No Motto Liberty Head Eagles

was recently working on a research project involving No Motto Liberty Head eagles and I was amazed at just how rare most of these coins are, especially in higher grades. Even the “common” dates like the 1847, 1849 and 1853 still have relatively low surviving populations in the higher AU grades and in Mint State. But there were a few dates that really stood out. One of my favorite No Motto eagles has always been the 1839 Head of 1840. There were two varieties of eagles produced in 1839. The first—and more common—has the same type of head as that seen on the popular 1838 eagles. The rarer shows the same style of Liberty head as seen on eagles produced in 1840. Unlike with the 1839 Head of 1838, there do not seem to have been many 1839 Head of 1840 eagles saved. I doubt if more than four or five dozen examples are known and most of these grade EF40 or lower. The finest known example of this issue is the Pittman II: 1912 coin which is now in an NGC MS64 holder. One other Uncirculated piece is known: a PCGS MS62 which is probably from the 1976 ANA sale and earlier from the Charles Jay collection sold by Stack’s in the 1960’s.

Another date that always been a favorite “sleeper” of mine is the 1843. With an original mintage figure of 75,462 you would think this date would be common but it isn’t. I would estimate that 175-225 pieces are known but the vast majority are in circulated grades and this date becomes really hard to find in AU55 to AU58. But where this date is truly rare is in Uncirculated grades. Both PCGS and NGC have just graded one example in Uncirculated and both of these coins are in MS61 holders. The PCGS MS61 was last sold by Superior as Lot 414 in their April 2003 sale where it realized $15,525. Imagine what this coin would have brought if it were struck at the New Orleans mint or, better yet, at Carson City!

A date that gets virtually no recognition but which is rare in all grades is the 1855-S. With an original mintage figure of 9,000 you’ve got to figure this issue is rare and the combined number graded at PCGS and NGC is just 73 coins. My best estimate is that 60-80 examples are known but at least 80% of these are in EF45 and lower grades. In AU the 1855-S is a major rarity and I have never personally seen an example that graded better than AU53 to AU55. Despite this fact, you can buy a nice EF45 example for around $3,000 and an AU50 will run in the $5,000-7,000 range. No, it’s not a popular coin and yes I realize it’s an S Mint $10 but, man, that seems like a lot of coin for the money.

Speaking of rare but unsalable San Francisco eagles, how about the 1860-S? Until the recent discovery of two Uncirculated pieces in the S.S. Republic treasure, this date was unknown in Mint State and I had never seen one better than AU55. It’s still a majority rarity in all grades with an estimated total population of 25-35 pieces. If San Francisco gold coinage ever gets the recognition it deserves, a coin like this will be considered a stopper in the eagle series.

What is the rarest No Motto Liberty Head eagle? I would have to say that the unquestioned rarity of this type is the 1864-S. Until an example was sold at auction in the Summer of 2006, I think at least three to five years had passed since an example was offered for sale. (I know for a fact that the best collection of Liberty Head eagles assembled in recent history was missing this date until recently). Only 2,500 examples of the 1864-S eagle were struck and I’d be very surprised if more than 20-25 are known. What is very interesting about this date, though, is the fact that it has been offered for sale so infrequently in recent years. One has to wonder if someone hasn’t quietly put together a small hoard of pieces and has kept these off the market.

If your budget can handle coins in the $2,500-20,000 range I’d give the No Motto Liberty Head eagle series some serious consideration. It’s a completable set but one which is very challenging and lots of fun to collect.

First-Year-of-Issue Gold Coins

In this strong market one of the areas that has performed best are first-year-of-issue gold pieces. Coins like the 1839-O quarter eagle, the 1854-D and 1854-O Three Dollar gold, the 1838 eagle and the 1850 double eagle have appreciated greatly in price. But there are a few first-year-of-issue gold coins that have fallen through the cracks. Three of these are the 1840 quarter eagle, the 1839 half eagle and the 1839 Type of 1840 eagle. All three are scarce and important issues that I feel are undervalued. The 1840 quarter eagle is the first Philadelphia mint Liberty quarter eagle. There were a total of 18,859 examples produced of which an estimated 70 to 80 coins exist. This date is typically seen with a considerable degree of wear and probably 75% of the known examples are in the Fine to EF45 range. In AU, the 1840 quarter eagle is scarce and it is quite rare in Uncirculated. Until a few years ago, this date was essentially unknown above AU but a small group of nice Uncirculated coins were found around 1993-94 and were subsequently sold in a Superior auction a few years later. The 1840 quarter eagle can sometimes be found in nice AU for under $5,000. I recently purchased a lovely NGC MS64 example, which is among the finest known, for a touch over $17,000 and this seemed to me to be a great deal. Interestingly, PCGS has only graded 51 examples of this date in all grades compared to 88 examples of the 1840-C and 63 of the 1840-O. The very highly regarded 1840-D, with a tiny original mintage of 3,532, has a total population of 47 and it is generally priced at two to three times more than the 1840 quarter eagle in EF and AU grades.

I’ve always really liked the 1839 half eagle. It’s not a really rare coin given that the original mintage is 118,143. But it has a great design and it is historically significant as the only Liberty Head half eagle from this mint struck in the 1830’s. It is generally very well made and can be found with nice color, luster and surfaces. There are probably 200-300 pieces known and they can be found without a great deal of effort in VF and EF grades. Nice AU’s are moderately scarce and I would estimate that somewhere in the area of 15 or so are known in Uncirculated including four or five in MS63 and better. You can sometimes find nice AU pieces for sale for under $4,000 and I think this is a very attractive price for a coin that is as scarce and historically significant as the 1839 half eagle.

