Fifteen Philly Faves: Underrated 19th Century Gold Coinage From The Philadelphia Mint

To older generations of gold coin collectors, the Philadelphia mint was the prime area of focus. Very few collectors had an interest in items from the branch mints. This can be seen when looking back at the auction sales conducted by such hall-of-fame names as the Chapman Brothers, B. Max Mehl and Wayte Raymond. This situation changed in the 1950's when collectors were first alerted to the rarity and great value of the branch mint issues. Today, it is interesting note that the coins from Charlotte, Carson City, New Orleans and Dahlonega are very popular while the rare issues from the "mother mint" of Philadelphia lack a strong collector base. There are a number of Philadelphia gold coins that are, in my opinion, extremely undervalued in comparison to their branch mint counterparts. For the sake of convenience (and space limitations) I am going to focus on fifteen of my favorite Philadelphia gold issues. I could have easily added fifteen more coins to this list and would still, no doubt, be reminded of more by readers.

1. 1863 Gold Dollar

Despite comparatively low original mintage figures, most post-Civil War gold dollars are relatively common due to hoarding. The 1863 is the second rarest gold dollar from the Philadelphia mint (trailing only the ultra low mintage 1875) and I feel it is an underappreciated issue. It is almost never seen in grades below About Uncirculated-55, which suggests that most pieces did not reach general circulation. The overall survival rate is quite low with an estimated 60-80 known from the original of 6,200 business strikes. There are some really superb pieces known including a PCGS MS-68 but this is a truly hard issue to find and, like all Philadelphia gold coinage dated 1863, it is undervalued in all grades.

2. 1865 Gold Dollar

The 1865 gold dollar has a lower original mintage figure than the 1863 (only 3,700 business strikes were produced) but is more available in all grades. I still regard it as an undervalued date as current price levels for a nice Mint State-60 to Mint State-62 are in the $1,250-2,500 range, which is very reasonable for a coin which is as scarce as this. The 1865 gold dollar has a grade distribution pattern which is similar to 1863. It is almost never seen in circulated grades and over half of the known survivors are gems. I have seen a superb PCGS MS-68 and a few others that were nearly as choice, including a PCGS MS-67 that sold for $15,238 in the Heritage March 1999 auction.

3. 1839 Quarter Eagle

In the Classic Head quarter eagle series, it's the mintmarked issues that get all of the attention. Ironically, it's the humble 1839 Philadelphia quarter eagle that is probably the rarest single issue. This date is seen from time to time in low grades. Properly graded About Uncirculated pieces, especially those with original color, are very rare. I've only seen two or three Uncirculated examples with the best of these being the PCGS MS-62 that realized $10,925 in the Bass II sale in October 1999. When available, About Uncirculated 1839 quarter eagles trade for $2,000-4,000. When you compare the rarity of this issue to the 1839-C and the 1839-D, it is easy to see just how significantly undervalued the 1839 quarter eagle truly is.

4. 1843 Quarter Eagle This date has always been a complete mystery to me. The original mintage figure is reported to be over 100,000 coins, meaning that it should be very common. In fact, the 1843 quarter eagle is very scarce in all grades and very rare in full Mint State. Nice circulated examples, when available, trade for below $1,000 which seems incredibly low for a coin with this degree of overall scarcity. The finest piece I have seen was Lot 345 in the October 1999 Bass II sale. This coin, which was graded Mint State-64 by PCGS, sold for $12,650 and is now in a prominent midwestern collection.

5. 1844 Quarter Eagle

A number of Philadelphia quarter eagles from the mid to late 1840's are very scarce and undervalued. I chose the 1844 from this group but could have just as easily selected the 1846, 1847 or 1848. Only 6,784 examples of the 1844 were produced and an estimated 50-60 are known today. Most are in the Extremely Fine-40 to About Uncirculated-50 range. This date becomes very rare in About Uncirculated-55 and it is extremely rare in About Uncirculated-58. I have seen two pieces in Mint State-61 holders but am not aware of a single 1844 quarter eagle that is unequivocally Uncirculated. At current price levels ($3,000-4,000 for an AU-55), high end examples of this date are grossly undervalued.

6. 1865 Three Dollar Gold

The enigmatic Three Dollar series contains a number of rare and desirable issues. The 1865 is one of my absolute favorites and it is an issue that I feel is very undervalued. There were just 1,140 pieces struck and an estimated 50-75 are known today. The majority grade About Uncirculated-50 to About Uncirculated-58 and are characterized by fully reflective prooflike fields. In Uncirculated, the 1865 is very rare with around a dozen known. There are two or three in Mint State-66 and another two or three gem MS-65's. None has been available for a number of years and the best I can recall having seen was a very high end NGC MS-65 (now in an MS-66 holder) that David Akers sold for $44,000 in his May 1998 auction.

7. 1877 Three Dollar Gold

The mid to late 1870's is an extremely interesting era for the three dollar gold piece. The 1874 and the 1878 are the two most common dates of this entire type while the 1875 and the 1876 are extremely rare Proof-only issues. The 1877 is an issue that is similar in rarity to a number of the popular issues from the 1860's but it tends to be overlooked by many collectors. There were only 1,468 business strikes produced of which an estimated four to five dozen are known today. Unlike some of the issues from the 1860's, there are no gems and with the exception of the PCGS MS-64 that was sold in October 1999 by Bowers and Merena as part of the Bass collection, none have surfaced in many years that I felt were unquestionably Mint State. Nice About Uncirculated coins are quite rare and, in my opinion, excellent values in the $6,000-9,000 range.

8. 1842 Large Letters Half Eagle

There were two varieties of half eagle produced at the Philadelphia mint in 1842: the Small Letters and the Large Letters. The Large Letters is far and away the scarcer of the two and it is among the rarest No Motto half eagles. The population data from PCGS and NGC is inaccurate for this variety as it was only recognized a few years ago. In my opinion, there are around 35-45 pieces known with most in the Extremely Fine-40 to About Uncirculated-50 range. Nice AU's are quite rare and very undervalued with a few certified About Uncirculated-55 to 58 coins having sold at auction in recent years in the $4,000-8,000 range. The best 1842 Large Letters half eagle I have seen by a huge margin was the Pittman I coin which sold for $17,6000 in October 1997. This coin is now in a PCGS Mint State-63 holder.

9. 1850 Half Eagle

The Philadelphia No Motto half eagles from 1843 to 1857 are considerably more available in all grades that their counterparts from 1858 through the end of the Civil War. These dates have comparatively high original mintages figures and some very choice pieces are sometimes available. The one exception is the 1850, which has proven to be elusive in all grades and very rare in Mint State. This issue is actually harder to locate than either the 1850-C or 1850-D half eagle but is priced at a fraction of the two branch mint issues. I recently sold a very nice PCGS AU-58 for under $2,000 and have seen Mint State-61 to Mint State-62 examples bring in the $3,500-4,500 range. I am aware of only one gem 1850 half eagle, an NGC MS-65 which brought an incredible $63,250 when Stack's auctioned it in the May 1995 Milas sale.

10. 1863 Half Eagle

The Philadelphia half eagles produced from 1862 to 1872 are all very rare, low mintage issues. The 1865 is probably the best known of these but it is already an expensive coin in higher grades. In my experience, the ultra low mintage 1863 is nearly as rare and its current price level is significantly lower than the 1865. There were only 2,442 1863 half eagles struck and many were melted or otherwise lost. Today, just 25-35 pieces are known with most in the Very Fine-30 to Extremely Fine-40 range. In About Uncirculated, this is an extremely rare coin with six to eight accounted for. I have never seen or heard of an Uncirculated 1863 half eagle and the finest I know of is the PCGS AU-58 Bass II coin that brought a very reasonable $13,800 in October 1999.

11. 1843 Eagle

The 1843 eagle is an issue that receives almost no attention from non-specialists. It has a relatively high original mintage figure and is not especially scarce in the Very Fine and Extremely Fine grade range. But this date is far from common in the lower About Uncirculated grades and it is very rare in About Uncirculated-55. I have only seen two pieces that I would grade About Uncirculated-58 and have never seen or heard of a fully Mint State example. There are a number of interesting varieties known including a noticeably doubled date and a triple punched date which is very rare. If available, a nice AU would trade for $3,000-5,000. There are not many other No Motto eagle issue which still offer Condition Census opportunities in this price range.

