Some Thoughts on Proof Bust Silver Coinage: Part One - Half Dimes and Dimes

Proof gold coinage has been called the “caviar of numismatics” - and with good reason. Everyone loves a nice Proof gold coin and there is no denying the rarity of these issues. But compared to Proof Bust silver coins, most Proof gold is common. I would contend that Proof Bust silver coinage is one of the most fascinating—and undervalued—areas in all of numismatics. The earliest known Proof silver coins (at least those that are universally regarded as having been unquestionably struck as Proofs) date to around 1820. From the early part of the 1820’s until 1837 (when the Capped Bust design was replaced), Proof silver coins were struck in limited quantities. Generally speaking, mintages were around ten to twenty pieces per year. In most cases, official mintage figures were not accurately recorded and rarity estimates today are somewhat speculative. It is clear to state, however, that all Proof Bust silver is, at the very least, quite rare.

The intention of this article is to give the beginning and intermediate collector an overview of Proof Bust coinage by focusing on each of the denominations that were produced in the Proof format. In addition, at the end of this article, I will discuss some pertinent points about these coins that I think are important for all collectors to consider.
I. Bust Half Dimes

There are a few 1794 half dimes known that have been categorized by NGC as Specimen strikings but the first true Proofs were made in 1829. The 1829 has a reported mintage of thirty pieces and it is the most obtainable issue of this type as a Proof by a fairly large margin. I think there are around ten to fifteen known including a few really superb Gems. The best of these is a single example graded PR67 by PCGS; the single finest Proof Bust Half Dime of any date graded by PCGS.

The 1830 has a reported mintage of ten and it is extremely rare with an estimated four or five known. An example graded PR65 by PCGS was recently sold as Lot 1039 in the Heritage 12/08 auction for a strong $50,025. If I’m not mistaken, this is the most that a PR65 Bust Half Dime has ever brought at auction.

The 1831 is another extremely rare issue. I think it is comparable in rarity to the 1831 or perhaps it is just a touch less rare.

The 1832 and the 1833 both have reported mintages of ten Proofs but neither may exist. There have been examples sold at auction as “Proofs” but these were actually reflective business strikes.

The 1834 is probably the second most available date in Proof with as many as ten or so in existence. PCGS has graded two in PR65 and two in PR66 but I have not personally seen a nice example in many years.

The 1835 is a mysterious issue. Ten Proofs were reportedly struck but neither PCGS nor NGC have ever certified an example. Given the fact that Proofs of this year exist for other silver denominations, I would not be surprised if a few exist.

1836 is an extremely rare year with just three to five Proofs known including an amazing PR66 certified by PCGS. No Proof 1837 Bust half dimes are known or rumored to exist. Overall, the Bust Half Dime series is extremely rare in Proof. Only four dates (the 1829, 1830, 1831 and 1834) are even collectible and just one (the 1829) is seen with any degree of regularity. Until recently, Proof Bust half dimes were very reasonably priced given their rarity but this appears to have changed a few years ago. Still, the $40,000-50,000 that it would now take to purchase a PCGS Gem Proof example is still probably good value considering their true rarity.

These coins tend to be very difficult to determine Proof status. Unlike Dimes and Quarters which often “look Proof,” very few Proof Half Dimes of this era have unquestionable status. See the end of this article for some buying tips.
II. Bust Dimes

The Large Size Bust Dimes of 1809 to 1828 are extremely rare as Proofs. It is likely that no more than five to ten Proofs were struck most years and, in some cases, the actual number could well be less. Coinage of Proofs began in 1820.

The existence of Proof 1820 Dimes is controversial but at least one has been certified by NGC. There are an estimated two or three known 1821 Proof Dimes known including a Gem from the Garrett collection.

It is believed that three 1822 Proof Dimes are known. Two have been graded PR66 by PCGS. No Proof 1823 Dimes are believed to exist while three 1824/2’s are known. The finest Proof 1824/2 is the remarkable Bareford/Menjou coin that is currently in an NGC PR67. Many specialists regard this as the single finest known Proof early dime.

There are two or three Proof 1825 Dimes known. The 1827 is the most available Proof of this type with as many as five or six known from an estimated mintage of ten. Interestingly, at least one is known that is from a Proof-only die pair. There are more Gems in existence of this year than of the other early Proofs as well. No 1828 Large Date Proofs are known.

In 1828, the design of the Dime was changed. The 1828 Small Date exists in Proof but it is extremely rare. It has been stated that as many as five Proofs are known but I believe that this is inaccurate and that there are only three. 1829 saw a larger mintage of Proofs with an estimated ten or so struck. At least five or so exist and it is interesting that of the twelve different die varieties known for this date at least three exist in a Proof format.

Proof 1830 Dimes are extremely rare. I believe that there are three or four known including one or two Gems. The 1831 is the most obtainable Proof Bust Dime. There are as many as ten to twelve known and I have seen at least six of these coins including three Gems.

There is just a single Proof 1832 Dime known and it is a PCGS PR64 that I sold to a Louisiana specialist around a decade ago. At one time it was believed that 1833 Dimes were unknown in Proof but PCGS has graded two and NGC has graded four, making it likely that at least two or three distinct examples exist. The finest known is a PCGS PR66 that recently sold for $149,500 in the Heritage 2008 ANA sale.

1834 is among the more available early dimes in Proof. There are as many as seven or eight known including examples in three different die varieties. This includes a piece in the famous King of Siam Proof Set and as many as two superb Gems graded PR67 by PCGS. All 1835 Proof Dimes appear to be struck from the same die pair (JR-4) and this date is one of the more available of this design in Proof. I believe that there are around eight or so known with at least half of these grading in the PR63 to PR64 range. I know of at least two Gems including a PCGS PR67CAM which is unquestionably the finest known.

Proof 1836 Dimes are extremely rare. All are from the JR-2 dies and it is doubtful if more than three are known. None are Gems. The final year of issue for this type is the 1837 and this is a controversial year as far as Proofs go. The authors of the book “Early United States Dimes, 1796-1837” believe that at least two Proofs are known but neither PCGS nor NGC have yet to grade one. I believe that they exist but that they have not traded via public auction since the early 1980’s.

As I mentioned at the beginning of this article, I have some buying tips for collectors who are interested in purchasing Proof bust coinage. These tips are based on having bought many of these coins myself and having looked at most of the major offerings that have appeared at public auction since the mid-1980’s.

1. When it comes to Proof bust coins, pedigree is exceedingly important. With some research, you can determine what a coin sold for before it was slabbed by PCGS or NGC. As an example, if an 1831 Dime that was called a “Proof” sold for a seemingly low figure when it was offered for sale as a raw coin in the 1980’s or 1990’s, this is a strong red flag. For collectors of Proof bust coins, important old-time collections such as Eliasberg, Pittman and Norweb are the Holy Grail. If a coin from one of these collections was cataloged as a Proof and it brought the right level, I’d consider this a strong endorsement for the coin’s status as a Proof.
2. My first rule of determining if a coin is or isn’t as Proof is as follows: if it doesn’t look like a Proof it isn’t. I tend to go with my gut instinct and if I have to convince myself that a coin is a Proof, that’s not a good sign.
3. Just because PCGS or NGC calls it a Proof does not mean absolutely for certain that it is. I have seen a number of coins that these services have called Proof that I do not agree with.
4. Learn which varieties are known in Proof. If a coin is the wrong variety then it probably is not a Proof. Buy the standard references for each series and learn the characteristics of the varieties that have known Proofs.
5. Make a trip to the Smithsonian when it reopens and look at their early Proofs. Or go to the ANA Museum and look at Harry Bass’ early gold Proofs. These are true Proofs and you can get a good idea of what the base line is for comparative purposes.

Next month: Part Two, focusing on Proof Bust Quarter and Bust Half Dollars.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part Two: Eagles and Double Eagles

In the first part of this article, I discussed gold dollars, quarter eagles, three dollar gold pieces and half eagles priced below $5,000 that I felt were good values. In the second part, I am going to continue the same format but focus on eagles and double eagles. Given the popularity and high bullion value of these two denominations, you’d think that eagles and double eagles didn’t offer collectors in the $5,000 and under range many good values. This is far from the case. The eagle denomination contains so many exceptional values that I easily could have chosen over a dozen from the Liberty Head type alone. And there are a number of double eagles that are great values as well.

1. 1838 Eagle in VF and EF Grades

If you have a $5,000 and under budget, you won’t have a lot of opportunities to purchase an 1838 eagle. But if you can stretch your budget a bit and you have a chance to acquire a decent-looking example in a third-party holder, I would strongly encourage you to go for it. I absolutely love this issue. It is the first Liberty Head eagle and it has a low mintage figure of just 7,200. I’ve mentioned before that Trends values for this issue are absurdly low. As an example, the current values for an EF40 and EF45 1838 eagle are $2,900 and $4,025, respectively. This date is worth at least double in these grades but I still think it is a good value, given its historic significance and strong collector demand.

2. 1844 Eagle in EF

Since Philadelphia eagles from this era are not avidly collected by date, the 1844 is an issue that does not get a lot of respect. It is actually among the scarcest No Motto eagles. As of December 2008, PCGS had only recorded twenty-seven examples in all grades (including fifteen in EF) while NGC had recorded thirty-eight in all grades (including fourteen in EF). Allowing for resubmissions, I would estimate that there are around a dozen distinct third-party graded EF examples of the 1844 eagle. Heritage shows just three EF’s in their archives sold since 2000 and I have only handled two EF examples in this last decade. This date is still within reach of most collectors, despite its unquestionable rarity. Trends for an EF40 is $3,000 while an EF45 has a suggested value of $4,000. Were this a more popular series, I could easily see an EF 1844 eagle being worth $6,000-8,000.