Two types of eagle were struck in 1839. The first (and more common) shows the same obverse as the 1838 eagle. The second has the same design as the 1840. The so-called 1839 Type Of 1840 eagle is an extremely scarce coin and one of my favorite sleepers in the entire Liberty Head eagle series. Of the 12,447 produced, only 45-55 are known and most grade EF40 and below. This coin is extremely scarce in AU and I can not recall having seen more than five or six properly graded AU pieces in the last two decades of specializing in 19th century gold. In Uncirculated this is an excessively rare coin with perhaps three known, the finest of which is the incredible Pittman coin which is now in an NGC MS64 holder. Of the three coins mentioned in this article, the 1839 Type of 1840 eagle is the most expensive but it probably has the most upside potential for the future.

I could easily have chosen another three (or more) examples of first-year-of-issue dates that are much undervalued. You’ll note that the ones I selected are all from the Philadelphia mint but I can think of a number from San Francisco (the 1854-S eagle comes to mind) and New Orleans (the 1841-O eagle is an obvious selection). With a little research, the collector should be able to figure out some pieces that offer excellent future potential and which will be nice additions to a collection of 19th and 20th century United States gold coinage.

The Twelve Piece United States Gold Coin Type Set

In the 1970's and the 1980's, assembling a twelve coin U.S. gold coin type set was an extremely popular challenge for most collectors. Countless twelve coin sets were sold to investors and these dozens coins were often the starting point for in-depth specialized collections. As collecting habits became more focused in the late 1980's and the 1990's, the twelve coin set became less popular. But with the increasing difficulty of collecting by date, the type set is back and is becoming a very popular way to be introduced to numismatics. The basic twelve coin United States gold type set consists of the following issues:

• Type One Gold Dollar, 1849-1854

  Type Two Gold Dollar, 1854-1856

  Type Three Gold Dollar, 1856-1889

  Liberty Head Quarter Eagle, 1840-1907

  Indian Head Quarter Eagle, 1908-1929

  Three Dollar Gold Piece, 1854-1889

  Liberty Head Half Eagle, 1840-1908

  Indian Head Half Eagle, 1908-1929

  Liberty Head Eagle, 1840-1907

  Indian Head Eagle, 1907-1933

  Liberty Head Double Eagle, 1850-1907

  St. Gaudens Double Eagle, 1908-1933

Generally speaking, a twelve coin type set features coins that grade Mint State-60 or better. The most common issues are typically represented by coins in the Mint State-63 to Mint State-65 range while the scarcer issues grade Mint State-60 to Mint State-63. Since this is a type set, most collectors choose the more common dates of each design.

I have assembled a number of these sets over the years and would like to offer a few suggestions:

1. Type One Gold Dollar: This is an easy issue to locate in any Uncirculated grade up to Mint State-65. Type One gold dollars are currently a very good value and I would suggest purchasing at least a Mint State-64 example. A nice MS-64 is currently priced in the $1,250-1,500 range while an MS-65 can be obtained for $2,750-3,500. The best dates for type purposes are the 1849 and the 1851-1854 Philadelphia issues. Look for a coin that is well struck with clean surfaces and original color. Avoid coins that have spots or black streaks or those with naturally grainy surfaces.

2. Type Two Gold Dollar: The Type Two gold dollar is the shortest-lived issue in the twelve coin type set. There are only two practical dates for type collectors: the 1854 and the 1855. These are equally rare and are priced similarly. Type Two gold dollars are moderately scarce in the lower Uncirculated grades but are still costly due to their extreme popularity. A type collector on a limited budget should look for a piece that grades at least MS-61 to MS-62. Coins of this quality are available in the $3,500-5,500 range. High quality Type Two gold dollars are expensive but are seen in most major auctions or coin shows. A nice Mint State-64 is generally worth $16,000-18,000 while a Mint State-65 is valued in the $30,000-35,000+ range. When purchasing a Type Two gold dollar, eye appeal is crucial. Look for a coin with pretty original color and sharp detail at the centers. Pieces with excellent frosty luster are sometimes available and these are preferable to the typical dull, grainy example.

3. Type Three Gold Dollar: This is a readily obtainable issue with a variety of dates available to the type collector. A high end Mint State-64 is currently available for around $1,000 while an MS-65 can be obtained for $1,500 or so. Unlike the other two gold dollar types, this design is sometimes seen in extremely high grades. A common date from the 1880's can be found in MS-66 for $2,000-2,500 and MS-67's are currently priced at $3,250-4,250. The best Type Three gold dollar issues for type purposes are the lower mintage issues from the 1880's. These are typically well made and are often found with superb coloration and luster. I personally prefer pieces that have rich frosty luster as opposed to the prooflike examples that are often seen.

4. Liberty Head Quarter Eagle: With a duration of over sixty years, there are numerous dates (and price ranges) for the type collector to consider. Liberty Head quarter eagles are quite common in lower Uncirculated grades and a nice Mint State-64 is currently in the $650-850 range. A Mint State-65 can be easily located in the $1,250-1,500 range while a common date in MS-66 can be purchased for $1,750 to 2,000. Most type collectors focus on the issues produced from 1900 to 1907 as these constitute the majority of surviving high grade Liberty Head quarter eagles. They tend to be extremely well manufactured and the collector can expect a piece that is sharply struck with excellent luster. Coins that are heavily spotted or which are unnaturally bright should be avoided.

5. Indian Head Quarter Eagle: This is an attractive and popular issue which is one of just two U.S. gold coins with an incuse design. There are a number of common date Indian Head quarter eagles and type collectors typically pursue such dates as the 1925, 1925-D, 1926, 1927 or 1928. Coins that grade Mint State-64 are currently valued in the $1,000-1,250 range while MS-65's can be located with minimal effort for $2,750-3,000. This is a very hard type to find in grades higher than MS-65. Collectors should look for coins with nice, rich luster and color and avoid those that have obvious scratches or abrasions.

