State of the Market Report: Early United States Gold Coinage

In the last five years, early United States gold has been one of the most active areas in the coin market. In this article, we will examine each of the major types of pre-1834 gold coinage and see how the market has performed. In addition, we will look at some future trends and make some predictions which may be of interest to the specialist. Early coinage has always been a popular area with collectors but all pre-1834 gold types have been just about the most avidly collected area of the coin market since the beginning of the current bull market. I think this is attributable to a number of factors including the following:

* In 2000, the oldest early gold coins became three centuries old which added a sense of age that was very impressive in comparison to more modern issues.

* Some excellent books and specialized research tools made these coins more accessible to new collectors.

* A number of dealers (myself included) steered many wealthy new collectors into this area of the market due to the "coolness factor" of these coins. The resulting spike in demand significantly reduced the already limited availability of these coins, resulting in an increase in price.

* Some important old-time collections (Pittman, Bass and others) came on the market, making a number of seldom-seen early gold pieces available to collectors. This spurred interest and a number of new collections were begun as a result.

I. Quarter Eagles, 1796 to 1834

A. Draped Bust No Stars, 1796 Only

As one might expect, this celebrated one-year type has seen a huge increase in price and demand in the past five years. In 2002, it was possible to find a nice AU example in the $60,000-70,000 range. Today, a similar coin is going to cost a collector $125,000 to $150,000.

I wouldn’t have a problem with this price increase except for the fact that grading standards for this type have become very lax in the last few years. Most of the 1796 No Stars quarter eagles that I see in AU holders are very low-end, unoriginal coins that would have been graded EF as recently as a few years ago. I still love this type and would recommend it to a wealthy collector as a blue-chip investment vehicle but I think great caution has to be taken when buying $100,000+ examples of this type.

The high water mark for this issue was in June 2005 when a superb PCGS MS65 example sold at auction for $1.38 million.

B. Draped Bust With Stars, 1796-1807

Five years ago, it was still possible for the collector of slightly above-average means to purchase a respectable example of this type. Today, the rarity of the With Stars quarter eagle type has been widely acknowledged and it is almost impossible to find a problem-free example for less than $15,000-20,000.

That said, I still think that this type is a great value and that it is undervalued when compared to the half eagles and eagles of this era. I am especially fond of the 1790’s dated issues. They have clearly risen in value, although nowhere near as much as the 1796 No Stars. As an example, I purchased a decent PCGS AU53 1797 quarter eagle in an auction in 2003 for around $50,000. Today, this coin would sell for around $70,000-80,000. An AU 1798 was worth around $30,000 five years ago and today it might sell in the $50,000-60,000 range. My gut feeling is that nice quality examples of these two dates aren’t going to be available for much longer at these levels and they should be purchased if and when they become available.

The 1802/1, 1804 14 Stars, 1805 and 1807 are the more common dates of this type. All four of these have become nearly impossible to locate with original color and surfaces. A common “type” example of one of these dates in the MS61 to MS62 range was reasonably available five years ago for around $20,000. Today, such a coin would cost $30,000-35,000 but most of the pieces I see in MS61 and MS62 holders are very unappealing. I have been advising collectors for many years that this type is undervalued and, despite the price rise in the past five years, I still believe that this is the case.

C. Capped Bust Left, 1808 only

As with all significant one year early type coins, the value of the 1808 quarter eagle has risen dramatically in the past five years. Today, a solid AU example is worth in the $100,000-150,000 range. Five years ago, it was possible to find an AU priced in the $40,000-50,000 range.

I wouldn’t have any qualms with the new price levels for this date if I actually liked many of the 1808 quarter eagles that I have viewed in the past year or two. The days of finding choice, original pieces in EF and AU holders may well be over, although I have seen a few examples in the last year graded AU55 and AU58 that I thought were acceptable for the grade.

I would expect that there will be some leveling off on prices for this issue in the coming year or two, if only because levels have risen so dramatically since 2002-2003. That said, I think a choice, attractive 1808 quarter eagle is a great coin to purchase. As long as there are collectors assembling type sets of early gold, there always is a very strong demand level for this one-year type.

D. Capped Bust Large Size, 1821-1827

Five years ago, I was literally begging clients to purchase examples of this type. This was one area of the early gold market that $10,000 would go a long way and this figure would buy you an impressive example of a legitimately scarce coin. The rap against early quarter eagles back then was that the coins were “too small” and that they were “too rare for their own good.” I thought these were silly reasons for these coins to be undervalued and, today, they seem positively quaint, given the new level of respect and interest that early quarter eagles command. Nevertheless, I still feel that quarter eagles of this type remain the most undervalued early U.S. gold coins.

The sort of coin that was available five years ago for $10,000+ is now more realistically a $20,000+ coin; not to mention the fact that it has become very hard to locate. But I still feel that any date in this series is an excellent value. I especially like the underrated 1821 and the low-mintage 1826.

I don’t think that the future of this type is date collecting as these coins are simply too challenging for most collectors. I think that the future is as a type coin and I would anticipate that five years from now it will be very difficult to find a nice, problem-free Capped Bust Large Size quarter eagle for much less than $30,000+.

E. Capped Bust Small Size, 1829-1834

The quarter eagles produced between 1829 and 1833 have also seen a surge of interest in the past five years. In 2002, you could buy a nice AU example of any of these dates for $7,500 or so. Today, a similar coin will cost you $12,500-15,000. Five years ago, an MS63 example of this type could be purchased for around $15,000-20,000. Today, a similar coin is more likely to cost in the area of $30,000-35,000.

I’d like to think that at least part of the reason that this type has shown such strong price increases in the last five years is due to the continual urging I’ve given clients to buy these coins. I have often written that I felt these were the best values in the early gold market. I still feel this way, although I have been pretty disappointed at the quality of a number of the coins I have seen lately in MS60 to MS63 holders.

That said, I think the future of this series remains very bright. Despite small original mintage figures, these coins exist in large enough numbers to make collecting by date a possibility. The stopper in the series remains the 1834 which, curiously, has become impossible to locate. I am not aware of a single example of this date appearing at auction since October 2004 and only two separate problem-free pieces appearing at auction since 2000. The last piece to sell was a PCGS AU55 which brought $35,600. Today, the same coin could bring as much as $65,000-75,000.

II. Half Eagles, 1795 to 1834

A. Draped Bust Small Eagle, 1795-1798

This type includes two relatively obtainable issues (the 1795 Small Eagle and the 1796/5) and three rarities (the 1797 15 and 16 Stars and the 1798 Small Eagle).

The 1795 has become one of the most popular early United States gold coins and for good reason. It is one of the first two gold coins struck by this country, it is charmingly designed and generally well produced and it can be found in relatively high grades. Five years ago, a collector could expect to find a nice AU for around $15,000 and a properly graded MS62 for around $50,000. Today, a nice AU should cost in the area of $40,000-50,000 while an MS62 will run around $100,000. I still recommend purchasing this issue in nearly any grade, as I feel it is a coin that will always be in great demand. I would definitely caution the new collector to seek an example with good eye appeal, nice surfaces and as much original coloration as possible. Nice, original coins are becoming extremely hard to find and I think they will begin to command a huge premium in the coming years.

The 1796/5 half eagle is many times scarcer than its 1795 Small Eagle counterpart but it does not command as much of a premium as one might expect. This has to do with the fact that it is not a first-year issue and, thus, is not as “sexy” a date. The 1796/5 has proven to be very rare and it is generally only offered at major auctions. I highly recommend this issue and feel that it is still an excellent value at its current level of $50,000-60,000 for a solid AU coin.

The great rarity of this type is the 1798 Small Eagle of which only seven or eight pieces are currently known. The last example to sell was a PCGS EF40 that brought $264,500 at auction in June 2000. I think this coin would easily sell for $500,000 today and I think a slightly nicer example, if available, could break the $1 million mark with ease.

B. Draped Bust Large Eagle, 1795-1807

For most collectors this type is dividable into at least two groups: the issues struck from 1795 to 1799 and those produced from 1800 to 1807.

The 18th century Draped Bust Large Eagle half eagles have proven to be extremely popular with collectors in recent years. As one can readily guess, they became especially popular around 2000, once they turned three centuries old. The two reasonably available issues are the 1798 and the 1799. These have both seen dramatic price increases in the last five years. As an example, a nice AU 1799 half eagle was worth $7,500-10,000 in 2002. Today, such a coin is valued at $15,000+. The increase in value is more dramatic in higher grades. Five years ago, with some careful searching, it was possible to find an MS63 1799 half eagle for around $40,000. Today, if such a coin became available (good luck convincing the guy who bought one in 2002 to sell his today!) it would sell for $65,000-75,000. Despite the new, higher levels, I still like the concept of an 18th century half eagle and would advise collectors to be on the lookout for nice 1798 and 1799 half eagles in EF45 and higher.

The common date half eagles from 1800 to 1807 have also shot up in value. Five years ago, nice AU coins were easily located in the $4,000-5,000 range. Today, similar coins are worth $10,000-12,500. I have mixed feelings about the value levels of these coins. Clearly, at around $5,000 they were very fairly priced. At $10,000 they are no longer cheap, especially when one considers the relative availability of these coins. I will no longer buy these common date half eagles for inventory unless they are wholesome, choice original coins with very good eye appeal. If they are bright-n-shiny, riddled with adjustment marks or vastly overgraded, low end coins, I will almost always pass.

What about higher grade common dates of this type? Five years ago, you could have purchased a common date in MS63 for around $12,500-15,000 and an MS64 for around $20,000-22,500. Today, the former costs around $25,000 and the latter runs $40,000-50,000+. I have mixed feelings about these. I think a fresh, original MS63 in the mid-20’s is still an excellent purchase and would recommend it to a collector or an investor. I’m a little less excited about a common date in MS64 at around $50,000 unless the coin is extremely high end and looks like it could gradeflate to an MS65 someday.

C. Capped Bust Left, 1808-1812

The Capped Bust Left half eagles are the most available and affordable early gold issues. They have proven to be remarkably plentiful in the AU50 to MS62 grade range and this makes them popular with collectors. For some reason, this type has never really appealed all that much to me. I don’t really care for the design and the relative availability of these coins make them seem like the Morgan Dollars of early gold.

In spite of my obvious early gold snobbery, this type has proven to be popular with collectors. It is the only series of early half eagles that could be realistically completed by date and there are a number of interesting varieties as well. In 2002, a nice AU type example was easily purchased for $3,500-4,500. Today, a nice AU commands $7,500-9,000+. Five years ago, a really nice MS63 common date was worth $12,000-14,000. Today, this same coin is worth $20,000+.

My opinion has changed on the desirability of this type. I generally like the quality of slabbed AU examples more than I do for the earlier Draped Bust type and I think any nice, original AU example that can be purchased for less than $10,000 is pretty decent value in today’s market. I have mixed feelings about higher grade examples. If I’m going to buy a $20,000+ MS63 for my inventory, it had better be a high end, attractive coin with original color and surfaces. Same holds true for an MS64, especially since we’re talking $40,000+ for a common date.

D. Capped Bust, Large Size 1813-1829

It’s hard for me to discuss this series without getting passionate as Fat Head Fives are probably my favorite series in the early gold issues. Why? Well, it’s clearly not the beauty of the design as this is arguably the most homely United States gold coin ever struck. For me, it’s all about the rarity and these coins are amazingly rare. When you kick out the “common” 1813 and 1814/3, the coins in this series range from downright rare (1818, 1820 and 1823) to virtually impossible (1819, 1821, 1824-1829). And we won’t even begin to mention the classic rarities like the 1815, 1822 and 1825/4.

The really rare coins in this series are hard to monitor as they trade so infrequently. When I look back at what prices were like in 2002, they seem amazingly cheap by today’s standards. As an example, in February of that year, a PCGS AU58 1827 sold in the Goldberg’s Benson II auction for $19,550. Today, a properly graded example is worth triple this amount.

What about the common 1813? Five years ago, a nice AU example would have cost you $4,000-5,000. Today, you’d have to pay around $10,000. In my opinion, this date is still a great value at less than $10,000. In 2002, a nice MS63 1813 would have been priced at around $12,500. Today, the same coin is worth $20,000. Again, I think it is an excellent value as it is the only reasonably obtainable date of this rare type and properly graded MS63’s are far, far scarcer than common date Capped Bust Left and Capped Bust Right half eagles despite being similarly priced.

E. Capped Bust, Small Size 1829-1834

As rare as the Large Planchet type of Fat Head half eagles is, the Small Planchet is even rarer. At least with the earlier type, the collector has a chance to buy such relatively common and affordable issues as the 1813 and the 1814/3. But the Small Planchet type offers no such chance for collectors with limited budgets. This is a series with seriously rare coins with seriously high price tags. And rightfully so.

