The Ten Coolest United States Coins

About five years ago, a dealer who specialized in ultra-expensive United States coins had an advertising campaign that said, basically, your entire coin collection should be able to fit into a single PCGS/NGC coin storage box. Such a box holds exactly twenty coins. This was obviously an elitist sentiment and it was generally derided as being pretentious. But I thought it had some merit. In numismatics, quality is always a surer bet than quantity (although a large quantity of great quality is best of all...)

I recently got a phone call from a wealthy new collector who asked me to draft a very interesting proposal for him. He was interested in collecting coins but he had very little spare time available to devote to learning about them. So he asked me to come up with a list of ten coins that, in my opinion, were the most significant United States issues.

As I got to thinking about this list of coins, I drew up the following parameters:

The coins had to be very historic. Their historic significance had to be easily understood, even by someone who didn't know much about U.S. History or coinage. They had to be coins that were always in demand, in good markets and bad. They had to have multiple levels of demand. In other words, they had to be considered desirable by a number of different groups of collectors. They had to be attractive in terms of their design. They had to be rare, but not so rare that they commanded an inordinate date premium.

This collector gave me some other parameters to consider as well. While wealthy, he did not have unlimited funds; nor did he like coins enough that he wanted to put an inordinate amount of his net worth into his collection. This collection would not consist of the "finest known" or the "best" of anything. Rather, it would consist of ten attractive, original, above-average quality examples of the ten most interesting and readily liquid United States coins. In essence, this collection would be themed as the "coolest coins ever struck in the United States," if you will.

Here is the list that I prepared for this collector, along with why I thought each coin should be in this small but special collection.

1. 1776 Continental Dollar

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

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

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

2. 1792 Half Disme

After obtaining its independence from Great Britain, one of the first legislative acts that the United States considered was the establishment of its own coinage. The first experiments were conducted in 1792. Most of the initial United States mint issues are extremely rare today. The most available is the 1792 Half Disme (the spelling of the word "Dime" was not changed until the beginning of the 19th century).

The story behind this coin is very interesting. George Washington was actively involved in its production and legend has it that he contributed his family's personal silverware for use in the striking of these coins.

Approximately 1,500 pieces were made and survivors are a bit more plentiful than generally realized. This is an extremely significant coin as it is the first United States issued struck by mint personnel in any quantity for use in circulation.

For this set, I would look for a nice About Uncirculated coin with original coloration and nice surfaces. The current value of such a coin is approximately $10,000-$15,000.

3. 1793 Chain Cent

The first two denominations to be struck by the United States mint were the half cent and the cent. Coinage for both began in 1793. Three designs are known for 1793 cents. The first, and most appealing in my opinion, is the Chain Cent.

A total of 36,103 1793 Chain cents were produced. The very first of these are easily identified by having the abbreviation AMERI. (for AMERICA) in the reverse legend. In my opinion, these are by far the most desirable of the major varieties and it is believed that around 7,000 were produced.

Chain Cents are often found very well worn and generally come with the obverse much weaker than the reverse. For this set, I would select a nice brown Extremely Fine to About Uncirculated piece. I would be very careful in making my selection and would look for a piece with good eye appeal, an above average strike and nice surfaces. Coins like this are rare and in great demand and I would expect to pay well in excess of current published values. An Extremely Fine coin is currently valued in the $20,000-$30,000 range while an About Uncirculated coin is worth $35,000-$45,000+.

4. 1794 Silver Dollar

The silver dollar was among the first coins authorized by the United States government. It is hard to think of a more significant coin for the fledgling United States than the dollar as it was the largest circulating coin at the time, both in terms of its size and its value.

This was a very difficult coin for the new mint to strike as they did not own equipment for coins larger than a half dollar. In addition, most 1794 dollars were struck from improperly aligned dies, making the date, the left stars, and the words UNITED STATES appear very weak.

Of the 1,758 pieces believed to have been struck, around 125 are known today. For this set, I would look for a nice, evenly worn Extremely Fine with as sharp a strike as possible. In particular, I would look for a coin with a well-defined date and reasonably sharp stars. This is another issue that is in great demand and nice coins always bring much more than published values. I would expect to pay between $75,000 and $90,000 for the right piece.

5. 1795 Eagle

The eagle, or ten dollar piece, was the highest denomination American coin until the twenty dollar gold piece was authorized in 1849. The essence of this coin is very easy to state in a few words: it is the first year of issue of the most important early gold type.

Only 5,583 1795 eagles were struck. There are a few hundred pieces known and this includes more high grade pieces than one might expect. The 1796 eagle is a much rarer coin and it is very undervalued in relation to the 1795. But I would much rather have the 1795 due to its significance.

For this set, I would choose a nice About Uncirculated example with clean surfaces, no significant adjustment marks, original color and a sharp strike. Such a coin, when available, would probably cost in the area of $30,000-$35,000.

6. 1836 Gobrecht Dollar

After a three decade hiatus, the silver dollar was resurrected in 1836. Its design was considered one of the most important projects undertaken by the new Mint Engraver Christian Gobrecht. From 1836 to 1839, he prepared a number of designs; which are among the most attractive coins ever struck in the United States in my opinion. My personal favorite is the so-called 1836 "original" with the engraver's name on the obverse and the reverse with stars above and below the eagle.

1,000 of these were struck as Proofs at the end of 1836. They were made for circulation and can be distinguished from those struck in 1837 (but dated 1836) by the orientation of the eagle on the reverse. They are generally found with some degree of wear and, for some reason, uncleaned pieces generally have extremely deep toning.

For this set, I would select a Proof-62 to Proof-63 example with attractive coloration, minimal detracting hairlines and good overall eye appeal. I would expect such a coin to cost in the area of $15,000-$20,000.

7. 1850 Double Eagle

The first regular issue double eagles are dated 1850; examples were struck at both the Philadelphia and New Orleans mints. Although the Philadelphia issue is much more available than its branch mint counterpart, I have long felt that the 1850 double eagle was one of the most important United States coins. In a nutshell, it is the first collectible Double Eagle and the twenty dollar gold piece is the largest and most popular United States gold coin.

1,117,261 1850 double eagles were struck and this is not an especially scarce issue in circulated grades. There are around 40-60 known in Uncirculated with most of these in the MS-60 to MS-61 range. This date is often found with an especially sharp strike, nice coloration and very good eye appeal.

For this set, I would select a Mint State-61 example that was original, lustrous and minimally abraded. The cost of this coin would be in the area of $6,000-$9,000; making it among the best values in this collection.

8. 1861-D Gold Dollar

The 1861-D gold dollar is the only coin that can be positively proven to having been struck by the Confederacy. After the branch mint at Dahlonega was seized in April 1861, a small number (1,000-2,000) were produced. Unlike such issues as the 1861-C half eagle and the 1861-O double eagle, which had mintage figures that include Federal and Confederate strikings, every single 1861-D gold dollar is a Confederate striking. This makes these coins, in my opinion, among the most historic issues available to collectors.

There are approximately 75-100 examples known with the typical specimen grading About Uncirculated. This issue is generally found with a poor strike and some planchet irregularities.

The 1861-D gold dollar I would choose for this set would be a very high end About Uncirculated-58 with as good a strike and as clean surfaces as possible. The cost for such a coin would be in the range of $17,500-$20,000.

9. 1879 Flowing Hair Stella

The four dollar "Stella" (so named because of the prominent star on the reverse) was a result of discussions regarding international trade coinage during the 1870's. A very limited number were made, with two different designs, during 1879 and 1880. The most available of these is the 1879 Flowing Hair.

The official mintage figure for the 1879 Flowing Hair Stella is 425 coins, although it is possible that a few more were produced. Approximately half of the original mintage survives today, in grades ranging from Very Good to Gem Proof.

My choice of Stella for this set would be a Proof-63. I would try to look for a coin with nice original surfaces, pleasing color and minimal hairlines or marks. A coin of this quality would cost in the area of $50,000-$55,000.

10. 1907 High Relief Double Eagle

Theodore Roosevelt believed that United States coinage designs had, by the early 1900's, become stale and out of touch. He was particularly eager to redesign the four United States gold denominations. For the eagle and double eagle he hired the prominent sculptor Augustus St. Gaudens.

St. Gaudens' battle with the entrenched Mint personnel is well known as is their subterfuge of his spectacular original design. The "High Relief" that most collectors are familiar with today is a severely watered-down version of his incredible "Ultra High Relief" design. Nevertheless, the 1907 High Relief is still widely regarded as the most beautiful American gold coin.

11,250 examples of this design were struck and the survival rate is uncommonly high. Despite this coin's relative availability, it is still a highly priced coin. But it is priced relative to its extreme popularity and, in my opinion, it is an essential member of this ten coin set.

The High Relief that I would include would be a high end MS-64. The cost of such a coin would range from $14,000 to $17,000.

Conclusion

The total cost for this set, with each of the coins in the grade ranges described above, would be approximately $250,000-$350,000. It would probably take a number of years to complete this set, especially if the collector is very particular in regard to the quality of each piece.

It is my opinion that this would be a great set of coins to assemble. There are certainly other American coins that can also be considered "cool," but these are the ones that I find most appealing.

Carson City Eagles: An Introduction and Overview

The Carson City ten-dollar gold piece or eagle series is the most difficult of the three gold denominations struck by this mint to collect. It contains the single rarest gold coin ever struck by this mint: the 1870-CC eagle, which is even rarer than its more celebrated and far more expensive counterpart, the 1870-CC double eagle. The completion of a Carson City eagle set is a very formidable task. Since only 35-45 1870-CC eagles are estimated to exist, only this number of complete sets of Carson City eagles can be formed. In comparison, 50-60 Carson City half eagle and 40-50 Carson City double eagles sets can be formed. As with the half eagle and double eagle series, completion of a set of the Carson City eagles is difficult but certainly realistic. There are only 19 dates in this series. Unlike the Philadelphia eagle series, the Carson City coinage is short yet, simultaneously, formidable. There are no impossibly rare or prohibitively expensive coins which make finishing a set impossible. Thus, it is a reasonable expectation to finish a Carson City eagle set, given enough time, money, and patience.

If a collector desires more of a challenge, he need only set his sights on higher grade coins. The Carson City eagles are generally rarer in higher grades (in this case About Uncirculated-50 or above) than their half eagle counterparts.

While Carson City eagles have never been touted as an investment vehicle, they have, in fact, shown excellent price appreciation over the past few decades. Values have risen steadily in the past decade despite a large price drop in the levels for common, "generic" coins. The western migration of the American people, along with a related increase of interest in western history and art, has caused Carson City coinage to be in demand among an increasing number of avid, well-heeled collectors and investors. The romance of the Old West along with the rarity of the Carson City eagles has made this a very popular series. These coins are also in demand by general collectors and type collectors.

Regardless of one's time and resources, a complete set of Carson City eagles in Uncirculated grades could never be assembled. Seven or eight of the 19 dates are currently unknown in full Mint State and there are many more dates in the eagle series that do not exist in Mint State than there are in the half eagle or double eagle series.

A partial Uncirculated set is just as daunting. The two most common issues from the 1870's, the 1871-CC and the 1874-CC, are exceedingly rare in Uncirculated. A half dozen or fewer Mint State 1880-CC, 1882-CC, 1883-CC, 1884-CC and 1893-CC eagles are known and nearly all of the Uncirculated pieces which exist for these dates are either in tightly-held collections or grade no better than Mint State-60. Even the second most obtainable Carson City eagle in Uncirculated, the 1892-CC, is a reasonably rare coin and the only issue that can be located in Uncirculated with any degree of regularity is the 1891-CC.

Choice Mint State (MS-63 and MS-64) Carson City eagles are very rare with probably no more than two dozen of all dates combined in existence. Gem Mint State (MS-65) Carson City eagles are essentially unobtainable. From the entire decade of the 1870's, only one MS-64 Carson City eagle (an 1874-CC) is known. Choice examples from the 1880's are currently unknown. The majority of the choice and gem pieces available are from the 1890's, specifically from 1891.

As with the other gold coin denominations from this mint, the rarity of the Carson City issues in high grades has to do with the fact that there were no coin collectors in Nevada who attempted to save these coins at the time they were struck. The few Mint State pieces that do exist have either survived by good luck or sheer coincidence. They may have been hidden in a bank vault for many years (as were some very high grade Carson City eagles purchased at the beginning of the 20th century by John Clapp, Sr. and later sold by his son to Louis Eliasberg, Sr. in 1942) or they were sent to Europe or South American banks as foreign trade payments. The coins that went overseas or that were found by collectors before the Depression were spared the cruel fate of being melted in the 1930's. Some of the other surviving Uncirculated pieces may have been assay coins that were shipped to Philadelphia and never destroyed after they were weighed and examined.