6. Three Dollar Gold Piece: In most twelve coin gold type sets, the Three Dollar gold is among the centerpieces. It is the second rarest issue and certainly among the most unusual. There are only three relatively common dates in this series: 1854, 1874 and 1878. Every other issue is quite hard to locate in higher grades, even though it may not sell for a high premium. For many collectors a Mint State-62 or Mint State-63 will prove suitable. These are currently valued at $2,500-3,000 and $4,000-5,000 respectively. Gems are hard to find although not impossible. A nice Mint State-65 is currently valued at $8,500-9,500+. The type collector should seek a coin that has very good luster, no major spots and pleasing natural coloration.

7. Liberty Head Half Eagle: This long-lived type offers the collector a variety of options. Pieces struck prior to 1866 are known as the No Motto type and are, for the most part, very hard to locate in higher grades. Type collectors generally focus on the With Motto issues, especially those produced from 1880 onwards. A common date Liberty Head half eagle in Mint State-63 is only $500-600 while an MS-64 is $800-1,000. Gems are not very hard to locate. An MS-65 costs $2,500-3,000 while an MS-66 will run in the $4,500-5,500 range. The "perfect" type coin will be one with above-average luster, choice surfaces and a sharp, even strike.

8. Indian Head Half Eagle: This uniquely designed issue is the third hardest gold type coin in this set to find in high grades, trailing only the Type Two gold dollar and the Three Dollar gold piece. It was struck from 1908 to 1929 and at three mints: Philadelphia, Denver and San Francisco. For type purposes, collectors tend to focus on issues such as the 1908, 1909-D, 1910, 1911 and 1912. A Mint State-63 Indian Head half eagle is easily located and generally sells for around $1,000. Mint State-64's are a bit harder to find and are valued at $2,500-3,000. Mint State-65's can prove quite hard to find and are priced in the $10,000-12,000 range. Collectors should pay close attention to the appearance of this type as eye appeal is crucial when evaluating an Indian Head half eagle. Coins should be selected for originality and those with excessive friction on the Indian's cheek should be avoided as should examples with unnaturally bright color or deep, detracting abrasions.

9. Liberty Head Eagles: As with the half eagle of this design, there are two major types: the No Motto (1839-1866) and the With Motto (1866-1907). All No Motto issues are hard to locate in Uncirculated and are very rare in Mint State-63 or above. For type purposes, the post-1879 With Motto coins are more suitable. For the collector on a limited budget, a Mint State-64 is a good option with a number of dates available for around $1,000. A Mint State-65 Liberty Head Eagle can be easily located for $2,500-3,000. The most common Liberty Head eagle in higher grades is the 1901-S and this date will be included in many type sets. The collector might want to consider spending a little more money and purchasing a pre-1900 date to add a little "pizzazz" to his set. Coins with excessive spots or with marks on prime focal points such as Liberty's cheek should be avoided.

10. Indian Head Eagles: Augustus St. Gaudens designed this issue and many collectors consider it to be among the most beautiful gold coins ever issued by this country. Two important types exist: the No Motto issues of 1907-1908 and the With Motto coins struck from 1908 through 1933. There are a number of dates that are available for type collectors seeking an affordable coin in the Mint State-63 to Mint State-64 grade range. These include the 1910, 1910-D, 1911, 1912, 1913 and 1915. But most type collectors will purchase either a 1926 or a 1932 as these are, by far, the most common dates of this type. A Mint State example of either of these two dates is valued at $1,000 or so while an MS-65 is worth around $2,500. Most Indian Head eagles exhibit heavy marks on the surfaces and the collector should seek a coin that does not have these marks in readily visible locations.

11. Liberty Head Double Eagles: The Liberty Head double eagle was produced from 1850 until 1907. There are actually three distinct types but most type collectors focus on the most common: the Type Three that was struck from 1877 through 1907. It is almost a certainty that a type set will include a 1904 as its Liberty Head double eagle selection. This is the only Liberty Head double eagle that is common in higher grades. Mint State-64 examples are priced at $1,000-1,200 while Mint State-65 coins trade for $2,500-3,000. For the collector on a somewhat limited budget, a slightly scarcer pre-1900 issue in Mint State-63 (as opposed to a common 1904 in Mint State-64) might be a good alternative. Many examples of this type are seen with heavily abraded surfaces and the type collector should seek a coin that has reasonably clean fields. It is also important to seek a coin with above-average luster and nice coloration.

12. St. Gaudens Double Eagles: Known to most collectors as the "Saint", this is probably the single most popular United States gold type coin. There are two distinct types known: the No Motto (produced in 1907 and 1908) and the With Motto (made from 1908 until 1933). Most type collectors purchase a common With Motto issue such as a 1924, 1925, 1926, 1927 or 1928. These are extremely common in Mint State-64 and are typically priced around $600 while MS-65 are valued at $900-1,000. In Mint State-66, Saint Gaudens double eagles are easily located and cost $2,500 or so. This is a type that will always be available, so the collector can be picky when deciding which coin to purchase. It is advisable to seek a Saint Gaudens double eagle that has attractive coloration and no major marks in the obverse fields.

Assembling a twelve coin set is an excellent introduction to collecting United States gold coins. Prices for many issues are currently very reasonable and even a collector with a limited budget can complete a set with all twelve of the coins in Uncirculated for $15,000 or less. For more information on assembling a twelve coin set of United States gold coins please contact me at dwn@ont.com.

NOTE: The prices quoted above are based on values as of December 2002 and are for coins that have been graded by either PCGS or NGC.

Fifteen Philly Faves: Underrated 19th Century Gold Coinage From The Philadelphia Mint

To older generations of gold coin collectors, the Philadelphia mint was the prime area of focus. Very few collectors had an interest in items from the branch mints. This can be seen when looking back at the auction sales conducted by such hall-of-fame names as the Chapman Brothers, B. Max Mehl and Wayte Raymond. This situation changed in the 1950's when collectors were first alerted to the rarity and great value of the branch mint issues. Today, it is interesting note that the coins from Charlotte, Carson City, New Orleans and Dahlonega are very popular while the rare issues from the "mother mint" of Philadelphia lack a strong collector base. There are a number of Philadelphia gold coins that are, in my opinion, extremely undervalued in comparison to their branch mint counterparts. For the sake of convenience (and space limitations) I am going to focus on fifteen of my favorite Philadelphia gold issues. I could have easily added fifteen more coins to this list and would still, no doubt, be reminded of more by readers.