If you were smart enough to be purchasing 1829-1834 half eagles in 2002, give yourself a large pat on the back. You are smart and you made yourself a lot of money. Let’s say you decide that you want to start buying these coins in 2007. How does the future of your investment look? I’d say pretty good. Now that nearly everyone understands how rare these coins are and appreciates them, I think the levels for the series will continue to soar. I’d just give my usual warning on expensive coins: if you are going to pay $50,000+ for a fat Head half eagle, make certain you know what you are doing. Buy a coin that is attractive for the date and grade and which is original as possible.

So there you have it: the DWN State of the Market Report on early gold coinage. I doubt if anything I wrote in this article is terribly surprising to people who read my articles on a normal basis. I’ve always loved early gold and I will continue to be an active participant in this market for as long as I am a coin dealer.

The Ten Coolest United States Coins Revisited

In June 2000, I wrote an article entitled “The Ten Coolest United States Coins.” Let’s say you were a true Douglas Winter Numismatics cultist and you had decided to follow my advice to the letter. How would your seven year investment have performed? Are there any coins I would have deleted from this list? Some analysis and random thoughts regarding these ten coins follows. In 2000, I suggested purchasing an example of this popular, historic issue in Choice About Uncirculated and stated that an example would cost around $10,000. I think this amount represented a typo as, even back then, a Continental Dollar in AU would have cost at least twice the amount I listed.

My decision to include this coin was prescient, to say the least. This has proven to be among the most popular and in-demand early American issues in the last seven years. And how can it not have been? This issue has everything going for it: size, interesting history, unique design and the magical 1776 date.

Today, a nice AU 1776 Continental Dollar will probably cost in the area of $60,000. And if you had bought a really nice AU55 to AU58 back in 2000, the chances are better than even that this coin would be regarded as an MS61 today with an estimated value closer to six figures. Clearly, this would have been a very good purchase.

I. 1776 Continental Dollar

This is not a regular issue coin but, rather, a proposed or speculative issue. Varieties are known in silver, pewter and brass and with different spellings of the word CURRENCY. For this set, I would suggest a pewter piece with the spelling "CURENCY" and the lack of the designers initials (represented on this coin as "EG FECIT," which is believed to signify that the design was by Elisha Gallaudet).

It is probable that these coins did circulate in colonial America and that they did have a recognized value. This fact makes them a legitimate candidate for the first "dollar" struck in this country as well as the largest coin, in terms of size, issued prior to the establishment of the United States. The magical date 1776 makes them even more desirable, in my opinion. And, finally, the charming design on the reverse (featuring thirteen interlinked rings with the name of each colony and symbolizing unity) is believed to have been suggested by Benjamin Franklin.

For this set, I would opt for a very slightly worn piece; perhaps in the About Uncirculated-55 to 58 range. I like the idea that the coin saw some light circulation during the colonial era but would want it to be lustrous and well struck. Such a coin would cost $7,500-$10,000; making it an exceptional value for such an incredibly historic issue.

II. 1792 Half Disme

This is another coin that seemed much undervalued to me back in 2000. I like this issue for many of the same reasons I mentioned above for the Continental Dollar: great story, interesting design and fascinating history. In 2000 I suggested purchasing a nice AU example and felt it would cost around $10,000-15,000. If you had been able to find a nice half disme back then, you probably would have been able to buy it at the high end of my suggested range.

As with most early coins, this is an issue that has performed fantastically since 2000.

If you can find a good looking AU55 to AU58 half disme (and this will be hard as most real AU coins are now in MS61 and MS62 holders) you are probably going to have to pay around $100,000 for this coin. Even an example which looks like its been run over by a train is going to cost in the mid-five figures.

Without patting myself on the back too much, I’d have to say that this choice was a home run. Of course, I wasn’t smart enough to listen to myself and actually put away any nice half dismes...

III. 1793 Chain Cent

There aren’t all that many coins left that still give me a tingle in the spine when I buy one, but Chain Cents qualify. I love the design and history of these coins and admire the fact that they have been coveted by collectors since the late 1850’s.

In 2000 I recommended buying an EF or an AU Chain Cent and felt that it would have cost in the area of $20,000 to $45,000. It wouldn’t have been easy to find a decent looking example but with some searching you might have been able to buy one with good detail and reasonably choice surfaces.

Today, Chain Cents are not only nearly impossible to find in grades above VF20, they are just about the most overgraded type I have seen in third-party holders. Coins that I personally grade Fine-12 are housed in EF-40 holders and both services seem to conveniently overlook the fact that coins in EF holders are riddled with problems.

Assuming you could find a decent coin in 2007, you’d be looking at spending $60,000-80,000 plus for an EF and at least $100,000 for an AU.

This was a good choice but in retrospect I think I might have selected a 1793 Liberty Cap instead. But, as I recall, I didn’t choose this type in 2000 because I thought it would be impossible to find one that I liked even back then.

IV. 1794 Silver Dollar

This is the first and largest United States silver coin. Any well-heeled collector who couldn’t be sold on the desirability of this coin back in 2000 had to truly have his head in the sand.

In my 2000 article I suggested a nice EF example of this coin and that such a piece might be available in the $75,000-90,000 range. This value range might have been just a touch low and I’m guessing that if anyone did take my advice, they probably had to pay closer to $100,000.

Regardless of what this theoretical collector paid, if he did buy a 1794 dollar, he did very, very well. Early dollars caught fire a few years ago and the 1794 proved to be the ultimate trophy coin in the early dollar series.

A nice EF 1794 dollar today is worth $250,000 to $300,000. Any significant investment made in early dollars around 2000 would have done fantastically well seven years later but the 1794 is the one issue which I believe will continue to show the greatest strength in the future.

V. 1795 Eagle

I selected this coin for my group of 10 because it is the first United States gold coin and it is the sort of big, neat, old gold coin that new and old collectors alike seem to love. Looking back at this choice, I might have changed it to a 1796 quarter eagle or another 18th century issue.

In 2000, a nice About Uncirculated 1795 eagle was available for around $30,000-35,000. Such a coin would have graded AU53 to AU55 (and would grade AU55 to AU58 in today’s looser environment). Today, the same sort of coin would be priced at around $80,000-90,000; possibly a bit more if the coin was original and had nice eye appeal.

I am not as enthusiastic about this issue today as I was seven years ago. I think at close to $100,000 the 1795 eagle in AU is pretty pricey, given the fact that it still somewhat available. More importantly, most pieces in AU holders are really low end for the grade.

Still, a rise in value from $35,000 or so to around $90,000 isn’t too shabby for a seven year hold. This is typical of most early gold during the past seven years.

VI. 1836 Gobrecht Dollar

I didn’t choose a Proof 1836 Gobrecht Dollar as one of my Ten Most Cool Coins because of its history or numismatic significance. I chose this issue because I love the design. There’s just something about the stark cameo-like appearance of the obverse and the eagle flying in the field of stars on the reverse that I’ve always found very appealing. Apparently, I’m not the only one who thinks this way.

Back in 2000, nice PR63 Gobrecht Dollars seemed pretty cheap. They could be bought for around $20,000. Today, the same coin is more likely to cost in the area of $30,000-35,000. So the gain that this coin has shown has been pretty impressive although it pales in comparison to some of the early issues listed above.

Personally, I think PR63 and PR64 1836 Gobrecht Dollars are still a good value and even though the market for these pieces is a bit soft right now, they are a good long-term purchase at current levels. Examples which are too dark should be avoided as should pieces which have been overdipped and which are now bright white.

VII. 1850 Double Eagle

What could I possibly have been thinking when I put this issue on my list of Ten Cool Coins? Sure it’s interesting and it has status as a first-year-of-issue but I’d hardly put it in the same ballpark as the other nine coins on this list.

That said, this issue has performed very nicely since 2000, especially in high grades. In my first article, I suggested purchasing an MS61 and figured that such a piece would be obtainable in the $6,000-9,000 range. Today, a nice MS61 sells for $12,000 or so.

In retrospect, a Liberty Head double eagle collector could have done a lot better from an investment standpoint if he had purchased a few nice New Orleans pieces. As an example, the 1854-O and 1856-O issues have shown spectacular price gains in the past seven years and even the secondary rarities such as the 1855-O, 1859-O, 1860-O, 1861-O and 1879-O have performed exceptionally well.

I’m not going to totally disown this choice but I’m pretty embarrassed to see it alongside such issues as a 1794 Dollar or a Chain Cent.

VIII. 1861-D Gold Dollar

The 1861-D gold dollar remains my favorite Dahlonega coin of any denomination. It’s the most historic southern issue, I love the crudeness of its manufacture and it is, of course, genuinely rare.

Back in 2000, the 1861-D gold dollar seemed to be available on a somewhat regular basis. With a little luck and patience you could find one at auction or in a specialist’s inventory. Today, these coins seem to have disappeared and I have not personally handled an 1861-D in close to a year.

I recommended purchasing a nice AU58 example and suggested that it would cost $17,500-20,000. If you heeded my advice, you did very well as a similar example would probably fetch double that amount today. What makes this all the more remarkable is the fact that the high end of the Dahlonega market has been fairly flat in the past seven years with certain coins actually dropping in value despite what is arguably the most sustained bull market in modern numismatic history.

This is another coin which I would hang on to for the long term if I had one put away right now. Despite its rise in price, it is a coin which is in great demand and which has such a wonderful story that it can’t help but appreciate in value in the coming years.

IX. 1879 Flowing Hair Stella

Unlike the 1861-D dollar, the 1879 Flowing Hair Stella is a truly rare coin. If you check auction records over the past few years, you’ll note that a lot of pieces have sold. But I still think the Stella is a coin that is genuinely cool. It is interesting, has a unique design and history and it really is a perfect “trophy coin” for a well-heeled investor.

In 2000 I suggested purchasing an example that graded PR63 (back then, Stellas existed in this grade. The PR63 of 2000 is now a PR64). A nice example would have been available back then for around $50,000-55,000. Today, the same coin would probably be worth around $150,000.

When nice Stellas were worth $50,000 or so they were a great value. At today’s price level, I don’t really like the value that they represent. But, I can certainly see how coins like this trade for $150,000 given their great story and always high level of demand.

Time to pat myself on the back one final time. This was a great recommendation and if you listed to me you made a ton of money!

X. 1907 High Relief Double Eagle

I can remember struggling with the decision to make this the tenth and final coin on my list. High Reliefs are big, beautiful and “cool” but they are just so...common. I hated to put a coin on this list that I knew could be obtained by the truckful at major auctions and conventions. But this was a list built around cool coins and if a High Relief isn’t a cool coin than what was?

My recommendation was to purchase a nice MS64 and back in 2000 this coin was obtainable in the $14,000 to $17,000 range. For a number of years, the market for High Reliefs stayed pretty flat but this coin was extensively promoted in 2005 and 2006 and it rose in value to a high of around $35,000-40,000. Today, the market for these has softened and a nice MS64 High Relief is more likely to sell in the $26,000-28,000 range.

If I were in the market for a High Relief as an investment, I’d probably consider buying one now, while prices are somewhat depressed. I’m guessing that MS64’s could drop as low as around $22,500-25,000 but at that level there would be enough market support that people would jump in and start pushing up demand.

So there you have it. Ten Cool Coins revisited seven years later. Had you bought some or all of these coins you would have tripled your money and had a pretty neat little coin collection to boot. The best lesson to learn from this list is that cool coins are always what people will want to buy, regardless of what series or price range you are discussing.

Ten Great U.S. Coin Auctions and Some Reminiscences

I’ve now been attending coin auctions for the better part of thirty years. I’ve gone to major sales in New York and tiny little farm sales in New England. I’ve truly seen the good, the bad and the ugly in the hundreds of sales I’ve participated in. Here is a brief recap of ten which are especially memorable to me and some noteworthy incidents that I always associate with each of these sales. 1. 1975 EAC Sale, Pine Tree Auctions 1975

As a youngster, my first love was collecting Colonials. I specialized in Connecticut Cents and, at one time, was good enough with these coins that I could attribute many of the 350+ die varieties by sight without a reference book.

The 1975 EAC sale contained what still probably ranks as the finest collection of Connecticuts ever assembled. When I received the catalog I was obsessed and can remember spending days in my room analyzing it and making lists containing first, second and third choices.

I also remember grappling with the financial aspects of the sale. I was ready to spend my net worth at the time (which was probably around $1,500) as well as sell off all my non-essential coins. My mom tried not to be to concerned as she saw my attempts at raising a few thousand dollars to spend at the sale but you’ve got to wonder if my financials wheelings and dealings didn’t alarm her somehow.

There are two things I remember best about this sale. The first is that Richard Picker, a really kind old-time colonial specialist who lived out on Long Island, volunteered to help me bid in the sale and to steer me towards the coins which he thought were the most desirable. And, best of all, he did it for free, just to “help the kid out.” Secondly, I remember that there was a Led Zeppelin concert at Madison Square Garden the day after the EAC auction ended which I had been invited to go to with arguably the best looking girl in my class—and her parents had Garden connections which enabled her to sit in great seats. So within a 24 hour span I was going to participate in my first major auction and go to my first major concert. Life just didn’t get much better than that!

