New Orleans Gold Coins: A Date by Date Analysis

PART TWO: EAGLES - DOUBLE EAGLES The first part of this study looked at the gold dollars, quarter eagles, three dollar gold piece and half eagles from the New Orleans mint. This part looks at the eagles and double eagles from this mint.

I. Eagles DATES OF ISSUE: 1841-1860, 1879-1883, 1888, 1892-1895, 1897, 1899, 1901, 1903-1904, 1906 TYPES: Without Motto (1841-1860), With Motto (1879-1906)

1841-O: Only 2500 struck and desirable both as a genuinely rare coin and a historically significant first-year-of issue. Usually very low grade with extremely heavy abrasions and a soft strike. Unknown above AU-55 and very rare in AU with around six-seven known. One of my favorite New Orleans gold coins of any denomination.

1842-O: Fairly common in lower grades; becomes scarce in the lower AU grades and rare in AU-55 and above. A very rare coin in Mint State with around a half dozen known. The best I've seen was a coin sold by Stack's in a 1996 and later graded MS-63 by PCGS.

1843-O: Among the more obtainable New Orleans eagles from the 1840's; rather easy to locate in lower grades but scarce and underrated in AU and very rare in Mint State. Often seen weakly struck and with scruffy surfaces. The few known Mint State coins are in the MS-60 to MS-62 range.

1844-O: Similar in overall rarity to the 1843-O and more obtainable than the 1842-O. This date comes well struck for an eagle of this era but most seen are heavily abraded. The typical coin is well worn and an 1844-O eagle in choice AU is quite rare. The finest business strike I have seen is the Byron Reed coin which was graded MS-62 by NGC. A single Proof is known. It traces its pedigree to the Woodin and Parmelee collections and was "rediscovered" at the end of 1994.

1845-O: Comparable in rarity to the 1842-O but a bit rarer in the upper circulated grades. Around four or five are known in Mint State including a very choice example that was in the Eliasberg sale. A number of interesting varieties are known including a dramatic doubled date and a repunched date. The Eliasberg: 674 coin (now owned by Harry Bass) is by far the finest known.

1846-O: The most undervalued N.O. Eagle from the 1840's and another of my favorite coins from this mint. Usually seen in VF-EF grades; rare in AU and extremely rare in Mint State. The grading services are nearly always wrong in designating examples as "Overdates" or "Normal Dates."

1847-O: The most obtainable No Motto eagle from this mint. Relatively common in all circulated grades but rare in Mint State with around 15-20 known; mostly in the MS-60 to MS-61 range. The best I've seen is the MS-64 Warren Miller coin that brought $26,000 + 15% in the Heritage 10/95 sale.

1848-O: A very hard coin to grade as most have a peculiar sunken appearance; use the amount of intact luster as an accurate guide. Scarce in any grade and rare in AU; very rare in Mint State although one absolutely superb piece (ex Stack's James Stack sale, 10/94) exists.

1849-O: The second rarest New Orleans eagle from the 1840's. Usually seen in VF-EF and flatly struck with poor luster, bagmarked surfaces and distinctive deep green-gold color. AU's are very rare and I have never seen an unequivocally Mint State example.

1850-O: A scarce and underrated date in all grades; usually seen in VF-EF grades and rare in full AU. The only fully Mint State piece I know of is the superb MS-65 example that was originally in the Eliasberg collection. Another date that is notorious for weakness of strike and poor quality surfaces.

1851-O: More eagles were struck at the New Orleans mint in 1851 than in all the other years during this decade put together. Common in all circulated grades although nice AU coins are harder to locate than one might imagine; around 13-16 exist in Mint State with the best of these a Gem from the Eliasberg collection.

1852-O: The second rarest issue from this decade. Most known are well worn with flat centers and weak stars. Scarce in choice EF, rare in the lower AU grades and extremely rare in Mint State. The Byron Reed coin is the best I have seen, followed by the example in the 1999 ANA sale.

1853-O: One of the more common Without Motto eagles from this mint but surprisingly rare in higher grades; I have never seen a strictly Mint State example although I am sure a few exist. A supposed Branch Mint Proof was in Auction 79.

1854-O Small Date: A bit less rare than the next overall but probably more rare in high grades. Most are not well struck at the centers; the surfaces are usually bagmarked and slightly reflective. A very rare coin in Mint State with four to six known.

1854-O Large Date: An interesting variety that uses a silver dollar date logotype. It is not as rare as generally believed in lower grades but very tough in AU grades and very rare in Mint State. Many are seen with a sunken appearance that can be mistaken for wear.

1855-O: Like the 1855-O half eagle, this issue is rare and underrated. It is usually seen in VF-EF grades and an AU is quite rare. The only Mint State example I have seen is the coin in the 1999 ANA sale; another six to eight pieces are known in the AU-55 to AU-58 range.

1856-O: Another rare and very underrated issue that is most often seen in low grades. Hard to find with a good struck and often very heavily abraded. I have never seen or heard of an Uncirculated coin; around ten are known in the AU-55 to AU-58 range.

1857-O: Better known than the 1855-O and 1856-O eagles due to its small mintage figure of 5,500 pieces yet still underappreciated. Most are in the EF-40 to EF-45 range with slightly below average strikes and dull, abraded surfaces. The best I know of is the 1999 ANA/James Stack coin.

1858-O: More common than its mintage figure of 20,000 would suggest due to a number of pieces found in the Jackson, TN, hoard in the mid-1980's. Not hard to find in the EF-40 to AU-53 range; scarce in the higher AU grades and rare in Mint State. The best I have seen grade MS-62 but it is rumored that some gem quality pieces from the aforementioned hoard exist.

1859-O: The second rarest New Orleans eagle; only 2,300 struck with 50-60 known. Most of the pieces that have been graded AU-50 by the services are no better than EF-40 to EF-45 and real AU's are very rare. I have never seen an 1859-O eagle that I graded higher than AU-50 to AU-53.

1860-O: The final Without Motto eagle from New Orleans and a very overlooked coin. Softly struck, well worn pieces are the rule and this date is very rare in AU -55 or better. I have seen just one or two that were Mint State.

1879-O: The first With Motto eagle from this mint and popular due to its low mintage of 1,500. A bit less rare than generally believed; often found in EF with very heavily abraded surfaces. Becomes rare in AU-55 and extremely rare with just one or two real Mint State examples known.

1880-O: The most common of the popular 1880-1882 date run; fairly obtainable in grades up to AU-53 but scarce in the higher AU grades and very rare in Mint State with around eight to ten known. Often seen slightly prooflike and with heavily marked surfaces.

1881-O: The scarcest of the three dates in the 1880-1882 run; mostly seen in the EF-40 to AU-50 range and very scarce in the higher AU grades. Mint State examples are very rare with five to seven known and none of these above MS-60 to MS-61. NGC supposedly graded an MS-63 many years ago but it has never surfaced; perhaps it is a data entry error and represents an 1881-O silver dollar.