1. 1863 Gold Dollar

Despite comparatively low original mintage figures, most post-Civil War gold dollars are relatively common due to hoarding. The 1863 is the second rarest gold dollar from the Philadelphia mint (trailing only the ultra low mintage 1875) and I feel it is an underappreciated issue. It is almost never seen in grades below About Uncirculated-55, which suggests that most pieces did not reach general circulation. The overall survival rate is quite low with an estimated 60-80 known from the original of 6,200 business strikes. There are some really superb pieces known including a PCGS MS-68 but this is a truly hard issue to find and, like all Philadelphia gold coinage dated 1863, it is undervalued in all grades.

2. 1865 Gold Dollar

The 1865 gold dollar has a lower original mintage figure than the 1863 (only 3,700 business strikes were produced) but is more available in all grades. I still regard it as an undervalued date as current price levels for a nice Mint State-60 to Mint State-62 are in the $1,250-2,500 range, which is very reasonable for a coin which is as scarce as this. The 1865 gold dollar has a grade distribution pattern which is similar to 1863. It is almost never seen in circulated grades and over half of the known survivors are gems. I have seen a superb PCGS MS-68 and a few others that were nearly as choice, including a PCGS MS-67 that sold for $15,238 in the Heritage March 1999 auction.

3. 1839 Quarter Eagle

In the Classic Head quarter eagle series, it's the mintmarked issues that get all of the attention. Ironically, it's the humble 1839 Philadelphia quarter eagle that is probably the rarest single issue. This date is seen from time to time in low grades. Properly graded About Uncirculated pieces, especially those with original color, are very rare. I've only seen two or three Uncirculated examples with the best of these being the PCGS MS-62 that realized $10,925 in the Bass II sale in October 1999. When available, About Uncirculated 1839 quarter eagles trade for $2,000-4,000. When you compare the rarity of this issue to the 1839-C and the 1839-D, it is easy to see just how significantly undervalued the 1839 quarter eagle truly is.

4. 1843 Quarter Eagle This date has always been a complete mystery to me. The original mintage figure is reported to be over 100,000 coins, meaning that it should be very common. In fact, the 1843 quarter eagle is very scarce in all grades and very rare in full Mint State. Nice circulated examples, when available, trade for below $1,000 which seems incredibly low for a coin with this degree of overall scarcity. The finest piece I have seen was Lot 345 in the October 1999 Bass II sale. This coin, which was graded Mint State-64 by PCGS, sold for $12,650 and is now in a prominent midwestern collection.

5. 1844 Quarter Eagle

A number of Philadelphia quarter eagles from the mid to late 1840's are very scarce and undervalued. I chose the 1844 from this group but could have just as easily selected the 1846, 1847 or 1848. Only 6,784 examples of the 1844 were produced and an estimated 50-60 are known today. Most are in the Extremely Fine-40 to About Uncirculated-50 range. This date becomes very rare in About Uncirculated-55 and it is extremely rare in About Uncirculated-58. I have seen two pieces in Mint State-61 holders but am not aware of a single 1844 quarter eagle that is unequivocally Uncirculated. At current price levels ($3,000-4,000 for an AU-55), high end examples of this date are grossly undervalued.

6. 1865 Three Dollar Gold

The enigmatic Three Dollar series contains a number of rare and desirable issues. The 1865 is one of my absolute favorites and it is an issue that I feel is very undervalued. There were just 1,140 pieces struck and an estimated 50-75 are known today. The majority grade About Uncirculated-50 to About Uncirculated-58 and are characterized by fully reflective prooflike fields. In Uncirculated, the 1865 is very rare with around a dozen known. There are two or three in Mint State-66 and another two or three gem MS-65's. None has been available for a number of years and the best I can recall having seen was a very high end NGC MS-65 (now in an MS-66 holder) that David Akers sold for $44,000 in his May 1998 auction.

7. 1877 Three Dollar Gold

The mid to late 1870's is an extremely interesting era for the three dollar gold piece. The 1874 and the 1878 are the two most common dates of this entire type while the 1875 and the 1876 are extremely rare Proof-only issues. The 1877 is an issue that is similar in rarity to a number of the popular issues from the 1860's but it tends to be overlooked by many collectors. There were only 1,468 business strikes produced of which an estimated four to five dozen are known today. Unlike some of the issues from the 1860's, there are no gems and with the exception of the PCGS MS-64 that was sold in October 1999 by Bowers and Merena as part of the Bass collection, none have surfaced in many years that I felt were unquestionably Mint State. Nice About Uncirculated coins are quite rare and, in my opinion, excellent values in the $6,000-9,000 range.

8. 1842 Large Letters Half Eagle

There were two varieties of half eagle produced at the Philadelphia mint in 1842: the Small Letters and the Large Letters. The Large Letters is far and away the scarcer of the two and it is among the rarest No Motto half eagles. The population data from PCGS and NGC is inaccurate for this variety as it was only recognized a few years ago. In my opinion, there are around 35-45 pieces known with most in the Extremely Fine-40 to About Uncirculated-50 range. Nice AU's are quite rare and very undervalued with a few certified About Uncirculated-55 to 58 coins having sold at auction in recent years in the $4,000-8,000 range. The best 1842 Large Letters half eagle I have seen by a huge margin was the Pittman I coin which sold for $17,6000 in October 1997. This coin is now in a PCGS Mint State-63 holder.

