State of the Market Report: San Francisco Gold

In the third part of my State of the Market, I kick it West Coast style and take a look at what’s happening with the gold coins from the San Francisco mint. Are these coins still as dead as the proverbial doorknob or has some breath been jumpstarted into this long-overlooked part of the market? Looking at the market for San Francisco gold coins from a macro perspective, I’d have to say that the overall health of these coins is pretty weak. However, this blanket statement most certainly can not be applied across the board. There are segments of this market that are unquestionably strong and that will, I feel, continue to show strong growth in popularity.

The strongest area in the San Francisco market is rarities and essential one-year type coins. As an example, price levels on 1854-S quarter eagles have increased dramatically over the past few years. In 1999, the finest known example from the Bass Collection sold for just a shade over $135,000. In an auction earlier this year, Heritage sold an example that was clearly not as nice as the Bass coin to a knowledgeable dealer for $345,000. Two other key dates that have seen strong price appreciation in the past few years are the 1864-S half eagles and eagles.

One San Francisco coin that, were it to become available, would almost certainly become one of the most expensive coins ever sold would be the 1854-S half eagle. Only two or three examples are known and just a single piece is in private hands. If this coin were to come up for sale while the market for ultra-rarities remains strong, it could bring as much as $4-6 million.

There are a few other segments in the San Francisco gold coin market that I see strength in. One of these is gold dollars. In the past few years, every time I’ve owned an affordable, nice quality example of a date like the 1857-S or 1858-S, it has sold very quickly. Collectors looking for San Francisco gold dollars tend to be interested in coins in the AU50 to MS61 grades and priced in the $1,750-5,000 range. In my experience, higher grade San Francisco gold dollars are not as easy to sell.

Another group of coins from San Francisco that maintain an active level of collector interest are Three Dollar gold pieces. This is interesting because of the fact that, viewed as a whole, this series is currently not in favor. Pleasing Extremely Fine and About Uncirculated examples of the 1855-S, 1857-S and 1860-S have remained very desirable and have not declined in price like the majority of the Philadelphia Three Dollar gold pieces from this era. The one San Francisco Three Dollar gold piece that has declined in popularity is the 1856-S. This is the result of a very large number being available for sale in the last year or two.

The market for San Francisco double eagles has shown some ups and downs in the past year. High grade examples of the scarcer Type One issues remain in demand and the 1861-S Paquet and 1866-S No Motto have experienced greater price increases in the past two or three years than nearly any Liberty Head gold coins. I have noticed some price resistance on average quality Type Two double eagles from San Francisco and the market for most Type Threes from this mint is down significantly from the high levels of a year or two ago.

There are at least two areas of the San Francisco gold coin market that remain very weak: the rare date half eagles and eagles from the 1850’s through the mid-1870’s and the semi-scarce issues from the 1880’s through the early 1900’s. The reason for the weakness in these two areas is the same: lack of collector interest.

The half eagles and eagles struck in San Francisco between 1854 and 1877 are, for the most part, very rare. But they have never had the collector support that characterizes the southern branch mints or Carson City. As I’ve mentioned before, the lack of a standard reference work on these coins has certainly not helped. But I think there is another factor that keeps collector level down.

A coin like an 1861-S half eagle in AU55 or an 1860-S eagle in AU53 is unquestionably rare. But both of these are already quite expensive; $10,000 or so in the case of the half eagle and $20,000 or so in the case of the eagle. This is a lot of money for a series with virtually no collector interest. If prices were adjusted downwards to reflect these coins as sleepers or potential rarities and not established rarities, perhaps more pioneers would enter the market.

Another factor that hurts these coins is that most are very ugly. There is a huge price spread between grades for coins like an 1860-S eagle. Because of this price spread, there is considerable temptation to take a nice original EF45, scrub it to death and get it upgraded to AU53. In theory, lots of value has been added but now you’ve got an already unpopular coin like this 1860-S eagle that is now bright-n-shiny and that has a very high Trends valuation to boot.

I’ve weighed in on semi-scarce San Francisco gold coins before. I don’t like coins like this very much as, to me, they represent the unglamorous segment of an unpopular area in the market. That said, if you had bought coins like an 1882-S eagle in MS62 a few years ago, you did pretty well, if only because of the rise in bullion prices.

One area of San Francisco gold that continues to shine is high quality 20th century rarities. In the past year, we have seen record prices for a number of Indian Head eagles and St. Gaudens double eagles from San Francisco. The fabulous PCGS MS67 Duckor 1920-S Indian Head eagle at $1,725,000 was a remarkable price for this coin but what was even more incredible was the fact that at least three or four bidders were actively pursuing this coin at the $1million level.