1882-O: Usually seen in baggy EF-40 to AU-55; scarce in the higher AU grades and rare in Mint State with a dozen or so known. I have never seen a Mint State 1882-O eagle that I thought was better than MS-60. At current price levels, Uncirculated examples of the 1880-O to 1882-O issues are superb values.

1883-O: The rarest New Orleans eagle. I love this issue for a number of reasons: only 800 were struck (making it the only N.O. Gold coin with a mintage of less than 1000), fifth lowest mintage figure for the entire type, etc. Usually seen flatly struck and prooflike with heavy abrasions and orange-gold color. 30-40 are known with fewer than ten AU's; I have never seen a real Uncirculated piece and just two or three AU-58's.

1892-O: Beginning with this issue, the rarity of the With Motto N.O. Eagles takes on an entirely different complexion: somewhat available in low end, baggy Mint State, very scarce in MS-62 and rare above this. I have never seen an 1892-O that I graded better than MS-62.

1893-O: Scarcer than the 1892-O in terms of overall rarity but very similar in Uncirculated. Usually seen well struck and lustrous with nice color but with numerous deep, detracting bagmarks. Again, I have never seen one I graded better than MS-62.

1894-O: At one time, a very rare coin in Uncirculated but a hoard of 50-100 Mint State pieces entered the market in the mid-1990's. These were nearly all in the MS-60 to MS-62 range and examples that grade MS-63 and above are very rare. No gems are known, unlike for most of the post-1895 New Orleans eagles.

1895-O: Nearly all examples are flatly struck and have slightly subdued luster. Around 100-150 Mint State pieces entered the market in the mid-1990's. While now available without great difficulty in MS-60 to MS-62, this date is still very rare in MS-63 and all but unknown above this.

1897-O: Many are found with soft strikes and very baggy surfaces. Usually seen in the AU-55 to MS-62 range; scarce in MS-63 and rare in any grade above this. Two superb gems are known: the Eliasberg coin and the James Stack coin.

1899-O: Less rare than once believed but still very tough in MS-62 and rare in MS-63 or better. This issue seems to have seen little circulation as it is almost never seen below AU-55. The finest known is the incredible MS-68 from the Eliasberg collection which is one of the two single finest New Orleans gold coins of any denomination that I have seen or heard of.

1901-O: Another date that went from rare in Mint State to reasonably available after a hoard of 100-200 entered the market in the mid-1990's. Harder to find with nice surfaces than the other dates from this decade. The finest known is an MS-66 gem from the Eliasberg collection.

1903-O: One of the most available New Orleans eagles in Mint State. 200-300 Uncirculated pieces entered the market in the mid-1990's. A good type coin due to the fact that many are very well struck and have great rose and yellow-gold color. The finest known is the MS-66 from the Eliasberg collection.

1904-O: The most common New Orleans eagle in very high grades with as many as a dozen known in MS-64 to MS-66. Many are found with very sharp strikes and great luster. The finest known is an MS-68 coin (ex Marty Haber) that is the closest thing to a Proof I have seen on a With Motto branch mint eagle. I believe it is some sort of presentation piece.

1906-O: The final Eagle struck at the New Orleans mint and another date that became far more available after a few hundred Mint State examples entered the market in the middle part of the 1990's. A good number of MS-63 to MS-65 pieces are known.

II. Double Eagles DATES OF ISSUE: 1850-1861, 1879 TYPES: Type One (1850-1861), Type Three (1879)

1850-O: This date is nearly always seen well worn, poorly struck and excessively abraded. Most known are in VF-EF and properly graded AU's are rare, especially at the 55 to 58 level. I've never seen an unquestionable Mint State example and just one or two AU-58's.

1851-O: The most common N.O. Double eagle. Plentiful in lower grades; becomes scarce in the middle AU grades. Mint State examples are very rare with around a dozen known. There is a gem in the Dallas Bank collection and another that was sold by Stack's in their 9/85 auction.

1852-O: A bit more rare than the 1851-O in lower grades but more available in AU and a touch less rare in Mint State. Sometimes found prooflike but most often frosty; pieces exist that are well struck and very appealing. The finest known is the superb gem in the Dallas Bank collection 1853-O: Considerably rarer overall than the 1850-1852 issues but not as rare as the 1850-O in AU. Very rare in Mint State with seven to nine known; the finest is a PCGS MS-63 in a midwestern collection. Usually found better struck than the 1850-1852 issues.

1854-O: The second rarest New Orleans gold coin and one of the rarest Double Eagles of any date or mint. There an estimated 25-30 pieces known with most of these in the VF-EF range. An extremely hard coin to find with any degree of eye appeal due to soft strikes, rough handling and considerable wear. The best known is in the Dallas Bank collection and it would probably grade MS-60 to MS-62 by today's standards.

1855-O: Not anywhere as rare as the 1854-O or the 1856-O but still a very scarce coin in any grade. Around 65-75 are known with most of these very well worn. A very rare coin in AU. I have only seen one or two with claims to a Mint State grade. Nearly every example is heavily abraded and most have been cleaned at one time.

1856-O: The rarest New Orleans gold coin and, in my opinion, the rarest regular issue Double Eagle. Fewer than two dozen are known (more likely 15-20 pieces) with at least half of these well worn. There is an incredible MS-63 in a Texas collection that is a specimen striking. At the present time, this coin appears on more want lists than any other Liberty Head gold coin that I can think of.

1857-O: Both this date and the 1858-O are definite sleepers in the series. The 1857-O is scarce in all grades and very seldom seen above AU-50. In the higher AU grades it is very rare and the only Uncirculated coin that I am aware of is the superb example in the bass collection.

1858-O: Like the 1857-O, this date is usually seen with a below average strike, very baggy surfaces and slightly prooflike fields. I consider it a bit more rare overall the 1857-O, especially in AU-55 and above. I have never heard of or seen one in Mint State.

1859-O: This is the rarest collectible New Orleans double eagle (many collectors overlook the 1854-O and 1856-O issues because of their high price levels), narrowly eclipsing the 1860-O. There are 50-60 known and most are weakly struck VF-EF coins with semi-prooflike fields and very extensive abrasions. There are four or five known that grade AU-55 to AU-58 and just one piece (from the Fairfield collection) with claims to Mint State.

1860-O: A bit less rare than the 1859-O but probably even a bit more rare in higher grades. The finest known is an NGC AU-58 in a Midwestern collection that is ex Superior 2/92: 2965. Nearly always found weakly struck, slightly prooflike, well worn and extensively abraded.

1861-O: The most historic double eagle from New Orleans due to the fact that 5,000 (out of the total mintage figure of 17,741) were struck by the Confederacy. Usually seen in VF-EF grades and probably the single worst produced Liberty Head double eagle of any date. Rare in the lower AU grades, very rare in the higher AU grades and currently unknown in Mint State.

