The Old West Collection of Carson City Half Eagles and Eagles: An Analysis

On August 11, 2006 ANR sold the Old West Collection of Carson City half eagles and eagles. This was the single most important specialized sale of Carson City gold coinage held since the Lang Collection was auctioned by Bowers and Merena in July, 2002. This sale, thus, provided collectors with an excellent opportunity to gauge the current state of the market for high quality Carson City gold issues. On a personal note, this was also an interesting sale for me. The consignor of the Old West collection is a good customer and friend of mine and I sold him all of the eagles and a number of the half eagles in the collection. So I was participating in this sale not only as a bidder but as an interested “friend of the collection” as well.

I. HALF EAGLES

The Old West collection lacked two issues to be complete (the 1873-CC and the 1876-CC) but it did include a number of important condition rarities. My personal observation was that this was a very nice group with some great individual coins but the eagles were better matched, more original and of a generally higher overall quality.

1870-CC PCGS AU58: This was the Bass II: 1170 coin which sold for a strong $69,000 in October, 1999. It is the single best circulated example of this date I have ever seen and it certainly had the appearance of an MS61. My personal feelings about this coin was that it sold for too much in 1999 but that the market had probably risen to the point where it would sell for around the same amount as it had brought seven years ago. It realized $80,500 (note that all prices realized in this article include the 15% buyers premium charged by ANR).

1871-CC PCGS AU58: I purchased this coin out of the Richmond Collection sale in 2004 where it realized $18,400. This is not an easy coin to figure value-wise as there is no Trends above AU50 and very few high grade examples have sold in the past few years. It commanded a winning bid of $27,600 which I thought was a very solid price.

1872-CC NGC AU58: I’m not exactly sure how or why, but high grade examples of this date seem to be everywhere. I’ve seen at least a half dozen AU55 and better 1872-CC half eagles at auction in the past year or so. Some of these are undoubtedly coins that are recycling while others are overgraded examples that were formerly in lower grade holders. Regardless, this date has lost a bit of luster in my eyes but the NGC AU58 in the Old West collection is still among the highest graded. I thought it was nothing special from a quality standpoint and it brought $29,900.

1874-CC PCGS AU58: This is the most common Carson City half eagle struck during the early years of the Mint’s operation but properly graded AU55 and higher pieces are quite rare. I wasn’t all that crazy about this coin but it had a decent commercial appearance and a much better strike than usual. It opened at $12,000 but was bid all the way up to $27,600 which has to be a record price for a circulated example of this date. With AU58 Trends at “only” $25,000 I would assume that the consignor was thrilled with the prices that this coin brought.

1875-CC PCGS AU55: This was a decent coin except for the fact that it had a large, nasty reeding mark right on the jaw of Liberty. It sold for $17,250 which is a little bit more than 70% of Trends. I would assume that the consignor probably broke even on this coin or possibly made a bit of money but it clearly was not one of his best purchases.

1877-CC PCGS AU55: I thought this was a decent, fairly original coin which would bring around $10,000-11,000. But it sold for $17,250 to one of the sharpest “crackout” dealers in the business so I’m assuming that this piece will soon be a bright, shiny AU58.

1878-CC PCGS AU50: This was my least favorite half eagle in the collection. The obverse coloration was artificial and had been applied to cover an old cleaning. Despite this fact, there is no denying the rarity of this date and the Old West coin was bid to a fairly respectable $16,100 which is nearly 75% of Trends. I think if this exact coin had been offered for sale in the regular section of the ANR catalog it would have brought 15% less.

1879-CC PCGS AU58: I had purchased this coin in the Richmond collection sale in an NGC AU58 and paid somewhere in the area of $9,000 thinking it would upgrade to MS61. It never worked for me and I sold it to the Old West collection’s owner for a small profit. This time around, the coin was sold to a savvy collector who paid $12,650. I’m assuming he didn’t buy it to play the upgrade game and if he keeps it in the PCGS AU58 holder he’ll own probably the nicest “slider” example of this date in existence.

1880-CC PCGS MS62: Here was an interesting coin to ponder when considering how the market for high grade Carson City gold has fared since 2000. In May of that year, this lovely example sold in the Bass III auction for a then-reasonable $13,800. In the Old West collection auction, six years later, it sold to the same collector who purchased the 1879-CC for $29,900. While this seems like a stunning increase, I still think this was a good value. It is arguably the second finest known example of the date and it has a superb pedigree (ex: Old West, Bass, Norweb and Melish collections). In today’s market, truly rare coins with great pedigrees such as this are held in high esteem by sophisticated collectors.

1881-CC NGC MS62: I regard this as one of the highlight coins in the Old West collection but it did not meet its reserve and did not sell. Shameless plug: I will have this coin available for sale at my table at the Denver ANA and I would strongly suggest that any serious collector of Carson City gold coinage who wants an unimprovable example of the rarest half eagle from the 1880’s should give this coin careful consideration.

1882-CC PCGS MS62: The 1882-CC is the most common Carson City half eagle from the 1880’s but there are not many pieces out there that compare to this example. It was the second best that I have personally seen and it brought $32,200 which I believe is a record price for this date.

1883-CC PCGS AU58: The rich orange-gold coloration that this coin displayed on the obverse made it uncommonly attractive for the grade but I don’t think anyone looked at this coin as having the potential to upgrade to MS61 if resubmitted. Thus, its price realized of $9,775 is very surprising in my opinion. Trends is $11,000 but I have seen other similar quality examples of this date trade for less money. In an auction environment, however, such considerations are often forgotten.

1884-CC PCGS AU58: Before I sold this coin to the owner of the Old West collection I tried it a number of times to grade higher at both PCGS and NGC. Someone who is better at the crackout game then I am paid $12,650 for this coin and if it works, he’ll have a nice little score. If it doesn’t work, he’ll have a problem on his hands as AU58 Trends is only $10,000.

1890-CC PCGS MS64: This is not a rare coin in this grade but I thought it was an uncommonly nice piece for the grade. It brought $9,775 which I thought was a fairly strong but not ridiculous price given the overall tone of this sale.

1891-CC PCGS MS65: I had sold this coin to the owner of the collection around a year ago for a price somewhere in the mid-$30’s. It was hard to gauge what it would bring in this sale. I thought there was actually a chance it could bring over $50,000 if two deep-pocketed type collectors butted heads, but I also could have seen it bringing in the low $30’s. It opened at $18,000 and there were numerous people bidding until two people remained at $35,000. The final price realized was $43,700 which is certainly a lot of money for an example of this common date but considering it is the only MS65 graded by PCGS I could have seen it selling for more.

1892-CC PCGS MS63: This attractive, original example was a very good value at $5,750. I have seen a few far inferior examples in MS63 holders sell for $5,000 or so and I thought this coin was really PQ for the grade.

1893-CC PCGS MS62: With Trends at $4,000 I expected this coin to sell for around $2,750-3,000. Instead, it brought a very strong $4,600.

II. EAGLES

I had sold the entire group of eagles in the Old West collection intact to its current owner around three years ago. It had formerly been known as the Orange County collection and I had assembled the collection between 1996 and 2002. It included a number of important Condition Census pieces and pre-sale buzz regarding the coins seemed very favorable.

1870-CC PCGS AU55: When I first bought this coin in June 2000, I don’t think more than a handful of people realized its importance. In a nutshell, it is the finest known example of the rarest Carson City eagle. With unattractive Extremely Fine examples of its big brother the 1870-CC double eagle now selling for close to $200,000, this coin seemed to have potential to bring a record price. When the dust cleared, it sold for $115,000; clearly a record price for the issue but still a reasonable level when one considers the big picture. If eagles ever become as popular as double eagles, I could see this coin becoming worth $200,000+ in the near future.

1871-CC PCGS AU55: I always thought this was a fairly mediocre coin for the grade but other people thought it had a shot to come back as an AU58 if it were regraded. It sold for $25,300 which means, basically, that I was wrong and maybe it was actually a pretty decent coin after all.

1872-CC PCGS AU55: I liked the originality of this coin and thought that if it were dipped it would probably windup in an AU58 holder. It sold to a crackout dealer for $34,500 and I would not be shocked to see it offered as a bright AU58 with a $50,000+ price tag in the next few weeks.

1873-CC PCGS AU50: Maybe I’m just too picky but despite this coin’s excellent pedigree, I thought it was not terribly appealing for the grade. I was clearly in the minority as it brought a very healthy $32,200 which is nearly 10% above AU50 Trends.

1874-CC PCGS AU58: Now here was a coin that I did like. A lot. It was fully original with great color and surfaces. I had hoped to place it with a major collector and bid up to $32,000 but was foiled by a dealer who bid $33,000. With its final price realized at a hefty $37,950, this means that the buyer graded this coin at least MS61. It will be curious to see if a “fresh new” MS61 appears on the market soon.

1875-CC PCGS AU53: In the past fifteen years, I’ve bought and sold this coin at least three times. Way back in 1992, I paid $12,000 for it at auction. It brought $32,200 in its most recent sale which is about 15% more than I expected it to.

1876-CC PCGS AU58: This was one of my favorite coins in the collection. I love gold coins with great color and this piece has always appealed to me due to its natural fiery orange-red peripheral hues. I purchased this coin for $39,100 and thought it was one of the better deals in the sale as I expected it to bring 10-15% more.

1877-CC PCGS AU53: I like this date very much and I really liked the coin for the grade (I thought it graded AU55). Apparently, someone else did as well as I was outbid at $27,600.

1878-CC PCGS AU55: No one other than me seemed to find this coin’s price realized of $39,100 to be extremely strong but I think this had to be a record price for a slabbed AU55 example of this date. I didn’t see the coin has having the potential to upgrade so I am assuming it was purchased by a collector as exactly what it was: a nice representative high grade example of a very scarce date.

1879-CC PCGS AU55: It’s funny how market perceptions and values change over time. As recently as five years ago, the 1879-CC sold for more money than nearly any other Carson City eagle. But after a group of really ugly, overgraded AU examples sold at auction in the last few years, Trends dropped and today the 1879-CC is now one of the most undervalued Carson City eagles from the 1870’s. This coin sold for $32,200 which is more than Trends but which still seems to be a good value relative to other less rare CC eagles from this era.

1880-CC NGC MS61: The date run of Carson City eagles from the 1880’s in the Old West collection is probably the best ever assembled. The 1880-CC was a lovely coin with great color and fresh, original surfaces. I thought it had a good shot to grade MS62 and it sold for a strong $18,400.

1881-CC NGC MS64: What a great coin this is. It is the single finest Carson City eagle from the 1880’s, it has a glorious pedigree (ex Eliasberg, Clapp and obtained from a bank by Clapp in 1895) and it is a stunning piece from a visual perspective. I bought it out of the Lang sale in 2002 for $25,300 and upgraded it from MS63 to MS64. I really wanted to buy this coin again and bid up to $60,000 but it sold to a determined phone bidder for $74,750.

1882-CC NGC MS62: Bet you didn’t know that this date is unique in Uncirculated and that the present example, pedigreed to the Lang collection where I bought it in 2002 for $20,700 in an NGC MS61 holder, is one of the most important Carson City eagles in existence. I was able to buy this coin for $41,400 and was thrilled with my purchase as I would have paid considerably more. This great coin now resides in the finest collection of Liberty Head eagles ever assembled.

1883-CC PCGS AU58: I think I charged the owner of the Old West collection something like $6,500 for this coin. It brought $14,950 in the sale. I think he was pretty happy about this…

1884-CC PCGS MS62: Only five or six Uncirculated examples of this date are known and the present example is the second best of these. I thought its grade of MS62 was conservative and I was able to purchase it for $46,000. It, too, will be residing in the finest collection of Liberty Head eagles that has ever been assembled and it certainly will fit in well in this remarkable group of coins.

1890-CC PCGS MS62: While “only” graded an MS62, this coin has sensational color and great eye appeal. Trends is $7000 for an MS62 but this lovely coin brought $10,350 which is almost certainly a record price for the grade. I bought this coin for $3,520 in an August 1995 Bowers and Merena sale and liked it enough that I had kept it for myself for a few years until I sold it to a collector.

1891-CC PCGS MS63: This coin was nothing all that special but it had a nice pedigree (ex Pittman collection) and attractive original color. It brought over $7,000 which is a strong price for a date that typically trades in this grade for $5,000 or so.

1892-CC PCGS MS63: I’m not sure that I’ve ever seen a prettier Carson City eagle of any date or a nicer example graded MS63. Not only did this coin have nearly immaculate surfaces but it had amazing orange-gold color that gave it a “glow” that could only be appreciated if seen in person. I paid $41,400 for it and was obviously buying the coin and not the holder as Trends is all of $10,000.

1893-CC PCGS MS61: Unlike the other Carson City eagles from the 1890’s, this date is very rare in Uncirculated. The example in the Old West collection was among the finest known and I purchased it for $16,100.

The final price realized for the Old West collection was close to $950,000 and this was a significant profit for the owner. It turned out to be a win-win deal for everyone: a happy consignor and many happy collectors who now have outstanding new Carson City gold coins in their collections.

Four 20th Century Gold Rarities and the Stories Behind Them

All four of the 20th century American gold types that were produced contain key issues that are very popular with collectors. This article takes a look at four of these: the 1911-D quarter eagle, the 1909-O half eagle, the 1920-S eagle and the 1921 double eagle. What do these four coins have in common? More than you would think. With the exception of the 1921 double eagle, each has a comparatively low mintage figure and is recognized as a key issue within its respective series. Each is very popular with collectors. And all four are relative “late discoveries” among collectors that have only recently been recognized as rarities within their series and have shown price appreciation befitting this status.

I. 1911-D Quarter Eagle

The Indian Head quarter eagle has proven to be one of the more popular of the four 20th century United States gold types. It is a short-lived set with just fifteen coins. Unlike its three counterparts, this series does not contain any impossible rarities and it can be completed in nice Uncirculated grades by a collector of reasonably average means. Because of this series brief duration and its relative ease of completion, it was a natural to be promoted on a large scale. And, unlike with other 20th century coinage, Indian Head quarter eagles have always been available in large enough quantities to make promotion readily feasible.

As soon as the first coin dealer realized that Indian Head quarter eagles were a great set to promote, the status of the 1911-D rose dramatically. Here was a coin that was an obvious candidate to be the superstar of the set. It had the lowest mintage figure by a huge margin and it was a legitimately scarce coin. As the Indian Head quarter eagle series became more and more popular, price levels for the 1911-D ran amuck. Today, many observers (including myself) feel that this is now among the more overvalued United States gold coins.

It is interesting to look at the numbers of 1911-D quarter eagles graded by PCGS and price levels. As an example, PCGS and NGC have graded over 1,200 1911-D quarter eagles in MS63 and MS64. Even assuming that a number of these are resubmissions, that is still somewhere in the area of 600-800 coins. According to the most recent Coin Dealer Newsletter, dealer bids for this date are $20,500 and $29,000, respectively, in MS63 and MS64. By the most optimistic standards, let’s say that there are currently 200 or so collectors and investors assembling high grade sets of Indian Head quarter eagles. That still means that the supply of these coins is generally more than enough to meet the demand. The bottom line is that while I think this coin has a great story behind it, it is wildly overvalued in the middle Uncirculated grades. (In MS65, the 1911-D is a truly rare coin and I think its current value of $80,000++ is legitimate). When and if the firms that are actively promoting Indian Head quarter eagles wind-down their marketing efforts, I can see MS63 and MS64 examples of this date losing a significant amount of their value.

