Recently Sold by DWN: A Choice PCGS AU53 1855-D $1.00

The 1855-D is one of two gold dollars from the Dahlonega mint with multiple levels of demand. It is popular with type collectors who like it for its one-year status (it is the only Type One gold dollar from this mint) and it is also popular with collectors who appreciate truly rare coins. While the 1861-D is the “sexy” D mint gold dollar, the 1855-D is actually a rarer coin in high grades, especially with choice surfaces, original color and a sharp strike. Of the 100 or which are known, most 1855-D dollars grade in the VF-EF range and are characterized by very flat central detail. There are an estimated two dozen known in properly graded About Uncirculated, as well as another four or five in Uncirculated.

A very small number (lower than 10% of the survivors) are known with a full date and collectors appreciate these. Full Date coins typically command strong premium and to qualify as such, an 1855-D needs to be as well defined on the 85 as the present coin; see the photo for more evidence.

This fresh-to-the-market coin is perhaps the nicest circulated 1855-D dollar that I have owned and its eye appeal far exceeds the assigned grade. It is extremely well-struck and is probably one of the very first coins struck from the Winter 7-I die pair. The date shows 100% full detail, and there are only moderate clashmarks at the centers. The surfaces are clean and well made with attractive rich deep russet color seen on both sides. Some dirt in the recesses can be seen as well and it is likely that this is one of only a small number of 1855-D dollars which has not been cleaned or dipped.

This coin was recently sent in for grading by the descendants of an old Southern family, where the coin had resided since the 19th century. I was excited to purchase it, and I sent it to PCGS and later to CAC, hoping it would grade AU55.

Here is an example where a coin in a lower grade holder is clearly worth more than one graded higher. My coin was “competing” with an NGC AU58 which was listed on a West Coast dealer’s website for less money than I was asking for a coin which was “only” an AU53. As I pointed out to the collector who purchased this coin from me, the AU58, based on images, was weakly struck, unnaturally bright, and had rough, processed surfaces.

The new owner of this coin is nearing completion of a set of Dahlonega gold and he has just a few more coins before he is finished. I am pleased that he took a leap of faith and purchased this exceptional 1855-D Full Date dollar as it will make a superb addition to his set.

If you want to purchase Dahlonega gold coins which are choice s this 1855-D dollar, please contact me at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

A Fresh 1864-S Half Eagle

If I had to pick one single Liberty Head gold coin which would generate a whirlwind of interest if posted on my website, it would likely be the 1864-S half eagle. This is the rarest collectible half eagle from this mint (after the ultra-rare 1854-S), and it is clearly one of the four or five rarest gold coins ever struck at the San Francisco mint. In my estimation, there are around 30 examples known with many in the VF-EF grade range.

This coin is an old friend which I sold to its present owner around 15 years ago. The collector who owns the coin, graded EF45 by NGC, decided he wanted to put together a set of San Francisco half eagles. I told him he should start with the keys first, and for his purposes, the 1864-S was clearly going to be the stopper. I found this lovely example a few months later and it’s been off the market for the better part of two decades.

I don’t have all my old records handy, but if I recall correctly he paid around $10,000 for the coin. Today, it is worth four or five times this amount.

After many years of inactivity, the collector who owns this coin has decided to resume assembling his set of San Francisco half eagles. The beauty of his listening to my advice is that he already owns many of the keys and he doesn’t have to worry about the stopper—the 1864-S—as he owns this beautiful example.

This is one of the few original, uncleaned 1864-S half eagles which exist. This piece has pleasing lemon-gold and rich rose color on the obverse and the reverse, and the surfaces are far less abraded than usual for the issue. The obverse stars show flatness at the centers which is typical for the issue; even the single example known in Uncirculated (an amazing PCGS MS65+) shows this weakness of strike.

For many years, the 1864-S half eagle was an unloved issue with only a small number of collectors who appreciated its grade and absolute rarity. Today, this coin is very popular and I think its level of demand is only going to increase as San Francisco gold coins become more and more avidly collected.

Do you want to put together a set of San Francisco half eagles? I would be happy to assist you, and am available to discuss the process by phone (214-675-9897) or via email at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Recently Sold by DWN: 1865 $20.00, NGC MS66★, S.S.Republic Pedigree

In the last decade and a half, I have been instrumental in helping to create what is now a very solid collector market for choice and rare Type One Liberty Head double eagles. This is not to say that there weren’t great collections of these coins in the 1970’s and 1980’s; there were, but just not to the extent that there are today.

Of course, it didn’t exactly hurt this market to have no less than three major shipwrecks (S.S. Central America, S.S. Brother Jonathan, and S.S. Republic) located during the past two decades. This brought thousands and thousands of Type Ones into the market, and this number included many heretofore unthinkable pieces. These coins were professionally marketed and attracted new buyers into the market; some of whom became serious long-term collectors in their own right.

