The Contrarian Opportunity of Charlotte Gold Coinage

Charlotte gold coinage is about as unpopular right now as at any time I can recall in the past two decades. Why are the coins from Charlotte getting no love when their Southern counterparts from Dahlonega and New Orleans are as popular as they’ve been in some time? Read on for a few suggestions. There’s no exact, scientific reason(s) which I can point to which “prove” why Charlotte coinage currently seems to be lagging Dahlonega and New Orleans when it comes to popularity. I can think of at least six possible reasons which, when taken together, have conspired to make these coins currently out of favor with collectors.

1. I’ve written two books on Charlotte gold coinage. The second—and most current—was published in 1997. This book is not only out of print and hard to find, it is out of date as well. Until I get around to publishing a third edition of this book (and I plan to get to work on this sometime in 2007 and hope to have it available by the end of the year) new collectors will not have access to current information. In my experience, whenever I publish a new (or revised) book on gold coinage, the popularity of that series tends to surge immediately. I anticipate that this will happen again by the end of this year or the beginning of 2008.

2. No significant new players for Charlotte coins at the top end of the market have come around in the past few years. In the 1970’s, it was Harry Bass, while the 1980’s saw Stanley Elrod and the 1990’s were dominated by Paul Dingler. Each of these individuals built world-class sets of Charlotte coinage that focused on very high grade pieces. During this time period, other collectors like Ed Milas could be counted on to purchase significant, high grade issues as well. The Charlotte market needs a new “Mr. Big” to step up and take some of the very high end pieces off the market.

3. There are no significant dealers in the Charlotte area who are building a local collecting base. One of the reasons why Dahlonega gold coinage has always had such a strong local following is that Georgia dealers like Hancock & Harwell, Al Adams, John Hamrick and Larry Jackson have loyally supported the market for Dahlonega coinage for three decades. Despite its status as the undisputed #2 city of the New South, Charlotte still does not have the solid dealer community that characterizes Atlanta.

4. Many of the Charlotte coins currently on the market, especially those in the AU50 to MS61 range, are overgraded, unoriginal and genuinely ugly. It’s hard to get collectors or dealers enthusiastic about coins with minimal eye appeal. One reason why the VF and EF segment of the Charlotte market is comparatively strong is that the coins tend to be decent and collectors are more active. If a fresh deal of attractive, original Charlotte coinage came onto the market in the next year or so, it might act as an excellent jumpstart.

5. A number of the telemarketers who have always been an outlet for the not-so-nice-for-the-grade Charlotte gold coinage have stopped selling these coins. I can think of at least two marketers who I’ve sold hundreds of thousands of dollars of Charlotte gold coinage to over the years who are currently out of the market because their sales forces are tired of selling Charlotte coins or they strongly believe that point #4 I made above is true.

6. In the coin market, tastes are cyclical. After years of neglect, New Orleans gold is currently popular. For years, no one liked early quarter eagles, but now everyone wants them. The market for Charlotte coinage is cyclical as well and happenstance dictates that we are currently in a down cycle. It is very possible that an up cycle of popularity could begin again very soon.

OK, so what has to happen for these coins to get popular again? First we need a new Charlotte book. Then, we need a couple of dealers (myself included) to fall in love with Charlotte coins all over again and start spreading the love. Then we need a couple of wealthy guys from North Carolina to discover how neat these coins are and for them to make a decision that they want to be the Paul Dingler or the Stanley Elrod of the 2000’s. Assuming that at least one or two of these three things happen, I think we can look forward to a renaissance of interest in this area of the market in the coming years. Until then, can you say “contrarian opportunity?”

Charlotte Gold Coinage

While doing some research for a new article on the State of the Market of Charlotte Gold (which will be posted on my website on either the 5th or the 6th of September), I thought of an interesting question which applies to any buyer of rare date gold coins. What area of the market has been the best investment in the past decade? As those of you who know me realize, I am not a big advocate of rare coins as an investment. But I am enough of a pragmatist to realize that it is important for any person, no matter how much of a true collector he is, to feel that his rare coin purchases are going to appreciate in value over the course of time.

So, I decided to do a little research project, of which the parameters are as follows: A collector had $10,000 to spend on Charlotte gold coinage in 1996. Would he have done better buying a number of cheaper coins or should he have put all of his eggs in one basket and bought a single big-ticket item? To conduct this project, I’ve decided to use the Redbook as my pricing guide (don’t turn up your nose; the Redbook is actually a surprisingly good pricing source—take a look at the list of contributors and see whose input is being used for gold coinage). I’ve also decided that only PCGS/NGC graded coins can be used in the sample, for the sake of ease and consistency.