II. 1909-O Half Eagle

The 1909-O has long been recognized as a key issue in the Indian Head half eagle series but its true scarcity in Uncirculated grades was not always recognized. This is true, of course, with most dates in this series. Before grading became as specialized as it is today, collectors who focused on Indian Head half eagles were unlikely to know—or care—if a coin was an MS63 or an MS64 or an MS65. The rarity of these coins in Gem really only became apparent once modern grading standards were applied to United States gold issues in the late 1970’s - early 1980’s.

The 1909-O has the lowest mintage figure of any Indian Head half eagle. In fact, it is one of just three issues in the series with an original mintage of less than 100,000 coins. There were 34,200 struck and this issue was clearly used in commerce as most of the survivors are in the EF40 to AU55 grade range. What is very surprising about this issue is that almost no examples were saved as souvenirs by local collectors or wealthy New Orleans residents who clearly must have found the 1909-O half eagle to be an interesting coin; after all, it was the first example of this denomination to be struck at New Orleans since 1894 and it was the first with the novel new incuse Indian Head design.

By the 1960’s, it was clear that this date was very rare in Choice to Gem Uncirculated and looking at auctions from this era, one sees some comparatively high prices realized for examples of the 1909-O half eagle that were described as Choice. But prices for this date really came into their own in the mid to late 1970’s when high grade rarities reached price levels that went unequalled for many years.

Today, specialists know that the 1909-O is rare in properly graded MS62, very rare in MS63 and extremely rare in MS64. The population figures for this issue appear to be very inflated as witnessed by the current PCGS population of 21 coins in MS64 (in my opinion, it is unlikely that there are more than four or five accurately graded MS64 examples known). There are two or three Gems known including the Eliasberg coin which is now in a PCGS MS66 holder and which is, without a doubt, the single most valuable business strike Indian Head half eagle in existence.

Is the 1909-O half eagle overvalued? I think the current prices that this issue fetches in AU55 to MS61 seem too strong, given the relative availability of such coins and the fact that most are dramatically overgraded. In MS62 and higher I don’t think this coin is overvalued. My reasoning behind this is the fact that the 1909-O is the only Indian Head half eagle that has multiple levels of demand. It is considered desirable by New Orleans gold collectors, one-year type coin specialists and Indian Head half eagle aficionados. These multiple levels of demand ensure that the 1909-O is likely to continue to be one of the key 20th century American gold coins.

III. 1920-S Eagle

Between 1916 and 1929, only one eagle was produced at the San Francisco mint: the 1920-S. This is a coin which is far rarer than its original mintage figure of 126,500 would suggest. It appears that virtually all of these coins were melted and that almost none of the 1920-S eagles that were struck were released into circulation. I can’t recall having seen more than three or four that showed signs of actual circulation (and these were, in all probability, pocket pieces that had been carried as souvenirs).

There are a number of features that are unusual about the 1920-S, besides the fact that it is the only San Francisco eagle of this design struck in over a decade. Most Indian Head eagles are exceptionally well struck and show very strong fine detail at the centers. The 1920-S is the most poorly produced Indian Head eagle of any date. It is the only issue that typically shows pronounced weakness of strike. Many examples are weak on the hair below the word LIBERTY and on the corresponding portion of the reverse. In addition to this, the luster is often inferior and the overall level of eye appeal is inferior to that seen on other San Francisco eagles of this type. I presume that the reason for this is the fact that the people making these coins at the San Francisco mint hadn’t had much practice on any eagles, given the fact that none had been struck since 1916.

The price history of the 1920-S is interesting as well. This was a relatively expensive coin in the 1940’s and 1950’s but its price flattened in the 1960’s and early 1970’s. It became popular again the 1970’s and early 1980’s but when the Indian Head eagle series dropped in popularity in the late 1980’s and early 1990’s, the 1920-S flattened. In fact, prices for this date in almost all grades were remarkably stagnant throughout the 1990’s. It has only been during the past few years that prices have risen, especially in higher grades. As an example, in Heritage’s July 2006 auction, a high end PCGS MS64 example sold for a remarkable $172,500. As a mater of comparison, the last two PCGS MS64 1920-S eagles offered by Heritage brought $41,400 and $55,200, respectively, when sold at auction in 2002 and 1999.

Today, the 1920-S is recognized as the third rarest issue in the series, trailing only the 1907 Rolled Edge and the 1933. Interestingly, the 1920-S has proven to be a far scarcer coin than the 1930-S; a date with which it was historically paired. But third-party grading has shown that the 1920-S is actually not the rarest San Francisco eagle in Gem Uncirculated. This honor belongs to the 1913-S. And another date in the series, the 1911-D, is comparable in rarity to the 1920-S in Gem, if not even a bit rarer.

IV. 1921 Double Eagle

The fourth and final coin in our discussion of 20th century gold issues is the rarest, although it is not necessarily the best known. Although some experts might disagree, I would rank the 1921 as the rarest Philadelphia double eagle of this design. Unlike its closest competitor the 1932, the 1921 is most often seen in the AU55 to MS61 range and it is extremely rare in MS64 and above.

The true rarity of this date was not known to the early generation of St. Gaudens double eagle collectors. Back in the day, the issues that were most actively sought were the mintmarked coins from the mid-1920’s. But hundreds of these were eventually located in Europe and in all grades below MS64; most of these coins are now only moderately scarce. Unlike dates such as the 1924-D, 1925-S and 1926-S, the 1921 was not exported to Europe. The “story behind the story” of the 1921 is very interesting and the true rarity of this date can be better understood when this is discussed.

Two things conspired to make the 1921 double eagle a rare coin. The first was that most of the mint’s production capacity and efforts in 1921 went towards silver dollars. Millions of Morgan Dollars were produced after a near-two decade hiatus and these were followed by the new Peace Dollar which was a complex, hard to produce High Relief design. Secondly, the United States economy in 1921 was going through a post-World War One slump which would continue until the middle part of the decade. Few gold coins were circulating in the early 1920’s and there was not a great deal of demand for double eagles in 1921. As a result, many of the 528,500 1921 double eagles that were struck were melted.

In addition to being rare because of mass meltings, this issue is rare because of the way it was produced. The 1921 is among the worst struck St. Gaudens double eagles and it is generally seen with poor luster. This shoddy level of workmanship meant that most examples were of inferior quality before they were produced. Coupled with the fact that the survivors tend to show heavy marks from rough handling and copious hairlines from numismatic abuse, the 1921 is among the rarest dates of this type in the higher Uncirculated grades.

It is likely that somewhere in the area of 60-80 examples are known. The PCGS and NGC population figures are both inflated with the AU58 and MS62 numbers showing the greatest number of resubmissions due to attempts to garner upgrades. The 1921 becomes an extremely rare coin in MS63 and above. There are probably no more than four to six known that grade MS63 or higher.

In 2005, I had the honor of handling the finest known 1921 double eagle. At Heritage’s Morse sale, my ex-partner and I purchased a PCGS MS66 example for $1,092,500. At the same sale, an MS65 example sold for $805,000 while and MS64 realized $402,500. Today, all three of these coins have been placed in prominent collections where they will, no doubt, remain for many years.

If any other high grade 1921 double eagles become available for sale, I would expect to see them sell for record prices. This is one 20th century issue whose rarity can not be disputed and it seems highly unlikely that any hoard or accumulations of this date are going to appear at any time in the future.

A Collector's Guide To Indian Head Half Eagles

Among the various United States gold coins produced during the 20th century, Indian Head half eagles are sort of the red-haired stepchild. They do not get the respect accorded to the dynamic St. Gaudens Indian Head eagles or double eagles and have never been as actively collected as the Indian Head quarter eagle. There are a number of reasons why the Indian Head half eagle series is not as actively collected as its three 20th century gold counterparts. I believe that the major reasons are as follows:

1. This is, by far, the rarest 20th century American gold coin in higher grades. Even the most common dates in the series are rare in MS65 and a number of dates are nearly impossible to find even in MS63 to MS64. Simply put, this set is a bear to collect in Gem condition.

   Indian Head half eagles are extremely hard to grade. I’ve met very few people who truly know how to grade this series and both PCGS and NGC can be wildly inconsistent when it comes to Indian Head half eagles.

   This series has, somewhat by happenstance, fallen through the cracks. Indian Head quarter eagles are an easy series to complete and have been actively promoted. Everyone loves Saints and the massive size and lovely design of these coins make them ever-popular. Indian Head eagles have gone through ups and downs in terms of popularity but they currently seem to be in strong demand and I know of at lest four or five collectors currently putting together Gem sets.

   Which leaves Indian Head half eagles…a series which, up to now, has been out of the limelight for many years. I do think this is going to change, as evidenced by the fact that prices for common dates have jumped considerably in the past two years and I believe that a number of collectors are beginning to assemble sets.

How should Indian Head half eagles be collected? I can think of a number of ways. Here are three which make sense to me:

By Date: Assembling a complete set of Indian Head half eagles, as I mentioned above, is very challenging. The higher grade the set, the greater the challenge. If the collector wants to put together a set with the coins in the AU55 to MS62 range, he will find the set to be fairly easy to finish.

The two most expensive coins in the lower grade range for this set are the 1909-O and the 1929. The 1909-O is relatively plentiful in AU grades but because it is a very popular one-year type it is in great demand. Expect to pay between $7,500 and $12,500 for a nice AU coin and $35,000-40,000+ for an MS62. The other expensive coin in this set is the 1929. This date doesn’t really exist in grades lower than MS62 to MS63.

You’ll be looking at $15,000-20,000 for a nice example in this grade range. You should be able to assemble a complete set of Indian Head half eagles in AU55 to MS62 grades in a fairly short period of time for $75,000.

Moving up to an MS63 to MS64 set is a much more challenging and expensive proposition. Even the common dates are going to run around $4,000 for a nice MS63 and $6,000 for an MS64.

The 1909-O is extremely hard to find in MS63 and if you can locate one it’s going to set you back $60,000 or more. In MS64, this date is generally offered at the rate of once per year to year and a half and I would expect that the next nice PCGS example that shows up will sell for close to $200,000. The 1911-D is a very hard date to find in MS63 to MS64 grades. The former will cost at least $10,000 while the latter is easily a $50,000 coin.

The San Francisco dates produced from 1911 to 1915 are common and inexpensive in AU55 to MS61 grades but they become scarce in MS62 and very scarce to rare in MS63 to MS64. The most expensive of these is the 1913-S which is generally priced at around $10,000 in MS63 and $35,000+ in MS64. The 1914-S is a little less expensive but every bit as hard to locate, especially in MS64. And the 1915-S is extremely hard to find in MS63 and higher grades. You can expect to spend around $20,000 for a nice PCGS MS63 and close to $50,000 for a high end PCGS MS64.

To assemble a set of Indian Head half eagles in MS63 to MS64 you are probably going to have to spend $250,000+ and can expect the project to take at least two years.

Putting together a Gem Uncirculated set of Indian Head half eagles is one of the real challenges in all of numismatics. In fact, it is a harder set to assemble than the Indian Head eagle or St. Gaudens double eagle set.

Let’s say that you want your set to include only coins graded by PCGS in MS65 or higher. The 1909-O has a population of one in MS65 and one better. The 1909-S has a population of one in MS65 with three better. The 1910-S has a population of three in MS65 and one better. The 1911-D has a population of one in MS65 and none better. Still not intimidated? How about the 1914-S and the 1915-S which still have never had a single example graded above MS64 by PCGS? Even if you have an unlimited budget and a tremendous amount of patience, it’s unlikely that you’ll be able to assemble a complete set in MS65. If you are willing to compromise somewhat by including a few MS64’s, then it might be possible to assemble a world-class set over the course of three to five years with an expenditure of well over $1 million. Obviously, this is a “big boy” set that isn’t for everyone. But with most of the current specialists in 20th century gold focused on other denominations, this set seems like a great opportunity.

By Year: An easier and more affordable way to collect Indian Head half eagles is by year. This series was struck for ten different years between 1908 and 1929. For most of these years, the collector has the option of including a Philadelphia issue which is inevitably cheaper than a branch mint counterpart. In addition, the Philadelphia coins tend to come very well struck and most have nice eye appeal. This set can be spiced up a bit by throwing in some of the more affordable branch mints. As an example, the 1908-S is surprisingly affordable in grades up to and including MS64 and it usually sells for just a small premium over a common Philadelphia coin.

A number of the Denver issues are also very affordable. The 1908-D and 1910-D are very scarce in higher grade but do not sell for a premium in the MS62 to MS63 range. The 1909-D is one of the more common dates in the entire set and can be found even in MS65. The 1914-D is similar to the 1908-D and the 1910-D in that it has a much lower population than the Philadelphia half eagles from these years but it typically has just a very small market premium in grades up to and including MS64.

The two most challenging dates in a year set are the 1916-S and the 1929. In 1916, the San Francisco mint was the only facility that produced Indian Head half eagles. This issue is actually not all that rare in MS63 and MS64 and for $5,000-10,000 the collector will be able to find a nice piece without a great deal of effort. The 1929 is the final year of issue for this design and it is a date that is far rarer than its original mintage figure would suggest. It is almost never found in grades below MS62 to MS63 and, as I mentioned above, a nice example in this grade range is currently valued at around $15,000-20,000.

An MS62 date set should cost around $30,000 with well over half of the price attributable to the 1929. This is an easy set to assemble.

An MS63 date set should cost around $60,000 with around a third of the price due to the 1929. It is a fairly good challenge to assemble this set and a few coins might prove hard to find but it should be completable in six months to a year.

An MS64 date set should cost around $90,000. This set is fairly challenging but can generally be assembled within a year.

An MS65 date set will cost at least $300,000. It will be a very hard set to assemble. The 1916-S and the 1929 are both very rare in MS65 and some of the supposedly common Philadelphia and Denver years will prove to be harder to find than expected.

By Type: Most people collect Indian Head half eagles as a type coin. The beauty of this series is that there is only a single type.

The easiest way to fill a hole in your type set with an Indian Head half eagle is to pick a common date. In higher grades, the most common issues are the 1908, 1909, 1909-D, 1911, 1912, 1913 and the 1915. All seven of these dates have hundreds of examples known in MS64 and, in the case of the 1909-D, there are thousands and thousands of pieces known in MS63.

There are a few scarcer date Indian Head half eagles that do not bring a large premium over a common date but which are appreciably harder to find in MS63 and higher grades. These include the 1908-D, 1908-S, 1910-D, 1914 and 1914-D. These “semi-scarce” dates are favorites of mine for type collectors as they offer excellent value for the savvy collector who is willing to stretch a bit to buy a rarer coin for his set.

As I mentioned earlier in this article, all Indian Head half eagles are rare in properly graded MS65. PCGS has graded only 573 examples of this type in MS65 and this number is unquestionably inflated by resubmissions. By far the most common date in the series in MS65 is the 1908. The two next most available are the 1909 and the 1909-D. After these three dates, the rarity level jumps appreciably. As recently as a few years ago, dealers had a hard time selling PCGS graded MS65 common date Indian for $10,000. Today, they are very liquid in the low-to-mid $20,000 range.

I feel that the real sweet spot in this series is in the MS64 grade (I would not be surprised to see these jump in price to $7,500-8,500 in the next few years) and for lower population issues in MS65.

I also stated earlier that one of the reasons this series is not as popular as other 20th century gold issues is that it is extremely difficult to grade. Here are a few tips to make buying these coins easier:

Every Indian Head half eagle I have ever seen has friction on the Indian’s cheek bone. Many new collectors are confused as to why the grading services will call a coin MS64 or even MS65 that seems to be AU based on wear. Because of the nature of the design, these coins are always going to show friction in this area. When you are looking at an Indian Head half eagle, ignore the cheekbone and look, instead at the eagle’s breast feathers and the left obverse field. These are areas that are much more telling when it comes to true wear.

