Assembling a Year Set of Civil War Gold Coins: Part Three, 1864

In the third part of this series, we look at the gold coinage of 1864. This was, of course, a pivotal year in the war's outcome as well as a very interesting year in the history of American gold coinage. Mintage figures were mostly very low and a number of rare, undervalued coins are known. From a personal standpoint, this is the most interesting year of Civil War numismatics and I still get very excited when I handle a high quality gold coin dated 1864.

1864 Gold Dollar: A total of 5,900 business strikes were produced along with 50 Proofs. The grade distribution of this date is odd, to say the least. The 1864 dollar is not often seen in circulated grades and almost never below AU55. It is seen with some frequency in MS61 to MS63 but, surprisingly, high quality Uncirculated pieces exist in enough quantity to suggest that a hoard existed at one time. There are a few exceptional coins known including four or five in MS68 and a PCGS MS69, ex Superior 2/05: 3402 at $77,000, which is the finest Civil War era gold coins I have ever seen. This issue is known for nice frosty luster and high grade coins show pleasing rose and orange-gold color. Most examples are extensively clashed. The advanced collector of Civil War gold coins should be able to find a really nice 1864 dollar for his set with an MS66 or MS67 not out of the question.

1864 Quarter Eagle: As most collectors realize, the quarter eagle denomination was an afterthought at the Philadelphia mint from 1863 to 1865. After a Proof-only emission of just 30 coins in 1863, the mintage for 1864 was 2,824 business strikes plus another fifty Proofs. The 1864 is among the rarest quarter eagles ever produced with an estimated twenty or so known in all grades. As with most of the Philadelphia gold issues from this era, the 1864 quarter eagle didn't see enough circulation to be found in lower grades (unlike the lower denomination gold issues from San Francisco) so most survivors are in the EF45 to AU55 range. There are three known in Uncirculated: an NGC MS61, a PCGS MS61 and an NGC MS67 (ex Byron Reed collection and sold by Spink's in October 1996 for $132,000). This issue is a major rarity and will prove difficult to acquire in any grade. I recently sold a choice PCGS EF45 with CAC approval for $19,500; nice AU's are now bringing in the low to mid 40's.

1864 Three Dollars: Despite a low mintage of 2,630 business strikes (lower even than the quarter eagle of this year) the 1864 three dollar is only a moderately scarce issue. It is available in circulated grades and can be found in the lower Uncirculated range without much effort. It becomes scarce in properly graded MS63 and it is rare in MS64 and above. Gems are very rare. The finest that I have personally seen is the ANR 3/05: 627 coin, graded MS66 by PCGS, that sold for $36,800. This is a well-made issue with good luster and detail. Many examples show clashmarks in the fields as well as horizontal die finishing lines. For most Civil War collections, a nice MS63 to MS64 will suffice. Slabbed MS65's are extremely rare and many years might pass until one is offered.

1864 Half Eagle: By 1864, the supply of gold bullion available to the Philadelphia mint was extremely low due to hoarding brought on by economic uncertainty. This is evidenced by issues like the 1864 half eagle which had a mintage of 4,170 business strikes plus another 50 Proofs. There are around five dozen 1864 half eagles known with most in the EF40 to AU50 range. This is a rare issue in AU55 to AU58 and it is extremely rare in Uncirculated. I know of just two: the Heritage 9/07: 3436 ($18,975) ex Bass II: 1148 coin (graded MS61 by PCGS) and Milas: 529 (which sold for $14,300 bck in 1995) which was graded MS61 by NGC. This is a coin that is seldom seen with good eye appeal. Most have been cleaned and show impaired luster as a result. For most advanced collectors, an AU55 to AU58 is about the best that can be hoped for.

1864-S Half Eagle: Generally, Civil War gold coinage production was higher at the San Francisco mint than at Philadelphia due to more available bullion. This was not the case with the 1864-S half eagle (or eagle; see below) which saw just 3,888 struck. This is one of the great rarities of the entire Liberty Head half eagle series with an estimated twenty or so known. This issue also differs from many of the Philadelphia gold coins of this era in that few survivors exist over EF45. In fact, I can't account for more than three or four properly graded AU pieces. There is one sensational Gem known (graded MS65 by PCGS and better than this by today's standards) that is in a Southern collection and is ex Bass II: 1150 ($178,250) and Norweb I: 875 ($110,000). This is one of my absolute favorite United States gold coins of any date or denomination and a Civil War set that included this piece would truly be "one for the ages."

1864 Eagle: The 1864 eagle is slightly scarcer than the 1864 half eagle in terms of overall rarity (around fifty are known from the original mintage of 3,530 business strikes) but it is a rarer coin in high grades. Although a few have been graded MS61 by NGC, I have never seen one that I felt was better than AU55/58 and I feel that there are fewer than ten properly graded AU examples known. This is an extremely hard issue to find with good eye appeal as most are very abraded and show impaired luster from having been dipped and/or cleaned. Any 1864 with original color and surfaces is very rare. For most Civil War collectors, an AU50 to AU53 example is about the best coin that may be available. With patience and luck it might be possible to find an AU55.

1864-S Eagle: While the 1864 quarter eagle is probably rarer, the 1864-S eagle is the 1864-dated gold coin that most collectors would like to own. Of the 2,500 struck, it is likely that two dozen survive and this includes a number of very well worn or damaged examples. As rare as its half eagle counterpart is in higher grades, the 1864-S eagle is even rarer, I know of just two or three in AU and the best of these is ex Bass III: 656, graded AU55 by PCGS, that sold for $36,800 (it would bring four or five times this amount today, if not more...) The concept of eye appeal is irrelevant when it comes to this issue. Needless to say, any 1864-S with original color and surfaces is extremely rare and highly desirable. A Civil War gold set with the 1864-S eagle in EF would be impressive; a set with this issue in AU50 or higher would be a stunning accomplishment.

1864 Double Eagle: What little gold that was available to the Philadelphia mint in 1864 was used primarily to make double eagles and 204,235 were struck; nearly as many as in 1862 and 1863 combined. Compared to the other Philadelphia issues from 1864 that I have discussed above, the 1864-P double eagle is common. But this being a double eagle, it is far more popular and it must be considered in that context. The collector who is seeking a circulated 1864 double eagle should be able to locate a nice piece without having to spend much more than $5,000. Finding an Uncirculated example is another story as this issue remains rare in Uncirculated, despite the fact that a small number were found in the S.S. Republic treasure. The finest known is a wonderful PCGS MS65 that is ex Heritage 8/11: 7651 (as NGC MS64+) where it sold for a record-breaking $207,000.

1864-S Double Eagle: This is easily the most available gold coin dated 1864 as you would expect from its high mintage of 793,660. It is hard to state with certainty how many are known today but the actual number could be as high as 1,500-2,000 as examples are still being found in Europe. This date used to be exceedingly rare in Uncirculated but examples grading MS60 to MS63 were found in the S.S. Brother Jonathan shipwreck and then a smaller number of choice pieces were found in the S.S. Republic.. This second shipwreck s the source of the current highest graded 1864-S, an NGC MS65 that sold for a remarkable $115,000. This is an easy issue to find in nice AU grades and examples with original color and surfaces are still around. Non-seawater Uncirculated examples are very rare. For most Civil War collectors, a nice MS62 or MS63 "Bro Jo" would be a great choice for their set.

The gold coins dated 1864 contain some really rare issues (most notably the 1864-P quarter eagle and the 1864-S half eagle and eagle), but there are no "impossible" coins. As with all Civil War years, these coins are, for the most part, extremely rare in high grades. Ironically, some of the greatest individual Civil War coins are dated 1864: the Byron Reed 1864-P quarter eagle and the Bass/Norweb 1864-S half eagle are the two that come to mind.

In next month's fourth and final installment of this series, we will look at the gold coins dated 1865 and reach some final conclusions about collecting Civil War gold coins.

Please feel free to send my comments and suggestions regarding this article to dwn@ont.com

Assembling a Date Set of Civil War Gold Coins: Part Two, 1863

The first installment of this three-part article discussed the various Civil War gold issues struck in 1861 and 1862. The second part looks at the very interesting gold issues from 1863; a pivotal year in the history of the brutal war and a very significant year in the annals of American numismatic history.

1863 Gold Dollar: While 6,200 business strikes were made, this is a rarer date than most casual collectors know. I regard it as the single rarest gold dollar from the Philadelphia mint; rarer even than the 1875 with a mintage of just 400 pieces. The odd thing about the 1863 is that when available, it is likely to be found in the lower Uncirculated grades. As an example, there are a total of forty graded by PCGS but over half of these (twenty one to be exact) are in Uncirculated. There are a few Gems known. The finest is an incredible PCGS MS68 owned by a California specialist that, I believe, is from the Brand collection. There is also a PCGS MS66 that is owned by a collector.

This is an issue that is well made but one which tends to have problems with original surfaces and luster. I have seen a few really nice 1863 gold dollars but most have been cleaned or dipped and have poor eye appeal as a result. Any nice example of this issue is very desirable. For the advanced Civil War collector, the opportunity to acquire a piece grading MS64 or above would be quite special and should be looked at as important.

1863 Quarter Eagle: As you might recall from the first part of this series, the mintage for the 1861 quarter eagle was an absurdly high 1,283,878. Thus, there was no real need for business strike quarter eagles in 1863. The 1863 is a proof-only issue with just thirty struck. This makes it a key rarity in the Civil War gold set and, of course, the single rarest (and most expensive) issue from 1863.

There are around twenty 1863 quarter eagles known. Most are in the PR63 to PR64 range but there are a few gems remaining including some with lovely Deep Cameo contrast between the devices and the fields. I know of at least four or five PR65's and there may be a few more. The current auction record for this date is $149,500 for Heritage 1/07: 3107, graded PR66UC by NGC.

I have mixed feelings towards the 1863 quarter eagle. In some ways, I think it is a very undervalued issue as it is the third rarest Liberty Head quarter eagle (after the 1854-S and the 1841) in terms of total known. But if you look at it merely as a Proof issue from this era, it sells for a huge premium over dates like the 1864 and 1865 which are actually as rare--if not rarer--in terms of the total known as Proofs. What needs to be remembered is that if collecting Liberty Head quarter eagles by date ever becomes fashionable, the demand for this date is likely to exceed its supply and today's price levels are inevitably going to seem cheap.