9. 1850 Half Eagle

The Philadelphia No Motto half eagles from 1843 to 1857 are considerably more available in all grades that their counterparts from 1858 through the end of the Civil War. These dates have comparatively high original mintages figures and some very choice pieces are sometimes available. The one exception is the 1850, which has proven to be elusive in all grades and very rare in Mint State. This issue is actually harder to locate than either the 1850-C or 1850-D half eagle but is priced at a fraction of the two branch mint issues. I recently sold a very nice PCGS AU-58 for under $2,000 and have seen Mint State-61 to Mint State-62 examples bring in the $3,500-4,500 range. I am aware of only one gem 1850 half eagle, an NGC MS-65 which brought an incredible $63,250 when Stack's auctioned it in the May 1995 Milas sale.

10. 1863 Half Eagle

The Philadelphia half eagles produced from 1862 to 1872 are all very rare, low mintage issues. The 1865 is probably the best known of these but it is already an expensive coin in higher grades. In my experience, the ultra low mintage 1863 is nearly as rare and its current price level is significantly lower than the 1865. There were only 2,442 1863 half eagles struck and many were melted or otherwise lost. Today, just 25-35 pieces are known with most in the Very Fine-30 to Extremely Fine-40 range. In About Uncirculated, this is an extremely rare coin with six to eight accounted for. I have never seen or heard of an Uncirculated 1863 half eagle and the finest I know of is the PCGS AU-58 Bass II coin that brought a very reasonable $13,800 in October 1999.

11. 1843 Eagle

The 1843 eagle is an issue that receives almost no attention from non-specialists. It has a relatively high original mintage figure and is not especially scarce in the Very Fine and Extremely Fine grade range. But this date is far from common in the lower About Uncirculated grades and it is very rare in About Uncirculated-55. I have only seen two pieces that I would grade About Uncirculated-58 and have never seen or heard of a fully Mint State example. There are a number of interesting varieties known including a noticeably doubled date and a triple punched date which is very rare. If available, a nice AU would trade for $3,000-5,000. There are not many other No Motto eagle issue which still offer Condition Census opportunities in this price range.

12. 1864 Eagle

All of the Civil War and Reconstruction era Philadelphia eagles are very rare, low mintage coins. I chose the 1864 due to its overall rarity and the fact that a very presentable example is currently priced in the $2,500-5,000 range; considerably less than other rare eagles of this era. Of the 3,530 1864 eagles originally made, an estimated 35-45 are known today. This includes seven to nine that grade About Uncirculated plus another two or three Mint State examples. I recently sold a very nice PCGS About Uncirculated-50 example in the $5,000 range. The collector who purchased the coin stated that in comparison to the overheated modern coin market, this 1864 eagle seemed like great value. I was quick to agree.

13. 1856 Double Eagle

The 1856 double eagle is usually lumped with the 1851-1855 Philadelphia issue when discussing the rarity of Type One issues from this mint. It is actually a much scarcer date than these others, especially in About Uncirculated-58 and higher grades. The typical 1856 is very heavily abraded with poor color and inferior luster. I have actively searched for high grade 1856 double eagles for a number of years and have generally paid well over published price level for the few coins that I have been offered. But I am convinced that this is a truly hard coin to find with good eye appeal and that it is due for a sharp price correction upwards. I am aware of just one Uncirculated coin, a PCGS Mint State-62, that has traded hands in recent years. It was sold as Lot 787 in the May 2000 Bass III auction and it brought $10,350.

14. 1862 Double Eagle

The 1862 is the rarest Type One double eagle from this mint. It is quite scarce in all grades and it becomes rare in About Uncirculated. While the demand for this issue has risen dramatically in recent years (the same can be said for all Type One double eagles), published price levels have not changed. This means that knowledgeable collectors and dealers will readily pay considerable more than Coin Dealer Newsletter levels for nearly any 1862 double eagle. As an example, I recently sold a PCGS Mint State-62 (formerly Lot 809 from the Bass III sale) for more than the current CDN Quarterly Bid for a Mint State-63. This is one of the most popular mid-19th century gold coins as indicated by the fact that most dealers who specialize in rare gold have multiple want lists for 1862 double eagles.

15. 1863 Double Eagle

If the 1862 is the most undervalued Type One double eagle, the 1863 is a close second. This is another date that had most of its mintage lost to melting and there are now just a few hundred pieces remaining out of the original 142,790 that were struck. The 1863 is more available in About Uncirculated than the 1862 but it is still very scarce. In Uncirculated, it is extremely rare with just five to seven pieces known. The Dallas Bank and Bass collections did not contain an 1863 double eagle that graded higher than Extremely Fine; the Eagle collection had an NGC About Uncirculated-58 that was very enthusiastically graded. I have not personally seen a coin that I graded better than About Uncirculated-53 in a number of years.

Runners Up

Gold Dollars: 1856 Upright 5, 1873 Closed 3 Quarter Eagles: 1842, 1846, 1847, 1848, 1849, 1867, 1872, 1883, 1884 Three Dollars: 1858, 1881, 1884 Half Eagles: 1858, 1860, 1869 Eagles: 1839 Head of 1840, 1844, 1845, 1846, 1889 Double Eagles: 1854 Large Date, 1859

Proof Gold: An Overview Part Two Half Eagles--Double Eagles

The first Proof gold coins were produced in the early 1820's. Mintages remained extremely limited until the late 1850's and, in most instances, never climbed above more than a few hundred pieces. While out of the price range of most numismatists, Proof gold makes a very interesting area to collect. For all but a handful of individuals, collecting Proof gold by date is not realistic. A collector on a more limited budget might consider assembling a type set of Proof gold. This article contains suggestions on how to accomplish this, as well as an overview of the various types of proof gold issues.

The final of two parts, this article focuses on proof half eagles, eagles, and double eagles.

