September 03, 2019

The Big Five Type Three Double Eagles: An Update

September 03, 2019/ Doug Winter

There are five low mintage circulation strike Type Three double eagles from the Philadelphia mint and these issues are rare and popular…

May 22, 2012

Good Values in Type Three Liberty Head Double Eagles

May 22, 2012/ Doug Winter

If you collect rare United States gold coins, you'll notice that certain series have extremely compressed values. As an example, a common date Dahlonega half eagle grades EF45 might trade in the $2,300-2,600 range while the same date in AU50 often sells for a small premium; maybe as low as 10-15%. The reason for this is pretty simple. The market has decided that there is not much of an aesthetic difference between a Dahlonega half eagle in EF45 and one in AU50 and the formerly high price premium between the two grades is no longer merited. But there are some series where one small point on the grading scale can make a significant financial difference. One of these is Type Three double eagles.

The Type Three double eagle series dates from 1877 through the adoption of the new St. Gaudens designs in 1907. Type Three double eagles range from ultra-common to ultra-rare and they have proven to be quite popular with collectors over the last decade.

The grade distribution for most Type Three double eagles dictates their current rarity. By this, I mean that many dates were extensively melted and the surviving coins tend to have been shipped loose in bags to overseas sources. There are many Type Threes that are virtually unknown in grades below AU55 and virtually unknown in grades above MS63. When available, they tend to be heavily abraded due to poor handling and grade in the MS60 to MS61 range.

The exact point on the grading scale where availability and non-availability in this series tends to intersect is at MS63. There are numerous Type Threes that are fairly scarce in properly graded MS62 but are still affordable and, in my opinion, are very good values. These same coins might double, triple or even quadruple in price at the next grade up and I question the value of these MS63 coins. This is especially true when a nice, high end MS62 is often virtually indistinguishable from a typical quality MS63.

There are a number of "secret" and "not-so-secret" dates in the Type Three series that I think make for interesting analysis. Let's look at a few of these and determine what the best grade is for the collector seeking good value.

1. 1877-S There were three different Liberty Head double eagles issued in 1877 and the 1877-S is the most common of these. It is a numismatically significant date as it is the first San Francisco Type Three double eagle but it is very common in the lowest Uncirculated grades. As I was doing some basic research for this blog, I was very surprised to see the third-party population figures for MS62 examples of this date: 258 graded as such at PCGS and 163 at NGC. Even factoring in extensive resubmissions, this is still well over 100 examples graded MS62 between the two services.

In MS62, the 1877-S is worth around $4,000-5,000. This seems like a fairly high number for a coin that is more available than I would have thought but most 1877-S double eagles in MS62 are very low end. CAC has only approved four (with none higher) and this low number doesn't surprise me. I'd have to say that a choice, minimally abraded MS62 with CAC approval is pretty good value at, say, $4,500-5,000.

In MS63, this date is conditionally rare. PCGS has graded twenty five (with three better) while NGC shows only five with one better. An average quality MS63 is worth around $15,000 while a choice, high end piece could bring close to $20,000 at auction; more if it were CAC approved. Is this issue good value in MS63? I would have to say no, especially if the coin in question looks like the few slabbed MS63's that I've seen in recent years. My advice to the collector would be to patiently wait for a nice MS62 and pay a premium of as much as 10-15% if the coin has above-average luster and surfaces.

2. 1879 This is one of the more interesting years, numismatically, for Type Three double eagles. Four different issues were struck. The 1879-O is the rarest, followed by the 1879-CC. The 1879-P and 1879-S are condition rarities with similar overall profiles.

The 1879 is most often seen in AU55 to MS60 grades and it is very scarce in properly graded MS61. Nice MS62's are rare. PCGS shows a population of forty-five in this grade with twenty-one finer while NGC's figures are 32 with 19 finer. Only two MS62's have received CAC approval. In MS62, this coin has a current value of $4,500-5,000. This seems to me to be a great value in comparison to the above-referenced 1877-S.

In MS63 and higher grades, the 1879 is very rare. The combined PCGS/NGC population is twenty-five in this grade with fifteen finer. Factoring in resubmissions, this means there are perhaps a dozen known in MS63 or above. In the current market, such a coin would sell for $15,000 to $20,000. Do I think an MS63 is worth three to four times more than an MS62? Not really. Would I advise a collector to buy an MS63 example of this date? Doubtful, unless he was putting together a finest known/Condition Census set and he "had" to have a coin that graded at least MS63.

3. 1889. This date differs from the 1877-S and 1879 in that it isn't a total condition rarity. It has a reasonably low original mintage of 44,111 business strikes; a fraction of the number made for the 1877-S and the 1879.

This is an issue that didn't see a lot of circulation and it is seldom encountered in AU grades. But it is fairly easy to locate in MS60 and MS61. MS62 coins have a relatively high population (over 300 at PCGS and NGC combined) but many of the examples that I see in MS62 holders are not really all that special. This is evidenced by the fact that only five coins (as of 5/12) have received approval at CAC. An MS62 example of the 1889 can currently be purchased for $3,000-3,500.

MS63 and higher examples are another story. PCGS has graded 19 in MS63 with none better while NGC shows five in this grade with none better. We can assume the PCGS population is inflated and, in all likelihood, the number of properly graded MS63 coins is around six to eight. The value of this date in MS63 is in the $12,500-15,000 range. Is this is a good value?

In this case, I think that a really nice CAC-quality 1889 $20.00 in MS63 might be a pretty good deal at around $13,500. Here's my thought process. First of all, there are no coins currently graded higher than MS63. Secondly, with a reasonably low mintage figure you probably don't have to worry about extensive hoards being found. Thirdly, it is common in MS62 but few of the coins in this grade seem to be nice enough to upgrade, someday, to MS63. This makes it a reasonably "safe" condition rarity although, as always, there is some risk involved with a coin like this.

As you can see from the examples above, the "best value grade" for all these dates--and for many Type Three double eagles--is MS62. If you can find examples of these dates in high end CAC-quality MS62, at a fraction of the MS63 price, it is hard to argue with these levels of value.