1863-S Quarter Eagle: As you might expect, the 1863-S quarter eagle tends to be overlooked due to the rarity of its Proof-only Philadelphia counterpart. With just 10,800 struck, it is scarce in its own right. There are an estimated 100-125 extent with most in ther VF-EF range. An accurately graded AU50 to AU55 1863-S quarter eagle with nice color and surfaces is scarce and a properly graded AU58 is very rare. There are three or four in Uncirculated including two Gems: ANR 3/06: 1457 that sold for $50,600 (it is ex Eliasberg: 198) and the Dodson: 41 example that brought $18,700 all the way back in May 1992 when it was sold by Mid-American.

There are a few examples known of this date that are very weakly struck at the centers; this seems to be the result of an improper alignment of the dies. Most are well detailed but have unoriginal surfaces. The natural coloration for this issue is a medium to deep rose-gold to reddish hue which can be very appealing. For most Civil War date collections, a nice AU example of the 1863-S quarter eagle will suffice but I think Uncirculated pieces, if available, are good value.

1863 Three Dollars: This is one of the odder issues from the entire Civil War era. With just 5,000 business strikes made, you would expect the 1863 three dollar to be a rarity. While it is reasonably scarce from an overall standpoint, it is the most available Civil War issue of this denomination in Uncirculated and there are actually as many as a dozen to fifteen Gem to Superb Uncirculated pieces known. I have seen 1863 Threes that grade as high as MS67 to MS68 and I know of an example in a well-known dealer's collection (graded MS67 by PCGS) that is probably the single best business strike Three Dollar gold from the Civil War era of any date.

Nearly all 1863 Threes have prominent clashmarks at the centers and numerous mint-made die striations in the fields. The quality of strike is usually sharp and the luster tends to be excellent. There are a number of outstanding examples known and the collector should be able to find a great piece for his Civil War set. I'd suggest at least an MS64, if not a Gem.

1863 Half Eagle: There were 2,442 business strike half eagles made at the Philadelphia mint in 1863. There are around three dozen known today and while a number have been graded AU50 and better by NGC and PCGS, this is an extremely rare coin in higher grades. It is unknown in Uncirculated and I have seen maybe six to eight that I thought were truly About Uncirculated. The best I can recall was the PCGS AU58 Bass II: 1143 coin which went cheaply at $13,800 and it has been years since I've seen an AU example with even the slightest amount of eye appeal.

This is a date that saw quite a bit of circulation and the few that survived the melting pot tend to have excessive abrasions on the surfaces. In addition, nearly every 1863 half eagle that I have seen has been cleaned or dipped. As a result, examples with even decent eye appeal are exceedingly rare and the collector who only wants nice, original coins for his Civil War date set is going to find the 1863 half eagle to be a very frustrating issue. That said, I'd suggest waiting for the best available piece which is likely to be around AU55 or so.

1863-S Half Eagle: Demand for gold coins remained high in the western states during the Civil War and the mintage figure for the 1863-S half eagle was 17,000; nearly seven times more than for the 1863 Philadelphia half eagle. The 1863-S is certainly not seven times more available than the 1863-P; it saw heavy use in commerce and was later melted extensively. I have seen estimates that as many as sixty to seventy-five are known but this seems high; the likely number is more like fifty to sixty-five with most of these in very low grades. There is a single 1863-S half eagle known in Uncirculated (it is graded MS61 by PCGS) and there are maybe as many as seven to ten in AU. The current record for the date is $25,875 set by the NGC 58 sold as Lot 9489 in Stack's 6/11 auction.

When available, this date is found with better eye appeal than the 1863-P but not by much. The luster tends to be decent but most 1863-S half eagles are abraded (often heavily) and show evidence of cleaning or dipping. Any coin with original color and surfaces is rare and desirable. The Civil War collector should look for a nice AU53 to AU55 for his set.

1863 Eagle: And now we get to my favorite 1863 gold issue: the 1863-P eagle. The mintage of this issue is a tiny 1,218 business strikes and by most accounts, there are around thirty or so known. The 1863 is the second rarest Liberty Head eagle from this mint after the 1875 and it is one of the hardest issues of the entire design to locate in all grades despite not being all that well known. This date is unique in Uncirculated (a PCGS MS63) that is ex Bass IV: 683 (at $52,900) and earlier ex MARCA 9/91: 755 (sold to Harry Bass for a then-remarkable $104,500). There are around six to nine known in About Uncirculated and I can't recall having seen more than two or three that I felt were AU55 or AU58.

My comments for this issue are very similar to the 1863-P half eagle. It is a coin that saw rough use in commerce and the few that survive tend to show numerous abrasions, often in obtrusive locations. You can almost forget about eye appeal when it comes to this date, but I'd say that if you ever have the chance to obtain an 1863 eagle with an even remotely decent appearance, I'd suggest you approach it aggressively.

1863-S Eagle: There were 10,000 eagles struck at the San Francisco mint in 1863. This is a rare issue although not as much so as the 1863-P. I believe that there are around fifty or so known with most in the EF40 to AU50 range. As surprising as it seems, there may be as many as three 1863-S eagles known. The best is a PCGS MS61 that is ex Heritage 10/95: 6330 and before this was in the Norweb collection. The Bass IV: 684 coin was also a PCGS MS61. NGC has graded an MS61 that was last sold as Goldberg 2/09:1535. There are also a few reasonably nice AU's known including at least one from the S.S. Republic graded AU58 by NGC.

As with nearly all SF Civil War era gold, the 1863-S eagle is seldom found with natural color and surfaces. It is an issuee that is somewhat better made than in its half eagle counterpart and the few higher grade pieces known have better than average quality luster. This will not rove to be as challenging an issue to find as the 1863-P eagle but it is a rarity in its own right and any collection that has a nice AU55 or better example will probably never need to improve upon this.

1863 Double Eagle: After the 1862, the 1863 is the hardest Philadelphia double eagle from the Civil War to locate. There are a few hundred known in all grades with EF40 to AU50 examples being the most often seen. This date becomes scarce in the higher AU grades although it is far more available than, say, the 1863-P half eagle or eagle. In Uncirculated there are around two dozen known with most in the MS60 to MS61 range. The finest known is a single MS64 graded by PCGS; I believe this was once sold as Akers 8/90: 1960 and it brought $41,800 long before the Type One double eagle market was as active as it is today.

This is a well made issue that is better struck than the 1863-S double eagle and generally less abraded as well. The patient Civil War gold coin collector should be able to locate a nice AU example without much of a problem. An Uncirculated coin, at least in the MS60 to MS61 range, will be available from time to time as well. Anything that grades MS62 or finer will prove extremely hard to locate.

1863-S Double Eagle: The mintage for this one issue (966,570) is considerably more than all the other San Francisco gold denominations combined. Much of the newly discovered gold from California and Nevada was being used to produce double eagles and these coins saw active use in commerce.

The 1863-S double eagle is the most common gold coin of this year in circulated grades. It is possible to procure a presentable example in the $2,000-3,000 range and a nice Choice AU for around $5,000. In Uncirculated, the rarity of this date takes on a different profile. The 1863-S is scarce in MS60 to MS61 and very rare in properly graded MS62 with maybe five or six known. In MS63 there are probably another three or four. The finest known is currently an NGC MS64* that recently sold for $43,125 as Lot 5041 in the Heritage 1/12 auction.

As a year, the 1863 is one of the most interesting of the Civil War era. It is a year that has some really scarce coins but unlike the 1861, it has nothing that is impossible to find at any price (the 1861-P Paquet) or expensive due to its rarity and/or popularity. 1863 is a year that will prove extremely challenging to locate in higher grades and there are no "slam dunk" issues like the 1861 and 1862 gold dollars that will be easy to locate even in Gem grades.

In the upcoming third and final installment of this series, we will look at the 1864 and 1865 gold coinage. If you have questions or comments about these--or any--coins, please feel free to contact me via email at dwn@ont.com

Assembling a Date Set of Civil War Gold Coins: Part One, 1861-1862

The combination of history and numismatic significance makes the United Sates gold coins struck during the Civil War era (1861 to 1865) a fascinating possible collecting area for the sophisticated numismatist. Let's take a look at each coin produced during this year and determine the most practical grade range for the collector.

1861 Gold Dollar. The 1861-P dollar is common in nearly all grades and can be found even in MS65. The finest known grade MS67 and there are as many as three to five known at that level. The best that I have personally seen is ex Heritage 2/10: 1420, graded MS67 by PCGS, that brought $19,550. This date typically comes with striated surfaces but it is well struck and well-produced with good luster and color. For most collectors, a nice MS64 to MS65 should be sufficient.

1861-D Gold Dollar. This is the most popular singular coin in the entire Civil War gold set due to its status as the only issue that is positively attributable to the Confederacy. An estimated 1500-2500 were struck and there are probably fewer than a hundred known today. This issue is typically seen in AU50 to MS60 grades and it is less rare in Uncirculated than commonly believed due to hoarding. As many as a dozen+ are known in Uncirculated including a few in the MS63 to MS64 range. The finest available in the last decade was Duke's Creek: 1493, graded MS65 by NGC, that sold for $138,000. This issue is always found with weakness on the U in UNITED and it has a unique appearance. For an advanced collector, I would suggest a nice MS62 to MS63 if available.

1861 Quarter Eagle. Over a quarter of a million were struck and this is a common issue which is well made and easy to find with good eye appeal. It is common through MS63, slightly scarce in MS64 and only marginally rare in Gem. The best I have seen are a small group of MS66 examples and even these are priced well below $10,000. There are two varieties: the old reverse (scarce) and the new reverse (common). For most collections of Civil War gold, I would include a nice MS64 or MS65 example of this issue.

1861 Three Dollars. Including Proofs, there a total of 6,072 examples produced. This is a scarce but not really rare date that is typically seen with lightly clashed dies and naturally striated planchets. The best I have seen is the Heritage 12/05: 30639 coin graded MS67 by Heritage which sold for $46,000. NGC has graded one coin an MS67 and it last sold for $47,000 in the Heritage 10/09 sale. The 1861 Three Dollar is typically seen in AU grades. It is slightly scarce in the lower Uncirculated grades, very scarce in MS63 and rare above this. For most collections of Civil War gold, I think a nice Uncirculated example would suffice. A Gem will be available with some patience at a cost of $20,000-30,000.

1861 Half Eagle: This is another common issue and it is by far the most available of the four half eagles produced in 1861. It is a well made coin that can be found with good luster and color and an oustanding strike. The best I have seen is Stack's 1/08" 949, graded MS66 by NGC, that sold for a record $52,900. There are probably around a dozen or so Gems and maybe two or three pieces that grade MS66. The current value for a nice MS64 is $10,000-12,000 while a Gem is at least double. Given the many expensive coins it takes to complete this set, I'd suggest going with an MS64 and saving your money for a true rarity.

