The Market for New Orleans Gold

In many respects, I was one of the primary creators of the market for New Orleans gold. As recently as two or three years ago, I was one of the few dealers who maintained a good inventory of choice and rare gold from New Orleans and was certainly giving this market a bigger “push” than my compatriots. So how has the market fared for New Orleans gold in the last few years? Without a great deal of fanfare, I’d have to say that I did a very good job of helping to jumpstart this market. In some ways, it was maybe too good of a job. By this, I mean that I now have a lot of competition on the wholesale side of the market when interesting New Orleans gold becomes available at a show or at auction. The days that I could negotiate for these coins using the strategy that “no one else cares about this O Mint gold coin so you better sell it to me at my number” are long gone. If I pass on a neat coin, there are three or four other dealers in the wings waiting to swoop.

This is probably both good and bad for collectors as well. If you listened to my pleas to buy New Orleans gold a few years ago, you were probably able to purchase some coins at levels that could not be duplicated today. The bad news, though, is a sudden lack of availability.

If you look at what’s been available at major auctions this year in the area of important New Orleans gold, it’s been pretty slim pickings. There were some important half eagles and eagles in the January Stack’s sale and Heritage has sold its share of Condition Census pieces but impatient collectors have probably found 2007 to be a trying year.

I made a strong effort to purchase New Orleans gold at the recent 2007 ANA show in Milwaukee and came home with little to show for my efforts. What’s really frustrating is that I could have sold about ten times the number of New Orleans gold coins that I bought.

Unless I overlooked some hidden stashes of New Orleans gold, the only items that seemed to be available at the show were either common issues such as 1851-O eagles in grades up to and including AU55 or low-end Uncirculated examples of such uninspiring dates as 1893-O half eagles.

Another thing I noted is that price reporting for New Orleans gold is really out of whack right now. Neat coins tend to bring considerably more than CDN Bid or Trends. Examples? In the recent Heritage ANA sale, an 1882-O eagle in PCGS MS63 brought nearly $38,000. CDN Bid is $14,250. In Bowers and Merena’s pre-ANA sale, a PCGS AU55 1854-O double eagle realized nearly $500,000. Trends is $350,000 in this grade.

Prices are also too low for less spectacular New Orleans coins than these two. Examples? I would be very happy to buy multiples examples of eagles such as the 1849-O, 1852-O, 1855-O, 1856-O and 1857-O in EF40 and EF45 at levels near their current Trends valuations.

Would an increase in values bring some good New Orleans coins out of the woodwork? It might shake a few coins out but I’m guessing that the answer is a resounding “no.” I think the reason for this is that there really aren’t many old-time specialized collections of New Orleans gold that were being formed five, ten or twenty years ago. If someone was collecting branch mint gold in years past, the chances were pretty good that they were focused on Carson City, Charlotte or Dahlonega and they ignored New Orleans issues.

What do I see as future Trends for New Orleans gold coins? Let’s take a quick look at each denomination.

Gold Dollars are becoming more and more popular and the upcoming Dave Bowers book on this denomination is certain to create new collectors. Given the brevity of the New Orleans series, I think we’ll see more collectors putting together sets. I personally like the idea of buying Finest Known or Condition Census examples of any date as well as nice, solid examples of the key 1850-O and 1852-O.

The New Orleans quarter eagle series is seeing some increases in popularity. Collectors are probably misled by inflated populations of Uncirculated and About Uncirculated coins. This is a series that $2,000-4,000 per coin still goes a long way. At the ANA I sold a gorgeous 1852-O in NGC AU58 to a collector for $2,000. I think you’d be hard-pressed to find better value in this series than coins like this. I still like the value level of the key 1845-O in EF and AU grades and also like issues such as the 1847-O, 1850-O, 1851-O and 1852-O in accurately graded MS61 and MS62.

1854-O Three Dollar Gold Pieces seem to be all over the place and most of the coins I see are poorly struck and vastly overgraded. That said, I will still buy an AU50 and better piece I see that I truly like. At the Milwaukee ANA I passed on a really nice NGC MS62 at $52,500 that quickly sold to the next person who saw it (I made a mistake and should have bought it...) In Stack’s pre-ANA Milwaukee auction, an NGC MS63, which is the single highest graded 1854-O $3.00, brought a record $115,000.

It’s become very difficult to find interesting New Orleans half eagles. I handled just one really significant piece at the ANA (an 1842-O in NGC AU58 which I sold almost immediately to a collector) and can’t recall any exciting examples in any of the pre-ANA or ANA sales. My guess is that there are a number of collectors actively working on New Orleans half eagle sets and that the demand for interesting coins far exceeds the supply. I strongly suggest buying nice examples of any of the key issues (1842-O, 1847-O, 1855-O, 1856-O and 1857-O) and I like nearly any choice, original No Motto piece from this mint graded EF40 or better.

For the last few years, I was literally begging people to buy significant New Orleans eagles. It appears that at least a few people listened to me as there now appears to be a number of people building No Motto and With Motto date sets. I still strongly recommend just about any better date No Motto coin and just about any common date With Motto in MS63 and higher grades.

Last but not least: the double eagles from this mint. I’m pretty conflicted at this point in time about New Orleans Twenties. As someone who repeatedly touted what a great value these coins were as recently as a few years ago, I’m happy that I was able to help drive this market upwards. But I wonder how much further it can go. As I mentioned above, an 1854-O in PCGS AU55 just brought close to a half million bucks at auction. That’s a whole lot of money for a fairly esoteric coin. I guess what it boils down to is the number of collectors who are putting together sets of these coins. If there are many very wealthy collectors assembling sets of New Orleans double eagles than I guess I can see basal values for the 1854-O and the 1856-O staying at their currently sky-high levels. But if there aren’t more collectors waiting in the wings to fill these holes in their sets than I wonder what the levels will be like in a few years. One last caveat: if you are working on such a set you absolutely positively need to be working with a knowledgeable dealer. At these kinds of prices, you don’t want to be making many mistakes.

Undervalued Areas in the Rare Coin Market

While I don’t claim to have a crystal ball, I usually have a pretty good sense of which areas in the field of rare gold coin collecting are poised to show an increase in interest in the coming years. Here are some areas which I feel are undervalued and which have the potential of becoming the Next Big Thing. 1. Classic Head Gold Coinage: If you are a regular reader of my blogs you know that I am a big fan of Classic Head gold coinage. I think the design of these coins is attractive and I like the fact that they neatly bridge the gap between “old gold” and the more familiar Liberty Head design that was employed for nearly 70 years.