3. Common Date No Motto Eagles in AU58

Properly graded, cosmetically appealing common date No Motto eagles from the 1840’s and 1850’s are far less available than one might assume, given current population figures. Let’s look at a random date—the 1851—as an example. As of December 2008, PCGS had graded a whopping two (!) in AU58 while NGC had graded forty-nine (including fifteen from the S.S. Republic). Now let’s assume that the thirty-four non-shipwreck AU58’s from NGC include a number of resubmissions as well as some coins that are not nice for the grade. This may leave us with as few as ten or so properly graded AU58’s. Trends for an 1851 eagle in this grade is just $2,500. So, I would contend that an 1851 eagle in nice AU58 at anywhere close to $2,500 is a fantastic bargain. The same holds true with other supposedly common dates like the 1847, 1848, 1850 Large Date, 1854, 1855, 1859 and 1860.

4. 1852-O Eagle in EF

If you have a budget of $5,000 and less per coin, you can get a lot of bang for your buck(s) in the area of New Orleans eagles. Many of the scarcer dates from the 1840’s and 1850’s are pricey in About Uncirculated but are very affordable in Extremely Fine. One of my favorite issues is the 1852-O. I rank this as the fifth rarest No Motto eagle from this mint (it is tied with the 1855-O and 1856-O) and there are probably fewer than 100 known from the original mintage of 18,000. The current Trends values for the 1852-O in EF40 and EF45 are $1,100 and $2,500. I’m guessing that you’ll have to pay more than this for nice, properly graded pieces but the fact that you can buy a very presentable example of this legitimately rare date for less $2,000 makes it an exceptional value, in my opinion.

5. 1855-O Eagle in EF

Another No Motto New Orleans eagle that I think offers the collector a lot of value is the 1855-O. This date is similar in overall rarity to the 1852-O. In fact, the mintage is identical with just 18,000 produced. What I like about the 1855-O is that while it is genuinely scarce in EF grades, it is not impossible to find. Looking through my records over the last five years, I have bought and sold six of them in EF (two in EF40 and four in EF45) and I have never sold an EF for more than $3,250. If this is a coin that interests you, I’d suggest that you look for a piece that has nice original color and surfaces. Strike is not an important factor on this date but eye appeal is and I would always pay a premium for a good looking example.

As an FYI, I would add the 1846-O, 1848-O, 1850-O, 1856-O and 1857-O as other No Motto New Orleans eagles in EF that are affordable but quite scarce.

6. Low Grade 1863 or 1864-S Eagles

These are two of the absolutely rarest dates in the entire Liberty Head eagle series. The 1863 has an original mintage of just 1,248 business strikes while the 1864-S has a mintage of 2,500. The 1863 has a Trends value of just $4,500 in VF while the 1864-S has a Trends value of $5,500 in VF. That’s the good news. The bad news is that you are going to have a pretty tough time finding an affordable example of either date. PCGS has graded just five 1863 eagles in VF and lower grades and just six of the 1864-S in this range. But if you are patient and keep the funds available, these coins do exist and they, in theory, should be available. I generally do not like gold coins in grades below EF but I would make an exception for either of these. In fact, I’d even buy an 1863 or an 1864-S that had been lightly cleaned.

7. 1872 Eagle

Here’s another really rare coin that won’t appeal to everyone who reads this article. Some collectors prefer higher grade coins and they are going to spend their $5,000 budget on a coin (or coins) that are Mint State or thereabouts. Others appreciate true rarity and will like coins like the 1872 eagle. This issue has a mintage of just 1,620 business strikes and a surviving population of three dozen or so. Unlike some of the other dates from this era, the 1872 is sometimes seen in higher grades and I know of two or three Uncirculated examples including a PCGS MS64. So what does five grand buy you in regards to this date? Heritage 6/08: 2150, a nice PCGS VF25 in an old green label holder, brought $4,313. If you are patient you should be able to buy a very presentable VF for around the same price.

8. 1915-S Eagle, MS62

A few years ago, there was a large spread in values between many of the rare date Indian Head eagles in MS62 and MS63. The reason for this was simple: there was a significant difference in visual quality between an MS62 and an MS63. Today, this is not really the case and many collectors have a hard time telling the difference between an MS62 and MS63. Because of this fact, the value spread between these two grades has shrunk. On a percentage basis, the greatest difference between these two grades is seen on the 1915-S. In MS62, a nice example is worth $7,000 or so. In MS63, the price jumps to $15,000+. In my opinion, a nice MS62 is a good value, especially if the coin has a CAC sticker.

9. 1854-S Double Eagle in EF

Unless you are a Type One double eagle specialist, you probably are not aware of the fact that the 1854-S is a scarce and much undervalued issue in all grades. What is confusing about this date is its relative availability in the lower Uncirculated grades as a result of a few small groups found in shipwrecks a few years ago. In circulated grades, however, the 1854-S is a really scarce issue, especially with original surfaces. Another important factor about this date is its strong historic significance. It is, of course, the very first double eagle produced at the San Francisco mint and it has strong Gold Rush association as a result. Trends for an EF40 is just $2,800 while an EF45 is $4,000. I believe that an attractive EF example at anything close to these levels is a great value.

10. 1855, 1856, 1857 and 1858 Double Eagles in AU

I have been a big fan of these four dates for many years. They are probably the most common coins that I have discussed so far in this article but “rarity” is a relative term and they are part of the very popular Type One double eagle series. If you look at a coin like an 1855 in AU58 and compare it to an 1851-O or an 1852-O in a similar grade, you’ll be impressed. As of December 2008, PCGS had graded twenty-one in AU58 as well as another fourteen higher. The figures for the 1852-O are thirty in AU58 with a dozen better. According to these numbers, the 1855 is certainly in the same league as the 1852-O. But look at the Trends values: the 1855 is $5,500 in AU58 while the 1852-O is $20,000. Now granted that the 1852-O is more popular and it is a branch mint coin. Is it worth nearly four times more, though? If I were a collector of double eagles, I’d want to put together a nice little date run of these four Philadelphia issues in AU58 while they were still affordable.

11. 1868 Double Eagle in AU

I first learned about the 1868 double eagle back in the 1980’s when you could buy a really nice example for less than $1,000. This is obviously not the case today but the 1868 remains the best value in the entire Type Two double eagle series. This date is reasonably available in EF grades but it becomes scarce in the medium AU range and it is quite rare in Uncirculated. Today, a nice AU55 can be bought for around $5,000. Given the fact that the Type Two double eagle series is currently out of favor, I think the opportunity factor for this date hasn’t been this good in a few years. When Type Two double eagles become popular again (and I can pretty much guarantee you they will...) I can see the price of the 1868 rising appreciably.

12. CAC Approved Slightly Better Date Double Eagles in MS64

The market for slightly better dates Saints is pretty interesting right now. Due to a number of factors, dates that formerly had a Market Premium Factor of 10-20% can be purchased for little or no premium over a common date. When the market for these coins becomes less out of whack, I would expect them to regain much of their old pricing premium. The key to buying these dates is holding out for solid coins for the grade and this is why I think paying a premium for CAC examples makes sense. The dates that I like most in MS64 are the 1907 No Motto, 1908-D, 1909-S, 1910, 1910-D, 1911-S, 1913-D, 1914-D and 1922. Not all of these can be bought for common date levels (and you are going to have to pay a premium for a nice CAC coin) but if you do some basic research you will note that a number of these can be bought at nice discounts relative to their highs in 2007/2008.

This was a hard article to write as I could have easily mentioned another dozen issues that I thought were good value at the sub-$5,000 level. Something that many new collectors do not realize is that interesting gold coins do not necessarily have to be “expensive” and that you do not have to be a rich person to put together a fine collection of U.S. gold.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part One: Gold Dollars Through Half Eagles

In this economy, everyone likes a good value. If you don’t have the discretionary funds for coins now that you had a year ago, every last dollar counts. This brings us to the question at hand. Are there good values in the rare gold market in the $5,000 and under price range? And if so, what are they? This article is focused on twelve of the better values that come to mind in the gold dollar through half eagle denominations. I think there are dozens of other pieces that could be added to this list. Part Two of this article, which will appear on my website in January 2009, will cover the eagle and double eagle denominations and will focus on another dozen undervalued issues in the $5,000 and under range.


1. 1865 Gold Dollar

For many years my favorite “sleeper” date in the Gold Dollar series was the 1863. After a long period of neglect, the 1863 has been discovered and it now sells for levels well in excess of current Trends. But there are other Civil War era gold dollars that remain in the budget of the typical collector. My personal favorite is the 1865 which has an original mintage figure of just 3,700 business strikes. Unlike the low mintage gold dollars from the 1880’s, the 1865 was not hoarded and it is unlikely that more than 100-125 are known. Interestingly, the 1865 is almost never seen in lower grades so the range that the collector with a moderate budget should be searching for is MS61 to MS62. In the Bowers and Merena 9/08 auction, an attractive PCGS MS62 1865 gold dollar brought a very reasonable $2,760 and I know of a small number of others in this grade that have sold privately in the $2,500-3,000 range.

To me, this coin is desirable on a number of levels. It is a Civil War issue which gives it historic significance and it is better produced than some of the other gold dollars of this date. It has a low original mintage as well as a modest survival rate. As of December 2008, PCGS has still recorded just forty-four in all grades.

2. 1884 Gold Dollar (MS 64 and above)

I have always thought that with some creative marketing, the gold dollars produced from 1876 through 1889 could be sold as a “short set” akin to the similarly-themed Walking Liberty half dollars of 1941-1947. In this fourteen coin run, the 1884 has always been an issue that I have found to be much undervalued. It is traditionally regarded to be a common date and it seldom gets any sort of premium over the readily available issues such as the 1881, 1883 and 1887-1889. However, it is considerably scarcer and Gems are actually quite rare. The most recent PCGS population figures show forty graded in MS64, twenty-five in MS65 and another thirty-four higher but I believe these figures are inflated by resubmissions.