2. New York ANA Sale, Stack’s 1976

I was still in high school when I heard that the ANA convention was going to be held in my home town of New York. This was clearly going to be the highlight of my summer and, as far as I can remember, it was going to be the highlight of my numismatic career, such as it was at the time.

I had participated in Stack’s sales before this but I had always had to have my mother’s written permission for Stack’s to allow me to bid; understandable as how many 13 year kids were trustworthy enough to be spending a few thousand dollars in an auction back then? This time, Stack’s let me bid without my mother’s consent and I remember thinking, for the first time, that I must be movin’ on up in the world of coins.

The sale itself was huge. I don’t know how many of you have actually thumbed through the catalog but it contained seemingly a complete set of United States coins in a dazzling array of grades, dates and denominations. At the time I was mostly interested in Seated coins and decided to focus on the dimes, quarters and half dollars.

I don’t really remember what I bought in the sale but what I do remember is my excitement viewing the auction lots, attending the sale and running around the coin show. From that point on, I was hooked on coins and decided, pretty much then and there, to become a full-time coin dealer. 31 years later, the rest, as they say, is history.

3. R.T. Wilder, Stack’s 1994

This collection of Southern gold coinage is not well-remembered but it contained one of the nicest sets of Charlotte pieces ever assembled. The coins had been consigned to Stack’s in a custom-made plastic holder with a hand-engraved brass plaque which read “Coin of Charlotte N.C. Mint 1838-1861.” The set was complete (except for the 1849-C Open Wreath gold dollar) and it appeared to be very choice.

There was just one problem: the coins had been lacquered at one time and it was extremely hard to determine what their surfaces looked like under the lacquer. As an example, I remember that many of the quarter eagles seemed to be exceptional. But what would the surfaces look like below the lacquer? This was clearly going to be a sale for coin dealers who were very, very confident in their grading.

If you’ve ever viewed coins at Stack’s you know that the lighting isn’t wonderful. I hadn’t brought any special lighting with me and, quite honestly, I couldn’t make good headway in grading the coins. I then had a brainstorm: go buy a halogen lamp.

New York may be The City That Never Sleeps but, on that day in 1994, it was The City That Didn’t Sell Halogen Lamps. I can remember running all over midtown Manhattan looking for a good quality lamp. Some stores were out of them, others had the wrong ones in stock. Finally; I located one and was able to view the coins with a little more confidence.

In the end it really didn’t matter. One dealer wound-up buying most of the coins for a customer who had informed him to purchase the majority of the sale. Ironically, the few coins that I did buy turned out to be really nice once I removed the lacquer and I made quite a bit of money on these.

4. Eliasberg Silver Part II, Bowers and Merena April 1997

This was one of those collections which I would have paid money to look at. It was like opening the door of a numismatic time capsule and viewing hundreds and hundreds of coins which had been put away (and well cared for) for a century.

It was hard to decide what the most exciting area of this sale was. I can remember gasping at the Carson City silver coinage and cooing with love at the page after page of Gem Bust halves. There were amazing Proof Bust coins and the finest run of Bust Dollars I have ever seen. And the thing about these coins that was the neatest was the fact that 80-90% of them had gorgeous original coloration.

I wound up spending more money at this sale than at any other non-gold auction I’ve ever attended. I bought some superb pieces for clients and some great coins for stock, including numerous Gem Seated half dollars from New Orleans. I’m not sure that there will ever be another deal like this.

My favorite memory of this sale involved a well-known and very naughty dealer. The lots were being shown in a tiny room and, as I recall, there were no more than around 20-25 seats available at any time to see the coins. This dealer hogged up a spot for three days and parked three or four of his employees in neighboring chairs. I can remember seeing the looks of disgust on the faces of collectors who waited two full days to view lots but who could never be accommodated. Ironically, this included at least two collectors whose combined numismatic holdings are, today, worth somewhere north of $100 million. At the end of the lot viewing these two collectors were allowed to request around a dozen coins each to view in an “express lane.” Many other collectors never got to view even a dozen lots(!)

5. John Whitney (“Mr. 1796”), Stack’s 1998

This was among the more unique specialized collections ever assembled. John Whitney Walter, a New York businessman, specialized in the coinage of 1796 and he assembled an amazing set of coins which featured high grade examples struck in copper, silver and gold. This was the sort of ultra-competitive “old school” auction which probably will never happen again. I think we can officially say good-bye to small, highly specialized collections featuring unslabbed coins sold in the Stack’s pre-21st century environment.

The sale was held in a fairly small ballroom in one of the mid-town Manhattan hotels; I can’t remember if it was the Park Lane, the Essex House or another location. By the time the sale began, the room was absolutely packed. What I remember most about the crowd was the fact that there were lots of middle-aged men in beautiful suits who looked very rich and very much fit the New York Investment Banker stereotype. None of these guys ever seemed to bid during the sale, but it made for a much more impressive room than your typical drooling pack o’ coin dealers.

But the thing I really remember about the night was that a few minutes into the sale, Donald Trump (and a small entourage) popped into the room. I later learned that that the consignor was some sort of security consultant who had installed a system either in Trump’s house or office (or both) and The Donald decided to grace the room with His Presence. FYI, he never raised his hand to bid and he left after a few minutes (now doubt to do another Epic Deal) but it was a pretty cool few minutes to have The Donald in a coin auction.

6. North Georgia Collection, Heritage 1999

With a value well north of $3 million, the North Georgia Collection of Charlotte, Dahlonega and Bechtler coinage is still the largest single deal I have ever been involved with. Along with my partners Hancock and Harwell of Atlanta, we had numerous difficult decisions to face in the marketing of this collection. Which coins should be sold privately and which should be sold at auction (in a deal which contained over a dozen 1838-D half eagles, this was no easy decision!). Which firm would auction the coins and when? Would the coins be regraded or kept in the original holders?

After a numbers of strategy sessions, we decided to put the coins in the Heritage 1999 FUN auction. This was not an easy decision to make as we were paying interest on a sizable amount of money and had to wait six months for the auction to take place. But in the long run we were happy with our decision.

Looking back at the prices realized in this sale, one can see that in many ways the 1999 FUN sale was the all-time height of the market for most Charlotte and Dahlonega issues, especially high grade pieces. Even factoring in the upgrades that many of the coins in this collection saw in later years, it is still pretty remarkable to look at the levels which they sold for.

When I look back at this sale my memories are bittersweet. The owner of the collection, a truly nice guy named Leon Farmer, passed away soon afterwards and my close friend and business associate Jack Hancock is dead as well. Every time I pull a Heritage North Georgia catalog down off the library shelf to research a coin, I think of these two wonderful men.

7. Bass II, Bowers and Merena 1999

Usually, when I attend a sale I am only interested in a small number of coins. I may have to sit around for hours waiting for the coins I want to bid on but, clearly, I’m interested in a few dozen lots at most. The Bass II sale was the first auction I’ve ever been where I was interested in almost every lot. And there were well over 2000 lots in the sale!

It took me two full days of viewing to see all the coins and another day to figure out my bids. Even three days really wasn’t enough.

This was a sale that should have been broken into at least three more parts. There were simply too many great gold coins in one sale. I can remember $5,000 and $10,000 coins stuck in large lots, multiple examples of very rare dates one after another and a true sense of overload that I can’t imagine will ever be repeated.

My strongest memory of this sale was that it was an endurance contest; a true Coin Marathon, if you will. If I’m not mistaken, the first session lasted between thirteen and fifteen hours and I can remember leaving, bleary-eyed, at 3:00 in the morning. The second session started around 9:00 and last the better part of the day. I remember leaving New York that day with a number of incredible coins and being as tired as I’ve ever felt after an auction.

8. Dallas Bank Collection, Stack’s/Sotheby’s 2001

This collection actually belonged to Jeff Browning, a collector who was active in the Dallas area in the 1960’s and early 1970’s. I had heard about these coins for years and despite the fact that I spent essentially my entire adult life in Dallas I had never had the chance to see the coins (as they were kept in a bank vault in Dallas).

The meat of this collection was a set of Double Eagles which was complete from 1850 through 1932. It included one of just two known examples of the rare 1861 Paquet Reverse as well as Condition Census examples of many of the New Orleans Type One issues. My personal favorite coin in the sale was a fantastic Uncirculated 1879-O (easily the finest known) on which I was outbid by a prominent Midwestern collector.

My strongest memory of this sale is not coin-related. It was held in New York just a few weeks after the 9/11 bombings and I can remember taking the subway downtown with a friend and visiting Ground Zero. It still smelled of smoke and chemicals and many of the shrines which had been erected to the dead were still intact. It was one of the most chilling and moving mornings of my life.

9. The 1933 Saint Sale, Stack’s/Sotheby’s 2002

You probably know all about the importance of this coin and this sale so I won’t rehash old news. But my impressions from the auction are incredibly vivid.

Most coin dealers are very jaded when it comes to auctions and it takes a lot to get us excited. Everyone I knew was excited about this coin. We knew it would bring a record price but no one had a clue who would buy it. The sale took place at Sotheby’s headquarters on E. 72nd St. in New York. It was during the ANA convention and, as I recall, it was in the early evening during a heat wave when getting from place A to place B in Manhattan was even more grueling than usual. I went with a friend of mine and I remember leaving the bourse floor early so that we could get to the sale in time. We took a cab but got caught in horrible rush hour traffic. We wound up leaving the cab and jogging the remaining ten or so blocks to Sotheby’s, arriving in a pool of sweat in our suits.

When we got to the sale it was packed. We stood in the aisle and waited for the proceedings to begin. Because of the fact that we were well-dressed, someone from Sotheby’s grabbed us and escorted us to the front row where we were told to sit. I remember being very excited to have front row seats at what felt like the Numismatic Sale of the Century.

The sale itself was a bit anticlimactic. It was hard to know who was particpating with the exception of some guy a few feet away (Barry Goldwater’s son) who apparently was bidding more as a public relations gesture than as a serious player. Once the bidding hit $5 million it was nearly impossible to figure out what was going on but I do remember it was suspenseful, drawn-out and the numbers being called out by the auctioneer seemed impossibly large for a coin.

When the sale was over, everyone got up, chatted for a few minutes and went their separate ways. It was fun to attend a coin auction which, for once, had all the high dollar drama of an Impressionist Art sale.

10. The Morse Sale, Heritage 2005

When my ex-partner Todd Imhof and I first heard that this collection was coming onto the market, I knew it represented a wonderful opportunity for our company. I thought that the combination of my savvy as an auction participant and Todd’s strong customer base for rare St. Gaudens double eagles meant that we could be THE major participants in this sale. I quickly identified our major competitors for the coins and knew what our strategy would be: we would work harder than anyone to prepare for this sale.

And prepare we did. I flew down to Dallas twice before the sale to carefully look at the coins; each time grading them and taking notes. Then, Todd and I prepared a detailed Morse Guide which we sent to selected customers. The guide gave an in-depth background of each date: its rarity levels, its price history and my comments regarding its grade and appearance and Todd’s estimate as to values.

The sale was originally supposed to occur in West Palm Beach but it was moved to Dallas due to hurricane damage. Psychologically, I thought this was a huge advantage for us as Dallas felt like my “home court.”

The sale itself was hugely exciting. The room was packed and a number of bidders were represented on the bank of phones. There was a vibe in the room not often felt in auctions. To make a long story short, our hard work paid off in spades as we spent over $5 million in the sale, including two coins (a Gem 1921 $20 and a superb 1927-D $20) for over $1 million. To the best of my knowledge this is the only time in numismatic history a single firm has purchased two coins for over $1 million in a single sale. It was definitely fun being able to make history that night at the Morse Sale.

An Analysis of Carson City Eagles Through Recent Major Auction Results: Part Two

Last month we looked at how the sale of the Old West and the Morgan collections of Carson City gold coinage impacted the market for half eagles from this mint. This month, we’ll look at the results as they apply to Carson City eagles. Just a few refreshers before we get right into the number crunching. The Old West collection was sold at auction by ANR in August 2006. It contained a nearly complete set of CC half eagles and a complete set of eagles. I sold all the eagles to this collector in the 2004-2005 time period and I had previously handled many of them from 1995-2000 when they comprised the Orange County collection. The Morgan collection was sold by Stack’s in January 2007. It was a complete set of CC half eagles and eagles and all had been purchased from me between 1990 and 1995. All of the coins were in older PCGS and NGC holders and many were good upgrade candidates based on today’s more liberal standards.

In this article, the Old West Collection will be abbreviated as OW while the Morgan Collection will be abbreviated as MC.

1870-CC OW: PCGS AU55, sold for $115,000 MC: PCGS EF45, sold for $46,000

The PCGS AU55 example in the Old West collection was the finest known 1870-CC eagle and it shattered all price records for this date. The price realized for the Morgan collection coin was reflective of the fact that most viewers graded the coin AU50. It subsequently upgraded to NGC AU50 and is now for sale on a dealer’s website for $52,500. After these two sales I think we will see continued price appreciation for this rare and important date.