Hypothetical collector #1 decided that he was going to purchase coins graded EF40 and EF45 in 1996. According to the 1997 edition of the Redbook (which would have been the most current available edition in 1996), common date Charlotte quarter eagles were valued at $900-1,100 in EF40. So let’s use an average price of $1,000 per coin and say that our collector bought 5 coins with an aggregate cost of $5,000.

This collector also decided to purchase some common date Charlotte half eagles. According to the Redbook, these were valued at $1,200-1,500 in EF40. Let’s use an average price of $1,300 and say that our collector bought four coins with an aggregate cost of $5,200. This would have brought the total cost of his holdings to $10,200.

Hypothetical collector #2 decided to purchase one single “big coin” and focused on a common date Charlotte half eagle in MS60. According to the 1997 Redbook, an 1847-C (the most common date of this denomination in higher grades) had a value of $10,000.

Both collectors put their coins away for a decade and in 2006 decided they were ready to sell. Who did better?

According to the 2007 edition of the Redbook, a common date Charlotte quarter eagle has a value of $2,200 in EF40; a figure which is very accurate in today’s market, in my opinion. This makes our collector’s five coins worth an estimated $11,000. An EF40 common date Charlotte half eagle has a value of $2,500. Our collector owns four of these and the quartet is now worth an estimated $10,000. This brings the total value of his $10,000 investment to an estimated $21,000.

(There is, of course, one other factor to consider. The chances are reasonably good that if he purchased his nine coins in 1996 from a reasonably good dealer, at least half of the coins would upgrade in today’s more liberal grading environment. Factoring in another 30% for these upgrades—a number which might actually be conservative—this collector’s holdings are now valued at around $27,000).

The 2007 Redbook states that the value of an 1847-C half eagle in MS60 has risen to $13,000. But, unlike the Redbook’s EF40 valuations which are quite accurate, this figure seems pretty high to me. I think the actual value of an 1847-C half eagle in MS60 is more like $8,000.

Let’s assume that this collector bought a nice MS60 back in 1996 and he gets his coin upgraded to MS61 when he resubmits it to PCGS or NGC. In my opinion, an MS61 1847-C half eagle is worth $8,500-9,500; possibly a little bit more if it is a nice coin for the grade.

So which collector did better from a financial standpoint? Clearly, it was the person who purchased the group of nine EF coins. His investment of $10,000 at least doubled and possibly tripled if he was lucky with his upgrading. The collector who purchased the one MS60 half eagle did very poorly. In fact, his original investment of $10,000 is probably worth less than this today.

I think that a few conclusions can be reached from this somewhat unscientific price study.

1. In the area of branch mint gold, the best performers in the past decade have been the collector-quality issues. By collector quality, I am referring to affordable coins in the VF and EF grade range. These have the strongest level of demand because they are the most affordable examples of these coins.

2. Not all high grade branch mint gold performed poorly in the past decade but off quality pieces (and most branch mint gold graded MS60 is generally on the low end of the eye appeal spectrum) are actually worth less today than they were in 1997.

3. Making a decision to start an EF set of Charlotte or Dahlonega gold coinage is much more difficult in 2006 than it was a decade ago. The reasons for this are fairly simple. Firstly, most of the “real” EF coins are now in AU50 or AU53 holders. Secondly, many of the nice EF coins are currently owned by active collectors who do not wish to sell them, given the fact that they know such coins are very hard to replace.

Coloration and United States Gold Coins

In my article entitled "Five Components of Grading" (November 2001), I touched upon coloration and the role it plays in determining the grade of a gold coin. In this brief article, we'll look at the natural coloration found on gold coins from each of the seven mints that produced gold issues in the 18th and 19th century. Carson City

Carson City gold coins can be neatly packaged into three distinct eras: those struck during the 1870's, the 1880's and the 1890's. Some of the gold used to make these coins was from local Nevada mines and it displays a distinctive natural hue.

The coins from the 1870's are usually seen with extremely heavy wear. Half eagles and eagles from this decade often have a dark green-gold or slightly coppery hue. The coins from the 1880's tend to have richer green-gold or orange-gold color. The coins from the 1890's often have very nice shadings with rich green-gold or orange-gold hues. On a few issues, the borders may show a ring of deeper color that nicely contrasts the lighter shades seen in the center.