It is important to learn each issue in the series in regards to luster, surface texture and strike. As an example, did you know that the early San Francisco issues tend to come very well struck while the issues from 1912 through 1915 are often poorly struck and show peculiar die deterioration around the borders? It is important for the collector to work with a dealer who really knows these coins, especially if he is working on a higher grade set.

In my opinion, the two most important factors when considering the grade of an Indian Head half eagle are coloration and luster. If a coin shows some scattered marks but it has wonderful original rose-gold or rich orange coloration, it is likely that this piece will be bumped up a point or two by the grading services. Similarly, an Indian Head half eagle with dynamic, booming luster is considered very desirable by specialists and such coins are often accorded high grades.

There are a number of potential factors that are considered negatives when considering an example of this design. Coins with dark, dirty coloration are undesirable—which is one reason why many collectors do not purchase Indian Head half eagles in grades lower than AU55 to AU58. Coins with very weak mintmarks should be avoided. A number of the San Francisco issues in the 1910’s are sometimes seen with mintmarks that are so weak they can be hard to detect with the naked eye. There is never any good reason to buy a coin such as this.

When examining population figures for higher grade coins in this series, there is quite a bit of consistency between PCGS and NGC. In my opinion, NGC does a very good job grading Indian Head half eagles and I do not think that coins in their holders (especially rare and very rare dates) should be penalized. As with most of the 20th century gold series, the popularity of the PCGS Set Registry has given many collectors a pro-PCGS bias which has occasionally forced them into making bad decisions in the assembling of their collections.

The Indian Head half eagle series is a wonderful group of coins for the collector who seeks a challenge and who wants to be involved in a set that currently is out of favor. I believe that this series will become considerably more popular in the coming years and that rarities such as the 1909-O, 1911-D, 1914-S and 1915-S will be accorded the same level of respect that the key issues in the $10 Indian and $20 St. Gaudens series currently hold.

My Ten Favorite New Orleans Gold Coins

If I had an unlimited budget and access to every surviving New Orleans gold coin, could I choose just ten that would be the core coins in my collection? I think this would be possible but it certainly wouldn’t be an easy choice. In fact, just to cover my bases, I’m not only going to list my Top Ten but have a second group of ten runners-up that I reserve the right to slide into the Top Ten at any point. Hey—it’s my article and I can make the rules. 1. The Brand 1845-O Quarter Eagle

The 1845-O quarter eagle is the rarest New Orleans issue of this denomination. Only 4,000 pieces were produced and most entered circulation and acquired a significant amount of wear. In Uncirculated, there are just three pieces known of which the finest is the Virgil Brand coin.

This coin is credited as being the discovery example of the date. This may or may not be true (the source of the information is B. Max Mehl who sometimes was prone to self-serving exaggeration…) but it is known that Brand purchased this coin in 1909 from J.C. Mitchelson for the then-princely sum of $150. This coin remained off the market and forgotten until 1983 when it appeared as Lot 110 in Bowers and Merena’s Brand collection sale. It brought just $8,800 and was offered a few years later in the 1987 ANA sale where this time it sold for a still-reasonable $14,300. The coin was later owned by specialist Ron Brown who considered it to be the single most important piece in his collection.

In the 1999 sale of his collection, this coin did not meet its reserve and went unsold. After the auction ended, I sold it to a collector and it has remained off the market since then.

This coin is currently graded MS63 by PCGS and also appears in the NGC census as an MS63 and in the PCGS Population Report as an MS62. It is clearly the finest known example of the rarest New Orleans quarter eagle and it is certainly one of the more important quarter eagles of any date that I have handled in my career.

2. The Pittman 1846-O Quarter Eagle

There were a lot of great coins in the Pittman collection but one of my absolute favorites was the 1846-O quarter eagle. At the time, I was representing Ron Brown, who was a leading specialist in the area of New Orleans gold. I remember excitedly calling him after I had viewed this coin and telling him that it was the single most perfect New Orleans quarter eagle that I had ever seen and that it might bring as much as $50,000. Ron immediately told me that my estimate was way too low and that he’d be willing to pay $100,000. I remember arguing back and forth about the price with me thinking he was crazy and Ron thinking I was too conservative.

When the lot came up for sale I figured that I’d buy this coin at a number close to mine and I’d “show Ron” just how smart I was. The next few minutes were a blur, but the coin quickly broke the $100,000 mark and wound-up selling for $132,000 to a well-known specialist. This, of course, proved just how smart I was…

Today, the Pittman 1846-O quarter eagle is in an NGC MS66 holder and it resides in the Stellar collection. This coin remains the single finest known New Orleans quarter eagle known of any date and it is one of the two or three finest gold coins from this mint that I have ever had the pleasure of viewing in person.

3. The Bass 1854-O Three Dollar Gold Piece

As part of the core holdings of the Bass Collection, a magnificent set of Three Dollar gold pieces is on display at the ANA Museum in Colorado Springs. When most people look at this set, they immediately search for the unique 1870-S which is, of course, the highlight. But there are a number of other amazing coins included, one of which is a choice Uncirculated 1854-O Three Dollar gold piece which is without a doubt the best I have seen.

I have never had the chance to examine this coin in my hands, just through museum glass. My best guess is that it grades at least MS63 and could possibly be a point or two finer. It is clearly the finest known example of this popular one-year type and it would sell for an incredible sum if it ever became available.

4. The Eliasberg 1842-O Half Eagle

The 1842-O half eagle is not a date that is very well known outside of the community of New Orleans gold coin collectors. It is quite rare in all grades and it becomes extremely rare in any level approaching Uncirculated. By far the finest known is an NGC MS63 example that is in the collection of a specialist. It is a lovely coin and it has a pedigree to match it. It was first seen in the Earle Sale and was purchased by John Clapp Sr. It then went through his son to Louis Eliasberg and it was sold as Lot 424 in the 1982 auction of this collection where it brought just $3,850. It was later owned by dealer Ed Milas and it was last sold in the Stack’s May 1995 auction of his collection of No Motto half eagles where it brought $31,900.

There are a total of three Uncirculated 1842-O half eagles and I have had the pleasure of selling two. A PCGS MS61 is located in the Pinnacle Collection and this coin was formerly owned by Harry Bass and the final piece was recently sold by me to a New England collector. It was graded MS60 by NGC.

Admittedly, this coin probably is a lot less glamorous then many other of the pieces included in this group. But it is a coin that I have always admired for its rarity and I hope to have the chance to handle it again someday.

5. The Milas 1847-O Half Eagle

The 1847-O half eagle, like the 1842-O, is a date that, unless you are familiar with this series, you probably do not realize is rare. It is, in fact, the single rarest New Orleans half eagle and it is among the rarest gold coins ever produced at this facility. In grades above EF45 it is an almost-impossible issue to locate. The Milas coin is unique in Uncirculated (although another has been graded MS61 by NGC) and it has exceptional eye appeal, surfaces and luster for the issue.

I first saw this coin in the May 1992 Mid-American sale where it was part of the Heck Dodson collection. I badly wanted to buy it but was outbid by dealer Ed Milas who paid a then-strong $22,000. It showed up three years later at the Stack’s sale that featured his collection where it sold very cheaply (not to me, unfortunately) for $20,900. It was purchased by a collector and has been off the market since then.

This coin was last graded AU58 by NGC but by today’s standards I would have to guess it would be at least an MS61 if not even better. Whatever the exact grade, it is far and away the finest known example of the rarest half eagle from this mint and it is a coin I hold in the highest regard.

6. The Parmelee Proof 1844-O Eagle

In 1844, a presentation set including a half eagle and eagle was produced at the New Orleans mint. It is not exactly known why these coins were struck but they were made using a spectacular brilliant proof finish. These coins were known to be together in the Parmelee and Woodin collections but sometime in the 20th century they parted company. The half eagle is now in a little-known private collection and was plated on the cover of my first New Orleans gold book. The eagle was rediscovered a few years ago and was recently sold by a dealer in the New Orleans area to a Florida collector for a figure reportedly in excess of $1 million.

This coin is graded PR66 CAM by NGC. It is a coin that really has to be seen in person to be fully appreciated. It is superb with remarkable overall eye appeal and the quality of manufacture that most people (myself included) would not associate with the New Orleans mint in the early years of its operations.

It is hard to understate the significance of this piece. It is the earliest known branch mint proof gold coin and the only verifiable proof issue from this mint. Its recent sale represents the highest price ever paid for a New Orleans coin of any date or denomination.

7. The James Stack 1848-O Eagle

The firm of Stack’s sold the gold coin collection formed by James Stack (no relation) in a series of sales in the mid-1990’s. These sales are not generally held with the same regard as the Norweb, Starr or Eliasberg auctions but they are of the same high caliber with magnificent runs of high quality, original early and Liberty head gold. One of the most memorable coins in the October 1994 auction was an 1848-O eagle that was one of the most perfect No Motto eagles of any date that I have ever seen.

The 1848-O eagle is a very rare coin in Uncirculated and most of the pieces that are known are in the MS60 to MS61 range. The Stack coin was nearly perfect with magnificent orange-gold color, thick, frosty luster and essentially perfect surfaces. All No Motto eagles are extremely rare in Gem Uncirculated but this 1848-O is one of probably no more than two or three New Orleans pieces that grade MS65 or better by today’s standards.

This coin sold for $154,000 in the James Stack auction and was off the market for nearly a decade until it was reoffered in the 2003 ANA sale. It was purchased by an investor and has appeared for sale in some odd places including on Ebay in 2005.

8. The Akers Auction ‘88 1904-O Eagle

Back in the late 1970’s and early 1980’s, it was not uncommon for amazing previously unheard-of coins to appear for sale at the ANA summer convention. In 1979, one of the most remarkable New Orleans gold coins of all time was uncovered and sold to dealer Marty Haber: a virtually perfect 1904-O eagle that was possibly struck for presentation purposes.

This coin was subsequently sold as Lot 847 in David Akers session of Auction ’88 where it realized $82,500 and a year later as Lot 1422 in his session of Auction ’89 where it brought $104,500. This remains a record price for any With Motto eagle from the New Orleans mint.

Accompanying this coin is an enigmatic piece of documentation that states it is the first gold coin struck at New Orleans in 1904. What makes this documentation especially intriguing is that it mention a 1904-O half eagle as well—an issue that does not exist (!). This coin is currently untraced and it has been graded MS68 by NGC and MS67 by PCGS.

9. The Specimen 1856-O Double Eagle

Another truly remarkable New Orleans gold coin that was uncovered in the late 1970’s/early 1980’s was a Choice Uncirculated 1856-O double eagle. This date is one of the two towering rarities in the New Orleans gold double eagle series along with the 1854-O. Until this coin was discovered, there were none known in Uncirculated and, to this day, this coin remains unique in Mint State.

This coin first traded privately in excess of a quarter of a million dollars in 1979/80 and came back on the market in January 2002 when it brought $310,500 in a Heritage sale. I purchased it for a client who held it a bit over two years and then sold it in the Heritage June 2004 sale where it realized $542,800. There’s a funny story that goes with this last sale. I knew I wasn’t going to purchase it in the June 2004 auction but wanted to see who would buy it. A few lots before the coin went off, a youngish, casually dressed man came into the auction room, took a seat at the front and waited. He then proceeded to purchase the coin and left immediately afterwards. I later learned that this was the very first coin this gentleman had ever purchased and he hadn’t even had his credit pre-approved by Heritage. It turned-out that he was a very successful businessman who had seen the coin on-line, thought it looked interesting and decided to begin his collection with it.

I am certain this coin would bring well over $1 million if offered today and it is certainly the most desirable New Orleans double eagle in existence.

10. The Dallas Bank Collection 1879-O Double Eagle

When it was announced in the summer of 2001 that the legendary Dallas Bank collection was going to be sold, one of the coins that excited me the most was the 1879-O double eagle. This coin had been plated in David Akers’ book on double eagles and, from the picture, it looked like a fabulous coin. When I finally got to see it in person, I was not disappointed. It had magnificent surfaces and color and was by far the finest of the three or four Uncirculated examples of this date that I was aware of.

I knew there would be a lot of interest in this coin when it was going to be sold and I had a pretty good idea of who my competition was going to be. I don’t remember the exact amount it opened at, but I do remember that bidding jumped quickly and I found myself in a long, drawn-out battle with a prominent Midwestern specialist who, as I had predicted, was going to try and buy this amazing coin no matter what. I finally dropped out as the coin hit the $100,000 mark and he wound-up buying it for $115,000 including the buyer’s charge. At the time, it seemed like a ton of money for this coin but, in retrospect, it was a superb purchase and a price that actually seems very cheap today.

This coin was later graded MS63 by NGC. It is easily the finest known example of the only Type Three double eagle struck at the New Orleans mint and it certainly ranks as one of my all-time favorite double eagles of any date.

And Ten Runners Up…

The Bass 1840-O Quarter Eagle, Graded MS65 by NGC

The Pittman/Pinnacle 1840-0 Half Eagle, Graded MS63 by PCGS

The Bass/Gilhousen 1845-O Half Eagle, Graded MS63 by PCGS

The Eliasberg 1909-O Half Eagle, Graded MS65 by PCGS

The Bass 1846-O Eagle, Graded MS64 by PCGS

The Eliasberg 1850-O Eagle, Graded MS65 by PCGS

The S.S. Republic 1859-O Eagle, Graded MS63 by NGC

The Eliasberg 1899-O Eagle, Graded MS68 by PCGS

The Bass 1858-O Double Eagle, Graded MS63 by PCGS

The Akers Plate 1859-O Double Eagle, Graded MS61 by NGC

Rarity and Mintage Figures

Many collectors believe that a coin is automatically rare because it has a low mintage figure or that it is common because it has a comparatively high original mintage. This is most definitely not the case, especially in the field of American gold coinage. There are a number of factors that make a coin potentially rarer (or less rare) than its original mintage figure. Some of these are as follows:

1. Acts of Legislation:

The 1933 eagle is a very rare coin as a direct result of the passage of the Act of April 1933 which ended the production of gold coinage in the United States. Banks and individuals were required to turn in their gold coinage and many of these pieces were melted. Just a small number of 1933 eagles were rescued from the melting pot. The same holds true for certain late date St. Gaudens double eagles such as the 1929, 1930, 1930-S, 1931, 1931-D and 1932. All of these coins are much rarer than their original mintage figures would suggest due to heavy meltings that were a direct result of an act of legislation.

2. Contemporary Economics:

In times when the economy was strong, people collected and saved coins. For instance, high grade gold dollars from the 1880’s are more common than their low mintage figures suggest because dealers, collectors and hoarders, during a prosperous era, saved large quantities of these coins. The same is also true, although not to as great an extent, for Three Dollar gold pieces from this era.

3. Exportation:

Once the United States began to actively trade with Europe, Latin America and South America, large numbers of American gold coins were sent overseas in order to pay off foreign trade debts. This seems to have begun in earnest around 1878. Today, quantities of United States gold coins are still being found in foreign banks and other sources. This means that some United States gold coins from the 1880’s and 1890’s are more available in the lower Uncirculated grades than their mintage figures might suggest. It also makes for an unusual grade distribution for certain issues. As an example, the New Orleans eagles from the 1890’s are rarely seen in grades below AU55 but almost never above MS62. This is indicative of issues that were probably sent overseas soon after they were struck but which were very roughly handled and are now heavily abraded.