At current price levels, I like most all gold dollars in MS64 and above but the 1884 seems really reasonable. The patient collector should be able to buy an MS64 in the $1,100-1,300 range and a very nice MS65 for $2,250-2,500.

3. Accurately Graded PR63 Gold Dollars

Most Proof gold is priced well beyond the collector of average means. Generally speaking, if you have a budget of $5,000 or so, you don’t get to play in this market. But there is one exception. Many of the Type Three gold dollars have CDN Bids in PR63 in the $3,900-4,700 range. These are coins that have mintage figures that are often below 100 and even the “common” Proofs struck from 1884 to 1889 have fewer than 100-150 survivors despite comparatively high original mintages in the 1,000-1,700 range.

There are a few caveats that must be thrown in before you run out and try to buy up all the PR63 Type Three gold dollars you can find at CDN Bid. The very low mintage dates from the 1860’s and 1870’s with Bids in the $4,000-5,000 range are basically impossible to find at these prices. It is more likely that the collector with $4,000-5,000 to spend will have to focus on a more available date from the 1883-1889 range. Still, these coins offer a lot of bang for your coin buying buck; especially if you can locate a PR63 with reasonably good overall eye appeal.

4. 1837 Classic Head Quarter Eagle

Classic Head quarter eagles have grown immensely in popularity in the last few years. And with good reason. They are a short-lived, completable set that includes a number of interesting branch mint issues and they form an interesting bridge between “old gold” and the more modern Liberty Head design that was employed all the way up to 1907. Among the Philadelphia issues, I have always had a soft spot for the 1839 but the rarity of this date has become fairly well-known. But the 1837 remains undervalued.

A quick perusal of the PCGS population figures will show that the 1837 is about three times as scarce as the 1834 and 1836 Script 8. If I were going to purchase a single Classic Head quarter eagle for type purposes, I would strongly consider an 1837 and pay the 25%+ premium that this date carries. I would personally be looking for an MS62 as a type coin and if I were specializing in the Classic Head series I’d probably look for a nice AU58.

5. 1842 Quarter Eagle

I wanted to avoid the “needle in the haystack” sort of coins that always drive me crazy when I read other articles of this sort. But I love this date and am still amazed that it is possible that the collector with a budget of less than $5,000 can purchase a very presentable example. In September 2008, I wrote an article about the ten rarest Liberty Head quarter eagles and the 1842 made it onto the list at #10. There isn’t another Top Ten date in this series that is as affordable as the 1842.

Only 2,823 examples were struck and I estimate that between four and five dozen are known. For the collector on a $5,000 or lower budget, I would suggest either an EF40 or an EF45. The former is currently valued at $3,500-4,000 while the latter is worth $5,000-6,000. The only example to sell in recent memory was Heritage 1/08: 3826 (graded EF45 by PCGS) that sold for $4,888; a remarkable value, in my opinion.

6. Uncirculated 1870 Quarter Eagle

There is probably no other 19th century gold series that offers as much value for the collector with a $5,000 or lower budget than Liberty Head quarter eagles. An especially fertile era in the quarter eagle series is the Reconstruction period of 1866-1874. Mintages during this era tend to be very low (in the case of Philadelphia issues, often less than 5,000) and survival rates for higher grade pieces tend to be even lower.

The 1870 is a vastly overlooked issue with an original mintage of just 4,520. There are an estimated 150-200 known but this date is generally seen in EF40 to AU50 and it becomes very scarce in the higher AU grades. In Uncirculated, the 1870 is genuinely rare with an estimated six or seven known. PCGS has only graded three in Uncirculated (MS61, MS62 and MS65). Despite the obvious rarity of this coin, I have sold two Uncirculated pieces in the last year (an NGC MS62 and a PCGS MS61) for less than $7,000 and even though this is a bit of a budget buster for the collector with $5,000 per coin to spend, I believe that this is an issue worth stretching on.

7. 1914 Quarter Eagle, MS63

When it comes to value, I’m not generally a big fan of the Indian Head quarter eagle series. However, I have always liked the 1914 as a date and I think that a solid, high end example in MS63 is a comparatively good value in this series. Here’s my logic. The key date of the series is the 1911-D. The current PCGS population of this date is 321 in MS63 with 331 graded higher. The 1914 has a population of 432 in MS63 with 320 higher. In my experience, the 1914 is not all that different in rarity from the 1911-D until you get up to the MS65 level. The big difference is price. The current CDN Bid for an MS63 1914 is $4,100 while the 1911-D is Bid at $17,500. When it comes to these two dates, I’m of the belief that the 1914 is undervalued and the 1911-D is overvalued. At current levels, I like the 1914 quite a bit.

Assuming that the Indian Head quarter eagle series stays popular with date collectors, there will be a decent level of demand for the 1914. It is, after all, the second scarcest date in the series and it does have recognition as a semi-key. In my experience it can be harder to find an MS63 1914 than a 1911-D (sometimes it seems that there are 1911-D quarter eagles around everywhere you look!).

8. 1884 Three Dollar Gold Piece

This is another date that I’ve touted for many years. It tends not to get the recognition that the 1881 or 1885 get because those two issues have mintages below 1,000 but the 1884 is comparable to the 1881 in terms of overall rarity and it is far rarer than the 1885 in all grades. There were exactly 1,000 business strike 1884 Three Dollar gold pieces produced and an estimated 150-200 are known, mostly in the lower to medium Uncirculated grades.

This is an issue that did not freely circulate and there are just a few dozen extant in circulated grades. Despite this fact, Trends is just $5,000 in AU55 and I have sold very presentable examples in this grade in the $4,000-4,500 range and AU58’s for $5,000-5,500.

9. 1838-C Half Eagle, Choice XF

I wasn’t going to include any Charlotte coins on this list because, quite honestly, I wasn’t sure how many sub-$5,000 pieces I truly consider to be good value. But the more I thought about it, the more I realized that the 1838-C is an issue that really has everything going for it. Numismatic significance? Check—it’s a first-year-of-issue and a one-year type. Collector demand? Certainly—every time I list one on my website, it sells within a few days. Scarcity? While I wouldn’t call this issue rare from the standpoint of total known, it is very hard to find a nice Extremely Fine with good eye appeal.

While prices have climbed quite a bit for nice EF 1838-C half eagles, I think this is another issue that merits a stretch by our hypothetical $5,000 per coin collector. A properly graded, attractive EF40 can still be had for $5,000 or so although such coins are becoming more and more difficult to find.

10. 1847-O Half Eagle, Choice XF

I’ve been raving about the value of this date for years and still the 1847-O half eagle doesn’t command the respect it deserves. Even though it is part of a relatively popular series (No Motto New Orleans half eagles) and it is clearly the key issue in this set, it is still priced at a fraction of the less rare key date branch mint issues from Charlotte and Dahlonega. As an example, let’s compare the 1847-O to the 1842-C Small Date and the 1842-D; the keys from the Charlotte and Dahlonega mints, respectively. The 1847-O has a PCGS population of thirty-two in all grades and a Trends value of $7,000 in EF40. The 1842-C Small Date has a PCGS population of thirty-eight in all grades and an EF40 Trends value of $25,000. The 1842-D Large Date has a PCGS population of sixty-nine in all grades and it Trends for $7,000 in EF40.

It is still possible to buy a nice EF40 example of this date in the $4,500-5,500 range and if the collector is willing to stretch a bit (a well-deserved stretch, in my opinion...) he may be able to find an EF45 for $6,000-7,000. Given the rarity, popularity and upside potential of such a coin, I would give it my strongest recommendation.

11. 1892-O Half Eagle

Here’s another date that I’ve been foaming at the mouth about for years. People have finally caught on to the fact that the 1892-O is a really scarce half eagle but I think it still ranks as one of the neater mintmarked coins of this denomination that you can purchase for less than $5,000. And for $3,000-4,000 you can still buy a really respectable example that is not far removed from Condition Census quality.

There were only 10,000 examples produced and I believe that there are fewer than 100 known; mostly in the AU50-AU55 grades. In Uncirculated, the 1892-O is rare with 15-20 known; mostly in the MS60 to MS61 grades. If you are offered an 1892-O half eagle it is likely to be heavily abraded and probably not really attractive but unless it has really horrible eye appeal, you want to buy this coin. Maybe even two...

12. 1910 Half Eagle, MS64

I’ll let you in on a little Indian Head half eagle secret: in MS64, the 1910 is much scarcer than many of the common issues in this series but unless this series is hot or being actively promoted, you can generally buy it for little or no premium over a date like a 1908, 1911 or 1912.

In truth, no properly graded MS64 Indian Head half eagle is “common.” And I really like the fact that there is a huge price jump to the next grade. With Gems currently bringing close to $20,000, you have to love a nice MS64 1910 half eagle at $4,500-5,000.

As I mentioned at the beginning of this article, there are literally dozens of great values in the rare date gold market. If you have a budget of around $5,000 per coin, there are some exceptional pieces that are available for purchase. In these trying economic times, good value is exceptionally important.

I’d love to hear from you regarding the gold coins in this price range that you feel are great values.