12. 1864 Eagle

All of the Civil War and Reconstruction era Philadelphia eagles are very rare, low mintage coins. I chose the 1864 due to its overall rarity and the fact that a very presentable example is currently priced in the $2,500-5,000 range; considerably less than other rare eagles of this era. Of the 3,530 1864 eagles originally made, an estimated 35-45 are known today. This includes seven to nine that grade About Uncirculated plus another two or three Mint State examples. I recently sold a very nice PCGS About Uncirculated-50 example in the $5,000 range. The collector who purchased the coin stated that in comparison to the overheated modern coin market, this 1864 eagle seemed like great value. I was quick to agree.

13. 1856 Double Eagle

The 1856 double eagle is usually lumped with the 1851-1855 Philadelphia issue when discussing the rarity of Type One issues from this mint. It is actually a much scarcer date than these others, especially in About Uncirculated-58 and higher grades. The typical 1856 is very heavily abraded with poor color and inferior luster. I have actively searched for high grade 1856 double eagles for a number of years and have generally paid well over published price level for the few coins that I have been offered. But I am convinced that this is a truly hard coin to find with good eye appeal and that it is due for a sharp price correction upwards. I am aware of just one Uncirculated coin, a PCGS Mint State-62, that has traded hands in recent years. It was sold as Lot 787 in the May 2000 Bass III auction and it brought $10,350.

14. 1862 Double Eagle

The 1862 is the rarest Type One double eagle from this mint. It is quite scarce in all grades and it becomes rare in About Uncirculated. While the demand for this issue has risen dramatically in recent years (the same can be said for all Type One double eagles), published price levels have not changed. This means that knowledgeable collectors and dealers will readily pay considerable more than Coin Dealer Newsletter levels for nearly any 1862 double eagle. As an example, I recently sold a PCGS Mint State-62 (formerly Lot 809 from the Bass III sale) for more than the current CDN Quarterly Bid for a Mint State-63. This is one of the most popular mid-19th century gold coins as indicated by the fact that most dealers who specialize in rare gold have multiple want lists for 1862 double eagles.

15. 1863 Double Eagle

If the 1862 is the most undervalued Type One double eagle, the 1863 is a close second. This is another date that had most of its mintage lost to melting and there are now just a few hundred pieces remaining out of the original 142,790 that were struck. The 1863 is more available in About Uncirculated than the 1862 but it is still very scarce. In Uncirculated, it is extremely rare with just five to seven pieces known. The Dallas Bank and Bass collections did not contain an 1863 double eagle that graded higher than Extremely Fine; the Eagle collection had an NGC About Uncirculated-58 that was very enthusiastically graded. I have not personally seen a coin that I graded better than About Uncirculated-53 in a number of years.

Runners Up

Gold Dollars: 1856 Upright 5, 1873 Closed 3 Quarter Eagles: 1842, 1846, 1847, 1848, 1849, 1867, 1872, 1883, 1884 Three Dollars: 1858, 1881, 1884 Half Eagles: 1858, 1860, 1869 Eagles: 1839 Head of 1840, 1844, 1845, 1846, 1889 Double Eagles: 1854 Large Date, 1859

Dahlonega Gold Coins: An Overall And Comparative Analysis

Using the revised estimated populations of specific issues in the second edition of my book, it is possible to make some interesting observations and conclusions regarding Dahlonega coinage. As an example, it is possible to estimate an average number of survivors for each denomination, a percentage of survivors by grade and an overall percentage of survival for a entire denomination. I. GOLD DOLLARS

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 1,295 - 1,435 TOTAL NUMBER OF ISSUES STRUCK: 13 AVERAGE EXTANT PER ISSUE: 115 - 131

TOTAL EXTANT BY GRADE:

Very Fine and Below: 291 - 346 Extremely Fine: 601 - 672 About Uncirculated: 483 - 538 Uncirculated: 120 - 154

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 19.46 - 20.23 Extremely Fine: 39.29 - 40.20 About Uncirculated: 31.46 - 32.30 Uncirculated: 8.02 - 9.00

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 73,529 - 74,029

(NOTE: The original mintage figure for the gold dollar series as a whole is expressed as a range due to the fact that the exact original mintage figure for the 1861-D is not known).

ESTIMATED SURVIVAL RATE: 2.03 - 2.30%

(NOTE: This range of survival rates is, again, based on the fact that the original mintage figure for the 1861-D is unknown but it is believed to be 1,000-1,500 coins).

ANALYSIS: This data clearly shows that gold dollars are easier to locate in higher grades than their quarter eagle and half eagle counterparts (see below). The average number of coins known per issue is a bit lower than one might expect. But, given the small size of these coins, it is a wonder that as many have survived as are known today.

It is interesting to note the survival rate for other gold dollars. For branch mint coins struck in the pre-Civil War era, we can generally assume that only one to two percent of the original mintage figures still exists. The range of estimates which are listed above fit in nicely within these parameters.

Dahlonega gold dollars are more available in higher grades (i.e. About Uncirculated and Uncirculated) than the quarter eagles and half eagles from this mint. Approximately 40% of all known Dahlonega gold dollars grade About Uncirculated or Uncirculated and approximately 80% grade Extremely Fine or better. This is considerably higher than for the other denominations. This suggests at least two things: that Dahlonega gold dollars did not circulate as long and as "hard" as the other denominations and that relatively substantial quantities of Dahlonega gold dollars have become available to collectors as the result of hoards and/or accumulations. Another possible explanation for the high survival rate in higher grades might be that their small size did not make them as attractive to melters as the large-sized gold issues and they were more likely to survive.

The overall populations of many dates in the gold dollar series have been underestimated for many years. As an example, in the 1960's and the 1970's it had been written that "fewer than a dozen" 1856-D gold dollars were known. We now know that the actual number of 1856-D gold dollars in existence is more like 80-90. One of the reasons for the overstating of the rarity of the 1856-D (along with the 1854-D, 1855-D, 1860-D and 1861-D) is that these issues had tiny original mintage figures. The 1856-D is a good choice to illustrate this. Only 1,460 pieces were struck. Using the assumption that between 0.27 and 1.14% of these pieces should exist (the estimated survival rates for Dahlonega quarter eagles and half eagles from this mint; see below) one can see how an estimate of "fewer than a dozen" might have come about. Dahlonega gold dollars are a good example of the adage that you can't judge the rarity of a specific issue solely by its original mintage figure.

II. QUARTER EAGLES

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 2,345 - 2,715 TOTAL NUMBER OF ISSUES STRUCK: 20 AVERAGE EXTANT PER ISSUE: 117.25 - 135.75

TOTAL EXTANT BY GRADE:

Very Fine and Below: 832 - 901 Extremely Fine: 862 - 975 About Uncirculated: 561 - 653 Uncirculated: 90 - 106

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 33.18 - 35.47 Extremely Fine: 35.91 - 36.75 About Uncirculated: 23.92 - 24.05 Uncirculated: 3.83 - 3.90

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 197,850

ESTIMATED SURVIVAL RATE: 1.18 - 1.37%

ANALYSIS: Quarter eagles are the rarest of the three primary Dahlonega gold denominations, both in terms of their overall rarity and their rarity in high grades. Around 70% of all known Dahlonega quarter eagles are in lower grades - i.e. Extremely Fine and below. This shows that quarter eagles saw greater circulation than gold dollars and that fewer were saved.

With only 4% or so of all the known Dahlonega quarter eagles grading Uncirculated, one can properly assume that any date is very rare in this grade. With the exception of a small handful of issues (such as the 1839-D, 1844-D, 1847-D, 1848-D and 1857-D), Dahlonega quarter eagles have Uncirculated populations which generally number from one to five pieces. Since the demand for very high grade examples is far greater than the supply, it can be assumed that values for such pieces should rise.

According to the estimates above, it is possible that fewer than 1.4% of all the Dahlonega quarter eagles originally struck have survived. If these numbers are correct, the survival rate for these coins is below the average for American gold coins struck prior to the Civil War.

III. HALF EAGLES

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 3,940 - 4,560 TOTAL NUMBER OF ISSUES STRUCK: 25 (NOTE: The 1846-D Normal Mintmark and the 1846 D over D Mintmark are included as one issue) AVERAGE EXTANT PER ISSUE: 157.60 - 182.40

TOTAL EXTANT BY GRADE:

Very Fine and Below: 1,623 - 1,841 Extremely Fine: 1,389 - 1,611 About Uncirculated: 759 - 892 Uncirculated: 167 - 214

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 40.37 - 41.19 Extremely Fine: 35.25 - 35.32 About Uncirculated: 19.26 - 19.56 Uncirculated: 4.23 - 4.69

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 1,096,544

ESTIMATED SURVIVAL RATE: 0.35 - 0.41%

ANALYSIS: Half eagles are the most plentiful denomination from the Dahlonega in terms of the total number of coins which exist. This makes sense since the original mintage figure is six times greater for half eagles than for quarter eagles and over sixty times greater than for gold dollars.