The S.S. Republic didn’t get the notoriety of its counterparts but there were some amazing coins included in the treasure. The date that saw the best single coins, from a quality and appearance standpoint, was the 1865 double eagle. This makes sense as the boat sank in 1865 and these coins were essentially “brand new” and fresh from the Philadelphia mint.

No less than 271 Uncirculated examples of the 1865 double eagle were found in this treasure and some of these coins were truly special. Most were in the MS61 to MS63 range and were characterized by great luster and detail, but scattered scuffs and abrasions. A few dozen Gems were uncovered. And then there was one remarkable coin that was hand selected by the graders at NGC to represent this date in the Museum Collection which was formed by an investor in the salvage operation.

This incredible 1865 double eagle was graded MS66 by NGC and awarded a “star” designation for having exceptional eye appeal. The coin has semi-prooflike luster and its strike is as sharp as on any business strike Type One double eagle from the Civil War era which I have ever seen. It shows glowing golden-yellow color and its surfaces are nearly perfect save for a few minor scuffs in the fields.

There are a number of factors that make this an important coin.

1. It is the second finest Civil War double eagle of any date after the famous PCGS MS67 1861 which sold for $352,000 in a 2013 auction.

2. It is the single finest-known 1865 double eagle. The next best example is probably the PCGS/CAC MS65 which sold for $88,125 in a Heritage 2013 auction.

3. It is the single highest-graded gold coin of any date or denomination from the S.S. Republic.

This coin was sold to an East Coast collector who is putting together a memorable set of Type One double eagles. This individual already owns the single finest known 1862 (an NGC MS64) and the single finest known 1864 (a PCGS MS65), so the addition of the finest known 1865 now gives him no less than three Philadelphia Civil War coins which are unimprovable.

For more information on choice and rare Type One Liberty Head double eagles or on any facet of collecting American coinage, please contact Doug Winter at (214) 675-9897 or via email at dwn@ont.com.

Recently Sold by DWN: 1871-S 25¢, PCGS MS66 CAC

Beginning with this piece, I am initiating a series of blogs that looks at individual coins that I have sold to our clients. Some of these coins were included on my website (www.raregoldcoins.com) while others were not. The prices on these coins range from a few thousand dollars up to hundreds of thousands. All have one thing in common: they are interesting issues with a story to tell.

This first coin might surprise you. I have a well-deserved reputation as a dealer who handles a lot of great 18^th and 19^th century United Sates gold coins. But I also handle some really interested Bust and Seated coins, including coins such as the featured item in this blog.

I started collecting coins when I was nine years old and one of the first series which I started collecting seriously was Liberty Seated quarters. I have always loved this series and over the years, I’ve handled numerous finest known and Condition Census issues. I’ve always had a soft spot for New Orleans and San Francisco quarters so this Gem 1871-S quarter hit a real nerve for me.

The 1871-S is a scarce, low-mintage issue which, like all of the other San Francisco quarters of this era, tends to be found in lower grades. There are an estimated 200-300 known with many of these showing extensive wear. A small number of Gems (maybe as many as four or five) are known, and it was likely these were all saved by foresighted collectors or local families.

The present 1871-S quarter is famous within the Seated Liberty collecting community and it is very likely the single finest known. It has blazing frosty luster with surfaces which, except for a small scrape in the right obverse field, are essentially “as made.” The coin has blast white centers with some cinnamon hues at the obverse border; the reverse shows lighter but more extensive color at the periphery.

There are two superb gems known for this date and these are as follows:

1. This coin, ex Heritage 6/14: 30391 ($30,550), Gene Gardner collection obtained privately from Summit RC in August 2004, earlier from the Stellar Collection and probably ex Eliasberg 2: 1498. Graded MS66 and approved by CAC.
2. A second coin graded MS66 by PCGS, this ex Stack's Bowers 8/12: 11350 where it sold for $35,938. More extensively toned than coin #1. Graded MS66 by PCGS and approved by CAC. 

The 1871-S was formerly a neglected and overlooked date and it remains somewhat overshadowed by its rarer counterpart, the 1872-S. But it is very scarce in all grades and it is almost never seen in popular collector grades. Its value has risen appreciably over the years in the VF-AU grade range, but like many Seated quarters of this era it is dominated by the famous Carson City issues which are more popular and which have multiple levels of demand.

With Gene Gardner now out of the market, there is really no single collector who is the “go to guy” for Gem Mint State Seated Liberty rarities. In my opinion, when a new collector or two gets into the market and focuses on coins such as San Francisco Seated quarters (and I think this is inevitable, given how popular San Francisco gold from this era has become in the last three years) a coin such as this Gem 1871-S quarter could easily double its current price level.