1871-CC OW: PCGS AU55, sold for $25,300 MC: NGC AU55, sold for $25,300

I wasn’t personally crazy about either of these coins. I think we can assume with a good deal of certainty that an average quality AU55 example of this date is worth around $25,000.

1872-CC OW: PCGS AU55, sold for $34,500 MC: NGC AU55, sold for $34,500

I liked both of these coins quite a bit and thought that they both had a chance to upgrade to AU58 (although I don’t think either has…yet). Again, after these two sales I think it’s safe to say that a nice AU55 example of this date is worth around $35,000.

1873-CC OW: PCGS AU50, sold for $32,200 MC: PCGS AU50, sold for $43,700

The 1873-CC in the Old West collection was decent but nothing special. The example in the Morgan collection was clearly nicer and I graded it AU53. It sold to a dealer who currently has it listed on his website (in an NGC AU53 holder) for a reasonable markup ($48,500). It is nice to see that this date is finally getting some recognition for its rarity in AU grades.

1874-CC OW: PCGS AU58, sold for $37,950 MC: NGC AU55, sold for $19,550

The Old West coin is the third finest known 1874-CC eagle and its price realized was very strong. It later appeared in the Goldberg February 2007 sale (still in a PCGS AU58 holder) where it failed to hit its reserve and was bought back by its consignor, a California dealer. The Morgan collection coin also realized a strong price for the grade.

1875-CC OW: PCGS AU53, sold for $32,200 MC: PCGS AU53, sold for $29,325

I personally liked the Morgan collection coin better than the Old West piece. Considering that it brought nearly $3,000 less, I think it was a relatively good value. These two auction appearances confirm my belief that a nice quality AU53 example of this date is worth around $30,000-32,500.

1876-CC OW: PCGS AU58, sold for $39,100 MC: PCGS EF45, sold for $12,650

The Old West coin was superb and I purchased it for a collector. The price realized for the Morgan collection example was strong for an EF45. The coin, incidentally, is now in an NGC AU50 holder. Both of these sales show that there is demand for this date but the coins offered were so far apart in quality that one can not make any good conclusions based on comparing them.

1877-CC OW: PCGS AU53, sold for $27,600 MC: NGC AU55, sold for $27,600

I thought that both of these had the potential to upgrade: the Old West coin to AU55 and the Morgan coin to AU58. I would have to say that the Morgan coin was a much better value given the fact that it was nicer yet it sold for the exact same price.

1878-CC OW: PCGS AU55, sold for $39,100 MC: PCGS AU50, sold for $20,700

This was an instance where I thought the Old West coin sold for a little too much while the Morgan coin went a little cheaply. The Old West piece was clearly nicer than its counterpart but I do not think it was worth nearly $20,000 more.

1879-CC OW: PCGS AU55, sold for $32,200 MC: PCGS AU50, sold for $27,600

Here is an example where if you hadn’t seen both of these coins in person, the prices realized might not make sense. The Old West coin was properly graded but it lacked good overall eye appeal. The Morgan coin was clearly undergraded (it is now in an NGC AU58 holder) and it brought a strong price as a result.

1880-CC OW: NGC MS61, sold for $18,400 MC: NGC AU55, sold for $4,140

Due to the difference in quality between these two coins, the prices realized do not really lend themselves to comparison. The 1880-CC in the Old West collection was extremely nice for the grade and it sold for a very strong price. I’m not certain if the coin ever upgraded to MS62 but even if it didn’t whoever purchased it now owns one of the finest known examples of this date.

1881-CC OW: NGC MS64, sold for $74,750 MC: PCGS MS61, sold for $10,350

These are two of the finest known examples of this date (the Morgan collection coin, which I purchased, is now in an NGC MS62 holder) and their strong prices realized reflect this. I was pretty surprised at just how high the bidding went on the Old West coin. I purchased this exact piece in B+M’s July 2002 sale (in an NGC MS63 holder) for $25,300. It had previously brought $6,600 in the 1982 Eliasberg sale.

1882-CC OW: NGC MS62, sold for $41,400 MC: PCGS AU55, sold for $8,625

Here is another instance when the difference in quality between these two coins makes a comparison irrelevant. The Old West coin, which I purchased, is probably unique in Uncirculated and I thought it was good value, given what other Carson City eagles from this era were selling for in the auction.

1883-CC OW: PCGS AU58, sold for $14,950 MC: NGC AU58, sold for $5,750

I think these results are extremely interesting. Same date, same grade yet the coin in the PCGS holder brought more than two-and-a-half times as much. Why? I think part of the reason is the fact that the PCGS coin was clearly nicer. But I also think part of the reason is that because of the PCGS Set Registry, collectors are looking for certain CC eagles in the highest possible grade at PCGS. I wonder if in the future we will continue to see such price disparity based on the brand of the holder?

1884-CC OW: PCGS MS62, sold for $46,000 MC: NGC AU58, sold for $6,038

Reasonably big difference in quality, extremely big difference in price. The Old West coin is probably the second or third finest known 1884-CC eagle and it sold for a price commensurate with its rarity. This was a record price for the date and I’m certain that in the future, other Uncirculated 1884-CC eagles will be compared with this Old West coin.

1890-CC OW: PCGS MS62, sold for $10,350 MC: NGC MS62, sold for $6,900

These were both very nice for the grade but at least two bidders clearly thought the Old West coin was an upgrade. Here’s a bit of sobering thought for those of you who like to calculate risk: if the coin grades MS63, its worth $12,000-13,000. If it stays in an MS62 holder its worth $5,500. What you have here, then, is $5,000 worth of downside risk with around $2,000 of upside. This is why coin dealers are not CFO’s of large companies.

1891-CC OW: PCGS MS63, sold for $7,188 MC: NGC MS64, sold for $17,250

The Old West coin was solid for the grade and it had the added benefit of a Pittman pedigree. With average quality MS63 examples of this date readily available in the $4500-5500 range, perhaps the buyer of this coin thought it might upgrade. Clearly, the buyer of the Morgan collection coin did see his new 1891-CC as a strong candidate to eventually reside in an MS65 holder. I thought it had a pretty decent shot as well but was not willing to gamble $17,250 to find out.

1892-CC OW: PCGS MS63, sold for $41,400 MC: NGC MS61, sold for $4,370

The 1892-CC eagle in the Old West collection was remarkable and its price clearly reflected that a number of bidders thought it would grade MS64 if resubmitted. The Morgan coin was decent for the grade but nothing special. Here is clear evidence, in case you needed more, that collectors of Carson City eagles will pay strong prices for high quality coins which are exceptional for the date and grade.

1893-CC OW: PCGS MS61, sold for $16,100 MC: NGC MS60, sold for $8,625

I bought both of these coins. Take a guess which one I consider to be the better deal. I find it interesting that of the eight or nine known Uncirculated examples of this date that two of them sold within a few months of each other. This is further evidence of how important these two sales were for collectors of Carson City gold.

I’m not certain that we will see comparable collections of Carson City half eagles and eagles sold again for a long period of time. If you are a collector of Carson City gold, 2006 and early 2007 have been important (and expensive!) times for your set.

An Analysis of Carson City Half Eagles Through Recent Major Auction Results: Part One

Two major auctions of Carson City gold coinage have enabled specialists in this series to make some interesting observations regarding the strength of this series. The first of these auctions was the sale of the Old West Collection and it was conducted by ANR in August 2006. The second was recently held by Stack’s in January 2007 and it featured the Morgan Collection. For the sake of convenience, in this article the Old West Collection will be referred to as “OW” while the Morgan Collection will be abbreviated as “MC.” 1870-CC OW: PCGS 58, sold for $80,500 MC: NGC 55, sold for $37,375

In my opinion, the Old West coin was exceptional and its price realized at auction reflected this. The Morgan coin was not as nice but I think it was an extremely good value at less than what the Old West coin brought. Clearly, this date is in strong demand due to its rarity and status as the first-year-issue half eagle from this mint.

1871-CC OW: PCGS 58, sold for $27,600 MC: NGC 45, sold for $10,350

Given the big spread in grade, it is hard to make a valid comparison between these two coins. The Old West example was among the finest known and it brought strong money while the Morgan coin was, in my opinion, a lock AU50 in today’s grading environment. This date remains quite rare in AU.

1872-CC OW: NGC AU58, sold for $29,900 MC: PCGS AU50, sold for $23,000

These coins made for an interesting comparison. In my opinion, the NGC AU58 was more like an AU55 while the PCGS AU50 was an AU55; hence, the similar prices realized. The 1872-CC half eagle appears to be more available in AU than I remember it being in the past and I wonder if a small hoard hasn’t been uncovered in the past few years (?).

1873-CC OW: None present MC: NGC AU50, sold for $28,750

This was one of just two CC half eagles missing from the Old West collection which should tell you how scarce it is. The Morgan coin was definitely an upgrade candidate and its price realized reflected this. I am convinced more than ever that this is the rarest Carson City half eagle and that coins grading AU50 or better with any amount of eye appeal are truly rare.

1874-CC OW: PCGS 58, sold for $27,600 MC: PCGS AU55, sold for $18,400

These were two of the nicer 1874-CC half eagles that I have ever seen. The Old West coin set a record for a circulated example of this date while the Morgan Collection coin was, in my opinion, a piece with a good shot to upgrade to AU58. I think both of these were very solid prices and indicate that collectors will pay strong prices for choice, original coins; even for dates that, by the rigorous standards of 1870’s Carson City half eagles, are somewhat common.

1875-CC OW: PCGS 55, sold for $17,250 MC: NGC 63, sold for $103,500

These two coins are really like comparing apples to oranges, given the extreme difference in quality. What is interesting about the Morgan Collection coin is that I sold this piece to the consignor for around $60,000 over a decade ago. Given how superb-and rare—it was, I think it was an exceptional buy and I expected before the sale that it might sell for as much as $125,000-150,000.

1876-CC OW: None present MC: PCGS 53, sold for $17,825

This is another date that, like the 1872-CC, seems to be more available now in the AU53 to AU58 range than I can remember it being in the past. I think the Morgan Collection example brought a strong price since it was judged to have a good shot to grade AU55 if resubmitted.

1877-CC OW: PCGS 55, sold for $17,250 MC: NGC 55, sold for $18,400

I thought these were both nice coins and very comparable in terms of quality. After these two sales, I think we can safely conclude that a nice quality AU55 1877-CC half eagle is worth somewhere in the range of $17,000-19,000.

1878-CC OW: PCGS 50, sold for $16,100 MC: NGC 45, sold for $12,650

Here is an instance where having some knowledge about these two coins answers some interesting questions; namely, why did an EF45 coin bring nearly as much as one graded AU50? The answer is simple: the AU50 was not very nice and had funky color while the EF45 was original, choice and perceived to have upgrade potential.

1879-CC OW: PCGS 58, sold for $12,650 MC: PCGS 58, sold for $13,800

Two coins, same date, same grade, nearly similar prices realized. End of story, right? In this case, no. In my opinion, the Old West 1879-CC was just gorgeous and I could see it grading MS61 on a good day. I did not care for the Morgan Collection example (disclosure: I sold both of these coins and I clearly missed the fact that the Morgan Collection example had been recolored a number of years ago as attested by the fact that it had turned a deep Cheeto Orange shade…).

1880-CC OW: PCGS 62, sold for $29,900 MC: NGC 60, sold for $12,650

I liked both of these coins a lot and their prices realized indicates that a number of other bidders did as well. Both coins sold in excess of current Trends and/or CDN Bid and the reason is simple: they were really nice, original coins with great eye appeal. Simple lesson: buy nice coins, build an interesting specialized collection, realize strong money when you sell them.

1881-CC OW: NGC 62, did not sell but later resold by Stack’s in their November 2006 auction for $46,000 MC: NGC 63, sold for $57,500

Given the fact that only three or four Uncirculated 1881-CC half eagles exist, it is a wonderful coincidence that two of the better ones sold at auction within a few months of each other. Given their results, I would say that the new owner of the MS63 example from the Morgan Collection got himself an amazingly good deal as he was able to buy a coin which I though was a lot nicer than the Old West specimen for just a 20% premium.

1882-CC OW: PCGS 62, sold for $32,200 MC: PCGS 61, sold for $21,850

I’ve been surprised at the strength of the market for Uncirculated examples of the 1882-CC, given that at least four have sold in the past six months that either grade MS62 or will be in an MS62 holder at some point. As a point of reference, the MS62 in the Old West collection was extremely choice for the grade while the MS61 in the Morgan Collection was clearly believed to be an upgrade candidate.

1883-CC OW: PCGS 58, sold for $9,775 MC: PCGS 58, sold for $12,650

Ah, the magic of the old PCGS holder. The Morgan Collection coin, while not appreciably better than the one in the Old West Collection, brought nearly 30% more. I would have to say that a good reason for this was the fact that it was a fresh coin in a very old PCGS green label holder.