1879-O: An extremely popular coin due to its low mintage, proven rarity and its status as the only Type Three double eagle from New Orleans. Not as rare overall as its low mintage would suggest but extremely scarce above AU-50. There are three to five known in Mint State with the best of these an MS-63 that was first sold in the Spink's December 1995 auction.

OVERALL ANALYSIS: The New Orleans double eagles are a short series but they are very difficult to complete. There are only two relatively available issues in higher grades (the 1851-O and the 1852-O) and even these are very rare in Mint State. To complete this set, a collector must have deep pockets and a lot of patience.

Pedigrees and Numismatics

I. What Are Pedigrees and Why Are They Important? A pedigree is a list that documents the ownership sequence of a specific coin. It is the numismatic equivalent of a legal title chain. In the world of art and antiques, the pedigree of an object is referred to as its "provenance." On some coins, pedigrees can be traced back to the date of issue. On others, the pedigree information is far more sketchy and may only include recent owners.

Typically, a pedigree refers to a public auction appearance for a specific coin. This is due to the fact that since auctions are public, they are easier for researchers to trace. On many coins, pedigrees will have gaps caused by private treaty sales that are conducted in secret between two collectors, two dealers or a dealer and a collector.

Coins with good pedigrees often command premium prices over coins with no history. There are a number of reasons for this. Numismatics is a hobby in which history plays an important role. Knowing that a coin in your collection was good enough to be owned by a famous or important collector provides pride of ownership and a high level of connoisseurship.

Pedigrees are especially important on very rare coins. On coins that are controversial, such as a 1913 Liberty Nickel or an 1804 Silver Dollar, a lone pedigree serves to establish the fact that a specific coin is genuine. On other coins, it helps to establish if a coin is among the finest known for its specific issue.

There are certain great collections that carry considerable cachet in any collectibles field. In numismatics, there are certain collections that are important enough that PCGS and NGC indicate that a specific coin is from one of these collections. The following collections are regarded as among the most important numismatic assemblages and coins from these collections often carry a premium among collectors.

II. Collections That Are Regarded As Important For Pedigree Purposes

It is often very hard to prove that a coin is from a collection sold before 1980, due to the lack of availability of old catalogs, poor catalog descriptions and inferior photography. In addition, many of today's collectors are new to the hobby and are unfamiliar with these older sales. So, the collections that form this study are ones that have been held in the last two decades and are more familiar to today's collectors.

a. The ELIASBERG Collection Louis Eliasberg was a financier from Baltimore who began collecting coins in the 1940's. In 1942, he was able to purchase the Clapp Collection. This was a collection formed by a father and son from Pittsburgh between the 1890's and the 1930's. It contained superb coins from famous auctions held from 1895 to 1915 as well as pieces that had been purchased directly from the United States mints at their time of issue. The Clapp Collection was very advanced for its era as it contained not only very high quality coins but also significant die varieties and types as well.

Eliasberg continued to add to the collection and by the last 1950's it was regarded as the most complete and highest quality collection of United States coins ever formed.

After Eliasberg dies, his collection was divided among his two children. One received his gold coins and this collection was sold by Bowers and Ruddy in October 1982 as the "United States Gold Coin Collection."

The Eliasberg gold sale consisted of 1074 lots and the final price realized was $12.4 million. The highlights of the sale were the unique 1870-S Three Dollar gold piece and the excessively rare 1822 Half Eagle, both of which realized $687,500. Other areas of strength in this sale included long runs of early coins, many rare proofs and spectacular pieces obtained directly from the Philadelphia, San Francisco, New Orleans and Denver mints from the 1890's and 1900's.

The remainder of the Eliasberg collection was sold by Bowers and Merena (the successor firm to Bowers and Ruddy) in two sales. The first of these was held in May 1996 and it contained colonials, patterns, copper coinage, nickel coinage and silver coinage from half dimes through dimes. The sale consisted of 1348 lots and it realized $11,598,000. Highlights included a Gem Proof 1913 Liberty Nickel which sold for a record $1,485,000 and the unique 1873-CC No Arrows Dime that brought $550,000.

The final Eliasberg sale was held by Bowers and Merena in April 1997. It contained silver coinage from twenty cent pieces through silver dollars and miscellaneous items from the collection. The sale consisted of nearly 2,000 lots and it realized $20.9 million. Highlights included a Proof 1804 dollar that brought a record $1,815,000 and a Gem Proof 1885 Trade Dollar that sold for $907,500.

The Eliasberg collection is the finest group of United States coins ever sold at auction. This is considered the most desirable pedigree for any coin to have, as it is a virtual guarantee that a coin is choice, original and appealing.

b. The NORWEB Collection

As with many of the great collections, the Norweb Collection was formed through a number of generations. The collection was begun by Liberty Emery Holden, the owner of the Cleveland Plain Dealer in the 1890's. His son, Albert Holden, was an ardent numismatist who added a number of important coins to the collection between the late 1890's and his death in 1913. His daughter Emery May Holden Norweb (or "Mrs. Norweb" as she became known to the collecting fraternity) and her husband R. Henry Norweb Sr. were well-known collectors who were very active from the 1930's to the early 1970's; he died in 1983 and his wife passed away in 1984. Their son R. Henry Norweb Jr. and his wife are still collectors although they decided to sell the bulk of their family's collection in 1987 and 1988.

The firm of Bowers and Merena was chosen to sell the United States coins from the Norweb Collection. The first of three sales was held in October 1987. It contained half cents, Indian and Lincoln cents, two cent and three cent pieces, half dimes, dimes, twenty cent pieces, three dollar gold pieces, California fractional gold and colonials. There were a total of 1413 lots and highlights included a Gem Proof 1829 Small Planchet half eagle that sold for $352,000 and a Gem Uncirculated 1864-S half eagle that realized $110,000.

Part II of the Norweb Collection was conducted in March 1988. This sale contained nickels, quarters, Trade dollars, gold dollars, quarter eagles, eagles and Colonials. There were 1269 lots in this sale and highlights included a Proof 1885 Trade Dollar that sold for $121,000 and a superb gem 1911-D eagle that realized $132,000.

The final Norweb sale was held in November 1988. This 1451 lot sale included large cents, half dollars, patterns, colonials, silver dollars, and double eagles. Highlights were a gem 1797 half dollar that brought $220,000, a Proof 1838-O half dollar that sold for $93,500, a 1792 Silver Center Cent that realized $143,000, an Uncirculated 1794 silver dollar which sold for $242,000, a gem 1893-S dollar which broke all records at $357,500 and the extremely rare 1861 Paquet reverse double eagle which sold for $660,000.

Overall, this 4000+ lot sale realized more than $10 million dollars. Many price records were set in all series.