One reason why Classic Head gold has not become very actively collected by specialists is the lack of a good Winter-esque style guide book. What I find very interesting about this series (in addition to the fact that it is short-lived and thus very completable) is that there are a number of fascinating varieties in both the quarter eagle and half eagle series. Many of these are touched on in the Breen Encyclopedia while others are described in detail and illustrated in the Bass catalogs. While I’m not a variety guy, per se, I do find a number of the varieties in these series very interesting and if someone were to better catalog and illustrate them clearly showing the differences, I think they would become very widely collected.

Another reason I like Classic Head gold is the interesting branch mint issues contained in both the quarter eagle and half eagle series. Clearly I am not a lone voice in the wilderness when it comes to issues such as the 1839-O quarter eagle or the 1838-C and 1838-D half eagles as these have seen considerable price increases in the last few years. Despite these increases, I still think the branch mint Classic Head gold issues are comparatively undervalued and if the Classic Head series becomes more widely collected by date then these issues will show even further appreciation in the coming years.

You need to remember that many of these varieties are quite rare to begin with and this is not a collecting specialty which could support more than a few serious collectors at any given time. I think the area which is likely to see the greatest number of specialists is the Capped Bust Large Eagle half eagles struck between 1795 and 1807; particularly the issues produced between 1800 and 1807. Dates like the 1804 and 1806, of which there are seven and six different varieties, respectively, are not prohibitively expensive on a per-coin basis as long as the collector is content to purchase nice EF and AU coins.

2. High Grade New Orleans Eagles: I base this prediction on how well coins like this sell for me when I list them on my website. I am referring primarily to common date New Orleans eagles (such as the 1901-O, 1903-O, 1904-O and 1906-O) in MS63 and higher grades.

Here’s why I love a coin like the 1901-O eagle in MS63. The current PCGS population for this date in this grade is forty-two with just nine graded better. Trends is currently $3,500 and when I have these available I generally ask in the area of $3,250-3,350. Now look at a common date like the 1901-S which has a PCGS population of 3,920 with 3,209 graded better. These routinely sell for $1,100 in MS63 and you can literally buy them by the wheelbarrowfull at any major show. In my opinion, the 1901-O at a three times premium above the 1901-S is great value.

A coin like a 1901-O eagle in MS63 traded for around $2,500 a year or two ago so the market has clearly started to rise. But at the same point in time, a 1901-S traded for around $1,250. This means that the premium factor has only risen from 2x to 3x. It would not surprise me if in the next year or two, the premium factor grew to at least 4x and possibly as high as 5x.

3. Civil War gold: It’s just a matter of time before someone starts promoting date runs of Civil War gold issues. It’s been done before and it seems like such a no-brainer promotion I’m sure it will be done again.

The only problem with doing a comprehensive promotion of Civil War era gold is, of course, finding enough quantity to make such a promotion worthwhile. As an example, the gold dollars from 1861 to 1865 seem easy enough to promote but just try to find a quantity of 1863’s in any grade. You can forget promoting quarter eagles from this era due to the extreme rarity of the 1863 and the 1864 issues - and the 1865 Three Dollar is rare enough to put the kibosh on this series. I guess if I had the answer I would be running the promotion myself right now. But I can just see that beautiful full-color brochure with the battlefield scene and the 1862 three dollar gold piece imposed on top of it….

State of the Market Report: New Orleans Gold

On Monday January 22nd, I posted the Pinnacle Collection of New Orleans gold coinage for sale. This superb collection contained seventy-one choice, high grade examples of New Orleans gold coinage. By Tuesday evening, nearly three-quarters of the coins were sold and as I write this, a mere four days after the initial posting of the collection, all but four coins have been sold. From the conversations I had with the over thirty collectors who bought (or attempted to buy) coins from this collection, I think I learned quite a bit about the State of the Market regarding New Orleans gold—and rare date gold coins in general.

My first observation is that the market is always hungry for attractive, fresh deals of coins. It didn’t take an expert to realize that these coins were exceptional for the grade and date. People liked the fact that they were all in PCGS holders and they really liked the fact that virtually every piece in the collection had dark, crusty surfaces; unlike the dipped-n-stripped material that is usually seen in auctions and other dealers’ inventories.

My second observation is that the publication of my book on New Orleans gold coinage a few months go has definitely spurred interest in these issues. One sophisticated collector who called me commented that New Orleans gold seemed really undervalued in relation to gold coins from other mints, especially given the very low population of high grade pieces from this mint. As a basis of comparison, he noted that $10,000 would go a long way towards buying a Condition Census piece in the New Orleans market while the same amount of money in the Carson City gold market would buy you a coin that was not close to Condition Census level. This is a good point.

Another observation is that people always want key date coins, no matter what series you are discussing. As an example, I had numerous people ask me about the 1841-O, 1859-O, 1879-O and 1883-O eagles and I probably could have sold multiple examples of these dates. The same holds true with the 1845-O quarter eagle and the 1842-O and 1847-O half eagles. My gut feeling is that if New Orleans gold continues to become more popular, these key issues are going to be the coins that show the greatest amount of price appreciation. The same holds true with the popular one-year type issues such as the 1855-O gold dollar, 1839-O quarter eagle and 1854-O three dollar, although these have already seen a good amount of price increase in the past three years.

A number of people complimented me on the presentation of the Pinnacle Collection and I believe that the in-depth descriptions, excellent images (and here I must give a shout out to my photographer Mary Winter who I think outdid herself with this project…) and an attractive overall “look” made shopping at the Pinnacle Collection Store a fun proposition.

I also think people liked being able to purchase fresh, interesting coins in a non-auction environment. A number of people told me that they are beginning to tire of the endless cycle of auctions and having to pick through hundreds and hundreds of lots of junk in order to find the occasional kernel.

So, what’s next for the New Orleans gold market? Clearly there are a number of avid collectors, both new and old, who are in this market. The interesting question is will there be enough coins to go around to satisfy them? Yes, I can sell five 1883-O eagles in the next month but am I going to be able to find even one of them? And what about prices—will Trends and Coin Dealer Newsletter show enough in the way of price increases to fuel a possible New Orleans gold fire?

The Pinnacle Collection of New Orleans Gold Coinage: An Overview

There haven’t been many truly great collections of New Orleans gold coins formed over the years. This is due to two reasons: a lack of popularity until recent times and the rarity of many of these issues in higher grades. One of the finest collections of New Orleans gold coinage of which I am aware is the Pinnacle Collection which is currently owned by a collector who lives on the West Coast. I have been the primary supplier of coins in this collection and, if you don’t mind a little plug for Douglas Winter Numismatics, I don’t think it would be possible to form a much nicer set than this. Nearly every coin is very high end for the grade and most were selected with the following criteria in mind: originality, excellent overall eye appeal and sharp strikes.