A careful look at the Carson City eagle series reveals some very interesting trends. Survival statistics depend, to some extent, on the original quantity minted and vary according to the era in which they were struck. In general (with the sole exception being the 1882-CC), the rarest coins in the series are the ones minted from 1870 through 1879. The 1882-CC is rarer than the most available date from the 1870's, the 1870's, the 1874-CC. The Carson City eagles produced in 1880, 1883-84 and 1893 are the next rarest. The 1881-CC is the most common date from the 1880's. The 1890 and the 1892 issues are considerably more difficult to locate than the 1891-CC which is by far the most readily available Carson City eagle.

The coins minted during the heyday of the Comstock Lode (1870-1879) have survived roughly--although not strictly--in proportion to their original mintage figures. I estimate that between two percent and as little as one half of one percent of each year's original production of eagles has survived. In general, the older the coin, the lower the average surviving grade and the fewer the high grade specimens that are known. This is intuitive reasoning as much as anything. The longer a coin remains in circulation, the more likely it is to become heavily worn or destroyed. Thus, the rarest Carson City eagle (the 1870-CC) is the oldest, despite the fact that this issue has only the sixth lowest mintage figure in the series.

The 1879-CC is the next rarest coin in the series and it has the lowest mintage figure of any Carson City gold coin with just 1,762 pieces produced. I estimate that around 40 to 50 of these survive. This makes it only a bit less rare than the more famous and far more expensive 1870-CC double eagle. Given the fact that it has such a low mintage, the 1879-CC eagle is actually a bit more available than one might assume. This issue has an estimated survival population of between 2.5% and 3% which is far and away the highest survival percentage of any pre-1890 Carson City eagle. This strongly suggests that there was a hoard of this date at one time.

The third rarest Carson City eagle is the 1878-CC. This date has the second lowest mintage figure--3,244 coins. I estimate that between 45 and 55 pieces exist. The survival percentage of this issue is higher than average and its rarity is primarily attributable to its very small original mintage. Interestingly, all of the 1877-1879 Carson City eagles have higher survival percentages than the rest of the coins in this series. This suggests that the hoard of 1879-CC eagles that was described above may have also included pieces dated 1877-CC and 1878-CC.

The 1872-CC is just a bit more available than the 1878-CC with an estimated 50-60 pieces known. This date has the fifth lowest mintage figure of all Carson City eagles with 4,600 pieces struck. However, as the 1872-CC is one of the earliest dates in this series, it had more time to acquire wear in circulation and/or to be destroyed. This has made the 1872-CC eagle rare both in terms of total numbers known and the average grade of its surviving population.

The 1873-CC and the 1877-CC eagles are similar to the 1872-CC in terms of the total numbers known. Each of these has an estimated surviving population of 50-60 coins. The mintage figures for these issues are fairly similar with 4,543 for the former and 3,332 for the latter. The comparable mintage figures for these two dates and the fact that they were struck just four years apart probably best explains why they are so similar in terms of their overall rarity.

A relatively high proportion of the surviving 1877-CC eagles grade Extremely Fine or higher. Of the 50-60 pieces believed to exist in all grades, twenty five to thirty one of these grade Extremely Fine or above. This is a disproportionately high percentage of high grade pieces when compared to the other dates from the 1870's. Interestingly, the same scenario is true in regards to the 1877-CC half eagle. This strongly suggests that there was, at one time, a small hoard of 1877-CC half eagles and eagles which included coins in the Extremely Fine to About Uncirculated.

The 1875-CC has one of the lowest survival rates of the 1870's dates and a much lower rate than the 1876-1879 issues. There has never been an explanation for this but my research has uncovered a fact that may provide an answer. It is possible that a quantity of newly minted 1875-CC eagles were damaged while stored in banks, shops or saloons during the great fire that ravaged Virginia City, Nevada in October, 1875.

The second most available Carson City eagle from the 1870's is the 1871-CC. Of the 8,805 that were originally struck, approximately 80-90 survive. With the exception of the 1874-CC, the 1871-CC has the highest mintage figure of any of the 1870's Carson City eagles. However, its rarity is maintained by its status as a very early date and its subsequent high rate of heavily worn and/or destroyed coins.

The most common Carson City eagle from the 1870's is the 1874-CC. Its mintage figure of 16,767 is more than double that of any other Carson City eagle struck during this decade. Much of this production was sent to Eastern states to meet a severe coin shortage. Despite its comparatively high mintage figure, the 1874-CC actually has one of the lowest survival rates of any Carson City eagle from this decade. This explains why this issue is still scarce despite its comparatively high mintage figure. It should also be noted that the 1874-CC half eagle also has a low survival percentage. It is likely that a similar fate befell both of these issues and destroyed an abnormally high percentage of the original mintage.

The 1882-CC is the only post-1880 Carson City mint that can be termed as scarce in any grade. An estimated 130-140 survive from the original mintage figure of 6,764. It has a relatively high survival percentage since it is a later date and, possibly, because a small hoard existed at one time.

The 1880-CC, 1883-CC, 1884-CC, and 1893-CC eagles are similar in regards to their original mintage figures and their estimated survival figures. The mintages for these four issues were 11,190, 12,000, 9,925 and 14,000 respectively. I estimate that between 125 and 175 of each issue have survived. Despite a slightly higher mintage figure and its later date of issuance, the 1893-CC may actually be the rarest of these four coins. The 1881-CC is the most common Carson City eagle struck prior to 1890. There are as many as 300 coins surviving from the original mintage figure of 24,015. This comparably high mintage figure accurately predicts that this date would be the most available from the 1880's.

The 1890-CC and the 1892-CC eagles are relatively close in rarity. The former has an estimated 350-400 known while the latter has approximately 400-450. These figures are interesting as the mintage figures for these two (17,500 for the 1890-CC and 40,000 for the 1892-CC) are so dissimilar. I noted in the overview on Carson City half eagles that fewer high grade 1892-CC half eagles have survived than of the other high mintage dates of the 1890's. The same is true with 1892-CC eagles. I cannot offer an exact reason for this curious anomaly. It does seem likely that many of the 1892-CC half eagles and eagles at some time underwent a similar destructive fate. Perhaps a large quantity of coins was not released and was later melted.

The 1891-CC eagle is by far the most common date of this series, as clearly suggested by its large mintage of 103,732 coins.

Carson City gold coins were struck for use in circulation. During the western gold and silver rushes, paper money was suspect. Thus, gold and silver coins were the accepted method of payment and saw very active commercial use. It is not surprising to find that those Carson City gold coins that did survive show extensive wear and heavily marked surfaces from their years in circulation.

It remains very curious that more higher grade Carson City eagles, especially from the 1870's, did not survive. Every eagle struck during this decade is now very rare in About Uncirculated and either unknown or excessively rare in Mint State. Why is this so, especially when quantities (albeit small ones) of eagles from Philadelphia and San Francisco from the 1870's are known in these higher grades?

One of the most likely reasons is the fact that, in the 1870's, ten dollars was so much money that only a tiny handful of people could even think of saving an eagle as a collectible item. But, conversely, there were some very wealthy people in the West at that time. Some of these newly made millionaires appreciated art and were collectors in their own right. So why didn't even a single one of these people decide to keep a newly-minted Carson City eagle from each year as a momento? It is even more surprising that no one bothered to save a new 1870-CC eagle as a first-year-of-issue souvenir, especially when one considers that a number of 1870-CC silver dollars were saved in this fashion.

The few Mint State Carson City eagles which do exist are invariably less choice than comparable Carson City half eagles. There is a sensible explanation for this. Eagles are larger than half eagles and they weigh more. When they come into contact with each other during transfer and storage, they cause larger marks. These coins were thrown loose into bags after they were struck and little care was given to them. This is precisely why they are so rare in high grades. And, Carson City double eagles are even more difficult to find in high grades since they are the heaviest of the three gold denominations produced at the Carson City mint.

For the collector, locating attractive Carson City eagles in higher grades (I.e., Extremely Fine and better) is very challenging. The typical coin, especially for the 1870-1879 dates, grades Very Fine or so and is characterized by excessive bagmarks and poor overall eye appeal.

The rarest Carson City eagle in Extremely Fine or higher is the 1870-CC with an estimated population of 11-13 coins. I estimate that only 12-15 1873-CC eagles are known in Extremely Fine or higher, making this the second rarest Carson City eagle in this grade range. Only 13-15 of the 1872-CC eagle are known to exist in Extremely Fine or higher. The 1875-CC and the 1878-CC have estimated population of 17-20 and 17-21 coins, respectively, in Extremely Fine or higher grades. The extreme condition rarity of these issues is a combination of their status as early dates and their very low original mintage figures.

The next rarity tier for higher grade Carson City eagles is led by the 1879-CC with an estimated 20-25 coins known in Extremely Fine or higher grades. Even though this issue is the second rarest Carson City eagle in terms of its overall rarity, it is more obtainable in higher grades than generally believed. This means that while this date does not appear for sale very often, when it does come up for sale, the average piece is likely to be in a higher grade than for such dates as the 1870-CC, 1872-CC, 1873-CC and 1875-CC.

As one would expect as mintage figures increase for these coins and the dates of issuance become more recent, the rarity of higher grade pieces diminishes. The two highest mintage dates of the 1870's are the 1871-CC and the 1874-CC and these are, not surprisingly, the two most available Carson City eagles of this era in higher grades. I estimate that there are between 32 and 37 1871-CC eagles known in Extremely Fine and above and between 44 and 61 of the 1874-CC.

Despite its very low mintage, the 1877-CC is more common in Extremely Fine than other Carson City eagles of this era. There are an estimated 19-22 known in Extremely Fine. However, this date is very rare in About Uncirculated, and it compares favorably to issues such as the 1872-CC, 1873-CC, 1875-CC, 1876-CC and 1878-CC in this very high grade range.

Like the similarly dated half eagle, the 1874-CC eagle is the most available issue from the 1870's both in terms of overall rarity and availability in high grade. In the overview on half eagles earlier in this book, I proposed a hypothesis which, I feel, explains this. The 1874-CC does have the highest mintage figure of any Carson City half eagle from the 1870's. But being an early date, one would guess that it would be less available in higher grades than it actually is. I feel that many 1874-CC eagles were shipped to the east coast to meet a need for circulating coins. It is very conceivable that a decent-sized group of 1874-CC eagles stayed in an eastern bank where they sat for many years and were later melted.

The 1882-CC eagle is a rare coin in terms of the total number of specimens that are known to exist. But it, too, is a bit less rare in high grades than one might assume. I estimate that 89-97 are known in Extremely Fine or above with approximately three dozen in About Uncirculated and just one or two in Uncirculated. For some reason, this date has an odd distribution of specimens known. One would expect there to be more lower grade and fewer higher grade 1882-CC eagle than there actually are.

The 1880-CC, 1883-CC, 1884-CC, and 1893-CC are fairly similar in terms of their high grade rarity. The 1880-CC is the most available of these issues in About Uncirculated while the 1880-CC and the 1884-CC are the most available in About Uncirculated. Taken as a group, all of these issues are reasonably available in Extremely Fine, scarce to very scarce in About Uncirculated and very rare in Uncirculated.

The 1881-CC is the most common Carson City eagle struck prior to 1890. The number of Uncirculated pieces has swelled in recent years, due to the discovery of a moderate-sized hoard in the late 1990's. The 1881-CC is now actually slightly overvalued in higher grades, based on its availability in About Uncirculated and Uncirculated.

The 1892-CC, on the other hand, is an underrated coin. This is due to its higher mintage and its late date of issuance. The 1892-CC is almost comparable to the 1881-CC in terms of the number believed to exist in About Uncirculated to Uncirculated but it is priced considerably lower.

The existing Carson City eagles from the 1880's and the 1890's are found in considerably higher grades than those struck in the 1870's. This may be the result of the diminishing use of gold coins as the 19th century drew to a close and also because the older coins were in circulation for ten to twenty years longer. By the 1880's, mintages of Carson City eagles had increased and a greater percentage of these coins were sent overseas to banks for debt payment. The existence of such a large number of 1891-CC eagles in higher grades is clear evidence that the coins of this era served a much different function than did the coins produced two decades earlier. These coins exist in higher grade today mainly because they were sent overseas and avoided the melting pot. There is no telling how many Carson City eagles from the 1870's and the 1880's were melted in the 1930's.