The Norweb collection will long be remembered for its broad scope and superb quality. Over 95% of all United States regular issue coins were present and there were many finest known or Condition Census pieces in all series. The strongest areas included pre-1834 gold coins, early copper and silver proofs and mintmarked 19th century gold.

As with the Eliasberg collection, many of the Norweb coins were from famous auctions conducted in the early part of the 20th century. Thus, by owning a Norweb coin, it is often possible to trace its pedigree back another 50 to 75 years.

c. The GARRETT Collection

The Garrett Collection is another collection that was the result of the efforts of several generations of one family. In this case, the collection was begun by T. Harrison Garrett, an owner of the Baltimore and Ohio Railroad, in the 1870's. The collection grew considerably in the 1880's, until Garrett died in 1888. The collection was continued by his son Robert, who loaned it to Princeton University for nearly two decades at the beginning of the 20th century. The collection was acquired by Robert's brother John in exchange for his art collection. It was added to until the death of John Work Garrett in 1939, after which it was donated to Johns Hopkins University in Baltimore.

The first Garrett sale was conducted by the New York auction firm of Stack's in March 1976. This sale featured long runs of original 19th century proof sets and one of the finest selections of proof gold coins ever offered.

The bulk of the Garrett collection was auctioned by Bowers and Merena from 1979 through 1981. The first sale was held in November 1979 and it contained 622 lots which realized a bit over $7 million. The unquestionable star of this sale was an example of the celebrated Brasher Doubloon that sold for a record $725,000. As this sale was held during a numismatic bull market (as were the next two parts of the sale), many price records were set.

The second Garrett sale was held during the incredibly strong market of March 1980. Consisting of just 572 lots, the prices realized for Part Two was an impressive $7.05 million. The two highest prices realized were $400,000 for an 1804 silver dollar and $500,000 for a Proof 1851 Humbert octagonal $50 "slug."

The third Garrett sale was held in October 1980 in a market that was still extremely strong. A total of 496 lots sold for over $4 million dollars and numerous new price records were established. The highest individual prices realized for this sale included $130,000 for an Uncirculated 1795 $10 and $120,000 for a choice 1798/7 eagle.

The final Garrett sale was held in the more tranquil market of March 1981. Nonetheless, the prices realized for the 661 lots totalled over $4 million, bringing the gross prices realized for the four Bowers and Ruddy sales of this collection to over $25 million. This is the second highest price realized at auction for a single collection, exceeded only by the Eliasberg collection (which brought over $40 million).

The Garrett collection was one of the first great sets of American coins and included many extreme rarities with pedigrees back to the 1870's and the 1880's. This was clearly one of the greatest collections of all time and one which probably could not be duplicated today.

d. The ELROD Collection

For most of the first part of the 20th century, branch mint coins were overlooked by all but a small number of collectors. Assembling specialized sets of coins from Charlotte and the other branch mints really did not begin in earnest until the late 1950's/early 1960's. One of the first collectors to specialize in high grade examples of Charlotte coins was Stanley Elrod from Matthews, North Carolina. Elrod began collecting coins from his "local mint" in the 1960's and would go on to assemble at least three complete sets.

The last of these was clearly the finest set of Charlotte coins ever assembled. It included a number of finest known and Condition Census pieces. It was first offered for sale as a complete set in the mid-1980's but serious negotiations regarding its sale did not begin until the end of that decade. It was eventually sold to a consortium of dealers who later sold it intact to California dealer/collector/investor Hugh Sconyers.

For the next few years, Sconyers added to the collection. He was able to include a number of coins that were significantly finer than the original Elrod coins but which, at the same time, were of similar quality and appearance to the Elrod coins that were retained. In the middle part of the 1990's, Sconyers decided to sell the collection and it was purchased by Winthrop Carner, a New York dealer who specialized in rare gold coins. Carner proceeded to break up the collection and began selling coins to an eager audience of new collectors. The majority of the coins went to two collectors: William Miller from Michigan and Paul Dingler from North Carolina.

Carner later sold the remainder of the Elrod collection back to Sconyers who then quietly brokered the coins to other collectors through a small number of dealers.

In February 1999, some of the Elrod coins were offered for sale as part of the Miller collection in the Heritage Long Beach auction. The pieces in the Dingler collection remain off the market and the other Elrod coins are owned by a number of collectors and investors.

The Elrod collection was unquestionably the finest set of Charlotte coins ever formed. Elrod was fortunate to begin collecting these coins at a time when he had little competition and nice, original Charlotte coins could still be found from time to time.

The Elrod pedigree carries a great deal of weight among Charlotte collectors as it is an assurance that a coin is not only among the finest known examples of its respective issue but that it is choice and original as well.

e. The REED Collection

Byron Reed was born in upstate New York in 1829. He moved to Omaha, Nebraska in 1856 and by the early 1860's, he had become an important figure in this new settlement. After the end of the Civil War, Omaha became an important gateway to the West and its economy boomed. Reed, who was one of the major landowners in this city, became very rich and assumed a prominent position in the business and political affairs of both the city and the state.

Byron Reed began to collect coins (as well as art, manuscripts and other objects) in the mid 1870's and continued his purchases until he died in 1891. After his death, the collection was willed to the City of Omaha and the Omaha Public Library. It was later placed in the Western Heritage Museum where part of it is now on display.

A portion of the collection was sold Spink's/Christie's in October 1996 in order to raise funds for the renovation, expansion and endowment of the Western Heritage Museum. As with all museum collections, the announcement of this sale was met with controversy. A decision was made to replace the coins that were sold with similarly dated but lower value examples.

The Byron Reed sale contained 407 lots of coins and it realized over $5 million. The strengths of the sale included proof gold coins and superb pre-1834 gold issues.

Highlights of the Reed sale included an Uncirculated 1796 With Stars quarter eagle that brought $232,000, a Gem Uncirculated 1864 quarter eagle at $132,000, a Gem 1828/7 half eagle that realized $159,500, a Gem 1829 small planchet half eagle at $374,000, a Gem 1832 twelve stars half eagle at $297,000 and a three coin partial proof set of 1875 gold issues that sold for $352,000.

Unlike some of the other great "name" collections that have been sold in recent years, the Reed sale represented just a small part of his holdings. There are many other great coins in this collection that are now on public display in Omaha and the estimated value of the entire coin collection is a conservative $25 million+.

The coins from the Reed collection are noteworthy for their originality. The silver coins from this collection were poorly stored and, unfortunately, they are so deeply toned that they have no eye appeal. The gold coins luckily avoided this fate and were characterized by nice color and good eye appeal.

f. The PITTMAN Collection

John Jay Pittman was different from the other collectors in this group. He did not come from great wealth nor did he have unlimited funds to buy coins with. His forte was an uncanny ability to spot good value and the ability to determine underpriced areas in the market before they became "fashionable" or fully priced.