Collecting Coins in Difficult Economic Times

If you are like most people, the last few months have been tough on your pocketbook let alone your psyche. We are, at least for the immediate future, in tough economic times. For some people, there are difficult decisions that have to be made: which bills get taken care of, can the mortgage be paid, do we eat dinner or fill the tank with gas. Fortunately most coin collectors are faced with decisions that are much less dramatic. When people are feeling wealthy, spending discretionary income on something like coins is a no-brainer. You see something you like and you buy it. In a Recession, such purchases become far less impulsive. But I don’t think the coin market is going to come to a screaming halt. Prices may come down (in some cases they may actually raise) but I sense that there will be activity. Simply put, there are just too many people who enjoy numismatics and there is just too much money (in the United States and world-wide) for established hobbies like numismatics to crash. And, if we enter an inflationary period as many experts believe, there could easily be a rush into tangible assets.

That said, I think people’s buying habits will change quite a bit in the next few years. The Irrational Exuberance we saw in the middle part of the decade could be over forever. As someone who has survived a number of lean Numismatic Cycles, I’d like to share some observations on how you can still add coins to your collection, even in tough times.


1. Buy Smart. I can’t begin to tell you the number of purchases I saw in the last few years that were just plain dumb. Collectors battling to the death at auction over coins that weren’t really that nice or rare. Dealers falling all over themselves to buy old holder coins in one grade and paying a price that assured them they would possibly break even if the coin upgraded three points...sheesh!

Being a smart coin buyer means being informed, confident and well-connected. In my opinion, this means taking the time to carefully research the coins that you are contemplating buying, fully understanding the buying and selling process(es) and having a good relationship with a small group of dealers.

I am a huge believer in first impressions being correct. In numismatics, this means having a good feeling about a coin’s appearance, a coin’s price and the person who is selling it. If you have to convince yourself that you like a coin, don’t buy it. If you have to make irrational justifications about a coin’s price, pass. If the person who is selling the coin makes your skin crawl, have a trusted dealer make the transaction for you—or shop somewhere else.

2. Look for Value. I think value is going to be a real buzzword in the coming coin market. You the collector are going to be bombarded with this word but do you really understand it? And, if so, how does it apply to what you collect?

Here’s an example of how I form opinions in regard to value. I have spent quite a bit of time in the last few days doing pricing for the 2010 edition of the Redbook. As I was going through the various sections, one thing that really grabbed my attention was the pricing structure of Extremely Fine Charlotte and Dahlonega half eagles. As an example, virtually every C+D half eagle in EF40 is priced at basically the same amount. Sure, there are a few exceptions but we are talking about issues with a wide range of rarity and availability being priced exactly the same. For instance, the 2010 Redbook prices for an 1854-C and an 1858-C half eagle in EF40 are both $2,500. That’s great except for the fact that the 1854-C is a considerably scarcer coin in this grade (and in all grades higher than EF as well). As a value conscious buyer, I’m going to be looking for the 1854-C half eagles of the numismatic world.

When money is tight and you don’t have as much to spend on your hobby as in the past, make your purchases as value-conscious as possible.

3. Think Long Term. There are many collectors who have never known a slow coin market and they’ve been spoiled. In the past few years, they’ve been able to bail themselves out of trouble when they’ve bought “bad” coins by throwing them into auctions and letting the next buyer come along. In some cases, they’ve been able to turn handsome profits on coins that they had no business buying, let alone selling, for a profit. In a slow market, these “unburials” are going to happen with less and less frequency.

There’s a pretty basic solution to this problem. Buy the “right” coins and buy for the long term. You don’t have to become a numismatic “black hole” who never sells any coins (in fact, I urge you to sell from time to time so that you better understand how this part of the market works). But buy every coin as if you were going to hold it for a reasonably long period of time.

4. Eye Appeal, Eye Appeal, Eye Appeal. If the coin market were to tank in the next few years, the coins that are going to maintain their value better than anything else are the ones that are aesthetically appealing. This is particularly true if you collect a series in which the coins aren’t really rare from the standpoint of total number known. Let’s say you collect Proof Seated Liberty Quarters. If you have a set of coins that are all bright white and which show average quality contrast, the chances are good that these coins will devolve into semi-widget status (unless they are in very high grades). The same set with all beautifully toned original coins or with a mix of toned coins and superb black and white cameo pieces is probably likely to retain more of its value and interest levels even in a poor market.

Coins do not have to be expensive to be pretty. And they don’t have to be in ultra high grades to be considered great eye appeal pieces either. Savvy, sophisticated buyers are often more content to purchase a nice EF45 example of a rare date than a marginal quality AU55. The only time you should allow yourself to buy a coin with marginal eye appeal is if essentially every known example of the type or issue is crudely made. But even in the case of an issue like this (an example would be the 1856-D quarter eagle) there are still pieces that despite a crude or “ungainly” appearance have a certain charm to them that make them clearly desirable.

5. Be Patient. I’m a strong believer of being patient even in a bull market. In a slower market, patience is, I believe, imperative. Back in the day, collectors looked at their collections as long-term endeavors. The collector who was assembling a set of Carson City gold looked at his challenge as something that would take many years, not just a few months. I blame the short attention spans of many new collectors on the internet mentality that says “I want it, I must have it NOW!!” Sure, it is possible to complete a set of Carson City gold in a few months. But the collector who rushes his way through a set is certain to make some potentially big mistakes and he is missing out on the fun of the big, long-term picture.

One thing I’ve learned over the years is that many so-called “rare” coins are not rare at all. Unless you collect a series that is replete with truly rare coins (Liberty Head eagles would be an example of a series that contains dates that ARE truly rare, in my opinion) don’t sweat it if you missed out on a certain coin on a dealer’s website or at auction. You’ll probably find another one in a few months.

6. Buy Special Coins. Whether you collect Roosevelt Dimes or Proof Liberty Head double eagles there are clearly coins which exist that are “special.” In other words, there is something about them that make the viewer stop and look twice. As an example, when I view lots at an auction, I tend to plow through the coins and after a while they literally all begin to look the same. But then some lot will pop up that make me stop, take a deep breath and exclaim, “man, is that cool/pretty/neat.”

For the Roosevelt Dime collector, this “special coin” might be a piece with monster toning or one that is fully prooflike and very unusual as such. For the Proof Liberty Head double eagle collector, his special coin might be a piece with a Bass, Eliasberg or Norweb pedigree or one with splendid natural hazy orange-gold color.

Special coins can also be pieces that have a great story to tell. I have always liked coins that are one-year types or first-year-of-issue pieces because they can be appreciated by someone who knows nothing about the specific series. Even if you could care less about Dahlonega gold or three dollar gold pieces, the chances are good that you’ll still think an 1854-D three dollar is a pretty interesting coin.

One last thought. In tough economic times, the natural instinct for many people is to panic. Your sense of fear may be played on by some of the numismatic newsletters or ads that you read. Don’t buy into this shameless marketing. If you like collecting coins and you can afford to keep buying them, do so. If you think the world’s economy is going to hell in a hand basket, putting 10% or so of your net worth into a nice coin collection probably isn’t the worst thing you can do. Coin collecting is a great hobby and I hope that you’ll call on me to help you with your purchases whether the Dow is 12,000 or 3,000.

The Ten Rarest Liberty Head Quarter Eagles

The response to the article that I wrote last month on the ten rarest Liberty Head eagles was so overwhelmingly positive that I’ve decided to extend this format to other denominations of Liberty Head gold. This month’s topic: quarter eagles. The Liberty Head quarter eagle series was produced from 1840 through 1907. Unlike the larger denomination issues of this type, quarter eagles were never produced at the Carson City or Denver mints. Thus, these coins were produced at five facilities: Philadelphia, San Francisco, New Orleans, Charlotte and Dahlonega.

There are numerous ways in which to collect Liberty Head quarter eagles. Most specialists focus on the issues from a specific mint. The most popular individual mint is Dahlonega, followed by Charlotte and New Orleans.

A small but dedicated cadre of collectors attempts to put together a complete set of Liberty Head quarter eagles. Such a set can be completed although at least two or three issues are very rare and quite expensive. This set is impossible to complete in Uncirculated due to the unavailability of at least one issue (the 1854-S) in Mint State. Every other issue, however, is known in Uncirculated although a number of these are extremely rare.

Some of the collectors who are attempting to assemble a complete set of Liberty Head quarter eagles also include significant varieties. These are generally limited to the ones that are recognized by PCGS and/or NGC.

One interesting way to collect this series would be to focus on the major rarities or key issues. But in the case of the Liberty Head quarter eagles, the most famous coins are not necessarily the rarest. Most readers of this article will be surprised that I have not included the famous 1848 CAL in the list of the ten rarest issues of this type. Even though this is clearly one of the ten most popular (and most desirable) issues, it is less scarce than generally acknowledged and it does not make the Top Ten list.

Without further ado, here are the ten rarest Liberty Head quarter eagles along with pertinent information about each issue:

1. 1854-S

2. 1841

3. 1863

4. 1864

5. 1865

6. 1856-D

7. 1855-D

8. 1875

9. 1866

10. 1842

1. 1854-S: The 1854-S is the rarest Liberty Head quarter eagle by a fairly large margin. There are around a dozen examples known from the original mintage of just 246 coins. Something that I have always found interesting about this date is the fact that most of the survivors are extremely well worn. At least five or six of the dozen known either grade VF20 or less or show damage. In fact, I am aware of just two examples that grade EF (by my standards) and a single coin that grades AU. For many years, the 1854-S was overlooked and, in comparison to other great U.S. gold rarities, it was greatly undervalued. The first example of this date to sell for a six-figure price was Bass II: 472 (now graded AU53 by NGC) that brought $135,700 in October 1999. In September 2005, I purchased an NGC EF45 example that was previously unknown to the collecting community out of an ANR auction for $253,000. This record was broken in February 2007 when a PCGS EF45 brought $345,000 in a Heritage sale. My best guess is that prices will continue to rise for this issue and the next comparatively choice example that is made available to collectors will set another price record.