I estimate that more than 50% of all remaining Carson City eagles, regardless of date, are from the 1890's. This implies that these four issues have more surviving specimens than the other fifteen years combined. Approximately 90% of all existing Carson City eagles are from the 1890's. Furthermore, I estimate that around 75% of all the existing About Uncirculated Carson City eagles are from this four year period. The 1891-CC eagle is more plentiful than the other three dates from the 1890's combined. Approximately 90% of all the Uncirculated Carson City eagles which exist are from this one date. In fact, the only other date which is available with even the slightest degree of regularity is the 1890-CC, of which maybe five dozen are known.

Many of the early issues are weakly struck. This weakness of strike is most noticeable in the central portions of the coin, where the most pressure is needed to raise the metal of the planchet to give definition to the design. On the obverse, these softly struck coins often display considerable flatness on the neck of Liberty and brow as well as on the top and the rear of her hair. On the reverse, the weakness of strike is usually obvious on the neck feathers of the eagle, the central portion of the shield and the talons. This weakness of strike is often erroneously described as wear. Because of this, the Carson City eagles from the 1870's are often incorrectly graded; even by professional grading services.

The 1870-CC is often found with weakness of strike on Liberty's neck and the eagle's neck feathers. The 1871-CC is typically found with a reasonably sharp strike. The 1872-CC is usually seen with a very soft obverse and the 1873-CC is another issue that is often found flatly detailed. The 1874-CC shows a better overall strike. The 1875-CC, like its similarly dated half eagle counterpart, is probably the worst struck date in the entire series. The 1876-CC eagle is often weak at the centers while the 1877-CC tends to be found with a better quality of strike. The 1878-CC and the 1879-CC are both frequently seen with noticeable weakness at the centers.. The issues from 1880 to 1893 are generally better struck although it is not uncommon to find pieces with some weakness at the centers.

The survival estimates given in this book are based on current knowledge as of 2000. As time passes, it is inevitable that more coins will surfaces from previously unknown collections, hoards or accumulations. This will lead to even more accurate survival estimates and Condition Census listings. In some cases, future revisions may show that fewer examples of a particular issue are known than is currently estimated. In addition, today's grading standards will change the grades of some coins currently assumed to be a certain grade. Depending on the coin, certain pieces could lower or rise, considerably affecting the Condition Census.

My review of auctions, price lists and known private treaty sales should provide the reader of this book with some idea of how difficult it is to complete a collection of Carson City eagles. The rare 1870-1879 issues tend, on average, to reach the market at the rate of 0-3 pieces per year. For the rarest dates, it is not uncommon for a year or two to pass without a single decent quality coin being available. And often times the only coins that are available are rejects from someone's collection; pieces that are well-worn, extensively abraded and visually unappealing. Carson City eagles, like all rare coins, may experience both droughts and gluts of specimens. In some years, a rare date may come onto the market as many as seven or eight different times while in other years, this same date may be completely unavailable. As a rule, the rarer the date, the less frequently available it is. A good percentage of the Condition census or above-average Carson City eagles are tightly held by private individuals, families or institutions and are essentially not for sale at any price.

A nice quality Carson City eagle collection will probably take a minimum of one to three years to complete. This is a series that requires a fairly substantial budget but it can be completed by someone of slightly above-average means if this person is patient and willing to purchase Very Fine examples of the truly rare dates, Extremely Fine examples of the scarce dates and About Uncirculated examples of the more common dates.

The collector with a large budget is probably going to be more inclined to purchase Extremely Fine examples of the rare dates, About Uncirculated examples of the scarce dates and Uncirculated examples of the common dates.

The true connoisseur with a nearly unlimited budget and a great deal of patience can put together a set which contains About Uncirculated examples of the rare issues, Choice About Uncirculated to Uncirculated examples of the scarce issues and Choice Uncirculated examples of the common issues.

Carson City Half Eagles: An Introduction and Overview

Assembling a collection of Carson City five dollar gold pieces or half eagles is extremely challenging. Completing a set of these coins, regardless of grade, is among the more formidable tasks a gold coin specialist can endeavor to undertake. Consider the fact that only 45-55 examples of the key coin in this set -- the 1870-CC -- are thought to exist. This means that only 45 to 55 complete collections of Carson City half eagles can ever be assembled. Much of the allure of collecting these coins (in addition to the romantic appeal of the "Old West") has to do with the fact that this series can be completed. There are only 19 different dates. This aspect is very appealing to many collectors. Unlike certain series where the run of dates seems endless and often numbing, this is a relatively short yet challenging project. In addition, there are no great rarities which are impossible to locate or prohibitively expensive. The challenge of this set can increase dramatically when the grades and eye appeal for each issue are factored upwards.

For the collector who is not familiar with Carson City half eagles, this series will come as a surprise. These are true "collector coins." They tend to hold their value in bear markets and show strong, steady appreciation over time. Carson City half eagles have multiple levels of demand. They are sought by general collectors, type collectors and specialists. Certain pieces may attract the attention of half eagle specialists, Carson City specialists or general collectors who are putting together seven mint sets of Liberty Head half eagles (the only gold denomination struck at all seven United States mints).

It is impossible to complete set of Carson City half eagles in Mint State regardless of a collector's time or resources. Several of the dates are unknown in any Mint State grade. Currently, there is not a single Uncirculated 1872-CC or 1878-CC half eagle known to exist. Five other dates--the 1871-CC, 1873-CC, 1875-CC, 1876-CC and 1877-CC--are currently represented by just one or two Uncirculated examples. And six more dates--the 1870-CC, 1874-CC, 1879-CC, 1881-CC, 1883-CC and 1884-CC--have just two to four Uncirculated coins known.

The only Carson City half eagles which are relatively obtainable in Uncirculated are those struck in the 1890's. These range in scarcity from the 1892-CC with 50-75 coins known in Uncirculated to the 1891-CC with a population believed to be in the area of 400-500+. The availability of an issue such as the 1891-CC half eagle makes it very popular as it is the only half eagle from this mint which can be purchased in Mint State by the collector of average means. (But, at the same time, this issue is surprisingly rare in Mint State-64 and almost unknown in any grade above this level.)

An incremental breakdown for the Mint State-63 grade is as follows:

Choice (Mint State-63 and Mint State-64) and Gem (Mint State-65) Carson City half eagles are very rare. I estimate that there are probably fewer than 10 pieces surviving in true Mint State-65. As of the spring of 2000, only one Carson City half eagle has ever been graded higher than Mint State-65 by one of the major grading services.

There are probably fewer than three dozen choice Uncirculated Carson City half eagles known to exist. The vast majority of the choice and gem Carson City half eagles were struck during the 1890-1893 era.

Why are these coins so rare in Mint State? The best answer has to do with the fact that there were no coin collectors living in Nevada in the 19th century. No one saved these coins and the few Mint State pieces which exist today are here by chance. They may have been placed in a bank vault and forgotten for a century. Some found their way to European or South American banks where they were sent as payment for international debts. A few others may have been put in a drawer or a cabinet and subsequently lost by their original owners. And some were undoubtedly assay pieces which were sent to the Philadelphia Mint for inspection but never destroyed.

In examining the rarity of Carson City half eagles, several trends are noted. Survival figures depend on the original mintage figures for a specific issue and they also vary by the decade in which a coin was struck. In general, the rarest issues are those which were struck from 1870 to 1878. With the sole exception of those struck in 1881, the half eagles produced from 1879 through 1884 are less rare. And those coined from 1890 to 1893 are relatively common in comparison.

After careful analysis, it becomes apparent that one cannot simply deduce the number of surviving coins or the condition rarity of any Carson City gold coin solely from their original mintage figures. One must study auction records and private treaty sales and gather as much information as possible from prominent collectors and dealers as well as examine the population reports issued by PCGS and NGC. After carefully examining the currently available information, certain trends clearly begin to emerge.

The older coins (i.e., those struck from 1870 to 1878) have survived roughly in proportion to their original mintage figures below. I estimate that between 2 percent to as little as one-half of 1 percent of each year's half eagle production has survived. In general, the older the coin, the lower the average surviving coin's grade and the lower number of high grade pieces which exist. This is common sense as the longer an issue is in circulation, the more likely it is that coins of that date will be worn or destroyed. Thus, the rarest Carson City half eagle is the 1870-CC (which is also the oldest) despite the fact that it has only the third lowest mintage.

The second rarest Carson City half eagle is the 1873-CC. This issue has an estimated surviving population of only 50-60 coins. My research indicates that this date is even more rare than was previously believed. The reasons for the rarity of the 1873-CC half eagle include its low mintage figure of 7,416 and its early date of issuance combined with the fact that it was not saved.

One issue which I find very interesting is the 1878-CC. It has a relatively high mintage of 9,054 but it is the third rarest Carson City half eagle with an estimated population of 60-70. The reason for the rarity and unusually low survival rare of this issue is not known.

Another interesting issue is the 1876-CC. I estimate that 70-80 are known out of a low original mintage of 6,887 coins. Despite a significantly lower mintage than the 1878-CC, the 1876-CC is actually less rare. Conversely, the 1881-CC half eagle (with a mintage of 13,886) appears to be as rare as the 1876-CC.

The 1877-CC (with an original mintage of 8,680 coins) has a disproportionately high survival rate. Approximately 75-85 are known, making it as rare as the 1872-CC, which has an original mintage of 16,980 coins. There is no clear explanation as to why the 1877-CC half eagle is more common than its mintage suggests. It is interesting to note that the 1877-CC eagle is found in higher grades (i.e., Extremely Fine and better) out of proportion to the other dates in the eagle series. This strongly suggests that there was a small hoard of higher grade 1877-CC half eagles and eagles in existence at one time.

The 1879-1884 Carson City half eagles are found in proportion roughly to their original mintage figures with the notable exceptions of the 1880-CC and the 1881-CC. The number of surviving 1880-CC half eagles is less than its original mintage of 51,017 suggests. In fact, the surviving population of this date most closely resembles the 1879-CC, which has a mintage nearly two-thirds smaller (17,281 coins). The 1881-CC has a surviving population of 70-80 coins, which is much smaller than one might project from its original mintage of 13,886.

What is unexpected about these two dates is that they actually have lower survival percentages than the issues from the 1870's. I cannot state with certainty why this is so, but a possible reason might be that some 1880-CC and 1881-CC half eagles were melted. This explanation becomes more plausible when one notes that there was a bullion shortage at the Carson City Mint in 1880-1881. (This is further confirmed by the fact that no double eagles were struck in Carson City during these two years due to a lack of available gold bullion). Another reason might be that the original mintage figures are incorrect and fewer 1880-CC and 1881-CC half eagles were produced than the current figures indicate.

The general trend of the 1890's Carson City half eagles is that the issues with higher mintage figures are more available today than those issues with lower original mintages. The one exception is the 1892-CC. While it has an original mintage of 82,968 coins, it is less commonly found in high grades than the lower mintage 1890-CC (53,800 struck) and 1893-CC (60,000 struck). Again, there is no satisfactory explanation for this anomaly.

Carson City gold coinage was heavily circulated. In the early days of the western gold and silver rushes, paper money was viewed with suspicion and contempt. Gold coins quickly became the accepted medium of exchange. Thus, it is not surprising to learn that most surviving Carson City gold coins show heavy wear and excessive contact marks. These marks were often compounded when loose coins were thrown into bags and shipped by stagecoach to San Francisco or other distant cities. Gold is the softest coinage metal and it is relatively easy for coins struck in this metal to pick up heavy contact marks when they hit against each other. As a rule, half eagles have fewer marks than eagles and double eagles. This is because when these smaller coins hit against each other in bags they do not have the weight and surface area to make large bagmarks on each other (as do double eagles, in particular).

For the collector, locating attractive, higher grade Carson City gold coins without excessive surface marks is a tremendous challenge. Certain dates, especially those struck from 1870 to 1878, are inevitably found heavily worn and severely marked.

The rarest Carson City half eagle in Extremely Fine or higher grades is the 1878-CC. I estimate that only 16-20 such coins are currently known, of which only three or four grade About Uncirculated. Even though the 1870-CC is a rarer coin overall, it is more available in higher grades as witnessed by the fact that as many as 23-27 pieces remain in Extremely Fine or higher grades. One can speculate that the number of 1870-CC half eagles which do exist results from being a first-year-of-issue coin which may have been saved (albeit in very small quantities) as a souvenir. The 1878-CC, on the other hand, lacked this novelty value and those which survived the melting pot tend to show considerable evidence of hard circulation.