The owner of this collection began assembling it in 2002 and bought the majority of the coins in 2003 and 2004. I was lucky to have been able to purchase a superb collection of New Orleans gold coinage in 2003 of which many pieces went into the Pinnacle Collection. It was clearly a situation that this collector was in the right place at the right time.

The Pinnacle Collection is very nearly complete with the exception of the Liberty Head double eagles. The owner of this collection decided not to focus on this denomination due to the extremely high cost of choice pieces and because he felt that the smaller denomination coins represented better value for the money. His gold dollars, quarter eagles, three dollar gold pieces and half eagle sets are complete while the eagle set lacks just four coins (none of which are especially rare) to be complete.

NOTE: You can view this set on on-line on the PCGS website (www.pcgs.com). Simply go the Set Registry area, search for gold sets and then for New Orleans sets. The collection is listed as the “Crescent City” collection but it is better known to collectors as The Pinnacle Collection. In my new book “Gold Coins of the New Orleans Mint, 1839-1906”, many of these coins are described and photographed as well.

I. GOLD DOLLARS

The six coins in this set have an average grade of 63.66 and are very evenly matched and original. They range in grade from MS62 (the 1855-0) to MS65 (the 1849-O).

One coin in this group that really stands out is the 1850-O. It is graded MS63 by PCGS and is one of just five recorded by PCGS in this grade with two better (both MS64). The 1850-O is the rarest gold dollar from this mint yet it remains an issue which is overlooked by many collectors. This is a coin that would be priced at $15,000-20,000+ if it had a C or a D mintmark but it is still valued at well under $10,000 in this grade.

I also really like the 1849-O gold dollar in this set. It has been graded MS65 by PCGS and is one of just four graded as such by PCGS with none finer. It is historically significant as a first-year-of-issue date and it is, obviously, very rare in Gem. The Pinnacle Collection example is unusually well struck and it exhibits lovely natural rose and orange-gold color.

II. QUARTER EAGLES

The quarter eagle set contains fourteen coins and every piece except one (the 1845-O) grades MS62 or better. The average grade of these coins is a healthy 61.9 and I would have to think it is one of the two or three best sets ever assembled.

My choice for the highlight of this set is probably not a coin that others might take note of: the 1856-O in MS62. Even though this issue is slightly available in lower grades, it is a major rarity in Uncirculated and the Pinnacle Collection’s example is the best piece ever graded by PCGS. It is really a stunning example for the date and grade with great luster, rich orange-gold color and outstanding surfaces. It traces its origin to the Bowers and Merena 6/01 sale where it brought $19,550 in a much slower market than today.

Two other coins in the quarter eagle set that I think are notable are the 1840-O and the 1842-O, both of which have been graded MS62 by PCGS. The former is pedigreed to the David Lawrence Richmond collection sale while the latter was obtained from my firm via private treaty in January, 2005. Both coins are notable for outstanding strikes and are very original with great green-gold color and thick, undisturbed luster.

The three highest graded quarter eagles in the collection are the 1839-O, 1846-O and 1857-O, all of which have been graded MS63 by PCGS. The 1839-O has a population of seven in this grade with five finer (all MS64), the 1846-O has a population of just one in this grade with one better (an MS64) and the 1857-O is one of four in this grade with a single example better (an MS64). Obviously, all New Orleans quarter eagles are rare in MS63 or higher grades and the fact that the Pinnacle Collection contains three different pieces is, in my opinion, quite impressive.

III. THREE DOLLAR GOLD

The Pinnacle Collection contains a PCGS AU55 example of this popular one-year type. It is notable for its excellent strike and originality and it is a much nicer coin than many I have seen graded AU58 by NGC.

IV. HALF EAGLES

Although the average grade per coin of the half eagles in the Pinnacle Collection is not as high as the quarter eagles, I would have to say this is my favorite set. There are a total of sixteen coins which range in grade from a low of AU55 (the 1843-O Small Letters and the rare 1847-O) to a high of MS63 (the 1840-O Narrow Mill, 1844-O, 1845-O, 1854-O the 1894-O). Of the 16 coins in the set, eleven are Uncirculated and the average grade per coin is 60.68.

It’s really hard for me to pick just one highlight of the half eagles, so I’ll focus on two coins. The first is the incredible PCGS MS63 1840-O Narrow Mill that is pedigreed to the famous Pittman collection. It is an amazing coin that I rank as the finest known for the date. Another highlight coin is the MS63 1845-O that is pedigreed to the Bass collection. It is one of just two known examples of this date in this grade (there are none finer) and it is the epitome of a choice, original coin with superb luster and dramatic rich green-gold coloration.

The PCGS MS61 1842-O half eagle in the Pinnacle Collection is one of just three known examples of this date in Uncirculated while the PCGS MS62 1846-O is regarded as the third finest known example of this date. An 1851-O in PCGS MS61 is another extremely rare coin in this grade with just four or five total pieces believed to exist in Uncirculated.

Two final coins are worthy of a quick mention. The 1854-O, graded MS63, is tied with another example as the finest known and it is pedigreed to the Bass collection. The 1894-O in PCGS MS63 is the sole example of this date graded this high by PCGS and it is likely the finest known.

To the best of my knowledge, the only sets of New Orleans half eagles ever assembled that were comparable to the Pinnacle Collection were Ed Milas’ (sold by Stack’s back in 1995) and Charley Tuppen’s (which, as far as I know, is still intact).

V. EAGLES, NO MOTTO

Of the various gold denominations produced at the New Orleans mint, the No Motto eagles, struck from 1841 through 1860, is certainly one of the most difficult to collect. Many of these dates are exceedingly rare in higher grades and a number are essentially unavailable in grades higher than AU55 to AU58. There are a total of 21 issues in this set. This includes two varieties of 1846-O (the Normal date and the so-called “Overdate”) and two 1854-O (the Small Date and the Large Date).

The Pinnacle Collection contains 17 of these 21 No Motto eagles. It is missing the 1842-O, 1844-O, 1847-O and 1855-O. Ironically, with the exception of the 1855-O, these dates are not especially scarce from the standpoint of overall rarity.

The No Motto eagles in this collection range in grade from a low of AU53 to a high of MS61. There are three coins in Uncirculated and the majority grade AU55 and AU58.

The two key issues in the No Motto eagle set are the 1841-O and the 1859-O. These are nicely represented by examples that grade AU55. The former has a PCGS population of just five with none better and the latter shows three in this grade and none higher.

There are number of coins in this set that might be readily overlooked by the non-specialist but which are quite scarce and have very low population figures. As an example, the 1849-O in PCGS AU58 has a population of three in this grade and just two better. The 1850-O in PCGS AU58 is even rarer in this grade with just three recorded in AU58 and a single coin graded higher.