San Francisco gold has underperformed other areas of the rare date gold market but it is not the hopeless laggard it was as recently as two or three years ago. I think we will continue to see small pockets of popularity. Some currently moribund areas that I would keep an eye on include Civil War issues from this mint and Condition Census or Finest Known gold dollars, quarter eagles, half eagles and eagles struck prior to 1878. In addition, I think better date Indian Head half eagles and eagles from San Francisco will be a very strong area in the market in the near future.

San Francisco Gold Coinage

Having just returned from a nice long weekend in lovely San Francisco, I found myself often* asking the question “why doesn’t such a great town with such an indisputable numismatic history have a more active collecting base?” I can think of at least four reasons why San Francisco gold coins lag their fellow branch mints’ popularity.

No one has written a book on these coins. Without seeming too egotistical, I think that my books on Charlotte, Dahlonega, Carson City and New Orleans books have been real shots in the arm for each of these mints. If and when someone writes an accessible, concise book about San Francisco gold coins, this will remedy a century of neglect. I won’t be writing this book. Will anyone step up to the plate?

Unlike the Southern gold coinage, production of San Francisco issues dragged on for nearly a century and entailed denominations ranging from gold dollars to double eagles. There are simply too many coins for most collectors to keep track of and they come in too wide a range of size. If I were the Czar of San Francisco Gold Collecting, I would try to market these issues in three age brackets: the early years (pre-1880 issues), the middle years (1880-1906) and the late years (1908-1930).

Continuing on the same track as Reason #2, there are too many different types of San Francisco coins to get all-encompassing collections started. The individual who collects St. Gaudens double eagles is unlikely to collect gold dollars. This seems to be a case of “never the twain shall meet” and because of this, San Francisco gold coins continue to have small pockets of cult interest that never merge together to form bigger interest groups.

Despite not being very popular many San Francisco gold issues are already very highly priced. This makes it harder to market them as undervalued sleepers. In a related vein, many of the early issues are very rare in all grades. Very rare coins are hard to promote because they are hard to find in any quantity.

* = OK, so I’m exaggerating here. I actually didn’t think about business or coins at all the whole weekend but on the plane ride back the subject did come up once or twice…

The Gold Coinage of The San Francisco Mint

PART TWO: HALF EAGLES Part One of this article covered gold dollars, quarter eagles, and three dollar gold pieces from the San Francisco mint. This part will cover the Liberty Head half eagles.

LIBERTY HEAD HALF EAGLES (1854-1906)

No Motto (1854-1866)

Fifty Liberty Head half eagles were struck at the San Francisco mint between 1854 and 1906. These issues range from extremely common to extremely rare. Excluding the 1854-S, this is a completable set in circulated grades but it would be virtually impossible to assemble in Uncirculated due to the rarity (and cost) of many of the issues struck between 1858 and 1876.

1854-S: The 1854-S half eagle is the second rarest San Francisco gold coin, trailing only the unique 1870-S Three Dollar gold piece. The only example that has sold in the last twenty years is the Eliasberg coin, a nice AU now owned by a prominent Dallas collector. In some ways, the great rarity of this date works against it as many non-specialists overlook the 1854-S when mentioning the great U.S. gold rarities. Were the Eliasberg coin to appear at auction today, I think it would bring well over $1 million.

1855-S: The first collectable half eagle from this mint and an issue that seems to have become more available in the AU-50 to AU-55 grades in recent years. The only real Uncirculated example I have ever seen was the Bass II: 1077 coin, graded MS-62 by PCGS, that brought $17,250. Almost always found with excessively abraded surfaces.

1856-S: A harder issue to find than its original mintage figure of 105,100 would suggest but still the most obtainable of the early San Francisco half eagles. The survivors are well-spread between Very Fine, Extremely Fine and lower end About Uncirculated grades. Six to eight exist in Uncirculated. The best I've seen is an NGC MS-64 that brought $26,450 in the Heritage February 1999 sale. Varieties are known with Large S and Medium S mintmarks; the former is rarer. There were some included in the S.S. Central America cargo with the best a PCGS MS-62 that brought $12,650 in the Christie's December 2000 sale.

1857-S: Currently a bit scarcer than the 1856-S in lower grades but more available in Uncirculated; as many as 10-12 are now known in Mint State. There were a pair recovered from the S.S. Central America that were later graded MS-64 by PCGS. Both were in the Christie's December 2000 sale; they brought $20,700 and $36,800 respectively. Varieties exist with Small S and Medium S mintmarks; the former is rarer.

1858-S: Beginning with this issue, mintage figures for San Francisco half eagles drop appreciably. There were 18,600 1858-S half eagles struck and this is a very rare coin in all grades. An estimated 30-40 exist (all with a Small S mintmark) with most in the VF-XF range. I have only seen four or five AU examples and none that were truly Uncirculated. The best I am aware of is the Bass II coin, graded AU-58 by PCGS, which sold for $13,800 in October 1999. This is my favorite No Motto San Francisco half eagle and I believe it is significantly undervalued.