Two other Carson City half eagles which are prohibitively rare in higher grades are the 1873-CC and the 1872-CC. Approximately 17-21 of the former are known in Extremely Fine or higher while the latter issue has a population estimated at 19-22 coins. The 1873-CC is extremely rare in About Uncirculated with just five or six known and two known in Mint State while only 6-8 About Uncirculated pieces and no Mint State 1872-CC are known.

As one might well expect, dates with higher mintage figures are more available in high grades. The 1872-CC is more available than certain other dates in the early 1870's because of its relatively high mintage. But its age makes it a very rare coin in About Uncirculated (with just six to eight known). The 1871-CC, while also an "older date," is a bit more available in higher grades (46-52 known in Extremely Fine or better including one or two Uncirculated pieces) since it has the second highest mintage figure of any date struck in the 1870's.

The 1874-CC is the second most available Carson City half eagle struck in the 1870's. Between 40-46 coins are known which grade Extremely Fine or better with twelve to fifteen of these grading About Uncirculated and three grading Mint State. I have an interesting theory to explain why this date is not only one of the two most common Carson City half eagle struck in the 1870's (aside from having the highest mintage) but also why a higher percentage of the survivors than one would assume are in high grades. In 1874, there was a coin shortage on the East Coast. Much of the Carson City coinage from 1874 was transported to the East for use in circulation there. As paper money was more readily accepted in this area of the country, it is possible that many of these coins did not see wide circulation. Perhaps some of them were even stored in banks and were never used. This also seems to be the case with 1874-CC eagles which have a similar level of availability in higher grades.

By 1879 and into the 1880's, the mintages of Carson City half eagles were higher and more were sent overseas to banks for debt payment. These coins saw less circulation than those struck in the 1870's and, thus, are found in higher grades today.

The 1881-CC is the rarest Carson City half eagle struck in the 1880's. But more examples have survived in high grades than its low mintage and overall rarity would suggest. I estimate that 33-39 pieces exist in Extremely Fine or better with possibly nine to twelve of these in About Uncirculated and another two or three in Mint State. As one might expect, the diminished use of gold in the 1880's gives this coin an unusual grade distribution of survivors.

The 1890's Carson City half eagles are by far the most plentiful of these issues. More than 50 percent of all the surviving Carson City half eagles--regardless of date--are dated from 1890 to 1893. Approximately 90 percent of all surviving Mint State Carson City half eagles date from the 1890's. Furthermore, about 75 percent of the remaining About Uncirculated Carson City half eagles date from the 1890's.

The relatively large number of high grade Carson City half eagles from the 1890's stems from several causes. The mintage figure for coins in this decade was much higher than in the previous two decades. More of the coins were shipped overseas and thus escaped wholesale government meltings in the 1930's. As paper money became more readily accepted in the western United States, these coins saw less and less circulation. And the decline of the western mining industry in the 1890's meant that fewer coins were needed in circulation.

Most of the early issues (particularly those dated 1870 through 1876) are weakly struck. This weak strike is most noticeable in the central portion of the coin where the greatest amount of pressure is needed to raise the metal of the actual planchet. On the obverse, coins which are weakly struck will display flatness in the curls on the neck of Liberty as well as flatness on the top and the back of her hair. On the reverse, this weakness of strike is usually seen on the neck of the eagle, the central shield and on the talons of the eagle. This weakness is frequently misinterpreted as wear. Because of this, many early Carson City half eagles are often undergraded even by professional graders. Finding a sharply struck example of a certain date is very challenging at best and it is nearly impossible for others.

The 1870-CC is usually found weakly struck in the curls on Liberty's neck and in the neck feathers of the eagle. The 1871-CC half eagles are usually found with a better strike except for the shield on the reverse which often comes flat. The 1872-CC is nearly always very flat on the obverse as are 1873-CC's; this latter issue is also frequently weak on the eagle's neck. The 1874-CC shows a sharper obverse but the reverse comes weakly impressed, especially on the eagle's neck feathers. The 1875-CC is unquestionably the worst struck Carson City half eagle. Several varieties are known; some have a weak obverse and others have a weak reverse. The 1879-1893 issues do not suffer from these problems of strike although it is not uncommon to see examples with some weakness at the centers of the obverse and the reverse.

The estimates of survival given in this book are based on current knowledge, as of 2000. As time passes, it is certain that more coins will surface from old or previously unknown collections, hoards and accumulations. This will lead to more accurate survival estimates and Condition Census data. While most dates will show an increase in the number of coins believed to exist, others may actually show a decrease due to examples being lost by accident or ignorance.

When Walter Breen wrote his landmark monographs on United States gold coins in the 1960's, he stated that many Carson City coins are much, much rarer than we now know them to be. Multiple higher grade examples of even the rarest issues have surfaced in the past three decades. There are, without a doubt, several other very significant Carson City half eagles which will be "discovered" in the years to come. I have attempted to address this situation by providing a probable high end and low end spread in our rarity estimates. This allows for the inclusion of currently unrecorded coins which I believe may exist.

My review of auction data, fixed price lists, dealer advertisements and available private treaty sale records provides an accurate idea as to the difficulty in amassing a complete collection of Carson City half eagles. For the 1870-1878 issues, it is typical for between zero and four specimens to be available each year. Often the only examples which can be purchased are in lower grades and may have minor to significant problems. As probability would have it, in some years a certain date may be prevalent or it may be nearly impossible to find. As a rule of thumb, it is safe to say that the rarer the date and the higher the grade desired, the harder it will be to find a specific coin. Many high grade pieces are held by museums or are owned by collectors who have no intention of selling them.

It is certainly possible to put together a run of Extremely Fine to About Uncirculated Carson City half eagles dated from 1870 to 1884. Trying to complete this group in Uncirculated is, of course, impossible and an About Uncirculated set is a virtual impossibility as well. Obtaining nice Mint State examples of the 1890's issues, fortunately, is not that difficult or costly.

The budget-conscious collector should not feel excluded from this series. All of the Carson City half eagles (even the 1870-CC) can be found in nice Very Good to Very Fine grades. Although these coins do show substantial wear and are not as attractive as higher grade specimens, they are wonderfully evocative of the history of the Old West and the colorful characters who are the basis of its legends.

For the typical United States gold coin collector, obtaining one example of each date in grades ranging from choice Very Fine to Uncirculated is a realistic goal. This project can be completed in a year or two. Its estimated cost can be determined by obtaining a current numismatic pricing guide.

The connoisseur with a generous budget might be interested in putting together a set of Carson City half eagles grading Extremely Fine and better. For the 1870-1878 and 1881 issues, he should look for examples which grade Extremely Fine-40 or better and which have as few contact marks as possible. For the 1879, 1880 and 1882-1884 issues, the collector should look for pleasing, lustrous About Uncirculated-50 or better coins. For those issues struck in the 1890's, he should seek clean, lustrous Mint State-60 or better pieces. A collection such as this could be completed within a three to five year time frame.

There are a few advanced collectors who study die varieties. Such individuals seek to complete a collection which includes all of the known--and possibly some unknown--die varieties. To my knowledge, only a small number of individuals have a complete or nearly complete collection of Carson City half eagles by die variety.

Coin collectors of all budgets can enjoy the fun, romance and challenges of Carson City half eagles. To further assist collectors of all levels, the following pages give detailed information on each half eagle issue. Information on die characteristics, varieties and overall rarity as well as grade rarity are provided. Also, the current Condition Census listing of the finest known examples for each issue is listed for reference. The photographs of each half eagle are enlarged to twice their actual size for better clarity.

Incremental Grading

Old time collectors often bemoan the fact that there are "too many grades." In their opinion, there is no need for a ten point Mint State/Proof scale (i.e., Mint State-60 to Mint State-70 and Proof-60 to Proof-70) and even less of a need for multiple numerical levels in the circulated grades. I strongly disagree with the theory that there are too many grades. In fact, I can let you in on a secret that would make many of these old collector's eyes roll if they were aware of it. Expert graders, such as myself, actually use a whole series of "secret grades" (which I refer to as "incremental grades") when examining coins.

Before I explain what incremental grades are, it is important to understand why they exist. Back in the "old days," coins weren't very expensive and there were not very large spreads between nice coins and not-so-nice coins. A really superb 1927 $20 might sell for $55-60 while an average quality example was readily available for $50-55. This all changed when coins became more popular and a greater emphasis was placed on owning "the best." Today, a superb quality 1927 $20 might sell for $4000-5000 (or more) while an average quality Uncirculated example is worth just $400-500.

The most important thing to remember about grading is that it is subjective. While most experts can reach an impressive degree of consistency when grading a group of coins, there is always some room for disagreement. The reason this exists is due to the fact that a grade actually represents a shorthand for a range of grades. This is where the aforementioned "incremental grades" come into play.

Let's say, for example, that we are discussing a coin that grades Mint State-63. In actuality, the "63" grade is a shorthand for an entire range of grades that goes from 63.0 to 63.9. A coin that is regarded as a "63.0" is extremely low end for the grade. If it were examined by ten experts, four or five of them might not even call it a 63 and it could very well grade MS-62 if submitted to PCGS or NGC. A coin that is regarded as 63.9 is extremely high end for the grade. If ten experts examined it, half of them (maybe even more) would call it a 64 and it could easily grade MS-64 if submitted to a grading service.

An incremental breakdown for the Mint State-63 grade is as follows:

MS-63.0 to MS-63.2: A very low end coin for the grade. If a savvy dealer were offered such a coin already in a PCGS or NGC holder, he would not remove it for fear that it might be downgraded if it were resubmitted.

MS-63.3 to MS-63.5: A coin that is average quality to slightly above average quality for the grade. A coin at the upper range of this grade would be regarded as having a 50% chance of upgrading if it were resubmitted to PCGS or NGC. A knowledgeable dealer would probably pay a modest to significant premium for such a coin.

MS-63.6 to MS-63.9: A very high end quality coin for the grade. If such a coin were already encapsulated in an MS-63 holder, it would be regarded as an excellent candidate to "crack out" if shown to a knowledgeable dealer. Coins such as this generally trade for large premiums.

Grade and price go hand-in-hand. And when coins can be worth many multiples more in one grade than another, this means that two coins in the same PCGS or NGC holder can be worth considerably different amounts of money.

How significant are incremental grades on a coin in which a one-point improvement can mean a very substantial amount of money? Let's look at randomly selected issue: an 1860 double eagle in Mint State-63.

According to the March 2000 issue of the Coin Dealer Newsletter Quarterly, a Mint State-63 1860 double eagle is bid at $14,000 while an MS-64 is bid at $35,000--a value spread of $21,000. How would a smart dealer value a Mint State-63 1860 double eagle if he were figuring it as part of collection he were attempting to purchase or if it was a lot in auction he was attending?

This dealer's decision would be predicated on a number of factors. First, he might look at a PCGS or NGC population report and see just how rare the 1860 double eagle is in MS-63 and MS-64. A quick search of the February 2000 PCGS figures show that this service has graded two in Mint State-63 with two better (an MS-64 and an MS-65) while NGC has, as of January 2000, graded two in MS-63 and two better (both in MS-64). The combined population of four coins in MS-63 with just two better demonstrates that high grade 1860 double eagles are legitimately rare.

The next factor he would consider is the popularity and subsequent marketability of such a coin. Is the Liberty Head double eagle series popular and are there customers for an expensive, high grade 1860? If the dealer is a specialist in Liberty Head double eagles, he is well aware of his ability to sell such a coin and he probably already has a few potential customers lined up for it. If the dealer is not a Liberty Head double eagle specialist, he will either determine its marketability by asking another, more knowledgeable dealer or he will decide not to take a risk on such an expensive coin.

Now that our hypothetical dealer has performed his due diligence and has determined that this high grade MS-63 1860 double eagle is a truly rare and saleable coin, he can grade it incrementally and value it accordingly. An incremental range of prices that he would pay for this coin might be as follows:

MS-63.0 to MS-63.2: In this grade range, the 1860 double eagle would be regarded as "product" if it were already in a third-party grading service holder or as a low-end coin if it were unencapsulated. Assuming that the dealer had a client for the coin or he thought it could be sold in a relatively short period of time (60 days or less) he would probably figure its value in the $12,500 to $15,000 range.

MS-63.3 to MS-63.5: In this grade range, the dealer would be willing to pay more for the 1860 double eagle. If the coin were just a 63.3--meaning that it was just average quality--he would probably still figure it around CDN "bid" level. If the coin were a 63.5--meaning that the coin was nice and had maybe a 50% chance of grading MS-64--the dealer might figure it at $17,500 or a bit higher. This would mean that if the coin did not grade MS-64 after it had been submitted (and resubmitted) to a grading service, he would have a few thousand dollars downside (assuming he could not sell it to a retail client as a "premium quality" specimen) but would have had considerable potential upside if the coined had worked and been graded MS-64.