1861-C Half Eagle: With only 6,879 minted you'd expect this to be a scarce coin and it is. But the 1861-C half eagle wasn't a really in-demand coin until recently. That said, this is still an affordable coin in EF grades and the collector can find a decent example in the $5,000-10,000 range. Most 1861-C half eagles are abraded and show poor quality surfaces. There are three or four known in Uncirculated with the finest being, by a large margin, the NGC MS63 sold as Heritage 1/00: 7769 at $59,800. I love the history and think it is an integral part of a comprehensive Civil War gold collection.

1861-D Half Eagle: I have discussed this issue comprehensively in other blogs and articles so I won't get too deeply into it here. I'd rather discuss, quickly, what the real value of this coin is right now in collector grades). Clearly, the price levels on the 1861-D (both the dollar and half eagle) have risen dramatically in recent years. I think a decent looking EF 1861-D half eagle is currently a $30,000+ coin and a nice AU is probably worth at least $50,000. Are these good values? That's hard to say and as someone who remembers buying nice AU's for $15,000 I may not be the best person to ask. But this is a critical coin in the Civil War set we are discussing here and the collector needs to be prepared to jump on the first good 1861-D half eagle he sees.

1861-S Half Eagle: This is a much scarcer issue than its mintage of 18,000 would suggest and it is actually rarer in high grades than the 1861-C or 1861-D. I am not aware of a single Uncirculated 1861-S half eagle and I have never seen one better than AU55 to AU58. The few nice ones I have seen seem to have been off the market since the 1990's (like the Milas coin) and today it is very hard to find one better than EF. Most 1861-S half eagles are weakly struck, well worn and have abraded surfaces. An AU50 or better with original color and surfaces would be a great addition to a Civil War gold set.

1861 Eagle: This is a common issue in nearly all circulated grades and it is not hard to find a decent looking AU coin with good luster and scattered abrasions. In Uncirculated, there are probably fewer than fifteen to twenty known with most in the MS60 to MS61 range. I recently sold a nice NGC MS61 for less than $7,000 so this isn't an expensive coin in the lower Uncirculated grades. The finest known is an amazing PCGS MS66 from the Bass IV sale that brought $50,600; today this is easily a six-figure coin. I'd suggest an MS61 to MS62 for the Civil War collector.

1861-S Eagle: The 1861-S eagle is more available than its half eagle counterpart both in terms of overall and high grade rarity. A single Uncirculated coin is known (ex Heritage 1/12: 4977 where it brought $54,625; it is graded MS61 by NGC) as well as three to five properly graded AU55 to AU58 coins. This issue is most often seen in EF40 to AU50 grades and it is typically bright and baggy. Well struck, naturally toned examples are very scarce and it will prove very hard to locate an example in AU55 for this Civil War gold coin set.

1861 Double Eagle: With nearly three million struck, the 1861 double eagle has the highest mintage of any coin in this set. It is readily available in circulated grades and not hard to find in the MS60 to MS62 range. It becomes scarce in properly graded MS63, rare in MS64 and very rare in MS65. The finest known is a mind-boggling PCGS MS67 that, as far as I know, has been off the market since the mid-1990's. There are maybe a dozen or so Gems known but for most collectors, the best value grade might be MS63 to MS64 with coins available, from time to time, in the $12,500-25,000 range depending on appearance and quality. This is a well produced issue that can be really spectacular in higher grades.

1861-O Double Eagle: This is another very historic issue and one that you read about in great depth in my book on New Orleans gold coinage. It is scarce in all grades but it is offered a few times per year at auction or through specialist dealers like myself in EF and low AU grades. I am aware of between four and six Uncirculated examples with the finest of these grading MS61 to MS62. This is a very, very hard coin to find with good eye appeal as most are not well struck and have been cleaned in the past few decades. Examples with natural color and choice surfaces are extremely scarce and command a strong premium over typical pieces. For a high quality Civil War set, I'd suggest an AU example and I would be hold put for as nice a piece as possible due to the importance of this issues. (NOTE: A second variety is known but it is not included in this article due to its extreme rarity. There are just two 1861 Paquet Reverse double eagles from Philadelphia currently known).

1861-S Double Eagle: There are two important varieties of San Francisco double eagle dated 1861. The more common of the two is the 1861-S with a normal reverse. This date is readily available in grades up to AU55 and scarce but obtainable in AU58. In Uncirculated, it is very scarce and it is very rare in MS62 or better. For most Civil War collectors, a nice MS60 to MS61 will suffice. The rarer variety is the 1861-S Paquet Reverse. There are a few hundred known, at most, and many have been found overseas since the 1970's. This issue is typically seen in EF40 to AU50 and properly graded AU55 examples with good color and surfaces are quite rare. I have seen one or twwo with claims to Uncirculated and the nicest to be sold in recent memory was Heritage 1/12: 5039, graded AU58 by NGC, that brought $184,000. This is a coin that I would stretch on if I were a Civil War collector due to its unique back story and appearance.

1861 Summary: This is a very interesting year in the annals of American gold coinage. You have coins struck this year that are very common (gold dollar, quarter eagle and double eagle), coins that are extremely rare (1861-P and 1861-S Paquet double eagles) and coins that are highly prized due to their historic connotations (1861-D dollar and half eagle, 1861-O double eagle).

1862 Gold Dollar: This issue has a huge mintage of 1.36 million and it is very common in grades up to MS64. It is only moderately scarce in MS65 and I have sold MS66 examples in the last year for between $3,500 and $4,000. The best I have seen are a small number of MS67 and these are only valued at $7,500 or so. This is an issue that comes well made with good luster and color. I suggest that the Civil War collector buy a nice MS65 or MS66.

1862 Quarter Eagle: For many years, the 1862-P quarter eagle was a "sleeper" and it was possible to buy a nice EF/AU coin for under $1,500. Prices shot up after an ill-advised promotion and now this issue is somewhat out-of-favor. It is relatively available in all circulated grades and there are around 15-20 known in Uncirculated. The best I have seen are a group of three or four in MS64; this includes two from the Bass collection. This date is found frosty or semi-prooflike and original coins can show very nice rich color. For most Civil War collections, a nice MS62 or MS63 will be a great addition but a properly graded MS64 at the right price (around $17,500-20,000) should merit strong consideration.

There is also an 1862/1 overdate known. I have always been a bit skeptical about this variety's status as a true overdate but it is recognized by both PCGS and NGC and always included in a date set of Liberty Head qurter eagles. It is scarce in all grades and very rare in Uncirculated. The best I have seen is a PCGS MS62 but I can't recall having ever handled an Uncirculated 1862/1 that I thought was choice. Nearly every example is bright from having been dipped and most are heavily abraded. It is possible to buy a nicer AU example in the $5,000 range and this is what I suggest for a Civil War set.

1862-S Quarter Eagle: Only 8,000 were struck and this overlooked issue is scarce in all grades with probably fewer than 100 known. There are three or four known in Uncirculated and the finest by a clear margin is Goldberg 2/12: 1217, graded MS63+ by PCGS, that I recently purchased for $43,700. The typical 1862-S quarter eagle grades EF and original examples tend to show nice deep orange-gold or lighter rose shadings. Abrasions tend to be a problem for this issue and most are marked in the fields. A world-class Civil War collection would contain one of the few known examples in Uncirculated.

1862 Three Dollars: The 1862 three dollar is scarcer than the 1861. It is an issue that is generally found in AU grades and lower end Uncirculated pieces aren't really scarce. This date becomes rare in properly graded MS63 to MS64 and Gems are very rare with maybe four to six known. The best I have seen are a pair graded MS66; this includes ANR 3/05: 625, encapsulated by PCGS, that sold for $36,800. Collectors should look for pieces with shimmering satiny luster and light clashmarks and avoid examples that are bright or over-abraded. For most Civil War collectors, an MS63 to MS65 will suffice.

1862 Half Eagle: Until recently, this was a nearly-forgotten issue but the 1862-P half eagle has suddenly becomes popular (and seemingly more available as well). Of the estimated 75-85 known, most are very heavily abraded and range from VF35 to EF45. This is a tough coin in the lower AU grades but not a really rare one until you reach AU55. There are two known in Uncirculated: a PCGS MS62 that is ex Goldberg 5/07: 1610 and a PCGS MS61 that is ex Bass II: 1140. I would suggest waiting for at least an AU55 to an AU58 for your Civil War set and I would hold out for a coin with choice, original surfaces if possible.

1862-S Half Eagle: While this is a very scarce coin, I think its rarity has been a bit overstated in the past few years. I think it is actually a bit more available than the 1862-P and, for some reason, it seems more available in AU grades than one might expect. That said, it is still a rare coin (probably just a dozen or so exist in AU) and most are low end coins with dipped, abraded surfaces. I know of two Uncirculated 1862-S half eagles: a PCGS MS62 (ex ANR 8/06: 1454, as PCGS MS61) and an NGC MS61 that was last sold as Heritage 11/07: 2047. A high quality Civil War set should aim for at least an AU55 to AU58.

1862 Eagle: As with its half eagle counterpart, this is a rare, undervalued date whose interest level has soared in the past two or three years. While 10,960 were produced, many were melted survivors tend to be in the EF40 to AU50 range. This issue is very scarce in AU grades although bagmarked AU55's are available from time to time. There are two known in Uncirculated. The finest, graded MS64 by NGC and pedigreed to the S.S. Republic shipwreck, sold for $41,975 as Lot 2004 in Bowers and Merena's 4/05 auction. The other is a PCGS MS62 from the Bass II sale (lot 681) that sold for a very reasonable $12,650. For most Civil War collectors, a nice AU55 to AU58 example will do the trick.

1862-S Eagle: This issue is probably the single rarest 1862 gold coin from any U.S. mint. It is seldom seen in any grade and when it is available, survivors are usually in very low grades. I believe that no more than five or six properly graded AU coins exist and most are in the AU50 to AU53 range. A single Uncirculated coin is known; it was recently sold as Heritage 4/11: 5427, where it brought a remarkable $103,500. It is graded MS61 by NGC and I have never seen another 1862-S even close to it in terms of quality. This will be an extremely hard coin for the specialist to find and I'd suggest that the Civil War collector aggressively pursue the chance to purchase any 1862-S eagle that grades AU50 or better.

1862 Double Eagle: The 1862 is the rarest Philadelphia double eagle made between 1850 and 1880. It is much scarcer than its original mintage figure of 92,133 would suggest and when it is available, it is likely to be found in the EF40 to AU50 range. It is very scarce in the higher AU grades and rare in all Uncirculated grades. The best I am aware of is an NGC MS64 now in a New England collection that is ex Heritage 11/05: 2459 (where it brought $62,100). This issue is well struck and typically has satiny luster but most are very heavily abraded. For a high quality Civil War set, any Uncirculated 1862 double eagle would be a great addition. You can count on spending at least $30,000 for one if it becomes available.