November 30, 2010

The Fab Five Type Three $20 Liberty Head Double Eagles

November 30, 2010/ Doug Winter

There are five ultra-low mintage Type Three Liberty Head double eagles that were produced for circulation during the 1880's and 1890's. These five issues have not necessarily received the attention that the so-called Fab Five late date St. Gaudens double eagles (the 1929, 1930-S, 1931, 1931-D and 1932) have but they are now popular with collectors and have risen dramatically in value over the last decade. The 1881, 1882, 1885, 1886 and 1891 double eagles have a combined mintage of just 5,911. There are a number of possible reasons as to why these issues were made in such limited quantities. The first is that the Philadelphia mint was primarily interested in making silver dollars in these years and a majority of their efforts went towards these coins. I don't find this plausible as mintage figures for other gold denominations during these years were high; as an example the mint made nearly four million eagles in 1881 alone. The second was that there was limited demand. This is certainly possible but it does not explain why mintage figures for double eagles during these years at the San Francisco mint tended to exceed one million per annum. Another reason is that the United States economy was slow or worse during most of these years.

In looking at these dates in terms of overall rarity (the total number known) and high grade rarity (rarity in AU50 and higher grades), I rank the Fab Five as follows:

I. Overall Rarity 1. 1882 2. 1881 3. 1886 4. 1891 5. 1885

II. High Grade Rarity

1. 1881 2. 1882 3. 1886 4. 1891 5. 1885

Let's take a look at each of these dates and discuss their overall and high grade rarity, Condition Census levels, the numbers graded by PCGS and NGC and record prices realized at auction.

I. 1881 Double Eagle

A total of 2,199 were struck of which an estimated three to four dozen exist today. There are none that I know of that grade lower than EF and around seven to ten are known in this grade range. The majority of the examples known are in the AU grades with around twenty-six to thirty-four accounted for.

I am aware of two in Uncirculated and they are as follows:

1. PCGS MS61. Heritage 4/09: 2762 ($120,750), ex Heritage 10/08: 3091 ($138,000), Heritage 1/07: 3203 ($138,000).

2. PCGS MS61. Heritage 6/04: 6363 ($57,500), probably ex Heritage 1997 ANA: 7843 ($29,325; where graded MS60 by PCGS).

The record auction price for this date is $138,000 which was set twice by the coin listed first in the Condition Census above. PCGS, as of December 2010, has graded 24 examples in all grades with just two in Uncirculated (both MS61). NGC has graded 19 in all grades with three in Uncirculated (an MS60 and two in MS61). I believe that the populations for AU coins are inflated by resubmissions. The 1881 is the rarest of the Fab Five is higher grades.

As I mentioned above, there are only two that I am aware of that grade Uncirculated. Of the two to three dozens AU that are known, most are lower end with heavy bagmarks and signs of circulation.

The 1881 is always found with below average surfaces and most have poor eye appeal as a result. Interestingly, despite this issue's low mintage figure, the luster is often frosty in texture; not the reflective prooflike finish that one might expect.

For many years, it was possible to purchase a very presentable EF to AU example in the $10,000-20,000 range. This is no longer the case, but it is still possible to buy an above-average 1881 double eagle for less than $60,000. I think this is incredible value, given the price levels of less rare (but more popular) Type I double eagles from New Orleans or better date CC double eagles.

II. 1882 Double Eagle

The 1882 is one of two business strike Liberty Head double eagles with an original mintage of less than 1,000 (the other is the 1885). It is the rarest of the Fab Five overall but I regard it as just a little less rare than the 1881 in high grades. To put the rarity of this date in perspective, it is rarer overall than the celebrated 1854-O and 1870-CC and comparable to the 1856-O.

There are either two or three known in Uncirculated and they are as follows:

NGC MS62. Sotheby's 10/01: 88 ($86,250), ex Dallas Bank Collection. It is likely that this coin was upgraded from a PCGS MS61 holder and may not have been removed from the PCGS population report.

PCGS MS61. There is a second coin graded MS61 by PCGS. It may be a second appearance of the Dallas Bank coin. PCGS MS60: Heritage 1/07: 3204.

The auction price record is $138,000 which was set by the PCGS MS60 coin listed above. The NGC MS62 would sell for more if it were to become available.

As of December 2010, PCGS had graded eighteen examples with seven in Extremely Fine, eight in About Uncirculated and three in Mint State. NGC had graded only tweleve with one in Extremely Fine, ten in About Uncirculated and one in Mint State. These figures are inflated, especially in AU grades.

Almost every example of this date that I have seen is very heavily abraded and has reflective surfaces which make the marks look even more pronounced. The 1882 is a true rarity in all grades and there are an estimated thirty to forty known. I think the grade distribution includes six to nine in Extremely Fine, twenty-two to twenty-eight in About Uncirculated and two to three in Uncirculated.

Prices for this date have risen considerably in the last few years as collectors have become aware of the real rarity of the 1882. A presentable example will cost in the area of $60,000-80,000 and a Condition Census piece might cost in excess of $100,000. In my opinion, this is still reasonable given the extreme rarity of this issue.

III. 1885 Double Eagle

The 1885 is the most curious of the Fab Five. It has a tiny mintage of 751 business strikes, the second lowest of this illustrious group. This coin is clearly very scarce but it is more available than one might expect and I regard it as the least rare of the Fab Five. It is also a date that has a slightly different grade distribution than, say, the 1882. The 1885 is more available in Uncirculated than the other four dates in this group and it is also seen in lower grades; showing that it did actually circulate to a degree.

I am aware of five Uncirculated examples which are as follows:

1. PCGS MS63. Bowers and Merena 2003 ANA: 4291 ($50,600)

2. NGC MS62. Heritage 6/08: 2332 ($103,500)

3. PCGS MS62. Heritage 6/08: 2333 ($86,250)

4. NGC MS61. Heritage 2007 FUN: 3738 ($63,250)

5. PCGS MS61. Heritage 10/09: 1754 ($57,500) As far as I am aware, these are all different coins. It is interesting to note that four of the five have appeared for sale within the last three years. These are not coins that are previously unknown. I believe that most--if not all--were coins that previously resided in About Uncirculated holders and were upgraded.