MS-63.6 to MS-63.9: Here's where determining the value for such a coin gets dicey. The dealer now has to really weigh the upside and downside of his potential purchase. Let's say the coin is a 63.8 in his opinion and he is willing to pay $23,000 for it. This means that he has around $9,000 downside (using the CDN bid of $14,000 in MS-63 as his "cash out" price should his gamble be unsuccessful) and $12,000 upside (using the CDN bid of $35,000 in MS-64 should the coin be graded MS-64 by PCGS or NGC). While I would not personally like the risk/reward ratio inherent in these numbers, many dealers would; especially the "adrenaline junkies" who populate the world of wholesale trading and the upgrading/"cracking out" subculture.

What these figures show is that an MS-63 1860 double eagle could be worth $12,500 to $23,000 based on its incremental grade. This explains why two identical coins in an auction might sell for vastly different sums.

If you are unwilling or unable to learn how to grade incrementally, you could be leaving thousands of dollars on the table the next time you sell an expensive coin with a high value spread between one grade and the next. My suggestion is that you work with a very knowledgeable dealer who understands the intricacies of incremental grading in your area of specialization.

The Concept of "Best Value Grade"

Unless you are Bill Gates, the chances are good that you have a coin buying budget. It is my contention that every United States coin has a price point above which it no longer makes economic sense to purchase it; unless you are an avid specialist within a series or you are totally compelled to have the best of every coin and/or type you collect. I refer to this price point as the "Best Value Grade." There are a number of applications of the Best Value Grade theory (heretofore referred to as the BVG) and these are directly related to the classification in which a specific coin falls.

In my opinion, coins can be classified in two distinct classes: absolute rarities (coins that are rare and desirable in all grades) and condition rarities (coins whose rarity is predicated solely on a high level of preservation). Using Type Three double eagles as the series to examine some coins, we find a number of perfect examples.

The 1891 double eagle is an absolute rarity. Fewer than 50 examples are known from the original mintage of just 1,390 business strikes. This is truly a coin that can be described as rare and desirable in any grade. Coin World Trends (dated 2/28/00) shows the following price information for this date:

EF-40: $4000 EF-45: $5000 AU-50: $7750 AU-55: $11750 No Trends values are listed for this date in any grade above AU-55.

Population data on this date is interesting as well. As of 2/00, PCGS had seen a total of just 25 examples in all grades (quickly confirming that it is a true rarity) with the breakdown as follows:

EF-40: 2 coins EF-45: 1 coin AU-50: 7 coins AU-55: 5 coins Five coins have been graded higher than AU-55 (all AU-58) with none in Mint State.

This data shows that the 1891 double eagle is seldom available and when it does come up for sale, it is most likely to be found in the AU-50 to AU-55 range. Assuming that your budget allows for a purchase in the $7500-15,000 range, the question you must now ask is: "at what point does the 1891 double eagle become overpriced?"

It could be said that there is no real point that the 1891 becomes overvalued as this is a truly rare coin that seems quite undervalued when compared to other more famous but less rare double eagles. But let's say that a collector has a choice between an AU-50 example at $6500 and an AU-55 at $10,000. In my opinion, I think the higher grade coin makes sense. It is priced at less than double the level of an AU-50 but is considerably scarcer, quite close to being the finest available quality (remember that the highest recorded grade level for this date at PCGS is only AU-58) and, from a cosmetic standpoint, a nice AU-55 should be considerably more appealing than an AU-50.

The 1891-S double eagle is a good example of a condition rarity. Nearly 1.3 million were struck and thousands of examples exist in the lower to medium levels of Uncirculated. Coin Dealer Newsletter bids for this date, as of 12/99, are as follows:

MS-60: $390 MS-63: $2,040 MS-64: $6,100 MS-65: No Bid (Note: While there is no published bid for this date in MS-65, we can establish a hypothetical value level of $15,000-17,500, based on other comparable issues of this era).

The 2/00 PCGS Population report shows that 1,840 1891-S double eagles have been graded in all grades with the majority of these in the MS-60 to MS-63 range. The breakdown is as follows:

MS-60: 164 MS-61: 459 MS-62: 784 MS-63: 217 MS-64: 23 MS-65: 0

This data shows that the 1891-S is easily obtainable in MS-63, somewhat scarce in MS-64 and extremely rare in MS-65.

If a collector were to ask my advice what the BVG is for the 1891-S I would unhesitatingly advise him to pursue a nice, high end MS-63.

To my way of thinking, there is nothing especially exciting about this date. If you are collecting Type Three double eagles by date, you need an 1891-S to complete your set but it is unlikely that I will be called by a single collector this year who just happens to be looking for an example. So, right off the bat, this issue lacks the "sex appeal" factor that the 1891 double eagle has.

A look at the price levels for this date are interesting. An MS-63 can probably be bought in the $1750-2000 range, an MS-64 would be at least three times that amount and an MS-65 (if available) might cost ten times the amount of an MS-63.

The population data above tells me that this coin is available enough in MS-64 that I would not want to pay $6000+ for one. And the possibility always exists that one or more of the coins currently graded MS-64 could be upgraded to MS-65. The first PCGS MS-65 example that is graded will, no doubt, command a strong price from a collector or investor who is sold on its status as a "finest known" piece. But what happens to the value level of this coin when two or three other MS-65's are graded?

I also believe that there are certain coins which it always makes sense to stretch for. A good friend of mine has a theory that the most desirable issues are those whose essence can be summed up in fifteen words or less.

An example of this is the 1861-O double eagle. Here's how I would distill the essence of this coin to a new collector: "A rare, historic issue with a strong possibility of having been struck by the Confederacy."

A little background research shows that the 1861-O double eagle is rare in all grades with an original mintage figure of just 5,000. It is probably unknown in Mint State and very scarce in all AU grades. Most interestingly, a number were produced by the Confederacy in the Spring of 1861, after the New Orleans mint had been seized.

According to the 2/28/00 issue of Coin World Trends, the price levels for better quality 1861-O $20's are as follows:

AU-50: $6,500 AU-55: $13,800 No trends value is listed for any grade higher

As of 2/00, PCGS had graded seven examples of this date in AU-50, seven in AU-53, three in AU-55, two in AU-58 and none better.

Now let's say a collector of this series is suddenly offered the chance to purchase two really nice 1861-O double eagles. One is an AU-55 that is priced at $12,000 while the other is an AU-58 that is priced at $17,500. Which coin is the better value?

In this case, I would strongly advise him to purchase the AU-58. To me, this is an easy choice. The price spread between the AU-55 and the AU-58 is not unreasonable. There should be a discernible difference in quality between the two coins. The AU-58 would be tied with just one other coin as the finest graded by PCGS. And, this is a very desirable, truly rare issue with a level of demand that extends beyond specialists within the series. All of these factors combine to make this a logical purchase.

What if the same collector were suddenly confronted with a fantastic, newly discovered 1861-O double eagle that had been graded MS-62 by PCGS and was clearly the finest known by a mile? Would this be a coin that he should stretch for?

It is always very hard to determine a value for coin such as this. But let's say that after careful reasoning, the collector and the dealer who owned the coin agreed that it should be priced at $45,000.

Clearly, $45,000 is a lot of money to pay for an 1861-O double eagle. It would represent a world record price for this date. In my opinion, this would be an instance where a stretch would make sense.

As discussed above, the 1861-O is an issue that passes the "fifteen word test" with flying colors. The finest known example of this date would be a coin that would appeal not only to specialists but to any collector of rarities as well. The price level of $45,000 is not way out of line with the value for an AU-58. And, presumably, this MS-62 coin would be vastly more attractive than the aforementioned AU-58.

There are circumstances that might make this coin a bad deal. For example, its overzealous owner might originally price it at $85,000. At five times the price of an AU-58, this would not make sense. Or, the coin in question might be unappealing and, in the opinion of the collector, not all that much better than the AU-58 he already owned. In this case, the coin should be passed on at the inflated price and maybe even at the more realistic price of $45,000.

The Best Value Grade theory can be applied to all issues of United States coins. Every time I purchase a coin for my inventory, I do a quick BVG calculation. The immediate questions I ask myself are: does the value that this specific coin make sense to me and does this coin offer good value for my clients? I would strongly suggest that before you decide to specialize in an area of make any significant coin purchase that you make your own BVG calculations.

If this theory intrigues you and you'd like to know my thoughts on the Best Value Grade for the coins that you collect, please e-mail me at dwn@ont.com.

Numismatic Glossary

The following terms appear are commonly used in numismatics. A basic understanding of them can make the new collector's experience in this hobby more enjoyable. Abrasion:

A mark on a coin caused by contact with another coin.

Bagmark:

A mark on a coin caused by contact with other coins when placed inside a bag for shipment to a bank. Most large-sized gold coins, show extensive bagmarks from this process.

Border:

A design element employing a raised circle with the outer circumference called the rim. On Liberty Head gold coins, the border consists of beads.

Business Strike:

A coin which was struck for general circulation. Business strikes were intended to be used in the normal course of commerce.

Clashmarks:

Impressions of a portion of the detail of one side of a coin onto another in the field of a die facing it. Clashmarks occur when dies strike each other during the coinage process without a planchet or blank between them.

Comparative Rarity:

The relative rarity of a specific issue in a specific grade when compared to another issue in the same grade.

Condition Census:

A ranking of the five or six finest known examples of a specific issue.

Die:

A piece of fabricated steel which stamps the design into a planchet.

Die Variety:

Distinct varieties within a specific issue caused by using and/or combining new dies within a coinage run.

Edge:

The cylindrical boundary of a coin.

Edge Reeding:

Raised ribs on the edge of a coin which serve as an anti-counterfeiting device. All Liberty Head gold coins have a reeded edge.

Eye Appeal:

A combination of characteristics such as luster, strike and coloration which make a coin, literally, "appealing to the eye."

Grade:

The rating of a coin's place on a numerical scale which encompasses the range between extreme wear and perfection.

Hairlines:

Fine scratches which are caused by cleaning a coin with an abrasive.

Hoard:

A group of coins, which can vary greatly in size, which have been taken off the market by a non-numismatic source and which re-enter the market through a numismatic source. A hoard may contain one specific date or many dates. When a hoard contains multiple examples of one date, this issue will lose value but other dates which share its design may gain value through increased collector demand.

Key Date:

A date in a series which is recognized as an especially difficult date to locate in all grades. As an example, key dates in the Type Three double eagle series are the 1881, 1882, 1883, 1884, 1885, 1886, 1887 and the 1891.

Mintmark:

A letter or symbol that identifies the mint that produced a coin. As an example, the letter "S" indicates that a United States coin was struck at the San Francisco Mint.

Mint State:

A coin with no wear. Mint State coins are rated on a scale which goes from Mint State-60 to Mint State-70.

NGC:

Numismatic Guaranty Corporation, an East Coast third party grader and authenticator of coins.

Obverse:

The front or the "head" side of a coin.

Overall Rarity:

A term which refers to the total number of examples known of a specific issue.

PCGS:

The Professional Coin Grading Service, a West Coast third party grader and authenticator of coins.

Pedigree:

The chain of ownership of a coin or a collection. A coin pedigreed to a famous collection typically carries a premium over a non-pedigreed coin.

Population Report:

A listing published by both NGC and PCGS which lists the number of coins graded and how the individual coins break down. Each date in the various gold series is listed in both services' reports.

Premium Quality:

Within the parameters of this book, the term "Premium Quality" refers to coins which grade About Uncirculated-50 or higher for rare dates and Mint State-62 or higher for common dates.

Proof:

A coin which is struck specially for collectors on a polished planchet. Proof coins receive multiple blows of the dies and afforded special care and handling.

Prooflike:

A coin struck for circulation which has some of the reflective qualities of a Proof coin. Liberty head gold coins that are Prooflike can sell for substantial premiums.

Reverse:

The back or the "tail" side of a coin.

Sleeper:

A coin which is underrated and undervalued is said to be a "sleeper." In the Type Three double eagle series, the 1891 is one example of an issue that is currently regarded as a sleeper.

Type One Double Eagle:

A United States twenty dollar gold piece struck at either the Philadelphia, New Orleans or San Francisco mints between 1850 and 1866. This type is most easily identifiable by the absence of the motto IN GOD WE TRUST on the reverse.

Type Two Double Eagle:

A United States twenty dollar gold piece struck at either the Philadelphia, Carson City or San Francisco mints between 1866 and 1876. This type is most identifiable by the presence of the motto IN GOD WE TRUST on the reverse and the value denoted as TWENTY D.