In terms of relative rarity, half eagles are also the most common Dahlonega denomination. An average of 157-182 examples exist per issue; a figure which is significantly greater than either the quarter eagles or gold dollars from this mint.

What is surprising is the survival rate of half eagles when viewed as a whole. According to the numbers above, around four-tenths of one per cent of all Dahlonega half eagles have survived. If these figures are correct (and there is certainly the possibility that my population estimates are too low), then the survival rate for this denomination is significantly lower than for gold dollars and half eagles.

There are some plausible explanations for this. Half eagles were "workhorse" coins and saw longer periods of circulation. Due to their greater intrinsic value, they were more likely to have been melted. Their greater face value (and intrinsic worth) made it less likely that quantities would have been put away or "lost."

In terms of actual numbers, there are a fairly significant amount of higher grade (About Uncirculated and better) Dahlonega half eagles in existence. But taken as a percentage of the total number of known coins--approximately 23 to 24%-- the number of high grade coins is actually lower than for gold dollars and quarter eagles. It is my opinion, however, that high grade quarter eagles are still the most difficult coins from the Dahlonega Mint to locate.

There is little difference in comparative rarity between Very Fine and Extremely Fine Dahlonega half eagles. The price levels between choice Very Fine coins and lower quality Extremely Fine coins are greater than they should be and it is likely that these levels will grow closer over the course of time. Conversely, the supply of truly choice half eagles is more limited than generally believed and as the demand for these increases, such coins will show strong price appreciation.

IV. OVERALL ANALYSIS OF DAHLONEGA GOLD COINAGE

By taking the numbers above, we can get a more comprehensive analysis of the various Dahlonega issues.

DENOM. GRADES TOTAL VF EF AU MS

$1.00 291-346 601-672 483-538 120-154 1295-1435

$2.50 832-901 862-975 561-653 90-106 2345-2715

$3.00 47-54 29-40 22-27 2-4 100-125

$5.00 1623-1841 1389-1611 759-892 167-214 3940-4560

TOTALS: 2793-3142 2881-2110 1825-2110 379-478 7680-8835

These numbers prove a number of interesting things about Dahlonega gold coinage. Some of the more important points are as follows:

The total number of Dahlonega gold coins that exists is probably under 10,000 pieces. Since fewer than 1.5 million coins were originally struck at this mint, this means that the overall survival rate is around two-thirds of one per cent.

Dahlonega gold coins are of nearly similar rarity in Very Fine and Extremely Fine grades. They are about 50% scarcer in About Uncirculated than Extremely Fine and they are very rare in Uncirculated.

Around five percent of the surviving Dahlonega gold coins grade Mint State. However, when one omits the few issues that are common in high grades, such as the 1849-D and 1859-D gold dollars and the 1853-D and 1856-D half eagles, this percentage drops appreciably.

Gold dollars are much more available in high grades than the other denominations. From a percentage standpoint, the rarest denomination in high grades is the quarter eagle.

The market capitalization for high grade Dahlonega gold coinage is much lower than one might think. As an example, let's assume that the median value of all Uncirculated issues from this mint is $15,000. There are approximately 379-478 Uncirculated Dahlonega coins known. An investor could buy all the known coins for $5.685 to 7.170 million. It is not likely that this person would be able to acquire every known Uncirculated Dahlonega coin but it is interesting to note that the dollar value of these coins is not absurdly high.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Part Two: Eagles (1880) - Double Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

EAGLES (1880-1893)

1880-CC: Lot 636, graded Mint State-61 by NGC. This was the best example of this date that I had ever seen. I graded it MS-62 and thought it could even grade MS-63 on the right day. It sold for $19,550, which is easily a record price for this date.

1881-CC: Lot 637, graded Mint State-63 by NGC. I bought this coin for $26,450 which seems expensive (Quarterly bid for an MS-63 is $16,000) until one realizes that it is now in an NGC MS-64 holder. This is the finest 1881-CC eagle I have ever seen and one of the best coins in the collection from the standpoint of condition.

1882-CC: Lot 638, graded Mint State-61 by NGC. I have never seen another Uncirculated 1882-CC eagle. I loved this coin and it was the eagle I most wanted to buy out of this collection. I did wind up purchasing it for $20,700 and it immediately upgraded to MS-62 at NGC.

1883-CC: Lot 639, graded Mint State-60 by NGC. This is one of just two known Uncirculated examples of this underrated date. I graded it Mint State-61 to Mint State-62. I thought it would be a hotly-contested lot but was very surprised that it sold for a record $17,250 (CDN bid is $10,500 while Trends is $11,500).

1884-CC: Lot 640, graded Mint State-60 by PCGS. This coin was bought back at $9,200. I did not really care for it as the surfaces had a few too many abrasions. But it was a really Uncirculated coin and one of around a half dozen known of this date. At $7,500 or so, I would have been more interested.

1890-CC: Lot 641, graded Mint State-63 by NGC. This was the shocker of the late date eagles. It sold for an incredible $18,400. Bid is $10,000 while Trends is $16,000. Clearly, at least two people graded this coin Mint State-64. If the buyer is right, this will become a highest graded coin. If he is wrong, he made a very expensive mistake as a nice MS-63 is worth $9,000 or so.

1891-CC: Lot 642, graded Mint State-64 by NGC. A really nice borderline gem and one of the best examples of this common date that I have seen. But it opened at a robust $9,000 ($10,350 with the buyer's premium) and there were no takers in the audience.

1892-CC: Curiously, there was no example of this date in the Lang collection.

1893-CC: Lot 643, graded Mint State-60 by NGC. The crowd was probably too busy buzzing about the next lot (the 1870-CC double eagle) to pay attention to this lovely and very underrated piece. It went unsold.

Overall Analysis: The Lang collection of Carson City eagles contained some magnificent coins. I thought that prices for the coins from the 1870's were, for the most part, quite strong. Buyers realized that many of these coins were unlikely to improved upon in the next few years, so the finest known or high Condition Census pieces went for very strong prices. The coins from the 1880's were amazing and buyers bid accordingly. Auction records were set for the 1880-CC, 1881-CC, 1882-CC and 1883-CC. The coins from the 1890's went more reasonably, although the 1890-CC was a surprise and a world record.

DOUBLE EAGLES (1870-1893)

1870-CC: Lot 644, graded Extremely Fine-40 by PCGS. In recent years, this has been an incredibly popular issue and prices have risen accordingly. The Lang coin was one of the sharpest I had ever seen I thought it would upgrade to EF-45. But I was stunned that this coin brought $149,500. I would guess that Mr. Lang paid less than half this amount and he was, no doubt, pleased with the result.

1871-CC: Lot 645, graded About Uncirculated-58 by NGC. This was a great coin that only a handful of viewers appreciated. Most examples show dense abrasions and have been repeatedly cleaned. This was a lovely "slider" that was crisp and original. I bought it for $20,700 and thought it was a sensational purchase.

1872-CC: Lot 646, graded Mint State-61 by NGC. This was another lovely early date CC double eagle. It had superb color, great luster and lovely color. It sold for $26,450, which is just a bit higher than MS-60 Trends. I think this was a great value as it is the finest known and it could well upgrade to MS-62.

1873-CC: Lot 648, graded "net MS-60" by Bowers and Merena. This coin was unencapsulated due to a large mint-made planchet flaw and spotting on the obverse. It still sold for $14,950 and I'm sure that the dealer who purchased it is confident that he can get it graded at PCGS or NGC.

1874-CC: Lot 649, graded Mint State-61 by PCGS. Few people realize just how rare this date is in high grades. Apparently all of the people "in the know" were in the room as this coin brought a remarkable $17,250. This is more than double MS-60 Trends (and more than triple MS-60 bid!).

1875-CC: Lot 650, graded Mint State-63 by NGC. Most higher grade 1875-CC double eagles have been cleaned or dipped at one time. This was a superb, fully original piece that was very high end for the grade. I paid $14,375 for it and quickly resold it to a type collector who wanted a single choice Carson City double eagle for his set.

1876-CC: Lot 651, graded "net AU-58" by Bowers and Merena due to having been cleaned. This sold for $4,830.

1877-CC: Lot 652, graded Mint State-62 by NGC. This coin was bought back at $23,000 which was a bit of a surprise as I thought it would bring in the $22,500-25,000+ range. It is probably the finest known and important CC double eagles of this quality are seldom offered for sale.

1878-CC: Lot 653, graded About Uncirculated-58 by PCGS. I thought this was a very nice coin but did not think it would upgrade. It sold to a dealer for $12,650. With Trends at $11,500 in AU-58 and $20,000 in MS-60, this individual clearly believed this coin had a realistic chance of upgrading.