The current auction record for the 1885 double eagle is $103,500 which was set by Heritage 6/08: 2332. I am aware of at least one private treaty sale for a figure higher than this.

The eye appeal of this date tends to be better than the 1881, 1882 and 1886. It is a coin that is typically seen in About Uncirculated grades and with prooflike surfaces. Most are found with heavy marks but I know of a small number that are actually high end.

Aproximately sixty to eighty 1885 business strike double eagles are known. I can account for at least five in Uncirculated and feel that there may be a few more that qualify as such by today's standards. Around fifty to sixty exist in AU grades plus another six to ten in Extremely Fine and below.

The 1885 is the most affordable of the Fab Five. It is possible to buy a decent quality example in the $40,000-50,000 range. While I think this is an interesting and legitimately scarce coin, I don't think it is as good a value as the 1881, 1882 and 1886. That said, I would strongly advise purchasing an 1885 in AU55 or above at current price levels if the piece is choice and original.

IV. 1886 Double Eagle

A total of 1,000 business strikes were produced. I regard the 1886 as the third rarest overall of the Fab Five and the third rarest in high grades as well. I know of at least two that are Uncirculated. These are as follows:

1. PCGS MS63. Superior 10/92: 1612 ($45,100), ex Akers Auction '90: 1968 ($66,000).

2. PCGS MS61. Heritage 3/98: 6637 ($35,075), probably ex Stack's Miles sale.

A coin graded "MS65" appears on the NGC population but I would assume that this is a clerical error and that the coin does not exist.

The current auction record for a business strike 1886 double eagle is $86,623 which is held by a PCGS AU55 sold as Heritage 10/08: 3103. If an Uncirculated coin were to appear it would shatter this record with ease.

There are an estimated forty to fifty pieces known. I know of either two or three in Uncirculated as well as another two to three dozen in About Uncirculated and a dozen or so in Extremely Fine. The typical 1886 double eagle is a low end EF to AU that has heavily abraded surfaces and unappealing Prooflike luster. This date is exceedingly hard to find with good eye appeal and I can't recall the last piece I saw that was original and appealing.

An "entry level" example costs in the area of $60,000-70,000 and you can expect to spend closer to six figures (if not more) for a Condition Census level piece. I regard the 1886 as good value even at these current levels.

V. 1891 Double Eagle

The 1891 is the fourth most available of the Fab Five. There were only 1,390 business strikes made of which an estimated four to five dozen are known. I am aware of three of four Uncirculated, forty or so in About Uncirculated another ten to twelve in VF to EF grades.

The Uncirculated examples are as follows:

PCGS MS64 (this coin also appears in the NGC population as MS64): Heritage 1/05: 30540 ($155,250), ex Sotheby's 10/11: 111 ($80,500), Dallas Bank collection.

PCGS MS63: Heritage 1/10: 2267 ($138,000), ex Stack's 1/08: 9211 ($115,000).

PCGS MS 61: I do not know the pedigree of this coin.

The auction record for the 1891 double eagle is $155,250 set by the PCGS MS64 listed above. In my opinion, this is among the single most significant Type Three double eagles of any date. It is a magnificent coin that combines rarity and great appearance.

The 1891 double eagle is usually seen in th EF45 to AU55 range and it is characterized by deeply reflective prooflike surfaces. Most examples are heavily abraded although a few choice, clean examples are known.

Price levels on this date were reasonable for many years and I can remember selling nice AU examples for well under $20,000 at the beginning of this decade. Today, such a coin will cost double or triple this amount but I still believe that the 1891 is good value at current levels.

I'd like to thank my good friend Paul Nugget of Spectrum Numismatics for his input on the rarity rankings of these double eagles.

If you have an interest in the Fab Five and would like to discuss them in greater detail feel free to email me at dwn@ont.com

August 06, 2010

San Francisco Double Eagles: A Date by Date Analysis Part Three

August 06, 2010/ Doug Winter

In 1877, a third type of double eagle was created when the reverse valuation was changed from TWENTY D to TWENTY DOLLARS. Liberty Head double eagles were produced with just one interruption (1886) from 1877 through 1907. This is a very easy series to complete as all thirty issues are readily available in the lower Uncirculated grades and many of the post-1890 date can even be found in Gem. I would recommend this series for beginning collectors or advanced collectors who are more interested in grade than absolute rarity. What follows is a date-by-date analysis of each issue.

1877-S: This is the most common Type Three San Francisco double eagle from the 1870’s. It is common in grades up to an including MS62. It becomes scarce in MS63 and is very rare in MS64 and above. Most are seen with good luster and nice color but heavily abraded surfaces. The finest known is Stack’s 1/09: 1420, graded MS65 by NGC, which set a record price for the date at $29,900.

1878-S: The 1878-S is scarcer than the 1877-S but it is still a fairly easy date to find in grades up to an including MS62. In MS63 it is rare and it is extremely rare above this. The finest that I have personally seen is the high end PCGS MS63, ex Heritage 9/06: 4139, which sold for a strong $23,000. This date is characterized by soft, frosty luster and heavy abrasions on the surfaces.

1879-S: This is easily the scarcest San Francisco Type Three double eagle from the 1870’s and it is one of the harder SF issues of this type to locate. It is scarce even in the lowest Uncirculated grades and it is very scarce in properly graded MS62. In MS63, the 1879-S is very rare and there is but one example graded better than this, a PCGS MS64, ex Heritage 9/07: 3851, which sold for an amazing $63,250. Virtually every known example is marred by excessive bagmarks and many have impaired luster as a result.

1880-S: The 1880-S is only marginally scarce in MS60 to MS61 but it becomes a hard date to find in properly graded MS62. It is rare in MS63 and very rare above this but there are a few very high quality pieces known. The best is a superb NGC MS66, ex Heritage 2004 ANA: 7626, which brought a hefty $92,000 and the second best is an NGC MS65, ex Bowers and Merena 2/06: 603 that was bid up to $54,625. These are the two best early date Type Three San Francisco double eagles that I have personally seen.

