New Orleans Eagles, 1888 - 1906

In recent years, a number of "short sets" have become popular within certain series of United States coins. As examples, there are short sets in the Mercury Dime and Walking Liberty half dollar series. These sets offer excellent opportunities for collectors who want to purchase high grade coins but who can not afford the expensive early date issues. This concept has not yet become popular in United States gold coinage but there are a number of potentially collectible short sets. Among these are the eleven Liberty Head eagles produced by the New Orleans mint between 1888 and 1906.

This is an interesting set for a number of reasons. All of the coins are affordable. In fact, a collector could assemble a nice complete set of Mint State-61 to Mint State-62 pieces for around $10,000. All of the coins become extremely scarce above Mint State-62. Most can be found with nice color, good luster and eye appeal that is comparable to the Philadelphia and San Francisco eagles of this era. And they are very undervalued at current price levels.

To better understand the appeal of this short set, let's look at some basic information about each date.

1888-O

At one time, the 1888-O eagle was very hard to find in any Uncirculated grade. A large number of low-end Mint State pieces have come onto the market in the past five years, making it relatively available in grades up to and including Mint State-62. The 1888-O is still very rare in Mint State-63 and above. It is usually seen with excellent frosty luster and nice green-gold or orange-gold color. The surfaces are almost always very heavily abraded and the obverse border may show some weakness of strike. It is extremely hard to locate without heavily abraded surfaces but the overall eye appeal is often good due to nice color and luster. Mint State-62 coins are worth $1100-1400. I would recommend a Mint State-62. Mintage: 21,355

1892-O

The 1892-O eagle is similar in rarity to the 1893-O. It is usually seen in About Uncirculated-55 to Mint State-61 grades and it is very rare in Mint State-63 or better. The luster is typically soft and frosty but it is interrupted by excessive abrasions. The 1892-O is perhaps the hardest New Orleans eagle of this era to find with clean surfaces. Original, uncleaned coins are often seen with attractive deep orange-gold color. A relatively clean Mint State-62 is currently worth in the area of $1750-2000 and is excellent value. I would recommend either a very high end Mint State-61 or a Mint State-62. Mintage: 28,688

1893-O

The 1893-O is a rarer coin overall than the 1892-O but it is very similar in high grade rarity. This date did not see much circulation and most survivors are in the About Uncirculated-55 to Mint State-60 range. The luster is a bit more satiny than on the 1892-O. Like the 1892-O, the 1893-O is usually found with excessively abraded surfaces. Original coins often show handsome orange-gold and greenish color. The 1892-O is almost never seen above Mint State-62 and in this grade it is scarce and undervalued. A nice Mint State-62 is worth $1850-2150 and is, again, an outstanding value. I would recommend either a very high end Mint State-61 or a Mint State-62.Mintage: 17,000

1894-O

At one time, the 1894-O eagle was a very rare coin in Uncirculated. In the mid-1990's, a hoard of 100 or so Uncirculated pieces entered the market. Today, the 1894-O is more available in lower Mint State grades but it is seldom seen above Mint State-62. The surfaces tend to be a bit cleaner than on the 1892-O and the 1893-O and the strike is a bit sharper than on those two dates. Original coins have hard, frosty luster with orange-gold and pale green coloration. I can remember paying $2000 for an MS-60 1894-O in the mid-1990's. Today, such a coin can be bought for $650-750. A Mint State-62 is worth $1750-2000 while an MS-63 is worth $4000-4500. I would recommend either a very high end Mint State-61 or a Mint State-62. Mintage: 107,500

1895-O

The same hoard which contained the 1894-O eagles mentioned above also contained a number of 1895-O eagles. This formerly rare coin is now very similar in rarity to the 1894-O and it sells for less than half of its pre-hoard price level. This date is most often seen in Mint State-60 to Mint State-61. It has a somewhat blunt strike on the high spots but this is often compensated for by good color and luster. The surfaces are often heavily abraded and this is why the 1895-O is almost never seen above Mint State-62. In MS-62, the 1895-O is a great value at its current level of $1000-1200; in MS-63 it sells for $3000-3500 and is another very good value. I would recommend either a very high end Mint State-61 or a Mint State-62. Mintage: 98,000

1897-O

The aforementioned hoard contained some 1897-O eagles but not as many as with the earlier dates. Because of this, the 1897-O has remained scarce in all Uncirculated grades. Most examples grade About Uncirculated-58 to Mint State-61 and are somewhat softly struck with heavily abraded surfaces. This date becomes quite scarce in Mint State-62 and it is rare in Mint State-63. There are a few more very choice pieces known than for the earlier issues in the "short set." A nice Mint State-62 is currently worth $1000-1200 while a Mint State-63 is worth $1750-2000. It would be hard to think of a 19th century gold coin that is a better value than an 1897-O eagle in nice Mint State-63 in the $2000 range! This would be a great date for the collector to "stretch" for and if you can find a Mint State-63, I'd urge you to buy it. Mintage: 42,500

1899-O

The 1899-O is the scarcest coin the New Orleans eagle short set. It is sometime seen in Mint State-60 and Mint State-61 but it becomes very hard to find in Mint State-62. In Mint State-63, this issue is rare and extremely undervalued. It is the best struck coin in this set from the 19th century. But most are heavily abraded and have impaired luster and a result. The current Trends (as of 4/23/01) value for this coin is $2250 in Mint State-63; exceptionally low when one considers that PCGS has graded just six in Mint State-63 and one better. A Mint State-62 is currently worth $900-1000; another great value given the true scarcity of this date in this grade. I would recommend a Mint State-62 example. Mintage: 37,047