It is much easier to find coins from the 1890's with pleasing original color than on issues from the other two decades. Many half eagles and eagles from the 1870's are essentially unknown with fully original color. Issues such as the 1891-CC half eagle and the 1891-CC eagle are relatively easy to find with nice color.

Double eagles tend to be the easiest denomination from this mint to locate with good color. This is primarily due to the fact that more relatively high grade examples of this denomination are known than half eagles or eagles.

Due to the popularity of Carson City gold coinage with collectors, good coloration is an important consideration in determining grade and value.

Charlotte

Much of the gold used at the Charlotte mint was mined in western North Carolina. The natural composition of this gold was rich in copper ore. Thus, many Charlotte gold coins (especially those struck before 1850) have a distinctive orange-gold or reddish-gold coloration. On later issues, this color tends to be a more green-gold in hue. This is due to the fact that more gold from California (with a higher silver content) was used.

For some reason, the Charlotte coins with the best coloration are the Type One gold dollars (1849-1853) and the half eagles produced during the early part of the 1840's. It is very hard to locate any of the quarter eagles from the 1850's with attractive, even coloration.

Well over 75% of all Charlotte gold coins have been cleaned or dipped and no longer show any hint of original color. Charlotte gold coins with attractive original color are beginning to command a premium, although not as much so as their counterparts from Dahlonega.

Dahlonega

The gold that was used to make Dahlonega gold coins from 1838 until the early 1850's had a high amount of silver within its natural composition. This provided many of the coins from this era with a distinctive green-gold hue. On issues struck after 1850, more gold from the western deposits was employed and the color tends to show more of a reddish-gold hue.

As with the Charlotte gold coins, Type One Dahlonega gold dollars (1849-1854) and certain half eagles from the 1840's (and even into the 1850's) are more likely to be seen with good color than the other issues from this mint. With a few exceptions (such as the 1857-D), quarter eagles from this mint are very hard to locate with nice color. The same holds true for Type Two Dahlonega gold dollars and three dollar gold pieces. As a rule of thumb, the rarer and more popular a certain date is from this mint, the more likely it is to be found without original color.

Well over 75% of all Dahlonega coins have been cleaned or dipped and no longer show original color. This is a very popular series with collectors and their level of sophistication tends to be higher than other branch mint specialists. Dahlonega coins with pleasing natural color currently command high premiums; more so than from any other branch mint.

Denver

The Denver mint produced gold coins from 1906 to 1931, with the majority of the production occurring in the 1910's and the 1920's. They struck half eagles, eagles and double eagles. For the most part, these coins have a fairly consistent natural coloration. Medium to deep yellow gold shadings with pale rose and orange-gold undertones are most often seen on high grade, original pieces.

The Denver issues that tend to show especially nice color include the 1906-D and 1907-D Liberty Head double eagles and the St. Gaudens double eagles from the 1920's. The half eagles and eagles from the 1910's often have a naturally grainy type of luster and their coloration is slightly more subdued.

It is still reasonably easy to locate Denver gold coins with attractive natural color. There are some exceptions, like the 1911-D eagle, which is an issue that is often found cleaned or dipped. At this point, very few people specialize in Denver gold, so there are no real premiums accorded to coins with superb original color.

New Orleans

Unlike its southern counterparts from Charlotte and Dahlonega, this mint had a very long period of operation (1838-1909). New Orleans coins from fall into two neat categories: Without Motto (struck at this mint from 1840-1861) and With Motto (1879-1904).

Without Motto coins are usually seen well worn and have often been cleaned. Coins with original color often have a distinctive deep green-gold hue. Some issues, such as the 1847-O eagle, are found with bright yellow-gold color while others, such as the 1854-O eagle, have a more orange-gold appearance.

With Motto coins from New Orleans are found with less wear than their Without Motto counterparts. Eagles from the 1892-1904 era are sometimes seen with attractive deep natural color, including medium orange-gold and deeper green-gold.

It is very hard to locate New Orleans gold coins with original attractive, especially those struck prior to 1890. When available, these coins tend to bring premiums among knowledgeable collectors.

Philadelphia

Due to better quality control and more consistent bullion sources, there is less variation seen in the coloration of Philadelphia gold coins than on the branch mint issues.

All early gold coinage (i.e., those issues made before 1834) were struck exclusively at this mint. Early gold is very hard to find with original color as the majority of pieces have been cleaned or dipped. Coins that are original tend to show medium to deep orange-gold hues. They often trade for strong premiums among specialists and type collectors.