The Pinnacle Collection contains 18 No Motto New Orleans eagles with an average grade of 57.05.

VI. EAGLES, WITH MOTTO

After the New Orleans mint was closed in 1861, it reopened in 1879. With Motto eagles were produced, with interruptions, at this mint until 1906. There are a total of 16 issues in this set. Unlike its No Motto counterpart, this set can be assembled in (mostly) higher grades.

The Pinnacle Collection contains fifteen of the sixteen issues. It is missing the 1880-O but it contains PCGS AU58 examples of the very rare 1879-O and 1883-O. Twelve of the sixteen coins in this set are Uncirculated and these range from a low of MS61 to a high of MS65.

From the standpoint of rarity, the unquestioned highlight of this set is the 1883-O of which just 800 pieces were produced. This collection has a lovely orange-gold AU58 which is one of just three graded by PCGS with none better.

The sleeper coin in this group is the 1881-O in MS61. This date has a PCGS population of just one in MS61 and none finer and it is a rare, underrated issue in Uncirculated.

The highest graded coin in this set (and in the entire Pinnacle Collection) is a 1904-O in PCGS MS65. As one might expect, Gem New Orleans eagles of any date are extremely scarce and this coin has a PCGS population of four in this grade and only one better.

The With Motto eagles in the Pinnacle Collection have an average grade of MS62. Many of the late date pieces (i.e. those struck in 1897 and later) are notable for their beautiful, original color and most are quite high end for the grade.

The Pinnacle Collection is truly one of the finest sets of New Orleans gold coins that has ever been assembled. It contains examples from other great collections such as Norweb, Bass, Pittman and Farouk. The collector who assembled this collection can certainly be proud of his accomplishment, especially given the fact that the bulk of the collection was assembled in just three years.

New Orleans Eagles

You my have heard the slogans “brown is the new black” or “50 is the new 40” used in the mass media by some trend-sniffing writer. I’ve sensed a new trend in the area of rare gold coinage and it’s as follows: “New Orleans Eagles are the new New Orleans Double Eagles.” I know…it sounds silly. But give me a chance to prove this and I think you’ll realize it makes sense. In the past few years, New Orleans double eagles have become massively popular and very expensive. In fact, most collectors have been priced out of the market in this series. Think about it. Two New Orleans double eagles, the 1854-O and the 1856-O, are now selling for upwards of $250,000 for very average quality examples. Five other dates, the 1855-O, 1859-O, 1860-O, 1861-O and 1879-O sell for upwards of $25,000-30,000 for decent quality pieces. Even such formerly affordable issues as the 1857-O and 1858-O are now selling for $10,000-20,000 in the higher AU grades. Want to buy a nice AU55 example of the 1852-O, the most common date in the series? Be ready to fork over $5,500-6,500.

Clearly, New Orleans double eagles are a series that you can’t collect unless you have a significant coin budget.

So what’s a collector to do who likes big coins but who can’t spend $10,000++ on every single piece he needs for his set?

More and more, I am seeing these collectors turn away from New Orleans double eagles and towards their eagle counterparts; especially the No Motto series produced at this mint between 1841 and 1860.

There’s alot to like about No Motto New Orleans eagles. It’s a reasonably short series with just twenty-one coins needed to complete it. There are no in-your-face stoppers like the 1854-O or 1856-O in the double eagle series but there are enough difficult coins that the decision to build a No Motto New Orleans eagle set will prove both challenging and fun. Best of all, the coins are still a great value.

Let’s look at some numbers which prove what a good value these New Orleans eagles really are. Let’s take the most common New Orleans double eagle, the 1852-O and use this as a “baseline” for the double eagle series.

The 1852-O has a Trends value (as of November 2006) of $4,000 in AU50, $7,500 in AU55 and $12,000 in AU58. The most recent PCGS/NGC population figures for this date show that 112 have been graded in AU50, 114 have been graded in AU53, 113 have been graded in AU55 and 106 have been graded in AU58. This is a grand total of 445 coins in the various AU grades. In addition, there have been 31 graded in Uncirculated.

Now let’s compare this with a date in the eagle series that has similar Trends valuations: the 1856-O. The most recent Trends values for this date are $4,000 in AU50, $7,000 in AU55 and $10,000 in AU58. Then, let’s look at the combined PCGS/NGC population figures for this date. The current numbers are 18 coins in AU50, 22 coins in AU53, 22 in AU55 and 18 in AU58. This is a total of 80 coins in AU. In addition, there have been four coins graded in Uncirculated. (by the way, in my opinion, these figures are vastly inflated by resubmissions).

The 1856-O eagle appears to be around five or six times more scarce than the 1852-O double eagle. This makes sense when one considers that the original mintage for the 1856-O is just 14,500 while the 1852-O has a mintage figure of 190,000.

Similar situations exist all through the New Orleans eagle series. Clearly, these coins are very scarce in higher grades (in this case AU50 and above) and they are a lot less expensive than their double eagle counterparts.

So, to rehash my thesis, here’s the skinny on New Orleans double eagles: they are wonderful coins and they are great to collect. But unless you have budgeted around $1 million dollars, you are not going to be able to assemble a complete set and certainly not a set of high quality coins.

The “next best thing” for the collector who likes big, hefty coins is the eagle denomination. And New Orleans eagles are affordable, demonstrably scarce and clearly a good value in comparison to their double eagle counterparts.

I already sense New Orleans eagles gaining in popularity and would not be surprised if values increase considerably in the coming years.

If this series appeals to you, I would suggest you focus on the key issues first and look for high quality examples of the five or six scarcest issues. If and when this series “takes off,” it is likely that the key issues will be in the greatest demand.

My Ten Favorite New Orleans Gold Coins

If I had an unlimited budget and access to every surviving New Orleans gold coin, could I choose just ten that would be the core coins in my collection? I think this would be possible but it certainly wouldn’t be an easy choice. In fact, just to cover my bases, I’m not only going to list my Top Ten but have a second group of ten runners-up that I reserve the right to slide into the Top Ten at any point. Hey—it’s my article and I can make the rules. 1. The Brand 1845-O Quarter Eagle

The 1845-O quarter eagle is the rarest New Orleans issue of this denomination. Only 4,000 pieces were produced and most entered circulation and acquired a significant amount of wear. In Uncirculated, there are just three pieces known of which the finest is the Virgil Brand coin.

This coin is credited as being the discovery example of the date. This may or may not be true (the source of the information is B. Max Mehl who sometimes was prone to self-serving exaggeration…) but it is known that Brand purchased this coin in 1909 from J.C. Mitchelson for the then-princely sum of $150. This coin remained off the market and forgotten until 1983 when it appeared as Lot 110 in Bowers and Merena’s Brand collection sale. It brought just $8,800 and was offered a few years later in the 1987 ANA sale where this time it sold for a still-reasonable $14,300. The coin was later owned by specialist Ron Brown who considered it to be the single most important piece in his collection.