HALF EAGLES

a. Capped Head Left (Large and Small Diameter), 1813-1834

A very small number of Proof half eagles were struck in the 1820's and the 1830's. These pieces are easily identifiable as Proofs as they show exceptional detail and deep, fully reflective fields. In most instances, just a few are known for each date and they are very infrequently offered for sale. Two good places to view comparatively large numbers of Proof early half eagles are the Lilly Collection (in the Smithsonian) and the Bass Collection (currently on view at the ANA Museum in Colorado Springs).

If available, a "real" Proof half eagle of this type will cost at least $200,000-300,000 and a gem could easily sell for double this amount.

b. Classic Head, 1834-1838

Mintage figures for Proof Classic Head half eagles are also extremely small. There are approximately eight to ten Proof 1834 half eagles known. Some fully prooflike business strikes are seen from time to time and these are often offered as "Proofs." There are three or four 1835 and 1836 Proofs known while the 1837 and the 1838 appear to be unique. The most extensive offering of Proof Classic Head half eagles in recent years was in the Pittman auctions held in 1997-98.

In today's market, a high quality certified Proof Classic Head half eagle is worth $200,000+.

c. Liberty Head No Motto, 1839-1866

Proof Liberty Head half eagles struck prior to 1859 are extremely rare. Many dates are unknown in Proof and others (such as 1843 and 1845) are represented by no more than three or four examples.

The No Motto issues from 1859 to 1865 are all very rare in Proof format. The issues struck from 1859 to 1863 have an exceptionally low survival rate and most have between six and nine known. The 1864 and the 1865 are slightly more available but are still very rare.

A Proof-64 No Motto half eagle (dated 1864 or 1865) is worth $30,000-40,000 while a Proof-65 is worth $60,000-70,000. Proofs of this type are generally only available when major collections such as Bass or Pittman are offered.

d. Liberty Head With Motto, 1866-1907

Mintage figures for Proof half eagles struck from 1866 to 1881 ranged from 20 to 50 coins. For most of these, the survival rate is around half of the original number struck. The two rarest dates of this era are the 1870 and the 1871, of which five to seven Proofs are known. The most famous (and highest priced) With Motto proof half eagle is the 1875. It is a major rarity in any grade as only two hundred business strikes were produced.

The 1882-1895 proofs are slightly more available than their earlier counterparts. Mintage figures ranged from a low of 48 in 1882 and 1894 to a high of 95 in 1888. The 1896-1907 issues are the most available Proof Liberty Head eagles of this type. They are not hard to locate in Proof-64 and Proof-65 grades, although many have been dipped and now display a somewhat unnatural bright appearance. Any coin that grades Proof-66 or better is, regardless of date, very rare.

The collector who wants to purchase a single Proof for a type set should look for a coin that has nice cameo contrast between the frosted devices and the mirror-like fields. A piece that has medium to deep natural "haze" is preferable to a dipped, bright piece. There have been a number of auctions with nice Proof eagles in the last few years and a coin with a pedigree from one of these name sales would be a good addition to a type set.

As of December 2001, a Proof-64 With Motto Liberty Head half eagle has a value of $13,500-17,500. A Proof-65 is valued at $25,000-30,000.

e. Indian Head, 1908-1915

In 1908, the U.S. Mint switched from the brilliant format to a matte finish. The natural appearance of Matte Proof gold coins is slightly dull with granular surfaces that appear sandblasted.

Proof Indian Head half eagles were struck from 1908 to 1915 in a variety of textures and colors. Those most often seen have either a deep green-gold or rich yellow to orange-gold hue. The Proofs struck in 1908 and 1910-1915 tend to have a coarse sandblast finish while those made in 1909 and 1910 have a finer finish referred to as "Roman Gold."

It is hard to grade Matte Proof gold, due to the fact that its dark coloration and grainy texture tends to mask surface imperfections. It is highly advisable to only purchase PCGS or NGC graded pieces from a highly reputable specialist.

As of December 2001, a Proof-64 Indian Head half eagle is valued at $12,500-15,000 while a Proof-65 is worth $23,500-28,500.

II. EAGLES

a. Pre-1834 Types

There are no Proof eagles dated 1795-1804 that were actually struck in the year they were dated. There are four Proof 1804 eagles known but these are restrikes that were produced in 1834-35 for inclusion in presentation proof sets that were given to dignitaries. These are the same sets that contained the famous Class I 1804 silver dollars.

b. Liberty Head No Motto 1838-1866

All Liberty Head eagles from 1838 to 1859 are extremely rare in Proof and many of these dates are unknown in Proof. The dates from 1860 to 1865 are very rare but are actually seen with slightly greater frequency than the Proof half eagles of this era. Mintage figures range from 25 pieces in 1865 to 69 in 1861. In most cases, only a small percentage of Proofs have survived and most of these are in the Proof-62 to Proof-64 grade range. The population figures at PCGS and NGC for these dates are greatly swelled by resubmissions. There is a large difference in value between Proof-64 and Proof-65 and this means that many high end Proof-64 pieces will get submitted many times in an attempt to "upgrade" to Proof-65.

A Proof-63 of this type, if available, will cost in the range of $30,000-40,000 while a Proof-64 is valued at $45,000-55,000.

c. Liberty Head With Motto, 1866-1907

With Motto Liberty Head eagles struck between 1866 and 1890 are very rare. Most have original mintage figures in the range of 25 to 50 pieces and survival rates in the area of 25 to 50%. The rarest Proofs of this era include the 1867, 1870, 1874, 1875, and 1877. The 1875 is the most famous and valuable of these dates due to the fact that only 100 business strikes were produced.

The issues from 1890 to 1907 have slightly higher mintage figures and are somewhat less rare. Most of the survivors are in the Proof-62 to Proof-64 range and properly graded gem proofs are very rare.

Proof eagles of this type tend to be well-manufactured. Many show attractive cameo contrast between the devices and the fields. It is not uncommon for a Proof Liberty Head eagle to have small mint-made lintmarks or planchet depressions in the surfaces. These are not considered detriments unless they are extensive or situated in prime focal points.