This coin is a great combination of beauty and rarity, and I was proud to offer it.

What Does a Virtually "Perfect" 19th Century Gold Coin Look Like?

The majority of the coins I deal with are imperfect. They were struck by crude machinery, in often difficult circumstances, by often-times inexperienced mint personnel. If I had to guess, I’d say the average grade of the coins I sell is in the Extremely Fine-45 to About Uncirculated-55 range. I sell coins which are “gently used.”

But every now and then, I handle a coin that is not only “unused,” but it is superb quality. I recently handled a PCGS MS68+ 1884 gold dollar approved by CAC, which was as close to perfect as any 19th century American gold coin I’ve handled in some time. I’d like to share some thoughts about the appearance of this specific coin, discuss it within the context of the Type Three gold dollar series, and share some random thoughts on originality and eye appeal.

The late-date Type Three dollars—those issues struck from 1880 through the end of this series in 1889—share a number of characteristics. They all have fairly low mintages but fairly high survival rates. These issues were not well-circulated and for many of these dates, examples below AU55 to AU58 are all but unheard of.

Of the ten late-date Type Three gold dollars, the rarest in terms of overall rarity is the 1884. It sells for just a small premium over a really common date like an 1888 or 1889 but it is actually much scarcer. Of the 5,230 struck, there are around 500 known with nearly all in the MS62 to MS64 range. In MS65 and even MS66, this date is not a big deal and PCGS has graded enough in MS67 (20 coins as of September 2014) that most any collector who wants one can find one. MS68’s are another story, and PCGS has graded only seven in this grade plus this one example in MS68+. NGC has graded an 1884 dollar in MS69, and I’m sure that coin is amazing, but I’m feeling pretty confident in saying right now that this PCGS MS68+ is the single finest known 1884 gold dollar.

What makes this coin an MS68+? Is it really better than an MS67; enough to justify it being worth close to four times what a nice PCGS/CAC MS67? If so, how, what and why?

I generally avoid buying common coins in uncommon grades, and if I were offered an 1888 or 1889 gold dollar in MS68+ I would likely pass. But I quickly pulled the trigger on this 1884. My decision was made easy by the coin’s appearance. It has eye appeal to spare; a result of its great surfaces, lovely color and the “look” which is hard to put into words but which speaks volumes to me. This coin didn’t have the appearance of a “typical” dipped high grade dollar of this era. It was dark and filmy and I mean “filmy” in a good way; more on this below.

Let’s look at the components of grading which combine to give this coin its Mint State rating and its eye appeal factor. First is strike. Strike shouldn’t be much of a factor on late date Type Three gold dollars as these tend to be extremely well-struck. This coin is no exception, and it is fully detailed at the centers and borders. The second factor is surface preservation. A close examination of the surfaces reveals a single light scrape on the upper obverse below ES in STATES. Other than this, the coin is perfect. The next factor is luster. This coin has amazing rich, thick frosty luster which is unbroken and which clearly has never been tampered with. This issue tends to have very good luster, but even by the standards of 1884 gold dollars, this piece has better than average luster. The fourth factor is coloration. You can see from the attached photo that this coin has very pronounced coppery-russet color, which is deeper at the borders than the centers. The color is “right” for the issue and it has a pattern and hues that is clearly natural.

One thing about this coin which is interesting is its “filmy” appearance. Generally, a coin which is filmy has negative connotations, and this film might be putty or some unnatural, applied chemical. But a number of Type Three gold dollars have what is known as “cellophane” toning from storage in old cellophane holders. These coins were often given as Christmas presents and stored for many years in these clear holders which impart a very recognizable “film” over the surfaces. If I saw this same sort of film on, say, an 1854-D gold dollar, I’d be suspicious. But knowing that this look is not uncommon on high-grade business strike gold dollars from the 1880’s, I regard it as another “plus” factor in this coin’s overall appearance.

As a collector, one of the things you should do is educate yourself as much as possible about the series you collect. Focus less on trying to learn what is the difference between an MS67, an MS68, and an MS69, and more on the characteristics which make a coin special for its respective issue. Learn about things like cellophane-style toning on the surfaces of Type Three gold dollars, and why this is a good thing. Most of all, find a visual “look” which appeals to you and try to stick to this as much as possible when you search for coins.

And whatever became of this 1884 gold dollar? I sold it to a prominent collector who is currently working on the finest-known set of gold dollars, and he is thrilled with his new acquisition.

Do you have questions or comments about this PCGS MS68+ gold dollar? If so, please free to comment below or ask me directly via email at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.