1884-CC OW: PCGS 58, sold for $12,650 MC: PCGS 61, sold for $29,990

These were two of the nicer 1884-CC half eagles that have sold recently and the market seems to have finally recognized the fact that this date is quite rare and undervalued in higher grades. In fact, the example in the Morgan Collection is quite possibly the Finest Known and I thought it was among the most important pieces in this memorable collection of Carson City half eagles.

1890-CC OW: PCGS 64, sold for $9,775 MC: NGC 63, sold for $8,050

The NGC MS64 in the Morgan Collection should probably grade MS64. But here’s why buying coins at auction can be risky. If the coin stays as an MS63 it’s worth $5,500. If it upgrades, it’s worth around $10,000. So the buyer has around $3,000 in downside and $2,000 at most in upside. For most dealers, this upside/downside ratio is acceptable but for many collectors it isn’t.

1891-CC OW: PCGS 65, sold for $43,700 MC: PCGS 64, sold for $13,800

As far as I know, both of these are record prices for slabbed examples of this popular common date. The MS65 in the Old West Collection is probably the finest known 1891-CC and I was impressed by what it sold for. The MS64 in the Morgan Collection was awfully nice for the grade and given that it brought more than twice what the typical MS64 brings, I would guess that at least two people thought it had a good shot to grade MS65.

1892-CC OW: PCGS 63, sold for $5,750 MC: PCGS 62, sold for $4,140

This was an instance where I thought the coin in the lower grade holder (i.e., the Morgan Collection MS62) was nicer than the coin in the higher grade holder. This is why you can’t blindly look at auction records when determining a coin’s value. Clearly, not every 1892-CC half eagle in MS62 is worth $4,140.

1893-CC OW: PCGS 62, sold for $4,600 MC: NGC 63, sold for $8,625

The Morgan Collection coin was in an older holder and was exceptionally nice for the grade (I thought it had a very good chance to grade MS63). Here is another coin that can mislead the new collector. Not every MS63 1893-CC half eagle is worth $8,625. In fact, I recently sold a nice properly graded PCGS MS63 for $6,500.

2007 Crystal Ball Survey

I was recently asked to participate in the annual Crystal Ball survey published by Maurice Rosen. Although some of these questions are not totally pertinent to the area of rare gold coinage, I think there is quite a bit of interesting reading here. 1. We had a great market till May, then a slump. What's your outlook for 2007/2008? Please explain in detail.

I think the coin market is going to be very two-tiered in the next year. I think that really good/really interesting coins will continue to show strong demand while average quality/uninteresting coins will be very soft. We’ve had a great run the past few years but it seems inevitable to me that certain areas will slow down. I think the market weakness that we saw in 2006 reflected the fact that many areas which had performed well the past few years were strong because of dealer promotions. When the promotions stopped or the dealers decided to take profits, the demand for these series dropped quickly.

I think the price of gold will fluctuate between $500 and $600 throughout the year and we will see occasional run-ups in generic prices but nothing spectacular.

I’ve noticed that coin buyers are becoming more sophisticated and I think that choice, original coins will be strong in 2007. As an example, if you have two MS65 Bust Halves for sale at an auction and one is a true Gem with nice color while the other is dark and shows obvious rub on the high spots, the nicer of the two might bring 50%+ more. This schism between true quality and junk will be more graphically illustrated in 2007 (and beyond).

2. What areas of the market look to be the best performers for 2007/2008? Please explain why.

I think better date Seated Liberty coinage in Mint State will do well in 2007. There are still some really good values in this area, especially in the quarter and half dollar series. I love just about any No Motto Seated coin in MS64 or better. Attractive, properly graded examples of many of the so-called common dates are much, much harder to locate than people realize.

Early gold will continue to be strong but buyers are becoming more selective in this area. I really like pre-1834 quarter eagles. They are many, many times rarer than comparable half eagles and eagles yet are often priced at considerably lower levels.

Proof gold will continue to be a strong performer, especially larger denominations. My favorite coins are the pre-1890 issues with mintages of 50 coins or less in PR64 to PR66. These coins are really rare and they are very appealing to wealthy investors.

I really like the potential of New Orleans gold coinage, especially No Motto half eagles and eagles. People have finally realized how rare these issues are in higher grades and they like the fact that Condition Census coins can often be acquired for less than $10,000.

It seems that Commemorative Gold is about due for a promotion and this looks like a good area right now for speculators. I like most of the issues in MS65 and MS66.

Variety collecting has really become popular and I think that very rare varieties in popular series will do quite well in 2007. It always impresses me to see what serious collectors will pay for very rare Sheldon or Overton varieties in specialist auctions.

3. What areas of the market look to be the worst performers for 2007/2008? Please explain why.

Small sized type coins like Three Cent Nickels, Shield Nickels and Liberty Nickels are cheap right now but for a good reason. These coins are boring. No one really collects these series any more (except as type coins) and I can’t see any real reason for these series gaining in popularity.

With certain exceptions, I think that Barber coinage will remain soft as well. There are not many collectors working on complete sets of Barber coins and unless a very rare, very low population piece is offered (or a nice mid-grade circulated example of a rare date) most issues show little demand.

I think many key date 20th century (and late 19th century) coins are overvalued. Issues like 1901-S quarters and 1916 Standing Liberty quarters have dramatically increased in value and I think they are now very overpriced.

Common date Bust Dollars in Fine-Extremely Fine have gotten pretty pricey in the last few years and I would not be surprised if this market shows some correction. Lots of the pieces I see in this grade range are very overgraded. That said, I still like nice AU and better Bust Dollars as long as they are original and attractive.

It seems like you just can’t give slightly off-quality Silver Commemoratives away and I think this market will stay soft unless some large marketing firm decides to promote Commemoratives. If a Commemorative isn’t gorgeous, it is very hard to sell.

In nearly all series, I think low-end, marginal coins will be harder to sell in 2007. Even in really popular areas like early Type, coins that are clearly ugly for the grade just aren’t going to be as liquid s they were back in 2005 or early 2006.

4. Since the lows of 2001, gold almost tripled, but rare coin performance severely lagged gold. Some indices show gains of 20%-40% from 2001 to the highs of 2006! (A) What accounts for the disparity? (B) What does this portend for the future?

I think the weakness in generic gold has to do with the fact that many of the older telemarketing firms who used to promote these coins are no longer actively supporting the market. They’ve moved on to other areas with larger profit margins and that’s why the demand for bread and butter generics like MS65 Saints is nowhere what it used to be. If there is no real level of demand for generic gold, then I expect levels to continue to lag the performance of gold.

5. (A) Do you think that "Ohiogate" had a detrimental impact on the market? If yes, how so and why. If not, why not? (B) What lasting effects can we expect from "Ohiogate?"

I originally thought it would have a very detrimental short-term effect, given the fact that a huge amount of coins were being dumped on the market under the direction of a liquidator who had no clue how to properly market them. I was surprised that the market was, for the most part, able to absorb the Fund’s coins. However, I do not think the full ramifications from the scandal have been clearly felt yet. The Fund was a huge entity in the market with their fingers in a lot of pies. It will be very interesting to see what happens in the next year or two.

I think the biggest lasting effect we might see from Ohiogate is that larger intuitional investors who might have previously toyed with the idea of getting into coins might not be as anxious after they hear the gory details from this story.

6. (A) What will it take for a large financial institution to make a commitment to the coin market? (B) What specific sectors of the market would be most likely emphasized in the portfolio of a large coin fund?

I’ve spoken with clients of mine who are involved in hedge funds or private equity groups and most of them won’t do a coin deal because the numbers are just too small. These guys are looking at doing $250 million+ deals (in many cases more than this) and a little $25 million to $50 million coin deal is just too small for them. That said, there is always the chance that a hedge fund guy who loves coins might do a fund as sort of a lark. But every time we’ve seen large funds in the coin market, the results have not been good.

If a fund were to be established, it needs to be run by someone like John Albanese who is very smart and very ethical. I assume that a fund run by someone like John would focus on really rare coins like Proof gold, early type (silver and gold), classic rarities and popular individual issues like High Reliefs, Pan-Pac Octagonal and Round $50’s, etc. This is essentially what the Ohio Fund was focusing on and I think they did a very good job in terms of buying coins and focusing on specific market areas.

7. As we close 2006, how do you assess the state of coin grading? This is a broad question. I leave it to you to comment any way you want.

My complaints about the services today are the same as they were ten years ago. I do not think that either of the majors rewards originality and I see lots of coins in holders that I think are very, very marginal at best. In my area of specialization (rare date gold), I think both services have really diminished the market’s expectation of what an AU58 should look like. Coins with little or no original mint luster are graded AU55 or AU58 and this has lessened the price premium for certain dates in these grades.

On a related note, kudos to NGC for having the best customer service I’ve ever seen in a company that I do business with on a regular basis.

8.(A) How important are Modern Coins becoming to the market? Despite many people deriding them, many coins bring high prices in super-grades. (B) What are your overall views and recommendations for investors?

I’m sure every answer you’ll get about modern coins is that they are horrible, the market is totally one-way, the coins are ugly, etc. Although I basically agree with these points, I can’t completely denounce the modern coin market. I don’t like the coins and I can’t see why anyone would want to collect them but, by the same token, I can see how someone might not be as turned-on by 18th or 19th century classics as I am. I take a “live and let live” attitude with moderns. I do not plan to ever deal in them but if someone chooses to collect these coins, more power to them. They are affordable, easy to buy and, hopefully, are a good stepping-stone to more sophisticated market areas.

That said, I would NEVER recommend any modern coin as an investment. As far as collecting these coins, I think at $50 or $100 per coin, moderns are just fine. But I would caution the investor to avoid expensive PR70 and MS70 moderns as they have lots of downside risk, in my opinion.

9. Two sophisticated investors come to you to invest for the long-term. One has $25,000, the other $250,000. Each investor wants only a few coins. What do you recommend to each and why? Please state the upside potential for your picks.

For a $25,000 package, I would suggest the following. I would choose an interesting No Motto Seated quarter or half dollar in MS64 or MS65 in the $7500-10,000 range. I’d try to find a coin with a population of fewer than ten coins with relatively few higher and a piece that was original and very attractive. Then, I’d find a New Orleans half eagle or eagle in the AU58 to MS62 range that was Condition Census quality in the $7,500 to 10,000 range. With the remaining money, I would find a piece of Proof gold that was relatively affordable (around $10,000) but which had a lower mintage figure than a “common” date. I think this would be a small but neat group of coins.

For a larger budget collection, I would start with two pieces of early gold. I’d try and find a rare Fat Head half eagle struck in the 1820’s or 1830’s in Uncirculated in the $25,000-35,000 range and a quarter eagle from this era in MS62 or above in the same price range. I would then look for a really neat piece of Proof gold; something like a PR65 quarter eagle from the 1870’s or a high end PR64 half eagle from this decade. I’d figure to spend another $25,000-30,000 on this piece. Then, I would look for a Gem Large Size Bust quarter in the $15,000-20,000 range or a killer MS66 Bust half dollar. After this, I would try and buy one great early copper coin; something like a 1794 cent in Uncirculated with a great 100+ year pedigree. I’d budget around $20,000 for this coin. Next, I’d buy a sexy $10,000 Colonial coin with a Ford pedigree. The Ford sales have been a little under the radar to those who don’t specialize in Colonials but this is easily the greatest offering of early Americana in our lifetime. I’d look for a high grade example of a popular issue like a Pine Tree shilling or maybe a New Jersey or Massachusetts or Connecticut copper. I would finish off this collection with a few great 19th century gold coins; maybe a couple of very high grade Carson City or Dahlonega pieces or some killer New Orleans coins. I would be highly selective here and focus on really nice, really high end coins. If I had another $5000-10,000 left I would buy a few great plated Chapman auction catalogs. These are rare, undervalued and incredibly neat.

If I had a chance to buy an 1838-O half dollar or an 1876-CC twenty cent piece I’d choose one of these two classic rarities as my $250k portfolio and punt the group of coins listed in the paragraph(s) above. I’ve always felt that these were the two “Great American Rarities” that were truly undervalued, even though they have appreciated significantly in the past few years.

10. Increasing government regulations, further losses of privacy, more taxes, these are all likely to impact our lives in the years ahead. (A) How might they impact the coin market? (B) What specific advice do you have for today's investors?

I don’t really feel qualified to answer this question so I am not going to delve into it…except for one quick comment. I’m going to assume that a big issue in the coming years for the coin business will be an Internet sales tax. My business has grown exponentially over the years due to the Web and I think that an Internet VAT-type tax could really hurt the growth of the coin market.