Liberty Head issues from Philadelphia are divided into Without Motto (1838-1865) and With Motto (1866-1907) types. The Without Motto coins are more difficult to locate with original color. When available they tend to show green-gold or light orange hues.

Due to larger mintage figures and hoarding, many With Motto issues from this mint are relatively available in higher grades. There are some extremely attractive Philadelphia gold coins from this era and they show hues ranging from green-gold to rose and light orange.

Collectors tend to be more focused on specific rarities or types from this mint as opposed to putting together date sets. On certain rare, low mintage issues such as the 1881 quarter eagle or the 1863 eagle, coloration is important. On other more common issues, coloration is not as significant factor in determining grade and value.

San Francisco

Despite the publicity of the S.S. Central America and Brother Jonathan shipwrecks, both of which contained thousands of San Francisco double eagles, gold coins from this mint are not as popular as those from the southern mints. This is somewhat ironic, given the fact that the quality of the coins from San Francisco far exceeds those from Charlotte, New Orleans, or Dahlonega.

San Francisco gold coins from the 1850's and the 1860's (with the exception of certain double eagles) are usually seen in lower grades and have often been cleaned. The issues from the late 1870's though the early 1900's are seen more often in higher grades. The natural color on these coins is often outstanding. Hues of rose-gold, green-gold and medium orange are often present.

Indian Head gold from this mint also displays a wide range of color. Half eagles and eagles from San Francisco tend to have granular luster which subsequently shows somewhat subdued color. St. Gaudens double eagles, especially those struck in the 1920's, often have rich frosty luster and attractive vibrant rose and orange-gold hues.

Due to a relative lack of collector support, there is not currently a strong demand for San Francisco gold coins with attractive natural hues. Many of the earlier issues from this mint are exceptionally hard to find with nice color and may command a premium in the future.

The Type Collectors Approach to Branch Mint Gold Coinage

Most branch mint gold collectors focus on a specific mint and then assemble a date set. As an example, a Charlotte collector often decides to specialize in quarter eagles and then attempts to assemble a complete set of twenty issues. This has become more difficult, though, due to the high price of choice coins and the relative unavailability of nice, original affordable medium grade examples. As a result, many date collectors become frustrated and abandon their specialty.

There is a solution to this problem. Collecting coins by type entails acquiring a single representative of a design or variety and supplementing it with other types. There are some variations on this theme which apply well to branch mint gold. These include the following:

I. The Basic Type Set

A basic type set includes a single example of every design that was struck at a specific mint. This will be discussed more specifically below.

II. The Denomination Set

This is one of the simplest and most affordable ways to collect branch mint gold. As an example, a denomination set of Carson City gold would include an example of a half eagle, an eagle and a double eagle.

III. The Decade Set

This set includes an example of a denomination in each decade it was struck. As an example, a decade set of Carson City double eagle would contain three coins: one each from the 1870's, 1880's and the 1890's.

IV. The Year Set

A year set contains an example of each denomination from a specific mint struck during a specific year. An example of this would be an 1878-CC year set which would contain a half eagle, eagle and double eagle from this year.

Let's look at the most popular branch mints (in alphabetical order) and see how these collecting methods apply to them.

A. CARSON CITY GOLD COINS

The prohibitive price of most high grade Carson City gold coins makes them a perfect candidate for type collecting.

A basic type set of Carson City gold coins contains the following four designs:

• With Motto Liberty Head Half Eagle (1870-1893) With Motto Liberty Head Eagle (1870-1893) Type Two Liberty Head Double Eagle (1870-1876) Type Three Liberty Head Double Eagle (1877-1893)

The basic four coin set can be completed for a very reasonable sum if a collector selects common dates in affordable grades. The more affordable coins include the 1891-CC half eagle and eagle, the 1875-CC double eagle and the 1884-CC or 1893-CC double eagle. Or, this could be a small but expensive set if rare dates in high grades are used.

A denomination set of Carson City half eagles consists of just three coins: half eagle, eagle and double eagle. As with the basic type set, this group can be assembled for a reasonable sum or it can be an "over the top" trio with very high grade (in this case, Mint State-63 and Mint State-64) examples of available issues. Another option would be to select rare dates for all three denominations and attempt to purchase them in the best available grade.

Building a decade set of Carson City gold coinage is interesting and challenging. For both the half eagle and eagle denominations, a coin from the 1870's is the most challenging, with the 1880's and 1890's issues progressively easier to obtain in higher grades. A complete nine piece decade set of Carson City gold (containing three half eagles, three eagles and three double eagles) would be a very desirable group.