1859-S: A bit more available than once assumed but still a very scarce issue; around 40-50 are known. The 1859-S half eagle becomes hard to locate in high end EF and it is rare in any AU grade. There is a single Uncirculated example known. It was first offered for sale in the May 1995 Milas collection sale held by Stack's where it brought $34,100 and was graded MS-62 by NGC. It was reoffered in October 1999 in the Bass II sale (now in a PCGS MS-62 holder) and it realized $29,900.

1860-S: The mintage figure is 21,200; a bit more than the 1858-S and 1859-S half eagles. But it is another rare issue with an estimated 45-55 known. Most are very well-worn and an accurately graded EF-45 is about the best available quality. I am not aware of more than five or six AU's. The only Uncirculated 1860-S half eagle I have ever seen is the PCGS MS-62 that is ex Bass II: 1128 (at $27,600) and, earlier, was Lot 499 in Bowers and Ruddy's October 1982 Eliasberg sale.

1861-S: The 1861-S has a mintage figure that is nearly identical to the 1858-S but it is less rare, especially in lower grades. There are an estimated 50-60 known but nearly all of these are in EF-45 or lower. The 1861-S is extremely rare in full AU and unknown in Uncirculated. The NGC AU-58 Milas coin is the best I can recall seeing. Most 1861-S half eagles are very heavily bagmarked and unappealing due to a lack of originality.

1862-S: This is a very rare coin with just 9,500 originally struck and around 30-40 known. The majority are well worn and this is a major rarity in AU grades with four or five known. The best I've seen is the Bass II: 1141 ex Milas: 527 coin, graded AU-55 by both PCGS and NGC. The 1862-S is usually softly struck and extensively abraded. I put together a complete set of Condition Census quality Civil War half eagles two years ago and this issue was, along with the 1864-S, the hardest to locate.

1863-S: While nearly twice as many 1863-S half eagles were struck than in 1862, it is nearly as rare. I doubt if more than 35-45 are known; most are EF-40 or below. The 1863-S is another major rarity in AU with no more than a half dozen known and no Mint State pieces. The best I've seen was the NGC AU-58 Milas coin that sold for $19,800 in 1995. The Bass II coin, graded AU-55 by PCGS, went very reasonably at $9,775.

1864-S: This is the rarest collectable San Francisco half eagle and it is among the rarest Liberty Head gold coins of any denomination. An estimated 15 exist from the tiny mintage of 3,888. Most are very well worn. There is a truly remarkable PCGS MS-65 that brought $178,000 in the Bass II sale in October 1999 and $110,000 in the October 1987 Norweb sale. This is among my very favorite United States gold coins and it is currently owned by a Georgia collector.

1865-S: The 1865-S half eagle's mintage is a comparatively robust 27,612 and it is quite a bit less rare than the 1862-1864 San Francisco half eagles. Around 70-80 are known including as many as a dozen AU's. Interestingly, at least two or three nice examples have been discovered with metal detectors in recent years. The finest known is the PCGS MS-64 that was recovered from the Brother Jonathan shipwreck. Varieties are known with a Large S mintmark and a Medium S; the latter appears to be rarer.

1866-S No Motto: An important stand alone issue as it is the only Half Eagle dated 1866 that does not have the motto on the reverse. 9,000 were struck; an unusually high percentage have survived, albeit in very low grades. There are an estimated 80-90 known with the majority in the Fine to Very Fine range. AU coins are extremely rare with six to eight known. The best I have seen is the Bass II coin, graded AU-58 by PCGS, which realized $25,300. The James Stack coin, sold by Stack's in October 1994, brought $20,900 and it was also very choice.

With Motto (1866-1906)

1866-S With Motto: Nearly 40,000 were struck, but this variety is actually rarer than the 1866-S No Motto. Many of the 65-75 known are very well worn. The mintmark is so small and weakly impressed than it is easy to mistake these for Philadelphia coins. This is an extremely rare issue in AU and I have never seen one I graded higher than AU-53, although the grading services have encapsulated examples as high as AU-58.

1867-S: This rare and underrated issue is my favorite With Motto San Francisco half eagle. There are around 40-50 known but most are very well worn. I have only seen two or three that I grade About Uncirculated and none better than AU-53. Usually seen weakly struck and heavily abraded. Clearly, this was an issue that was heavily used in local commerce. An extremely good value at current price levels.

1868-S: The 1868-S is more readily available than the 1866-S With Motto and the 1867-S, especially in higher grades. There are at least a dozen known in AU including some reasonably choice pieces. I have only seen one I considered Uncirculated; a PCGS MS-61 that was sold by Heritage in their 1997 FUN sale for $14,950. Remarkably, this coin would probably sell for less today if available; showing what a good value high grade San Francisco half eagles from this era are.

