1862 $3.00 PCGS PR63 CAC

Byron Reed Collection pedigree. One of 35 Proofs struck; there are probably as few as nine to ten known. This is one of the few absolutely original Proof gold coins on the market. It was last sold in 1996 and before this it had resided in the Byron Reed/Omaha City Library collection since the 1890's. The obverse and reverse show deep natural cloudy orange-gold color over reflective surfaces. It appears that the contrast is good enough to designate this coin as a Proof but the aforementioned toning has slightly obscured the frosted nature of the portrait; if dipped (yikes!) this contrast would be fully evident. There are a a few old hairlines on the surfaces (not from cleaning but from cabinet friction) and a few mint-made lines in the planchet before the U in UNITED. The rarity of this date as a Proof is evidenced by the fact that there have been just two pieces sold at auction since 1999: a PCGS PR64 in 6/04 that sold for $50,600 and another PCGS PR64 that brought $37,950 in May 2006. This piece is an amazing combination of rarity, pedigree and beauty and it should be very attractive to Proof gold collectors or Civil War specialists.

Ex Spink America 10/1996: 78 (where it sold for $15,400), earlier in the Byron Reed/Omaha City Library collection. The original auction flip accompanies the coin.

1840 Narrow Mill $5.00 PCGS MS62+ CAC

This numismatically significant issue is the first Liberty Head half eagle to feature the second use of the Liberty Head design. While very common in lower grades, the 1840 (which is found with a Narrow Mill and Broad Mill variety) is scarce in Uncirculated and it becomes genuinely rare in properly graded MS62 and above. This fresh-to-the-market example is amongst the best 1840 half eagles that I have seen in years with exquisite green-gold and orange color atop very choice frosty surfaces which clearly have never been cleaned or brightened. The reverse shows a bold, bisecting crack that begins at the right side of the A in STATES, goes through the eagle and ends at the right side of the V in FIVE. A few wispy lines in the obverse fields narrowly keep this coin from a higher grade but its level of eye appeal is really off the charts and it would make a fantastic No Motto type coin for someone who wants a piece that is truly "special." This is the only 1840 half eagle in MS62 to have been given a "plus" designation by PCGS and it is the nicest example of this date that I have personally seen since the Heritage 3/06: 1853 coin (ex Pittman/Farouk/Green) that sold for $43,125 in an NGC MS65 holder.

1854-C $5.00 PCGS AU50 CAC

Strong mintmark variety. The 1854-C is often seen with a weak or virtually invisible mintmark and examples with sharp mintmarks are very scarce. This issue is downright rare in AU50 and better with original surfaces and color and this coin is one of the few I have seen as such in many years. With the exception of star two on the obverse, the strike is far above average for the date and the surfaces are choice with a good deal of luster seen below a rich overtone of green-gold and amber. Some dirt is visible within the lettering on the reverse which is indicative of this piece's originality. I sold this coin to the former owner in an NGC AU53 holder and he downgraded it to AU50 when he sent it to PCGS for a crossover. I still think the coin is a solid AU53 and it wouldn't even look out of place in a 55 holder. A rare opportunity for the Charlotte half eagle collector to acquire a choice example of this scarce, undervalued issue.

Ex RYK "Dirty Gold" collection.

1869-S $5.00 PCGS EF40 CAC

Despite a comparably high original mintage of 31,000, the 1869-S is a scarce issue in all grades. It fits squarely in the category of "formerly-unpopular-but-suddenly in-favor" as with many P+S issues from the 1850's, 1860's and 1870's. This example is attractive and solid for the grade with nice orange-gold color atop reasonably clean and choice surfaces; the reverse is a full 45 on its own. The last PCGS EF40 example of this issue to sell at auction was Heritage 4/06: 2774 which sold for $2,070. This is pone of just two examples of this date with CAC approval in this grade with just one finer.

From the RYK "Dirty Gold" collection

1871-S $10.00 NGC AU55

Most of the San Francisco eagles produced from 1858 through 1870 are next to impossible to locate in AU50 and higher grades. The 1871-S, while by no means common in this range, is slightly more available. This example shows nice naural golden-orange color and has a considerable amount of natural luster on both the obverse and reverse. What appears to be a planchet defect in the left obverse field near ther third star is actually an interesting die crack which is seen on about a quarter of all the known 1871-S eagles. In this case, it is quite large and this is probably among the final coins struck before the obverse die broke. The 1871-S remains unknown in strict Uncirculated and it is extremely rare in properly graded AU58. The PCGS AU55+ that sold as Heritage 9/11: 4384 brought a very strong $11,500, heralding a new-found level of respect for this date amongst collectors.