1862-S Double Eagle: Over 850,000 1862-S double eagles were made and this is by far the most available 1862-S gold coin of the four different denominations that were produced. It is typically seen in EF-AU grades and it is available even in AU55 to AU58 without much of a search. Virtually all examples show some weakness of strike at the centers and on the obverse stars and most are considerably abraded. There are shipwreck examples of this date available from both the S.S. Brother Jonathan and the S.S. Republic with a small number from the latter wrecking grading as high as MS62. The single best 1862-S double eagle that I have seen is ex Heritage 3/11: 4925. Graded MS63 by NGC, it brought $57,500. For most collectors, an MS61 to MS62 example of this issue will fit well into their set.

1862 Summary: There are fewer coins in the 1862 gold Civil War set than in the 1861 version and fewer great rarities. A few of the 1862 dated are common while most are scarce to rare. But none is unobtainable unless the collector has to have all Uncirculated coins; then some problems will ensue. All in all, this is a challenging but completable year for the Civil War set.

Some images appear courtesy of Heritage, with our thanks.

Assembling A Year Set of Liberty Head Eagles, Part Two: 1867-1907

In the first part of this article, I discussed the ins and outs of assembling a year set of Liberty Head eagles from 1838 through 1866. In case you've already forgotten the premise, it's that a collector can purchase one example of each year that this denomination/type was produced in order to save money and still be an active participant in this very interesting (and very long-lived) series. Without further ado, let's go to the videotape, Bob...

1867: Only two mints struck eagles this year. Philadelphia is rarer and less expensive than San Francisco. I'd go with a nice 1867-P eagle and might even stretch a bit as it is undervalued.

1868: Neither the Philadelphia or San Francisco eagle of this year is hugely rare or even all that interesting. Either one, in EF45 to AU53, seems like a good purchase. Look for a coin with nice original surfaces.

1869: The 1869-P is a rare, low mintage date that is still not all that expensive. I'd go with a nice example with original surfaces and would even stretch for a high end (AU50 or better) example.

1870: This is a numismatically significant year as the Carson City mint began operations. The 1870-CC would be a great choice for this set but it is rare and expensive. The P and S mint eagles are both scarce and undervalued. It is hard to choose from one or the other!

1871: The 1871-CC is among the more affordable eagles from this mint produced before 1880 so it would be a good choice for this set. The 1871-P has a mintage of only 1,820 and it is very undervalued in all grades.

1872: The only affordable eagle dated 1872 is the San Francisco coin which is fairly common up to AU55. The 1872-P is very rare as is the 1872-CC. I'd probably settle for a nice AU 1872-S.

1873: For gold collectors, this is a banner year with many interesting issues. I love the 1873-P with its mintage of 800 and the 1873-CC is one of the three rarest eagles from this mint. Even the 1873-S is scarce but it is the most available of the three. Still, I'd splurge and go for a nice 1873-P.

1874: Mintages increased this year and the 1874-CC is the most available CC eagle struck before 1880. I'd look for a nice example in EF45 to AU55.

1875: The stopper this year is the 1875-P which has a mintage of just 100 business strikes and fewer than ten survivors. San Francisco didn't make eagles this year so your only realistic option is the 1875-CC which is very scarce but not impossible like the 1875-P.

1876: Another very interesting year with three possible dates available and all scarce. I personally like the 1876 as just 687 business strikes were made. The 1876-S is a sleeper which is far rarer than its mintage of 5,000 would suggest. A nice example of any of the three issues would be a great addition to this year set.

1877: The Philadelphia eagle is very rare (797 struck) while the CC is very scarce. The 1877-S is fairly common but a bit boring. I'd personally look for a nice AU 1877.

1878: Mintages increase beginning with this year as does availability. While the 1878-CC is very rare, the 1878-S is only semi-scarce in AU and the 1878-P is the first date in this set that is actually available in Mint State for less than $10,000+.

1879: For the first time, four mints struck Liberty Head eagles as the New Orleans mint reopened. I personally love the 1879-O, given its very low mintage (1,500 coins) and its numismatic significance. The 1879-CC is very rare also but much more expensive than the 1879-O.

1880: Another four mint year. Nothing struck this year is rare although the CC and O issues are extremely hard to llocate in AU58 and above. I'd select a nice 1880-O or 1880-CC in AU55 to AU58.

1881: Yet another four mint year. The scarcest issue is the 1881-O while the 1881-CC is actually somewhat available in higher grades. I think I'd pursue a nice 1881-CC.

1882: The second to last of the four mint years and another with no real rarities. I would look for a nice 1882-CC or 1882-CC in the middle to upper AU grades.

1883: The last four mint year of the eagle denomination for many years (until 1906) and one with a notable rarity: the 1883-O which had a mintage of only 800 coins. This issue has become quite expensive so it might make sense to look for a nice AU example of the 1883-CC.

1884: The New Orleans mint stopped making gold coins until 1888 so only three mints made eagles this year. The scarcest is the 1884-CC. The 1884-P is a sleeper and I would look for a nice, original MS62.

1885: Only two mints made eagles in 1885. Both are common and not especially interesting.

1886: Same comments as with the 1885. Look for a nice MS62 to MS63 coin.

1887: Ditto. The 1887-P is slightly scarcer and undervalued in MS62 to MS64.

1888: The New Orleans mint restarted production of eagles in 1888 and I'd suggest an 1888-O in MS62. The 1888-P is scarce and undervalued in Uncirculated.

1889: Of the two issues made this year, the 1889-P is the more interesting with a low mintage of only 4,485. It is very rare above MS62.

1890: Carson City resumed production of eagles in 1890 but San Francisco ceased striking this denomination until 1892. I personally like the 1890-CC in the lower Uncirculated grades as a choice for this set.

1891: Only the Philadelphia and Carson City mint made eagles in 1891. The 1891-CC is common in grades up to MS63 and a nice, original example is sure to add some "oomph" to this year set.

1892: After a three year hiatus the New Orleans mint struck eagles again. The 1892-O is available in MS62 for less than $2,500.

1893: As this is the last year that Carson City struck coins, I'd go with an 1890-CC as a ceremonial sign-off to this mint's coins. It is very rare in Uncirculated but available in AU grades.

1894: For the nest two years, there were three mints making eagles. The 1894-S has a mintage of just 25,000 and it is very underrated.

1895: The same is true with the 1895-S. A nice MS61 to MS62 is a hard coin to find and a good value at current levels.

1896: Now we are back to two issues: Philadelphia and San Francisco. The 1896-S is moderately scarce and probably more interesting than the dirt common 1896.

1897: And now we're back to three as the New Orleans mint resumed eagle production. I would go with an MS62 1897-O.

1898: A ho-hum year with two common issues, the 1898-P and the 1898-S.

1899: This year sees three issues with the 1899-O being the scarcest and most interesting. This is the hardest of the late date New Orleans eagles to find. Look for a nice MS62 to MS63 example.

1900: New century, two issues, both kind of nondescript. I'd go with the 1900-S.

1901: The 1901-S is the single most available Liberty Head eagle in higher grades. Buy a beautiful MS65 coin so that your set has at least one Gem coin.

1902: Two choices, both boring.

1903: New Orleans resumed operations this year and a nice MS62 to MS63 would make a good addition to the set.

1904: Two choices this year with the New Orleans being the more interesting. I would opt with a nice MS63.

1905: New Orleans didn't make eagles this year but San Francisco did. The 1905-S is actually a bit of a sleeper.

1906: We are back to a final four issue year as Denver made eagles for the first time in 1906. While the 1906-D is a common coin, I would include a nice Uncirculated piece as it is numismatically significant.

1907: The last year of issue. Three coins are available with the 1907-S being the scarcest. Your choice here, Mr. Eagle.

Do you have questions about assembling a set of Liberty Head eagles? If so please contact Doug Winter by email at dwn@ont.com.

Assembling A Year Set of Liberty Head Eagles: Part One, 1838-1866

For most collectors, assembling a comlete set of Liberty Head eagles is a daunting task, to say the least. There are 184 different issues (including major varieties) struck from 1838 to 1907. While none of these individual coins is impossible to locate, many are rare to very rare and nearly every issue struck prior to 1878 is rare in higher grades and quite expensive. So how can a collector of more average means approach what, in my opinion, is one of the most interesting and overlooked denominations in all of American numismatics. The answer is to assemble a year set of Liberty Head eagles. This set would include one example of each year that this denomination was produced. Instead of being close to two hundred coins in order to finish the set, it is now only 69 coins. Even better, the savings is immense as it eliminates some of the very costly issues like the 1863, 1864-S, 1870-CC and 1875 and lets the collector replace these with interesting but much less costly alternatives.

Let's take a look at each year from 1838 until 1866 in this set (in Part Two, we'll look at the 1867-1907 issues). I'll list what I think is the best issue for each year in this set along with suggested grades.

1838: Only one issue, from Philadelphia, is available. This issue is very popular and significant as the first eagle produced with the new Liberty Head design and it is the first coin of this denomination produced since 1804. I'd splurge on this and buy as nice a coin as you can afford; certainly at least an EF40.

1839: This is another one-mint year but with two types available: Head of 1838 and Head of 1840. The former is far more available and can be obtained in nice EF without great difficulty. This is another issue I'd splurge on as it is a limited type with a novel design.

1840: The last of the three Philadelphia-only issues at the beginning of the set and a significant first-year coin. I've always liked the 1840 eagle and find it to be underrated. I'd buy a nice AU53 to AU58 for this set.

1841: This is the first year in which more than one mint made eagles as the New Orleans facility began production in 1841. The 1841-O is a really neat issue but it is rare and expensive, so I'd probably go with an 1841 Philadelphia. I'd choose a nice original AU55 to AU58 coin.

1842: Beginning this year, the collector can select from Philadelphia and New Orleans issues. In a year like 1842, both are reasonably common although the 1842-O becomes very rare in higher grades. I'd go with the 1842-O in the AU50 to AU55 range.

1843: Surprisingly, the Philadelphia eagle dated 1843 is scarcer than its high mintage New Orleans counterpart. I'd go with a nice Choice AU 1843.

1844: The little-known 1844 is actually a rare coin in all grades and a real stopper in AU50 and above. Thus, I'd go with the 1844-O and look for a nice mid-range AU that had good color and surfaces.

1845: Again, the Philadelphia eagle is rarer but the 1845 is not nearly as hard to locate as the 1844. I'd look for a nice 1845-P in the lower AU grades as I think this issue is very good value in this range.