1869-S: Similar in overall rarity to the 1868-S but scarcer in high grades. Most 1869-S half eagles are in very low grades and have extensively abraded surfaces. For some reason, nearly every piece I have seen has been cleaned. In AU grades, the 1869-S is a strong Rarity-7 issue with between six and nine known. I cannot recall one better than AU-55 nor do I not remember one ever having really good eye appeal.

1870-S: Another of my favorite "sleeper" dates and a coin that is almost always well worn. There are around 50-60 known and most are in the VF-EF range. In AU, the 1870-S half eagle is a major rarity with between five and eight in existence. The best I have seen was the Bass II: 1171 coin (at $14,950) that I thought was much better than its original PCGS grade of AU-55. This is an especially hard date to find with original color and clean surfaces.

1871-S: The 1871-S appears with much more regularity in higher grades than the 1870-S. It is similar in overall rarity to the 1868-S and I estimate that there are between ten and fifteen known in AU including some at the higher end of this range. I have personally seen two PCGS MS-61 pieces: the Bass II: 1177 coin (that went very reasonably at $9,775) and a coin that brought $9,680 in the 2/99 Kingswood sale. A variety exists with a noticeably double punched date.

1872-S: About as available as the 1871-S in terms of the total number known but scarcer in high grades. I have never seen one that I thought was Uncirculated and just two or three higher end AU pieces. It is usually seen with a tiny, faint mintmark and heavy surface marks. The example in the May 1993 Superior sale that was graded AU-55 by PCGS is the best I know of. Extremely undervalued in higher grades.

1873-S: Closed 3 only. Similar in overall and high grade rarity to the 1872-S. This is another date that is generally well worn and heavily abraded. Fewer than a dozen are known in AU and most are in the lower range of this grade. I have never seen an Uncirculated 1873-S half eagle and can not recall more than one or two accurately graded AU-55's. Like the 1872-S half eagle, this is a very undervalued coin in higher grades.

1874-S: Rarer than the 1871-1873 San Francisco half eagles as one would expect from its considerably lower mintage. There are an estimated 45-55 known with more than three-quarters of these grading EF-40 or lower. Most 1874-S half eagles are poorly struck, heavily abraded and have a faint mintmark. PCGS has graded a single example in AU-58 but the best I have personally seen was in the AU-50 to AU-53 range.

1875-S: The 1875-S is a curious issue as it is rarer than the 1870-1874 San Francisco half eagles in terms of its overall rarity but it is actually a bit more available in higher grades. There is a lovely Uncirculated example known (now in an NGC MS-64 holder) that was last sold as Lot 1204 in the Bass II auction (where it brought $27,600 and was graded MS-63 by PCGS). It had been purchased by Harry Bass for $46,750 in the October 1994 James Stack sale. I have seen at least five or six above average AU examples as well.

1876-S: Only 4,000 were struck, giving this the third lowest mintage figure of any San Francisco half eagle (trailing only the 1854-S and the 1864-S). It is also one of the rarest gold coins from this mint with just 30-40 known. While usually seen in low grades, there are some fairly nice pieces including a lovely PCGS MS-64 that is from Stack's 1976 Garrett sale (at a then-incredible $34,000). Always seen with a center punch in the earlobe of Liberty and a small, very weak mintmark.

1877-S: This date is often classified as "common," but it is actually quite scarce. Most survivors grade EF-45 or below and there are probably fewer than ten accurately graded AU's. The finest known is the PCGS MS-64 that was offered "raw" in the Bass II sale. It was purchased by Martin Paul for $24,150. I recently sold a nice PCGS AU-55 for $3,500; an exceptional value for its new owner when one considers it is solidly in the Condition Census.

1878-S: The mintage for the 1878-S is the highest of any San Francisco half eagle up to this date and it is one of the most common pre-1880 issues from this mint. In any grade above Mint State-62, the 1878-S is quite scarce and I have never seen or heard of a gem.

1879-S: By far the most common San Francisco half eagle from the 1870's with over 400,000 struck. This is the only date from this era that is sometimes available in MS-63 and MS-64, but I have never seen a gem. Usually with good color and luster and much better struck than the issues from the early 1870's.

1880-S, 81-S, 82-S: Mintages jumped to the 1 million range for these three dates. All three are seldom seen well worn, unlike their predecessors from the early 1870's. All are relatively common in grades up to and including MS-63, moderately scarce in MS-64 and very rare in MS-65. Uncirculated examples are generally characterized by excellent color and superb luster.

1883-S: One of the few San Francisco half eagles from the 1880's that appears to have circulated. Examples exist in grades as low as Extremely Fine-40. Scarce in Uncirculated and most are in the MS-60 to MS-61 range. The 1883-S half eagle is rare in Mint State-63 and I have not seen any better than this.