1864 $2.50 PCGS EF45 CAC

The three rarest circulation strike Liberty Head quarter eagles, in order, are the 1841, the 1854-S and the 1864. There are probably fewer than ten business strike 1841's and around twelve to fourteen of the 1854-S. The rarity of the 1864 isn't as well known but it doesn't lag the 1841 and the 1854-S by all that much with around twenty or so known in all grades (including the incredible Byron Reed NGC MS67 example which, in my opinion, is the single greatest Liberty Head quarter eagle in existence). Only 2,824 1864 quarter eagles were made and this issue was heavily melted as were all gold coins of the Civil War era. There are exactly three known in Uncirculated and maybe another eight or nine in About Uncirculated. After years of neglect, this issue has gained some popularity and the last three auction appearances for the date (all of which occcured in 2011) saw records of $46,000 for a PCGS AU55, $46,000 for an NGC AU58 and $40,250 for another in NGC AU58. In addition, I was recently offered an NGC AU58 for $49,000 by a knowledgable wholesale dealer. The example I offer for sale here is totally fresh to the market and it is perhaps the only circulated 1864 quarter eagle that I have seen that has original color and surfaces. From the standpoint of detail, this coin resembles an AU50 or even better and there is lovely natural reddish-gold color on both sides. There is a small natural mint-made planchet flaw at star six on the obverse that is not nearly as visible on the actual coin as it is on the image; the rest of the surfaces are very clean with no marks of note. I feel that this date is exceptionally undervalued given its rarity. I recently purchased an 1854-S quarter eagle in PCGS F12 for close to $200,000 and felt it was a very good deal; at one-tenth of the price, a nice EF 1864 just seems too cheap. If you are a serious Civil War gold collector or if you specialize in Liberty Head quarter eagles you are aware of this date's rarity and how hard it is to locate with such good eye appeal.

1843-O Large Date $2.50 NGC AU58

From the standpoint of overall scarcity, the 1843-O Large Date is the second rarest quarter eagle from the New Orleans mint, trailing only the low mintage 1845-O. This variety was long overlooked due to the extreme availability of the common Small Date 1843-O but it has become popular and collectors are now aware of how hard it is to locate high grade examples. This piece show the characteristic broad rims of this variety as well as the significantly doubled mintmark base. The surfaces are covered with deep, natural green-gold color with rich accents of orange-gold. There is a good deal of luster remaining and the strike is better than on many examples with just a hint of weakness on the eagle's right (facing) leg. Uncleaned examples of this variety are not often seen and this would fit nicely into a specialized collection of New Orleans quarter eagles.

1851-O $20.00 NGC EF40

Everyone wants to own at least one double eagle from the New Orleans mint but with prices approaching five figures for a decent-but-not-mindblowing AU example, not everyone can afford one. How about a pleasing, evenly worn EF piece for a shade under four thousand bucks? This problem-free 1851-O has medium russet color and a bit of underlying luster on both sides. There are no major marks and the naked-eye appeal is excellent for the grade. I've seen damaged examples of this date sell in the $2,500-3,000 range which makes this piece seem like the perfect value play for the collector who longs for a Crescent City double eagle.

1838-D $5.00 NGC AU53

The 1838-D isn't the rarest half eagle from this mint (that honor belongs to the 1842-D Large Date) nor is it the most historically significant (take a bow, 1861-D) but it is the most numismatically significant as it is the first issue from this mint and the only half eagle employing the Classic Head design. The 1838-D isn't really that rare from the standpoint of overall number known but most survivors are in lower grades and the few choice examples that exist tend to be in tightly-held private collections. The 1838-D is seldom seen with original color and surfaces and this fresh-to-the-market example (accompanied by an old handwritten manila envelope) has a considerable amount of natural mint luster visible below medium greenish-gold and pale orange splashes. The detail is excellent for the issue with the centers showing nice definition while there are no surface marks of consequence. There is a small obverse rim bump at 11:00 on the obverse where the coin appears to have been dropped onto a hard surface at one time. This issue is always in demand and with very marginal quality EF-ish coins now selling in the $5,000-7,000, this fully AU example makes sense from a value standpoint.

Ex Stack's Bowers 3/12: 7490 where it sold for $9,775; from the Demarete collection.