11. Your Best Buys for Type Coins in MS and Proof.

As I mentioned above, I love No Motto Seated quarters and halves in properly graded MS64 and above. These coins are really rare and really good deals. New Orleans half dollars from the 1840’s in MS63 and above seem to be one of the best values in the market right now. It’s hard to find these coins but when they are available you can purchase some legitimately great coins for under $7,500. I’ve always had a soft spot for Flying Eagle cents in Gem Uncirculated. If you can find coins that are well struck, free of mint-made defects and which are not dark, they are great values at current levels. For many years, I’ve thought that Proof Braided Hair half cents in 64RB and better are really cheap at current levels. I’m not saying that they are great “investments” but they seem like a lot of coin for the money.

I think that very pretty type coins in MS65/PR65 and better are, in general, good value right now. By this, I mean coins that have very pretty (but not too deep) multi-colored toning. I would avoid ultra-high grade coins that have a high premium over the next grade down and I would avoid coins that have a huge premium for Cameo/Ultra Cameo designation. I think a lot of low population Ultra Cameo coins run the risk of growing populations when coins graded a number of years ago are resubmitted.

12. Your Best Buys in the Gold Coin sector.

In early gold coins, I love the quarter eagles struck from 1821 through 1834. They are extremely well priced in comparison to early half eagles and eagles. I have a few clients right now who are assembling date sets and I am amazed at how hard it is to find a number of these early quarter eagles.

In the Liberty Head series, I think New Orleans coins offer unbeatable value. My new book has created a number of new collectors and I’d say that high grade New Orleans gold from the 1840’s and 1850’s tends to be, in most cases, many times rarer than Charlotte and Dahlonega issues from this era—at lower price levels!

An esoteric but much undervalued series of coins is the Philadelphia eagles from the 1840’s. There are a few dates (such as the 1844, 1845 and 1846) that are almost impossible to find in any grade above AU50 but which are still relatively affordable. And unlike most mintmarked coins, not all of the Philadelphia pieces have been dipped-n-stripped.

If I were a rich guy who liked 20th century gold, I think I’d focus on Indian Head half eagles. These are by far the rarest 20th century gold pieces in Gem Uncirculated and a number of dates in this series (1909-O, 1911-D, 1912-S, 1913-S, 1914-S and 1915-S) are excessively rare in Gem. If you started a high grade set, you’d have less competition than in the Indian eagle and St. Gaudens double eagle series, so you might actually have a shot at the really great coins if and when they become available.

13. Your Best Buys in Silver Dollars.

I’ve always thought that Gem Trade Dollars were one of the rarest and most undervalued mid-19th century types.

I personally hate Morgan Dollars so I’m probably not that the best person to ask about “best buys” in this series.

I’m amazed that more people don’t try and assemble Peace Dollar sets. These coins are such great deals compared to Morgans. The series is short, completable and not terribly expensive in Gem. If someone was to write a really good guide to collecting Peace Dollars and a few of the larger retailers actively promoted this series, I think prices could rise dramatically. That said, I doubt this will happen anytime soon.

14. Your Best Buys in the U.S. Commemorative series.

Every time I’ve been asked this question, I always give the same answer: I like Gem examples of the pre-1928 silver half dollars. I don’t look at that many commemoratives but when I do, I find most of the issues like the Maine, Missouri, Alabama, Grant, Vancouver, Pilgrim, etc. to be washed out and “yucky.” I think undipped, lightly toned MS65 and MS66 examples of these early issues are cheap at current levels.

15. Your Best Buys among 20th Century Series coinage.

Superbly toned Proof 1936-1942 coinage seems to have disappeared as most of these coins have been dipped. I’ve always liked coins with lightly toned centers that become deeper in hue towards the edges. In PR66 and PR67, the silver issues from this era are very favorably priced right now.

16. Your Best Buys in any other sector of your choice.

In my primary area of the market (branch mint gold) I’d have to say that nice quality Charlotte gold is a good contrarian play right now. $20,000+ Charlotte coinage is a hard sale but it is inevitable that one or two new deep-pocketed collectors will want to create great sets of these coins in the coming years.

Three Dollar gold pieces were certainly due a correction after the great run they had in 2005 and 2006 but I think the market overcorrected. I like the low mintage dates from the 1880’s (like the 1881, 1883, 1884, 1885 and 1886) in Mint State and nice AU and better examples of the San Francisco issues. A great time to buy coins like this is when all of the “geniuses” who became Instant Experts on Threes last year have now moved on to greener pastures.

Nice New Orleans gold is a terrific value right now. In most cases, you can buy a scarce No Motto half eagle or eagle from this mint at a significant discount in comparison to a more available piece from Charlotte or New Orleans.

As I’ve mentioned about ten times, I really like No Motto Seated coinage in MS64 and better, especially New Orleans pieces.

I think, in general, that in nearly any series, “best buys” are always nice, original coins. It’s become so hard to find pieces that haven’t been messed with. I think down the road that really fresh coins will begin to bring huge premiums over the typical run-of-the-mill junk that you see most of the time.

17. What changes or innovations are needed to make the pricing of coins a better deal for investors? Just as reduced commissions (even the elimination of commissions!), plus much narrower spreads between bids and asks, have dramatically lowered trading costs for stock traders, what can be done to make our market more efficient and a better deal for investors?

The Heritage auction archive is an amazing tool. It enables a collector to see the price performance of nearly any coin over the past few years. If Heritage (or someone else) were to take this idea and include all of the major numismatic auction companies, this would be an incredible resource for collectors and investors. The ability to quickly and accurately track pricing is something that increases a new investor’s confidence level; especially in thinly traded market areas.

The advent of the Internet has increased the amount of transparency in the coin market in the past few years. I think the coin market is far, far more transparent than most any other collectible and, again, that is a good boost for investor confidence.

Something that has long hurt the coin market is that a decent number of neophyte investors are still making their first trades with brokers who are either taking advantage of them or are not providing them with the tools to turn them into long-term market participants. As an industry we still need to shed the last vestiges of the Wild West mentality of the 1970’s and the 1980’s and treat potential new investors with the attitude that the coin market is a great place to place some discretionary income in for the long term.

18. Since PCGS and NGC began, we've seen a general loosening of grading standards. (A) Could standards in the future become stricter, thus reversing the trend of the last 20 years? (B) If yes, what event or events would cause this to take place. If you disagree, please explain why. I doubt very much that either PCGS or NGC is going to admit that standards have changed, let alone reverse them back to where they were in 1986/87. I think it’s more important, at this point, for collectors to keep up on current standards so that they can grade by the standards of 2007 and not by the standards of 1987. Wishing for grading standards to revert to where they were 20 years ago is sort of like someone wishing that you could buy an apartment in Manhattan tomorrow at 1987 prices.

19. What 1, 2, or 3 coins are your favorite "sleepers," coins you know to be much scarcer than generally perceived and, as a result, undervalued. Anything from the 1700's to date, your picks. Please explain why you picked them and tell us their potential.

Here are three coins that I regard as true “sleepers:”

1. 1845-O Quarter Eagle: With only 4,000 struck, this is a very scarce coin in all grades. Any original piece grading EF45 or better is really rare, yet you can still buy a very presentable example for under $10,000. This is the key issue in the New Orleans quarter eagle series, which is short, completable and getting popular.

2. 1847-O Half Eagle: Few non-specialists realize just how rare this date is in nearly any grade. It is the hardest New Orleans half eagle to find and it is nearly impossible to obtain in properly graded AU50 or better. I recently sold a very nice AU55 example of this date for $15,000. If this were a Dahlonega coin of comparable rarity, it would have been worth $25,000++.

3. 1841-O Eagle: I love this issue. It has a low mintage figure (2,500), it is the first No Motto eagle struck at the New Orleans mint and it is nearly impossible to find above EF45. Despite this fact, it is priced at a fraction of the second-tier double eagle rarities from the New Orleans mint (i.e., the 1855-O, 1859-O, 1860-O and 1879-O).

The Pinnacle Collection of New Orleans Gold Coinage: An Overview

There haven’t been many truly great collections of New Orleans gold coins formed over the years. This is due to two reasons: a lack of popularity until recent times and the rarity of many of these issues in higher grades. One of the finest collections of New Orleans gold coinage of which I am aware is the Pinnacle Collection which is currently owned by a collector who lives on the West Coast. I have been the primary supplier of coins in this collection and, if you don’t mind a little plug for Douglas Winter Numismatics, I don’t think it would be possible to form a much nicer set than this. Nearly every coin is very high end for the grade and most were selected with the following criteria in mind: originality, excellent overall eye appeal and sharp strikes.

The owner of this collection began assembling it in 2002 and bought the majority of the coins in 2003 and 2004. I was lucky to have been able to purchase a superb collection of New Orleans gold coinage in 2003 of which many pieces went into the Pinnacle Collection. It was clearly a situation that this collector was in the right place at the right time.

The Pinnacle Collection is very nearly complete with the exception of the Liberty Head double eagles. The owner of this collection decided not to focus on this denomination due to the extremely high cost of choice pieces and because he felt that the smaller denomination coins represented better value for the money. His gold dollars, quarter eagles, three dollar gold pieces and half eagle sets are complete while the eagle set lacks just four coins (none of which are especially rare) to be complete.

NOTE: You can view this set on on-line on the PCGS website (www.pcgs.com). Simply go the Set Registry area, search for gold sets and then for New Orleans sets. The collection is listed as the “Crescent City” collection but it is better known to collectors as The Pinnacle Collection. In my new book “Gold Coins of the New Orleans Mint, 1839-1906”, many of these coins are described and photographed as well.

I. GOLD DOLLARS

The six coins in this set have an average grade of 63.66 and are very evenly matched and original. They range in grade from MS62 (the 1855-0) to MS65 (the 1849-O).

One coin in this group that really stands out is the 1850-O. It is graded MS63 by PCGS and is one of just five recorded by PCGS in this grade with two better (both MS64). The 1850-O is the rarest gold dollar from this mint yet it remains an issue which is overlooked by many collectors. This is a coin that would be priced at $15,000-20,000+ if it had a C or a D mintmark but it is still valued at well under $10,000 in this grade.

I also really like the 1849-O gold dollar in this set. It has been graded MS65 by PCGS and is one of just four graded as such by PCGS with none finer. It is historically significant as a first-year-of-issue date and it is, obviously, very rare in Gem. The Pinnacle Collection example is unusually well struck and it exhibits lovely natural rose and orange-gold color.

II. QUARTER EAGLES

The quarter eagle set contains fourteen coins and every piece except one (the 1845-O) grades MS62 or better. The average grade of these coins is a healthy 61.9 and I would have to think it is one of the two or three best sets ever assembled.

My choice for the highlight of this set is probably not a coin that others might take note of: the 1856-O in MS62. Even though this issue is slightly available in lower grades, it is a major rarity in Uncirculated and the Pinnacle Collection’s example is the best piece ever graded by PCGS. It is really a stunning example for the date and grade with great luster, rich orange-gold color and outstanding surfaces. It traces its origin to the Bowers and Merena 6/01 sale where it brought $19,550 in a much slower market than today.

Two other coins in the quarter eagle set that I think are notable are the 1840-O and the 1842-O, both of which have been graded MS62 by PCGS. The former is pedigreed to the David Lawrence Richmond collection sale while the latter was obtained from my firm via private treaty in January, 2005. Both coins are notable for outstanding strikes and are very original with great green-gold color and thick, undisturbed luster.

The three highest graded quarter eagles in the collection are the 1839-O, 1846-O and 1857-O, all of which have been graded MS63 by PCGS. The 1839-O has a population of seven in this grade with five finer (all MS64), the 1846-O has a population of just one in this grade with one better (an MS64) and the 1857-O is one of four in this grade with a single example better (an MS64). Obviously, all New Orleans quarter eagles are rare in MS63 or higher grades and the fact that the Pinnacle Collection contains three different pieces is, in my opinion, quite impressive.

III. THREE DOLLAR GOLD

The Pinnacle Collection contains a PCGS AU55 example of this popular one-year type. It is notable for its excellent strike and originality and it is a much nicer coin than many I have seen graded AU58 by NGC.

IV. HALF EAGLES

Although the average grade per coin of the half eagles in the Pinnacle Collection is not as high as the quarter eagles, I would have to say this is my favorite set. There are a total of sixteen coins which range in grade from a low of AU55 (the 1843-O Small Letters and the rare 1847-O) to a high of MS63 (the 1840-O Narrow Mill, 1844-O, 1845-O, 1854-O the 1894-O). Of the 16 coins in the set, eleven are Uncirculated and the average grade per coin is 60.68.

It’s really hard for me to pick just one highlight of the half eagles, so I’ll focus on two coins. The first is the incredible PCGS MS63 1840-O Narrow Mill that is pedigreed to the famous Pittman collection. It is an amazing coin that I rank as the finest known for the date. Another highlight coin is the MS63 1845-O that is pedigreed to the Bass collection. It is one of just two known examples of this date in this grade (there are none finer) and it is the epitome of a choice, original coin with superb luster and dramatic rich green-gold coloration.