1879-CC: Lot 654, graded Mint State-60 by NGC. There were some noticeable spots on the upper obverse but I still liked this coin a lot and thought it was better than its indicated graded, It sold for $24,150 (Trends is $22,500 in MS-60) so I obviously was not the only person who felt this way.

1882-CC: Lot 655, graded AU-58 by PCGS. This coin sold for a very strong $5,290, which is full Mint State-60+ money for the date. I thought it was a nice 58 but not better.

1883-CC: Lot 656, graded Mint State-63 by PCGS. The 1883-CC is a date that is almost never seen above MS-62. This coin is one of just two graded MS-63 by PCGS with none better. It brought $18,400, which is a strong but not absurd price, given that Trends is $22,000. In my opinion, buying a great coin like this for a bit more than 80% of Trends is a very fair value in today's market.

1884-CC: Lot 657, graded Mint State-62 by PCGS. Trends for this date in MS-62 is $6,500. This coin sold for a healthy $7,475.

1885-CC: Lot 658, graded AU-58 by PCGS. This was a very nice coin that I felt was accurately graded. It sold for $9,250. With AU-58 Trends at $7,250 and MS-60 at $10,750, the new owner clearly graded this coin at least Mint State-60.

1889-CC: Lot 659, graded "MS-64" by Bowers and Merena. This coin was oddly presented as it was one of just two pieces in the Lang collection that wasn't a "no-grade" but was not encapsulated by PCGS or NGC. I graded this piece MS-62 to MS-63 and it was passed on by the bidders at an aggressive opening bid of $15,000.

1890-CC: Lot 660, graded "MS-63" by Bowers and Merena. This was the other piece in the collection that was raw but was capable of being graded. I agreed with B+M's grade and was prepared to pay in the $10,000-12,000 range. The final bid was a very strong $17,250.

1891-CC: Lot 661, graded Mint State-61 by NGC. People who viewed this lot were divided on its quality. I liked it but many people were not crazy about the heavily spotted obverse. Despite the spots, the coin brought $17,250, which is well above CDN MS-60 bid ($10,000) and MS-60 Trends ($12,500).

1892-CC: Lot 662, graded Mint State-62 by NGC. This was a very nice coin for the grade and with a huge jump in Trends between MS-62 and MS-63 ($8,000 to $21,000) it was inevitable that there would be some serious bidding. At $11,500, this piece will either be a great deal for its new owner (if it upgrades) or it will be an all-time record for the date in MS-62.

1893-CC: Lot 663, graded Mint State-63 by PCGS. This was among the nicer 1893-CC double eagles I had ever seen. It brought a very strong $16,100. With MS-63 Trends at $10,000 it was obvious that the successful bidder was hoping for an upgrade to Mint State-64.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Half Eagles - Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high-end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

HALF EAGLES

1870-CC: Lot 607, graded MS-61 by NGC. I loved this coin but it was very flatly struck on the neck. Bid is $80,000 and this coin sold for $77,625. In retrospect, this was a very good deal as it is one of just three known Uncirculated examples of this major rarity.

1871-CC: Lot 608, graded AU-55 by NGC. One of the nicer examples of this date I have seen in some time. I graded it solid AU-58. Bid is $8,750 in AU and $45,000 in MS-60 with no Trends listed over EF-45. The coin sold for $14,950 which is a solid price for the issue.

1872-CC: Lot 609, graded AU-50 by PCGS. Very undergraded and a solid AU-55+ to AU-58 in my opinion. Probably the best 72-CC half eagle I have ever seen with a great strike and superb color over very lustrous surfaces. I purchased this coin for $25,875.

1873-CC: Lot 610, graded AU-53 by PCGS. A solid coin for the grade and accurately graded by today's standards. Bid is $20,000 in AU while Trends is $32,500. This brought $18,975 which seems a touch cheap.

1874-CC: Lot 611, graded AU-50 by NGC. Undergraded; I thought it was a nice AU-55. Bid is $6,500 in AU while Trends is $11,500 in AU-50 and $16,500 in AU-55. This piece brought $10,350. It would have brought more except that there are currently a few other nice 74-CC half eagles on the market.

1875-CC: Lot 612, graded AU-55 by PCGS. I couldn't decide whether I liked this coin or not. I thought it might upgrade to 58 but it was a touch on the dull side. It brought $16,100 with Bid at $8,400 in AU and Trends at $12,250 in AU-50.

1876-CC: Lot 613, graded MS-65 by PCGS. I didn't have to decide about this coin...I loved it and thought it was the single best CC gold coin that I had ever seen. In fact, I grade it MS-67 by today's standards. I purchased this coin for $138,000 and genuinely believe it was fantastic value. I would have paid considerably more and feel that this will be a $250,000 coin the next time it becomes available.

1877-CC: Lot 614, graded AU-58 by NGC. This was the second best 77-CC half eagle I had ever seen and I graded it MS-61. It was a lovely coin that I really wanted to buy but I was outbid by a Florida dealer who paid a solid $29,900. Bid for an MS-60 is $38,000. This is an example of a price that will seem strong to someone who did not view these coins but was probably a good value in the long run.

1878-CC: Lot 615, graded AU-55 by NGC. This was one of the few disappointments for me in the sale. It had a funky orange-gold color which appeared to be artificial. It still brought $24,150, which is a strong price for a date that is bid at $14,500 in AU. Had this coin been choice for the grade, however, it would have brought over $30,000.

1879-CC: Lot 616, graded AU-58 by NGC. I thought this was a nice coin for the grade but I did not see it as Uncirculated. I was obviously wrong, as it brought a strong $10,925. If this coin "works" for the dealer who bought it, it was a purchase, as a Mint State-60 to 61 example is worth $15,000+. If it stays in an AU-58 holder, it's a truly bad deal as it is worth $6,000+.

1880-CC: Lot 617, graded MS-61 by NGC. A really nice coin for the grade which I thought had a solid shot to grade MS-62. I bought it for $11,500. Unlike nearly every 1880-CC I have seen that was graded MS-60 or MS-61 by the services, this one was a real "BU" coin with no evidence of wear.

1881-CC: Lot 618, graded AU-58 by NGC. This was my favorite "sleeper" lot in the half eagle section. I thought it was a very high end MS-61 and easily one of the best I had ever seen. It brought a very strong $17,250; Trends is $13,250 in AU-58 and $20,000 in MS-61 while MS-60 Bid is $16,500. An expensive coin but well worth it.

1882-CC: Lot 619, uncertified due to having been cleaned. An ugly coin that was out of place among the other lovely half eagles in the Lang collection.

1883-CC: Lot 620, graded MS-61 by PCGS. I graded it an MS-62 but didn't like the noticeable scrape in the left obverse field. This coin brought $29,900, which I thought was among the strongest prices in the sale. MS-60 trends is $18,500 while MS-60 Bid is $14,500. This coin was purchased by a very smart dealer but I'm not exactly certain how he's going to make money on this purchase...

1884-CC: Lot 621, graded AU-55 by PCGS. I graded it AU-58 with no chance of being called Mint State. At least two people disagreed with me as this coin brought an incredible $11,500, which is nearly triple the current Trends listing of $4,500 in AU-55.

1890-CC: Lot 622, graded MS-65 by NGC. A really lovely gem example that was one of the nicest common date CC half eagles I have ever seen. It was bought back by the consignor at its opening bid of $14,000. I thought this coin was worth $20,000+ and regretted not buying it as soon as the lot closed.

1891-CC: Lot 623, graded MS-64 by NGC. Bid in MS-64 is $4,350 and this nice example sold for $4,083.

1892-CC: For some odd reason, there was no 1892-CC half eagle in this collection.

1893-CC: Lot 624, graded MS-64 by NGC. I haven't seen many better 1893-CC half eagles than this but I have a hard time getting excited by this date. It brought $14,950 which I thought was the right price considering its quality. Bid is $13,500 in MS-64.

EAGLES (through 1879)

1870-CC: Lot 625, graded EF-45 by NGC. This was the nicest EF example of this date that I have seen in a number of years. It brought $26,450, which is a strong price but not unreasonable when one considers how rare and undervalued this issue is. Bid is $18,000 in EF while Trends is $25,000 in EF-40.

1871-CC: Lot 626, graded MS-62 by NGC. This was one of my favorite coins in the sale. It was a superb, very high end coin with claims to an MS-63 grade and it is easily the finest known 1871-CC eagle. I bought it for $66,125 which I thought was good value given the rarity and quality that this one-of-a-kind coin represents.