4. Incorrect Mint Records:

In the 18th and early 19th century, the Mint often kept somewhat sketchy records. There are certain early gold issues which are more common than their mintage figures suggest while others are far rarer. In some cases this has to do with the fact that the original mintage figures are incorrect.

Sometimes, even more modern records appear to be incorrect. In 1910 the mintage figure for Proof Indian Head quarter eagles was recorded as 682. This is nearly triple the highest recorded figure for any other date of this design and from the number of pieces known to exist, it seems likely that this figure is incorrect. The same holds true with the other Proofs of this year and makes us wonder, are the records simply wrong or were far too many Proofs ordered to be struck and were most of these later melted?

5. Hoards:

The rarity of certain United States gold coins has been greatly influenced in recent years by the discovery of hoards. A classic example of this is the S.S. Central America shipwreck which made the 1856-S and 1857-S double eagles very common in the higher Uncirculated grades. More recently, the S.S. Republic shipwreck contained a number of New Orleans eagles from the 1840’s and 1850’s as well as large numbers of Philadelphia double eagles from the early to mid-1860’s. Other smaller hoards have been found as well. As an example, a little-known group of 1840 quarter eagles was found in the mid-1990’s. It contained less than ten pieces but included at least four or five coins that graded in the MS63 to MS65 range. This was a very important group for collectors of Liberty Head quarter eagles as this date had been essentially unknown in Uncirculated before this.

6. Mint Meltings:

This category is especially applicable to Proofs. These coins have always been made specifically for collectors. In the 19th and early 20th century, the Mint would simply melt those Proofs that were not purchased. As an example, in 1859, the Mint struck 80 gold Proof sets. This was far more than needed and it is likely that the vast majority were melted. Today, all 1859 Proof gold coinage is very rare and the larger denomination issues, specifically the eagle and the double eagle, have as few as four or five survivors.

7. Restrikes:

There are certain instances where it is clear that a coin is rarer than its original mintage figure. Two excellent examples of this are the Proof-only 1875 and 1876 Three Dollar gold pieces. These have original mintage figures of 20 and 45, respectively. The PCGS and NGC populations for each of these issues are actually greater than the original mintage figures. Some of these have to be discounted as multiple submissions but clearly the original mintage figures for these two issues have to be called into question. It is my feeling that both of these were restruck (probably in the same year in which they were issued) by the Mint to fill a demand by contemporary collectors and dealers. Before you determine how rare a coin is, there are many factors to consider. The seven mentioned above are important and I would suggest that there are even more that await the curious collector.

The Duke’s Creek Collection of Dahlonega Gold Coinage: An Analysis of Auction Prices Realized

On April 7, 2006 Heritage Auctions sold the Duke’s Creek collection of Dahlonega gold coinage at unreserved public auction. The prices that these coins realized give the advanced collector an excellent idea of values in this series. Going into this sale, I was not certain at how results would be. I looked at this sale as having two possible results: it would either be a complete disaster or it would be much stronger than expected due to the current bull market for all United States gold coins. My initial take on the results are that prices were, in most cases, very strong although a few items went very reasonably.

Here are the auction results as well as some quick comments regarding the coins and the prices they brought. Please note that the prices realized include a 15% buyers charge.

I. GOLD DOLLARS

DATE/GRADE    TRENDS    QUARTERLY BID    PRICES REALIZED

1849-D N64        25000            16500                   $17,250

Comments: I didn’t like this coin. I thought it went for a strong price given its level of quality.

1850-D N64        30000(63)    22500(63)            $34,500

Comments: One of my favorite coins in the gold dollar section and an excellent value. I purchased this coin and would have paid quite a bit more.

1851-D N65 41000 ----- $37,375

Comments: Probably a bit overgraded but a very nice example. I thought it would bring 10% more.

1852-D N63 ----- 28000 $27,600

Comments: I was very happy to buy this coin right at quarterly bid. I liked the coin very much.

1853-D N63 35000 21500 $21,850

Comments: I didn’t care for this coin at all and it went fairly cheaply at well under 70% of Trends.

1854-D N62 20000 13500 $13,800

Comments: A very nice coin for the grade and a very good deal at less than 70% of Trends. I purchased this coin.

1855-D N64 ----- ----- $132,500

Comments: This was a very controversial lot. Many collectors were disappointed to see that the coin had been dipped by NCS and was now very bright. Had it been original I think it could have brought close to $200,000. As it is, this piece set an all-time auction record for any Dahlonega gold dollar.

1856-D N62 55000 39000 $40,250

Comments: I really disliked this coin and thought that the price it sold for was pretty amazing given its quality.

1857-D N62 18000 13500 $14,950

Comments: I thought this was a very nice coin and it sold for exactly the right amount. I purchased this piece.

1858-D N66 75000(65) 55000(65) $74,750

Comments: While $75,000 is hardly chump change, I thought this superb coin could easily have broken the $100,000 mark. Surprisingly, this coin sold to a book bidder and it was one of the few coins that did not get hammered to a live bidder at the sale.

1859-D N64 30000(63) 27000 $23,000

Comments: Very cheap and seemingly a real bargain but this piece had a major mint-made defect on the face which could make it hard to sell.

1860-D N64 ----- ----- $57,500

Comments: Probably my least favorite gold dollar in the collection; I thought the color was artificial and the coin was well overgraded. Despite this it set a record at nearly $60,000.

1861-D N65 125000 ----- $138,000

Comments: This was the most controversial lot in the sale. The coin had only recently been in an MS63 holder and its color had been lightened by NCS. But it was still the highest graded example of a classic rarity. Would the price reflect this? I think a crusty, original MS65 1861-D gold dollar could bring $250,000 in this market. The price realized for this coin was, in my opinion, very strong given its true quality.

GOLD DOLLARS FINAL PRICES REALIZED: $633,075 NUMBER OF GOLD DOLLAR LOTS: 13 AVERAGE PRICE REALIZED PER LOT: $48,698

II. QUARTER EAGLES

DATE/GRADE TRENDS QUARTERLY BID PRICES REALIZED

1839-D N64 50000(63) 48500 $63,250

Comments: This was an extremely strong price for this coin. The great popularity of Classic Head issues was clearly evident as this 1839-D brought approximately 30% over CDN Quarterly Bid.

1840-D N62 ----- ----- $74,750

Comments: This coin was a highlight of the collection and brought a record price. I was surprised at how many different people were bidding on it; I counted at least five different hands in the air after it opened.

1841-D N63 60000(62) 44000 $46,000

Comments: I did not like this coin as it had a detracting pinscratch on the obverse. I thought the price realized was extremely strong, considering that the much nicer PCGS MS63 Green Pond: 1017 coin sold a few years ago for $40,250.

1842-D N62 ----- 40000 $57,500

Comments: Here was an example of a finest known coin that sold for a very strong price. There were three bidders eagerly competing for this piece and I was somewhat surprised at the price realized.

1843-D Sm. D N62 25000 14000 $16,100

Comments: I thought this was one of the nicest MS62’s in the collection as it had superb color. I estimated that it would sell for $15,000 or so.

1843-D Lg. D N61 ----- ----- $12,075

Comments: Few people are aware of the fact that this major variety is excessively rare in Uncirculated. I purchased this lot for a collector who was very pleased to obtain it for 20% less than what the 1843-D Small D sold for.

1844-D N63 30000 21000 $25,300

Comments: This was a very impressive price for a coin that was not really that choice for the grade, in my opinion. The Green Pond coin graded MS63 by PCGS sold for $20,700 in January 2004.

1845-D N63 ----- 28000 $34,500

Comments: I’m not exactly sure what I missed on this coin. I thought it was very unappealing due to splotchy coloration and an overly-NCS’d appearance. Despite this fact, it sold for a very healthy $34,500.

1846-D N63 ----- 21500 $27,600

Comments: Here was another coin that brought around 20-30% more than I expected. If I had owned this coin, I would have been thrilled to see it sell for $22,000.

1846-D/D N58 ----- ----- $9,200

Comments: Yet another very strong price. I have seen these sell at coin shows in the $6000-7000 range. The Duke’s Creek pedigree appeared to add a considerable amount of value.

1847-D N65 ----- 55000 $74,750

Comments: I thought this was the strongest price of the night. This coin had formerly been the prettiest Dahlonega quarter eagle I had ever seen but it had recently been lightened and I no longer loved it. But the record-shattering price indicated that at least two bidders liked it. A lot.

1848-D N62 20000 12000 $23,500

Comments: Apparently someone saw this coin upgrading to MS63 (I didn’t) as it sold for well over MS62 Trends. Another very impressive price.

1849-D N62 35000 21000 $24,150

Comments: I loved this coin. It had great color and a terrific pedigree that went back over fifty years. I purchased it right at my upper limit and was very pleased with it. I was happy to see that this coin, unlike others in the collection, had not been lightened.

1850-D N61 16000(60) 12000(60) $17,250

Comments: A very average coin for the grade which sold for around $5,000 more than I expected. I have seen at least three or four NGC MS61’s sell at auction in the last few years for $9,000-11,000.

1851-D N65 ----- ----- $63,250

Comments: I had a client who wanted to purchase either the 1847-D or the 1851-D. Considering that the 1851-D is a much rarer coin and it sold for $10,000 less than the 1847-D, I think he got a great deal.

1852-D N64 40000(62) 40000(63) $57,500

Comments: This was a coin that I thought might slip through the cracks and sell for a reasonable number. It is the finest known example of a rare date and a coin with good eye appeal. It shattered all previous price records for the date and I was left in the dust.

1853-D N62 ----- 26000 $32,200

Comments: This was another coin that brought 20% more than I would have expected. It was fairly nice for the grade but I was very surprised it brought so much over Bid.

1854-D N64 60000(62) 65000(63) $80,500

Comments: I have been in love with this coin since I first saw it in 1999 but have never been able to own it. I was very excited when a new collector called me before the sale and told me to bid on it for him. I was even more excited that it went for what I feel was a reasonable number; after all it sold in 1999 for $63,250 in an MS62 holder.

1855-D N61 ----- 42000(60) $54,625

Comments: I was not wild about the quality of this coin and I think the price realized was extremely strong. I had a very nice NGC MS60 last year that I sold for nearly $20,000 less and it was a long struggle to sell it even at a discounted number.

1856-D N61 80000(60) 60000(60) $71,785

Comments: This coin really grew on me. At first I wasn’t that wild about it but the more I studied it the more I realized it was exceptional. In fact, I think it is the unqualified Finest Known example of the rarest Dahlonega gold coin. If you can’t already tell, I purchased it and I think it was my single best deal of the whole auction.

1857-D N62 27500 18000 $17,250

Comments: After the excitement of the 1856-D I sort of went to sleep for a few seconds and let this coin sell too cheaply. It was an excellent value.

1859-D N62 23000(60) 30000 $37,375

Comments: This final Dahlonega quarter eagle closed the denomination with a bang. I didn’t like this coin yet it sold more than double what a similarly graded NGC example brought in the Heritage January 2002 auction.

QUARTER EAGLES FINAL PRICES REALIZED: $920,500 NUMBER OF QUARTER EAGLE LOTS: 22 AVERAGE PRICE REALIZED PER LOT: $41,840

SUMMARY: I think the final prices realized for this collection was about 15-20% more than what I expected before the sale. This was a case of individual coins benefiting from the overall strength of a world-class collection. I think at least half the coins in this collection would have brought considerably less if they had been in another sale and had not had the benefit of the Duke’s Creek pedigree.

This collection has had a strong mystique about it for many years. When I viewed it carefully, I had mixed emotions about it. There were some pieces that were just remarkable. There were others that were not as nice as I remembered. And there were a few that had been overzealously conserved by NCS and which, in all honesty, I think had been ruined. This was clearly a collection that had been “maxed out” from a grading standpoint. I saw very coins in the set that weren’t aggressively graded and a few, like the 1861-D gold dollar, had been recently upgraded by two full points.

The bottom line is that truly high grade Dahlonega gold coinage is very rare and it remains in strong demand. When you consider how much certain areas of the market have risen in value in the past three to five years, very high quality Dahlonega coinage seems like a good deal when one considers that prices really haven’t appreciated that much since the robust days of the late 1990’s.

Duke's Creek Collection of Dahlonega Quarter Eagles

In April 2006 Heritage will be auctioning the incomparable Duke's Creek Collection of gold dollars, quarter eagles and three dollar gold pieces. I have been asked to write the descriptions of these coins. In this second part of a two-part series, I continue the write-ups of these issues. ONE OF THE FINEST KNOWN 1839-D QUARTER EAGLES

1839-D NGC MS64. Variety 1-A. This is the more common of the two varieties for this year and it is quickly identifiable by a weak olive branch. An estimated 8,000 examples of this variety were produced.

The 1839-D quarter eagle is one of just five one-year only issues from the Dahlonega mint. It is among the most popular quarter eagles due to its status as the first-year-of-issue as well as the only Dahlonega coin of this denomination that employs the popular Classic Head design. As many as 200 pieces are known and this includes perhaps as many as a dozen that qualify as Uncirculated by today’s standards. Clearly, some were saved as souvenirs and there are at least three known that grade MS64 or better.

This piece shows a nice strike for the date. The radial lines of the stars are nearly complete and there is just some minor weakness on the curls around the ear and face. The obverse is very clean with no marks of note; the reverse shows a small but somewhat deep planchet defect through the ER in AMERICA towards the shield. The luster is satiny and original with the soft luxuriant luster typical of higher grade 1839-D quarter eagles. Both sides have acquired attractive medium to deep orange-gold color and this is an uncommonly attractive example of this coveted type.

I regard this as the third finest known 1839-D quarter eagle, trailing the James Stack coin (graded MS64 by PCGS) and the Bass II: 314 coin (conservatively graded MS63 by PCGS) that is now owned by an Alabama collector. The Duke’s Creek coin is likely to be the finest available for some time and, as such, it represents a great opportunity for the sophisticated specialist or type collector.

Ex: Duke’s Creek collection, Hancock and Harwell, Superior 2/98: 3334 ($31,900).

EXCEEDINGLY RARE UNCIRCULATED 1840-D QUARTER EAGLE 1840-D NGC MS62. Variety 1-A. Struck from a perfect reverse die without cracks; extremely rare as such. This is one of two varieties for the year and it is easily recognizable by the mintmark leaning towards the 2 in the fraction.

This is one of the single most important Dahlonega quarter eagles of any date. It is the only truly Uncirculated 1840-D of which I am aware and it is by far the best struck piece I have seen. I first saw the coin in Auction ’84 and was astounded by it then; as I have become more knowledgeable about this series over the years the true significance of this coin has become more apparent to me.

The strike is amazing for the date. Both the obverse and reverse shows virtually full detail with uncommonly sharp centers. As mentioned above the reverse shows no crack and I am aware of just three or four perfect die coins. There is some minor roughness in the obverse fields as made as well as a few ticks that are consistent with the assigned grade. But this coin is so head and shoulders above any other 1840-D quarter eagle in terms of eye appeal that it almost seems unfair to mention them. The luster is slightly subdued with some natural haziness; the obverse is just a bit reflective while the reverse is frostier in its texture. The color is a natural light green-gold. Did I mention the fact that I like this coin…?

The late Jack Hancock considered this coin to be a highlight of the Duke’s Creek collection and I believe this was one of his all-time favorite coins. The 1840-D is the single rarest Dahlonega quarter eagle in high grades and if you are a serious collector of Dahlonega quarter eagles (or quarter eagles in general) you should realize that this is truly a once-in-a-lifetime coin that is unlikely to be exceeded by any other 1840-D.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1309 ($9,350), Dr. Arthur Montgomery collection, Hancock and Harwell, Stack’s 12/78: 86, Bareford collection, New Netherlands 11/56: 219. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

ONE OF JUST FOUR MINT STATE EXAMPLES KNOWN OF THE VERY RARE 1841-D 1841-D NGC MS63. Variety 2-D. The mintmark is centered over the 2 in the fraction. There are thin die cracks going upwards from the top of the 1 in the fraction and the left of the R in AMERICA. This variety is extremely rare; I am aware of just two or three.