As of December 2001, A Proof-64 Liberty Head with motto eagle is valued at $17,500-22,500 while a Proof-65 is worth $32,500-37,500. In my opinion, these are very reasonable price levels, especially for coins that are original and have good eye appeal.

d. Indian Head, 1908-1915

The comments made above for Indian Head half eagle apply to the Proof eagles of this design.

Mintage figures for Proofs of this design range from a low of 50 in 1914 to a high of 204 in 1910. The survival rate for this design is slightly higher than for Proofs produced in the 19th century. Most dates have slightly more than half the original mintage figure extent, with most of these pieces in the Proof-63 to Proof-64 range. There are a small number of really superb pieces known in the Proof-66 to Proof-67 range but these are seldom offered for sale.

When looking for a Proof Indian Head eagle for a type set, there are a few factors a collector should keep in mind. It is very important to seek a choice, original coin that has not been "doctored." Always purchase a coin that has been graded by PCGS or NGC and learn what the appropriate color and texture for each date should be BEFORE you make a five-figure purchase.

As of December 2001, a Proof-64 Indian Head eagle is worth $19,000-25,000 while a Proof-65 is worth $35,000-40,000.

III. DOUBLE EAGLES

a) Liberty Head Type One, 1850-1866

The first of three of Liberty Head double eagle types, this is recognizable by the lack of the motto IN GOD WE TRUST on the reverse.

Proofs from the 1850's are excessively rare and for most dates do not exist. The 1860-1865 issues are all very rare with original mintage figures ranging from a low of 25 in 1865 to a high of 66 in 1861. Most were melted or spent, leaving most dates with a surviving population of five to seven coins. The few that exist are generally seen in Proof-62 to Proof-64 grades. Gem Proof Type One Liberty Head double eagles are excessively rare.

For a type set, the two dates that the collector is most likely to see offered for sale are the 1864 and the 1865. A Proof-64 example is currently worth in the range of $70,000-80,000.

b. Liberty Head Type Two, 1866-1876

In 1866, the motto was added to the reverse of the double eagle. This short-lived type is very popular with collectors. Proofs all have very low mintage figures, ranging from just 20 in 1875 to 50 in 1867. All Proofs of this type are very rare. Most dates have between six and nine known with the typical examples grading Proof-62 to Proof-64.

In the past decade, a relatively high number of Proofs of this type have been available to collectors. This is due to the dispersal of such great proof gold collections as Bass, Pittman and Trompeter. Many of these coins have now been absorbed into tightly-held private collections.

The current market value of a Proof Type Two double eagles is $30,000-40,000 in Proof-63 and $50,000-60,000+ in Proof-64. Gem Proofs are extremely rare and, if available, would sell for over $100,000.

c. Liberty Head Type Three, 1877-1907

The third and final type of Liberty Head double eagle was created in 1877, when the value was changed from TWENTY D. to TWENTY DOLLARS.

The 1883, 1884 and 1886 issues were only produced as Proofs. Even though they have higher mintage figures than the other Proofs of this era, they are more valuable. The rarest of this trio is the 1884 which is represented by a scant 12 to 15 examples known.

The Proofs from the 1890-1907 era are the most obtainable double eagles of this type. Their mintage figures range from a low of 52 in 1891 to a high of 158 in 1903. The rarest date of this era is the 1893 while the most common (and best for type purposes) are the 1900, 1903 and 1904. It is possible to locate a nice Proof-63 or Proof-64 example of this type but any piece graded Proof-65 or better is very rare.

The issues struck prior to 1900 tend to have more of a cameo contrast than the post-1900 coins. This contrast gives many of these coins superb eye appeal. Both PCGS and NGC currently award such coins either a cameo or deep cameo designation. I would suggest that the collector not pay a large premium for coins with these designations as it is still too early to tell which dates are rare with cameo contrast and which are not.

A Proof-64 Type Three Liberty Head double eagle is currently worth $27,500-32,500 while a Proof-65 is worth $50,000-60,000.

d. St. Gaudens, 1908-1915

A total of 687 Proof St. Gaudens double eagles were struck between 1908 and 1915. Mintage figures ranged from a low of 50 in 1915 to a high of 167 in 1910. There are approximately 200-250 total examples known of these eight issues. The rarest are the 1909 and the 1915 while the most available are the 1908 and the 1910.

When available, these issues are most often found in Proof-64 and Proof-65 grades. Superb pieces that grade Proof-66 (and even Proof-67) are sometimes available but are quite rare.

Proof St. Gaudens double eagles are currently somewhat out-of-favor with collectors are appear to be very good values in higher grades.

A Proof-64 St. Gaudens double eagle is valued at $25,000-30,000 while a Proof-65 is valued at $40,000-45,000.

SUMMARY

For most collectors, a type set of Proof gold is the most practical way to focus on these issues. Suggested types and grade ranges for half eagles, eagles, and double eagles are as follows:

Liberty Head With Motto Half Eagle, Proof-64 to Proof-65

Indian Head Half Eagle, Proof-64 to Proof-65

Liberty Head With Motto Eagle, Proof-64 to Proof-65

Indian Head Eagle, Proof-64 to Proof-65

Liberty Head Double Eagle Type Three, Proof-64 to Proof-65

St. Gaudens Double Eagle, Proof-64 to Proof-65

Ten Undervalued U.S. Gold Coins Under $2,500

Many of the articles that I have written in the past have focused on expensive, "glamorous" issues. I may have given the unfair impression that collecting United States gold is a rich man's pursuit. This is clearly not the case. There are a number of exciting, undervalued coins that can be purchased for $2,500 or less. I have decided to focus on ten of these issues but I could just as easily made a list of twenty, thirty or even forty undervalued United States gold coins. With a little effort, a collector should be able to compile a list of similar pieces as well.

Please note that Trends prices in this article refer to those listed in the February 19, 2001 issue of Coin World. PCGS populations are based on February 2001 figures.