Pittman was born in 1913 and went to work for Kodak in Rochester, New York in 1936. He began collecting in the early 1940's and became very active towards the middle part of that decade. Pittman's single most brilliant decision as a collector was to attend the sale of the famous King Farouk collection that was held on behalf of the Egyptian government in Cairo in 1954. At this sale, Pittman spent a considerable amount of money and actually wound up taking a second mortgage on his home to finance his purchases. When one considers what these coins sold for some forty five years later, it is clear that this great financial risk was amply rewarded.

David Akers Numismatic Auctions was chosen to sell the collection. The first Pittman sale was held in October 1997 and it featured 1264 lots of coins including half cents, large cents, small cents, minor coins, nickels, half dimes, dimes, gold dollars, half eagles, double eagles, territorial gold coins and proof sets. The total price realized for this sale was $11.8 million. Some of the highlights included a complete 1843 proof set that sold for $412,500, an 1844 proof set that realized $440,000 and an 1859 proof set that brought $426,250. Other notable coins included a Proof 1833 half eagle that brought $467,500 (Pittman paid $635 for this coin at the Farouk sale in 1954), a Gem Proof 1835 half eagle at $308,000 (this piece cost $140 in the Memorable sale of 1948) and a Gem Proof 1836 half eagle that realized $198,000 (Pittman purchased this as part of a large group of coins for $483 in the Farouk sale.

The second Pittman sale was held in May 1998. It consisted of 869 lots and the total price realized was $12.2 million. Included in this memorable offering were quarter and half dollars, silver dollars, quarter eagles, three dollar gold pieces, half eagles, eagles, proof sets, and miscellany. Some of the highlights included a Gem Proof 1852 quarter at $176,000 (it cost Pittman $50 in 1953), a Proof 1839 With Drapery half dollar for $132,000 (Pittman paid $725 for this in 1961), a complete 1845 proof set which brought $756,250, an 1846 proof set that sold for $522,500 and a Gem Proof 1838 eagle that brought $550,000 (Pittman bought this coin as part of a four coin lot at the Farouk sale in 1954 for $590).

The final Pittman sale will be held in August 1999. It consists of his foreign coins and its estimated value is $10-15 million. Assuming that this sale brings in the middle of this range, the entire Pittman collection will have brought over $35 million.

Coins from the Pittman sale are notable for their originality and superb coloration. These coins are very highly prized by collectors and a Pittman pedigree will, no doubt, become greatly desirable in the future.

g. The BASS Collection

Harry Bass was a Dallas collector who specialized in United States gold coins. His collection was unique in that it was concerned with die varieties of specific issues. Bass was a keen student and had more technical knowledge about varieties of United States gold coins than anyone else. What made his collection all the more impressive is that most issues were represented not only by multiple examples but numerous Finest Known or Condition Census pieces.

In the middle part of the 1990's, Bass announced that he was creating a foundation (the Harry Bass Research Foundation or HBRF) that was dedicated to numismatic scholarship and would contain his coins. The Foundation was responsible for creating groundbreaking research sites on the Internet and contains excellent reference sets of pattern coinage and paper money.

Bass died in 1997 and it was soon announced that the majority of his collections would be sold at auction by Bowers and Merena. The first Bass sale was held in May 1999 and it contained paper money, pattern coinage, colonials, a small number of regular issue copper and silver coins and miscellany.

The major value of the Bass collection is its gold coinage and Bowers and Merena has announced that these coins will be offered in two sales. The first is to be held in October 1999 while the second is scheduled for May 2000.

It is expected that these two sales will contain between 4000 and 5000 lots and they have an estimated value of $25 million. When these sales are completed they should break many records and the Bass collection will rank as among the most valuable ever sold at auction.

The Bass coins are being sent to PCGS and will be specially designated by this firm with the bass pedigree. It is certain that many of the coins will be removed from the PCGS holders and sent to NGC. The Bass pedigree will certainly be recognized by this grading service as well.

The Bass collection is one of the last great "old time" collections that will be sold and it is probable that coins with the Bass pedigree will be revered by future collectors.

III. Other Important Pedigrees

The following private collections or public auctions are considered very important by collectors:

Jack Lee Collection: A complete set of Morgan and Peace Dollars (including proofs from the first type) that is regarded as the finest ever assembled. This set was sold by private treaty to a group of dealers in 1998. The Jack Lee pedigree is recognized by both PCGS and NGC.

Knoxville Collection: A superb quality type collection that was assembled by a collector in this Tennessee city. It contains many finest known, ultra-high grade pieces. The Knoxville pedigree is recognized by NGC.

Whitney Collection: A highly specialized set of 1796 coins in all metals formed by John Whitney of New York and sold at auction by Stack's in 1999. The Whitney pedigree is recognized by both PCGS and NGC.

Price Collection: A very high quality set of Indian Head gold coins and St. Gaudens double eagles formed by Dr. Thain B. Price. This collection was auctioned by David Akers in 1998. The Price Pedigree is recognized by both PCGS and NGC.

Starr Collection: Also known to collectors as the "Philadelphia Estate." This collection was formed by Floyd Starr from the 1920's to the 1950's and contained a very wide range of important rarities. The collection was sold in three parts by Stack's. The first contained half cents and large cents, the second contained other regular issue United States coins while the third featured Canadian and World coins. This was one of the finest collections of American coins to be sold in the 1990's. The Starr pedigree is recognized by PCGS and NGC.

Milas Collection: Ed Milas, a well-known dealer, formed a magnificent set of No Motto half eagles (1839-1866) that were auctioned by Stack's in May 1995. This set was particularly rich in Charlotte and Dahlonega issues and contained many finest known coins. A number of these were re-offered in Stack's November, 1995 sale. The Milas pedigree is recognized by both grading services.

Bareford Collection: Harold Bareford was a New York collector who formed a very high quality collection in the 1940's and 1950's. His gold coins were sold at auction by Stack's in 1978 while his silver and copper coins were auctioned by the same firm in 1981. The Bareford pedigree is recognized by both services.

James Stack Collection: This very high quality collection was assembled in the 1930-1960 era and contained an exceptional array of high quality coins in all metals. The coins have been sold at a series of auctions by Stack's that began in 1975 and concluded in 1994. PCGS and NGC both recognize the James Stack pedigree.

Brother Jonathan: In July, 1865, the steamship S.S. Brother Jonathan was lost in the waters off the border of California and Oregon. Included in its cargo were thousands of United States gold coins with most of these being double eagles dated 1863-S and 1865-S. The ship was salvaged in 1996 and in 1999 Bowers and Merena sold these coins at auction. The high quality of these coins and the romance attached to them being from a shipwreck have made them very popular. Both PCGS and NGC recognize the Brother Jonathan pedigree.