The PCGS MS61 1842-O half eagle in the Pinnacle Collection is one of just three known examples of this date in Uncirculated while the PCGS MS62 1846-O is regarded as the third finest known example of this date. An 1851-O in PCGS MS61 is another extremely rare coin in this grade with just four or five total pieces believed to exist in Uncirculated.

Two final coins are worthy of a quick mention. The 1854-O, graded MS63, is tied with another example as the finest known and it is pedigreed to the Bass collection. The 1894-O in PCGS MS63 is the sole example of this date graded this high by PCGS and it is likely the finest known.

To the best of my knowledge, the only sets of New Orleans half eagles ever assembled that were comparable to the Pinnacle Collection were Ed Milas’ (sold by Stack’s back in 1995) and Charley Tuppen’s (which, as far as I know, is still intact).

V. EAGLES, NO MOTTO

Of the various gold denominations produced at the New Orleans mint, the No Motto eagles, struck from 1841 through 1860, is certainly one of the most difficult to collect. Many of these dates are exceedingly rare in higher grades and a number are essentially unavailable in grades higher than AU55 to AU58. There are a total of 21 issues in this set. This includes two varieties of 1846-O (the Normal date and the so-called “Overdate”) and two 1854-O (the Small Date and the Large Date).

The Pinnacle Collection contains 17 of these 21 No Motto eagles. It is missing the 1842-O, 1844-O, 1847-O and 1855-O. Ironically, with the exception of the 1855-O, these dates are not especially scarce from the standpoint of overall rarity.

The No Motto eagles in this collection range in grade from a low of AU53 to a high of MS61. There are three coins in Uncirculated and the majority grade AU55 and AU58.

The two key issues in the No Motto eagle set are the 1841-O and the 1859-O. These are nicely represented by examples that grade AU55. The former has a PCGS population of just five with none better and the latter shows three in this grade and none higher.

There are number of coins in this set that might be readily overlooked by the non-specialist but which are quite scarce and have very low population figures. As an example, the 1849-O in PCGS AU58 has a population of three in this grade and just two better. The 1850-O in PCGS AU58 is even rarer in this grade with just three recorded in AU58 and a single coin graded higher.

The Pinnacle Collection contains 18 No Motto New Orleans eagles with an average grade of 57.05.

VI. EAGLES, WITH MOTTO

After the New Orleans mint was closed in 1861, it reopened in 1879. With Motto eagles were produced, with interruptions, at this mint until 1906. There are a total of 16 issues in this set. Unlike its No Motto counterpart, this set can be assembled in (mostly) higher grades.

The Pinnacle Collection contains fifteen of the sixteen issues. It is missing the 1880-O but it contains PCGS AU58 examples of the very rare 1879-O and 1883-O. Twelve of the sixteen coins in this set are Uncirculated and these range from a low of MS61 to a high of MS65.

From the standpoint of rarity, the unquestioned highlight of this set is the 1883-O of which just 800 pieces were produced. This collection has a lovely orange-gold AU58 which is one of just three graded by PCGS with none better.

The sleeper coin in this group is the 1881-O in MS61. This date has a PCGS population of just one in MS61 and none finer and it is a rare, underrated issue in Uncirculated.

The highest graded coin in this set (and in the entire Pinnacle Collection) is a 1904-O in PCGS MS65. As one might expect, Gem New Orleans eagles of any date are extremely scarce and this coin has a PCGS population of four in this grade and only one better.

The With Motto eagles in the Pinnacle Collection have an average grade of MS62. Many of the late date pieces (i.e. those struck in 1897 and later) are notable for their beautiful, original color and most are quite high end for the grade.

The Pinnacle Collection is truly one of the finest sets of New Orleans gold coins that has ever been assembled. It contains examples from other great collections such as Norweb, Bass, Pittman and Farouk. The collector who assembled this collection can certainly be proud of his accomplishment, especially given the fact that the bulk of the collection was assembled in just three years.

13 Interesting Gold Coins Priced Below $2,500

Is it possible to build an interesting collection of desirable United States gold without having a large per coin budget? I think the answer to this question is a resounding “yes.” There are plenty of extremely interesting pieces that are within the average collector’s price range and this includes a number of coins that are both scarce and in comparably high grades. Here are a baker’s dozen suggested areas for a collector with a budget of $2,500 (or less) per coin. 1. San Francisco Gold Dollars: The San Francisco mint produced seven different gold dollars. These include all three types. The 1854-S is a Type One issue, the 1856-S is a Type Two and the 1857-S, 1858-S, 1859-S, 1860-S and 1870-S are all Type Threes. With the exception of the popular (but somewhat overvalued) 1856-S, any of these dates can be obtained in AU50 to AU55 grades for $1,500-2,500. My personal favorite date in this group is the 1857-S. Did you know that from the standpoint of overall rarity, this date is actually rarer than the 1857-C or the 1857-D? The 1857-S has a current Trends value in AU55 of $2,500 which is very cheap for a coin of this rarity; the 1857-C Trends for $7,000 in this grade, while the 1857-D is listed at $6,500.

2. Reconstruction Era Philadelphia Gold Dollars: The Philadelphia gold dollars produced from 1866 to 1872 all have mintages of 7,100 or below (except for the 1868 which had a mintage of 10,500) and all of these issues are reasonably scarce in all grades. This group of coins is not generally seen in circulated grades but very presentable Uncirculated examples (in this case in the MS62 to MS64 grade range) can typically be purchased in the $1,000-2,500 range. I like the 1865 and 1867 best. The former has a Trends value of $1,700 in MS60 and $2,500 in MS62 and is a great value at anything near these levels. The 1867 is listed at $2,000 in MS63 and if you can find a piece at this level, you’ve just bought a truly scarce coin at a most reasonable level.

3. Classic Head Quarter Eagles: If you have a limited coin budget, you won’t be able to buy any early gold as it has become too expensive. But you can still purchase a really nice AU55 to AU58 common date Classic Head quarter eagle for $2,000-3,000. Classic Head gold coinage is sort of a bridge between the pre-1834 “early gold” issues and the more familiar Liberty Head design which was employed all the way into the early 20th century. I personally like the Classic Head design and have seen some pieces in the AU55 to AU58 range which are really attractive. If possible, buy a date other than the ubiquitous 1834 as these issues are considerably scarcer. My “sleeper” date is the 1839 which considerably scarcer than the mintmarked issues of this year but priced much lower.

4. Philadelphia Quarter Eagles From The 1840’s: This group includes some dates that are well out of the price range of the $2,500 and lower budget but it contains a number of other overlooked issues that fall well within these parameters. Want some suggestions? How about the 1844. This is a low mintage coin with just 6,784 pieces originally produced. There are probably no more than 50-75 pieces known in all grades and this date is considerably scarcer than the mintmarked issues from this era. Despite this fact, Trends lists an AU50 example at $2,250. Other dates from this era that I think are very undervalued include the 1843, 1846, 1847 and 1848. Your $2,500 per coin budget will go a long way in this series and you should be able to buy some nice AU pieces if you are patient.

5. Nice About Uncirculated New Orleans Quarter Eagles: There are a number of scarce New Orleans quarter eagles from the 1840’s and 1850’s that the collector can buy in AU55 to AU58 grades for $2,500 or less. This includes the 1846-O, 1847-O, 1850-O, 1851-O, 1852-O, 1856-O and 1857-O. In this same price range it is also possible to purchase nice MS61 examples of the 1843-O Small Date and the 1854-O. I would strongly recommend that the collector looking at these coins familiarize himself with their peculiarities of strike (these are described in my book “Gold Coins of the New Orleans Mint, 1839-1909”) and pay a premium for examples with original surfaces and color.

6. Low Mintage Quarter Eagles, 1880-1899: A collector with a budget of $2,500 per coin could put together a high quality set of Quarter Eagles dated between 1880 and 1899. With just two exceptions, every coin in this set would be Uncirculated and in some cases the coins could grade as high as MS64 or even MS65. What’s great about these coins is that they are well-produced and not hard to find with pleasing original color and surfaces. Some of the dates in this two decade production run are very challenging to find in Uncirculated (1880, 1883 and 1884 come to mind as the stoppers) while others (including nearly all of the coins struck in the 1890’s) are easy to find in Mint State. The real budget-busters in this set are the popular low mintage 1881 and 1885 issues. For $3,500-5,000, the collector will be able to find a nice AU 1881 should cost $4,000-5,000. This is a great set for the collector who wants to own some very high grade yet legitimately scarce gold coins.

7. Scarcer Date Three Dollar Gold Pieces: Three Dollar gold pieces have been a whipping boy in many “experts” recent newsletters but I think there is still great value in this series. For $2,500 you can buy a number of the scarcer issues from the 1860’s and 1870’s in Extremely Fine grades. These coins are not that easy to locate due to the fact that this denomination did not typically circulate enough to get word down to Extremely Fine detail. But when Three Dollar gold pieces are available in EF, they tend to be reasonably attractive and very affordable. All of the Civil War dates (except for the rare 1865) can be purchased in EF40 to EF45 for around $2,500 and a number of the tougher dates from the 1870’s (such as the 1870, 1871 and 1872) can be found in the same grade range for around the same price.

8. Classic Head Half Eagles: I like this series for the exact same reasons mentioned in Item #3, above. I’ve always looked at Classic Head half eagles as the “early gold for collectors who can’t afford early gold.” Think about it. You can still buy a nice Choice AU half eagle that is approaching 175 years in age for less than $3,000. The sleeper date in this series is the 1837 which is many times scarcer than the 1834-1836 issues but which commands just a 20-30% premium in AU. I’d suggest that the collector be fussy when looking at Classic Head half eagles as they are plentiful enough that he can wait for the “right” coin to come around.

9. No Motto New Orleans Half Eagles: This is an area where a collector with a budget of $2,500 per coin will be able to purchase some very scarce and desirable issues. One date that I feel is extremely undervalued is the first-year-of-issue 1840-O. I recently posted an example in NGC AU55 on my website (I priced the coin at $2,350) and received seven orders for it. For $2,500 or less, the collector will be able to purchase nice EF45 examples of such scarce dates as the 1843-O Small Letters, the 1845-O, 1846-O, 1851-O, 1856-O and 1857-O. All six of these dates are much harder to find in this grade than most of the Charlotte and Dahlonega half eagles from this era yet they are priced at between $500-1,000 less per coin.

10. 1890’s Carson City Half Eagles: No, the four half eagles struck at the Carson City mint during the 1890’s are not rare coins. But how can you not be attracted to the history and allure of any gold coin struck at this legendary mint. For $2,500 per coin, you could put together a set that would include an MS62 1890-CC, an MS62 1891-C, an MS61 1892-CC and a high end MS61 1893-CC. Four nice Uncirculated coins with a great story for under $10,000. How can you not like this collection?

11. No Motto New Orleans Eagles: If you have a $2,500 per coin budget, you won’t be able to assemble a complete set of No Motto New Orleans eagles; the 1841-O and the 1859-O will prove just about impossible to find in that price range. But you can buy every other date in Extremely Fine or About Uncirculated grades. On the lower end of the grade range, you’ll probably have to settle for EF45 examples of the scarce 1852-O, 1855-O, 1856-O and 1857-O and on the high end, you might be able to go as high as AU55 on the more common issues like the 1847-O, 1851-O, 1853-O, 1854-O and 1858-O. I personally think this would be an extremely interesting set to assemble and when you are done you can take pride in having assembled a group of coins that is genuinely scarce and, in my opinion, extremely undervalued.

12. Type One Philadelphia Double Eagles: A collector on a limited budget is going to find double eagles to be a frustrating area to collect. A date run of Philadelphia double eagles from the 1850’s can be assembled by the individual with tight budgetary constraints and most of his coins will actually be attractive. With just a few exceptions, nearly every coin in this group can be purchased in AU53 to AU55 for $2,500 or less. This includes the 1856, 1857 and 1858 which I feel are much undervalued. The only two dates that will cost more than $2,500 for nice AU’s are the overvalued but popular 1850 and the rare 1859. For $3,500, the collector will be able to purchase a nice AU55 1850 while an AU50 1859 will run around $4,000 and be a very good value.

13. Type Three San Francisco Double Eagles: If you are on a tight budget, you can forget Philadelphia and Carson City Type Three double eagles…they are too expensive. But a collector of average means could assemble a complete set of San Francisco Type Three issues in Uncirculated for a reasonable amount per coin. In my opinion, I think the best grades for this set are the ones just before big price jumps. In other words, I like an MS62 1889-S for this set at $1,000 as opposed to an MS63 at $6,000. With the exception of the 1878-S, 1879-S, 1880-S and 1881-S, every coin in this set could be at least MS62 (with some MS63 examples of the common later dates thrown in for good measure) while the scarcer early dates would all grade MS61.

So there you have thirteen suggestions of collecting areas for gold coin collectors with a budget of $2,500 per purchase. If your budget is a bit larger (say $3,500-5,000) you could greatly expand this list or take some of the items already discussed and move up a grade or two.