1872-CC: Lot 627, graded AU-55 by PCGS. I graded this coin AU-58 and feel it is the finest known example of this rare date. It sold to a collector bidding on the phone for $41,400. This is a strong price but when one considers that this is a finest known coin that will probably never be improved on, it is hard to "overpay."

1873-CC: Lot 628, graded AU-53 by NGC. This coin was reserved for $24,000 and did not sell. A second example, Lot 629, was graded EF-45 by NGC and it brought a very strong $17,250 (Trends is $18,500 in EF-45). This coin will probably wind-up in an AU-50 or AU-53 holder but was not especially nice.

1874-CC: Lot 630, graded MS-64 by NGC. This was the highlight of the Lang collection eagles. It sold for $103,500 to the same dealer who had sold it to Mr. Lang in the mid-1990's. I thought this was a very strong price for this coin but would add that this is another coin, like many in this collection, that truly represents one-of-a-kind quality.

1875-CC: Lot 631, graded AU-53 by PCGS. I wasn't wild about this coin because of its abraded surfaces but did like its originality. It sold for $20,700. Quarterly Bid is $20,000 in AU-50. I consider this to be a strong price for the coin, as I recently sold a similar quality PCGS AU-53 to a collector for 20% less.

1876-CC: Lot 632, graded AU-58 by NGC. This coin was just a bit bright from a dipping but it was very "meaty" with quite a bit of luster visible. I bought it for $29,900 which I thought was a strong price but not out of line for a coin that was the third finest known example of a rare issue. Bid is $12,000 in AU and $45,000 in MS-60.

1877-CC: Lot 633, graded AU-55 by PCGS. I graded this coin AU-58 and consider it the second finest known example of a rare and very underrated issue. It sold for $24,150. At the sale, I thought it was expensive but upon reflection I think this was a good value for the collector who purchased it. Bid is $11,000 in AU (too low) and $40,000 in MS-60.

1878-CC: Lot 634, graded AU-55 by NGC. I graded this coin AU-58 and thought it was either the first or second finest that I had ever seen. It brought $19,550 which I thought was an extremely good value. Trends is $20,000 in AU-50 while Bid is $16,000 in AU. The extreme originality of this coin made it worth considerably more than these published levels.

1879-CC: Lot 635, graded AU-53 by PCGS. I graded this coin AU-53 to AU-55 and thought it was well above average for the date and grade. It sold for $25,300 which I thought was a very strong price, given the fact that Bid is $16,500 in AU.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.

Assembling a New Orleans Gold Coin Type Set

Due to the various denominations and designs struck at the New Orleans mint, assembling a type set of gold coins from this facility is extremely popular with collectors. This mode of collecting makes even more sense when realizes the difficulty and expense of acquiring New Orleans gold coins on a date-by-date basis. Gold coins were struck at the New Orleans mint from 1839 until 1909. Six different denominations were produced: gold dollar, quarter eagle, three dollar, half eagle, eagle and double eagle. There were a total of twelve major types produced, and these are as follows:

Type One gold dollar, 1849-1853

Type Two gold dollar, 1855 only

Classic Head quarter eagle, 1839 only

Liberty Head quarter eagle, 1840-1857

Three Dollar gold piece, 1854 only

Liberty Head half eagle, no motto reverse, 1840-1857

Liberty Head half eagle, with motto reverse, 1892-1894

Indian Head half eagle, 1909 only

Liberty Head eagle, no motto reverse, 1841-1860

Liberty Head eagle, with motto reverse, 1879-1906

Type One Liberty Head double eagle, 1850-1861

Type Three Liberty Head double eagle, 1879 only

There are a number of reasons why collecting New Orleans gold coins by type purposes is sensible for most collectors.

Affordability: High grade examples of these types can be obtained, in many cases, for $5,000-10,000. This means that a very nice twelve coin type set can be assembled for less than $100,000.

Variety: Since each major type of New Orleans gold coin has a significantly different appearance, the collector can assemble a set that is richly varied.

Distinctiveness: Five of the twelve New Orleans gold coins mentioned above are distinct one-year types, meaning that they were produced only in a single year. This adds quite a bit of historic interest to a New Orleans type set.

Completeability: None of these twelve types is so rare or expensive that the collector of average means cannot put a nice example into his or her set. With a date set, there are always issues that are so hard to obtain that they are "stoppers" for many collectors.

A brief discussion of each of the twelve major types of New Orleans gold coins should prove useful for new collectors.

1. Type One Gold Dollar: The gold dollar denomination was introduced in 1849. The first major type was produced from 1849 until 1854 and it has a small liberty head on the obverse. New Orleans produced Type One gold dollars for five years. The 1850-O is by far the scarcest of these issues but a very nice example can be purchased for under $5,000. Mint State-63 to Mint State-64 examples of the other dates (except the 1852-O) can be had for $3,000-7,000. I personally like the 1849-O as a type coin since it is a first-year-of-issue.

2. Type Two Gold Dollar: This is a one-year type that was produced only in 1855. It is relatively common in circulated grades but it is rare in the lower Uncirculated grades and very rare in Mint State-63 or better. It is extremely hard to locate a nice piece that is well struck and has original color and surfaces. For most collectors, an example in the Mint State-60 to Mint State-62 range will suffice and such a coin is valued in the $5,000 to 10,000+ range.

3. Classic Head Quarter Eagle: The Classic Head New Orleans quarter eagle of 1839 is similar in rarity and historic profile to the 1855-O gold dollar. The 1839-O quarter eagle is a popular one-year design type that is not really rare in circulated grades and can sometimes be found in the lower range of Uncirculated. It becomes rare in Mint State-62 and is very rare in Mint State-63 or better. A nice Mint State-60 to Mint State-62 is valued in the $5,000-10,000 range.

4. Liberty Head Quarter Eagle: A total of fourteen different quarter eagle issues were struck at the New Orleans mint between 1840 and 1857. This includes a Small Date and Large Date variety in 1843. The most common issues in higher grades are the 1843-O Small Date, 1854-O and 1857-O while the rarest are the 1840-O, 1842-O and the 1845-O. I would suggest that the type collector seek a coin like an 1843-O Small Date or an 1854-O in Mint State-62 for his set. When available, such a piece sells for $2,500-3,500 and is very good value.

5. Three Dollar Gold Piece: This is the third one-year type in the New Orleans set. It was produced only in 1854. The 1854-O three dollar gold piece is common in Very Fine and Extremely Fine and only slightly scarce in the lower About Uncirculated grades. It becomes very scarce in About Uncirculated-55 to About Uncirculated-58 and it is extremely rare in Uncirculated. A Mint State-60 to Mint State-61 coin, if available, will cost in the area of $20,000 and will prove to be among the most difficult pieces for the type collector to acquire. Nice About Uncirculated-55 to About Uncirculated-58 pieces range from $5,000 to $10,000+.

6. No Motto Liberty Head Half Eagle: Thirteen No Motto half eagles were struck between 1840 and 1857. This includes Large Letters and Small Letters varieties from 1843. The two most common dates are the 1844-O and the 1854-O while the rarest are the 1842-O and the 1847-O. All No Motto half eagles from this mint are scarce in Mint State-60 to Mint State-62 and all are very rare in Mint State-63 or better. An 1844-O in Mint State-60 to Mint State-62 would be a perfect type coin and would cost between $4,000 and $7,500. The only other issue that is sometimes seen in Uncirculated is the 1854-O.

7. With Motto Liberty Head Half Eagle: This type was produced for just three years: 1892, 1893 and 1894. The rarest of these is the 1892-O while the most common is the 1893-O. For type purposes, most collectors look for either an 1893-O or an 1894-O. Both are common in all circulated grades and modestly scarce in Mint State-60 to Mint State-62. They are very rare in Mint State-63 and excessively rare above this. A nice Mint State-62 example of the 1893-O or 1894-O half eagle is currently very good value in the $2,000-2,500 range.

8. Indian Head Half Eagle: The 1909-O is the only one-year half eagle type from New Orleans. It is also regarded as one of the rarest Indian Head half eagles in high grades. Most 1909-O half eagles grade Extremely Fine-45 to About Uncirculated-55. This is a scarce coin in About Uncirculated-58, a rare one in the lower Uncirculated grades and a very rare issue in Mint State-63 or better. A nice Mint State-60 to Mint State-62 example should cost in the area of $5,500 to $10,000+.

9. No Motto Liberty Head Eagle: There were twenty-one different No Motto eagles struck at the New Orleans mint between 1841 and 1860. This includes a Large Date and Small Date variety in 1854. The rarest issues of this type are the 1841-O and the 1859-O while the most available dates are the 1847-O and the 1851-O. While a number of these issues have reasonably high mintage figures, Eagles were a workhorse denomination in local commerce. This resulted in most issues being well circulated. In addition, many coins were melted. As a result, any Uncirculated no motto New Orleans eagle is very scarce. A nice Mint State-60 to Mint State-62 piece should be available in the $5,000 to $10,000 range.