2. 1841: This is probably the most famous date in this series and, for many years, it was the issue that traditionally sold for the highest price when it appeared at auction. Known as “The Little Princess,” it has been stated that “20 pieces” were struck. For many years, numismatic tradition has stated that these were produced only as Proofs. It is my opinion that some (if not most) were also struck in a business strike format. It is also my opinion that the reported mintage is too low and that as many as 50 or so were made. To the best of my knowledge, the current auction record for this issue is $253,000 which was set in June 2004 when Heritage sold an NGC PR65; this broke the previous record set by Bass III: 105 (graded PR64 by PCGS) back in 2000. I believe that a Gem 1841 quarter eagle, if available today, would sell for considerably more than this.

Note: For more information on this issue, please click here.

3. 1864: Placing this date as #3 on my Top Ten list may be a surprise to many collectors who probably expected the 1863 to make the #3 spot. But I feel the 1864 is clearly rarer than the 1863 and that it is one of the most overlooked and undervalued 19th century American issues. Only 2,824 were struck but, as with most gold coins from this era, the survival rate was very low due to significant meltings. I believe that around 15-20 examples are known. This includes an amazing NGC MS67 (ex: Byron Reed collection) that sold for $132,000 back in 1996 as well as two other Uncirculated coins, an NGC MS61 and a PCGS MS61, that are owned by two different collectors in Kansas. There are another six or seven that grade AU and the rest are in the VF-XF range. Despite this coin’s rarity, it is still affordable (especially in comparison to #1, #2 and #4 on this list).

Note: For more information on this issue please click here.

4. 1863: The 1863 is the single Proof-only quarter eagle of this type (although the 1841 has traditionally assumed to be as well; see above for my refutation of this belief). There were a total of 50 pieces struck of which I would estimate that around 20 or so exist. I place this coin as #4 on my Top Ten list based on the fact that I have seen far more 1863 quarter eagles available for sale in the last ten years than 1864 quarter eagles. Nonetheless, this is a very rare coin and it has always been a stopper for date collectors of this denomination. As recently as the middle of this decade, prices for this issue were relatively modest, considering this date’s rarity and significance. Nice PR63 to PR64 examples were selling for $35,000-50,000+ until a few years ago when prices began to jump; as they did for all Classic Rarities. The all-time auction record for this issue was set in January 2007 when Heritage sold an NGC PR66 Deep Cameo for $149,500. I have handled three examples of this date in the last four years. The 1863 quarter eagle is generally found with light hairlines but excellent contrast and very deep mirrors. It is a date whose importance is only now being fully realized and I believe that it is an issue whose price levels will continue to soar as this series becomes more popular.

5. 1865: Due to the fact that it has a mintage of just 1,520, some people have assumed that the 1865 is a rarer date than the 1864. This is not the case as the 1865 appears to have a slightly higher survival rate. My best estimate is that there are 25-35 examples known. According to the PCGS Population Report, there is an example graded MS63. I am not aware of this piece but assuming that it exists, it is by far the finest known and it is the only Uncirculated 1865 quarter eagle that exists. Both PCGS and NGC show an abnormally high number of coins graded AU58 and this is as a result of multiple resubmissions. I believe that there are around six or seven properly graded AU’s known as well as another ten or so in EF. When available, this date tends to have below average eye appeal due to very scuffy surfaces. I haven’t seen more than a handful of 1865 quarter eagles that were totally original and choice. At current price levels, I think this coin is excellent value as it is a major rarity that can be purchased in a Condition Census-level grade for less than $20,000.

6. 1856-D: There may actually be one or two quarter eagles that I placed lower on this list that are scarcer than the 1856-D. But these don’t have the little “D” mintmark placed on the reverse; a feature that makes this coin so endearing to specialists. Oh—and they don’t have an original mintage of just 874 coins either. The 1856-D is the rarest Dahlonega gold coin of any denomination with an estimated 45-55 pieces known. It is generally seen in EF grades with many advanced collectors holding out for a nice AU coin for their collection. As I have mentioned in past writings, this is probably the single hardest United States gold coin to properly grade due to the fact that it was poorly struck from improperly prepared dies and many examples have the luster and surfaces of one grade but the detail of another, far lower grade. The current auction record for an 1856-D was set by yours truly when I purchased the Heritage 4/06: 1513 coin for $71,875. This piece graded MS61 by NGC and it is certainly among the finest known.

Note: For more information on this issue please click here.

7. 1855-D: The 1855-D is the second rarest Dahlonega quarter eagle. For a number of years, I believed that it was the rarest but this is mistaken as the 1856-D (see above) is clearly rarer. Only 1,123 1855-D quarter eagles were struck and an estimated 50-60 are believed to exist. This issue tends to be a bit better struck than the 1856-D but it is another issue that the eye appeal tends to be negative. Any 1855-D that is well struck and which shows original color is very rare and worth a significant premium over the typical example. Most are seen in the VF to EF range and properly graded AU’s are very rare. I have only seen one or two that I regard as Uncirculated. The finest known is the example in the Smithsonian that is said to grade MS62 or thereabouts. The all-time auction record is Heritage 4/06: 1512 (graded MS61 by NGC) that realized $54,625.

Note: For more information on this issue please click here.

8. 1875:If this article had been written a few decades ago, it is likely that the 1875 would have ranked much higher up the list. With an original mintage of just 400 business strikes, it is easy to see why this date was once believed to be an extreme rarity. It appears that the 1875 is actually a bit more available than one would assume (this is also the case with the ultra-low mintage gold dollar of this year) with as many as 50-60+ pieces known. That said, the 1875 quarter eagle is still extremely popular and I love the fact that the collector of average means can still purchase a decent EF example, given the fact that these still trade in the $4,000-5,000 range. The 1875 becomes rare in properly graded AU55 and it is very rare in Uncirculated with four to six known. The finest I have seen is Goldberg 5/99: 666 (graded MS64 by PCGS; it sold for $25,300) while the second best is probably the Bass II: 587 coin (graded MS62 by PCGS; it brought $17,250 back in 1999). The 1875 quarter eagle is nearly always found with fully prooflike surfaces but it is easy to distinguish from a Proof due to an entirely different date position.

9. 1866: As you can tell from this list, the Philadelphia quarter eagles from 1863 to 1866 include many of the rarest individual issues in this entire series. The 1866 is not quite in the same league as the 1864 or 1865 but it is another rarity with an original mintage of just 3,080. There are around 55-65 known with most in the EF40 to AU50 range. The 1866 is extremely scarce in the middle AU grades and rare in properly graded AU58. There are around five or six known in Uncirculated. Interestingly, this date was unknown in Uncirculated at the time Akers wrote his seminal guide to quarter eagles. I am aware of at least two Gems and another coin that grades MS64. The all-time auction record is held by Heritage 5/07: 2239 (graded MS65 by PCGS; it sold for $40,250). All 1866 quarter eagles have satiny luster and surfaces that show pronounced horizontal die striations.

10. 1842: This is probably the least well-known date in my Top Ten list and, honestly, I think I am slighting it by ranking it as “only” #10. The 1842 quarter eagle is very scarce in all grades and around 50-60 are known from the original mintage of just 2,823. Unlike the 1866 and 1875, this issue is generally seen in very low grades and it becomes extremely rare in AU. I doubt if more than five to seven properly graded AU’s exist and in Mint State the 1842 is unique. I sold a PCGS MS62 a number of years ago to a Kansas collector who owns the finest set of Liberty Head quarter eagles ever assembled. I had earlier bought the coin from the Superior 9/99 auction where, as Lot 1863, it sold for $31,050. Despite this issue’s unassailable rarity, it is still very reasonably priced. I have seen examples in EF grades bring between $3,000 and $5,000 at auction which seems downright cheap for a coin that is many times rarer than its better-known (and more expensive) branch mint counterparts from this era.

There are a number of other Liberty Head quarter eagles that I think are worthy of Honorable Mention status. These include the 1844, 1845-O (if the Top Ten list featured bonus points for popularity, I would have certainly included this date instead of the far less popular 1866 or the more obscure 1842), 1862/1, 1863-S, 1867 (possibly the most underrated date in the entire series) and the 1872.

The Ten Rarest Ten Libs

This article is about the ten rarest Liberty Head eagles. Notice that I didn’t say “the ten most popular” or “the ten most expensive.” Readers may be surprised that this top ten list does not include any Carson City issues (although I was tempted to include the 1870-CC) and just one from New Orleans. In looking over the list you will note that six of the ten coins are from Philadelphia and at least one or two are probably not all that familiar to even the most advanced collector of Liberty Head gold. Most of these dates have very low original mintage figures (one, the 1875, has a mintage of just 100 business strikes!) and nearly all have remarkably low survival rates. To qualify for this list, an issue requires a total population of under 50-60 coins.

In order of their rarity, here is my list of the ten rarest Liberty Head eagles. After this list, I am going to devote a paragraph or two to each issue, covering topics such as the total number known, rarity in high grades, the finest known, Condition Census information, etc.

1. 1875

2. 1864-S

3. 1873 Closed 3

4. 1863

5. 1865-S Normal Date

6. 1860-S

7. 1883-O

8. 1844

9. 1839 Head of 1840

10. The Coveted Last Spot on the List

1. 1875: The Philadelphia gold coinage of 1875 includes a number of issues with exceedingly low mintages. Only 400 examples of both the gold dollar and quarter eagle were produced but the survival rate is higher than expected. The three dollar is a Proof-only issue that has sold for over $100,000 since the 1970’s while the half eagle is a major rarity with probably no more than 10-12 known from the original mintage of 200. I believe that the 1875 eagle, however, is the rarest of all these impressive Philadelphia issues. I have seen it stated that as many as 12-15 are known but I believe that this figure is on the high side and that the actual number is more likely seven to nine. I have personally seen two or three that I would grade AU including Superior 6/97: 1541 and B&M 3/98: 2207 that were graded AU53 and AU50, respectively, by PCGS. The all-time auction record is $74,750 for an NGC AU55 sold as Lot 2102 in DLRC’s Richmond I auction in 2004.