The 1841-D is one of the three very rare Dahlonega quarter eagles from the early part of the 1840’s. It is the fifth rarest issue of twenty produced. There were just 4,164 struck of which an estimated 75-85 are known. I know of exactly four Uncirculated 1841-D quarter eagles of which the present example is the second finest.

The obverse is very well struck with the exception of some weakness below the TY in LIBERTY and on the top of the hair; the reverse shows some flatness at the center. This is primarily due to the advanced reverse cracks mentioned above. This coin is quickly identifiable by a scratch on the obverse below the TAT in STATES. There is some minor mint-made roughness in the fields and a small diagonal mark on the reverse above the beak. A tiny rim nick on the reverse at 3:00 is barely visible within the NGC holder. Both sides are slightly prooflike with some areas of frost within the surfaces. The coloration is a medium to deep greenish-gold with some orange-gold seen on the reverse. Overall, this is a remarkable coin made more desirable by the fact that it is one of just two known of the 2-D variety.

In January 2004, the finest known 1841-D quarter eagle (graded MS63 by PCGS) was sold by Heritage as Lot 1017 in the Green Pond collection where it realized $40,250. I would expect that the Duke’s Creek example should sell for a comparable price or perhaps even more given the current status of the rare coin market, especially for important items such as this.

Ex: Duke’s Creek collection, Michigan collection, Heritage 1993 ANA: 5508 ($25,300).

THE FINEST KNOWN 1842-D QUARTER EAGLE 1842-D NGC MS62. Variety 3-F. The only variety known for the year. Repunched 18 in the date; somewhat later die state without repunching seen on the 4. The reverse shows a series of die file lines above the AME in AMERICA.

Only 4,643 were struck with less than 100 pieces known today. This date is most often seen in the VF to EF grade range and it is not likely that more than a dozen or so exist in AU.

The strike is far above average for the issue and may be considered among the best I have seen on an 1842-D. The obverse is almost completely struck up with the exception of some weakness on the curl below the ear; the reverse has a nearly full center and this is very unusual for an issue that is generally seen with a sunken, incomplete appearance. The surfaces show a number of marks including a deep mark on the chin of Liberty, a shallow planchet flaw between stars eleven and twelve, a thin planchet flaw at the inside of the eagle’s neck and a depression on the cheek of Liberty that was caused by foreign matter adhering to the die at the time of striking. The luster is decidedly above-average for an issue that is generally seen dull and with minimal luster. Both the obverse and reverse are covered with light orange-gold color; this shades to a warm medium orange on the reverse. This is an exceptional coin for the grade with a wonderful appearance.

In the most recent edition of my book “Gold Coins of the Dahlonega Mint, 1838-1861,” I ranked the 1842-D as the second rarest quarter eagle along with the 1856-D. I would have to revise this figure slightly downwards as the liberalization of grading interpretations has made a number of “new” relatively higher grade pieces available. That said, the 1842-D is still an extremely rare coin in the higher grades and the Duke’s Creek is one of just three pieces ever graded Uncirculated by a major service. It is the single highest graded by NGC and it is clearly among the best known examples of this very rare issue.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Bowers and Merena 3/88: 1974, Norweb collection, Mehl 4/37: 145.

LOVELY NGC MS61 1843-D SMALL MINTMARK QUARTER EAGLE 1843-D NGC MS61. Small mintmark. Variety 4-F. Early die state with perfect dies. This is the most common of the four varieties of this year.

This is as pretty a coin for the grade as one can possibly imagine with superb deep, even green-gold color seen on the obverse and reverse. This color is clearly indicative of the fact that this coin has never been cleaned or lightened and it is one of the more attractive quarter eagles in this entire collection, despite its comparatively “low” grade. The surfaces are extremely clean and lack the marks typically associated with the MS61 grade. Nearly all of the detail is up and bold and this is really an impressive example.

Production of quarter eagles at the Dahlonega mint increased significantly in 1843 and there were more pieces struck this year than in the previous four combined. Of the 36,209 1843-D quarter eagles made, there are probably more than 300 known. This date is easily found in grades up to and including AU55 but it is very rare and much underappreciated in Mint State. I am not personally aware of more than a half dozen with the finest of these being the PCGS MS63 from the Green Pond collection that Heritage sold in 2004.

After the heady prices that the preceding four coins bring, this 1843-D will not seem like anything special but I feel it is one of the most cosmetically appealing coins in this collection and it is a true rarity in this grade.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection. This is the plate coin in the first edition of Doug Winter’s “Gold Coins of the Dahlonega Mint, 1838-1861.”

VERY RARE UNCIRCULATED 1843-D LARGE MINTMARK 1843-D NGC MS61. Large mintmark. Variety 4-H. This is an important, naked-eye variety which is among the rarest issues in the quarter eagle set. Only 3,537 were struck in October, 1843.

Sharply struck and mostly lustrous with typical quality surfaces for the grade. There is a short, thin mark located at the left edge of the eye that serves as a useful pedigree marker for the future.

I would estimate that this variety is at least five to six times scarcer than the Small Mintmark. It is now recognized by both PCGS and NGC and is included in expanded quarter eagles sets by a number of Dahlonega specialists. To the best of my knowledge there are only two that have been graded Uncirculated by the services: the Bass II: 349 coin (graded MS61 by PCGS) and the Duke’s Creek example offered here. While it is not likely that this piece will command a substantial premium over the more common Small Mintmark, it certainly offers the value-conscious collector an interesting opportunity to obtain a very rare coin.

Ex: Duke’s Creek collection.

THE FINEST KNOWN 1844-D QUARTER EAGLE 1844-D NGC MS63. Variety 5-I. Reverse of 1844-45. Easily identifiable by the lack of feathers entering the opening of the mintmark as on the other variety of this year. This is the scarcer of the two varieties.

This is among the more visually appealing quarter eagles in the Duke’s Creek collection. Some examples of this date are found with weak strikes. This is not the case on this coin as it shows razor sharp detail at the centers and the borders. In fact, the hair detail above the ear and around the face of Liberty is almost complete, making this an unusual and desirable piece. The surfaces are exceptional as well with the only describable mark being a tiny nick on the reverse above the top arrowhead. The obverse is somewhat reflective at the center and it is framed by a frosty texture; the reverse is a bit more evenly frosty in texture. Both sides have attractive golden centers that are contrasted by deeper khaki hues at the edges.

The 1844-D is one of the three most common Dahlonega quarter eagles in higher grades. Of the 200+ pieces known, as many as a dozen Uncirculated pieces exist and this includes at least four distinct pieces that have been graded MS63 by one (or in some cases both) of the major services. The all-time auction record for the date is held by the Pittman: 1748 coin which sold for a staggering $30,800 as a raw coin back in 1998.

The Duke’s Creek example is listed as the finest known 1844-D quarter eagle in my Condition Census and I still have not seen it’s equal.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1313 ($4,400), Hancock and Harwell, Dr. Arthur Montgomery collection. The plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE FINEST KNOWN 1845-D: EX BASS 1845-D NGC MS63. Variety 6-I. Reverse of 1844. The only variety currently known for this year.

Production of quarter eagles remained relatively high in the middle years of this decade. Just under 20,000 1845-D were struck of which around 200 are known today. I rank the 1845-D as the 14th of 20 issues in terms of its overall rarity but it jumps to the 11th spot in high grades. There are around three dozen known in AU but the 1845-D becomes extremely rare in properly graded Uncirculated. In fact, I am aware of only three Uncirculated pieces: the Duke’s Creek coin, the Green Pond: 1021 coin (graded MS62 by PCGS when it was last sold by Heritage in the January 2004 FUN auction) and the Chestatee: 7643 coin (graded MS62 by PCGS) that is now owned by a Kansas specialist.

This beautiful piece is characterized by soft yellow gold color atop clean, lustrous surfaces. It shows a typical strike for the date with some weakness at the centers; the borders are fully detailed. The surfaces show no marks of significance.

When last offered in the Bass sale in October 1999, this piece set an all-time auction record for the date, bringing $26,450. It will be interesting to see what it realizes today.

Ex: Duke’s Creek collection via Hancock and Harwell, Bowers and Merena 10/99: 376 ($26,450), Harry Bass collection, Superior 1975 ANA: 376.

THE FINEST KNOWN 1846-D NORMAL MINTMARK 1846-D NGC MS63. Variety 7-K. This is actually a very late die state of the rare and popular 1846-D/D but with just the slightest amount of the errant mintmark showing below strong magnification. The obverse is actually a somewhat early state with repunching on the lower loop of the 8.

Nicely struck for the issue with just some minor weakness seen at the centers. The surfaces are extremely clean with no deep or detracting marks. The luster is semi-granular in texture with some semi-prooflike flash seen in the fields. Both the obverse and reverse have toned to a medium golden-orange shade which is slightly deeper about the periphery than at the centers.

The 1846-D quarter eagle has a similar mintage to the 1845-D but it is slightly more available. In Uncirculated, the 1846-D is very rare with probably no more than half dozen or so pieces known. NGC has actually graded a single example higher than MS63 (the Green Pond coin, which is now in an MS64 holder, was in a PCGS MS62 holder when it was sold by Heritage in January 2004) but I feel that the Duke’s Creek example is the finest known. The Green Pond coin sold for $18,400 and that figure appears to be the current auction record for an 1846-D quarter eagle. It will be interesting to see what the Duke’s Creek example brings when it is sold tonight.

One last note…this coin has been together with the MS63 1844-D quarter eagle above since the early 1980’s. It would be nice if they could be kept together by a Dahlonega collector.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1315 ($8,250), Hancock and Harwell, Dr. Arthur Montgomery collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

CONDITION CENSUS 1846-D/D 1846-D/D NGC AU58. Variety 7-K. The “D Near D” variety. Early die state with the mintmark widely repunched to the left. Reverse cracks as described in the Winter book.

Lightly worn with deep green-gold and steel color, in slightly different hues, on the obverse and the reverse. The strike shows some weakness, as always seen on this variety, with most of this located on the eagle’s legs and wings. Some luster can be seen in the protected areas and the surfaces are very clean for the grade.

This variety has been actively collected by Dahlonega specialists for at least a decade. It is recognized by both major services and it generally commands a significant premium over a normal mintmark. The 1846-D/D quarter eagle is unique in Uncirculated with the single piece known an MS61 graded by PCGS which is ex: Bass II: 383. I am aware of around three or four pieces that grade AU58.

Ex: Duke’s Creek collection.

THE SINGLE FINEST KNOWN DAHLONEGA QUARTER EAGLE OF ANY DATE 1847-D NGC MS65. Variety 9-M. The only variety of the year. Intermediate die state with the 847 in the date lightly repunched at their bases.

In 2003, I wrote the following about this coin: “There are currently no Dahlonega quarter eagles that have been graded MS65 by PCGS or NGC. If one does achieve this coveted level, it will probably be the 1847-D in the Duke’s Creek collection.” Bang the drums, blow the trumpets…NGC has graded the Duke’s Creek 1847-D quarter eagle MS65.

The 1847-D is generally one of the best produced quarter eagles from this mint. The strike tends to be sharp and, for some reason, there are more pieces known with exceptional color than for any other date in this series. Even by these standards, this coin stands above any other Dahlonega quarter eagle that I have seen. The surfaces are nearly flawless and the strike is as sharp as one would expect to see on a Philadelphia coin of this era. Perhaps the most impressive aspect is the rich coloration which is a vivid deep gold with strong flashes of rose at the left reverse border. The eye appeal can really only be appreciated by a viewing in person.

This is the first public auction appearance of this coin. It initially appeared on the market in the late 1980’s and it has quietly resided in private collections since then. I would urge the advanced collector who truly wants “the best” to seriously pursue the Duke’s Creek 1847-D as it is very likely the single finest known quarter eagle of any date from this mint.

As a basis of comparison, the second finest known 1847-D is a very nice PCGS MS64 that was sold by Heritage in the Green Pond collection as lot 1024 where it brought $39,100. As one of only two certified MS65’s of any date (the other is an 1851-D which is offered later in this sale), this coin should certainly be worth considerably more and it may set an auction record for any Dahlonega quarter eagle.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

AN MS62 EXAMPLE OF THE 1848-D QUARTER EAGLE 1848-D NGC MS62. Variety 10-M. Reverse of 1847. This is the more common of the two varieties known for the year.

Very sharply struck with choice surfaces and medium to deep orange-gold color on the obverse and the reverse. This is another issue that tends to come with comparatively good eye-appeal, making it an excellent candidate for a type set.

In 1848, the Dahlonega mint produced 13,771 quarter eagles. There are around 200 known with close to three quarters of these in the VF to EF range. AU’s are scarce, although they are more available than most Dahlonega quarter eagles of this era. There are as many as a dozen known in Uncirculated with many of these in the MS60 to MS61 range. The best example I have seen is the Green Pond: 1026 coin which sold for $23,575 in Heritage’s January 2004 auction. In the Condition Census, I list the Duke’s Creek coin as the second finest known and it is clearly nicer than the other pieces that I have seen graded MS62 by NGC and PCGS.

This would make an ideal coin for the collector seeking a single higher grade, well-produced Dahlonega quarter eagle for a type set.

Ex: Duke’s Creek collection, Hancock and Harwell, Bowers and Merena 1/92: 1359 ($13,200).

POSSIBLE FINEST KNOWN 1849-D QUARTER EAGLE 1849-D NGC MS62. Variety 12-M. Low date with the 1 very close to the denticles. This is the rarer of the two varieties of this year by a substantial margin.

The 1849-D is easily the scarcest of the late 1840’s quarter eagles from this mint. There were 10,945 pieces struck of which 125-150 are believed to exist. It is the 10th rarest of 20 issues in the series in higher grades. I estimate that around three dozen are known in AU. I am aware of just four or five properly graded Uncirculated pieces of which the highest graded is MS62. The current NGC population of seven in this grade is extremely inflated on account of resubmissions.

This piece shows a typical strike for the date with some weakness seen on the forehead of Liberty; the reverse is sharp overall with good detail on the legs and wings. The surfaces are lustrous and show some scattered light ticks and a few faint hairlines (not from cleaning). The obverse shows golden-brown color while the reverse is a bit lighter with some bluish overtones. Overall, this is a pleasing coin for the grade and an example with much better eye appeal than usually seen on this underrated date.

This is the first auction appearance for this coin since 1984 and it will, no doubt, bring considerably more than the $5,500 that it sold for over two decades ago. In my Condition Census, I list this as the finest known 1849-D quarter eagle.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1318 ($5,500), Hancock and Harwell, Dr. Arthur Montgomery collection, Stack’s 12/78: 97 ($3,800), Bareford collection, Mehl 3/48: 3581, Renz collection. This is the plate coin in the first edition of my book “Gold Coins of the Dahlonega Mint, 1838-1861.”

NICE UNCIRCULATED 1850-D QUARTER EAGLE 1850-D NGC MS61. Variety 13-M. The only known die variety of this year. Struck from lightly clashed dies with a few clashmarks seen over the eagle’s right shoulder.