IV. Some Final Thoughts and Important Considerations on Pedigrees In series that are collector-dominated, such as Large Cents or Bust Half Dollars, pedigrees are more important than in series such as Commemorative gold coins that are investor-dominated.

It is easier to determine the pedigrees on older "hand made" coins (i.e., those struck before the introduction of the steam press to U.S. coinage in 1837) because these coins were more prone to such phenomena as die cracks, planchet faults, etc.

Both PCGS and NGC will recognize the pedigree of a coin by providing a notation on the insert that is encased with their "slabs." To have either service provide a pedigree, it helps to make it easy to prove that a coin is from a specific collection. The easiest way to establish proof is to, of course, have a record from the auction sale which the coin came from. If this is not available and the coin is clearly recognizable as being from a specific sale, it helps to indicate a certain feature (such as a pattern of toning or the location of a mark or a manufacturing characteristic) that is easily visible in the catalog's photograph.

As Internet coin sales increase, the importance of a coin's pedigree will increase. If four people are offering the same type of coin for sale, the person who markets it best is mostly likely to sell it. Stating an important pedigree and explaining its significance is likely to make a coin more saleable; especially if the buyer is someone who has experience with antiques or art.

At this point in time, the Eliasberg pedigree is considered the most valuable among collectors. A coin with an Eliasberg pedigree typically commands a 10-15% premium due to its high level of demand. In terms of desirability, the next tier of "name sales" includes Pittman and Norweb.

The Charlotte Gold Market, 1987-1997: A Decade Brings Radical Changes

In 1987, my book "Charlotte Mint Gold Coins: 1838-1861, A Numismatic History and Analysis" was published by Bowers and Merena Galleries. In the ensuing decade, the changes in the Charlotte market have been so radical that I have been compelled to rewrite and totally update this book. In preparing my new book on Charlotte gold coins (to be published in 1998 by DWN Publishing), I have been amazed at the breadth of the changes which have characterized this market in the past decade. My first book on Charlotte has become so out-of-date that when people inquire as to its availability, I tell them not to buy it and to wait for the revision.

As I have been researching the various Charlotte issues, I have made some interesting observations. The following areas represent, in my opinion, the biggest changes which have pervaded the Charlotte market (many of these changes can also be applied to the "rare date gold" market as a whole).

I. The Advent of Certified Grading

The population and Condition Census data in the 1987 edition of my book was based on research done in the mid-1980's. This was before the creation of PCGS and NGC. Needless to say, the changes brought about by these two services have had profound effects--both good and bad--on the Charlotte market and on numismatics as a whole. Some of the changes are obvious. After ten years of grading Charlotte coins, enough pieces have been seen by the services to create a useful population and grade distribution database. Everyone knows that the numbers in the PCGS Population Report and the NGC Census Report are skewed due to resubmissions, crossovers, etc. However, this data is far more advanced than anything available in 1987. For the first time, it is possible to get meaningful comparative rarity data. As an example, the population reports are best used in determining how rare an 1840-C half eagle in Extremely Fine-45 is relative to an 1850-C half eagle in the same grade. In 1987, this data was far more speculative and open to interpretation. Today, the collector can easily find out if the information he is being told about a specific coin or date is accurate.

II. An Increase in the Population of High Grade Coins

For a variety of reasons, the number of important high grade Charlotte gold coins has dramatically increased in the past decade. Some of the reasons for this include the following: rising prices have brought new coins into the market, many old collections have been sold and some previously unknown hoards or accumulations have quietly entered the market. Population "explosions" for a few dates are readily noticeable. One example of this is the 1838-C quarter eagle. When the 1987 edition of my book was released, I estimated that only three to four were known in Mint State. In the 1998 edition, my estimate of Mint State examples has been revised upwards to seven or eight coins. In 1987, I estimated the number of Mint State 1844-C half eagles to be two or three; today, I can account for five separate pieces. These numbers may not sound significant when compared to very common coins but in a narrow, tightly traded field such as Charlotte gold, these increases are dramatic.

III. An Increase in Prices

Many series of coins have seen dramatic downward movement in prices when viewed as a whole from 1987 to 1997. Collector-based series such as Charlotte gold, on the other hand, have seen very solid increases. The following chart takes the most common dates in all three denominations from this mint and compares the 1987Redbook prices with those in the 1997 edition of this book.

DATE/DENOM. 1987 REDBOOK PRICES 1997 REDBOOK PRICES EF-40 AU-50 MS-60 EF-40 AU-50 MS-60 1851-C $1.00 500 825 2,000 700 1000 2,500 1847-C $2.50 450 900 2,500 900 1,900 5,750 1847-C $5.00 750 1,000 3,000 1200 3,000 10,000

As this chart shows, the prices for even the most common Charlotte coins rose considerably in the past decade. Many coins doubled in price and one, the 1847-C half eagle in MS-60, tripled. These prices are even more dramatic when one examines the levels for rarer dates or for extremely high grade coins (i.e., Mint State-62 and above). Simply put, high grade examples of Charlotte gold have proven to be an excellent investment during a coin market which has seen a lot more downswings in price than upward movement (at least since 1990).

IV. A Change In Grading Standards

The most important thing to remember about grading is that, despite claims to the contrary, it remains highly subjective. It is hard enough to get a group of experts to agree on Mint State common date Morgan Dollar grades; let alone complex issues such as Charlotte coins. In the late 1980's/early 1990's, PCGS and NGC began grading significant amount of Charlotte gold coins. For the most part, the grading standards of that era tended to be very conservative. Today, standards have relaxed considerably. In my opinion, the EF-45 of the late 1980's is an AU-50 (or even an AU-53) today. And the AU-55 of the late 1980's is an MS-60 (or even an MS-61) today. The primary effect of this is to provide an unrealistic picture of availability for certain issues. As an example, as of September, 1997, PCGS had graded 41 1849-C half eagles in the various About Uncirculated grades. In the forthcoming revision of my Charlotte book, I estimate that the total number of 1849-C half eagles known to exist in all AU grades is 35-37. It is my opinion that many of the 17 coins graded AU-50 by PCGS (as well as some of the 10 coins graded AU-53 by this service) are coins which would have graded Extremely Fine a decade ago.

V. The Fall and Decline of "Crust"

I am a fan of original surfaces on gold coins. To my eyes, there is nothing more attractive than a Charlotte piece with layers of old "crust." (I define "crust" as original toning over a heavy layer of natural "skin" on a coin's surface which develops over the course of time). To me, originality provides great eye appeal. Unfortunately, the two grading services have unwittingly contributed to the destruction of a great number of gold coins by penalizing them for originality. It is my experience that if you submit a "crusty," original AU-50 coin, it is invariably graded EF-45. But, if you take the same coin, scrub off the crust and make it bright, it will grade AU-50 to AU-55. Ironically, the financial incentive for submitters is to destroy their coins in order to maximize their value. This is especially true in a market such as Charlotte gold where the difference between an EF-45 and an AU-50 can be thousands of dollars. As time passes, I think the number of truly original Charlotte coins will continue to shrink. The few remaining coins with original surfaces will invariably trade for strong premiums among knowledgeable buyers and unwitting new collectors and investors will get stuck with the overgraded, unnaturally bright dregs.