In the 1999 sale of his collection, this coin did not meet its reserve and went unsold. After the auction ended, I sold it to a collector and it has remained off the market since then.

This coin is currently graded MS63 by PCGS and also appears in the NGC census as an MS63 and in the PCGS Population Report as an MS62. It is clearly the finest known example of the rarest New Orleans quarter eagle and it is certainly one of the more important quarter eagles of any date that I have handled in my career.

2. The Pittman 1846-O Quarter Eagle

There were a lot of great coins in the Pittman collection but one of my absolute favorites was the 1846-O quarter eagle. At the time, I was representing Ron Brown, who was a leading specialist in the area of New Orleans gold. I remember excitedly calling him after I had viewed this coin and telling him that it was the single most perfect New Orleans quarter eagle that I had ever seen and that it might bring as much as $50,000. Ron immediately told me that my estimate was way too low and that he’d be willing to pay $100,000. I remember arguing back and forth about the price with me thinking he was crazy and Ron thinking I was too conservative.

When the lot came up for sale I figured that I’d buy this coin at a number close to mine and I’d “show Ron” just how smart I was. The next few minutes were a blur, but the coin quickly broke the $100,000 mark and wound-up selling for $132,000 to a well-known specialist. This, of course, proved just how smart I was…

Today, the Pittman 1846-O quarter eagle is in an NGC MS66 holder and it resides in the Stellar collection. This coin remains the single finest known New Orleans quarter eagle known of any date and it is one of the two or three finest gold coins from this mint that I have ever had the pleasure of viewing in person.

3. The Bass 1854-O Three Dollar Gold Piece

As part of the core holdings of the Bass Collection, a magnificent set of Three Dollar gold pieces is on display at the ANA Museum in Colorado Springs. When most people look at this set, they immediately search for the unique 1870-S which is, of course, the highlight. But there are a number of other amazing coins included, one of which is a choice Uncirculated 1854-O Three Dollar gold piece which is without a doubt the best I have seen.

I have never had the chance to examine this coin in my hands, just through museum glass. My best guess is that it grades at least MS63 and could possibly be a point or two finer. It is clearly the finest known example of this popular one-year type and it would sell for an incredible sum if it ever became available.

4. The Eliasberg 1842-O Half Eagle

The 1842-O half eagle is not a date that is very well known outside of the community of New Orleans gold coin collectors. It is quite rare in all grades and it becomes extremely rare in any level approaching Uncirculated. By far the finest known is an NGC MS63 example that is in the collection of a specialist. It is a lovely coin and it has a pedigree to match it. It was first seen in the Earle Sale and was purchased by John Clapp Sr. It then went through his son to Louis Eliasberg and it was sold as Lot 424 in the 1982 auction of this collection where it brought just $3,850. It was later owned by dealer Ed Milas and it was last sold in the Stack’s May 1995 auction of his collection of No Motto half eagles where it brought $31,900.

There are a total of three Uncirculated 1842-O half eagles and I have had the pleasure of selling two. A PCGS MS61 is located in the Pinnacle Collection and this coin was formerly owned by Harry Bass and the final piece was recently sold by me to a New England collector. It was graded MS60 by NGC.

Admittedly, this coin probably is a lot less glamorous then many other of the pieces included in this group. But it is a coin that I have always admired for its rarity and I hope to have the chance to handle it again someday.

5. The Milas 1847-O Half Eagle

The 1847-O half eagle, like the 1842-O, is a date that, unless you are familiar with this series, you probably do not realize is rare. It is, in fact, the single rarest New Orleans half eagle and it is among the rarest gold coins ever produced at this facility. In grades above EF45 it is an almost-impossible issue to locate. The Milas coin is unique in Uncirculated (although another has been graded MS61 by NGC) and it has exceptional eye appeal, surfaces and luster for the issue.

I first saw this coin in the May 1992 Mid-American sale where it was part of the Heck Dodson collection. I badly wanted to buy it but was outbid by dealer Ed Milas who paid a then-strong $22,000. It showed up three years later at the Stack’s sale that featured his collection where it sold very cheaply (not to me, unfortunately) for $20,900. It was purchased by a collector and has been off the market since then.

This coin was last graded AU58 by NGC but by today’s standards I would have to guess it would be at least an MS61 if not even better. Whatever the exact grade, it is far and away the finest known example of the rarest half eagle from this mint and it is a coin I hold in the highest regard.

6. The Parmelee Proof 1844-O Eagle

In 1844, a presentation set including a half eagle and eagle was produced at the New Orleans mint. It is not exactly known why these coins were struck but they were made using a spectacular brilliant proof finish. These coins were known to be together in the Parmelee and Woodin collections but sometime in the 20th century they parted company. The half eagle is now in a little-known private collection and was plated on the cover of my first New Orleans gold book. The eagle was rediscovered a few years ago and was recently sold by a dealer in the New Orleans area to a Florida collector for a figure reportedly in excess of $1 million.

This coin is graded PR66 CAM by NGC. It is a coin that really has to be seen in person to be fully appreciated. It is superb with remarkable overall eye appeal and the quality of manufacture that most people (myself included) would not associate with the New Orleans mint in the early years of its operations.

It is hard to understate the significance of this piece. It is the earliest known branch mint proof gold coin and the only verifiable proof issue from this mint. Its recent sale represents the highest price ever paid for a New Orleans coin of any date or denomination.

7. The James Stack 1848-O Eagle

The firm of Stack’s sold the gold coin collection formed by James Stack (no relation) in a series of sales in the mid-1990’s. These sales are not generally held with the same regard as the Norweb, Starr or Eliasberg auctions but they are of the same high caliber with magnificent runs of high quality, original early and Liberty head gold. One of the most memorable coins in the October 1994 auction was an 1848-O eagle that was one of the most perfect No Motto eagles of any date that I have ever seen.

The 1848-O eagle is a very rare coin in Uncirculated and most of the pieces that are known are in the MS60 to MS61 range. The Stack coin was nearly perfect with magnificent orange-gold color, thick, frosty luster and essentially perfect surfaces. All No Motto eagles are extremely rare in Gem Uncirculated but this 1848-O is one of probably no more than two or three New Orleans pieces that grade MS65 or better by today’s standards.

This coin sold for $154,000 in the James Stack auction and was off the market for nearly a decade until it was reoffered in the 2003 ANA sale. It was purchased by an investor and has appeared for sale in some odd places including on Ebay in 2005.