The obverse shows a nice amount of detail while the reverse has some minor weakness on the eagle’s left leg and right claw. There are just a few small, well-scattered marks on the surfaces and a few hairlines which are not the result of cleaning. For the sake of future pedigree information we feel compelled to mention a few very small abrasions over the tip if the coronet on the obverse. Both sides are toned in medium green-gold shades with some tinges of orange-gold on the high spots.

There were 12.148 examples struck of which an estimated 125-150 are known. This is the twelfth rarest of twenty Dahlonega quarter eagles in higher grades. Three to four dozen exist in AU and another four to six are known in Uncirculated. The NGC population figure is extremely distorted as the result of a naughty coin dealer (you know who you are…) resubmitting an example and then “forgetting” to turn in the old inserts. NGC currently shows twelve graded in MS61 but the actual number of distinct coins is probably more in the area of three or four. The present example is clearly among the finest known but it is not listed in the current Condition Census.

Ex: Duke’s Creek collection.

INCOMPARABLE NGC MS65 1851-D: THE FINEST KNOWN OF THIS DATE AND THE SECOND FINEST DAHLONEGA QUARTER EAGLE KNOWN TO ME 1851-D NGC MS65. Variety 14-M. The only variety known of this year.

As a testament to the Duke’s Creek collection, consider this fact: there are only two Dahlonega quarter eagles of any date that have ever been graded MS65 by one of the major services. Both of them are in this sale and they are clearly the two best Dahlonega quarter eagles that I have ever seen.

The obverse is far better struck than on most 1851-D quarter eagles while the reverse has some weakness on the eagle’s left leg and right claw. The surfaces are extremely clean with no abrasions worthy of discussion while the luster is very frosty and far better than on any other example of this date of which I have seen. Perhaps the best feature, though, is the rich orange-gold color with some steel-blue overtones seen on the high spots. As one would expect from a Dahlonega quarter eagle accorded this mind-boggling grade, the eye appeal is really quite spectacular, especially for an issue that is generally not seen with a good overall look.

The 1851-D is the eighth rarest Dahlonega quarter eagle in high grades. There were 11,264 struck and an estimated 100-110 are known today. I am aware of exactly five Uncirculated and the second best is a PCGS MS62 in a Kansas collection that was once a duplicate in the Duke’s Creek collection.

If I was forced to choose between the 1847-D and the 1851-D quarter eagles in this sale I would probably pick the 1847-D as I like its appearance more. But, the 1851-D is a far rarer coin and it so far better than any other piece from the 1850’s that perhaps the true best choice would be to buy them both!

IMPORTANT FINEST KNOWN 1852-D QUARTER EAGLE GRADED MS64 BY NGC 1852-D NGC MS64. Variety 15-M. The only variety of the year. Very early die state with the 1 in the date repunched at it base.

Mintage figures for Dahlonega quarter eagles begin to drop precipitously with this issue and only 4,078 were produced in 1852. From this year through 1856, the Dahlonega quarter eagles are all quite rare and some, like the 1855-D and 1856-D, are very rare. The 1852-D is tied for the fifth rarest issue in the series in terms of overall rarity and it is the seventh rarest in high grades. Around twenty exist in AU and another six or so in Uncirculated. The Duke’s Creek collection specimen is far and away the finest known with the next best being a trio of MS62’s. One of these is in a Kansas collection and is ex: Heritage 1999 FUN: 7651 ($28,750), another is the Green Pond coin which Heritage sold as Lot 1030 in the 2004 FUN sale (where it realized $25,875) and the 2004 ANA: 7146 coin from the Harold Anderson collection that brought $28,175.

The Duke’s Creek specimen is wonderfully struck for the issue with uncommonly strong details seen at the centers; some minor weakness, as always, exists on the denticles. The surfaces are very clean with the only mark of note being a thin vertical abrasion behind Liberty’s hair bun. Both the obverse and reverse are very frosty with medium orange-gold and greenish color. This is a lovely coin for the grade and it represents the ultimate in quality for the date.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection via Winthrop Carner, Superior 5/90: 5429 ($27,500). This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

VERY RARE AND UNDERRATED UNCIRCULATED 1853-D 1853-D NGC MS62. Variety 16-M. The only variety of the year. The reverse die is the same as seen on all quarter eagles struck at Dahlonega from 1847 through 1859.

An average quality for strike for the date with some weakness seen on the curls around the face and on the reverse at the eagle’s left leg and right claw. The surfaces are somewhat grainy in texture as is common for the issue and a good deal of mint luster clings to lightly marked fields. There is one small mark at the base of Liberty’s neck while the reverse is quite clean. Both sides show orange-gold toning with rich blue shades on the high spots.

Despite a very low mintage figure of 3.178 the 1853-D is overshadowed by the 1854-D, 1855-D and 1856-D quarter eagles. Fewer than 100 examples of the 1853-D are known and the average specimen is a well-worn VF or EF with poor eye appeal. There are fewer than two dozen known in AU and five or six in Uncirculated. There are a total of three graded in MS62 between the two services but I am aware of just two of which this piece is clearly the finest. This exact coin is listed in my Condition Census as the finest 1853-D quarter eagle and I still have yet to see its equal. Another extremely important coin. It is interesting to note that this piece sold for nearly $20,000 all the way back in 1985; a time when you could buy some serious Dahlonega coins for this sum and have quite a bit of money left over.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Mid American 5/85: 1275 ($18,150), Jasper Robertson. The plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

INCREDIBLE NGC MS64 1854-D QUARTER EAGLE— EASILY THE FINEST KNOWN EXAMPLE OF THIS RARITY 1854-D NGC MS64. Variety 17-M. The only variety of the year. Easily identifiable by a number of thin diagonal die lines near the date and the last star. Struck from lightly clashed dies.

This is a remarkable coin that was discovered by dealer Winthrop Carner at a small coin show in Georgia in 1996. It was sold to Paul Nugget who, in turn, sold it to collector William Miller. It entered the Duke’s Creek collection in 1999. It is easily the finest known 1854-D and it remains a coin that is considerably better than any other 1854-D that I have seen or heard of.

The strike is extremely sharp for the date with all of the details showing above-average clarity with the exception of the BE in LIBERTY and the corresponding area on the reverse. The denticles on both sides show some weakness as well and this is diagnostic to the issue. The surfaces are extremely clean with just a small mint-made planchet defect on the jaw of Liberty worthy of description. The luster is very frosty and there is a slightly prooflike finish seen in the fields which is far different from the typical dull, grainy texture on this issue. Both sides glow with a medium green-gold color and this coloration appears to be original and untampered with. The eye appeal of this coin is truly exceptional for the date.

Only 1,760 examples were struck. The rarity of the 1854-D has been exaggerated in the past but it is clearly a rarer coin than its more famous cousin, the 1854-D Three Dollar gold piece. Around 65-75 of the quarter eagles are known with a dozen or so in properly graded AU and another six or so in Uncirculated. In my Condition Census for the date, I listed the Duke’s Creek coin as the finest known by a large margin. Interestingly, at one time the Duke’s Creek collection contained two Uncirculated examples of this date. The lower quality duplicate, graded MS60 by PCGS, was last offered by Heritage as Lot 7856 in the 1999 ANA sale.

When this date was last sold at auction by Heritage in 1999 it brought $63,250. At that time it was very conservatively graded MS62 by PCGS. Today, with the NGC grade more in line with contemporary standards and with the market far more appreciative of exceptional one-of-a-kind coins, is possible that this piece could bring close to six-figures.

Ex: Duke’s Creek collection, Heritage 2/99: 6177 ($63,250), William Miller collection, Paul Nugget/Spectrum Numismatics, Winthrop Carner.

VERY RARE UNCIRCULATED 1855-D QUARTER EAGLE 1855-D NGC MS61. Variety 18-M. only variety known of this year.

While not as distinctive in appearance as the 1856-D quarter eagle, the 1855-D is an issue with a “look” that is easily recognizable to even the casual collector of Dahlonega gold coinage. This piece has a strike that is typical for the issue with a good deal of weakness seen on the borders. Many of the denticles are not fully formed on both sides. The centers are actually relatively well defined with some good individual detail seen on the hair and feathers. The surfaces have a few light, scattered marks which are consistent with the grade. The most recognizable is a pinscratch located to the east of star eight. Two small raised die lumps on the reverse above the olive leaves are diagnostic and attest to the authenticity of this coin. Both sides display medium golden color with some bluish-gold undertones. This is a very pleasing example of a date not known for its eye appeal.

Only 1,123 were made. At one point I felt that the 1855-D quarter eagle was the rarest Dahlonega gold coin but I now feel this honor should be given to the 1856-D quarter eagle. That said, this is still a rare coin in all grades and a very rare one in AU or better. There are four to five dozen pieces known with perhaps a dozen in AU. I do not feel that there are more than two or three truly Uncirculated pieces known but the two major services have seen fit to encapsulate a few in MS60 and MS61 that, in my opinion, are not really “new.” I have regarded the Duke’s Creek specimen to be Uncirculated since I first saw it back in the mid-1980’s and in my Condition Census it is listed as the second finest known, trailing only the example in the Smithsonian that is originally from the Lilly collection.

In January 2004 Heritage sold a PCGS MS60 example of this issue as part of the Green Pond collection for $43,700. The Duke’s Creek collection coin, in my opinion, is much nicer and it should certainly realize a higher price.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1324 ($9,075), Dr. Arthur Montgomery collection, Hancock and Harwell, Bowers and Ruddy 10/77: 1548, Lamborn (“Fairfield”) collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

A CONDITION CENSUS EXAMPLE OF THE VERY RARE 1856-D QUARTER EAGLE 1856-D NGC MS61. Variety 19-M. The only variety of this year.

The 1856-D quarter eagle is among the most numismatically significant issues from this mint. It is the only Dahlonega gold coin ever produced with an original mintage figure of fewer than 1,000 and it is the single rarest issue from this mint in terms of the total number known to exist in all grades. It is also an issue that is notorious for being amongst the most poorly produced United States gold coins of any era.

Virtually every known 1856-D has a flat appearance with a somewhat concave “look.” For collectors who are not familiar with this issue, most coins, even if they are original, seem cleaned. I consider myself to be a pretty good grader of Dahlonega gold and I still have trouble accurately grading many 1856-D quarter eagles.

The present example shows a slightly better than average strike. The denticles on both sides are much more fully formed than usual while the wings and the reverse legend are fairly bold as well. On the obverse, there is decided weakness on the curls around the face and below the ear of Liberty. This weakness extends to the center of the reverse which has a somewhat sunken appearance. The surfaces show some mint-made roughness and there is a small spot below the eagle’s beak. Both sides have a slight amount of luster and are overlaid with lemon-gold hues which are even and consistent.

Of the 874 pieces produced it seems unlikely that more than 50 are known. This includes many unattractive lower grade pieces. There are around ten known in AU as well as a few with claims to a Mint State grade. As mentioned above, this is an incredibly hard issue to grade and a piece that one expert calls MS61 might be regarded by another as AU55.

In the Green Pond sale, a PCGS MS60 example of this date sold for a record price of $69,000. I can not recall another 1856-D quarter eagle graded Uncirculated by either service having been available since then.

The Duke’s Creek example is certainly one of the better 1856-D quarter eagles I have seen and in my most recent Condition Census I listed it as the fifth finest known. This is an important coin and it is certainly one of the finer pieces currently available to collectors.

Ex: Duke’s Creek collection, Heritage 1999 FUN: 7657 ($44,850), Leon Farmer collection, Bowers and Merena 11/93: 1266, Heritage 1993 ANA: 5550.

ONE OF THE FINEST KNOWN 1857-D QUARTER EAGLES: GRADED MS62 BY NGC 1857-D NGC MS62. Variety 20-M. Late die state with a number of cracks through the date and the surrounding stars.

Struck in rich orange-gold and well struck, as is usually the case for this date, with a very sharply defined central obverse; the reverse has some minor weakness on the legs and claws. Both sides show rich grainy luster and are lightly marked. A small vertical nick in front of the tip of Liberty’s nose serves as ready identification.

The 1857-D quarter eagle is a curious issue. It has a very low mintage of just 2,364 and it is a fairly scarce coin in terms of overall rarity with around 110-130 pieces known. Surprisingly, a high percentage of these grade better than EF45 and this suggests that a hoard may have existed at one time. I believe that there are around a dozen or so known in Uncirculated with most of these in the MS60 to MS61 range. NGC shows a current population of three in MS62 and just one better. I regard the Duke’s Creek specimen to be among the finest known and I ranked it #1 in my most recent Condition census listing in 2003. At one time the Duke’s Creek collection contained what I believe to be two of the finest known 1857-D quarter eagles: the present example and a piece now owned by a Kansas collector (and in a PCGS MS63 holder) that was sold by Heritage as Lot 7960 in the 1999 ANA auction.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Mid American 5/86: 1869, George Elliott collection, Hancock and Harwell, Stack’s Auction ’84: 1326, Hancock and Harwell, Dr. Arthur Montgomery collection. This was the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE DUKE’S CREEK-FAIRFIELD EXAMPLE OF THE 1859-D QUARTER EAGLE 1859-D NGC MS62. Variety 21-M. The only variety of the year. This is the final use of the “M” reverse which was first employed back in 1847.

An average strike for the issue with some weakness seen on the curls along the face of Liberty as well as on the legs and right claw of the eagle. There are very few marks visible on the surfaces although a small, well-hidden mint-made lamination can be seen at 11:00 on the obverse. The fields are somewhat prooflike; an usual feature on a date that is not known for displaying good luster. Both sides are richly toned in medium to deep orange-gold hues. This is a lovely example of this popular issue and it is very possibly the finest known.

The 1859-D is the final quarter eagle produced at the Dahlonega mint. There were 2,244 struck of which an estimated 120-140 are known today. This date does not appear to have circulated as extensively as the issues from the 1840’s and it is almost never seen below EF. It is scarce in the higher AU grades and very rare in Uncirculated with around six to eight known which qualify by today’s standards. I am personally aware of three that have been graded MS62 by one of the major services and this includes the Green Pond: 1036 coin which realized a healthy $34,500 when it was sold by Heritage in January 2004.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Bowers and Ruddy 10/77: 1564, Lamborn (“Fairfield”) collection.

The Ten Most Undervalued New Orleans Gold Coins

It is my belief that many gold coins from the New Orleans mint are undervalued. For the sake of brevity, I am going to focus on what I feel are the ten most undervalued issues. Had I wanted to, I could have made this a list of twenty or even twenty-five coins. More information on these coins (and on all other New Orleans gold issues) will be available in my forthcoming book “Gold Coins of the New Orleans Mint, 1838-1909.” Please check back for more information regarding the availability of this book.

1. 1850-O Gold Dollar

The short-lived gold dollar denomination offers the collector some good overall value. This is the only pre-Civil War New Orleans gold that can be purchased in Uncirculated grades for less than $1,000. The 1850-O has always been my favorite date in the series. It has the lowest original mintage figure (14,000 coins) and is rare in Uncirculated with around two dozen known. Interestingly, this is a scarcer coin in MS63 or MS64 than the heralded 1855-O but it is priced considerably less. A smart collector would do well to put away nice MS61 and MS62 1850-O gold dollars at current levels (under $5,000).

2. 1845-O Quarter Eagle

The 1845-O is the unquestioned key of the New Orleans quarter eagle series. Only 4,000 were minted and around 65-75 pieces are known in all grades. In AU, the value of the 1845-O has shot up in the past few years but at less than $10,000 for a nice AU50 to AU53 example, this date seems like good value, especially given the fact that it is the key issue in a short, completable set. The 1845-O becomes extremely scarce in the higher AU grades and I very strongly recommend purchasing this date in any grade as it appears to have considerable upside.