Type Three Double Eagle:

A United States twenty dollar gold piece struck at either the Philadelphia, New Orleans, Carson City, San Francisco or Denver mints between 1877 and 1907. This type is most identifiable by the value denoted as TWENTY DOLLARS.

Weak Strike:

A coin which shows inferior detail as a result of the striking process. A weakly struck coin is only accorded a reduced value if most examples of the specific date in question are well struck.

Well Struck:

A coin which shows good detail as the result of the striking process. A well struck coin is accorded high value if most examples of the specific date in question are weakly struck.

Uncirculated:

A coin with no wear. See "Mint State."

How To Collect Type Three Double Eagles

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare. Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

Collecting Type Three Double Eagles As Type Coins Collecting Type Three Double Eagles By Mint Collecting Type Three Double Eagles By Year Assembling A Complete Set of Type Three Double Eagles Collecting By Die Variety Collecting Proof Type Three Double Eagles

I. Collecting Type Three Double Eagles As Type Coins

Type coin collectors seek to obtain one representative example of a specific type or design. For Type Three double eagles, they would focus on obtaining a common date in the highest grade which they can afford. There are a number of specific dates which they might purchase including the 1900, 1901, 1903, 1904 and 1904-S. Each of these is common enough in grades up to and including Mint State-64 that there is little--if any--date premium.

A type set could be made more interesting by including a common date from the 19th century in addition to one from the 20th century. The most common Liberty Head double eagles from the 19th century include the 1895, 1897 and 1899. These are easily obtainable in Mint State-63 but they are somewhat scarce in any grade higher than this.

If you are interested enough in Type Three double eagles to take the time to read a web article devoted to this series, the chances are good that you will become more involved with them than as mere type coins. If you decide to purchase a Type Three double eagle strictly as a type coin, it might make sense to pay a small premium and obtain a date which is a bit more rare in higher grades but which sells for a small premium.

II. Collecting Type Three Double Eagles By Mint

Type Three double eagles were produced at five mints: Philadelphia, San Francisco and Carson City, New Orleans and Denver. Some collectors are attracted to the issues from just one of these mints and they attempt to put together a complete set of dates and major varieties.

Assembling a complete thirty-one coin set of Philadelphia Type Three double eagles is very difficult and costly. The 1881, 1882, 1885 and 1886 each had extremely limited original mintage figures (between 571 and 2,199 coins) and are seldom available to collectors. The rarest of these are the 1882 and the 1886, both of which are represented by approximately 20-25 surviving examples. The 1883, 1884 and 1887 dates were struck only as Proofs. If a collector wishes to have a truly complete set, he will have to include this trio and can count on spending upwards of $50,000 per coin for examples in the Proof-63 to Proof-64 range and considerably more for Gems.

There are other Philadelphia issues which are far more elusive than generally known, especially in the higher Mint State grades. These include the 1877-1880, 1888, 1890, 1892, 1898 and 1905. The 1891 is an extremely rare and very overlooked coin, in spite of its tiny original mintage figure of 1,390 business strikes. It is actually comparable to some of the more-heralded dates from the 1881-1886 era and an acceptable specimen will cost the collector between $7,500 and $15,000.

A complete thirty coin set of San Francisco Type Three double eagles can be assembled with patience. There are no dates which stand out as being excessively rare and just a small number are very hard to locate above Mint State-62 to Mint State-63. The scarcest Type Three issues from this mint are the 1879-S through 1882-S date run and the 1887-S. After years of neglect, the San Francisco series is gaining in popularity. A very attractive set with all coins grading between Mint State-62 and Mint State-64 could be assembled for approximately $50,000-$60,000.

The Carson City Type Three double eagles are the most popular issues with collectors. A total of twelve different dates were produced between 1877 and 1893. Unlike the Type Two issues from this mint which have one issue (the 1870-CC) which makes a set nearly impossible to complete, the Type Three Carson City set is easily completable. The key issues are the 1878-CC, 1879-CC, 1885-CC and the 1891-CC. All four of these are very rare and costly in Mint State but choice About Uncirculated pieces can be obtained for under $10,000 per coin, depending on quality. An extremely nice set of Type Three Carson City double eagles can be assembled for under $75,000. This includes all of the more common dates in Mint State-60 to Mint State-62 grades and the "big four" mentioned above (plus the 1877-CC) in grades ranging from About Uncirculated-55 to About Uncirculated-58.

Production of Type Three double eagles at the New Orleans and Denver mints was very limited. The 1879-O is the only New Orleans issue of this type. Just 2,325 were struck and approximately 100 survive with most of these in Extremely Fine grades. The Denver mint opened in 1906 and produced relatively large numbers of Liberty Head double eagles in 1906 and 1907. The 1906-D is common in all grades up to Mint State-63 but it becomes scarce in Mint State-64 and very rare in Mint State-65. The 1907-D is the more common of these two issues as it is more often used as a type coin.

III. Collecting Type Three Double Eagles By Year

A popular and practical way to collect Type Three double eagles is by year. Such a collection would consist of a single example for each year in which the Type Three design was produced. In this case, such a set would have thirty-one coins.

In a year set, it is advisable to choose the most affordable issue produced in a specific year. For example, an 1879-S double eagle would be chosen over an 1879 Philadelphia, 1879-O or an 1879-CC since the San Francisco coin is the easiest to obtain in both circulated and Uncirculated grades. The 1879-O would be the least likely coin to include in this set due to its rarity and comparably high price.

There are a few years which are very difficult to find affordable double eagles from any mint. In 1885 only two mints struck double eagles. The Philadelphia issue is very rare while its Carson City counterpart is quite scarce but affordable, especially in lower grades. 1886 is perhaps the most difficult year in this entire set as only the Philadelphia mint produced double eagles and just 1,000 business strikes were made. Every other year contains at least one common issue which can be purchased by the collector of average means.

IV. Assembling A Complete Set of Type Three Double Eagles

Many collectors decide to assemble a complete set of Type Three double eagles. Such a set will include one example of each Type Two double eagle struck between 1877 and 1907. Including the Proof-only years of 1883, 1884 and 1887 a complete set consists of 76 coins. (Due to the price of these three coins, many collectors decide to not include them in their set. If this is done, the theme of the set can be changed from being a "complete set of Type Three Double Eagles" to a "complete set of business strike Type Three Double Eagles.") For the most part, the grades of this set will range from Extremely Fine to Mint State. The more common issues are generally represented by high grade coins while the rarer issues are represented by lower grade pieces. The rarities of this set are 1881, 1882, 1885, 1886 and 1891 which are seldom offered for sale and will cost at least $20,000 for above average examples. However, most of the other Type Three double eagles are well within the budget of the average collector.

There are some basic principles which the complete set collector should follow as he acquires coins. A complete set should be as well-matched as possible. The collector should try to purchase coins which have a similar appearance. As an example, a collector might try to acquire coins which are as original as possible and which show reasonably similar coloration.

A complete set should not be "all over the map" as far as grades are concerned. Instead of spending $10,000 on an unappealing, bagmarked 1879-O (as opposed to a choice example of this date in this price range) merely to fill a hole, buy two or three outstanding MS-62 semi-key dates from the 1870's. Do not assemble a complete set with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Three double eagles with the idea that he will be able to complete this set in the higher Mint State grades. Since many issues in the Type Three double eagle series are essentially non-existent above Mint State-60 (and some like the rare Philadelphia dates from the 1880's are either unknown or excessively rare in Mint State), certain allowances will have to be made. Conversely, a collector does not have to settle for coins he does not like just because he thinks he will not be able to do any better.

Set building is the key to realizing additional value without spending extra money. This phenomenon is known to numismatists as a "set premium" and it definitely applies to Type Three double eagles. Carefully assembled sets of coins have proven over the years to bring substantial premiums over randomly assembled, meaningless accumulations of coins. A set that has been assembled with the assistance of a professional numismatist should prove emotionally and financially rewarding to the collector or investor.

An especially good idea for the new collector would be to discuss assembling a set of Type Three double eagles with a dealer who specializes in 19th century gold coins. Get his thoughts as to which grade each specific date should be purchased in. Reading this article should also give the collector a good idea about this as it attempts to give a breakdown of the total number known of each date in each grade range.

V. Collecting By Die Variety

For most Type Three double eagles, a number of different obverse and reverse dies were employed. As one die became worn and/or damaged, it was replaced by a new die. The different combinations of dies created a number of die varieties.

The field of gold coin die variety collecting is extremely fertile. Very little has been written about the varieties of U.S. gold coins and next to nothing has been written about the die varieties of Type Three double eagles. It is very probable that a number of interesting, potentially rare die varieties exist for this series.

A collector wishing to start a die variety collection needs to pay attention to such things as date placement, mintmark placement and diagnostic characteristics such as die scratches and/or die breaks. He should record this information and compare each example of a specific date which he has the chance to examine.

While it is possible that this sort of collecting may become popular in the future, for now it is the province of a tiny handful of specialists. Therefore, the die variety collector should not pay an extra premium for supposedly rare varieties (such as a mintmark position previously unseen on a specific issue).

VI. Collecting Proof Type Three Double Eagles

Proof Type Three double eagles were struck in exceedingly limited quantities at the Philadelphia Mint from 1877 through 1907. In fact, the mintage for Proofs for the entire thirty one year period was just 2,414 pieces.

The tremendous rarity of these coins is what makes them appealing to a small segment of wealthy collectors. It is possible to assemble a complete set of Proof Type Three double eagles. However, this set would require considerable patience and a very deep pocketbook.

Historically, during bull markets, proof gold coins have been favorites with rare coin funds or wealthy individual investors. In the 1989-1990 bull market, the rare coin funds managed by Merrill Lynch and Kidder Peabody were major buyers of coins such as proof Type Three Liberty Head double eagles.

Most of the Proof Type Three double eagles which appear on the market grade in the Proof-63 to Proof-64 range. The extreme rarity of Proof-65 and better examples makes this set all but impossible to complete in the highest Proof grades.

Conclusion: These are just some of the ways in which to collect Type Three double eagles. Part of the appeal of coin collecting is the myriad possibilities it offers the collector with imagination.

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare.

Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

Collecting Type Three Double Eagles As Type Coins Collecting Type Three Double Eagles By Mint Collecting Type Three Double Eagles By Year Assembling A Complete Set of Type Three Double Eagles Collecting By Die Variety Collecting Proof Type Three Double Eagles

strong>I. Collecting Type Three Double Eagles As Type Coins

Type coin collectors seek to obtain one representative example of a specific type or design. For Type Three double eagles, they would focus on obtaining a common date in the highest grade which they can afford. There are a number of specific dates which they might purchase including the 1900, 1901, 1903, 1904 and 1904-S. Each of these is common enough in grades up to and including Mint State-64 that there is little--if any--date premium.

A type set could be made more interesting by including a common date from the 19th century in addition to one from the 20th century. The most common Liberty Head double eagles from the 19th century include the 1895, 1897 and 1899. These are easily obtainable in Mint State-63 but they are somewhat scarce in any grade higher than this.

If you are interested enough in Type Three double eagles to take the time to read a web article devoted to this series, the chances are good that you will become more involved with them than as mere type coins. If you decide to purchase a Type Three double eagle strictly as a type coin, it might make sense to pay a small premium and obtain a date which is a bit more rare in higher grades but which sells for a small premium.

II. Collecting Type Three Double Eagles By Mint

Type Three double eagles were produced at five mints: Philadelphia, San Francisco and Carson City, New Orleans and Denver. Some collectors are attracted to the issues from just one of these mints and they attempt to put together a complete set of dates and major varieties.

Assembling a complete thirty-one coin set of Philadelphia Type Three double eagles is very difficult and costly. The 1881, 1882, 1885 and 1886 each had extremely limited original mintage figures (between 571 and 2,199 coins) and are seldom available to collectors. The rarest of these are the 1882 and the 1886, both of which are represented by approximately 20-25 surviving examples. The 1883, 1884 and 1887 dates were struck only as Proofs. If a collector wishes to have a truly complete set, he will have to include this trio and can count on spending upwards of $50,000 per coin for examples in the Proof-63 to Proof-64 range and considerably more for Gems.

There are other Philadelphia issues which are far more elusive than generally known, especially in the higher Mint State grades. These include the 1877-1880, 1888, 1890, 1892, 1898 and 1905. The 1891 is an extremely rare and very overlooked coin, in spite of its tiny original mintage figure of 1,390 business strikes. It is actually comparable to some of the more-heralded dates from the 1881-1886 era and an acceptable specimen will cost the collector between $7,500 and $15,000.