1881-S: The 1881-S is much more available in the MS60 to MS62 range than the 1879-S and 1880-S. It is only moderately scarce in MS62 but it becomes rare in MS63 and I have never seen one that graded higher than this. The best I am aware of are a small group of nice PCGS MS63 coins, the last of which to sell was Heritage 4/09: 2763 (at $17,250). As with all of the early S Mint Type Three issues, this date is characterized by good luster and color but heavy surface marks.

1882-S: Beginning with this issue, the Type Threes from San Francisco become more available in the lower Uncirculated grades. The 1882-S is very common through MS62 and slightly scarce in MS63. But it is very rare in properly graded MS64 and I am not aware of any Gems. The best I know of is ex Heritage 7/06: 1714; a PCGS MS63 that brought $23,000.

1883-S: The 1883-S is very common through MS63 but it becomes very rare in MS64 and it may not exist in Gem. This date is seen with good luster and color but is almost always very heavily abraded. There is a small group of properly graded MS64’s known and the last of these to sell was Heritage 1/10: 2261, graded by NGC, which realized $16,100.

1884-S: The 1884-S is among the more common SF double eagles from the 1880’s. It is easy to find in MS60 through MS63 but it is very scarce in properly graded MS64. In MS65 it is extremely rare and the only one I can recall having seen was a PCGS coin sold as Lot 2036 in Heritage’s 2007 ANA that brought a very strong $46,000. This is yet another date that is characterized by heavily abraded surfaces.

1885-S: The 1885-S is very common in grades up through and including MS63. It is moderately scarce in MS64 but it is extremely rare in MS65 and I’ve never seen a Gem. There is no clear-cut finest known example as many of the MS64’s are similar in quality.

1887-S: This is a “sleeper” date that is considerably rarer in terms of total known that the other SF issues from this era. It is slightly scarce in the MS60 to MS62 range, rare in MS63 and very rare above this. There are actually a few Gems known including the Eliasberg coin (which does not appear to have surfaces since it was sold in 1982) and Superior 6/97: 1566, graded MS65 by NGC.

1888-S: The 1888-S is the most common SF Type Three issue from this decade. It is very common through MS63 and it is scarce in MS64. I have never seen a Gem although I wouldn’t be surprised if one exists. Many of the MS64’s are similar in quality and there is no clear-cut finest known.

1889-S: This date is very common up to MS63. It is rare in properly graded MS64 and doesn’t appear to exist in full-blown Gem. There have been three PCGS MS64 examples to sell at auction since 2006 and they have realized $13,800, $17,825 and $18,400 respectively. 1890-S: The 1890-S is very similar in overall and grade rarity to the 1889-S. It becomes rare in properly graded MS64 and there is just one Gem (an MS65) at PCGS. There have been eight coins graded MS64 sold at auction since the beginning of the 21st century and the highest price realized is $13,800 set by Goldberg 2/07: 2560.

1891-S: The 1891-S is more common than the 1889-S and 1890-S. It is readily available in MS63 and is seen much more often in MS64 than these two other dates. I have never seen a Gem.

1892-S: The 1892-S is another date that is common in grades up to and including MS63. It is only moderately scarce in properly graded MS64 but it is extremely rare in Gem. The finest known is ex Bowers and Merena 3/09: 3978, graded MS66 by NGC, which brought a strong $46,000.

1893-S: This date is very common in MS63. It is scarcer in MS64 than the 1890-S through 1892-S double eagles and it is extremely rare in Gem with just one graded as such (an MS65) by PCGS. The highest prices realized at auction is $18,400 set by Heritage 6/06: 3808, graded MS64 by PCGS.

1894-S: The 1894-S is among the most common San Francisco double eagles. It is easy to find in Uncirculated through MS64 but it is extremely rare in Gem. The finest I am aware of is an NGC MS65, ex Stack’s 1/09: 1439, which sold for $19,550.

1895-S: This date is very common in MS63 and only marginally scarce in MS64. There are probably as many as ten to twelve Gems known but none finer than MS65. The best I have seen is ex Heritage 2007 ANA: 2040 that sold for $12,650; it was graded MS65 by NGC.

1896-S: The 1896-S is more common than the 1895-S. It is easy to locate in MS63 and even MS64’s are not really scarce. Gems are extremely rare. The finest known is an amazing PCGS MS67 that is ex Eliasberg: 996; it sold for $13,200 back in 1982.

1897-S: The 1897-S is similar in overall and high grade rarity to the 1895-S. Gems are extremely rare. There is a pair of PCGS MS67’s known. One is ex Superior 2/05: 3410 (at $60,375), Eliasberg: 998.

1898-S: This is the most common 19th century S mint double eagle by a fairly significant margin. It is the only 19th century Type Three issue from this mint that is available in MS65 for a reasonable sum. The finest known is a PCGS MS67 that is ex Bowers and Merena 3/04: 3263, Eliasberg: 1000.

1899-S: The 1899-S is very common through MS64 grades. In Gem, it is extremely rare with just three to five known. The best, by a huge margin, is a superb PCGS MS67 that is ex Eliasberg: 1002. It brought $16,500 back in 1982.

September 14, 2007

Low Mintage Philadelphia Double Eagles

September 14, 2007/ Doug Winter

One of my favorite groups of coins are the low mintage Philadelphia double eagles produced in 1881, 1882, 1885, 1886 and 1891. During this five year period, only 5,911 business strikes were produced; an average of just 1,182 pieces per year. Despite the obvious rarity of these coins, they are still overlooked by many collectors. A total of 2,199 business strike 1881 double eagles were produced. Estimates of the surviving population range from a low of 25-35 to a high of 35-40. This date is usually seen in the EF40 to AU50 grade range and it becomes extremely rare in AU55 and above. To the best of my knowledge there are just two examples known in Uncirculated. One of these, ex: Heritage 1/07: 3203 (graded MS61 by PCGS) sold for a record $138,000. The other, ex: Goldberg 5/05: 1086 ($69,000), Heritage 6/04: 349 ($57,500), ANR 3/04: 1067 ($39,100; as PCGS MS60) is now graded MS61 by PCGS.