3. 1856-O Quarter Eagle

The 1856-O is the third scarcest New Orleans quarter eagle in AU50 and better. It is still very affordable with nice AU pieces currently selling in the $1,500-3,500 range depending on quality. Unlike some of the other pieces on this list, the 1856-O is an issue that the collector can be particular when deciding what coin to buy. There are enough pieces around in AU that the collector should seek choice, original pieces with good color and luster. In Uncirculated, the 1856-O is extremely rare. I have only seen four to six in Uncirculated and none better than MS62.

4. 1840-O Half Eagle

The 1840-O half eagle isn’t the rarest coin on this list but it is an issue that I like because of its first-year status. It is not scarce in lower grades but it becomes very hard to find in AU and quite rare in Uncirculated. It has a current Trends value that is considerably lower in MS60 than many more available Charlotte and Dahlonega half eagles of this era and I think it is an excellent value. The Broad Mill variety of this date is extremely scarce in all grades and has the potential to be a key to the New Orleans half eagle series some day if it is better publicized.

5. 1892-O Half Eagle

With Motto half eagles were struck at the New Orleans mint for only three years: 1892, 1893 and 1894. The 1892-O is by far the scarcest of these with an original mintage figure of just 10,000. This date is almost never seen in the lower grades but it is almost never seen above MS60/MS61. You can currently but a nice “slider” in the $2,500-3,500 range and a very decent Uncirculated piece for around $5,000. I think this is extremely reasonable in comparison to other New Orleans half eagles. Did you know that this is the third rarest New Orleans half eagle in terms of overall rarity?

6. 1841-O Eagle

This is among the more expensive coins on this list but I think it is still among the better values. New Orleans didn’t get around to producing their first Eagle until 1841 and then only 2,500 were struck. This date is seldom seen above VF20 to EF40 and most higher grade pieces are very heavily abraded. I don’t think that more than a half dozen AU pieces are known and most of these are in strongly held collections. Figure that a nice EF example is going to cost you $10,000 while an AU—if available—will run in the $20,000 to $30,000. Considering the fact that the 1841-O is the rarest No Motto New Orleans eagle in higher grades, I think these price levels are reasonable.

7. 1852-O Eagle

There are a number of New Orleans eagles struck during the 1850’s that I think are very underrated. I would have to put the 1852-O at the top of the list. It is the fifth rarest of twenty-one No Motto issues from this mint and it is the sixth rarest in higher grades. Despite this coin’s unquestioned rarity, it is still relatively affordable. EF examples still trade in the $3000 range and I recently sold a very nice AU55 for less than $7,000. When one considers that this coin is worth just a bit more than an 1852-O double eagle in the same grade, yet is many times scarcer, I think it is a great value. And don’t get me started about this coin in Uncirculated…

8. 1856-O Eagle

As much as I like the 1852-O eagle, I like the 1856-O even more. It is tied for fourth rarest New Orleans eagle in high grades but it is typically ignored by everyone other than specialists when offered for sale. There were 14,500 of which an estimated 80-90 are known today. I doubt if more than 14-18 are known in AU and in Uncirculated the 1856-O is unique. If higher grade pieces are out of your price range, consider an EF. There are around two dozen known in this range but prices are still under $4,000. I have tried to buy every single 1856-O eagle I could find in the past three to five years and I’m not sure that I’ve owned more than four or five pieces.

9. 1899-O Eagle

The 1899-O is the rarest eagle struck at the New Orleans mint after 1883. Unlike many of the issues from the 1890’s and early 1900’s, this date has not been found in large quantities in Europe. The 1899-O is fairly scarce in the lower Uncirculated grades and it becomes very scarce in MS62. Until a few years ago, I was able to buy MS62 examples for under $1,000 which seemed absurdly cheap. Today, this date has doubled in price but I still think it is a good value in MS62 and above. It is the key issue in the “late date” New Orleans eagle series and as this subset becomes more and more popular with collectors, it will bring a nice premium over the more common dates like the 1901-O and the 1903-O.

10. Late Date Eagles in MS64 and Above

In closing, I’m going with a group of coins that is very different than the other issues I have listed. Nearly every No Motto eagle from New Orleans is rare in Uncirculated and most dates are unknown above MS62 to MS63. Small numbers of common dates are known in MS64 and these can still be purchased for under $10,000. These coins are typically very pretty with excellent color and luster. And they are typically very scarce. Even the more common issues from the 20th century have populations of fewer than ten coins in MS64. An MS64 New Orleans eagle sells for a premium of around four times what a generic Liberty Head eagle is worth. Considering it is around fifty to one hundred times rarer makes it a great deal at its current price level.

Duke's Creek Collection of Dahlonega Gold Dollars

In April 2006 Heritage will be auctioning the incomparable Duke's Creek Collection of gold dollars, quarter eagles and three dollar gold pieces. I have been asked to write the descriptions of these coins. In the first part of a two-part series, Douglas Winter Numismatics is proud to present the write-ups of these issues. CONDITION CENSUS 1849-D GOLD DOLLAR

1849-D MS64 NGC. Variety 1-B. Similar reverse die state to that seen on the Duke’s Creek: 1001 coin with a number of cracks on the reverse including a prominent one from the rim past the second S in STATES through this letter and down through the base of ATE in this word to the olive leaves at the left end of the wreath. This is the scarcer of the two varieties known.

This is a nicely struck example of a date that is not often found boldly impressed. The obverse shows a group of raised artifacts between the stars at 8:00 and 9:00 while the reverse has a bold date and mintmark. There is a small amount of weakness on the rear curls behind the ear as is typical for this date. The surfaces display some light old hairlines in the fields and we note one tiny nick on the face of Liberty; a few small marks at the center of the reverse do not readily detract. The luster is frosty and above average for the issue while the surfaces are covered with some orange-gold color. There is a band of contrasting color at the obverse border while some splashes of gold on the reverse enhance the appearance. The eye appeal of this coin is very respectable for the grade and this coin’s balanced appearance between the obverse and the reverse is unusual.

The 1849-D is the most common Dahlonega gold dollar both in terms of overall and high grade rarity. There are an estimated three to four dozen known in Uncirculated with most in the MS60 to MS62 range. In properly graded MS63 this issue is quite scarce and it is rare in MS64. We know of approximately three to five pieces that would grade as such by today’s standards. The Duke’s Creek coin is comparable to Green Pond: 1001 which realized $14,950 in our January 2004 sale.

Ex: Duke’s Creek collection and obtained via private treaty from Hancock and Harwell; earlier ex: Heritage 1996 ANA: 8098 (as PCGS MS64) where it sold for $9,625. Listed in Doug Winter’s Condition Census as tied with a small group of other coins as the fourth finest known 1849-D gold dollar.

FINEST KNOWN 1850-D GOLD DOLLAR GRADED MS64 BY NGC 1850-D NGC MS64. Variety 2-C. The only variety of this year. Very early die state with minimal die clashing. Perfect dies.

While coins such as the 1855-D and 1861-D will garner more attention in the, I personally feel that this 1850-D is among the most important gold dollars in the Duke’s Creek collection. It is easily the finest known and it is remarkable for its sharpness of strike and high quality planchet.

The 1850-D is not typically found with a sharp strike but this piece is almost fully defined at the centers and very strong at the borders as well. I can not recall having seen another that showed detail which was comparable to the Duke’s Creek example and this is one of just a handful of pieces known that is not weak on the LLA in DOLLAR.

The surfaces are very clean with a few insignificant ticks seen in the obverse fields and one old, thin scratch that runs down from the ear to the throat. The reverse is nearly perfect and shows just a few light clashmarks as made. In fact, viewed on its own, I would call the reverse at least MS65, if not actually a touch finer. Another feature of this coin that deserves commendation is its blazing, frosty luster. This coin is original and has not been enhanced or “improved” like so many other 1850-D gold dollars. The coloration is a thrilling medium to deep green-gold and orange with some steel-blue tones at the obverse periphery. The color gives this coin a very high eye degree of eye appeal. I consider this coin to be the finest known 1850-D gold dollar by a fairly substantial margin despite the fact that it is tied with another example graded MS64 by NGC.

The 1850-D has long been one of the more underrated Type One gold dollars. It is the fifth rarest of 13 issues from the Dahlonega mint. Of the 8,382 struck there are an estimated 125-150 known with the typical piece grading EF40 or so. Despite the population figures from PCGS and NGC, there are no more than six to eight Mint State pieces known and nearly all are in the MS60 to MS61 range. The Green Pond: 1002 coin was graded MS61 and showed a typical weak strike on the obverse. In all of our years of selling great Dahlonega gold coins at auction, we have never offered an 1850-D gold dollar that graded higher than MS62 and only two at that level.

Ex: Duke’s Creek collection, Hancock and Harwell, Doug Winter.

FINEST KNOWN 1851-D GOLD DOLLAR GRADED MS65 BY NGC AND PEDIGREED TO THE BAREFORD COLLECTION 1851-D NGC MS65. Variety 3-E. All four digits of the date are lightly recut with this showing most clearly below the upright of the first 1. Intermediate die state with some cracks on the reverse. There are two varieties known of which this is the more common; an estimated two-thirds of the 1851-D gold dollars struck employ this die pair.

This is among the more important condition rarities in the Duke’s Creek collection of Dahlonega gold dollars. It has long been regarded as the finest known 1851-D and it has a long pedigree that includes some of the more famous branch mint gold collectors from the past half century. It is also an important enough coin that the late Dahlonega specialist Jack Hancock bought and sold it at least four times (!)

The strike is extremely sharp for the issue with full radial lines noted within the stars. The hair has fully defined curls while the wreath is bold. Both the obverse and reverse show a number of clashmarks with the most prominent seen on the reverse. The surfaces are very clean, as one would expect from a Dahlonega gold dollar that has been accorded an MS65 grade by NGC (none has been graded this high at PCGS either). When the coin is tilted just right, it is possible to see a small cluster of thin hairlines below the bust; there are also a few small ticks in the obverse fields but none of these is deep enough to merit a description. Perhaps the best feature of this coin is its superb frosty luster. The 1851-D tends to have better luster than nearly any other gold dollar from this mint but even by this standard, the Duke’s Creek piece is remarkable. Both the obverse and reverse show light green-gold color with pale yellowish highlights. The overall level of eye appeal is very pleasing and this is truly a handsome coin that deserves to be called a Gem.

This has long been regarded as the finest known 1851-D and it ranks as one of the three or four nicest Dahlonega gold dollars of any date that I have personally seen. It would make a great type coin for the collector seeking a single very high quality Dahlonega gold dollar or it would greatly improve a specialist’s date collection. This is the only 1851-D gold dollar graded MS65 by either service.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1297 ($9,900), Arthur Montgomery collection, Hancock and Harwell, Stack’s Bareford collection (12/78): 15, Hollinbeck 11/47: 1418. Plated in the first edition of Doug Winter’s “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE DUKE’S CREEK-ELIASBERG 1852-D GOLD DOLLAR: THE HIGHEST GRADED BY EITHER SERVICE 1852-D NGC MS63. Variety 4-F. The only variety of this year. Struck from strongly clashed and lapped dies as on all known examples. The diagnostic die scratch on the reverse past the second A in AMERICA is plainly visible.

This is one of the two or three best struck 1852-D gold dollars that I have seen. In spite of the fact that the dies had severely clashed, the details seen at both the obverse and reverse center are extremely sharp with full individually-defined curls seen on the head of Liberty, complete radial lines on the stars and a sharp date. Some slight weakness can be seen on the obverse and reverse denticles but this is the result of an improper collar and not actual weakness of strike. The surfaces show no readily distinguishable abrasions, just a host of clashmarks and roughness in the die as made. There are multiple clashmarks in the left obverse field but this appears to be a reasonably early die state. Under a magnification, some very light hairlines (not from cleaning, by the way) can be seen in the right obverse field and at the center of the reverse. The luster is frosty and far above average for the issue. Most 1852-D gold dollars are worn to the point that little natural luster remains and the higher grade examples that exist usually have a dull, grainy texture. There are splashes of intense orange-gold at the central obverse and around the stars; the reverse shows deeper and somewhat more even color which is a bit lighter in hue near the 1 in the value.

The 1852-D is the sixth rarest Dahlonega gold dollar in terms of its overall rarity and the eighth in high grades. Around 100-125 are known with perhaps seven to nine of these grading Uncirculated by today’s interpretations. Nearly all of these are in the MS60 to MS61 range and a properly graded MS62 is very rare. The present example was described by me in 2003 in the Condition Census of 'Gold Coins of the Dahlonega Mint, 1838-1861" are being the finest known 1852-D gold dollar and it remains so today.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Bowers and Ruddy 10/82: 16 ($1,430), Eliasberg collection, John Clapp Jr. and John Clapp Sr. collections, Chapman Brothers 4/1897, M.H. Brown collection. Plated in the first edition of Doug Winter’s “Gold Coins of the Dahlonega Mint, 1838-1861.”

HIGH GRADE 1853-D GOLD DOLLAR 1853-D NGC MS64. Variety 5-G. Easily identifiable by the presence of a die file mark on the obverse from the rim to the base of the star located at 9:00.

This is a very well struck example with a sharp obverse. The hair and stars and fully defined and this is not frequently seen on 1853-D gold dollars. The reverse shows some minor weakness on the 85 in the date but the overall quality of strike is reasonably sharp for the issue.

Under magnification, there are a few very small marks and light hairlines (not from cleaning) that are consistent with the grade assigned by NGC. The reverse is of Gem quality. Both sides exhibit rich frosty luster with a slightly grainy texture. The color is a light green-gold with some pale yellowish hues seen on the high spots. This is a very pleasing example for the grade and it is clearly among the finest known.

The 1853-D is the fourth rarest of the six Type One gold dollars from this mint and the ninth rarest overall of the thirteen issues. Only 6,583 were produced of which 125-150 are known today. This date is most often seen in EF and AU grades. It is very rare in Uncirculated with an estimated six to nine properly graded pieces known. There are a pair of Superb Gems from the Jackson, Tennessee hoard which first came on the market around five or six years ago. One of them, graded MS66 by NGC, is fully Prooflike and it is one of the two best Dahlonega gold dollars of any date that I have ever seen in person.

This piece is listed in the current Condition Census as being tied with a few other pieces as the fifth finest known for the date.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1299 ($14,850), Arthur Montgomery collection, Hancock and Harwell, Paramount Auction ’81: 1332 ($8,200), NASCA 12/76: 2200, McNally collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

ONE OF THE FINEST KNOWN 1854-D GOLD DOLLARS 1854-D NGC MS62. Variety 6-H. Obverse and reverse die scratches as seen on all examples.

The obverse is uncommonly sharp for this date with the stars showing strong radial lines detail and the hair nearly full with many of the individual strands visible. The reverse shows a more typical strike with a bit of weakness seen on the LLA in DOLLAR and the 54 in the date. I would still rate this coin as one of the better struck 1854-D gold dollars that I have seen in some time.

The surfaces have some light ticks and hairlines in the fields with the most visible of these present on the obverse. However, nothing can be seen with the naked eye that is deep or detracting. Unlike many pieces, this does not have clashmarks and it appears to be a fairly early die state. The luster is satiny and it is very slightly subdued in appearance; probably because of the depth of the orange-gold coloration which is seen on the obverse and the reverse. Almost every 1854-D shows poor luster and this piece is far above-average in this regard.

The 1854-D gold dollar is an issue which requires a bit of explanation to the non-specialist. It has a number of very distinct mint-made die characteristics. On the obverse there are always raised die scratches around many of the stars. Large, raised die scratches can also be seen on the reverse to the left of the mintmark and on up to the U in UNITED. Many neophytes have mistaken these for damage.