1884-S: More available than the 1883-S and usually seen in the AU-55 to MS-62 range. Somewhat scarce in MS-63, very rare in MS-64 and possibly unknown in Gem. Often with rich orange-gold and green-gold colors but with heavily abraded surfaces.

1885-S, 86-S: Both are common and readily available in grades up to and including MS-64. The 1886-S is much harder to find in very high grades. These two issues often show superb color and thick, frosty luster.

1887-S: Very common in grades up to MS-63. Gems are rare. Often found with deep orange-gold color and slightly dirty surfaces.

1888-S: Until a small hoard of Uncirculated pieces was discovered a few years ago, this date was essentially unknown in Mint State. Still a scarce issue in Uncirculated and probably unknown above MS-63.

1892-S: Coinage resumed in 1892 after a three year hiatus. Until recently, the 1892-S was very rare in Uncirculated but a few small hoards have made it available in MS-62 and, on occasion, MS-63. Still a rare coin in MS-64 and currently unknown better.

1893-S: Common in circulated grades and easily obtainable in Uncirculated up to the MS-63 level. Very scarce in MS-64 and extremely rare in grades higher than this. A PCGS MS-66 is evidently the finest known. Another issue that is often seen with excellent color and luster.

1894-S: Like the similarly dated Eagle, the 1894-S half eagle is a deceptively scarce coin, although I expect more to be discovered in the coming years. Around a dozen are currently known in Uncirculated and nearly all have been found overseas in the past decade. The finest known is the incredible NGC MS-69 (last sold at auction in 1990 for $264,000) which is ex Eliasberg/Clapp. It was obtained by John Clapp Sr. from the San Francisco mint at face value in 1894 and it is the single best Liberty Head half eagle of any date that I have ever seen.

1895-S: Another date that is currently very rare in Uncirculated but whose curiously low survival rate suggests the existence of a potentially sizable group overseas. The NGC MS-65 Eliasberg coin is the finest known.

1896-S: Around ten years ago, the 1896-S was considered quite scarce but it is now relatively easy to find in circulated grades. It is still very scarce in Uncirculated and it is quite rare above MS-62. I have seen just one better than MS-63, the PCGS MS-67 Eliasberg coin that was obtained from the mint at face value in 1896 by John Clapp Sr. This is another date that could, in my opinion, become more available in higher grades in the coming years.

1897-S: Similar in overall rarity to the 1896-S but a little less rare in the higher Mint State grades. There are a few truly superb pieces known including a pair of MS-66's and MS-67's at NGC and three PCGS MS-67's and a single PCGS MS-68.

1898-S, 99-S, 00-S: These three issues become progressively more available but all are currently quite rare in gem. There are a very small number of superb examples of each date including a PCGS MS-68 1898-S, an NGC MS-69 1899-S and a PCGS MS-69 1900-S. These are all from the Eliasberg collection and were obtained directly from the mint at face value by John Clapp, Sr.

1901-S: Far and away the most common San Francisco half eagle and easily located even in gem condition. High grade examples make nice type coins because of their good color, strong detail and excellent luster.

1902-S, 03-S: Both are common in all grades up to MS-65 and gems are sometimes seen. There are a handful of really incredible 1902-S half eagles known including a PCGS MS-69 example from the Eliasberg/Clapp collection; the 1903-S from this source is "only" in an NGC MS-67 holder.

1904-S: The lowest mintage San Francisco Liberty Head half eagle from the 1900's and a (currently) scarce and underrated issue. I would not be surprised if a quantity awaits discovery overseas. The finest known is the exceptional PCGS MS-67 from the Bass II sale that realized $29,900.

1905-S: The 1905-S is the only 20th century Liberty Head half eagle from San Francisco that appears to have seen some degree of circulation. It is somewhat scarce in Uncirculated and becomes rare in MS-64. A few truly superb examples exist including solitary MS-67's from NGC and PCGS (the same coin?).

1906-S: The final Liberty Head half eagle from the San Francisco and an issue that is seldom seen below AU-55. Moderately scarce in the higher Mint State grades but a few truly superb examples are known including two graded MS-67 by PCGS.

CONCLUSION

The San Francisco half eagles are currently out of favor with collectors. This means that there are some exceptional values available. As an example, important Condition Census quality pieces from the 1860's and the early 1870's are available for a fraction of their Carson City counterparts. If the San Francisco coins were to be properly promoted in the coming years, the supply would dry up quickly and prices could rise accordingly.

The Gold Coinage of The San Francisco Mint: Part One

PART ONE: GOLD DOLLARS, QUARTER EAGLES and THREE DOLLAR GOLD PIECES Gold coins were struck at the San Francisco mint from 1854 through 1930. During this 76 year period, gold dollars, quarter eagles, three dollar gold pieces, half eagles, eagles, and double eagles were produced.