1846: This is the last of the tougher date Philadelphia issues for the next decade+. I'd stick with a nice AU50 to AU55 and I'd be patient for one with good color and fewer marks than average. In my opinion, nice 1846-P eagles remain undervalued at current levels.

1847: Both the 1847-P and 1847-O are common issues. I'd go for a nice AU55 to AU58 example of the New Orleans coin.

1848: The 1848-O isn't really rare but it is a tough coin to locate above AU53 to AU55, especially with original color and surfaces. I'd look for a nice example, keeping in mind that all pieces known have weak overall strikes.

1849: I'm a big fan of the 1849-O eagle as a date and believe that nice examples in all grades above EF40 are much harder to locate than generally believed. The Philadelphia issue is affordable in grades up to and including MS61/62.

1850: There are two varieties of 1850-P eagle: the Small Date and the Large date. The former is much scarcer and it is very overlooked. I'd look for a nice mid-range AU example.

1851: Both the Philadelphia and New Orleans eagles from 1851 are fairly non-descript issues. I'd stick with an 1851-P and look for a pleasing AU58.

1852: The 1852-P is very common while the 1852-O is a scarce to rare issue. I like the latter quite a bit and would probably rather have a pleasing EF45 for the same price that I'd be spending on an MS60 to MS61 1852-P.

1853: The most interesting issue struck in 1853 is the 1853/2 overdate from Philadelphia. This is the only confirmed overdate in the entire Liberty Head eagle series and it is an underappreciated coin in all grades. I'd look for a nice AU50 to AU55.

1854: With the opening of the San Francisco mint, the number of facilities coining eagles grows to three in 1854. The 1854-S isn't a really scarce coin but it is a neat date and it is certainly the issue I'd choose to represent this year for my date set. Look for an AU50 to AU55 example with minimal bagmarks.

1855: Of the three eagles struck in 1855, the Philadelphia coin is common, the New Orleans coin is scarce and the San Francisco coin is rare. I would personally choose the 1855-O and I'd look for a coin in the EF45 to AU53 range.

1856: For this year, Philadelphia and San Francisco are common while the 1856-O is scarce to very scarce. I like the 1856-O eagle and would vote to include a choice EF45 to AU53 example in my year set.

1857: The mintage figures for all three issues are lower in 1857 than they were in the previous few years. The 1857-P is a sleeper that is still a good value in circulated grades while the 1857-O is undervalued. But I'd probably go with the 1857-S because of its historic association with the popular S.S. Central America double eagles dated 1857-S.

1858: The 1858-P is a famous rarity with just 2,521 struck. If you can find (and afford) a pleasing EF example, I'd strongly recommend including it in this set. The 1858-S is a rare coin as well. For practical purposes, you might want to pursue the more affordable 1858-O in AU50 to AU55.

1859: As this decade draws to a close, mintages continue to shrink. The 1859-P is fairly common while the 1859-O is very rare and the 1859-S is rare. To keep your powder dry for the rare coins that await in the 1860's, I'd suggest looking for a choice AU 1859-P.

1860: This is the final issue from New Orleans until 1879 so it seems natural to choose the 1860-O. The Philadelphia issue is common while the San Francisco issue is very rare. An 1860-O in AU50 to AU55 is affordable yet historic.

1861: Beginning with this year, we are back to two mints striking eagles: Philadelphia and San Francisco. The former is common while the latter is scarce to very scarce. I'd choose a nice AU58 to MS61 1861-P eagle as it is by far the most affordable Civil War issue.

1862: Until recently the 1862-P was an undiscovered sleeper but prices have risen as collectors learn of its true scarcity. The 1862-S is very rare and seldom seen above EF45. I'd stick with an Extremely Fine example of the 1862-P.

1863: This year is among the most challenging in this set as both issues are very rare. The Philadelphia eagle is a major rarity with just 1,248 examples produced. The San Francisco eagle has a mintage of 10,000 and it is more available. I'd stick with a nice EF example of the 1863-S but if a sensible 1863-P became available I'd consider it strongly as it is still very undervalued.

1864: Think the 1863 eagles were tough? Try the 1864. The 1864-P is rare with 3,580 struck while the 1864-S is one of the great rarities in the series with only 2,500 struck. You really can't go wrong with either coin for your set but as you as more likely to find an 1864-P than an 1864-S, I'd have to suggest going for the former. I'd splurge on this date and buy the nicest quality you can afford.

1865: Things don't get much easier in 1865. The Philadelphia issue is very rare while there are two varieties from San Francisco: the Normal Date and the Inverted Date. I'd choose the latter due to its "coolness factor" and the difficulty of locating the other issues. An EF40 to AU50 is going to be about the best you'll see for this year.

1866: This is a numismatically significant issue as it represents a transitional year. The San Francisco mint struck eagles with and without the motto IN GOD WE TRUST on the reverse while Philadelphia only made with motto coins. I'd opt for the rare 1866-S No Motto which had a mintage of only 8,500. Anything grading higher than EF45 will be very expensive.

So there you have it. A total of 28 issues make up the No Motto part of the Liberty Head eagle set. There are three mints to choose from for some years and only a few dates (the 1863, 1864 and 1865 in particular) that will be hard to find and high priced. Assuming you follow the suggestions for dates and grades that I made above, we are probably talking about an overall average per coin cost of around $4,000-5,000. This translates to a low cost of around $112,000 and a high cost of around $140,000. If you were to pick the most common issue for each date and stick with coins in the EF40 to AU50 range, this would probably lower the cost to less than $100,000.

In Part Two of this article, which will be published in February 2012, we will look at the 1867-1907 dates. We'll see the introduction of the Carson City mint, the resumption of the New Orleans mint, the short duration of the Denver mint...and we'll have a good ol' numismatic time.

How to Get Started Collecting Early Gold

To my way of thinking, early gold coins (i.e., those struck prior to 1834) and among the most collectible and interesting areas in all of American numismatics. No, these coins aren't cheap and they are, in reality, somewhat overvalued when you compare them to many mid-19th century Liberty Head issues. But there is a pride-of-ownership factor associated with owning a 200 year old gold coin that you get from nothing else. 1. An Overview

When we refer to "early gold," this typically includes quarter eagles, half eagles and eagles produced at the Philadelphia mint from 1795 through 1834. I'd also like to include the Classic Head coinage of 1834-1838 as these pieces are more affordable and this article will then be of greater relevance as it will cover a more broad scope of collecting budgets.

The various types of early gold are as follows:

Quarter Eagle: No Stars on Obverse, 1796 only Quarter Eagle: Capped Bust Right, 1796-1807 Quarter Eagle: Capped Bust Left, 1808 only Quarter Eagle: Capped Head Left Large Size: 1821-1827 Quarter Eagle: Capped Head Left Reduced Size: 1829-1834 Quarter Eagle: Classic Head, 1834-1838

Half Eagle: Capped Bust Right, Small Eagle, 1795-1798 Half Eagle: Capped Bust Right, Heraldic Eagle, 1795-1807 Half Eagle: Capped Bust Left, 1807-1812 Half Eagle: Capped Head Left Large Size, 1813-1829 Half Eagle: Capped Head Left Reduced Size, 1829-1834 Half Eagle: Classic Head, 1834-1838

Eagle: Capped Bust Right, Small Eagle, 1795-1797 Eagle: Capped Bust Right, Heraldic Eagle, 1797-1804

The total number of types that most collectors pursue are fourteen. This includes six each of the quarter eagle and half eagle, and two eagles. The rarest and most expensive of the individual types are the 1796 No Stars and 1808 quarter eagles, and the 1829-1834 Capped Head Left, Reduced Size half eagle. For each of these three types, "entry level" coins will approach six figures and choice, significant pieces can run into the mid-six figures.

2. What to Buy to Get Started

Before you begin an early gold collection, I think its a good idea to spend $500-1,000 putting together a library of reference works.

The best book for new collectors is the Bass/Dannreuther reference that is published by Whitman. While it is oriented more towards die varieties than general collecting, it is still an extremely useful book.

I have written some good general articles on collecting early gold and these can be found in both the "articles" and "market reports" section of my website.

There are not many other books that deal specifically with early gold. The Akers books on United States gold coins are out-of-date but still of use. And the Harry Bass Research Foundation website (hbrf.org) has wonderful images of extremely choice gold coins in all three denominations, including extremely rare Proofs and specimen strikes.

One of the best sources of information for collectors of early gold are auction catalogs. Some of the sales held during the last few decades that had very strong holdings of early gold include Eliasberg (1982), Norweb, Bass, Keston, the "Apostrophe" sales, Archdiocese of Buffalo, Ed Price and many of the Heritage FUN and ANA Platinum night sessions. Do a search on the web for coin book dealers (there are a number of good ones) and ask for their help in putting together a nice group of 15-20 catalogs that are essential additions to any early gold library.

3. Deciding What to Collect

After you've decided to collect early gold, your next question is what direction is your collection going to take.

Basically, there are two paths that a new collector can take: collecting by type or specializing in a specific series and collecting by date. The path you take will depend on your budget.

Collecting early gold coins by date is ambitious (to say the least) due to the number of very rare coins in each of the three denomination. A date collection can be modified and made less expensive by deciding to collect only by date and not by variety. As an example, a collector working on early quarter eagles might opt to purchase only an 1804 with 14 stars on the reverse due to the fact that the 13 star variety is very rare and very expensive.

The decision to collect early gold is, of course, predicated on a collector's budget. If the collector has a reasonably modest budget, my suggestion would be to focus on the half eagles struck between 1800 and 1812 in the Extremely Fine and About Uncirculated grade range. This is a great date run as there are no rare issues (except for varieties) and every coin will be available in the $7,500-12,500 range depending on grade.

If a collector has a healthy budget available, the possibilities are almost limitless. A high quality type set, featuring one example each of the fourteen issues listed above, would be challenging and numismatically significant.

Two sets that I have been able to work on for clients are date runs of quarter eagles from 1796 to 1834 and Capped Head Left half eagles from 1813 to 1829. These are both truly challenging. There is a tremendous amount of subtle strategizing inherent in both sets as they include many issues that might come up for sale once every three to five years. It can be hard to figure out what to pay for a very rare date whose last auction record was as much as a decade ago!

4. Where to Buy

As a collector you have two options on where to purchase your early gold coins: from a specialist dealer or at auction. As a dealer who specializes in early gold, I obviously would suggest that you buy from me, but the answer is not so cut and dry.