Every business strike 1875 eagle (and I haven’t seen once since Heritage offered a PCGS VF35 in January 2006) is characterized by excessively abraded surfaces and inferior eye appeal. Some of the coins that have been certified as business strikes by both services are actually Impaired Proofs. Proof 1875 eagles have a different date position than business strikes and use a different reverse with the top of the second vertical stripe in the shield incomplete.

I believe that this is an extremely undervalued issue and if it were part of a more popular series it would be a $100,000++ coin.

2. 1864-S: The 1864-S is the rarest eagle from the San Francisco mint. Only 2,500 were produced and my best estimate is that around 25-30 are known. Unlike its cousin, the very rare 1864-S half eagle, the 1864-S eagle is unknown in Uncirculated and I have personally seen only two that I regard as AU - The Bass III: 658 (graded AU55 by PCGS; it sold for a remarkably cheap $36,800 back in May 2000) and a coin owned by a West Coast specialist. The all-time auction record is $50,600 set in the July 2006 B&M sale by a PCGS EF45.

This is a generally well-produced issue although most have weakness on the radial lines in the stars. I have only viewed a small handful of 1864-S eagles that had any mint luster and most are heavily bagmarked. This was an issue that saw considerable circulation and the majority of survivors are very well worn.

It is my suspicion that someone is hoarding lower grade 1864-S eagles. There has only been one example sold at auction in the last five years or so, despite a combined population of twenty-three coins at PCGS/NGC. Even assuming that this number is inflated by resubmissions, my instinct tells me that some savvy collector is sitting on a group of five to ten 1864-S eagles and torturing those of us who would love to buy an example.

3. 1873 Closed 3: All 1873 eagles (business strikes and Proofs) are found with a Closed 3 in the date. All other Philadelphia gold coins from this year are found with both an Open 3 and a Closed 3 variety. A total of 800 business strikes were produced along with 25 Proofs. There are an estimated 25-35 examples known. Unlike the 1875 and the 1864-S, most of the surviving 1873 eagles are not extremely well worn. In fact, the majority of the survivors grade in the AU range, suggesting that this issue saw little actual circulation. Most of the pieces I have seen are well struck and display satiny, slightly reflective luster. I have never viewed one that didn’t have heavy to very heavy abrasions and my guess is that most 1873 eagles were thrown into a bag and transported somewhere before being released into their brief period(s) of circulation.

The finest known is the ex: Warren Miller coin, graded MS60 by PCGS, which sold for $34,100 all the way back in October 1995. Prior to this, the coin had been sold as Stack’s 3/90: 1222. Bass III: 705 ($21,850; as PCGS AU58) is probably the second best. In all, I would estimate that there around a dozen or so in AU with most in tightly-held collections.

I recently sold a nice PCGS AU50 example to a prominent collector and this was the first 1873 eagle that I had owned in close to a decade.

4. 1863: All of the Civil War era Liberty Head eagles are scarce (with the exception of the 1861) but the 1863 is the key rarity in this subset. In fact, I regard it as among the very rarest 19th century Philadelphia gold coins. Only 1,248 business strikes were issued of which an estimated 30-40 are known. The finest is the superb Bass IV: 683 ex: MARCA 8/91: 755 that brought $52,900 in its last appearance (an amazing bargain) after Harry Bass had paid $104,500 for it back in 1991. The second finest known is an NGC MS62 from the S.S. Republic that is owned by a prominent Western collector. NGC has also graded an example in MS60.

Almost every example that I have seen grades EF45 or below and is characterized by excessively abraded surfaces. The luster is either soft and frosty or, less often, semi-prooflike and the strike tends to be bold with the exception of the curl directly above Liberty’s ear.

It has been a number of years since I have handled an 1863 eagle and the last example that I can recall having seen was an NGC AU58 that was sold at auction by Heritage back in 2005.

5. 1865-S Normal Date: Two varieties are known for this year. The better known is the spectacular 1865-S Over Inverted 186. The less visually impressive Normal Date is, ironically, the rarer of the two. I regard this as the second rarest eagle from San Francisco. I estimate that around 30-40 are known and nearly all grade EF40 or below. In fact, this is one of the rarest Liberty Head eagles from the standpoint of condition. I have never seen or heard of an Uncirculated example (although NGC has graded a coin in MS60) and I know of just three that I would call real AU’s (none better than AU50 to AU53).

The quality of strike is very distinctive with soft radial lines in the stars and a slightly concave appearance on the obverse. The reverse is better struck although many examples show weakness on the neck feathers. I have never seen an 1865-S Normal Date eagle that did not have heavily abraded surfaces and most have enough wear to lack any significant luster.

The record price at auction for this issue is $21,850 set by Heritage in January 2007 for a coin graded AU58 by NGC. I believe that a nice, original AU55 to AU58 could sell for considerably more in today’s market if it became available (or even exists).

6. 1860-S: Unless you know this series, you are probably not aware of the true rarity of the 1860-S. This is a very rare coin in all grades and one that is even harder to locate than its small original mintage of 5,000 would suggest. I believe that 35-45 are known including five or six properly graded AU’s and two in Mint State. This date was unknown in Uncirculated until two were found in the S.S. Republic treasure. The finer of the two, graded MS62 by NGC, is owned by a West Coast collector. The other, graded MS61 by NGC, sold for $37,375 in the Superior May 2008; an all-time auction record for this date.

The typical 1860-S is very well worn with VF to EF detail and shows signs of having been mishandled. The strike is typically soft with weakness on the stars and incomplete definition in the centers.

7. 1883-O: The 1883-O is the rarest eagle produced at the New Orleans mint. In my book “Gold Coins of the New Orleans Mint 1839-1909” I suggested that 35-45 examples are known from the original mintage of just 800 coins. I still agree with this estimate. Since my book was published in 2006, very few 1883-O eagles have become available and the demand for this issue seems to have greatly increased.

Virtually every example that I have seen grades in the EF40 to AU50 range and is characterized by heavily abraded surfaces. Most are Prooflike and have had their luster disturbed by rough handling and/or numismatic abuse.

The finest known example, an NGC MS61PL (earlier graded MS60 by NGC), surfaced in a bid sale conducted by a dealer at the 2008 FUN show. It was purchased by a consortium of dealers and then sold to a private collector for a record price. With the exception of this coin, very few 1883-O eagles have been seen by me in the last three or so years.

8. 1844: I mentioned in the beginning of this article that there were a few coins on this list that were not well-known outside of the core collecting community of Liberty Head eagles. I would have to rank the 1844 as the number one sleeper in this group and it is a coin whose true rarity even surprised me as I was researching this group.

There were only 6,361 eagles struck in 1844 and my estimate is that 40-50+ are known. When you do find an 1844 eagle, it tends to be very well worn with VF and EF examples most often seen. I believe that there are fewer than ten properly graded AU examples known with most in the AU50-53 range. NGC has graded one in MS63 (I have not seen it) which may possibly be the Bell coin from 1944; they have also graded an MS61 example that Heritage sold in their January 2002 auction for a reasonable $10,063. The best example I have personally seen is an AU55 and I cannot recall having seen a nice 1844 eagle in over five years.

Every 1844 has two prominent die characteristics on the obverse. There is a horizontal die line below the first star and a series of vertical die scratches from the denticles out into the field near star three.

9. 1839 Type of 1840: I’m not totally certain that this variety belongs at the #9 spot on the list but I have always loved the 1839 Type of 1840 and it’s my list, so I’m going to put it into this slot, deserving or not.

This issue was created after the Eagle design was remodeled in 1839 and it is appreciably different from the Type of 1838 that was produced earlier in the year. It is rare in all grades with an estimated 50-60 known from the original mintage of 12,447. This issue is usually seen in very low grades with VF20 to EF40 examples being typical. It becomes rare in AU with around ten or so properly graded pieces known. In Uncirculated it is slightly more available than some of the other issues on this list. I would estimate that there are three or four known. The finest (and one of my single favorite American coins) is Pittman: 1912, ex: Farouk, Woodin. This coin sold for $143,000 back in May 1998 and it is now graded MS64 by NGC.

10. The Coveted Last Spot on the List: There were a number of other dates that offered strong claims for the #10 spot but there was so little separation between them in terms of overall rarity that I did not think it was fair to include one and exclude the others. These dates include the 1858, 1859-S, 1864, 1866-S With Motto, 1876 and 1877. If I had to choose one that was most deserving, I would probably pick the 1859-S, based on the fact that I have handled fewer examples of this than of the others in the last few years. But I could easily see collectors coming to the support of the 1876 or 1877 and the 1858 is certainly the best known date in this small group.

I personally find the Liberty Head eagle series to be among the most interesting in all of American numismatics. It is extremely challenging but, unlike many other hard series, it is not impossible to complete.

The Ten Rarest Dahlonega Gold Coins Revisted

In the five years since I wrote the second edition of my book on Dahlonega gold coinage, a number of important coins have been sold and some significant changes are going to be have to be made when I release my third edition (which, if I had to guess, will be out in another year or so). I think it would be interesting to look at the ten rarest Dahlonega gold coins and see what important things have changed about them since 2003. For each of these issues, I am going to focus on the following aspects:

-Changes (if any) in high grade rarity

-Changes (if any) in Condition Census

-New Finest Known coins or important new discoveries

-New price records at auction or via private treaty

Before we begin, I think a quick overview of the Dahlonega market is in order. If I had to summarize it in a paragraph I would say that the market is currently strong. The supply of Dahlonega coins—even schlocky ones—really seems to have dried up in the last two or three years. It was always hard to find choice, original Dahlonega coins; even in low grades. Now it seems hard to find even mediocre quality pieces. And the very rare Dahlonega issues—the coins which we will focus on in this article—have become exceptionally hard to locate. The last really important specialized collection to come on the market was the Duke’s Creek gold dollars and quarter eagles that Heritage auctioned in April 2006.