Traditionally, the popularity of San Francisco issues has trailed the other branch mints. But with the discovery and recent sales of the Brother Jonathan and S.S. Central America shipwreck hoards, both of which contained large amounts of choice, high grade San Francisco coins, this mint seems poised to gain many new collectors.

The following analysis will give a brief overview of the gold dollars, quarter eagles and Three Dollar Gold Pieces produced at the San Francisco mint. In future articles, the five dollar through twenty dollar issues will be studied.

I. Gold Dollars

A total of seven gold dollar issues were produced at the San Francisco mint. Surprisingly, these seven issues encompass all three major types of gold dollar. This is an easy set to assemble in any grade up to and including the higher range of About Uncirculated. All San Francisco gold dollars are quite scarce in Uncirculated.

1854-S: A popular coin due to its status as a first-year-of-issue and a one-year type. Generally seen very well struck and with good luster. Slightly scarce in circulated grades although not all that difficult to locate in the higher AU grades. Around 40-50 are known in Uncirculated with most in the Mint State-60 to Mint State-62 range. The best I've seen was the Pittman gem (later graded MS-65 by PCGS) that sold for $33,000 in October 1997.

1856-S: This is the only Type Two issue from this mint and the only Type Two dollar dated 1856 from any mint. It is much more common than the Charlotte and Dahlonega Type Two issues but it is currently scarcer than the 1855-O. There are around 15-20 known in Uncirculated although the number could swell considerably if any were found along with the other coins in the S.S. Central America holdings.

1857-S: Only 10,000 were struck and approximately 125-150 are currently known. This issue is usually seen well worn with Very Fine to Extremely Fine being typical. It is scarce in low-end AU, rare in the higher range of this grade and very rare in Uncirculated. Most are seen with somewhat soft strikes, poor luster and with mint-made planchet problems. Examples may exist in the S.S. Central America treasure. The best I've seen was the PCGS MS-63 that brought $16,100 in the October 1999 Bass II sale.

1858-S: Same mintage as the 1857-S and very similar in terms of its overall and high grade rarity. Unlike the 1857-S, this date's rarity in high grades is not jeopardized by the S.S. Central America. There are around 10-12 known in Uncirculated including one gem in a PCGS MS-65 holder. Usually seen well worn with poor luster and heavily marked and/or hairlined surfaces. Very undervalued in Uncirculated; a nice Mint State-61 to Mint State-62, when available, will cost $5,000-7,000.

1859-S: Just a bit less rare than the 1857-S and 1858-S in terms of overall rarity but comparable in Uncirculated with around a dozen known. This date is generally a bit better struck and is found with better color and surfaces than the 1857-S and 1858-S. It is most often seen in Extremely Fine grades and it becomes rare in properly graded About Uncirculated-55. In Uncirculated, the 1859-S is much harder to locate than the heralded 1859-D. The best I've seen was a choice PCGS MS-63 in the 3/98 Bowers and Merena sale that brought $14,300.

1860-S: The most available of the 1857-S to 1860-S date run but still a very tough issue in all grades with maybe 175-225 known. In Uncirculated, the 1860-S is more available than the 1857-S through 1859-S but it is still a scarce issue with around two dozen known. I recently sold the finest known, a PCGS MS-64, to a Northern California collector. Generally seen with an acceptable strike but often on poor planchets and with little--if any--originality remaining.

1870-S: Only 3,000 were struck, making this the lowest mintage gold dollar from San Francisco. Less rare than its tiny mintage figure would suggest but still a very scarce coin in all grades. Usually seen in About Uncirculated-50 to Mint State-62 grades, suggesting that this issue saw little actual circulation. There are probably 25-30 known in Mint State including three or four gems. Usually well struck and semi-prooflike with rose or orange-gold color.

II. Quarter Eagles

A total of twenty-three quarter eagles were produced at the San Francisco mint between 1854 and 1879. This includes one of the great 19th century American gold rarities: the 1854-S. The rest of the dates range from very scarce to common and this set can easily be completed (excepting the 1854-S) in Extremely Fine to About Uncirculated grades for a very reasonable sum.

1854-S: Only 246 examples were struck and approximately a dozen are known today. Nearly all of these are very well worn and the finest known by a considerable margin is the PCGS AU-50 that brought $135,700 in the October 1999 Bass II sale. This is one of the great American rarities yet it remains curiously overlooked and undervalued in comparison to other issues. Obviously, this is the stopper in any San Francisco quarter eagle set.

1856-S: The mintage figure for this issue is a more robust 72,120. There are currently 115-135 known but it is probable that many are included in the S.S. Central America treasure. There are currently fifteen to twenty known in Uncirculated including a gem PCGS MS-65 that realized $23,000 in the Bass II sale.

1857-S: This is another currently scarce issue that is destined to become far more available as more coins from the S.S. Central America are brought into the numismatic market. In the June 2000 Sotheby's sale of S.S. Central America coins, there was a magnificent, virtually perfect 1857-S quarter eagle and one would have to think there are others waiting to be offered to eager collectors.