10. With Motto Liberty Head Eagle: After the end of the Civil War, the New Orleans mint was closed. It did not resume coinage until 1879. From this year until 1906, a total sixteen different With Motto Liberty Head eagles were produced. The major rarities of this type are the 1879-O and the 1883-O while a number of issues, such as the 1903-O, 1904-O and the 1906-O, can be located in grades up to and including Mint State-63 without much effort. Any date of this type in Mint State-64 is quite rare and gems, while more available than other large denomination New Orleans gold coins, are still very rare and desirable. A common date example in Mint State-63 is currently valued at $1,500 to $2,000 and in Mint State-64 at $4,500-6,000+.

11. Type One Liberty Head Double Eagles: This type was struck from 1850 to 1861. There were a total of twelve issues produced. This includes two legendary rarities: the 1854-O and the 1856-O. For type purposes, the two most practical dates are the 1851-O and the 1852-O. These are common in lower grades, scarce in the higher About Uncirculated grades and very rare in Mint State-60 or better. A Mint State-60 to Mint State-62 examples of one of these two issues is valued at $12,500-22,500. Most other Type One double eagles from this mint are extremely rare in Uncirculated and are not practical for a type set.

12. Type Two Liberty Head Double Eagles: Only 2,325 Type Three double eagles were struck at this mint and all were produced in 1879. The 1879-O is a rare and very popular coin whose status is enhanced as a one-year type. When available, this coin is typically seen in the Extremely Fine-40 to About Uncirculated-50 range. There are only four to six known in Uncirculated and the finest of these sold at auction for $115,000 in late 2001. In most type collection of New Orleans gold coins, this will be one of the few pieces that are not Uncirculated. A nice mid-range About Uncirculated example should cost $15,000 to $20,000.

In my opinion, the basic twelve coin New Orleans type set is a very interesting option for the collector. The price ranges listed above are for high end examples, and this set could be assembled for $30,000-40,000+ if Extremely Fine-45 to About Uncirculated-55 pieces are substituted for such expensive types as the three dollar gold pieces and the Type One and Type Three double eagles.

All About The Condition Census

The concept of Condition Census was first introduced to numismatics by noted Large Cent collector and researcher Dr. William Sheldon in the 1940's. Since then, it has been refined to include a listing of approximately the five or six finest examples of a specific date or type or in the case of series such as Large Cents or Bust Half Dollar, a specific die variety. All of my books on branch mint gold coins contain Condition Census information and I actively maintain a database with updated information for Charlotte, Carson City, Dahlonega and New Orleans issues. Some of these Condition Census databases can be purchased from me.

People who are new to rare coin collecting may not understand this information and this brief article is an attempt to make sense of the data which is contained in a typical Condition Census listing.

The three listings below are for 1839-D half eagles. They represent the coins that, in my opinion, are the finest examples of this date that exist. Obviously, this listing does not include coins that have never appeared at auction or which have traded privately in transactions of which I am not aware. In addition, there are probably links in these pedigree chains of which I am not aware; i.e., dealers who have sold or brokered one or more of these coins during a period of time in which the coin's history was not known.

1839-D Half Eagle Condition Listings

Private collection, ex New York Gold Mart (Ron Karp), Numisma (Stack's/RARCOA/Akers) 11/95: 1451 ($16,500), Winthrop Carner, Stack's 5/95: 433 ($24,200), Ed Milas. Graded Mint State-62 by NGC.

Green Pond collection, ex Heritage 1999 ANA: 7666 ($19,550), Chestatee collection (Duke's Creek duplicates), Hancock and Harwell, Leon Farmer collection. Graded Mint State-62 by PCGS.

Alabama collection via Al Adams, ex Bowers and Merena Bass IV sale, 11/00: 352 ($25,300), Harry Bass collection, Kreisberg 11/70: 1693. Graded Mint State-61 by PCGS.

As these three listings show, there are two Mint State-62 1839-D half eagles known. I regard the NGC MS-62 as the better one so it is listed first. There is more than one Mint State-61 piece known but the coin rated as #3 above is, in my opinion, the best and it is therefore listed as the first MS-61 in the Census.

The location of coin #1 is not currently known to me so it listed in a "private collection." There are other cases when I know the location of a coin but the collection wishes to remain completely anonymous.

This coin was either purchased directly or indirectly (I am not certain which) from New York Gold Mart, a firm owned by dealer Ron Karp, who in turn, purchased it directly out of a November 1995 auction where it was Lot 1451 and sold for $16,500. It was consigned to this sale by a dealer named Winthrop Carner who had purchased it from the Stack's May 1995 auction for $24,200. Prior to this, it was in the collection of Ed Milas, a well-known Chicago dealer. I am not aware of any pedigree information before it was obtained by Milas.

The second finest known 1839-D half eagle is a PCGS Mint State-62 coin that is in the Green Pond collection. It was obtained directly by this collector from the Heritage 1999 ANA sale where it brought $19,550. It was consigned to the sale by the owner of the Chestatee collection which was, in fact, a group of duplicates from the Duke's Creek collection. Before this, it had been obtained via private treaty from the Georgia firm of Hancock and Harwell who purchased it from a collector named Leon Farmer. I am not certain where the coin was before this, thus there is no earlier information listed.

The third finest known 1839-D half eagle is currently in an Alabama collection and it was obtained from the Bass IV sale held by Bowers and Merena in November 2000. In this sale, the collector employed the dealer Al Adams as his agent, which is why it is listed as being "via" him instead of "ex Al Adams." Harry Bass bought the coin from a November 1970 Abner Kresiberg sale.

Depending on your knowledge of Dahlonega gold coins and the players in the rare coin market, the information listed above either makes complete sense or it looks like the Dead Sea scrolls in ancient Hebrew.

To comprehend any Condition Census, you must learn the market participants. Learning the names of the dealers and auction companies is easy. Learning the name (real or assumed) of the collectors is harder and will take longer for the newcomer.

Assuming that you have read this article and have decided to make use of a Condition Census, your next question should be: how can I use this information to my best advantage? Some suggestions are as follows:

Condition Census information can help you determine what to pay for a coin. The listings for high grade 1839-D half eagle shown above give an indication of what these pieces have brought at auction in the past ten years.

Condition Census listings can help identify the pedigree of a coin. If you have purchased a high grade piece and you discover it is from a famous collection such as Bass, Eliasberg or Pittman, you have added value to your collection.

A Condition Census will teach you which auction catalogs you should add to your numismatic library. You will see certain names mentioned again and again in any Condition Census. If you do not have this catalog in your library, you should consider purchasing it.

A Condition Census will inform you which dealers are players in the market and which are not. My name is mentioned all through the 19th century branch mint gold Condition Census listings since I have handled so many of these coins in the past. This, in my opinion, verifies my claim as being an expert in this area. If a dealer you are buying high end pieces from claims he is an expert but has never owned important coins, this may be a sign that you need to look elsewhere.

Even if you collect lower grade coins which are not close to being Condition Census quality, you should still become familiar with these listings. In numismatics, knowledge is power and having this information will make you a better collector in every sense of the word.

The Registry Set Phenomenon

PCGS introduced the concept of the registry set a few years ago but the concept did not seem to catch on until the early part of 2000. In the last two years, it has become an unqualified hit for PCGS with over two thousand collectors currently participating. The concept of the registry set is simple. Collectors seek to assemble complete sets and list them on the PCGS website when they wish to share the information. Some collectors wait until their sets are complete or nearly finished; others list sets that include just a few dates.

Registry sets have had a huge impact on certain market areas. As an example, prices in series such as Jefferson Nickels and Eisenhower Dollars have risen dramatically in the past two years. If an issue in one of these series is (currently) low population, the chances are good that at least one registry set collector will pay a very strong price for it.

Interestingly, the registry set phenomenon has had virtually no affect on the rare date gold market. When I last checked, there were only one three sets listed for Dahlonega gold and none for Carson City or Charlotte. Collectors of such popular series as Type One Liberty Head double eagles or New Orleans gold couldn't list their sets in the PCGS registry if they wanted to as they are not yet granted their own category.

Many experienced collectors look at the registry set phenomenon as a current market fad that is destined to die a quick and painless death. While I strongly believe that prices on many modern coins have become ridiculously inflated as a direct result of registry set demand, I do not think this is a passing fad. In fact, I think it can be a real long-term benefit to the coin business.