Price levels for this date in Uncirculated have, obviously, increased dramatically in recent years. But this date seems like very good value in EF and AU grades. Trends is $18,000 in EF45, $25,000 in AU50 and $30,000 in AU55. Given the fact that the last Uncirculated 1881 to trade brought more than double Trends (which is $60,000 in MS60), my feeling is that EF and AU Trends are considerably out of date.

In 1882, the mintage figure for business strike double eagles produced at the Philadelphia mint dropped to a record low 571 coins. I regard this as the single rarest Type Three double eagle in business strike form and the number known is probably in the range of 20-25 coins. I am aware of two or three in Uncirculated. The finest is owned by a prominent Midwestern collector and is ex: Dallas Bank Collection (Stack’s/Sotheby’s 10/01: 88) where it brought $86,250. It is now in a PCGS MS61 holder. In January 2007, Heritage sold a PCGS MS60 for a whopping $138,000. This coin had first appeared in their 2000 ANA auction where it went unsold.

While far less underappreciated than the 1881, the 1882 is still an excellent value when compared to the rare date Type One double eagles from New Orleans. The 1882 is just a bit less rare than the celebrated 1854-O and 1856-O double eagles yet it sells for about a fifth of the price of these two issues in AU grades.

In 1883 and 1884, only Proof double eagles were produced in Philadelphia. Business strikes resumed in 1885 but only 751 pieces were struck.

When I first became interested in double eagles (back in the early to mid 1980’s), this date was almost impossible to find and it was considered a major rarity on par with the 1881 and 1882. It seems that a small hoard reached the market in the late 1980’s/early 1990’s and today the 1885 is a bit more available in circulated grades than one might assume given its incredibly low mintage figure. I think around four to five dozen are known with most in the AU50 to AU55 range. There may be as many as eight or nine known in Uncirculated with most in the MS60 to MS62 range.

There are two known in MS63. The first, which was graded by PCGS, is owned by a prominent Midwestern collector and it is the finest known. The second, also in a PCGS MS63 holder, is ex: Bowers and Merena 2003 ANA: 4291 ($50,600), Kingswood 2/00: 882 ($39,100).

The 1885 is the most affordable of these five issues. I recently sold a nice EF45 example in the mid-$10’s and have handled two attractive AU58’s within the last two years in the $25,000-30,000 range.

Production of business strike double eagles in Philadelphia shot up to a “whopping” 1,000 coins in 1886. This date has a much lower survival rate than the 1885 and it is actually close to the 1881 and 1882 in terms of overall rarity. At one time, it was believed that as few as 15-18 pieces were known. I feel that the correct number is more in the 25-30 range. This includes a greater number of lower grade coins than the 1881, 1882 and 1885; the 1886 is sometimes seen in the VF-EF range.

There are at least three 1886 double eagles known in Uncirculated. The finest by a vast margin is the PCGS MS63 owned by a Midwestern collector. There is also a PCGS MS61 that was last sold as Lot 7845 in the Heritage March 1998 auction (where it brought $35,075) and a PCGS MS60 which I have not seen or been able to trace its pedigree.

The price appreciation for this date has been pretty amazing in the last few years. As an example, in January 2004, Heritage sold a PCGS AU55 example for $24,150. In January 2007, another PCGS AU55 brought $69,575. It is also interesting to note that Trends for this date in AU55 is still just $40,000.

After a year in which only Proof double eagles were struck at the Philadelphia mint (1887), production of business strikes increased dramatically from 1888 to 1890. But in 1891, production was severely curtailed and only 1,390 business strikes were made.

For many years, the 1891 was regarded as the major sleeper in the Type Three series by gold coin experts. Only 35-45 coins are known but this issue traded in the $12,500-17,500 range in AU grades until recently. The 1891 is, curiously, as rare as the more celebrated 1882 and 1886 in Uncirculated. I am aware of just two that qualify as such. The best is the amazing NGC MS64 from the Dallas Bank Collection that is owned by the same Midwestern collector who is mentioned frequently throughout this blog. This coin realized $80,500 when it was first offered in 2001. It brought $155,200 five years later when Heritage offered it in their January 2005 auction.

This group of five Type Three Liberty Head double eagles is not as well known as The Fab Five St. Gaudens double eagles or as popular as the rare Type One issues from New Orleans but it is a remarkable and highly challenging group that is clearly worth careful examination by the serious, deep-pocketed collector.

April 11, 2006

Liberty Head Double Eagles

April 11, 2006/ Doug Winter

In the past few years, Liberty Head double eagles have become more popular than ever with collectors. I attribute this to a number of reasons:

The price of rare St. Gaudens double eagles rose to the point that most collectors of average means could never hope to assemble a date set. The Liberty Head coinage offered greater “bang for your buck” for the collector of average means.

The soaring price of gold in the past three years has focused a considerable amount of attention on all large-size gold coins.

Until a few years ago, the prices for the classic rarities in the Liberty Head double eagle series (dates such as the 1854-O, 1856-O, 1861-S Paquet, 1870-CC and the Proof only issues from the 1880’s) were very reasonable in comparison to other important gold coins of comparable rarity. Today, prices for many of these rarities have shot out of sight. Are there still good values in the Liberty Head double eagle series?

I think the answer to this is an unqualified yes. Here are some issues in each of the three major design types that I feel are undervalued:

Type One: In my opinion, the Philadelphia issues struck from 1853 through 1858 are greatly undervalued in higher grade (AU55 and above). Despite high original mintage figures, these have comparably low survival rates and are typically seen in low grades when available. Another date I like is the 1859. This date is far rarer in high grades than most people realize.

Type Two: Virtually every Type Two struck before 1872 is very scarce in Uncirculated. In my opinion, many of these dates are undervalued, especially in MS62 or above. Very high quality Type Two double eagles of any date (even common issues like the 1873, 1875, 1875-S and 1876) are very rare in properly graded MS63 and above and are not fully appreciated as type coins.