1856 Upright 5 Gold Dollar, MS-64 1844 Quarter Eagle, AU-50 1883 Quarter Eagle, MS-61 1881 Three Dollar Gold Piece, EF-45 1858-S Half Eagle, EF-45 1863 Half Eagle, EF-40 1844 Eagle, EF-45 1873-S Eagle, Ef-45 1863 Double Eagle, AU-53 1868 Double Eagle, AU-55

I. 1856 Upright 5 Gold Dollar, MS-64

There are two varieties of date style known on 1856 gold dollars. The more common shows a Slanted 5. The Upright 5 is a scarce and very undervalued issue in my opinion. Trends for this variety is $1,800 in MS-64 versus $1,475 for the Slanted 5. Current PCGS populations for the two varieties are forty-two with twelve better for the Slanted 5 and two with three better for the Upright 5. Even if you take into consideration that these figures are skewed by virtue of the Upright 5 being a relatively new addition to the Population Report, this is still a very undervalued coin and a great value in the $1,500-1,750 range.

II. 1844 Quarter Eagle, AU-50

The Philadelphia quarter eagles struck between 1840 and 1849 include some extremely undervalued issues. The 1844 is among the best values in this group. There were just 6,784 produced and 45-55 are known today. In high grades, the 1844 is a major rarity. I have personally only seen one example better than AU-55. In fact, in all grades of AU, there are fewer than ten known. Trends for an AU-50 is $2,250. In this grade, the 1844 is as rare or rarer than the 1844-C quarter eagle and Trends for that date in AU-50 is $6,500.

III. 1883 Quarter Eagle, MS-61

Only 1,920 quarter eagles were produced in 1883. Unlike some of the other low mintage quarter eagles of this era, not many were saved by contemporary collectors or hoarders. As a result, it is rare in all grades and is almost never seen better than Mint State-62. As of February 2001, PCGS had graded five in Mint State-61, four in Mint State-62 and none better. Trends is just $1,900 in MS-60 and $3,250 in MS-62, meaning that a nice MS-61 could be bought for $2,250 - $2,500.

IV. 1881 Three Dollar Gold Piece, EF-45

Four little words best describe the appeal of this issue: "only five hundred struck!" The problem with including this date in our list is that locating an example in Extremely Fine will be very difficult. The 1881 Three Dollar Gold Piece did not actively circulate and most survivors are in the AU-55 to MS-63 range. But with Trends for an Extremely Fine-40 example currently a mere $2,000, you'd certainly add a nice Extremely Fine-45 to your collection if one became available.

V. 1858-S Half Eagle, EF-45

This date has been a favorite of mine for many years. It is considerably rarer than any Charlotte or Dahlonega half eagle from the 1850's yet it has a current Trends value of only $3,300 for an Extremely Fine-45. There are 30-40 known and just four of five grade AU. A nice EF-45 example would be among the finest known and would set you back $2,500-3,000. Compared to other branch mint No Motto half eagles, the 1858-S is an incredibly good deal.

VI. 1863 Half Eagle, EF-40

I once made the mistake of telling another dealer I could find him a nice Extremely Fine 1863 half eagle with minimal effort. It took me over a year and I looked for one at every coin show and major auction I attended. This Civil War issue had a small original mintage of 2,442 and a high attrition rate. Today, there are probably no more than 30-40 known. Around a dozen grade Extremely Fine and six to nine are About Uncirculated. Trends is $3,500 and you might have to stretch and pay as much as $3,000 for a nice EF-40 coin. In my opinion, this would be a very prudent purchase, give the rarity of the 1863 half eagle.

VII. 1844 Eagle, EF-45

The 1844 is the rarest Philadelphia Liberty Head eagle made prior to 1858. There were 6,361 struck and an estimated 40-50 are known today. It is a major rarity in grades above About Uncirculated-50 and most of the survivors are in the VF-35 to EF-45 range. A nice EF-45 is valued at $2,500-3,000 in today's market. If you can find such a coin, you'll be the owner of a near-Condition Census quality example of a truly rare date.

VIII. 1873-S Eagle, EF-45

San Francisco eagles are among the most out-of-favor issues with collectors. But that doesn't mean that there are not some excellent values for the contrarian. There were 12,000 1873-S eagles produced and approximately fifty exist today. Nearly all of the survivors grade EF-40 or thereabouts and this issue becomes a major rarity in About Uncirculated. Current Trends for an EF-45 is $3,250, meaning that a nice EF-45 could be obtained for $2,500 or a touch more. This is a truly rare (and undervalued) coin.

IX. 1863 Double Eagle, AU-53

It is harder to find undervalued issues in the Liberty Head double eagle series that any other 19th century gold type. But the 1863 stands out as a truly underpriced coin. It is almost never seen above AU-55, making an AU-53 surprisingly close to Condition Census quality. If available, an AU-53 should cost $2,500 or a bit more. But be forewarned that you will have a lot of competition for such a coin. If I could somehow find a dozen nice AU-53 1863 double eagles, I could probably sell them all within a few hours.

X. 1868 Double Eagle, AU-55

Type Two double eagles are exceptionally popular. Despite this fact, the 1868 has remained a tremendously undervalued issue. It is the rarest Philadelphia issue of this type and it is almost never seen above AU-55. Current Trends for an AU-55 is $2,875 and if you find such a coin, you'll probably have to pay close to this amount. But an AU-55 1868 Double Eagle would be a great addition to any collection. PCGS has graded just seven better than this (and none of these are higher than MS-60) and I have not personally seen or sold more than a small handful that grade higher.

Conclusion: In closing, I have a word of advice. Don't try to assemble a collection that includes all of the above coins in the exact grades listed. Their lack of availability will prove frustrating. I would rather that this list inspire you to find your own "Top Ten" list of undervalued issues.

If you need help in compiling such a list, or would like to share your own "Top Ten" list with me, feel free to email me.