VI. A Shift in the Supply and Demand of Charlotte Gold

One of the major reasons why common coins have dropped significantly in price in the 1990's is the fact that more and more come onto the market while fewer collectors, investors and dealers are around to absorb them. Charlotte gold coins are one of the few series where the supply/demand ratio has been such that enough new collectors have come into the market to absorb the coins which have come onto the market. A typical "common date" Charlotte half eagle has a surviving population of 150-200 pieces. At least half of these coins are in very low grades and, therefore, are of little interest to collectors. Another large group are either in museums or tightly-held private collections and are off the market. Suddenly, an original population of 150-200 may now have shrunk to twenty or fewer coins which are of the quality which an advanced collector will find acceptable. If there are 50-100 serious collectors of Charlotte gold (and my guess is that the actual number is greater than this), than there exists a demand for coins which is two to five times greater than the actual supply. The result is that prices for Charlotte gold coins have risen and should continue to do so as fewer and fewer coins are chased by more and more collectors.

VII. Many Major Collections are Sold and ManyNew Players Enter the Market

In the decade from 1987 to 1997, many of the finest collections of Charlotte gold coins ever assembled have been sold. Important collections sold at auction include Norweb (Bowers and Merena, 1987-1988), Willard Blaisdell (Stack's, 3/90), Billy Fuller (Heritage, 7/93) Reed Hawn (Stack's, 10/93), James Stack (Stack's, 10/94), R.T. Wilder (Stack's, 11/94) Ed Milas (Stack's, 5/95 and Stack's/RARCOA/Akers, 11/95) and the forthcoming Pittman sale (Akers, 10/97). In addition, the Stanley Elrod collection, which is recognized by experts as the final complete set of Charlotte coins ever assembled, was sold intact and then broken-up and sold individually from 1995 to 1997. Coins from these sales now dominate the revised Condition Census listings for Charlotte gold coins and this will be reflected in my forthcoming book.

At the same time, there has been a change of leadership in the Charlotte market; both from the standpoint of the sellers and the buyers. Of the ten leading dealers in Charlotte gold in the current market, at least half of them were not active in 1987 and others, such as myself, have only recently had the financial resources available to compete in the higher end market. Of the ten leading collectors of Charlotte gold in 1987, at least half of them are either deceased or no longer active. Many of the most significant buyers had never seen a Charlotte gold coin in 1987, not to mention the fact that they were unable or unwilling to spend serious money on their current passion a decade ago.

VIII. Summary

Collectors of Charlotte gold who have been active since the mid-1980's are, no doubt, marvelling at the tremendous changes that they have seen in the past decade. The number of high grade rare coins which have been made available to them, especially in the 1990's, has been nothing short of incredible. As one collector recently said to me, half-jokingly, "it's like they reopened the Charlotte Mint for a few years and decided to give us a second chance at the really nice, rare pieces we needed for our collections. Conversely, the prices which these same collectors now have to pay for choice pieces makes the prices of 1987 seem very, very reasonable. In 1987, the collector of average means could afford to put together a nice Extremely Fine to About Uncirculated set. Today, this set is out of the price range of the lower budget collector.

Nearly all of the major collections which have been formed since 1987 have been built around slabbed coins. Unless a Charlotte coin is from an old-time collection and is being sold at auction, the chances are good that it if it is unslabbed, it has a problem.

In my opinion, the future for collector-oriented series such as Charlotte gold coins looks very bright. Assuming that my new book creates even a moderate number of serious new collectors, the supply/demand ratio will become even more skewed. If three or four major players decide to assemble high grade sets of Charlotte gold in the next two or three years, the supply will noticeably dwindle. This will lead to further price increases and, perhaps, even more radical market changes than the ones discussed above.

Carson City Gold Coinage: 1999 Update

In 1994, the book "Gold Coins of the Old West" was published. This book, which I co-wrote with Dr. Lawrence Cutler and which was based on research from 1992-1994, immediately became the standard reference for Carson City gold coinage. In the ensuing years, there have been some important changes in the Carson City gold coin market; enough that I am planning to rewrite my book and release a new version of it sometime in the year 2000. Following are some observations from the past few years that I feel are important for collectors of Carson City gold coins. These observations are limited by the size of this article and they will be discussed in much greater detail in my upcoming book.

I. An Important Hoard Hits the Market, 1992-1997

The single most important hoard of United States gold coinage of all time was quietly released into the market between 1992 and 1997 (these dates are based on my own observations and may not be accurate). It is unknown exactly where these coins were from or what dates were included. What is known is that this hoard contained thousands of Carson City pieces and that the rarity levels for certain dates were changed forever.

It appears that this hoard contained more Carson City double eagles than half eagles or eagles. Some of the double eagle dates that were dramatically affected by this hoard include: 1872-CC, 1873-CC, 1874-CC, 1876-CC, 1877-CC, 1882-CC, 1883-CC, 1884-CC, 1890-CC and 1893-CC.

Just how significant were these hoards? The 1876-CC double eagle is an excellent example. In Jnauary 1993, the first third-party graded Uncirculated example of this date, a PCGS Mint State-61, was sold in a Bowers and Merena auction for $13,750. A few months later, a group of forty or so Mint State-60 to Mint State-61 1876-CC double eagles entered the market. I can remember being offered a number of these coins in the $3,500-4,000 range; good value for me, but not such good news for the person who bought the B & M PCGS Mint State-61. Interestingly, prices for this date (and many of the others affected by the hoard) have recovered from their market lows of 1994. Today, a third-party graded 1876-CC in Mint State-60 is worth $4,000-4,500, while a Mint State-61 would easily trade in the $5,000-6,000 range.

II. Supplies Dry Up, 1997-1999

The hoard described above was truly a once in a lifetime occurrence in terms of the availability of Carson City gold coinage. And, for the most part, the truly rare Carson City issues (especially those struck prior to 1880) have remained just as rare as they were when "Gold Coins of the Old West" was published. When comparing the Condition Census listings of 1994 versus the listings of 1999, it is interesting to note just how little change there is for the rare pre-1880 issues. This is an interesting contrast to the Condition Census listings for Charlotte and Dahlonega coinage. I have attempted, since 1991, to keep a database with Condition Census listings for all 19th century branch mint United States gold coins. For certain Charlotte and Dahlonega issues, the coins which comprise the Condition Census are almost entirely new since my books on these two mints were published in 1997 and 1998, respectively. Why is this so? The most important answer has to do with the fact that prices on Charlotte and Dahlonega coins have gone up so much in the past few years that many old-time collectors are selling them and they are being supplanted by investors who, as a rule, hold coins for a much shorter period of time.