1859-S: After a one-year hiatus, coinage of San Francisco quarter eagles resumed. This is a very scarce issue in all grades with around 85-95 pieces known. It is usually in Fine to Very Fine grades and it becomes scarce in Extremely Fine and rare in About Uncirculated. Approximately five to seven are known in Uncirculated with the best of these a PCGS MS-64 that brought $23,100 in the 1996 Bowers and Merena Rarities sale. In high grades, this is an extremely undervalued date.

1860-S: This is the most available of the early 1860's quarter eagles from San Francisco but it is still a scarce coin with around 125-135 known. Mostly seen in Very Fine to Extremely Fine and with soft strikes, poor luster and heavily abraded surfaces. A bit more available in Uncirculated than sometimes acknowledged with as many as 10-12 extant but still an extremely undervalued issue in any Mint State grade. A PCGS MS-63 brought $8,625 in the Bass II sale and this was the finest 1860-S I can recall having seen.

1861-S: Similar in overall rarity to the 1860-S but much scarcer in high grades and an extremely rare date in Uncirculated with just three to five known; the finest of which is a NGC MS-62 that I sold to a Kansas collector in the Spring of 2000. Often seen with mint-made planchet striations and weakness of strike on the eagle's right leg; very hard to find with original color and good luster.

1862-S: This date gets my vote as the rarest collectible San Francisco quarter eagle. There are approximately 70-80 known with most of these grading Extremely Fine-45 or lower. I know of two or three real Uncirculated examples and the finest of these was the PCGS MS-62 that brought $21,275 in the October 1999 Bass II sale. Usually found well struck and in rich yellow gold but often cleaned and with impaired luster.

1863-S: The second rarest collectible San Francisco quarter eagle but more available in high grade than the 1862-S. A few are seen with weakness on the bun of the hair. Of the three to five that exist in Uncirculated, there are two gems known: Eliasberg: 198 and Mid American 5/92: 41 (now in a PCGS MS-64 holder)

1865-S: An extremely underrated date that is much scarcer than its original mintage figure of 23,376 would suggest. Around 90-100 are known with most grading EF-45 or lower. A rare coin in AU and a very rare one in Mint State with maybe six to eight known. The finest known is a PCGS MS-64 but the best I've seen in years is the PCGS MS-62 that brought $6,900 in the Bass II sale. Most have weak strikes, especially at the center of the reverse. At current price levels, one of the best values of any Liberty Head quarter eagle.

1866-S: One of the more common dates from the 1860's but still a major rarity in Uncirculated and almost never seen in the higher AU grades. Of the 200 or so known, most are very well worn, weakly struck and show inferior luster. The Bass II coin, graded MS-61 is the only Uncirculated piece to sell at auction in years; I sold the Eliasberg coin, graded MS-62, to an eastern collector in 1999. Another very undervalued date in higher grades.

1867-S: Most seen have a very weak strike at the central reverse. Around 165-175 are known with most grading Very Fine to Extremely Fine. Scarce in AU and very rare in Uncirculated with approximately 10 known. The Bass II coin, graded MS-63, was sold by me to a Kansas collector in 2000 and a PCGS MS-64 is included in the 2000 ANA sale.

1868-S: Comparable in terms of its overall and high grade rarity to the 1867-S. Most are Extremely Fine-40 to About Uncirculated-55 with decent luster but softness of strike. There are a pair of PCGS MS-64's known; the other known Mint State coins are in the 60 to 61 range. An extremely undervalued coin in high grades.

1869-S: The most common San Francisco quarter eagle from the 1860's and by far the most available in high grades. There are approximately 15-20 known in Uncirculated including at least one truly superb piece graded MS-66 by PCGS (which was included in the Bowers and Merena 2000 ANA sale). Usually seen with a somewhat sunken appearance on the obverse but with excellent luster.

1870-S: One of the more underrated San Francisco quarter eagles and a favorite "sleeper" issue of mine. Approximately 110-120 exist but this date becomes extremely scarce in the middle ranges of AU and it is very rare in Mint State with probably no more than ten known. Despite the true rarity of this coin, a very presentable MS-60 to MS-61 is valued at only $3,500-4,500. The Bass II coin, graded MS-62 by PCGS, sold for a strong $10,925.

1871-S: The relative availability of the 1871-S in Uncirculated suggests that a small hoard existed at one time. There are as many as two dozen examples known in Mint State including at least three to five gems. This is a well produced issue with very good luster and color; most show weakness on the eagle's right leg. The attractiveness and relative affordability of high grade specimens make this a good type coin for the collector seeking a single superior quality quarter eagle from this mint.