There are many interesting year set options for the Carson City gold coin collector. The 1870-CC issues are all very rare and are historically important as the first gold issues from this mint. The 1893-CC issues are considerably more affordable but are also interesting as the final Carson City gold coins. Practically speaking, any year set from the 1870's will contain rare but fairly expensive coins while the 1890's issues will be more common but far more affordable. A good alternative is a date from the 1880's. The only years in which all three denominations were produced are 1882 and 1884. Both contain coins that are obtainable in higher grades (in this case up to About Uncirculated-55) but are still reasonably priced.

B. CHARLOTTE GOLD COINS

Charlotte gold coins have many more basic types than their counterparts from Carson City. This makes them an excellent choice to collect in this manner. The basic type set of Charlotte issues consists of the following eight coins:

• Type One Gold Dollar (1849-1853) Type Two Gold Dollar (1855 only) Type Three Gold Dollar (1857 and 1859) Classic Head Quarter Eagle (1838 and 1839) Liberty Head Quarter Eagle (1840-1860) Classic Head Half Eagle (1838 only) Liberty Head Half Eagle, Obverse Mintmark (1839 only) Liberty Head Half Eagle, Reverse Mintmark (1840-1861)

This eight coin set is not hard to assemble as none of the specific types is extremely rare or expensive in average circulated grades. However, this set can become very expensive (and a real challenge) if the collector wants to acquire each coin in as high a grade as possible. A pair of specific issues, the Type Two gold dollar and the Classic Head half eagle, are very rare and expensive in Uncirculated. In fact, I have only seen three or four Uncirculated Type Two Charlotte gold dollars and just two Classic Head half eagles from this mint in over twenty years of specializing in Charlotte coinage.

A three coin denomination set of Charlotte gold coins is an excellent introduction to this mint. If the collector chooses issues such as the 1851-C gold dollar, 1847-C quarter eagle and the 1857-C half eagle he can assemble a set that includes high grade pieces that are quite affordable. Or, he can pick scarcer issues to make this a more numismatically interesting group.

Charlotte coins were struck during four decades: the 1830's, 1840's, 1850's and 1860's. This means, obviously, that a decade set consists of four coins. Since gold dollars were not produced during one of these decades (the 1830's), this four coin decade set would either contain quarter eagles or half eagles; or even a combination of the two.

There were only five years in which the Charlotte mint produced coins from all three denominations: 1849, 1850, 1851, 1852 and 1855. Any one of these years would lend itself well to a challenging three coin year set. The rarity of the quarter eagles struck in each of these years would make this set extremely hard to complete in Uncirculated. A nicely matched About Uncirculated set is a more practical alternative for most collectors.

C. DAHLONEGA GOLD COINS

Dahlonega gold coins are often collected alongside Charlotte issues. As with Charlotte coins, there are a number of interesting Dahlonega types and this makes them another excellent area to collect in one of the following manners. A basic type set of Dahlonega coins consists of the following:

• Type One Gold Dollar (1849-1854) Type Two Gold Dollar (1855 only) Type Three Gold Dollar (1856-1861) Classic Head Quarter Eagle (1839 only) Liberty Head Quarter Eagle (1840-1859) Three Dollar Gold Piece (1854 only) Classic Head Half Eagle (1838 only) Liberty Head Half Eagle Obverse Mintmark (1839 only) Liberty Head Half Eagle Reverse Mintmark (1840-1861)

This nine coin set is quite a bit more expensive to assemble than the Charlotte eight coin set. This is due to the presence of the rare and popular 1854-D Three Dollar Gold Piece. A nice example will cost in the area of $15,000-25,000+ and it is far and away the most expensive single type from any of the Southern branch mints. The collector on a more limited budget might simply elect to not include this coin. The next most difficult issue to obtain in higher grade is the Type Two gold dollar. There are just three Uncirculated examples currently known (all are in tightly-held collections) and even nice About Uncirculated examples are rare and expensive. Figure spending $15,000-25,000 for a well struck, accurately graded About Uncirculated 1855-D gold dollar.

A denomination set of Dahlonega issues includes four coins. As mentioned above, the Three Dollar gold piece is an expensive piece that will constitute a good percentage of the money spent on this set. It is always an option to "forget" that this coin exists and make the denomination set consist of three issues. If a collector wishes to include coins in higher grades In this case About Uncirculated-55 to Mint State-62), he should focus on such relatively available issues as the 1849-D gold dollar, the 1843-D, 1844-D or 1848-D quarter eagles and the 1852-D, 1853-D or 1854-D half eagles.