1855-D Gold Dollar: This remains the rarest Dahlonega gold dollar in high grades and it is the second rarest overall with fewer than 100 known. The rarity of this issue with a full date seems to have been exaggerated by me in the first two editions of my book. I would revise the number of 1855-D gold dollars with a full date upwards from “less than a dozen” to around double this amount.

While no new discoveries of note have been recorded, no less than three record prices were recorded between 2006 and 2007. In February 2007, the Goldberg: 2097 example, graded MS64 by NGC, sold for an incredible $149,500; it had sold earlier as Heritage 1/06: 3396 where it brought $109,250. The finest known 1855-D was purchased by a prominent Alabama collector in the Heritage April 2006 sale where it realized $132,250. This coin had previously been graded MS64 by NGC; now it is in a PCGS 64 holder. The only other Uncirculated 1855-D gold dollars, graded MS62 and MS61 by PCGS, sold for $56,350 and $46,000 respectively in the Heritage 2/04 auction. Remarkably, the four finest 1855-D gold dollars all sold at auction between 2004 and 2007(!)

1856-D Gold Dollar: In the second edition of my Dahlonega book, I estimated that 80-90 examples of the 1856-D gold dollar exist. I still believe that this is accurate. I also estimated that only four to five Uncirculated examples are known. By the magic of gradeflation, I think this number has climbed to around half dozen.

A world record price was set by the Heritage 1/04: 1009 coin (ex: Green Pond) that sold for $47,150 and another impressive price realized was the Heritage 4/06: 1488 coin (ex: Duke’s Creek) that brought $40,250. One of these two coins was upgraded to MS63 by NGC and it now is the highest graded 1856-D gold dollar. Two other high grade 1856-D gold dollars that have traded since the second edition of my book was published are a new PCGS MS62 that I sold via private treaty in 2007 to the Wexford Collection and the ANR 9/03: 425 coin that sold for $41,400, the second highest price ever realized by this date.

1861-D Gold Dollar: The 1861-D gold dollar has, arguably, become the most popular coin of any denomination produced at the Dahlonega mint. I can’t attribute this soaring degree of popularity to anything other than a high “coolness” factor and a multi-tiered level of demand that is not seen by other Dahlonega issues.

My estimate of 55-65 known may be a bit on the low side and I would probably raise this to 65-75 including a dozen or so in Uncirculated. A record price was set in January 2008 when the Heritage 1/08: 3050 example brought $149,500 (this is an exact tie with an MS64 1855-D for the highest price ever realized by any gold dollar from Dahlonega). This same coin had brought $138,000 in April 2006. The finest known 1861-D remains the Pierce/Ullmer coin, graded MS64 by PCGS, in a prominent Alabama collection. In my opinion, the second finest is the Green Pond coin, graded MS63 by PCGS, which sold for $86,250 in January 2004.

1840-D Quarter Eagle: Of the ten coins discussed in this article, I think the 1840-D is the least well-known. It is the third rarest Dahlonega quarter eagle and I now regard it as the second rarest in high grades after the 1856-D. I believe this date is unique in properly graded Uncirculated and the finest known example, known to collectors as the Bareford/Duke’s Creek coin, sold for a record $74,750 when it was auctioned by Heritage in April 2006. (This coin, by the way, still appears in the PCGS population figures as an MS61. The only Uncirculated 1840-D quarter graded Uncirculated by NGC (an MS61) is owned by a Kansas collector and it is ex: Superior 8/07: 659 ($31,050), Heritage 1/04: 1016 ($27,600). I still think that even in properly graded AU50, the 1840-D is genuinely rare and there are fewer than a dozen true AU’s known.

1855-D Quarter Eagle: The true rarity of the 1855-D quarter eagle has been distorted by the fact that virtually all of the higher grade examples that have appeared for sale are overgraded. This includes at least two coins in MS60 holders that have been recolored and another with damage on the surfaces. The all-time price record for the 1855-D was set in April 2006 when Heritage sold an NGC MS61 for $54,625.

I have previously stated that the 1855-D is the rarest Dahlonega quarter eagle in high grades and overall. I now believe it to be the second rarest, after the 1856-D. I still have never seen an encapsulated 1855-D quarter eagle that I believed to fully Uncirculated. There is an example in the Smithsonian’s collection that noted expert Jeff Garrett grades MS62.

1856-D Quarter Eagle: My respect for this issue has increased over time and I now regard it as not only the rarest Dahlonega quarter eagle but the rarest single issue of any denomination from this mint. Only 874 were struck and there are probably no more than 45-55 known.

Due to its crude strike, this is an extremely hard issue to grade and I’m not really sure exactly how many Uncirculated pieces exist. PCGS has only graded a single example in Uncirculated (Heritage 1/04: 1034, ex: Green Pond that sold for $69,000) while NGC shows one in MS60 and four in MS61 with none better. The only Uncirculated NGC coin that I have personally handled is Heritage 4/06: 1513 (MS61) that I paid a record price of $71,875. There is a PCGS AU58 that is owned by a prominent Alabama collector that I think is outstanding for the issue and I have handled two other PCGS AU58’s that I feel are accurately graded.

1854-D Three Dollar: This is the only one of the ten issues in this article that I believe is overrated by most non-specialists. However, as I have mentioned innumerable times, its status as a one-year issue make it exceedingly popular with a wide range of collectors. A nice 1854-D Three Dollar has become the “High Relief of Branch Mint Gold” (i.e., an expensive but extremely popular issue with exceptional liquidity).

An all-time record for this date was set in April 2006 when I purchased an NGC MS62 from the Duke’s Creek collection sale. This easily eclipsed the previous auction high of $92,000 that was set by the Green Pond: 1037 coin back in January 2004. The two finest 1854-D Threes remain the fantastic Bass coin (see www.hbrf.org to view an image of this special piece) and the PCGS MS62 in the Great Lakes collection.

As of July 2008, PCGS had graded four examples in Uncirculated: MS62-(2) MS61 and MS60 while NGC had graded nine: MS62-(5) MS61 and (3) MS60. I believe the actual number of Uncirculated 1854-D Threes is around four or five.

1838-D Half Eagle: The 1838-D is by far the most available issue in this group of ten coins and the major reason I decided to include it (and exclude much rarer coins such as the 1860-D gold dollar and 1841-D, 1842-D and 1854-D quarter eagles) is that it is extremely popular. I would have to rank it as one of the three or four most popular issues from this mint.

As I mentioned before, the 1838-D half eagle is a relatively common issue and I believe that there are somewhere north of 300 known including as many as eight to ten in Uncirculated. But what I find interesting about this issue is that the supply has really shriveled in the last few years, particularly in higher grades. The only really nice Uncirculated 1838-D that I have seen in the last few years is Heritage 2007 ANA: 1919 (PCGS MS62 @$37,375). An NGC MS63 (ex: Ashland City collection) bounced around from sale to sale in 2003-2006 and I have never particularly cared for it. I believe that if a really choice, fresh PCGS MS62 or better 1838-D half eagle were to appear on the market, it would command a record price as there seem to be many collectors waiting around for such a coin.

1842-D Large Date Half Eagle: Despite its status as the rarest Dahlonega half eagle in higher grades, this is another issue that is somewhat off the radar to nearly everyone except specialists. In terms of its overall rarity, I believe this variety is a bit more available than I claimed in the second edition of my book. In high grades, it remains a major rarity with just a single Uncirculated graded by PCGS (the Green Pond coin which is in an MS61 holder) and two in MS61 at NGC.

The all-time auction record for the 1842-D half eagle was set in January 2004 by Green Pond: 1043 which realized $41,400. The Duke’s Creek/Eliasberg coin, which was formerly in a PCGS AU58 holder, is now (deservedly) in an NGC MS61 holder. An exceptional new PCGS AU58 was sold by me around a year ago to the Wexford Collection. I am especially interested to see the newly discovered NGC MS61 that was found as part of the S.S. New York treasure in Louisiana. This coin will be sold at auction by Stack’s just prior to the 2008 ANA.

1861-D Half Eagle: Like its gold dollar counterpart, the 1861-D half eagle has become an issue whose demand transcends specialists. As a result, prices for both 1861-D issues have soared in recent years. Despite the fact that even low grade 1861-D half eagles are now commanding prices upwards of $10,000, few have come to market since the second edition of my book was released.

However, there has been quite a bit of activity in the upper end of the 1861-D half eagle market. The finest known example, graded MS63 by PCGS, sold for a record $207,000 in Heritage’s 2008 FUN auction. This was, as far as I know, the most money that any single Dahlonega coin has ever brought. The second finest known example, pedigreed to the Duke’s Creek and Eliasberg collection, was upgraded from MS63 at PCGS to MS64 at NGC. And another MS63 was “made” at PCGS when the Duke’s Creek coin (ex: Heritage 1/04: 1065 @ $74,750 as PCGS MS62) upgraded a point.

The current certified population figures for this date are clearly inflated. PCGS shows three coins in MS63 but there are only two. They also show four in MS62 but I believe that the correct number is also two. The NGC population figure of three in MS62 seems inflated as well.