1901-O

The 1901-O is significant as the first New Orleans eagle produced in the 20th century. Unlike its 19th century predecessors, it can be found in the higher Uncirculated grades with a bit more regularity. This date is characterized by a good strike and excellent frosty luster. Original coins often have attractive rich yellow-gold or pale green-gold color. The 1901-O eagle is most often seen in Mint State-60 to Mint State-62. It is scarce in Mint State-63 and very rare in any grade higher than this. Current price levels are $700-800 for a Mint State-62 and $1500-1750 for a Mint State-63. A high end Mint State-62 or a Mint State-63 would be my suggestion for a nice quality short set. Mintage: 72,041

1903-O

The 1903-O has the highest mintage figure of any New Orleans eagle in the short set and it is the most common date in terms of overall and high grade rarity. It is relatively common in Mint State-60 to Mint State-62 grades but it becomes scarce in Mint State-63 and very rare in Mint State-64 or above. The 1903-O is not as well struck as the 1901-O and it tends to have slightly inferior soft luster. The natural coloration is most often a medium to deep green-gold hue. A Mint State-62 can be bought for $500-600 while a Mint State-63 will cost $1400-1700. A high end Mint State-62 or a Mint State-63 would be my suggestion for a nice quality short set. Mintage: 112,771

1904-O

This is one of two dates in the short set with a mintage of more than 100,000 and it is one of the more available single coins. The 1904-O is available in the Mint State-60 to Mint State-62 range with a good degree of regularity. It becomes scarce in Mint State-63 and it is quite rare in any grade higher than this. The 1904-O is a well-produced issue that is generally very well struck with nice luster and color. Most pieces are very heavily abraded and, thus, fall into the lower Uncirculated grades. In Mint State-62, this is a very affordable coin, selling for $600-700. In Mint State-63 it is valued in the $1600-1800 range. I would suggest a nice quality Mint State-62 or a Mint State-63 for a short set. Mintage: 108,950

1906-O

The 1906-O eagle is the final gold coin of this denomination to be produced at the New Orleans mint. It is also among the most underrated. It is scarcer than the 1903-O and the 1904-O in the lower Uncirculated grades and it is surprisingly scarce in Mint State-63. It is actually the most available New Orleans eagle of the With Motto type in very high grades (Mint State-64 and above) but it is still a rare issue in this range. The 1906-O is usually seen with a very good strike and excellent luster. Most pieces are heavily abraded and have somewhat dark color. A Mint State-62 is currently valued at $700-900 while a Mint State-63 is worth $1750-2000. I would suggest a nice quality Mint State-62 or a Mint State-63 for a short set. Mintage: 86,895

In closing, here is an interesting statistic to ponder when regarding the level of value for higher grade coins in the New Orleans eagle short set. A very common date Liberty Head eagle, such as a 1901-S, is currently worth $400 in Mint State-63. This date has a PCGS population, as of April 2001, of 3,450 coins in MS-63 with 2,513 graded higher. The most common high grade New Orleans date in the short set is the 1906-O which has a population of 24 in MS-63 with 13 graded higher. A nice PCGS MS-63 is currently valued at $1750-2000. This means that a coin which is over 143 times rarer is only priced at 4.5 times more.

I. CERTIFIED COINS, BY GRADE Date Grade Range/Service MS-60-62 PCGS/NGC Grade Range/Service MS-63 and above PCGS/NGC Total PCGS/NGC 1888-O 160/262 14/2 174/264 = 438 1892-O 167/230 1/0 168/230 = 398 1893-O 125/112 2/0 127/112 = 239 1894-O 118/103 15/7 133/110 = 243 1895-O 144/117 11/5 155/122 = 277 1897-O 79/58 14/4 93/62 = 157 1899-O 76/30 8/4 84/34 = 128 1901-O 162/117 40/15 202/132 = 334 1903-O 379/258 41/22 420/280 = 700 1904-O 210/198 37/28 247/226 = 473 1906-O 105/82 37/32 142/114 = 256

II. RARITY RANKINGS, BY TOTAL NUMBER CERTIFIED

Date Total Number Certified Ranking 1899-O 128 1st 1897-O 157 2nd 1893-O 239 3rd 1894-O 243 4th 1906-O 256 5th 1895-O 277 6th 1901-O 334 7th 1892-O 398 8th 1888-O 438 9th 1904-O 473 10th 1903-O 700 11th

III. HIGH GRADE COINS (MINT STATE-63 AND ABOVE) - TOTAL GRADED Date Total Number Certified 1888-O 16 1892-O 1 1893-O 2 1894-O 22 1895-O 16 1897-O 18 1899-O 12 1901-O 55 1903-O 63 1904-O 65 1906-O 69

IV. RARITY RANKINGS - HIGH GRADE COINS (MINT STATE-63 AND ABOVE) Date Number Graded Ranking 1892-O 1 1st 1893-O 2 2nd 1899-O 12 3rd 1888-O 16 4th 1895-O 16 4th (tie) 1897-O 18 6th 1894-O 22 7th 1901-O 55 8th 1903-O 63 9th 1904-O 65 10th 1906-O 69 11th

New Orleans Gold Coins: A Date by Date Analysis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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