Assembling a four coin decade set of Dahlonega coins is an interesting approach to collecting issues from this mint. However, if the collector seeks to assemble such a set using only one denomination than he must select half eagles as these were the only coin struck at Dahlonega in the 1830's, 1840's, 1850's and 1860's. This would be a very numismatically interesting set and it could be completed in grades ranging from Very Fine to Mint State-62.

There was only one year in which the Dahlonega mint produced coins in all four denominations: 1854. This would make an extremely interesting year set. The years in which three coins were produced simultaneously are 1849, 1850, 1851, 1852, 1853, 1855, 1856, 1857 and 1859. A few of these years are more practical for the collector on a budget as they do not contain a specific issue that is rare and/or expensive. These "easy" years include 1849, 1850, 1857 and 1859. In the other years, the quarter eagle tends to be the rarest and most expensive coin.

D. NEW ORLEANS GOLD COINS

The New Orleans mint was open for a far greater period of time than Carson City, Charlotte and Dahlonega and more types of gold coins were produced. A basic type set from this mint consists of the following:

• Type One Gold Dollar (1849-1853) Type Two Gold Dollar (1855 only) Classic Head Quarter Eagle (1839 only) Liberty Head Quarter Eagle (1840-1857) Three Dollar Gold Piece (1854 only) Liberty Head Half Eagle Without Motto (1840-1857) Liberty Head Half Eagle With Motto (1892-1894) Indian Head Half Eagle (1909 only) Liberty Head Eagle Without Motto (1841-1860) Liberty Head Eagle With Motto (1879-1906) Type One Liberty Head Double Eagle (1850-1861) Type Three Liberty Head Double Eagle (1879)

This twelve coin set is very interesting in that it contains no less than four one year types. Fortunately, only one of these is rare in any grade (the 1879-O double eagle) and the other three can be obtained in comparably high grades for reasonable prices. The average grade(s) should be higher than for Charlotte or Dahlonega sets due to the affordability of many of the types. In fact, even a collector with a modest budget should be able to purchase About Uncirculated examples of most of the types and Extremely Fine examples of the scarcer issues.

The denomination set from New Orleans is unique among the mints we are discussing as it contains six coins. Unlike the 1854-D Three Dollar Gold Piece, the 1854-O is an affordable issue in most circulated grades. A representative Uncirculated gold dollar, quarter eagle, half eagle and eagle from New Orleans are all very affordable. The most difficult--and expensive--denominations from this mint are the Three Dollar Gold Piece and the Double Eagle. An Uncirculated 1854-O Three Dollar Gold Piece, if available, will cost at least $12,500-15,000 while an Uncirculated New Orleans Double Eagle, most likely an 1851-O or an 1852-O, will cost as much or more than the aforementioned Three Dollar gold piece.

New Orleans gold coins were struck in no less than seven decades: the 1830's, 1840's, 1850's, 1860's, 1870's, 1880's, 1890's and 1900's. This seven coin decade set is reasonably easy to complete. The 1830's must be represented by a Classic Head quarter eagle from 1839 as this was the only gold coin produced at the New Orleans mint during this decade. Luckily, this is a relatively common and inexpensive coin. During the 1860's, coinage was limited to eagles (1860 only) and double eagles (1861). Both of these issues are scarce but are not expensive unless the collector wishes to obtain a coin that approaches the Uncirculated level. In the 1870's, coinage was, again, limited to eagles and double eagles (both in 1879 only). These are both scarce and desirable but nice quality 1879-O eagles and double eagles can be obtained in the $10,000-15,000+ range. In the 1880's, the only denomination struck at the New Orleans mint was the Eagle. The 1888-O is the most affordable of the five Eagles produced during the 1880's.

There was never a single year in which all six denominations produced at the New Orleans mint were struck simultaneously. The closest a collector can come to this is a year set containing five different denominations from New Orleans. The only year this occurred was 1851. Fortunately, none of the 1851-dated New Orleans coins are rare and most are readily obtainable in the higher circulated grades. An ambitious collector with a large budget could even assemble an Uncirculated 1851-O year set as all five denominations exist in Uncirculated grades ranging between Mint State-60 and Mint State-62.

Collecting branch mint gold coins by date is certainly not for everyone and, hopefully, some of the "type-centric" suggestions offered above will be of interest to the new or frustrated advanced collector.