Type Three: Although they have risen in price in the past few years, the rare Philadelphia issues from the 1880’s are still undervalued. I almost never see business strikes from 1881, 1882 and 1886 and when I do, the coins tend to be awful. Pleasing, original examples of these dates in AU50 are even rarer than their low mintages suggest. A slightly less “sexy” date that I think is very scarce and undervalued is the 1880, especially in MS61 or better.

October 24, 2003

Assembling A Set of 20th Century Liberty Head Double Eagles

October 24, 2003/ Doug Winter

For the beginning collector, one of the best gold coin sets to consider is a set of 20th century Liberty Head double eagles. This set contains eighteen issues produced at three mints (Philadelphia, Denver and San Francisco) between 1900 and 1907. There are a number of reasons why this set is a natural for many fledgling numismatists. These coins are big, attractive and contain nearly an ounce of gold; most of the eighteen dates can be found in reasonably high grade and there are no very expensive single issues. As a rule of thumb, it makes sense to assemble this set in Mint State. For the very common issues, I would suggest purchasing coins in the Mint State-63 to Mint State-64 range. For the scarcer issues (specifically the 1902 and the 1905) I would suggest looking for attractive, high quality Mint State-62 examples.

Before we start, here are some rules of thumb that the collector should keep in mind:

1. Try to assemble a set with a nice "matched" look. Your set will have more eye appeal if the coloration and the quality of the surfaces are nicely matched on each coin. If you are bothered by abrasions, wait for coins that are as clean as possible for the grade. If hairlines are what annoy you most, avoid coins that you do not like. The beauty of this set is that none of the coins is so rare that you will need to compromise your standards.

2. Don't overspend on the common issues. There are a number of coins in this set that are reasonably affordable in Mint State-63 or Mint State-64 but become very expensive in the next grade up. I would suggest that the coins which should be the most expensive in this set are the rarities: 1902 and 1905.

3. Try and include at least one Gem. Mint State-65 Liberty Head double eagles are currently an extremely good value at current price levels (around $3,500 as of late October 2003) and every set should have one lovely Gem.

4. Buy my book on Type Three Double Eagles. Self-serving, yes, but if you are going to collect this series than you should have the best reference work on it. (Contact me for ordering information at dwn@ont.com). I would also suggest that you have access to a PCGS and NGC population report and a recent copy of Coin World Trends to help you with pricing.

Listed below is a quick date-by-date analysis, along with suggestions of which are the best "value grades" for each date and approximate price ranges for each issue.

1900: The 1900 is a very common date that can be found in all grades up to and including Mint State-65. For most collectors, a Mint State-63 ($700-900) or Mint State-64 ($1,200-1,500) will suffice.

1900-S: This is one of the harder dates in this series to find in Mint State-63 or better although its high original mintage figure suggests that some nicer pieces could be laying in wait. A nice Mint State-62 is just $600-700 but I think Mint State-63 examples are still good values in the $1,650-1,950 range. Look for coins with good color and luster and no severe marks.

1901: This is one of the most common dates in the set. You can actually find nice Mint State-65's (these are currently worth around $4,000) but most collectors will be content to purchase a Mint State-64 in the $1,250-1,500 range. Avoid examples which are overly spotted as many 1901's are found as such.

1901-S: Despite a high mintage figure, this date is very elusive in higher grades. But I would caution the collector that it is possible a group of better quality examples (in this case Mint State-63 and above) could turn-up in Europe. I would stick with a nice, premium quality Mint State-62 and expect to spend $700-900.

1902: The 1902 is one of the two keys in this series and with an original mintage figure of just 31,254 coins, it is unlikely that any large hoards will be found. Nice Mint State-62's currently trade for around $1,200-1,500 and are very good values. A Mint State-63 will cost $6,500-7,500 (if available) and may be out of the price range of many collectors.

1902-S: As with a number of the San Francisco issues in this set, there is a big price spread between Mint State-62 and Mint State-63 for the 1902-S double eagle. You can buy a nice Mint State-62 for just $500-600 while a Mint State-63 will run you $2,500 to 3,000. Seems to me like this is a coin that makes more sense in Mint State-62.

1903: The 1903 is an extremely common issue and can be found even in Mint State-65. I would personally recommend a nice Mint State-63 ($700-800) or a Mint State-64 ($1,250-1,500). A Gem makes an interesting alternative to a 1904 as your single "super grade" coin in the set as it is considerably scarcer yet sells for essentially no premium.

1903-S: A much easier coin to find in higher grades than the 1900-02 San Francisco issues, the 1903-S can be obtained in Mint State-63 for around $1,000-1,250. In my opinion, this is the best value grade as a Mint State-64 jumps to $2,500-2,750.

1904: The 1904 is the most common Liberty Head double eagle by a huge margin. It is extremely easy to locate in Mint State-64 and even in Mint State-65. In my opinion, I would rather buy this date in Mint State-64 and have a slightly better date (such as a 1901 or 1903) in Gem in this set. Given the availability of specimens, I suggest you be picky when buying a 1904.

1904-S: The 1904-S is the most common San Francisco date in this set and it is the only issue that can be found in Mint State-65 for just a small premium over the common 1904. Given the fact that it is a mintmarked issue, I would suggest at the very least buying a nice Mint State-64 ($1,250-1,500) or even "stretching" for a 65 coin ($4,000-4,500).

1905: Traditionally, the 1905 has been regarded as the rarest 20th century Liberty Head double eagle. While I personally think the 1902 is scarcer, there is no denying that the 1905 is a very tough coin. I think Trends is a bit too high for better quality pieces and that $3,000-3,500 is the right number to pay for a decent quality Mint State-62. Trends for a Mint State-63 is $15,000 but I have seen examples trade in the $9,000-10,000 range.

1905-S: This is yet another date with a big price difference between Mint State-62 and Mint State-63 but with a big enough population in Mint State-63 to convince me that a PQ Mint State-62 is the way to go. With nice Mint State-62's selling for just $550-650, this is a good value.