8. The Akers Auction ‘88 1904-O Eagle

Back in the late 1970’s and early 1980’s, it was not uncommon for amazing previously unheard-of coins to appear for sale at the ANA summer convention. In 1979, one of the most remarkable New Orleans gold coins of all time was uncovered and sold to dealer Marty Haber: a virtually perfect 1904-O eagle that was possibly struck for presentation purposes.

This coin was subsequently sold as Lot 847 in David Akers session of Auction ’88 where it realized $82,500 and a year later as Lot 1422 in his session of Auction ’89 where it brought $104,500. This remains a record price for any With Motto eagle from the New Orleans mint.

Accompanying this coin is an enigmatic piece of documentation that states it is the first gold coin struck at New Orleans in 1904. What makes this documentation especially intriguing is that it mention a 1904-O half eagle as well—an issue that does not exist (!). This coin is currently untraced and it has been graded MS68 by NGC and MS67 by PCGS.

9. The Specimen 1856-O Double Eagle

Another truly remarkable New Orleans gold coin that was uncovered in the late 1970’s/early 1980’s was a Choice Uncirculated 1856-O double eagle. This date is one of the two towering rarities in the New Orleans gold double eagle series along with the 1854-O. Until this coin was discovered, there were none known in Uncirculated and, to this day, this coin remains unique in Mint State.

This coin first traded privately in excess of a quarter of a million dollars in 1979/80 and came back on the market in January 2002 when it brought $310,500 in a Heritage sale. I purchased it for a client who held it a bit over two years and then sold it in the Heritage June 2004 sale where it realized $542,800. There’s a funny story that goes with this last sale. I knew I wasn’t going to purchase it in the June 2004 auction but wanted to see who would buy it. A few lots before the coin went off, a youngish, casually dressed man came into the auction room, took a seat at the front and waited. He then proceeded to purchase the coin and left immediately afterwards. I later learned that this was the very first coin this gentleman had ever purchased and he hadn’t even had his credit pre-approved by Heritage. It turned-out that he was a very successful businessman who had seen the coin on-line, thought it looked interesting and decided to begin his collection with it.

I am certain this coin would bring well over $1 million if offered today and it is certainly the most desirable New Orleans double eagle in existence.

10. The Dallas Bank Collection 1879-O Double Eagle

When it was announced in the summer of 2001 that the legendary Dallas Bank collection was going to be sold, one of the coins that excited me the most was the 1879-O double eagle. This coin had been plated in David Akers’ book on double eagles and, from the picture, it looked like a fabulous coin. When I finally got to see it in person, I was not disappointed. It had magnificent surfaces and color and was by far the finest of the three or four Uncirculated examples of this date that I was aware of.

I knew there would be a lot of interest in this coin when it was going to be sold and I had a pretty good idea of who my competition was going to be. I don’t remember the exact amount it opened at, but I do remember that bidding jumped quickly and I found myself in a long, drawn-out battle with a prominent Midwestern specialist who, as I had predicted, was going to try and buy this amazing coin no matter what. I finally dropped out as the coin hit the $100,000 mark and he wound-up buying it for $115,000 including the buyer’s charge. At the time, it seemed like a ton of money for this coin but, in retrospect, it was a superb purchase and a price that actually seems very cheap today.

This coin was later graded MS63 by NGC. It is easily the finest known example of the only Type Three double eagle struck at the New Orleans mint and it certainly ranks as one of my all-time favorite double eagles of any date.

And Ten Runners Up…

The Bass 1840-O Quarter Eagle, Graded MS65 by NGC

The Pittman/Pinnacle 1840-0 Half Eagle, Graded MS63 by PCGS

The Bass/Gilhousen 1845-O Half Eagle, Graded MS63 by PCGS

The Eliasberg 1909-O Half Eagle, Graded MS65 by PCGS

The Bass 1846-O Eagle, Graded MS64 by PCGS

The Eliasberg 1850-O Eagle, Graded MS65 by PCGS

The S.S. Republic 1859-O Eagle, Graded MS63 by NGC

The Eliasberg 1899-O Eagle, Graded MS68 by PCGS

The Bass 1858-O Double Eagle, Graded MS63 by PCGS

The Akers Plate 1859-O Double Eagle, Graded MS61 by NGC

The Market for New Orleans Gold

How has the market for New Orleans gold changed in the decade and a half since the first edition of my book on the subject was written? I can think of a number of changes including the following six: 1. Very few No Motto half eagles and eagles have changed in terms of comparable rarity, especially in higher grades. The one exception is the eagles and, to a lesser degree the double eagles, that were found in the S.S. Republic treasure.

I would have expected a good number of half eagles and eagles from the 1840’s to have been graded MS60 to MS62 in the past few years. Even with the obvious Gradeflation that has occurred between the early 1990’s and the present, the certified populations of Mint State No Motto New Orleans half eagles and eagles is incredibly low. Clearly, these coins are genuinely rare.

2. All of the post-1883 New Orleans eagles are far less rare in Uncirculated than once believed. However, all of these dates remain very rare in MS64 and above and a number are still unknown in this grade.

Hundreds and hundreds of baggy Uncirculated New Orleans eagles from the 1890’s and early 1900’s have turned up in Europe in the past decade. But because they were shipped overseas and roughly handled, very few of these are likely to grade higher than MS63. Virtually no previously unknown Gem New Orleans eagles from the 1888-1906 era have turned up in the past fifteen years. I find this a bit of surprise and would have expected at least a few to have been discovered.

3. I greatly underestimated the overall rarity of certain very popular issues like the 1839-O quarter eagle, 1854-O Three Dollar and 1909-O half eagle, especially in lower grades.

Man, are these dates common in lower grades. When estimating populations, it is easy to predict rarity in high grade but lower grade pieces are hard to account for. In virtually every major auction there are multiple examples of these dates in the VF-EF range. Clearly, they are much more common then I originally estimated.

4. New Orleans gold from the 1840’s and 1850’s is generally rarer than comparable Charlotte and Dahlonega in terms of high grade rarity and is far rarer in terms of the total number known.

The typical New Orleans half eagle from the 1840’s has around 100-125 pieces known while the typical Charlotte and Dahlonega half eagle from this era has around 175-225 known. The real difference in rarity is in the Uncirculated category. Many New Orleans issues of this era (both quarter eagles and half eagles) have fewer than a dozen known in MS60 and better grades while the numbers for Charlotte and Dahlonega issues tend to be considerably higher.

5. Surprisingly few great collections of New Orleans gold have been assembled and even fewer have been sold in the last fifteen years. Clearly, the Bass, Pittman and Milas collections were superb and contained a number of great coins. But during the past decade and a half there have been at least eight to ten major collection of Charlotte and Dahlonega sold and at least that many (if not more) that focused on early gold. Does this mean that relatively few people have assembled O mint gold sets or do the people assembling them have greater staying power than those people doing C&D mint sets?