Early gold can be quite complex to collect. Many early gold coins have been cleaned or "doctored" and it takes an expert to determine which are nice for the grade and which are average. This is an area that a collector would be smart to deal with a specialist and he will need to do some research into who he should buy from, as there are only a handful of United States coin dealers who really know the intricacies of the early gold market.

Certain very rare early gold coins are almost never offered for sale except at auction, so the auction market is always going to be a factor for the collector. I suggest hiring a dealer and paying him a standard 5% fee for viewing and executing bids.

Be forewarned that you are never going to buy a good coin "cheaply" at auction. Auctions are best used to pursue very rare coins or very high grade coins. They may not be the best source for more run-of-the-mill pieces (and I am not saying this in a derogatory sense) which a specialist dealer will have access to at more reasonable prices.

Some auctions are great sources for early gold coins because they offer pieces with impressive pedigrees. I am an advocate of buying early gold with strong provenance when possible and, for better or worse, many such coins wind-up in auctions. I know of at least a few collectors who are as interested in early gold coins with pedigrees and they are in the coins themselves. They would consider buying a duplicate or even a triplicate of an issue they already own because it has a great pedigree.

5. CAC or non-CAC?

There are areas of the rare coin market that CAC has made strong inroads on and others where it has had little or no impact. In my opinion, early gold is an area where CAC has made a very strong impact. CAC typically rewards originality and as the vast majority of early gold coins aren't original, CAC examples are often selling for premiums that range from 5% to 20%.

I think the early gold coins that are most impacted by CAC approval are common date pieces in higher grades. So many of the Capped Bust Right and Capped Bust Left half eagles that I see in MS63 to MS65 holders have been played-around with that I think a CAC stickered coin is an important purchase for the inexperienced collector.

I think CAC stickers are not as important on very rare early gold coins and more common issues in lower grades.

If you are looking at an early gold coin with a total population of a few dozen coins, you are not able to be as selective as with an issue which has hundreds of coins surviving. While I would never suggest buying a very rare early gold coin with problems (such as damage, signs of harsh cleaning, repairs, etc) I would (and will continue to) buy a coin like an 1804 14 star reverse quarter eagle or a half eagle from the mid-1820's that was decent-looking but not nice enough to be approved by CAC.

I also note less of a premium being given to less expensive early gold coins with CAC approval but I wouldn't be surprised if this changes as buyers of these coins are becoming more sophisticated and want nicer quality pieces.

6. Value Plays/Best Value Grades

Every collector wants to buy coins that are good value. Collectors of early gold are no different. There are some issues that I think are very good values. (important note: I think that any properly graded, choice early gold coin with natural surfaces is a good value but the following list are coins that are the best values).

Virtually all pre-1834 quarter eagles are rare and until a few years ago, they were priced at levels similar to the far more available half eagles of this era. This isn't the case anymore and a nice example of a reasonably available date of the Capped Right design (such as the 1802, 1805 or 1807) is now a $15,000-20,000 coin.

Early quarter eagles that I find to be undervalued include the 1798 (the only relatively affordable 18th century issue) and the 1806/4.

I like the Capped Head Left type of 1821-1827 and find this to be the most undervalued early quarter eagle type. Survival rates tend to be low and the five issues of this design are often overlooked. My two favorite dates of this type are the 1821 and the 1826/5.

There are so many early half eagles that I feel are undervalued that instead of listing them by date and discussing them, I'm going to focus on "best value grades" instead.

For circulated coins, I like AU55 and AU58 grades. An early half eagle graded AU55 to AU58 is going to show minimal wear and have a decent amount of remaining luster. There isn't a huge price spread between an AU50 and an AU58 common date early half eagle (the spread right now is a few thousand dollars at most) and if you are collecting half eagles by type, it makes sense to me to go for an AU55 or AU58.

In the Uncircuated grades, I tend to shy away from MS60 and MS61 coins (which are often "rubby") and stick with MS62's which, for the most part, are actually "new."

For type collectors with higher budgets, a nice MS64 early half eagle typically makes more sense to me than an MS65 at multiples of the price. The last few common date early half eagles that I have sold in MS64CAC have been nicer than some of the low-end MS65 non-CAC coins that I've seen offered at auction.

Since there are not many early eagles, there are few coins that I regard as undervalued. Among the common dates, I actually prefer the 1799 to the 1801 or the 1803 given its 18th century origin.

7. Let's Not Forget Classic Heads....

I mentioned at the beginning of this article that I wasn't going to overlook the Classic Head quarter eagles and half eagles. These designs were produced from 1834 to 1838 at the Philadelphia, Charlotte and Dahlonega and New Orleans mints. The branch mint issues include the 1838-C, 1839-C, 1839-D and 1839-O quarter eagles as well as the 1838-C and 1838-D half eagles.

The great thing about Classic Head gold is its affordability. As an example, I just sold an absolutely beautiful 1834 Classic Head half eagle graded AU55 by PCGS and approved by PCGS for just a touch over $2,000. Nice examples of most of the Philadelphia quarter eagles and half eagles of this type can be obtained for $2,000-4,000. Even Uncirculated examples, at least in MS60 to MS62, are not out of the price range of most early gold collectors.

I would suggest that if you are purchasing a Classic Head gold coin for type purposes that you be extremely selective. These coins are not rare and really nice examples can be found with patience. Pay a little extra for original coins with great color and, if possible, buy a slightly better date like an 1837 quarter eagle or an 1836 half eagle for just a small premium over the common 1834.

Classic Head gold can be collected in a number of different ways. You can buy just two coins and have a complete type set, or you can buy eleven coins and have complete year sets of both denominations. The addition of the branch mint issues will add some cost to a Classic Head collection, but these issues are still affordable in the EF40 to AU50 grade range.

8. Some Final Words

Its hard to convey in 2000~ words the ins and outs of collecting early gold coins, but hopefully this article will serve as motivation to become involved in an aspect of the hobby that I find fascinating. If you have any specific questions about early gold, please feel free to contact me via email at dwn@ont.com and I will do my best to answer them.

Mintmark Varieties of Dahlonega Half Eagles

For variety collectors, the half eagles struck at the Dahlonega mint are fertile ground. There are a number of very interesting varieties, but currently just a handful of collectors appreciate them. With the upcoming release of the third edition of my Dahlonega book, I feel that this situation may change. In the first two editions of this book, the variety section(s) were not illustrated and, to be honest, had a number of errors and omissions. Thanks to the assistance of Brian Kollar, a cataloger at Heritage Auctions, this has changed. The variety information in the new Dahlonega book is truly "state-of-the art" and I think it will jump-start this area of the market.

Brian spent a lot of time and effort helping me with the varieties. One thing that I have learned from his groundbreaking work--and something I'd like to share with collectors of Dahlonega half eagles--involves the numerous mintmark sizes found on these coins. I think it will be helpful to illustrate each of the three mintmark sizes used and to discuss which years these are found on. I'm also going to discuss the relative scarcity and importance of these varieties.

There are three mintmark sizes seen on Dahlonega half eagles. These are as follows:

Small D: This mintmark is found on 1840-D, 1841-D, 1842-D Small Date, 1842-D Large Date, and 1843-D half eagles. In the new book, the reverses that employ the Small mintmark are lettered as follows: C,D, E and F. It is illustrated below:

Medium D: This mintmark is found on 1843-D, 1844-D, 1854-D, 1855-D, 1859-D, 1860-D, and 1861-D. In the new book, the reverses that employ the Medium mintmark are lettered as follows: G, CC and JJ. It is illustrated below:

Large D:. This mintmark is the most common size and it is found on the 1838-D, 1839-D, 1840-D, 1841-D, 1845-D, 1846-D (both the normal mintmark and the D/D), 1847-D, 1848-D (both the normal mintmark and the D/D), 1849-D, 1850-D, 1851-D, 1852-D, 1853-D, 1854-D, 1855-D, 1856-D, 1857-D, 1858-D, 1859-D, and 1860-D. In the new book, the reverses that use the Large mintmark are lettered as follows: A-B, H-Z, AA, BB and DD-II.

There are six different years in which Dahlonega half eagles are known with more than one mintmark size. Let's take a look at each of these years and discuss the different varieties.

1840-D: There are a total of two different varieties known for this year.

The first is the Large D (Winter Variety 3-B) which is recognized by PCGS as the Tall D. For the sake of consistency I refer to it here as a Large D, but it is sized and configured differently than what is seen in later years. My guess is that this punch was created by Gobrecht and shows his style; the later Large D punch was by Gobrecht and was executed in his distinctive style. The 1840-D Large (or Tall) D half eagle is the more common of the two varieties seen for this year.

The second is the Small D (Winter Variety 4-C) which is recognized by PCGS as the Small D. It is usually seen with a die crack from the rim through the right diagonal of the V in FIVE through the right side of the mintmark and then up onto the shield. This variety is very scarce.

1841-D: There are three die varieties for this year which use two different mintmark sizes.

Winter 5-B uses the Large (or Tall) mintmark first seen on the 1840-D. This is a rare variety and one that is likely to sell for a premium. It is believed that only 4,105 examples were produced early in the year.

Winter 5-D and Winter 6-D use the Small mintmark but it is not the same one as seen on the 1840-D half eagle. Variety 5-D is common; Variety 6-D (which shows repunching on all four digits of the date) appears to be rare.

1843-D: There are two die varieties known for this year.

The first has a Small mintmark as seen on the 1842-D Small Date. Designated as Winter Variety 10-F, it is quite rare and it should sell for a good premium over the other variety of the year.

The second, Winter 11-G, has a Medium mintmark and it is also seen on the 1844-D. Interestingly, it can be best determined by its obverse as it shows a line of three tiny die lumps between the first and second stars which is not present on Variety 10-F. This variety is quite common.

PCGS recognizes two mintmark sizes for the 1853-D half eagle, but this is not correct. All 1853-D half eagles have a Large mintmark. PCGS lists six coins in the population report as having a Medium mintmark.

The next year in which two different mintmark sizes are known for Dahlonega half eagles is 1854.

1854-D: There are a total of four die varieties known.

The two most common varieties of the year, Winter 36-AA and Winter 37-BB, have a Large mintmark.

The rarest of the four varieties is Winter 37-CC, which has a Medium mintmark. This variety should sell for a premium over the Small mintmark but it is less likely to than other years, given how common the 1854-D is as a date.

The most unusual variety of the year, Winter 37-DD, actually has "no" mintmark (!) It was, of course, struck at the Dahlonega mint but the mintmark was so faintly entered into the reverse die that it is sometimes totally impossible to see. Examples do exist, however, with traces of the top of the D.

1855-D: There are two die varieties known for this year.