1906: The 1906 is not as tough an issue as the 1902 or the 1905 but it is scarce in its own right. A nice Mint State-62 coin is currently valued at $800-900 while a Mint State-63 jumps up to $3,500-4,000. Because of this large price spread, I would suggest trying to locate a very high-end Mint State-62 with good color, luster and surfaces.

1906-D: The 1906-D is not a rare date but it is historically significant as the first double eagle produced at the Denver mint. It is quite a bit harder to locate in higher grades than the 1907-D. Given its desirability as a first-year issue, I'd look to purchase a nice Mint State-63 which should cost $1,600-1,900.

1906-S: This issue is easy to find in Mint State-62 and Mint State-63 and only moderately scarce in Mint State-64. You can find a Mint State-62 for just $550-650 while a Mint State-63 will cost $1,300-1,600. I would probably go with a Mint State-63 but there is certainly nothing "wrong" with a Mint State-62 and its current $50-100 premium over a common 1904.

1907: A nice Mint State-63 example, which should be available for $600-700, is probably just fine for most 20th century Liberty Head double eagle collections. Should a collector wish to purchase a Mint State, these are readily available in the $1,400-1,800 range.

1907-D: The 1907-D is the final of two Liberty Head double eagles produced at the Denver mint. It is not a particularly scarce coin and it can be found in Mint State-63 and Mint State-64 grades without a problem. The former is currently valued at $1,110-1,400 while the latter is a very good value in the $1,450-1,750 range. A Mint State-65 coin should cost $3,500-4,000. I would consider stretching for one of these, not so much because it is a rare coin but because it is the only Denver issue that can be fond in Gem condition.

1907-S: This final-year-of-issue double eagle from the San Francisco mint is comparable to the 1907-D in Mint State-62 and Mint State-63 but is much scarcer in higher grades. A Mint State-62 coin can be purchased for $550-600 while a Mint State-63 will cost $1,500-1,750.

Many new collectors are intimidated by Liberty Head double eagles because of the price that the rare issues command and the seeming impossibility of completing a set. I feel that a 20th century date set is a great place to begin, due to the affordability of these issues and the fact that many can be purchased in Mint State-62 and Mint State-63 grades for under $1,000.

January 18, 2000

How To Collect Type Three Double Eagles

January 18, 2000/ Doug Winter

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare. Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

Collecting Type Three Double Eagles As Type Coins Collecting Type Three Double Eagles By Mint Collecting Type Three Double Eagles By Year Assembling A Complete Set of Type Three Double Eagles Collecting By Die Variety Collecting Proof Type Three Double Eagles

I. Collecting Type Three Double Eagles As Type Coins

Type coin collectors seek to obtain one representative example of a specific type or design. For Type Three double eagles, they would focus on obtaining a common date in the highest grade which they can afford. There are a number of specific dates which they might purchase including the 1900, 1901, 1903, 1904 and 1904-S. Each of these is common enough in grades up to and including Mint State-64 that there is little--if any--date premium.

A type set could be made more interesting by including a common date from the 19th century in addition to one from the 20th century. The most common Liberty Head double eagles from the 19th century include the 1895, 1897 and 1899. These are easily obtainable in Mint State-63 but they are somewhat scarce in any grade higher than this.

If you are interested enough in Type Three double eagles to take the time to read a web article devoted to this series, the chances are good that you will become more involved with them than as mere type coins. If you decide to purchase a Type Three double eagle strictly as a type coin, it might make sense to pay a small premium and obtain a date which is a bit more rare in higher grades but which sells for a small premium.

II. Collecting Type Three Double Eagles By Mint

Type Three double eagles were produced at five mints: Philadelphia, San Francisco and Carson City, New Orleans and Denver. Some collectors are attracted to the issues from just one of these mints and they attempt to put together a complete set of dates and major varieties.

Assembling a complete thirty-one coin set of Philadelphia Type Three double eagles is very difficult and costly. The 1881, 1882, 1885 and 1886 each had extremely limited original mintage figures (between 571 and 2,199 coins) and are seldom available to collectors. The rarest of these are the 1882 and the 1886, both of which are represented by approximately 20-25 surviving examples. The 1883, 1884 and 1887 dates were struck only as Proofs. If a collector wishes to have a truly complete set, he will have to include this trio and can count on spending upwards of $50,000 per coin for examples in the Proof-63 to Proof-64 range and considerably more for Gems.

There are other Philadelphia issues which are far more elusive than generally known, especially in the higher Mint State grades. These include the 1877-1880, 1888, 1890, 1892, 1898 and 1905. The 1891 is an extremely rare and very overlooked coin, in spite of its tiny original mintage figure of 1,390 business strikes. It is actually comparable to some of the more-heralded dates from the 1881-1886 era and an acceptable specimen will cost the collector between $7,500 and $15,000.

A complete thirty coin set of San Francisco Type Three double eagles can be assembled with patience. There are no dates which stand out as being excessively rare and just a small number are very hard to locate above Mint State-62 to Mint State-63. The scarcest Type Three issues from this mint are the 1879-S through 1882-S date run and the 1887-S. After years of neglect, the San Francisco series is gaining in popularity. A very attractive set with all coins grading between Mint State-62 and Mint State-64 could be assembled for approximately $50,000-$60,000.

The Carson City Type Three double eagles are the most popular issues with collectors. A total of twelve different dates were produced between 1877 and 1893. Unlike the Type Two issues from this mint which have one issue (the 1870-CC) which makes a set nearly impossible to complete, the Type Three Carson City set is easily completable. The key issues are the 1878-CC, 1879-CC, 1885-CC and the 1891-CC. All four of these are very rare and costly in Mint State but choice About Uncirculated pieces can be obtained for under $10,000 per coin, depending on quality. An extremely nice set of Type Three Carson City double eagles can be assembled for under $75,000. This includes all of the more common dates in Mint State-60 to Mint State-62 grades and the "big four" mentioned above (plus the 1877-CC) in grades ranging from About Uncirculated-55 to About Uncirculated-58.