6. Who would have ever thought that 1854-O and 1856-O double eagles would have been selling in excess of $250,000 for average quality examples? Fifteen years ago, you could buy these dates for $20,000-30,000 a piece. Today they are ten times as much and, interestingly, almost none have come up for sale in the past two years.

The Ten Most Undervalued New Orleans Gold Coins

It is my belief that many gold coins from the New Orleans mint are undervalued. For the sake of brevity, I am going to focus on what I feel are the ten most undervalued issues. Had I wanted to, I could have made this a list of twenty or even twenty-five coins. More information on these coins (and on all other New Orleans gold issues) will be available in my forthcoming book “Gold Coins of the New Orleans Mint, 1838-1909.” Please check back for more information regarding the availability of this book.

1. 1850-O Gold Dollar

The short-lived gold dollar denomination offers the collector some good overall value. This is the only pre-Civil War New Orleans gold that can be purchased in Uncirculated grades for less than $1,000. The 1850-O has always been my favorite date in the series. It has the lowest original mintage figure (14,000 coins) and is rare in Uncirculated with around two dozen known. Interestingly, this is a scarcer coin in MS63 or MS64 than the heralded 1855-O but it is priced considerably less. A smart collector would do well to put away nice MS61 and MS62 1850-O gold dollars at current levels (under $5,000).

2. 1845-O Quarter Eagle

The 1845-O is the unquestioned key of the New Orleans quarter eagle series. Only 4,000 were minted and around 65-75 pieces are known in all grades. In AU, the value of the 1845-O has shot up in the past few years but at less than $10,000 for a nice AU50 to AU53 example, this date seems like good value, especially given the fact that it is the key issue in a short, completable set. The 1845-O becomes extremely scarce in the higher AU grades and I very strongly recommend purchasing this date in any grade as it appears to have considerable upside.

3. 1856-O Quarter Eagle

The 1856-O is the third scarcest New Orleans quarter eagle in AU50 and better. It is still very affordable with nice AU pieces currently selling in the $1,500-3,500 range depending on quality. Unlike some of the other pieces on this list, the 1856-O is an issue that the collector can be particular when deciding what coin to buy. There are enough pieces around in AU that the collector should seek choice, original pieces with good color and luster. In Uncirculated, the 1856-O is extremely rare. I have only seen four to six in Uncirculated and none better than MS62.

4. 1840-O Half Eagle

The 1840-O half eagle isn’t the rarest coin on this list but it is an issue that I like because of its first-year status. It is not scarce in lower grades but it becomes very hard to find in AU and quite rare in Uncirculated. It has a current Trends value that is considerably lower in MS60 than many more available Charlotte and Dahlonega half eagles of this era and I think it is an excellent value. The Broad Mill variety of this date is extremely scarce in all grades and has the potential to be a key to the New Orleans half eagle series some day if it is better publicized.

5. 1892-O Half Eagle

With Motto half eagles were struck at the New Orleans mint for only three years: 1892, 1893 and 1894. The 1892-O is by far the scarcest of these with an original mintage figure of just 10,000. This date is almost never seen in the lower grades but it is almost never seen above MS60/MS61. You can currently but a nice “slider” in the $2,500-3,500 range and a very decent Uncirculated piece for around $5,000. I think this is extremely reasonable in comparison to other New Orleans half eagles. Did you know that this is the third rarest New Orleans half eagle in terms of overall rarity?

6. 1841-O Eagle

This is among the more expensive coins on this list but I think it is still among the better values. New Orleans didn’t get around to producing their first Eagle until 1841 and then only 2,500 were struck. This date is seldom seen above VF20 to EF40 and most higher grade pieces are very heavily abraded. I don’t think that more than a half dozen AU pieces are known and most of these are in strongly held collections. Figure that a nice EF example is going to cost you $10,000 while an AU—if available—will run in the $20,000 to $30,000. Considering the fact that the 1841-O is the rarest No Motto New Orleans eagle in higher grades, I think these price levels are reasonable.

7. 1852-O Eagle

There are a number of New Orleans eagles struck during the 1850’s that I think are very underrated. I would have to put the 1852-O at the top of the list. It is the fifth rarest of twenty-one No Motto issues from this mint and it is the sixth rarest in higher grades. Despite this coin’s unquestioned rarity, it is still relatively affordable. EF examples still trade in the $3000 range and I recently sold a very nice AU55 for less than $7,000. When one considers that this coin is worth just a bit more than an 1852-O double eagle in the same grade, yet is many times scarcer, I think it is a great value. And don’t get me started about this coin in Uncirculated…

8. 1856-O Eagle

As much as I like the 1852-O eagle, I like the 1856-O even more. It is tied for fourth rarest New Orleans eagle in high grades but it is typically ignored by everyone other than specialists when offered for sale. There were 14,500 of which an estimated 80-90 are known today. I doubt if more than 14-18 are known in AU and in Uncirculated the 1856-O is unique. If higher grade pieces are out of your price range, consider an EF. There are around two dozen known in this range but prices are still under $4,000. I have tried to buy every single 1856-O eagle I could find in the past three to five years and I’m not sure that I’ve owned more than four or five pieces.

9. 1899-O Eagle

The 1899-O is the rarest eagle struck at the New Orleans mint after 1883. Unlike many of the issues from the 1890’s and early 1900’s, this date has not been found in large quantities in Europe. The 1899-O is fairly scarce in the lower Uncirculated grades and it becomes very scarce in MS62. Until a few years ago, I was able to buy MS62 examples for under $1,000 which seemed absurdly cheap. Today, this date has doubled in price but I still think it is a good value in MS62 and above. It is the key issue in the “late date” New Orleans eagle series and as this subset becomes more and more popular with collectors, it will bring a nice premium over the more common dates like the 1901-O and the 1903-O.

10. Late Date Eagles in MS64 and Above

In closing, I’m going with a group of coins that is very different than the other issues I have listed. Nearly every No Motto eagle from New Orleans is rare in Uncirculated and most dates are unknown above MS62 to MS63. Small numbers of common dates are known in MS64 and these can still be purchased for under $10,000. These coins are typically very pretty with excellent color and luster. And they are typically very scarce. Even the more common issues from the 20th century have populations of fewer than ten coins in MS64. An MS64 New Orleans eagle sells for a premium of around four times what a generic Liberty Head eagle is worth. Considering it is around fifty to one hundred times rarer makes it a great deal at its current price level.

Which New Orleans Gold Issues Are Really Rare?