III. The Strike vs. Wear Conundrum

Certain Carson City gold coins, especially half eagles and eagles made from 1870 to 1875, are extremely hard to grade. These issues were poorly produced and they have strikes that are unique to their respective issues.

As an example, 1873-CC half eagles generally come with very poor detail on the obverse and it is not uncommon for the obverse of a coin to appear Very Fine while the reverse looks close to About Uncirculated. At the time my book was published, I can remember the constant struggle I had to get these rare dates in the "right" holder when I would send them in for grading. It seemd that both PCGS and NGC would never learn the difference between strike and wear. Coins I was convinced were real About Uncirculated-50's would always come back as Extremely Fine-45's and I would sell them begrudgingly.

Today, the services are much better at grading the difficult Carson City issues. They have learned the difference between strike and wear and tend to put coins in the "right" holders. In fact, in some cases they have become overly liberal and put coins in AU-50 and AU-53 holders that would not have graded higher than EF-45 a few years ago.

IV. Double Eagles Become the Coins Everyone Wants

Carson City double eagles have always been popular with collectors. But after thousands of them became available in the mid-1990's (see #1 above), their popularity (and price) levels dropped significantly. I can remember going to coin shows in 1994-1995 and having other dealers telling me that they didn't even want to look at any Carson City double eagles I might have brought with me.

Demand for Liberty Head double eagles began to pick up considerably by 1996. As a result of promotions by large-sized marketing firms, Liberty Head double eagles, in particular, became one of the hottest areas of the rare coin market in 1997.

Carson City double eagles have proven to be one of the most promotable areas within this denomination. There are a number of reasons why these coins are very easy to promote: they have a great story behind them; they are big, attractive coins that can easily be appreciated by the novice; they are scarce, but not so much so that they can't be marketed in small to medium sized quantities; they are a short, completable series (unlike Philadelphia double eagles), etc.

With the imminent sale of choice and gem quality Type One double eales from the S.S. Central America, it is possible that many more collectors will become interested in double eagles. The demand for choice and rare pieces from the Carson City mint should increase accordingly.

V. Some "Impossible" New Coins Become Available

Some Carson City coins that I would have formerly thought could not have existed have entered the market since the publication of "Gold Coins of the Old West." There have been a number of viable reasons for the sudden availability of such coins: an increase in price bringing out "hidden" coins, old time collections becoming available due to the death of their owner and accidental discovery. Some of the more important Carson City gold coins that have come into the market since the publication of my book in 1994 include the following:

1870-CC $5.00, PCGS Mint State-61. This coin was discovered by a non-collector in 1995 and it was later purchased by a Nevada coin shop. It was sold to a collector in Reno. It is the only unequivocally Uncirculated example of this date that I have seen and it is a superb coin with deep, original color over "crusty" surfaces.

1871-CC $5.00, NGC Mint State-63. This coin first surfaced in 1996 or early 1997 and it was offered as Lot 7686 in the 1997 ANA sale. After trading hands a few times, it is now owned by a pair of midwestern dealers. It is the only known Uncirculated example of this date and it is one of the finest Carson City coins of any issue from the 1870's.

1870-CC $10.00, PCGS About Uncirculated-50. Until this piece was discovered in the midwest early in 1999, the 1870-CC eagle was unknown above Extremely Fine-45. This coin was sold by the author to a New Jersey collector for a mid-five figure price in February 1999.

1870-CC $20.00, PCGS About Uncirculated-50. This is another issue that until recently was unknown above Extremely Fine-45. However, in the past few months I have had the pleasure of handling two 1870-CC double eagles in About Uncirculated-50. Both were sold to Universal Coin and Bullion in Beaumont, Texas who, in turn, placed them with appreciative new collectors.

VI. Pricing Information Remains Vague & Outdated for High Grade Coins

I have recently had the opportunity to handle some high quality Carson City half eagles and eagles and have noticed that published pricing information for these coins is either outdated (due to a paucity of auction records or reported private sales) or non-existent. I would like to suggest the following price levels for the rare pre-1890 half eagles and eagles, based on transactions of which I am aware of or have participated in.

HALF EAGLES, 1870-1884 DATE AU-50 AU-55 MS-60 HIGHER 1870-CC 25,000 35,000 100,000 --------- 1871-CC 10,000 17,500 --------- MS-63: $95,000 1872-CC 20,000 35,000 --------- --------- 1873-CC 30,000 50,000 80,000 --------- 1874-CC 11,000 19,000 40,000 --------- 1875-CC 12,500 23,500 55,000 --------- 1876-CC 15,000 27,500 --------- --------- 1877-CC 12,500 25,000 --------- --------- 1878-CC 20,000 35,000 --------- --------- 1879-CC 3,000 6,000 15,000 MS-61: $20,000 1880-CC 1,250 4,000 12,000 MS-61: $15,000 1881-CC 7,500 11,500 25,000 MS-61: $35,000 1882-CC 600 1,500 6,000 MS-61: $8,000 1883-CC 3,000 7,500 17,500 MS-61: $21,500 1884-CC 2,500 4,500 17,500 ---------

EAGLES, 1870-1884 DATE AU-50 AU-55 MS-60 HIGHER 1870-CC 50,000 --------- --------- --------- 1871-CC 15,000 20,000 AU-58: $30,000 --------- 1872-CC 22,500 --------- --------- --------- 1873-CC 30,000 --------- --------- --------- 1874-CC 7,500 15,000 AU-58: $25,000 --------- 1875-CC 27,500 40,000 --------- --------- 1876-CC 25,000 --------- --------- --------- 1877-CC 15,000 --------- --------- --------- 1878-CC 20,000 30,000 AU-58: $35,000 --------- 1879-CC 25,000 35,000 AU-58: $40,000 --------- 1880-CC 1,500 3,500 12,500 MS-61: $15,000 1881-CC 900 1,250 7,000 MS-62: $10,000 1882-CC 3,000 6,000 17,500 --------- 1883-CC 2,000 4,000 15,000 --------- 1884-CC 2,000 3,750 12,500 MS-62: $20,000

It is my opinion that current pricing information for Carson City double eagles, while not perfect, is comparably accurate. This is due to the fact that enough pieces trade that it is easier to compile and track price levels.

VII. Conclusion

The future looks excellent for Carson City gold coins. This is an area where the classic rules of supply and demand are in effect: an ever-dwindling number of choice and/or rare coins are being pursued by an increased number of affluent, serious collectors.

The publication of my new book on Carson City gold coins in 2000 should provide a further impetus to prices. In my admittedly biased opinion, I'd strongly suggest that collectors who are interested in beginning a set of Carson City gold coins do so immediately - while they can still find some coins.