The more common of the two, Winter 38-CC, has a Medium mintmark. It is appears that this is the same mintmark first used in 1854 to strike Winter 37-CC.

The rarer of the two, Winter 38-EE, has a Large mintmark. It appears to be very scarce and possibly even quite rare.

1859-D: There are two die varieties known for this year.

The first, Winter 43-CC, has a Medium mintmark and it is common. It is the same reverse that was used to strike Winter 37-CC (1854-D) and Winter 38-CC (1855-D).

The second variety, Winter 44-HH, uses a Large mintmark and it is very rare. It uses the same reverse first employed to strike Winter 42-HH (1858-D).

1860-D: There are three varieties known for this year.

The first, Winter 45-HH, has a Large mintmark. It uses the same reverse as on Winter 42-HH (1858-D) and Winter 44-D (1859-D). The second, Winter 45-II, also has a Large mintmark but it is placed closer to the branch than on Winter 45-HH. The former is very rare and the latter is rare.

The third and final variety of the year is Winter 45-JJ. It has a Medium mintmark and is also found on the 1861-D half eagle. It is common.

One can't discuss the mintmark size varieties of Dahlonega half eagles and not discuss the spectacular 1846-D over D and 1848-D over D varieties.

There are actually two different varieties of 1846-D/D half eagle, Winter 17-J and Winter 18-J. The first has a low date and it was also used on the 1846-D Normal Mintmark, Winter 17-I. On the reverse, the mintmark was first punched too high and too far to the right. The second mintmark is lower and further to the left. The second variety of 1846-D/D, Winter 18-J, has a slightly different date punch with the numerals placed a bit higher in the field. The 1846-D/D is common but it is popular due to the fact that it is clearly visible to the naked eye.

A similar but less known variety exists for the 1848-D. The 1848-D/D half eagle, Winter 22-O, shows the original mintmark punched too low and the second punched to the left and then effaced. This variety is much more subtle than the 1846-D/D and unless it is an early die state with both of the mintmark punches visible to the naked eye, it doesn't command a premium.

The mintmark varieties that I have listed here are the ones that I believe to be important and to be the most potentially collectible if and when Dahlonega half eagles become collected in this fashion. There are, of course, dozens of less obvious varieties and this includes some that are very rare.

Building a Basic Type Set of Five Dollar Gold Pieces

The half eagle is the very first gold coin to be struck at the United States mint. This denomination was struck without interruption from 1795 to 1929, and it is the only U.S. gold issue to be produced at all eight United States mints. It is very popular with collectors, but the seemingly endless duration makes it very hard to collect by date. Because of this fact, it is an ideal set to collect by type. Let's take at the eight major types that constitute a half eagle set from 1795 to 1929. The beauty of this set is that while it contains some rare coins, it can be completed by most collectors; even in relatively high grades. While probably not realistic in Gem Uncirculated (although certainly feasible, albeit at a significant price), this set is very realistic in Uncirculated. In fact, many of the coins can be purchased in MS63 and MS64 grades for less than the price of far less rare 20th century gold issues.

1. Capped Bust Small Eagle (1795-1798)

While this type is dated from 1795 through 1798, for most collectors the only two realistic dates for type purposes are the 1795 and the 1796/5. The 1797 is very rare and the 1798 is exceedingly rare with just eight known.

If I were going to be putting this set together, there is no doubt that I would select a 1795 as my Capped Bust Small Eagle type coin. Even though the 1796/5 is much scarcer and probably undervalued in relation to the 1795, the latter is a first-year-of-issue which gives it considerable numismatic significance.

A total of 8,707 1795 Small Eagle reverse half eagles were struck. There are hundreds of coins known, in grades that range from VF+ to EF all the way up to Gem. Depending on the collector's budget, I would suggest either looking for a nice AU50 to AU53 coin or a solid MS62 to MS63. A nice AU coin should be available in the $50,000-60,000 range while an MS62 to MS63 will cost $100,000-150,000.

Due to the price and significance of this coin, I regard it as one of the key members of the half eagle type set. Therefore, the collector should be patient and fussy in his quest for the "right" coin. I think it is important to find an example with choice surfaces and original color. Nice, cosmetically appealing 1795 half eagles used to be available with relative ease a decade ago, but they have become hard to find as so many have been dipped or lightened. A high-end, original coin is worth at least a 15-20% premium over a typical example.

2. Capped Bust Right, Heraldic Eagle Reverse (1795-1807)

This is one of my favorite types of half eagle. It can be neatly subdivided into two categories: those issues struck prior to 1800, and those struck afterwards.

For the pre-1800 issues, there are two dates that make sense for a type set: the 1798 and the 1799. There are a number of varieties of 1798, but the most available (and the one that is best for a type set) is the Large 8 with 13 stars on the reverse. The mintage figure for the 1798 half eagle is reported to be 24,867, and it is likely that no more than 500-750 examples survive in all grades. A nice AU example of the 1798 half eagle should be available for under $25,000-30,000. An Uncirculated coin will cost $40,000-80,000+. In my opinion, the best grades for a type set are AU55 to AU58 and MS62.

The 1799 has a reported mintage of only 7,451 and I regard it as a real "sleeper" in the early half eagle series. It isn't that much more costly than the 1798, yet it is at least two times as rare. I recently sold a lovely PCGS MS62 with CAC approval for less than $45,000, and this seems like truly good value to me.

For most collectors, the best coin to seek for their Capped Bust Right Heraldic Eagle reverse type is going to be a half eagle dated from 1800 to 1807. All of these dates are relatively common, and each has its own merits for inclusion in the set.

If you are going to stick with an AU coin, you should be able to purchase a lovely, high-end example in the $10,000-15,000 range. In Uncirculated, an MS62 will cost around $17,500-20,000+, while an MS63 is $30,000+.

A few important factors to consider when buying this type are originality, color, nice surfaces and a lack of detracting marks. This is a common enough coin that you can afford to be quite finicky when pursuing it. If you don't really like a specific coin, wait until you find the "right" one.

3. Capped Bust Left (1807-1812)

In 1807, Reich again redesigned the half eagle. The new design features a Capped Bust Left obverse and an entirely new reverse.

All six years of this design are basically similar in overall rarity. All six issues also tend to be well made and fairly easy to locate in grades up to and including MS63. This makes it among the easier types in this set to acquire.

What year is "best" for this set? I like the 1812, given its historic association with the War of 1812, but I also like the 1807 for its significance as the first-year-of-issue for the Capped Head Left type. But none of these dates is really "better" than any other.

The best buying tips that I can give for this type are similar with the other early types discussed in this article. If you are purchasing a nice About Uncirculated coins, look for a piece that has the appearance of a Mint State coin but just a slight amount of friction on the high spots. On Uncirculated coins, try and stick with those that are original and those that are minimally abraded with good color and good overall eye appeal.

A nice AU Capped Bust Left should be readily available in the $10,000-15,000 range. A nice Uncirculated coin (one that grades MS62 to MS63) will cost in the area of $20,000-35,000+ depending on the date and grade.

4. Capped Head Left (1813-1834)

The half eagles struck from 1813 through 1834 include some of the rarest and interesting issues of this entire denomination. Unlike some of the very rare half eagles from the 1860's and 1870's, these issues tend not to be rare due to low mintages but because of intensive meltings that began in 1834. The weight of the half eagle was lowered during this year, making the old issues worth more intrinsically than their face value. Most of the issues from the 1820's were almost totally wiped out in the process. The most extreme example is the 1822, of which just three survive from an original mintage of 17,796.

But not all the Capped Head Left half eagles are extreme rarities and it is from the small number of more available dates that the type collector will probably make his selection. The most common issues of this design are the 1813, 1814/3, 1818, and 1820. "Common" is a relative term here, though, as some of these dates, like the 1818 and 1820 are quite rare when compared to the last two types that we discussed in this article.

For type purposes, the 1813 is clearly the best date to choose for this set. It is easily the most available date and it tends to come better produced as well. A nice AU example can be found for less than $15,000 and an MS62 to MS63 is available for less than $30,000.

Let's say that you want to add some real "meat" to this set and decide to include a very rare issue. Is this possible? With patience and a large budget, it is. The 1824, 1825, 1826, and 1827 are all very rare coins but they do become available on average of once (or possibly twice) per year. These issues didn't circulate very much so just a few exist in grades below MS60. If a nice AU coin is available, a collector is looking at an expenditure of at least $50,000-60,000+ while a solid MS62 to MS63 will cost in the $80,000-100,000 range.

In 1829, an important change occurred to the design of this type: the diameter was reduced. Design changes that reflect this include smaller date, letter and star sizes. The 1829-1834 subtype could certainly be included in this half eagle set but it is not absolutely necessary. If it is included, this is a challenging hole to fill as all six issues are quite rare due to the wholesale meltings, mentioned above, that occurred in 1834.

5. Classic Head (1834-1838)

The size and weight of the half eagle was reduced in 1834 and this is reflected by an entirely new design by William Kneass. The Classic Head type was struck from 1834 through 1838. This is a popular and numismatically significant type as it includes the first branch mint issues for this denomination. The southern branch mints at Charlotte, Dahlonega, and New Orleans opened in 1838. The 1838-C and 1838-D issues are scarce and extremely popular, but as they are not readily available in higher grades they are not generally included in a half eagle type set.

Most collectors will select a Philadelphia issue. Due to high original mintage figures, Classic Head half eagles tend to be readily available in circulated grades and are not rare in Uncirculated until you reach the MS64 to MS65 range.

In the highest circulated grades, a common date Classic Head half eagle can be purchased for less than $3,000. Even though these coins are reasonably common, it is remarkable that a classic United States gold coin that is over 175 years old is still so affordable. In MS62 to MS63, a nice coin will cost $6,000-12,000 while an MS64, if it is available, will cost around $20,000+.

Here are some suggestions when buying a Classic Head half eagle. First, if you can, try and buy a date other than the 1834. While interesting as the first-year-of-issue, the 1834 is appreciably more common than dates such as the 1835, 1836, and 1838. Yet in spite of this, these scarcer dates sell for a small premium, even in comparatively high grades. Second, look for a coin with deep, rich natural color. This type is available with good eye appeal and a pretty example is clearly going to add more "oomph" to this set than a washed-out, average quality piece. Finally, try and find a well-struck coin. This design is often weak at the centers so avoid coins that show little central detail.

6. Liberty Head, No Motto Reverse (1839-1866)

The Liberty Head design should be familiar to most collectors as it existed, in this basic format, all the way from 1839 until 1907. The coins struck prior to 1866 did not include the motto IN GOD WE TRUST on the reverse.