A complete thirty coin set of San Francisco Type Three double eagles can be assembled with patience. There are no dates which stand out as being excessively rare and just a small number are very hard to locate above Mint State-62 to Mint State-63. The scarcest Type Three issues from this mint are the 1879-S through 1882-S date run and the 1887-S. After years of neglect, the San Francisco series is gaining in popularity. A very attractive set with all coins grading between Mint State-62 and Mint State-64 could be assembled for approximately $50,000-$60,000.

The Carson City Type Three double eagles are the most popular issues with collectors. A total of twelve different dates were produced between 1877 and 1893. Unlike the Type Two issues from this mint which have one issue (the 1870-CC) which makes a set nearly impossible to complete, the Type Three Carson City set is easily completable. The key issues are the 1878-CC, 1879-CC, 1885-CC and the 1891-CC. All four of these are very rare and costly in Mint State but choice About Uncirculated pieces can be obtained for under $10,000 per coin, depending on quality. An extremely nice set of Type Three Carson City double eagles can be assembled for under $75,000. This includes all of the more common dates in Mint State-60 to Mint State-62 grades and the "big four" mentioned above (plus the 1877-CC) in grades ranging from About Uncirculated-55 to About Uncirculated-58.

Production of Type Three double eagles at the New Orleans and Denver mints was very limited. The 1879-O is the only New Orleans issue of this type. Just 2,325 were struck and approximately 100 survive with most of these in Extremely Fine grades. The Denver mint opened in 1906 and produced relatively large numbers of Liberty Head double eagles in 1906 and 1907. The 1906-D is common in all grades up to Mint State-63 but it becomes scarce in Mint State-64 and very rare in Mint State-65. The 1907-D is the more common of these two issues as it is more often used as a type coin.

III. Collecting Type Three Double Eagles By Year

A popular and practical way to collect Type Three double eagles is by year. Such a collection would consist of a single example for each year in which the Type Three design was produced. In this case, such a set would have thirty-one coins.

In a year set, it is advisable to choose the most affordable issue produced in a specific year. For example, an 1879-S double eagle would be chosen over an 1879 Philadelphia, 1879-O or an 1879-CC since the San Francisco coin is the easiest to obtain in both circulated and Uncirculated grades. The 1879-O would be the least likely coin to include in this set due to its rarity and comparably high price.

There are a few years which are very difficult to find affordable double eagles from any mint. In 1885 only two mints struck double eagles. The Philadelphia issue is very rare while its Carson City counterpart is quite scarce but affordable, especially in lower grades. 1886 is perhaps the most difficult year in this entire set as only the Philadelphia mint produced double eagles and just 1,000 business strikes were made. Every other year contains at least one common issue which can be purchased by the collector of average means.

IV. Assembling A Complete Set of Type Three Double Eagles

Many collectors decide to assemble a complete set of Type Three double eagles. Such a set will include one example of each Type Two double eagle struck between 1877 and 1907. Including the Proof-only years of 1883, 1884 and 1887 a complete set consists of 76 coins. (Due to the price of these three coins, many collectors decide to not include them in their set. If this is done, the theme of the set can be changed from being a "complete set of Type Three Double Eagles" to a "complete set of business strike Type Three Double Eagles.") For the most part, the grades of this set will range from Extremely Fine to Mint State. The more common issues are generally represented by high grade coins while the rarer issues are represented by lower grade pieces. The rarities of this set are 1881, 1882, 1885, 1886 and 1891 which are seldom offered for sale and will cost at least $20,000 for above average examples. However, most of the other Type Three double eagles are well within the budget of the average collector.

There are some basic principles which the complete set collector should follow as he acquires coins. A complete set should be as well-matched as possible. The collector should try to purchase coins which have a similar appearance. As an example, a collector might try to acquire coins which are as original as possible and which show reasonably similar coloration.

A complete set should not be "all over the map" as far as grades are concerned. Instead of spending $10,000 on an unappealing, bagmarked 1879-O (as opposed to a choice example of this date in this price range) merely to fill a hole, buy two or three outstanding MS-62 semi-key dates from the 1870's. Do not assemble a complete set with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Three double eagles with the idea that he will be able to complete this set in the higher Mint State grades. Since many issues in the Type Three double eagle series are essentially non-existent above Mint State-60 (and some like the rare Philadelphia dates from the 1880's are either unknown or excessively rare in Mint State), certain allowances will have to be made. Conversely, a collector does not have to settle for coins he does not like just because he thinks he will not be able to do any better.

Set building is the key to realizing additional value without spending extra money. This phenomenon is known to numismatists as a "set premium" and it definitely applies to Type Three double eagles. Carefully assembled sets of coins have proven over the years to bring substantial premiums over randomly assembled, meaningless accumulations of coins. A set that has been assembled with the assistance of a professional numismatist should prove emotionally and financially rewarding to the collector or investor.

An especially good idea for the new collector would be to discuss assembling a set of Type Three double eagles with a dealer who specializes in 19th century gold coins. Get his thoughts as to which grade each specific date should be purchased in. Reading this article should also give the collector a good idea about this as it attempts to give a breakdown of the total number known of each date in each grade range.

V. Collecting By Die Variety

For most Type Three double eagles, a number of different obverse and reverse dies were employed. As one die became worn and/or damaged, it was replaced by a new die. The different combinations of dies created a number of die varieties.

The field of gold coin die variety collecting is extremely fertile. Very little has been written about the varieties of U.S. gold coins and next to nothing has been written about the die varieties of Type Three double eagles. It is very probable that a number of interesting, potentially rare die varieties exist for this series.

A collector wishing to start a die variety collection needs to pay attention to such things as date placement, mintmark placement and diagnostic characteristics such as die scratches and/or die breaks. He should record this information and compare each example of a specific date which he has the chance to examine.

While it is possible that this sort of collecting may become popular in the future, for now it is the province of a tiny handful of specialists. Therefore, the die variety collector should not pay an extra premium for supposedly rare varieties (such as a mintmark position previously unseen on a specific issue).

VI. Collecting Proof Type Three Double Eagles

Proof Type Three double eagles were struck in exceedingly limited quantities at the Philadelphia Mint from 1877 through 1907. In fact, the mintage for Proofs for the entire thirty one year period was just 2,414 pieces.

The tremendous rarity of these coins is what makes them appealing to a small segment of wealthy collectors. It is possible to assemble a complete set of Proof Type Three double eagles. However, this set would require considerable patience and a very deep pocketbook.

Historically, during bull markets, proof gold coins have been favorites with rare coin funds or wealthy individual investors. In the 1989-1990 bull market, the rare coin funds managed by Merrill Lynch and Kidder Peabody were major buyers of coins such as proof Type Three Liberty Head double eagles.

Most of the Proof Type Three double eagles which appear on the market grade in the Proof-63 to Proof-64 range. The extreme rarity of Proof-65 and better examples makes this set all but impossible to complete in the highest Proof grades.

Conclusion:

These are just some of the ways in which to collect Type Three double eagles. Part of the appeal of coin collecting is the myriad possibilities it offers the collector with imagination.

For more information on Type 3 Double Eagles, I recommend purchasing Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis by Douglas Winter.

The Ten Rules of Successful Coin Collectors

If you do not learn how to become a good coin collector, you will not enjoy this hobby. This will become quickly apparent; especially the first time you have your rash, uninformed purchases looked at (and, probably, summarily dismissed) by a knowledgeable dealer or collector. There are a number of rules that all coin collectors should remember every time they make a purchase. Here are ten that I feel are especially important. 1. Education

The most successful coin collectors take time to learn as much as they can about numismatics. They not only study coins but the dynamics of the market as well. To learn about coins, I strongly suggest that you buy and read as many books as possible. You can supplement these books with specific catalogs that relate to your chosen field of specialization. A serious collector might even go as far as creating a database of prices that relate to his specialty. Other suggestions for new collectors include subscribing to periodicals such as Coin World and Numismatic News. You should join the American Numismatic Association and use their library (they will send books by mail to members). Become friendly with other collectors and communicate with them by phone or e-mail. And don't be afraid to ask questions.

2. Specialization

It is too hard to begin a coin collection without having goals and boundaries. I have always been a strong believer that it is better to view numismatics with a "micro" perspective as opposed to a "macro" perspective. As an example, if you start by collecting Charlotte gold coinage, your "world of focus" becomes 52 specific issues. It is realistic to assume that an intelligent individual who is willing to commit time to this area of study could become relatively knowledgeable within a year or two. To become similarly knowledgeable in a larger field of study (such as all branch mint US gold coins produced between 1838 and 1907) requires many more years. Becoming a well-versed specialist will allow you to level the playing field between you and dealers and it should enable you to make better purchases.

3. Patience

We live in an era of immediate gratification. New collectors often have the urge to jump in very quickly and complete their sets as fast as they can. The best coin collections are built over the course of many years. Sometimes, it is possible to purchase a number of great coins in a very short period of time. But most times, the opportunities to purchase great coins are few and far between. The new collector should avoid the temptation to buy the "wrong coin" just because he needs it for his set and he does not want to wait. Impetuous decisions are invariably incorrect and usually prove costly over the course of time.

4. Connections

It amazes me how many serious collectors get their "meatiest" information on topics such as pricing, market conditions and future trends from such third-hand sources as newsletters, coin magazines and coin brokers. This information is almost always well out of date and totally biased. (Remember that most newsletters which recommend specific coins are written by dealers who have taken a position in what they are touting). The only way to get real information about the coin market is from a dealer or collector who regularly attends shows and auctions. This discounts most coin brokers/salesmen as they get diluted information from their superiors and then pass on these half-baked "truths" to the masses. I personally view it as my duty to pass on accurate information to good clients. Conversely, I will not willing pass this information onto "tire kickers." The best way to get good information is to establish a good working relationship with a well-connected, reliable dealer.

5. Thinking Like A Collector

Anyone who approaches numismatics with a dispassionate attitude is a virtual certainty to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know for example, that a coin similar to one they just purchased sold for 10% more at a major auction. They know that they are not buying overhyped coins at the height of a promotional period. They are not buying coins just because a voice at the other end of the phone told them to and they are not buying them because this person told them their new coins would "increase in value 50-75% over the next three years." Remember this rule because it may be the most important one of the ten listed here: learn to think and act like a true collector and you will have more fun now and have a better chance to expect a reasonable profit on your purchases over the course of time.

6. Connoisseurship

I define connoisseurship as the ability to discern true quality in a specific field. In numismatics, the connoisseur is able to determine which coins have the most aesthetic eye appeal and which, literally, stand apart from the "typical" piece. A numismatic connoisseur, for instance, is able to appreciate a truly original gold coin with rich, "crusty" coloration. He is able to innately sense that 150 year old coins do not have to be big and bright in order to be desirable. Connoisseurship is a natural ability. You either are able to naturally determine the "best" or you are not. If you are not a born connoisseur (and very few people are) then you should find a dealer who has this ability to assist you with your purchases. I would estimate that less than 5% of all coin collections are "connoisseur quality" and those that are typically the ones that show the greatest financial appreciation over the course of time.

7. Learning to Grade

I have seen people spend millions of dollars on rare coins without having the slightest idea how to grade. They put their complete trust in dealers and in third-party grading. Frankly, this attitude leaves me baffled. If I do not feel very comfortable grading a specific type of coin, I do not buy it. As an example, I think Indian Head half eagles are extremely hard to grade. To be totally honest, I can't grade the damn things. My solution? I don't buy them. By the same token, I feel that I am a world-class grader of Liberty Head half eagles. So I buy a lot of them. There are some simple rules when it comes to grading. First--and foremost--you need to view as many coins as possible. I would recommend that you attend shows and auctions and carefully look at coins. Secondly, I would take one of the grading classes offered by the American Numismatic Association at their annual Summer Seminars. Thirdly, I would make the decision to specialize, so that you have fewer types of coins to learn to grade. Fourthly, I would try to learn grading tips from the dealer(s) that I buy the majority of my coins from. Finally, I would always remember that while third-party grading is a great safety net for the beginner, there is nothing like your own knowledge.

8. Thinking Long Term

Coins are a terrible short-term investment. Even if you buy coins at a fair "retail" mark-up, you are still paying at least 10-20% over typical wholesale prices. This means that any coins that you purchase has to go up at least 10-20% for you to break even. When coins were heavily touted as investments in the 1980's, the common logic was that you needed to hold at least three to five years. I would suggest that you should plan to hold your coins at least ten years and preferably more. The greatest collections (Eliasberg, Pittman, Norweb, etc.) were built over the course of fifty+ years.