In 1992, my book "New Orleans Mint Gold Coins 1839-1909" was published. A decade later, the information in this reference is considerably out-of-date. Which gold issues from the New Orleans mint have remained rare and which are now more readily available? 1. Gold Dollars: The 1850-O is still the only gold dollar from this mint that can be called scarce in any grade. Properly graded Uncirculated pieces are quite rare, especially above Mint State-62. I have never seen a gem and only one or two at the Mint State-64 level. The 1849-O and 1851-O are more plentiful in the lower Mint State grades than I previously believed but are extremely rare in gem. The 1852-O remains reasonably scarce in the lower Mint State grades, quite rare in Mint State-63 and very rare above this. Price levels for the 1855-O have increased dramatically in the past decade. This issue cannot really be called rare but its status as the only Type Two gold dollar from New Orleans makes it extremely popular. The supply of high-grade examples (Mint State-62 and higher) has dried up in recent years.

2. Quarter Eagles: The only New Orleans quarter eagle that can rightfully be called rare in circulated grades is the 1845-O. It has proven to be almost impossible to find above About Uncirculated-55 and I still know of just two or three Uncirculated examples. The 1840-O, 1842-O and 1843-O Large Date quarter eagles are very hard to locate in the higher AU grades and all three are very rare in Uncirculated. The 1846-O, 1850-O, 1851-O and 1852-O have proven to be a little more available in Uncirculated than formerly believed but all four are extremely undervalued in comparison to Charlotte and Dahlonega quarter eagles of this era. The 1856-O is still the biggest "sleeper" date of the quarter eagles and I doubt if more than six or seven are known in Uncirculated. The 1854-O, while extremely common in circulated grades, is quite scarce in Mint State-62 and rare in Mint State-63 or better. It remains absurdly undervalued. The 1857-O is more plentiful in high grades than formerly believed but it remains very rare in Mint State-63 and above.

3. Three Dollar Gold Pieces: If one goes strictly by population figures from NGC and PCGS, it seems that the 1854-O Three Dollar gold piece is far more common than once believed in the higher About Uncirculated grades. This is not the case. Properly graded, sharply struck examples with original surfaces are very rare in Mint State and extremely scarce in About Uncirculated-55 and About Uncirculated-58. Many have been submitted to the grading services multiple times and a number I have seen in NGC AU-55 and AU-58 holders have been considerably overgraded.

4. Half Eagles: The 1842-O and the 1847-O half eagles are two of the rarest gold issues from this mint. There are two examples known of the former in Mint State and well under a dozen in properly graded About Uncirculated. The 1847-O remains unknown in Uncirculated and extremely rare in AU. Most of the coins in AU-50 to AU-55 holders are unattractive and considerably overgraded. The 1840-O is still an issue that has not really received its due in Uncirculated. A small group of 1843-O Small Letters (four pieces) was discovered in the late 1990's and these increased the number of high-grade examples known. The 1845-O, 1846-O and 1851-O are very rare in Uncirculated and very scarce in the higher AU grades. The 1854-O has become somewhat more available in high grades and I have seen at least six or seven different Mint State pieces over the last decade. The 1855-O, 1856-O and 1857-O are all very rare in Uncirculated and extremely scarce in the higher AU grades. The only readily obtainable No Motto issue is the 1844-O.

The three With Motto New Orleans half eagles have gained in popularity (and price) since my book was published. The 1892-O is far and away the scarcest of this trio and is still considerably undervalued in Mint State. The 1893-O and 1894-O have become far more available in the lower Uncirculated grades but are unquestionably rare in Mint State-63 and essentially unavailable any finer.

5. Eagles: With the exception of the 1847-O, every New Orleans eagle from the 1840's remains very scarce in the higher About Uncirculated grades and very rare in Uncirculated. There are still no Mint State examples of the 1841-O known while the 1849-O appears to be unique. The 1846-O is extremely rare in high grades with just two or three known in Mint State. Even issues such as the 1842-O, 1844-O and 1845-O, which are relatively easily to locate in lower grades, are very rare in properly graded AU-58 and extremely rare in Mint State.

A number of the issues from the 1850's have proven to be extremely rare in high grades. The 1859-O is a bit more available in lower grades than formerly believed but it is unknown above AU-55. The 1852-O, 1855-O, 1856-O and 1857-O are all very rare in the higher AU grades and all except for the 1855-O appear to be unknown in full Mint State.

The 1879-O eagle seems to be a bit less rare than its original mintage of 1,500 would suggest but the supply of higher grade (AU-50 and better) pieces has dried up in the past few years. Only a single Uncirculated example is known.

The 1883-O remains the rarest of the post-Civil War issues. It is rare in all grades and examples in AU-55 or higher are extremely rare. No strictly Uncirculated piece is known to me although one or two might exist. The 1880-O and 1881-O remain rare and underrated in Uncirculated grades while the 1882-O is slightly more available in higher grades than once believed.

The New Orleans eagles from the 1890's are far more available in the lower Uncirculated grades than they were a decade ago. This is due to a number of sizable hoards having been uncovered in the mid-1990's. However, all of these dates remain rare in Mint State-63 and very rare in Mint State-64 or above.

The eagles from the 1900's are among the most available gold issues from this mint in higher grade. They are very good value in the lower Uncirculated grades.

6. Double Eagles: As this article is being written (April 2003), double eagles have become the most popular issues from New Orleans. There is currently an unprecedented level of demand for these issues and the two classic rarities, the 1854-O and 1856-O, have seen incredible price increases in the past decade. The 1850-O was formerly a sleeper issue in high grades and was very undervalued. High-grade AU's now sell for $15,000-20,000. The 1851-O and 1852-O are a bit less rare in Uncirculated than formerly believed. Nice AU's are only moderately scarce but they have become hard to locate as a result of strong demand. The 1855-O, 1859-O and 1860-O remain very rare in AU-55, extremely rare in AU-58 and unobtainable in Uncirculated. The 1857-O and 1858-O are more available in the lower to middle AU grades than they were a decade ago. But both remain extremely rare in Uncirculated. The 1861-O has gained in popularity and it is now, along with the 1879-O, a coin that appears on more want lists than nearly any other gold coin from this mint.

In the decade since the release of "New Orleans Mint Gold Coins, 1839-1909", these issues have become far more popular with collectors. While still not as actively collected as the branch mint issues from Charlotte and Dahlonega they have developed an active collector base. Prices have risen considerably, particularly on the major rarities, stand alone issues (such as the 1855-O gold dollar and the 1854-O Three Dollar) and finest known and Condition Census issues. The release of a number of hoards in the mid-1990's and the sale of the Pittman and Bass collections in the late 1990's brought a number of important new coins on to the market that were not known to me a decade before. When my next book on New Orleans gold is released, there will be numerous changes, both in the Condition Census listings and in the rarity estimates.