In order to benefit from this new system, the collector must understand it and use it to his benefit. Here are some points to consider:

At this point in time, it is to late to jump on the registry set bandwagon as far as modern (post 1950) coinage goes. But, since virtually no one has properly used this system for 19th century gold coins, it is very easy to have a #1 or #2 set in a popular series such as Charlotte or Dahlonega gold.

Registry sets are all about marketing. Placing your set on the PCGS registry does not mean you are going to sell it. But it provides you with terrific (free) exposure. It also adds instant creditability to a set. Your set sounds more impressive as "Joe Blow's Carson City Gold Set: The #1 Set on the PCGS Registry" than just "Joe Blow's CC Gold Set." And this could translate to higher prices when you sell your coins.

The collector needs to make the registry set concept work for him and not vice-versa. Paying outlandish prices for common date coins solely to have a #1 set is not a prudent move. Being on the cutting edge and assembling the #1 set of Charlotte gold when everyone else (or so it seems...) is chasing MS-67 Eisenhower dollars may prove to be extremely intelligent in the long run.

There are a few hardcore registry collectors who have already assembled a number of high ranked 20th century sets. It is likely that at least a few of these will turn their attention to 19th century sets and when they do, the demand for certain coins could rise quickly.

If PCGS begins to promote the concept of "classic coin" registry sets, it is likely that the concept will catch on more quickly. Knowing the marketing savvy that PCGS has, it seems likely that they will create more classic coin sets and promote them in the future.

I have a few basic complaints about the registry set concept and how it hurts the coin market. I'd like to point these out:

Many registry set buyers make foolish purchases. In most modern series, the price differential between an MS-67 and an MS-68 can be astronomical. This doesn't apply to the rare date gold market yet...but if it does, collectors should think carefully about buying "supergrade" coins if the only reason for doing this is to score extra registry points.

The concept of the registry set does not reward the coin itself; only its "plastic grade." As the savvy collector knows, there can be an AU-58 Charlotte half eagle that has infinitely better eye appeal than an MS-62; yet in the registry the ugly MS-62 is more highly rated than the high end AU-58. Don't make poor buying decisions just because your "competition" has a high grade example of a specific issue. Your lower grade piece could well be a better coin!

The rarity factor of certain coins are not (yet) properly weighted. In the modern coin series, PCGS has addressed this problem. But as the system currently works, a high grade example of a very rare issue such as an 1856-D quarter eagle is given the exact same value as a more common issue. Until this is properly addressed, the ranking of rare date gold sets is irrelevant.

Collecting is about more than having a highly ranked registry set. If the sets are used to promote numismatics and the fun inherent in this hobby, great. If they become a tool for dealer hype and collector ruthlessness, as they are in the modern coin arena, than they are causing more harm than good.

Registry-related fads can be harmful to the neophyte's pocketbook. As an example, it is likely that at some time in the near future, deep cameo and ultra cameo proof gold and silver coins from the 19th century will be given more weight in the set registry than their non-cameo counterparts. Don't pay a large premium for one of these cameo pieces; especially in a series that most coins already tend to come with cameo contrast.

Like it or not, the registry set phenomenon is here to stay. For the collector of rare date gold coins, it is an interesting opportunity to get in on the ground floor and, quite possibly, add some "free value" to an already collectible set.

Type One Philadelphia Double Eagles: A Date By Date Analysis

The Philadelphia mint struck Type One double eagles between 1850 and 1865. This is an extremely interesting group of sixteen dates (plus varieties), which run the gamut from common to rare. In my opinion, they are the best value among Type One double eagles. They are much more affordable than their New Orleans counterparts and far scarcer than the issues from San Francisco. This is a set that can be completed in reasonably high grades by the collector of average means but it will prove challenging to find nice, original examples of most of these dates. 1850: A very popular issue due to its status as a first-year-of issue date. The 1850 is known for having a very good strike and nice luster. Original pieces exhibit attractive orange-gold or deep rose-gold coloration. This date has risen considerably in price in the past three years but is still a good value in the mid-level AU grades and above. It is sometimes seen in MS-60 to MS-62 but it becomes quite rare in MS-63 and is extremely rare above this.

1851: The most available date from this decade along with the 1852 but still not a common coin in higher grades. There are a number of decent AU's around but properly graded Uncirculated 1851 double eagles are quite scarce and any that grades MS-62 or better is rare. Higher grade examples often have nice color and good luster but exhibit numerous wispy hairlines. Circulated pieces are prone to show bagmarks or deep abrasions. This is an issue that the collector would do well to be patient and wait for the right piece for his collection.

1852: The 1852 is similar in rarity to the 1851. It is common in lower grades and only moderately scarce in AU-55 to AU-58. In Uncirculated it is quite scarce and rare in MS-62 or better. Most are well struck and have good luster but are prone to display heavy bagmarks. As with the 1851's, a number of higher grade 1852 double eagles have great color and luster but show fine hairlines on the surfaces. An interesting variety in known that shows strong doubling on the date. If you want a single "type coin" from the 1850's, this is probably the best choice.

1853: The 1853 is not a rare date but it is much harder to locate than the 1851 or 1852. In the higher AU grades, it is scarcer than most people realize and it is rare and very underrated in Uncirculated. I have not seen more than a handful that grade MS-62 and just one or two that were better than this. As a rule, the 1853 is found with minor weakness of strike at the centers and heavily marked surfaces. The natural coloration is medium to deep orange-gold. There are varieties known with repunching on the 3 in the date (common) and with noticeable repunching on the entire date (rare).

1853/2: The only unquestioned overdate in the entire Liberty Head double eagle and one of the key issues in higher grades. Easily identifiable by the presence of a raised die dot below the RT in LIBERTY. Usually found in Extremely Fine grades and very scarce in the lower range of AU; very rare in AU-55 to AU-58 and extremely rare in Mint State. I have only seen three Uncirculated pieces, all of which graded MS-61. Every 1853/2 double eagle I am aware of is extensively abraded and very few have not been cleaned or dipped. If you have a chance to buy a piece that grades AU-50 or better and is clean for the grade, I would highly suggest you "go for it."

1854: The 1854 is one of the more common Philadelphia type one issues in terms of its overall rarity but it is much harder to find in high grades than the 1851 or the 1852. In AU-58, the 1854 is very scarce and it is quite rare in Uncirculated. I have only seen one or two that I graded MS-63 and none better. As a rule, the 1854 is very heavily abraded and is characterized by dull grainy luster. A number of pieces have mint-made planchet problems. Most show a small date. A rare and undervalued variety has a large date punch. The large date is extremely rare in Uncirculated and is grossly undervalued in AU-50 and above.

1855: The 1855 ushers in a quintet of scarce, underrated double eagles from this mint. While available in lower grades, this date is very scarce in properly graded AU-55 to AU-58 and very rare in Uncirculated. Most of the few available Mint State coins are low-end and have extensive deep abrasions. The typical 1855 is relatively wells truck with deep green-gold color. Many have been dipped or cleaned and most are riddled with bagmarks. Attractive, original pieces are undervalued at current levels.

1856: My favorite "sleeper" issue from the 1850's. While fairly common in lower grades, the 1856 is very scarce in the higher AU grades and very rare in Uncirculated. In the past five years, I have only seen three Uncirculated examples of this date and not all that many nice AU-58's. Most 1856 double eagles have heavily marked surfaces and grainy, dull surfaces. A number have mint-made planchet problems. At current price levels, this date is very good value.

1857: The 1857 is not as scarce as the 1854-1856 issues, especially in higher grades. However, this is still far from being a common date and most are seen in lower grades. Nice AU-55 to AU-58 examples are scarce and Uncirculated pieces are rare. This is generally a well struck and lustrous date but many higher grade pieces have serious mint-made planchet problems. A number have been cleaned and the few that show original color are worth a substantial premium over the typical example.

1858: Generally regarded as a fairly common issue but actually quite scarce in any grade above AU-50. This is a very rare coin in Uncirculated and most of the higher grade pieces have mint-made planchet problems or noticeable marks. Often found with heavy abrasions and unappealing deep coloration or very bright from overzealous cleanings and/or dippings. I think the 1858 double eagle is a great value at current price levels, especially in the AU-55 to MS-62 grade range.

1859: This is the rarest Philadelphia double eagle from the 1850's and it is one of the rarest of all the Type One issues in high grade. Nearly every one I have seen has extensively abraded surfaces and most have been cleaned at one time. Any piece with minimal detracting marks and original color is extremely desirable. The 1859 is very rare in the higher AU grades and it is an extreme rarity in Uncirculated. I have only seen three or four Uncirculated coins and none were better than MS-61.