9. Quality Not Quantity

Let's say that you have a coin budget of $20,000 per year. I would suggest that you purchase four or five really nice $4000-$5000 coins each year than twenty $1000 pieces. The coin market of the future will be even more predicated on quality than it already is. High quality coins will become harder to find and, consequently, more expensive. The decision to purchase the best coins you can afford will prove to be very intelligent over the course of time. A few years ago, another dealer had an advertising campaign that basically said that your entire collection should be able to fit into a PCGS shipping box (i.e., it would be twenty coins). While this never really caught on, I think his idea actually has some merit. If you have decided to be more of a "generalist" buyer than a "specialist," I like the concept of having a small collection of great coins instead of a large collection of nondescript coins.

10. Buying the Best You Can Understand

If you are new to coin collecting and you know next to nothing about coins and the coin market, you have no business purchasing $10,000+ items. I would strongly suggest that you start small and take at least three to six months to study the market. Once you feel more comfortable, you can take a bigger plunge into the coin market.

Conclusion:

The regimen that I have discussed above is not easy to follow. Most people are not willing (or able) to follow this approach as it requires considerable discipline and a major commitment of time. If some of these steps seem practical to you and others do not, then I suggest you follow what you can and keep the other steps in the back of your mind as you become better acquainted with numismatics.

New Orleans Gold Coins: A Date by Date Analysis - Part One

PART ONE: GOLD DOLLARS - HALF EAGLES The New Orleans mint produced gold coins from 1839 through 1906. During this period, twelve different major design types were produced, encompassing six denominations. These coins range from relatively common to exceedingly rare and all are interesting, collectible issues.

I. Gold Dollars

DATES OF ISSUE: 1849 - 1853, 1855 TYPES: Type One (1849 - 1853), Type Two (1855)

1849-O: A popular first year of issue which is common in grades up to MS-61; becomes scarce in MS-62 and rare in MS-63 or better. Usually well struck; often with pretty green-gold color.

1850-O: The rarest New Orleans gold dollar. Scarce in all grades and rare in Uncirculated; almost impossible to find above MS-62. Very undervalued in higher grades. Usually seen with grainy surfaces; often cleaned.

1851-O: The second most common issue and a date that can be found up to MS-62 without much difficulty; becomes scarce in MS-63 and rare better than this. Usually found well struck and a good type coin because of its excellent appearance.

1852-O: A scarce and underrated issue that is usually seen in lower grades; very scarce in lower Mint State grades and rare in MS-62 or better. Often weakly struck at the centers but original coins show lovely orange-gold and green color.

1853-O: The most common New Orleans gold dollar but less available than its mintage figure of 290,000 would suggest. Obtainable up to MS-63 but rare above this; often comes well struck and lustrous.

1855-O: A very popular one year type coin; overvalued relative to its rarity as are all Type Two gold dollars but its high level of demand justifies its price level; Mint State coins are often low end and poorly struck. Population figures for MS-63 and MS-64 coins seem inflated due to regrades and this is a truly rare issue in higher grades.

OVERALL ANALYSIS: This is a short, easily completed series. An AU-55 to Mint State-62 set is well within the budget of most collectors and an all Mint State set is not unfeasible or prohibitively expensive.

II. Quarter Eagles

DATES OF ISSUE: 1839-1843, 1845-47, 1850-1852, 1854, 1856-57 TYPES: Classic Head (1839), Liberty Head (1840-1857)

1839-O: A one year type coin that, like the 1855-O gold dollar, is overvalued but popular enough to justify its price level. A few dozen are known in Mint State and any coin grading MS-62 or better is rare. Two varieties are known: High Date, Wide Fraction and Low Date, Close Fraction.

1840-O: Historically significant as the first Liberty Head quarter eagle from New Orleans and a very scarce coin above AU-50; very rare and underrated in Mint State. Often found poorly struck. Two varieties known: Large Mintmark and Small Mintmark. The best I know of is the Ex: Eliasberg coin now in the Bass collection.

1842-O: One of the rarest New Orleans quarter eagles. Usually seen in low grades; scarce in EF, rare in AU and very rare in Mint State. Most are poorly struck and have inferior planchets; well struck examples should carry a large premium. Two or three exist in MS-63 with the best of these in a Nevada collection.

1843-O Small Date: The most common New Orleans quarter eagle; easily located in most circulated grades but surprisingly rare and significantly undervalued in Mint State. Extremely scarce above MS-62 and unknown in Gem. Often seen with die rust on the surfaces.

1843-O Large Date: Much rarer than its Small Date counterpart and actually one of the rarest New Orleans quarter eagles. Usually seen in Extremely Fine and very scarce in AU. Around 12-15 are known in Mint State; I have never seen one better than MS-62.

1845-O: Only 4,000 struck and easily the rarest quarter eagle from this mint. In fact, this is one of the hardest Liberty Head quarter eagles of any date; very undervalued in comparison to comparable C+D issues. Perhaps a dozen are known in AU plus two or three in Mint State. Original, problem-free pieces are extremely hard to locate. The finest known was just offered in the 1999 ANA sale.

1846-O: Relatively common in lower grades but becomes scarce in AU and very rare in Mint State with around a dozen known. Many are found with very weak strikes. The example from the Pittman sale (later graded MS-66 by NGC) sold for $121,000 which is a record price for any New Orleans quarter eagle.

1847-O: More available than the 1846-O in circulated grades and less rare in Mint State but still a very tough issue with probably no more than two dozen known in Uncirculated. Another issue that is often found with poor strikes. Sharp examples exist and should sell for strong premiums. An MS-65 in a Louisiana collection is the finest known.

1850-O: Similar in rarity to the 1847-O in circulated grades; slightly rarer in Mint State. Around 12-15 known in Mint State with most of these in MS-60 to MS-62 grades; extremely good value in this grade range at current levels. The very choice example from the 1999 ANA sale is the finest known.

1851-O: One of the more available of the "medium rarity" N.O. Quarter eagles but still a very scarce coin in AU and a rarity in Mint State. About 12-14 are known in Mint State. Weak strike are a problem with this date as on most New Orleans quarter eagles. A lovely MS-65 exists and this is in a private collection.

1852-O: Similar in overall rarity to the 1850-O and 1851-O but a bit more common in AU grades; another rare and very undervalued date in Mint State with 10-12 known. Frequently seen with weak strikes but easier to locate with good deal than the 1840's dates.

1854-O: Along with the 1843-O Small date, the only New Orleans quarter eagle that is common in circulated grades. In Mint State, this is a very scarce and surprisingly undervalued issues. I have never seen one better than MS-63 and just two or three at that level.

1856-O: A true "sleeper" and one of the hardest quarter eagles of any date to find in higher grades. Around 6-8 known in Mint State with none better than MS-62. Many are found with weak centers and poor luster. The only Uncirculated example to sell in some time was the NGC MS-61 in the 1999 ANA which was a great value at $8337.50

1857-O: Formerly rare but now relatively common in AU due to a small hoard; still fairly scarce in Mint State but, again, now more available due to the aforementioned hoard.

OVERALL ANALYSIS: This thirteen issue set is completable but very challenging, especially if the collector is not willing to purchase weakly struck examples of certain dates. An all Mint State set is feasible, albeit difficult, while a nice AU set is an exceptionally good value at current levels.

III. Three Dollar Gold Pieces

DATES OF ISSUE: 1854

1854-O: Common in lower grades but very scarce and undervalued in the higher AU grades; properly graded Mint State examples are very rare. Most are seen with very weak strike and a "delicate" appearance due to die lapping and polishing. A popular one year type that still seems to have growth potential from the standpoint of price.

IV. Half Eagles

DATES OF ISSUE: 1840, 1842-1847, 1851, 1854-1857, 1892-1894, 1909 TYPES: Liberty Head, Without Motto (1840-1857), Liberty Head, With Motto (1892- 1894), Indian Head (1909)

1840-O: Unlike most first year of issues, this date was not saved and is rare and undervalued in higher grades. Usually seen well worn, abraded and in deep green-gold. An extremely undervalued coin in Mint State with fewer than ten known; the finest I have seen is the Pittman coin (graded MS-64 by NGC). Varieties are known with a Broad Mill (very rare) and a Narrow Mill.

1842-O: Tied with the 1847-O as the rarest New Orleans half eagle in terms of overall rarity (with around 45-55 known) and the rarest in high grades. This date is still unique in Mint State (the Milas/Eliasberg coin) and there are no more than 9-11 real AU's known.

1843-O Large Letters: The more common of the two varieties. Usually seen with very heavily abraded surfaces and yellowish-green color. Quite scarce in AU and rare in Mint State; around a dozen Uncirculated pieces are known including a few fairly choice ones. There were two lovely Uncs. in the Milas sale.

1843-O Small Letters: Once believed to be of similar rarity to the Large Letters variety but now known to be considerably scarcer. Usually seen in VF-EF grades and often weakly detailed due to die cracks and lapping. Very rare in full AU and an extreme rarity in Mint State.

1844-O: By far the most common New Orleans half eagle of the 1840's and an easily located date in any circulated grade. MS-60 and MS-61 coins are not particularly scarce but this date becomes rare in MS-62 and very rare above this. Often found with excellent frosty luster and superb green-gold or yellow-gold color. A single Proof is known in the John Murrell collection.

1845-O: An overlooked, undervalued date that is typically seen well worn, softly struck and heavily marked. Rare in AU and very rare in Mint State with approximately seven to nine known. Very good value in comparison to comparable Charlotte and Dahlonega half eagles of this era. There is a gem in the Bass collection.

1846-O: A bit rarer than the 1845-O overall and another rare coin in the higher AU grades. In Mint State, this is a true rarity with around a half dozen known. Mostly found with a soft overall strike and unappealing surfaces. The MS-63 Milas/Eliasberg coin is the finest known.

1847-O: Tied with the 1842-O for the rarest New Orleans half eagle overall but a bit more available in AU grades. Unknown in strict Mint State and excessively rare in AU-55 or better. The AU-58 Milas coin is still the best I have seen. Often found with below average surfaces.

1851-O: Comparable to the 1846-O in terms of overall and high rarity. This issue is characterized by excellent luster and nice green-gold color; often weak on Liberty's hair. Rare in the higher AU grades and very rare in Mint State with around seven to nine known.

1854-O: The second most common No Motto New Orleans half eagle but much scarcer in the higher AU grades than realized and quite rare in Mint State. A well produced issue with pleasing green-gold color; sometimes found prooflike.

1855-O: A favorite of mine and one of the most undervalued Liberty Head half eagles of any date; just a bit less available than the 1842-O and the 1847-O and a truly rare coin in AU-50 or above. I know of two or three Uncs. and none of these grade above MS-61 to MS-62. A small hoard of 10-15 coins entered the market in the Summer of 1996.

1856-O: At one time, similar to the 1855-O in terms of overall rarity but more available due to a small hoard found in the mid-1990's; still very rare in AU and extremely rare in Mint State. Often seen weakly struck and nearly always on inferior planchets. The MS-62 Milas coin is currently the best known.

1857-O: The most available of the underrated 1855-1857 dates but still very scarce in all grades and rare in AU; very rare in Mint State with maybe half a dozen known. The best I've seen is a lovely PCGS MS-63 owned by a Pennsylvania dealer a few years ago.

1892-O: The rarest of the three With Motto half eagles from this mint. This date appears not to have seen much circulation as it is usually in AU grades. It is rare in Mint State and appears to be unknown above MS-63. Almost all known are excessively abraded.

1893-O: Common in all circulated grades and not hard to locate in the lower Mint State grades. Becomes scarce in properly graded MS-62 and very rare above this. A hoard of two dozen or so Mint State 60 to Mint State-62 coins entered the market in the mid 1990's.

1894-O: A much scarcer coin than the 1893-O as its lower mintage figure would suggest. Most Mint State examples are excessively abraded and have satiny, slightly reflective surfaces. I have never seen one better than MS-63 and just one or two at that level.

1909-O: The only Indian Head half eagle from New Orleans and very popular as a result. Common in "slider" but very scarce in real Mint State and quite rare in MS-63 and above. The best I have seen is the Price/Eliasberg coin that brought an incredible $374,000 when last sold in May 1998.

OVERALL ANALYSIS: The Liberty Head half eagles from New Orleans are an interesting group of coins. The only two reasonably common Without Motto half eagles are the 1844-O and the 1854-O are neither of these is exactly obtainable in Mint State. This is a very challenging set to collect in high grades. The three With Motto coins are easily obtained in the lower Mint State grades as is the 1909-O.