Just 2,935 examples were produced and this is the third rarest Dahlonega gold dollar, trailing only the 1855-D and the 1861-D. Fewer than 100 are known with around two dozen in AU and another dozen or so in Uncirculated. Nearly every Uncirculated coin known to me is in the MS60 to MS61 range and properly graded MS62’s are extremely rare. The Duke’s Creek collection specimen is clearly in the Condition Census and is certainly among the best to have come on the market in some time.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, possibly ex: Stack’s Bareford (12/78): 26. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

FABULOUS FULL DATE 1855-D GOLD DOLLAR GRADED MS64 BY NGC. THE FINEST KNOWN EXAMPLE OF THE ONLY TYPE TWO ISSUE FROM THIS MINT 1855-D NGC MS64. Variety 7-I. The second 5 in the date is positioned totally below the A in DOLLAR.A very early die state with a remarkable full date and lacking the reverse mintmark seen on later die states. 1855-D gold dollars with a full date are extremely rare and I doubt if more than nine or ten are known. The Duke’s Creek example is the finest of these and its sharpness of strike is easily the best I have seen on any 1855-D.

The 1855-D is the second rarest Dahlonega gold dollar in terms of its overall rarity but it is clearly the rarest in high grades. Of the 1,811 produced there are probably no more than 75-90 pieces known. I know of four that would qualify as Uncirculated by today’s standards. This piece is clearly the finest and it is one of just two Mint State pieces with a full date. A strong case can be made for calling this coin one of the two most desirable Dahlonega gold dollars in existence, along with the Duke’s Creek 1861-D which will be offered for sale in just a few minutes.

As mentioned above, this issue is plagued by weakness of strike. Nearly every known 1855-D shows considerable weakness on the 8 and, sometimes, on the first 5. Sophisticated collectors have long regarded full date examples as very rare and desirable and in the past decade those with very sharp dates have traded at premium prices over those with typical weak dates. The present example has a remarkably bold date. It is almost fully detailed on both the obverse and the reverse despite the fact that there are clashmarks on both the obverse and the reverse. It is ironic—and appropriate—that the finest known 1855-D gold dollar is also the best struck.

The surfaces are clean with just a few very fine hairlines (not from cleaning) in the fields. Under magnification there is some slight roughness as made. The aforementioned clashmarks are most noticeable at Liberty’s forehead and in front of the face; the reverse has some rather extensive and interesting clashmark patterns at the center.

Another amazing thing about this coin’s appearance is its luster. Most 1855-D gold dollars are worn to the point that no luster is visible and on the few higher grade pieces which are known the luster is typically dull and flat. This piece has bright, frosty luster with a texture more like a Philadelphia Type Two gold dollar than one from Dahlonega. The coloration is a light yellow-gold with some greenish tinges.

This is a truly remarkable coin which is certainly a highlight of the Duke’s Creek collection. We have been fortunate to sell many of the Condition Census examples of this date in the past few years. In the Platinum Night session of the January 2006 FUN sale the second finest known 1855-D gold dollar, graded MS64 by NGC, brought $109,250. While that coin was certainly a lovely example, it lacked a full date and, in our opinion is therefore not as desirable as this piece. We expect the Duke’s Creek 1855-D to set a record price for this date.

Ex: Duke’s Creek collection via Hancock and Harwell, Bowers and Merena 10/99: 102 ($92,000), Harry Bass collection, obtained via private treaty from Manfra, Tordella and Brookes in December 1974.

VERY RARE UNCIRCULATED 1856-D GOLD DOLLAR 1856-D NGC MS62. Variety 8-K. This is one of just 1,460 examples produced. All were made from a single pair of dies in May, 1856.

The strike is fairly typical for the issue with the obverse not as well detailed as the reverse. There is some flatness on the hair above the ear and around the face and the U in UNITED is, as always, weak. On the reverse the bases of the 85 in the date are weak and the O in DOLLAR is filled. The detail at the borders is better than usual with most of the denticles fully defined and a good amount of the wreath can be plainly seen with the naked eye.

The surfaces are very clean for the date and grade. There are no very detracting marks visible to the naked eye. With light magnification, a tiny nick in front of Liberty’s nose can be seen. This is not a really important mark and is mentioned mostly for a purpose of future identification.The luster is satiny and somewhat subdued in its texture. This piece shows a good amount of luster for the issue. There are splashes of reddish-gold color on the obverse; the reverse is an intense reddish-gold shade that is most prominent from 4:00 to 11:00 at the border.

This is, overall, a very handsome example of this rare date. The 1856-D is the third rarest Dahlonega gold dollar in terms of overall rarity, trailing only the 1855-D and the 1861-D. In high grades, it is the second rarest issue, trailing only the 1855-D. The PCGS and NGC population reports both include some pieces in the MS60 to MS61 that are, in my opinion, enthusiastically grade. These numbers are also inflated by resubmissions. In my best estimation there are around four to six pieces known. The single best 1856-D gold dollar I have seen is the PCGS MS62 from the Green Pond collection that was sold as Lot 1009 in Heritage’s January 2004 for a remarkable $47,150. The Duke’s Creek collection example is high in the Condition Census and it is likely to be the best piece available to advanced collectors for quite some time.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection.

THE FINEST KNOWN 1857-D GOLD DOLLAR: PEDIGREED TO THE ELIASBERG COLLECTION 1857-D NGC MS62. Variety 9-L. The reverse used for this issue is likely the same as that found on the 1856-D gold dollar. It has a filled O in DOLLAR as well as raised segments on the reverse from 2:00 to 5:00, as struck.

The piece shows an average strike for the issue with some weakness on the hair of Liberty. Around half of the hair shows individual definition with the greatest amount of weakness seen on the curls around the face; the top of the head is sharper than usual. The date is nearly full with some minor weakness on the tops of the 85.

Most every 1857-D gold dollar that I have seen is abraded and has below-average quality surfaces. This piece is quite clean with just a few scattered marks and hairlines in the fields. The reverse center has a few ticks, none of which are deep or worth of specific mention. A small reverse planchet chip at the top of the ride side of the wreath is mint-made and clearly identifies this example. As mentioned above, what looks like small scratches on the reverse border are, in fact, mint-made die scratches which are diagnostic to the issue. The luster is far above average for the issue. Both the obverse and reverse are frosty and this is unusual as many pieces are dull and appear lifeless. There are splashes of reddish-gold coloration that are most prevalent at the edge of the obverse; the reverse has lighter and slightly more even color.

The 1857-D has a mintage of 3,533 and an estimated 120-130 are known. This is a very rare coin in Uncirculated with no more than five to seven properly graded examples known. The Duke’s Creek coin has long been regarded as the finest known and it has a wonderful pedigree to go along with it.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Bowers and Ruddy 10/82: 36, Eliasberg collection, John Clapp Jr., John Clapp Sr., B. Max Mehl 11/22, Rawson collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

INCREDIBLE NGC MS66 1858-D GOLD DOLLAR: THE FINEST KNOWN AND THE HIGHEST GRADED GOLD DOLLAR IN THIS COLLECTION 1858-D NGC MS66. Variety 10-M. This is the only variety for the year. It is characterized by thick lettering on the obverse with the second S in STATES joined solid. The date is well centered and evenly placed while the mintmark is large and well centered.

There are two Gem 1858-D gold dollars known of which this example is the best. In fact, it is among my personal favorite Dahlonega gold dollars of any date and it has a simply wonderful appearance that will be discussed in greater detail in just a minute.

This coin has a lot going for it and its best attribute is its “freshness.” It has the sort of look that is hard to describe. It has obviously been carefully preserved since it was made and it has thick, frosty luster and superb rich coloration that is almost never seen on a Dahlonega coin, regardless of date or denomination. With the exception of some weakness on the ER in AMERICA, the strike is quite bold for the issue. The tips of the bonnet are sharper than usual while the milling at the obverse border is nearly complete. On the reverse, all of the detail is very strong with a full date, sharp wreath detail and bold milling. There is one very small mint-made flake below the E in UNITED. This is the result to a piece of foreign matter sticking to the die at the time of strike and it is seen on nearly all 1858-D gold dollars. With the exception of this trivial mark, the surfaces are nearly perfect and really “as struck.” The luster is phenomenal. It is ultra-thick in texture with an aura in front of Liberty’s face and behind her head that is reminiscent of that seen on certain frosty Gem Three Dollar gold pieces. The coloration is a subtle orange-gold hue with some greenish tinges on the high spots of the obverse; the reverse is a bit deeper with an area of rich coppery-gold at the center.

From the standpoint of aesthetics, this could well be the best Dahlonega gold coin in the entire sale. It has everything going for it: clean surfaces, great luster and color and that je ne sais quoi which makes certain gold coins special. If you have been seeking a very high grade gold dollar from this mint as a type example, here is a piece that you should give very strong consideration to.

The current auction record for an 1858-D gold dollar was set in February 1999 when we sold the ex: Miller collection coin (then graded MS65 by NGC) for $46,000. Look for this record to be broken when the Duke’s Creek collection is sold.

Ex: Duke’s Creek collection, Hancock and Harwell, Gene Sanders, David Akers session of Auction ’90: 1825 ($33,000), David Akers session of Auction ’89: 1345 ($15,400).

NGC GRADED MS64 1859-D GOLD DOLLAR— ONE OF THE FINEST KNOWN EXAMPLES OF THIS DATE 1859-D NGC MS64. Variety 11-N. Higher date than on the other variety of this year with the 9 under the left foot of the A in DOLLAR. Late die state with unusual clashmarks on the reverse from 7:00 to 8:00. Other clashmarks, which are more typical for this issue, can be seen around the bust and at the central reverse.

This is a very well struck coin for the issue. On the obverse, most of the hair is clearly visible while the border is nicely defined. The reverse has some minor weakness on the 85 in the date and the OLL in DOLLAR while the border is sharp. The surfaces are reasonably clean with a few very faint light scratches visible below the bust; these can only be seen when the coin is tilted into a light source. More noticeable, and serving as clear identification, are a shallow curved lintmark on the lower portion of Liberty’s cheek as well as a small mint-made lamination that is located in the same general area. The luster is frosty and undisturbed while the coloration is a natural light to medium rose-gold with some greenish tinges in the right obverse field. For all intents and purposes this coin is a virtual Gem by today’s standards but it has been slightly net graded on account of the aforementioned lamination on the cheek. It is the second finest 1859-D gold dollar known to me, trailing only the Green Pond: 1012 coin. It is the second finest graded at NGC (exceeded only by a single MS65 coin of which I am not aware) and none have been graded higher than this at PCGS.

The 1859-D is a relatively common issue in higher grade by the standards of Dahlonega gold dollars. There may be as many as twenty known in Uncirculated including a few reasonably choice examples.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Superior 1/93: 1272, Heritage 11/92, Dr. Richard Appel, Steve Contursi, Stack’s 10/90: 1010. This is the plate coin in the first edition of Doug Winter’s “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE HIGHEST GRADED 1860-D GOLD DOLLAR: AN NGC MS64 EXAMPLE 1860-D NGC MS64. Variety 12-P. This is the only known die pair for this year. It has an extremely small date and a very large mintmark.

Only 1,566 examples of this date were struck. In the past, the rarity of the 1860-D has been way overstated and it is actually somewhat overrated in terms of its total rarity. But in higher grades it is a very rare coin and it trails only the 1855-D, 1861-D and 1854-D in AU and above. It is an extremely rare coin in Uncirculated with around seven to nine pieces known.

The 1860-D is the worst struck gold dollar from the Dahlonega mint. That said, the Duke’s Creek example is the best struck 1860-D I have ever seen. It has a good amount of detail on the U in UNITED and much sharpness on the periphery of the obverse. Equally strong and also worthy of description is the hair which shows much better definition than on any other 1860-D that I have seen. The date is nearly full and OLLA in DOLLAR lacks all but the slightest amount of weakness. This is truly remarkable for an issue that is usually seen with such a poor strike. There are two light scrapes on the obverse in front of Liberty’s nose and a few small hairlines (not from cleaning) on the surfaces. The reverse has some minor mint-made roughness at the center that appears to be the result of a few small flecks of foreign material on the die at the time of striking. The luster is slightly steely in texture and has a typical “hard” appearance as seen on the other high grade 1860-D gold dollars that are known. As usual it is a bit more pronounced on the obverse than on the reverse. Both sides are covered with rich orange-gold color.

This is the only 1860-D gold dollar to have ever been graded MS64 by either service and it is listed in the current Condition Census as the finest known. It is an extremely important coin and, obviously, one of the highlights of this remarkable collection of Dahlonega gold dollars.

Ex: Duke’s Creek collection, Hancock and Harwell, New York Gold Mart (Ron Karp).

THE FINEST GRADED 1861-D GOLD DOLLAR— AN NGC MS65 AND A HIGHLIGHT OF THE DUKE’S CREEK COLLECTION 1861-D NGC MS65. Variety 12-Q. The only dies of the year. The obverse is the same as on the 1860-D. On the reverse the date is small and positioned somewhat to the left.

The 1861-D is the rarest and most famous gold dollar from this mint. It is also the single most coveted coin from Dahlonega as it is the only regular issue that was produced entirely by the Confederacy. After the Mint was seized in April 1861, between 1,000 and 1,500 examples were struck by the Rebel forces. It is unlikely that more than five to six dozen are known today. Interestingly, more of these exist in high grade than one might expect and there are probably more than a dozen in Uncirculated. This is almost certainly due to the fact that examples were saved as souvenirs.

This issue has a very distinct appearance and this is, in my opinion, part of its charm. It is always found with a weak strike on the obverse and this example is no exception. The UN in UNITED are weak but they are actually more distinctive than usual. The IC in AMERICA is also weak but, again, they appear more fully defined than on nearly any other example of the 1861-D gold dollar that I have seen. There is also some weakness on the left side of the denticles; this is diagnostic to the issue. The reverse is remarkable and has probably the fullest strike I can recall having seen on an 1861-D. The date and mintmark are full while the word DOLLAR is complete except for the O which shows some softness. There are multiple clashmarks which are heaviest near the R in DOLLAR. These clashmarks can also be seen along the portrait on the obverse but they are not as strong. Some of the field near the left side of the portrait is semi-reflective and this is very likely due to someone at the mint attempting to remove the clashmarks The surfaces of this coin are very clean and suggest that this coin has been carefully preserved since it was produced almost 150 years ago. There is one tiny shallow tick in the left obverse field and another shallow, unobtrusive mark on Liberty’s cheek. These serve as excellent identifiers for future pedigree information. The luster that this piece shows is exceptional. It literally “drips” off the surfaces and is far above average for a date that, surprisingly, can be found with good luster. The obverse is graced by rich orange-gold color with some steel highlights at the center and towards the edge; the reverse is slightly lighter with deepening to an olive hue at the border.

In my opinion there are three really great 1861-D gold dollars known: the Ullmer-Pierce coin (graded MS64 by PCGS) which is in an Alabama collection, the Green Pond/Eliasberg coin (graded MS63 by PCGS) which was last sold by Heritage in January 2004 and the Duke’s Creek coin which is being offered today. It would not surprise me to see this coin set an all-time record for a Dahlonega gold coin, given the demand for rare coins with great stories.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Stack’s 1/90: 1594 ($31,900), Tony Terranova, Superior 1/89: 274 ($24,200), Dr. Philip Weinstein. This is the plate coin in the first edition of “Gold Coins of the Dahlonega Mint, 1838-1861.”