As I mentioned at the beginning of this article, I plan to begin work soon on the revised third edition of my Dahlonega book and will incorporate all of the changes mentioned in this article. If you have pertinent new information about Dahlonega coins that you feel should be in the book, please email me at dwn@ont.com and I will make certain it is included.

How To Collect Charlotte Gold Coins

There are many ways to collect Charlotte gold. Some people have only a mild interest in these coins and may buy just one or two pieces. Other people are more serious and they have a large number of Charlotte issues in their collection. A small number of Charlotte collectors are obsessives who focus exclusively on these pieces and do not collect anything else. I would like to make some suggestions on how to collect Charlotte gold. In my experience, all of these ideas have merit and none is “better” than the other. It depends on the tastes and budget of an individual collector to determine which one(s) is right for him. I. THE INTRODUCTIORY THREE COIN SET

The most basic way to collect Charlotte gold is to purchase a single example of the gold dollar, quarter eagle and half eagle denominations. This is a very good way to collect for the individual who has a limited budget or who is not certain how deep his interest lies in Charlotte gold.

A basic three coin set of Charlotte gold should consist of nice, problem-free pieces. It would make sense to focus on the more common dates although some collectors might prefer to include some scarcer issues. The grade range for these coins is likely to fall in the Extremely Fine-40 to About Uncirculated-58 range.

The 1851-C is the most logical choice for the gold dollar in this set as it is the most common and affordable date. A pleasing Extremely Fine can be obtained for $1,500 or so. About Uncirculated pieces range from $1,750 to $3,500 depending on quality.

The optimum quarter eagle for this set is the 1847-C as it is the most common date of this denomination from Charlotte by a large margin. A nice Extremely Fine example costs around $2,000 while About Uncirculated coins range from $2,500 to $4,000. It is possible to upgrade to a much scarcer date without paying a substantial premium. As an example, the 1843-C Large Date sells for around the same price in Extremely Fine as does the 1847-C but it is much harder to locate.

In About Uncirculated, the 1847-C used to be much less expensive than all other Charlotte quarter eagles but the price spread has diminished in the last few years. This, in my opinion, makes dates such as the 1843-C Large Date, 1848-C and 1858-C very interesting alternatives, especially in the lower range of the About Uncirculated grades.

There are many dates in the half eagle series that would work well in this type set. These include the 1849-C, 1852-C, 1853-C and 1858-C. Any of these can be purchased in nice Extremely Fine for around $2,500 while About Uncirculated coins are priced in the $3,000-6,000 range.

An alternative to the standard three coin set would be to purchase the same date for all three denominations. This is feasible for issues dated 1849-C, 1850-C, 1851-C and 1852-C. A set from 1855 could also be assembled but the gold dollar and the quarter eagle from this year are quite expensive in higher grades.

II. THE BASIC AND EXPANDED TYPE SETS

A type set of Charlotte gold coins includes one example of each major type struck at this mint. Such a set includes the following:

• Type One gold dollar (1849-1853)
• Type Two gold dollar (1855 only)
• Type Three gold dollar (1857 and 1859)
• Classic Head quarter eagle (1838-39)
• Liberty Head quarter eagle (1840-1860)
• Classic Head half eagle (1838 only)
• Liberty Head, obverse mintmark half eagle (1839 only)
• Liberty Head, reverse mintmark half eagle (1840-1861)

A total of eight types were struck at the Charlotte mint. This includes three that were struck only in one year. A complete eight piece type set is an excellent display item. The various designs used in striking these coins provide a graphic illustration of the artistic and historic record of the Charlotte mint.

Most collectors who assemble an eight piece Charlotte type set do so in grades ranging from Extremely Fine-40 to About Uncirculated-58. This set could be completed in Uncirculated but it would be very difficult to do given the rarity of the 1838-C Classic Head half eagle in Mint State.

The coins that are included in a Charlotte type set are generally the more common dates. Some collectors use better dates in order to make their sets more interesting and potentially more valuable. I would strongly recommend that the collector include at least a few better dates.

A nicely matched Extremely Fine set should cost approximately $25,000-30,000. The most expensive coins in the set are the 1838-C half eagle, the 1839-C half eagle and the 1855-C gold dollar.

A set that consists of all eight coins in About Uncirculated-50 to About Uncirculated-58 can be assembled for approximately $50,000-100,000+. The cost could be significantly reduced if the Type Two gold dollar and the 1838-C and 1839-C half eagles were nice Extremely Fine coins as opposed to About Uncirculated-50 or better.

III. COLLECTING BY DENOMINATION

Each of the three denominations struck at the Charlotte mint are popular with collectors. For various reasons, some of which will be discussed below, some collectors feel an affinity towards a specific denomination.

Collectors generally love or hate the gold dollar. The small size of this coin (13 or 15mm. depending on the type) sharply divides the collecting community. Some collectors find it hard to fathom paying thousands or even tens of thousands of dollars to pay for a coin that is the size of an average adult’s thumbnail. Another negative factor about Charlotte gold dollars is the crudeness with which they were struck. If you are not a specialist it may be tough to “get” a coin that is this crude.

The reasons that cause some people to dislike gold dollars are the same reasons that other people like them. Their crudeness has an odd allure and their small size gives them a distinct charm.

Collectors also like gold dollars because of their low mintage figures. With the exception of the 1851-C, each issue from Charlotte has an original mintage figure of 14,000 or less. Four of the eight have mintages lower than 10,000.

On a coin by coin basis the Charlotte gold dollar series is relatively affordable. A set of eight coins in Extremely Fine should be completable for approximately $20,000. Every Charlotte gold dollar can be found in About Uncirculated grades without great difficulty. The only obstacles to completing a set in this range are available funds and the level of fussiness that a collector brings to the set. Figure on spending $35,000-40,000+ for a mid-range About Uncirculated set and double this amount for a very high end About Uncirculated set.

A complete set in Uncirculated could be assembled but it would be difficult due to the rarity of the 1855-C and 1857-C. Assuming that these two issues are available, a complete set in Mint State-60 to Mint State-63 could be assembled for $100,000-150,000+.

The Charlotte quarter eagles are the most challenging of the three denominations. Assembling a set of these requires patience and dedication. Many are very rare in higher grades. Others have peculiarities of strike that make it hard to find pieces with good eye appeal. The rarest Charlotte quarter eagles are the 1842-C, 1843-C Small Date, 1846-C and 1855-C. These are hard to find in all grades and rare in properly graded About Uncirculated.

There are a total of twenty issues in the Charlotte quarter eagle set. This includes two varieties from 1843: the Small Date and the Large Date. No quarter eagles were produced at this mint in 1845, 1853, 1857 and 1859.

It is a realistic goal to complete this set in Extremely Fine grades. The cost of such a set would be in the area of $55,000-65,000. In About Uncirculated this set is still realistically completable but assembling an attractive, well-matched set requires time and patience. It is not unrealistic to set aside a budget of as much as $250,000 for a world-class About Uncirculated set for choice, high end coins with original surfaces. Completing a set of Charlotte quarter eagles in Uncirculated is possible but exceptionally difficult. There are a number of issues such as the 1839-C, 1842-C, 1848-C, 1849-C and 1856-C that have extremely few truly Mint State pieces known to exist.

A complete set of Charlotte half eagles consists of twenty-four coins. This includes two varieties struck in 1842 (the Small Date and the Large Date) and none in 1845.

The half eagles are the most popular denomination from this mint. One of the reasons for this has to do with the relatively large size of these coins. Another has to do with the fact that every issue except for one (the rare 1842-C Small Date) is reasonably easy to obtain in the higher circulated grades.

A set of nice Extremely Fine Charlotte half eagles should cost in the neighborhood of $100,000-125,000 with a good chunk of this set aside for the 1842-C Small Date. A complete set in About Uncirculated is challenging but less difficult than for the quarter eagles. A set of well-matched, original Charlotte half eagles in About Uncirculated would require a budget of approximately $200,000-250,000+. Completing a set in Uncirculated is very difficult but not impossible. The stoppers in this set include the 1838-C, 1840-C, 1842-C Small Date, 1846-C and 1854-C.

IV. ASSEMBLING A COMPLETE SET OF CHARLOTTE GOLD

Some collectors get hooked on Charlotte gold and decide to assemble a complete set. A complete set of Charlotte gold is generally understood to contain the following:

• Gold Dollars: A total of nine issues struck between 1849 and 1859. One of these, the 1849-C Open Wreath, is excessively rare with just four or five known to exist. Because of its rarity, it is not included in most sets but it is still regarded as an important member of the Charlotte series.
• Quarter Eagles: A total of twenty issues produced between 1838 and 1860.
• Half Eagles: A total of twenty-four issues struck between 1838 and 1861.

The final cost of assembling a complete set of Charlotte coinage (minus the excessively rare 1849-C Open Wreath gold dollar) is within the reach of many collectors. A set that focuses on nice Extremely Fine coins would cost approximately $200,000. A set that consists of nice About Uncirculated coins would cost anywhere from $600,000 up to $800,000+.

Due to new discoveries and relaxed grading standards it is now possible for a collector to assemble a complete set of Charlotte coins in Uncirculated grades.

To the best of my knowledge, no collector has assembled a totally complete set of Charlotte gold in Uncirculated. I know of at least two or three collectors who have assembled the complete set (including the extremely rare 1849-C Open Wreath gold dollar) but none of these have contained Uncirculated examples of this variety.

The finest collections ever assembled of Charlotte coins include the Stanley Elrod collection (sold privately in 1994 and now, unfortunately, split into numerous parts), the Paul Dingler collection (which included the only known complete set of Mint State Charlotte quarter eagles and half eagles; it was purchased by Heritage Coin Galleries and myself a few years ago) and the William Miller collection (sold by Heritage at auction in 1999).