Fat Head Fives: A Date By Date Analysis Part One: 1813-1824

The half eagles struck from 1813 through 1834 have been given the appellation of the “Fat Head” design, due to the uncommonly large size of Liberty’s head and neck. John Reich’s half eagles of this era certainly have a “so ugly it’s charming” quality about them. But while they will probably never win a beauty contest, they are a fascinating series of coins which contain a host of great rarities. There are two major types of half eagle known with this design. The first, struck from 1813 to 1829, has a smaller bust with a larger sized planchet. There were a total of 667,536 pieces produced. The second, struck from 1829 through 1834, was modified by William Kneass and these coins show size reduction in the date, stars and lettering as a reduced diameter. There were 700,279 coins struck.

The Fat Head half eagles are a good example why a coin’s true rarity can not be gauged solely by its original mintage figure. The vast majority of half eagles struck between 1813 and 1834 were melted and the survival rate for most dates tends to be well under 1% of the original production.

Very few collectors attempt to collect Fat Head half eagles by date. This is due to the extreme rarity of most of these coins and their per-coin price levels. There is only one date in the entire series that is reasonably available (the 1813) and one (the 1822) is considered by many collectors to be among the greatest of all United States numismatic rarities. That said, these coins have become very popular with collectors in the past few years.

This date-by-date analysis is not meant to be a standard reference on this series. Rather, I intend to touch on some basic points on each date so that the collector can make informed decisions if and when he is considering the addition of one of these coins for his type (or date) set.

1813

As mentioned above, the 1813 is by far the most available date of this type. There were a total of 95,428 struck of which an estimated 600-900+ are known today. This is one of the few dates of this design that appears to have actually circulated and examples can be found in grades as low as Extremely Fine. The 1813 is reasonably common in all circulated grades and can even be found in the lower Uncirculated grades without a huge amount of effort. It becomes rare in MS63 and it is very rare in properly graded MS64. Gems are extremely rare. Most 1813 half eagles are yellow-gold or green-gold and have very frosty luster. The strike is usually sharp at the centers but weak at the borders with many of the denticles not completely defined. I have seen a number with adjustment marks and others with dark spots. Due to the availability of this date, it is the perfect Fat Head Five for the collector seeking a single piece for a type set.

There are two varieties known. The more common shows the first S in STATES over the right side of the E in E PLURIBUS UNUM. The scarcer variety has the first S over the left side of the E.

1814/3

The mintage for this date has traditionally been believed to be 15,454 coins but some contemporary researchers believe that the actual figure might be as low as 10,000. Given the fact that there are probably no more than 75-100 examples known, I would tend to concur with the lower mintage. This variety shows a clear overdate and it is considerably rarer than the 1813 although it does not get a substantial premium over this common issue, especially in lower grades. The 1814/3 tends to be much better struck than the 1813 with strong detail noted at the centers and borders. The color is typically a deep green-gold hue which is sometimes accentuated by orange-gold shadings. The luster is frosty but not as good as seen as on the 1813. The 1814/3 is usually seen in AU to MS61 grades. It is very scarce in MS62 and rare in properly graded MS63. This is a very rare issue in MS64 and I am not aware of a single coin that could be called a Gem by today’s standards.

There is just a single variety known. The reverse is the same as seen on the second variety struck in 1813 and it was also used to produce the very rare 1815 half eagles.

1815 The 1815 has the lowest mintage figure of any half eagle of this type. Only 635 are believed to have been struck. There are approximately a dozen pieces known and this includes five pieces that are housed in museums. The last example to be sold was the lovely AU58 from the Bass collection that was previously in the Eliasberg sale. It sold for $103,500 in 1999, a figure that seems extremely cheap today. There is a single Gem known (ex: Naftzger collection) which is graded MS65 by PCGS and is in a well-known private collection that, in my opinion, is one of the most impressive early gold coins in existence. This tends to be a well-produced issue with a good strike. The Bass II: 805; Eliasberg coin has superb rich coppery coloration and the other Bass coin (ex Norweb, Farouk), which is housed in the ANA Museum, is attractively toned as well.

All 1815 half eagles have the same reverse as that seen on the second variety of 1813 half eagles and on all 1814’s.

1818

There were no half eagles struck in 1816 or 1817. Coinage resumed in 1818 and a total of 48,588 pieces were produced. There are three important varieties known and these are as follows:

Normal Reverse: This variety is easily distinguished by ample space between the words STATES and OF. This is the second most available of the three varieties. There are around five to six dozen pieces known. Unlike the other two varieties, the Normal reverse is sometimes seen in relatively low grades; I have personally handled at least two in EF40. This variety is most often seen in AU50 to AU55 and it is quite scarce in the lower Uncirculated grades. It is rare in properly graded MS62 and very rare in MS63 or better. There is a single MS65 that has been graded by PCGS while NGC shows a solitary Gem as well. This is the best struck of the three varieties and most are very bold at the centers and borders. Most have rich orange-gold color, very frosty luster and numerous marks on the surfaces.

STATESOF Reverse: On this variety, there is no spacing between these words. It is the most available of the three 1818 half eagles with as many as 125-150 pieces believed to exist. This variety is seldom seen in grades below AU55, suggesting that it did not see a great deal of commercial usage. It is somewhat available in the lower Uncirculated grades and sometimes seen in grades as high as MS63 but it is very rare above this. PCGS has graded one coin in MS66 (ex: Norman Stack type set) which is among the best Fat Head half eagles of this type that I have ever seen. This variety is often somewhat weak at the centers and some of the denticles are not fully brought up as well. The luster is often frosty and the natural coloration is a handsome canary yellow hue.

5D/50 Reverse: This is the rarest of the three varieties known for this year but it is not as rare as has been claimed in the past. This variety was created when the D in 5D was inadvertently punched over a 0. This reverse was used again in 1819. There are an estimated 30-40 pieces known and most are in the AU55 to MS60 range. PCGS has graded two Gems (an MS65 and an MS66) and there appear to be around four to six pieces known in the MS63 to MS64 range. The strike is usually somewhat weak at the borders while the curls are not fully brought up. The natural coloration is a distinctive green-gold hue while the luster is very frosty and sometimes has some semi-prooflike reflectiveness in the fields. Most examples are somewhat scuffy and at least a few have light mint-made adjustment marks.

1819

While the mintage figure for this date is reported to be 51,723, it is believed that this might include coins dated 1820. Whatever the actual number struck (and I personally believe the number is significantly lower than 51,723), the 1819 is unquestionably a very rare coin with an estimated 20-30 pieces known. There are two significant varieties known to exist. The first uses the 5D/50 reverse that is found on 1818 half eagles. This is the more available of the two and it is likely that around 15-22 exist. This includes one or two Gems (PCGS and NGC have both graded coins MS65 although I am not certain if these are the same) and a small number in the MS63 to MS64 range.

The second variety of 1819 half eagle has a different date with the numerals much closer and a normal reverse without the 5D/50 blunder. This is a very rare coin with as few as 5-8 examples known. PCGS has only graded one in any grade (an MS61) while NGC has graded two (an EF40 and an MS60 which may be the same coin as the PCGS MS61). This variety is typically seen only in great collections of early gold and it generally appears at the rate of once every two or three years at auction.

1820

There were more half eagles struck in 1820 than in any other year between the advent of this denomination in 1795 and the beginning of the Classic Head design in 1834. The mintage is reported to be 263,806 but this is somewhat misleading as the great majority of these coins were melted. Today, the 1820 is much scarcer than the 1813 but it is more available than the 1818 and 1814/3. There are no less than nine die varieties of 1820 half eagles including a number of extreme rarities. Most advanced collectors focus on the major varieties of this issue of which there are three. These are as follows:

Square Base 2, Large Letters: There are four die variations of this obvious, naked-eye variety. On the obverse, the base of the 2 is flat while the reverse has the A and the second T in STATES close at the base. This variety is easily the most available of the 1820 half eagles. It is almost always seen in Uncirculated grades and this suggests that most were either melted soon after they were struck or were stored in banks and did not enter commerce. Survivors often have exceptional luster which can be frosty or prooflike in texture and vivid rich yellow-gold or green-gold shadings. Most of the Uncirculated coins that exist are in the MS62 to MS63 range. The current population at PCGS in MS64 (55 coins!) is greatly inflated by resubmissions and Gems are extremely rare.

Curved Base 2, Large Letters: There are two die variations of the 1820 Curved Base 2, Large Letters. The more available of the two has the tip of the bottom arrowhead pointing to the outside of the C in AMERICA. It is unlikely that more than two dozen 1820 Curved Base 2, Large Letters half eagles are known. Most of these are Uncirculated coins and many of these are choice examples that grade in the MS63 to MS64 range. The finest known is a PCGS MS66. When available, this variety tends to come very well struck, with excellent luster and superb green-gold or rich yellow-gold coloration. A Proof exists in the Bass collection at the ANA Museum and this is regarded as the earliest known Proof half eagle. It is an absolutely spectacular coin in person!

Curved Base 2, Small Letters: Three die varieties of the 1820 Curved Base 2 Small Letters are known and all are very rare. In all, it is likely that fewer than fifteen examples exist with nearly all of these grading Uncirculated. Interestingly, the last three that I have seen have all been Gems (two were graded MS65 by PCGS while one was graded MS65 by NGC) and all were superb pieces with amazing detail, blazing semi-prooflike and frosty texture and rich green-gold coloration.

1821

The 1821 is a date that does not receive as much attention as other half eagles from this decade but it is a major rarity. There were reportedly 34,641 pieces struck and if this number is accurate than an amazingly high percentage were melted as it is unlikely that more than 12-15 pieces are known. There are actually two die varieties. The more available has the thirteenth star touching the hair while the rarer shows this star away from the hair. There appear to be around four or five 1821 half eagles known in circulated grades (these are all in the AU53 to AU58 range) while the rest are Uncirculated pieces. The finest known is a single MS66 graded by PCGS and also by NGC. All of the 1821 half eagles that I have personally seen are prooflike with a good strike and greenish-gold coloration. There is at least one Proof known (ex: Norweb collection) and the Bass coin in the ANA Museum is a fully prooflike Gem business strike.

1822

The 1822 half eagle is one of the great rarities in all of American numismatics. There are just three examples known to exist. Two are housed in the Smithsonian Institution and are off the market while the third is in the Pogue collection and was obtained for $687,500 back in 1982 when the Eliasberg collection was auctioned by Bowers and Ruddy.

Time for an Editorial: I have always thought that one of the best ways to solve the never-ending cash crunch at the Smithsonian in relation to the National Numismatic Collection would be to sell one of the 1822 half eagles in the collection. Here’s a coin that would fetch $5 million or thereabouts in the open market and which would focus tremendous attention on the collection. Does the Smithsonian really need two examples of this coin?

1823

The 1823 generally gets lumped in the “semi-available” category of Fat Head half eagles along with the 1814/3, 1818 and 1820 but it is a date that I see less often. The mintage figure was reported to be 14,485 coins but I believe that this is a bit low and the actual number might be more like 17,500-20,000. There are probably in the area of 75-100 known with nearly all of these coins grading at least AU55 to AU58. Uncirculated examples of this date tend to be heavily abraded and generally grade in the MS60 to MS62 range. The 1823 is very rare in MS63 and extremely rare in MS64. NGC has graded one coin in MS65 while PCGS has never graded an example better than MS64. The 1823 is generally weakly struck at the left obverse border and on the curls around the face of Liberty; the reverse is bolder with sharp denticles and good detail on the feathers. The luster is very frosty in texture while the original color tends to be a deep green-gold. Many examples have been dipped.

There is just a single variety known and it shows the Large Letters reverse first used in 1820.

1824

The 1824 is the third most available Fat Head half eagle from this decade but it is a very rare coin in all grades. The original mintage figure is listed at 17,340 but I believe the actual number is somewhat lower than this. I believe that there are around 30-40 pieces known. As with most of the half eagles from this era, the 1824 saw virtually no circulation and there are not more than a small handful of pieces that grade below MS60. Most of the Uncirculated coins are in the MS60 to MS62 range and pieces that grade MS63 are quite rare. The combined PCGS/NGC population of twenty-two coins graded in MS64 is definitely inaccurate and this reflects a few coins that have been submitted multiple times in an attempt to secure a higher grade. There are one or two Gem examples known; both PCGS and NGC have graded an example in MS65 but these may be the same coin.

The 1824 is generally a well struck issue although some show weakness at the obverse border from 9:00 to 12:00. The luster is a bit less frosty than that seen on the 1823 and examples that have not been dipped are often a medium to deep green-gold. Only one die variety is known and it employs the Large Letters reverse first used in 1820.

In Part Two of this article, which will be added to www.raregoldcoins.com in November 2006, we will discuss the 1825-1834 half eagles and offer a number of collecting and grading tips for the series.