest known status and yet is compellingly priced.

1869 $1.00 NGC MS63

Only 5,900 business strikes were made and this issue tended to circulate unlike the low mintages Gold Dollars from the 1880's which were hoarded. This bright, lustrous piece has a great appearance and a few light handling marks on the obverse narrowly remove it from a higher grade. Only six MS63 pieces have sold at auction since June 2005. In my opinion, coins like this at under $2,000 are excellent value in today's market.

1869 $20.00 PCGS AU55

The 1869 is in the second-tier of Type Two Philadelphia double eagle scarcity along with the 1870 and 1871. This issue is not often seen choicer than AU55 to AU58 and it is seldom found with original color and choice surfaces. This fresh example has lovely rich natural orange-gold and rose color with some darker highlights from bag storage. There are just a few small marks on both sides and I have seen a number of inferior 1869 double eagles graded AU58. No PCGS AU55 examples of the 1869 double eagle have appeared at auction since Heritage 1/10: 4127 and that example realized $4,025. This date becomes very expensive as you go up the grading ladder and for most collectors a solid AU55 such as this will fit well into their Type Two set.

1869 $20.00 PCGS AU58

The 1868-1871 Philadelphia double eagles have some similarities in rarity as all are tough issues in AU grades and very scarce to rare in Uncirculated. The 1869 is probably the most available of these four dates in AU58 but this choice "slider" has the sort of eye appeal that is almost never found on this date. There is a slight amount of rub on the obverse while the reverse is choice and it grades at least MS61 to MS62 on its own. The color is a pleasing orange-gold hue with some rose shadings while there are almost none of the deep marks often seen on this issue. Trends jumps to $9,000 in MS60 and it is hard to find an attractive, legitimately "new" 1869 for less than $10,000-12,500.

1869 $10.00 PCGS EF45

Only 1,830 examples were struck and well under 100 are known in all grades. Despite the obvious rarity of this issue, the 1869 eagle remains an affordable coin in circulated grades and one which is, in my opinion, decidedly undervalued. This is a choice, wholesome example for the grade with rich orange-gold centers that are contrasted by blasts of natural purplish-red color on the obverse and, to a greater extent, on the reverse. There is some PL surface remaining on both sides and the detail is suggestive of an AU coin. Some handling marks in the fields can be seen but these tend to be shallow and do not detract from the overall attractiveness. Looking at auction records, nice EF examples of this issue are available at the rate of around once per year. I note considerable interest in coins like this as the market becomes more sophisticated and oriented towards overall rarity.