1860: The 1860 is among the more available Type One issues from this mint, although it is considerably more scarce than the 1861. It is often seen with a good strike and nice luster. The natural coloration is often an attractive rose-gold shade. There are some very high grade examples known (MS-63 to MS-65) and these are similar enough in appearance to suggest a small hoard many have existed at one time. Nice MS-60 to MS-62 1860 double eagles remain an excellent value at current levels.

1861: In anticipation of the approaching Civil War, the mintage figure for double eagles skyrocketed in 1861. This is the most common Type One double eagle and before the discovery of the S.S. Central America, it was the most available date in higher grades. The 1861 is fairly easy to find in MS-60 to MS-62 grades but it remains rare in MS-63 and very rare in any grade higher. There are some extremely nice pieces available with great luster and color but most offered for sale have been cleaned and are extensively abraded.

1862: The 1862 has long been one of my favorite double eagles of any type. This is a scarce date in all grades and it is the rarest Type One issue in higher grades (AU-50 and better). I feel it is extremely undervalued and it generally trades and substantial premiums above current published price guides. Most have inferior luster and are "baggy." A few very nice higher grade coins are known and these have good color and luster. They trade for very strong premiums among knowledgeable collectors.

1863: The 1863 is a bit less rare than the 1862 and it is slightly more available in premium quality grades. It is still a very scarce and undervalued coin that appears on many collector's want list. It is generally a well-made issue with good overall detail and attractive satiny to semi-prooflike luster. The natural coloration is medium to deep green-gold or orange-gold. Nearly every known example shows significant marks on the surfaces. The few nice 1863 double eagles I have seen in recent years have sold at levels exceeding "Trends" and "Quarterly Bid" so the collector should be willing to "step up" if the right coin becomes available.

1864: The 1864 is another very scarce Civil War date although not as much so as the 1862 and the 1863. It is generally seen in Extremely Fine and it is quite scarce in the lower to mid AU grades. The 1864 is quite rare in properly graded AU-58 and very rare in Uncirculated. Many show dark, unappealing coloration and most have poor eye appeal due to heavy surface marks. At current price levels ($4500-5000 for a nice AU-58) this date is a wonderful value, especially given the fact that it is essentially unobtainable in any Uncirculated grade.

1865: This is the final Type One double eagle from the Philadelphia mint. It is scarce, although not nearly as much as the 1862-64 issues. The 1865 is usually seen in EF-40 to AU-50 and it is very scarce in the higher AU grades. It is very rare in Uncirculated and the few that are known in this range are generally in the MS-60 to MS-61 range. This date tends to have better eye appeal than the 1862-64 and there are some nice, original 1865's available from time to time. An interesting variety is known with a noticeably repunched date. This is another issue that is a great value at current levels ($3000-3500 for a nice AU-58).

Type One Double Eagle Buying Tips

1. Look for coins that are as original as possible. It is my opinion that, in the coming years, nice original examples of Type One Philadelphia double eagles will bring strong premiums over dipped, "typical" quality examples.

   Stretch on the rarities. The perfect Type One set would have very high end examples of dates such as the 1853/2, 1859, 1862 and 1863 and average to above-average examples of the 1851, 1852, 1853, and 1861.

   Don't pay a premium for varieties that are not yet recognized. The only Type One varieties that are widely recognized are the 1853/2 and the 1854 Large Date. Other varieties may become recognized in the future but they do not currently requite a premium to buy them. Become familiar with these and learn how to "cherrypick" them.

   Buy the coin and not the holder. There are PCGS and NGC Type One double eagles that are outstanding for the grade and there are those that are very low end.

Rarity Charts Overall Rarity

This chart ranks the Philadelphia Type One double eagles in terms of their overall rarity; i.e. the total number known to exist in all grades combined.

1. 1853/2

2. 1862

3. 1859

4. 1863

5. 1864

6. 1856

6 (tie). 1865

8. 1855

8 (tie). 1858

10. 1857

11. 1851

12. 1860

13. 1850

13 (tie). 1852

13 (tie). 1853

13 (tie). 1854

17. 1861

Premium Quality Rarity

This chart ranks the Philadelphia Type One double eagles in terms of their overall rarity; i.e. the total number known to exist in all grades combined.

1. 1862

2. 1853/2

3. 1863

4. 1859

5. 1856

6. 1864

7. 1855

8. 1858

9. 1857

10. 1865

11. 1854

12. 1850

13. 1853

14. 1851

15. 1852

16. 1860

17. 1861

A Source List For Supplies

In over twenty years as a professional numismatist, I have discovered some excellent supplies and "peripherals" that make my business easier and more pleasurable. I'd like to share some of these with you. Coin Viewing: I generally use a 5x magnifier when I am viewing coins. In my opinion, anything stronger than this makes even the nicest coin look bad and does not present a realistic view of its appearance. When it comes to magnifiers, nothing compares to German optics. The best magnifiers I have ever seen are made by Zeiss. These are very expensive and given the fact that they can be easily lost, you may not want to spend this much (typically in the $100-200 range). I use Eschenbach magnifiers. They are reasonably priced (around $50 for a compact unit) and last forever.

An equally important component of coin viewing is lighting. When I am grading coins, I like to use a small, intense halogen source. The best halogen lamp I have found is made by Zelco. One model I like is the "Micro," which comes in a variety of colors and sizes. These can be purchased at a good lighting store or over the Internet.

Coin Insurance: If you have a collection that is worth more than a few thousand dollars, you should consider purchasing insurance. The insurance policy should cover your coins while they in storage and in transit. If you bring your coins home from time to time, make certain that your insurance is also applicable to your residence.

Most traditional insurance companies do not understand collectibles so it is wise to look for a specialist. I have used North American Collectibles for a number of years (as do many dealers) and can highly recommend them. Speak with Barbara Wingo at (410) 857-5011 and ask for an application.

Coin Storage: Unless you live in a house with exceptional security, you need to store your coins in a secure area. If you haven't already done so, I would strongly recommend going to your local bank and renting a safe deposit box. Most banks charge $100 per year for a good-sized box.

If you live in an area that has above-average humidity, consider placing a desiccant (moisture remover) in your safe deposit box. There are a few good products available; call one of the supply dealers listed below for suggestions. If you collect mint red copper coins and live in a humid area, it is IMPERATIVE that you use a good desiccant.

Coin Boxes: I use two types of boxes to store my coins. My favorite is the hard plastic model sold by NGC. These fit twenty pieces and unlike the boxes made by PCGS, they comfortably fit coins graded by both major services. They cost around $5.00 each and can be ordered through NGC's customer service department (800-NGC-COIN).

For larger numbers of coins, I like the traditional "big red boxes" that are made from reinforced cardboard. These boxes, which also come in black, can be ordered from any good supply company for just a few dollars each.

Briefcases: If you plan to take a significant amount of merchandise to a coin show to sell, you will need a good case to transport it. I strongly recommend a canvas case that has a telescoping handle and wheels. I have burned my way through numerous expensive cases and found that the best rolling case I have yet to buy is the $50-75 version from Office Depot.

If this is not classy enough for you, look into a leather salesman's sample case or a ballistic nylon case from a manufacturer such as Tumi. I would strongly caution you against purchasing a fancy metal case (such as a Halliburton) as these are very heavy and conspicuous. In fact, they virtually scream at all viewers that "I am carrying something expensive. Please rob me!"

Shipping Supplies: It is a good idea to have some basic shipping supplies on hand. I would highly recommend purchasing safe-t-mailers. These are self-adhesive ribbed cardboard holders that fit inside a number of envelope sizes. They can be purchased from any of the supply dealers below.

You should also make certain you have a supply of padded mailers and tape. These can be found at any good local office supply company.

Coin Books, New: There are a number of good sources for new books. The American Numismatic Association (www.money.org) has an excellent selection of new books. Both Coin World and Krause Publications feature books that they have published, including a number of must-have titles for the gold coin collector. Any of the book dealers listed below will have a number of titles that are important.

Coin Books, Scarce and Out-of-Print: As you become more serious about coins, it is likely that your thirst for knowledge will increase. For many series, there are few current references and you will have to search for scarcer, out-of-print books, monographs, and auction catalogs. I strongly recommend establishing a good relationship with one or more of the following dealers. Let them know your interests and get on their mailing lists.

Charles Davis: numislit@aol.com

George Kolbe: gfk@numislit.com

Fred Lake: fredlake@tampabay.rr.com

Karl Moulton: numiscats@aol.com

Recommended Supply Dealers:

Brooklyn Galleries (www.brooklyngallery.com) 718-745-5701

J.T. Stanton (www.stantonbooks.com) 912-232-8655

TransLine (www.transline.com) 714-258-0963

South Park Coins (www.southpark.com) 972-564-6995