Production of Type Three double eagles at the New Orleans and Denver mints was very limited. The 1879-O is the only New Orleans issue of this type. Just 2,325 were struck and approximately 100 survive with most of these in Extremely Fine grades. The Denver mint opened in 1906 and produced relatively large numbers of Liberty Head double eagles in 1906 and 1907. The 1906-D is common in all grades up to Mint State-63 but it becomes scarce in Mint State-64 and very rare in Mint State-65. The 1907-D is the more common of these two issues as it is more often used as a type coin.

III. Collecting Type Three Double Eagles By Year

A popular and practical way to collect Type Three double eagles is by year. Such a collection would consist of a single example for each year in which the Type Three design was produced. In this case, such a set would have thirty-one coins.

In a year set, it is advisable to choose the most affordable issue produced in a specific year. For example, an 1879-S double eagle would be chosen over an 1879 Philadelphia, 1879-O or an 1879-CC since the San Francisco coin is the easiest to obtain in both circulated and Uncirculated grades. The 1879-O would be the least likely coin to include in this set due to its rarity and comparably high price.

There are a few years which are very difficult to find affordable double eagles from any mint. In 1885 only two mints struck double eagles. The Philadelphia issue is very rare while its Carson City counterpart is quite scarce but affordable, especially in lower grades. 1886 is perhaps the most difficult year in this entire set as only the Philadelphia mint produced double eagles and just 1,000 business strikes were made. Every other year contains at least one common issue which can be purchased by the collector of average means.

IV. Assembling A Complete Set of Type Three Double Eagles

Many collectors decide to assemble a complete set of Type Three double eagles. Such a set will include one example of each Type Two double eagle struck between 1877 and 1907. Including the Proof-only years of 1883, 1884 and 1887 a complete set consists of 76 coins. (Due to the price of these three coins, many collectors decide to not include them in their set. If this is done, the theme of the set can be changed from being a "complete set of Type Three Double Eagles" to a "complete set of business strike Type Three Double Eagles.") For the most part, the grades of this set will range from Extremely Fine to Mint State. The more common issues are generally represented by high grade coins while the rarer issues are represented by lower grade pieces. The rarities of this set are 1881, 1882, 1885, 1886 and 1891 which are seldom offered for sale and will cost at least $20,000 for above average examples. However, most of the other Type Three double eagles are well within the budget of the average collector.

There are some basic principles which the complete set collector should follow as he acquires coins. A complete set should be as well-matched as possible. The collector should try to purchase coins which have a similar appearance. As an example, a collector might try to acquire coins which are as original as possible and which show reasonably similar coloration.

A complete set should not be "all over the map" as far as grades are concerned. Instead of spending $10,000 on an unappealing, bagmarked 1879-O (as opposed to a choice example of this date in this price range) merely to fill a hole, buy two or three outstanding MS-62 semi-key dates from the 1870's. Do not assemble a complete set with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Three double eagles with the idea that he will be able to complete this set in the higher Mint State grades. Since many issues in the Type Three double eagle series are essentially non-existent above Mint State-60 (and some like the rare Philadelphia dates from the 1880's are either unknown or excessively rare in Mint State), certain allowances will have to be made. Conversely, a collector does not have to settle for coins he does not like just because he thinks he will not be able to do any better.

Set building is the key to realizing additional value without spending extra money. This phenomenon is known to numismatists as a "set premium" and it definitely applies to Type Three double eagles. Carefully assembled sets of coins have proven over the years to bring substantial premiums over randomly assembled, meaningless accumulations of coins. A set that has been assembled with the assistance of a professional numismatist should prove emotionally and financially rewarding to the collector or investor.

An especially good idea for the new collector would be to discuss assembling a set of Type Three double eagles with a dealer who specializes in 19th century gold coins. Get his thoughts as to which grade each specific date should be purchased in. Reading this article should also give the collector a good idea about this as it attempts to give a breakdown of the total number known of each date in each grade range.

V. Collecting By Die Variety

For most Type Three double eagles, a number of different obverse and reverse dies were employed. As one die became worn and/or damaged, it was replaced by a new die. The different combinations of dies created a number of die varieties.

The field of gold coin die variety collecting is extremely fertile. Very little has been written about the varieties of U.S. gold coins and next to nothing has been written about the die varieties of Type Three double eagles. It is very probable that a number of interesting, potentially rare die varieties exist for this series.

A collector wishing to start a die variety collection needs to pay attention to such things as date placement, mintmark placement and diagnostic characteristics such as die scratches and/or die breaks. He should record this information and compare each example of a specific date which he has the chance to examine.

While it is possible that this sort of collecting may become popular in the future, for now it is the province of a tiny handful of specialists. Therefore, the die variety collector should not pay an extra premium for supposedly rare varieties (such as a mintmark position previously unseen on a specific issue).

VI. Collecting Proof Type Three Double Eagles

Proof Type Three double eagles were struck in exceedingly limited quantities at the Philadelphia Mint from 1877 through 1907. In fact, the mintage for Proofs for the entire thirty one year period was just 2,414 pieces.

The tremendous rarity of these coins is what makes them appealing to a small segment of wealthy collectors. It is possible to assemble a complete set of Proof Type Three double eagles. However, this set would require considerable patience and a very deep pocketbook.

Historically, during bull markets, proof gold coins have been favorites with rare coin funds or wealthy individual investors. In the 1989-1990 bull market, the rare coin funds managed by Merrill Lynch and Kidder Peabody were major buyers of coins such as proof Type Three Liberty Head double eagles.

Most of the Proof Type Three double eagles which appear on the market grade in the Proof-63 to Proof-64 range. The extreme rarity of Proof-65 and better examples makes this set all but impossible to complete in the highest Proof grades.

Conclusion: These are just some of the ways in which to collect Type Three double eagles. Part of the appeal of coin collecting is the myriad possibilities it offers the collector with imagination.

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare.

Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

strong>I. Collecting Type Three Double Eagles As Type Coins