Known to collectors as No Motto half eagles, these Liberty Head issues were made at the Charlotte, Dahlonega, Carson City, New Orleans and San Francisco branch mints as well as at Philadelphia.

For most collectors, a Philadelphia No Motto half eagle makes the most sense as a type coin. The more common dates from the 1840's and early 1850's tend to be readily available in the lower Uncirculated grades (MS62 and below) and can be obtained for under $5,000. A collector who wants a nice MS64 will have his choice between a few different dates and should expect to pay around $20,000. Gems of this type do exist, but they are expensive and hard to locate.

The half eagles struck in 1839 are actually a distinct one-year type with a different rendition of the portrait as well as the mintmark on the obverse for the Charlotte and Dahlonega issues. The 1839 half eagle is not rare in circulated grades, but it is scarce in Uncirculated and quite rare in MS62 and above. Expect to pay at least $15,000-20,000 for a higher quality Uncirculated example. A nice AU piece can be found for less than $3,000.

7. Liberty Head, With Motto Reverse (1866-1907)

The With Motto Liberty Head is among the more common types in this set. It was produced from 1866 to 1907 in prodigious quantity at the Philadelphia, Carson City, New Orleans, Denver and San Francisco mints.

For type purposes, most collectors will select a common date Philadelphia or San Francisco With Motto half eagle. The lowest grade that should be included in a better-quality set is probably MS63 to MS64 and a really nice coin is going to be readily available for less than $2,000. As a hint, I'd suggest that you look for a date struck prior to 1900, as that adds a "neatness" factor.

This type is actually easy to find in grades up to and including MS66. I'm not certain I'd commit spending a lot more than $10,000 on an example for a type set unless this set involved a "best of everything" mindset.

8. Indian Head (1908-1929)

The final type in the half eagle set is the attractive and popular Indian Head design. These coins were struck from 1908 to 1929.

This is an easy type to locate in any grade up to and including MS65. An MS64 would be the lowest quality coin I'd recommend for type purposes and these have come down in price to the point where you can buy a nice one for less than $5,000. In MS65, prices have dropped as well and what was once a $20,000-ish coin can now be found for around $12,500.

Here are a few hints when looking for an Indian Head half eagle. First, try to find a slightly better date (like a 1909 or a 1911) that used to sell for a premium, but which is now essentially a type coin. Secondly, be patient and wait for a coin with great color and choice, original surfaces. This is an easy coin to locate so you should wait for a coin that really "speaks" to you.

Assembling this eight (or ten) coin set is a real challenge and quite a bit of fun. Depending on your budget, you could include coins grading from Extremely Fine to Gem Uncirculated. Because of the rarity and cost of the 1795, this is never going to be an inexpensive set, but it is one that I think has the potential to be very desirable in the future.

How to Add Value to Your Early Gold Collection

You can make random purchases of early United States gold coins and, if you are lucky, you might acquire some nice pieces as time passes. But if you follow some of these suggestions and formulate a game-plan, my guess is that you will have a better grasp of what is (and what isn't) good value in the area of United States gold produced between 1795 and 1834. As someone who handles a bunch of early gold, I have established some personal parameters that guide nearly all of my purchases. I'd like to share them with you.

When it comes to early gold, most of my purchases revolve around the concept of value. Buy/sell spreads tend to be very tight in many early gold series. As an example, a nice mid to high range half eagle from the early 1800's might be worth $9,500 to buy and $10,000 to sell. I am always looking for the coin of this type that is still OK to buy at $9,500 but which can be sold, fairly, for $10,500 or even $11,000.

On certain very rare early gold issues, the concept of buy/sell spreads and value get thrown out the window and "rarity" becomes the key issue. How do you figure the price of an issue of which 30 exist in all grades and only two have traded at auction in the past five or six years? I'll answer this question and many others in the paragraphs below.

1. Buy Coins From the 18th Century. I know this seems somewhat simplistic but a 1799 eagle, while common, just seems "older" than an 1801 or 1803 (two comparable dates). The fact that it is an 18th century coin just gives it an inherent coolness factor that is lacking on most 19th century issues.

Many of the 18th century gold issues are quite rare and are out of the price range of most collectors. But there are others that are not priced at all that much more than comparable 19the century issues. This list includes the 1798 Large 8 13 Star reverse half eagle, the 1799 half eagle and, of course, the 1799 eagle. An issue that is harder to find in affordable grades but which is not extremely expensive is the 1798 quarter eagle.

2. Cherrypick Tough Varieties. Variety collecting of early gold remains in its infancy and it isn't likely to ever approach the status of Capped Bust half dollars or early Large Cents due to the high price per coin factor.

That said, there are some very rare die varieties that can be found in the half eagle and eagle series; often times for little or no premium. I'd suggest buying a copy of the Bass-Dannreuther book and becoming familiar with the multiple varieties of coins such as 1799 half eagles and eagles or 1806 half eagles.

At this point in time, there are no real premiums for any varieties that are R-5 or lower. Coins that are R-6 are probably worth around a 5-10% premium and this seems like good value for the collector. Coins that are R-7 are currently realizing a 10-20% premium. It is possible that an R-7 early half eagle or eagle could have a 50% premium sometime in the future, although I'd suggest to the collector that he not pay this sort of premium right now.

3. Buy in the Best Value Grades: AU58 and MS62. Depending on your budget and personal preferences, AU58 and MS62 are often the best value grades in early gold.

For common dates and rarities alike, it is hard to go wrong with a lustrous slider AU58. Many early gold coins age handsomely and just a little bit of wear on the high spots seems to add character. The price levels for common date early half eagles and eagles in AU58 also makes sense. These coins often don't sell for large premium over AU53's and AU55's. As an example, the current pricing for common Bust Right half eagle is around $9,500 for an AU53, $10,500 for an AU55, and $11,500 for an AU58. At a 20-25% premium over an AU53, an AU58 just seems like good value to me.

If you prefer Uncirculated coins, I suggest pieces graded MS62. In early gold, many coins in MS60 and MS61 holders are "rubby" and appear worn. MS62 coins are typically truly "new" and have good eye appeal, color and surfaces. The price differential between an MS62 Bust Right half eagle and an MS63 can be substantial; a 1799 eagle in MS62 will run you around $35,000-40,000 while an MS63 should cost $60,000-70,000. In many cases, there won't be $30,000 worth of difference, visually, between a coin in a 62 holder and one graded MS63.

4. Don't "Overbuy" Common Dates: If you are putting together a date run of early gold coins, it is easy to "overbuy" the common issues. I think this is a mistake.

What I mean is buying a coin like an 1806 Round Top 6 half eagle in MS65 as opposed to MS62, MS63 or even MS64. If you can find one, a Gem is going to cost you $125,000+. That doesn't seem like great value to me.

There are exceptions. If you are collecting early gold by type, looking for one really great coin makes sense. At the recent Chicago ANA, I saw no less than three MS64 1799 eagles and they were all exceptional coins. Yes, they were expensive (ranging in price from the mid 100's to the low 200's) but they made sense for the collector looking for one scintillating Capped Bust Right Heraldic Eagle ten dollar gold piece.

5. Buy CAC Coins I tend to like CAC approved early gold better than non-CAC coins. CAC does a good job distinguishing original, nice early gold from average quality, processed pieces and I think the 5-15% premium that these coins sell for is more than worth it for the average collector.

In the recent Stack's Bowers and Heritage sales, there were a lot of early gold coins, and the pieces with CAC stickers (or the ones that I thought would sticker if sent to CAC) generally brought higher prices than their sticker-less counterparts.

Good rule of thumb: unless you are extremely comfortable with your grading skills, stick with CAC approved early gold coins in most instances.

6. Look For Coins That Are Original. It is becoming harder and harder to find early gold coins, in all price ranges, that are original. In spite of this, the premiums for coins with lovely original color are not nearly as great as you might think they are.

Case in point: at the recent ANA show I sold a superb, beautifully toned 1805 half eagle in AU58 to a collector for $11,500. At the same show I wholesaled a totally unoriginal heavily processed 1803/2 for $10,500. The difference in quality between the two coins was astronomical, but at a $1,000 premium, the 1805 just seems like exceptionally good value.

As you view early gold more and more, you'll learn that certain issues are incredibly hard to find with original color and surfaces. As an example, there are hardly any 1796 No Stars quarter eagles left with rich natural color, and an AU50 example that was untouched and original should, in theory, be worth a 25-35+% premium over a typical schlocky AU50 coin.

7. Learn the Undervalued Dates. In all three denominations of early gold, there are dates that are undervalued. The savvy collector can take the time to learn them; or he can continue to the next paragraph and let me do the work for him...

In the quarter eagle series, the dates that I feel are undervalued include the 1798, 1806/4, 1826/5, and 1833.

The early half eagles that I find to be undervalued include the 1798 Small 8, 1799 Large Reverse Stars, 1800, and 1806 Pointed 6.

I don't think that at current levels any of the early eagles are undervalued but a case can be made that the 1797 Small Eagle and 1798 9+4 stars are both good values if you can find examples that are choice, original and priced anywhere near current published levels.

8. Buy Interesting Naked Eye Varieties. There are numerous interesting naked eye varieties in the various early gold series that do not necessarily command a premium but which have enough of a coolness factor that I think they are good value.

One that I can think of right off the back is the 1804 half eagle with a Small 8 punched over a Large 8. This variety sells for no premium over the 1804 Small 8 but if you have seen it in person, you know that it is really interesting.

Another variety that I find very interesting is the 1795 half eagle with the second S in STATES punched over a D. Its not rare but I will almost always buy one if I see it for sale because I like the variety so much.

I think that all early gold that is overdated falls into this category. While some "overdates" like the 1802/1 and 1826/5 quarter eagles have been debunked, others like the 1802/1 and 1803/2 half eagles are very impressive from a visual standpoint and carry no premium over other less interesting dates of this era.

9. Put Together Mini-Sets. If you are going to purchase a few different early gold coins, why not do a small thematic set?

The most obvious set is a three coin denominational group, including a quarter eagle, half eagle and eagle.

Or, you could do a year set. The years in which all three denominations were produced were 1796, 1797, 1798, and 1804.

A "first and last year" set would include quarter eagles dated 1796 and 1834; half eagles dated 1795 and 1834; and eagles dated 1795 and 1804.

Most people collect early gold more traditionally, choosing to either do date sets or type sets.

Collecting early gold is one of the most challenging and entertaining areas in all of American numismatics. It takes a pretty hefty checkbook to do it seriously, but collectors of average means can dabble and buy the occasional coin that is really special. Do you collect early gold? What are your "tricks of the trade?" Let me know what they are and let's begin an early gold discussion in the comment section of this article.