1872-S: A touch scarcer overall than the 1871-S but far rarer in high grades. There are around 165-185 known with perhaps two dozen in About Uncirculated and another six to eight in Uncirculated. Not as well struck as the 1871-S but generally seen with pleasing rose and orange-gold color. This is another issue that is genuinely undervalued in high grades.

1873-S: One of the more available issues from this decade but not an easy coin to locate in choice, original AU-55 or better and genuinely rare in Uncirculated with approximately twelve to fifteen known. The best I've seen is a PCGS MS-64 that bounced around a number of auctions in 1993 and 1994 before it found a home in a private collection.

1875-S: Very similar to the 1873-S in terms of its overall and high grade rarity. There are approximately 200-225 known with most of these in the Extremely Fine-40 to About Uncirculated-55 range. This is a very underrated issue in Uncirculated with around twelve to fifteen known. The finest known is a PCGS MS-65 in a private collection. Often seen with weakness of strike at the centers and, especially, on the eagle's right leg.

1876-S: A more available coin than its tiny mintage figure of 5,000 would suggest. Often seen in the middle grades of About Uncirculated and with a similar appearance, suggesting a small hoard may have existed. Always seen with a raised mint-made diagonal bar on the throat of Liberty. There are around twelve to fifteen known in Uncirculated and the best I have seen was the PCGS MS-63 Bass II coin that realized $8,912 in October 1999.

1877-S: The second most common San Francisco quarter eagle and fairly similar in terms of overall and high grade rarity despite a considerably lower mintage of 35,400. Easily located in any circulated grade and not especially rare in the lower Uncirculated grades but surprisingly scarce in Mint State-63 and very rare above this. I have only seen one or two gems.

1878-S: The most common San Francisco quarter eagle by a huge margin, as one might deduce from its comparably high mintage figure of 178,000. Common in all grades up to and including Mint State-61 but much harder to find in MS-62 and MS-63 than generally realized and actually a very rare coin in MS-64 and above.

1879-S: The last quarter eagle struck at this mint and an issue that is considerably scarcer than generally regarded. In fact, many people still view the 1879-S as a common date but it is actually hard to locate in all grades and it is very rare in Mint State with around 12-15 known. Often seen semi-prooflike and with deep reddish-gold color. An exceptional value at current price levels.

III. Three Dollar Gold Pieces

Three dollar gold pieces were produced at the San Francisco mint from 1855 through 1857, in 1860, and again in 1870. The undisputed highlight of this quintet is the 1870-S which is unique and regarded as one of the great rarities of American numismatics. The other issues are all fairly scarce overall and they become quite rare in any grade approaching Mint State.

1855-S: Only 6,600 were struck and this is the rarest collectible Three Dollar gold piece from San Francisco. Approximately 115-125 are known with most in the Very Fine to Extremely Fine range. Quite rare in the lower AU grades, very rare in AU-55 or better and extremely rare in Uncirculated with just three to five known. The Pittman II coin, which was later graded MS-63 by NGC, sold for $35,750 in May 1998 and it is the best business strike I've seen. There are a small number of Branch Mint proofs known, unquestionably struck to commemorate the introduction of this issue to the San Francisco mint.

1856-S: Far and away the most available San Francisco Three Dollar issue with as many as 350-400 known from the original mintage of 34,500. Easy to find in lower grades and only marginally scarce in nice About Uncirculated but very rare in full Mint State with perhaps a dozen known. The two best I've seen are the PCGS MS-64 that brought $34,500 in the October 1999 Bass II sale and an NGC MS-64 that sold for $35,650 in Heritage's 1998 FUN sale. Varieties exist with small and medium mintmarks.

1857-S: Approximately 200-225 are known and this date is relatively common in lower grades. It becomes very scarce in properly graded AU-50, very rare in the higher AU grades and it is exceedingly rare in Uncirculated; moreso, in fact, than either the 1855-S or 1856-S. The PCGS MS-63 in a private collection is the only truly Uncirculated piece I know of; maybe two or three others exist.

1860-S: 7,000 were struck and this underrated date is actually very close in terms of overall rarity to the better-known (and more expensive) 1855-S. It is almost never seen better than AU-55 and it is extremely hard to find pieces that have not been cleaned. The only unequivocally Uncirculated piece I've ever seen was the PCGS MS-62 in the Bass II sale that sold for $19,550; awfully good value when one considers this date could well be unique in Uncirculated!

1870-S: This issue is one of the true enigmas of American numismatics. Like the similarly dated half dime, the 1870-S three dollar gold piece is unique. The only known example is well worn and actually has initials scratched into the obverse fields (!). Nonetheless, this did not stop Harry Bass from paying $687,500 for this coin when it was sold as part of the Eliasberg collection in 1982. Today, it would probably bring $2 to 3 million dollars at auction. The Harry Bass Foundation, who currently owns this coin, plans to loan it to the American Numismatic Association museum collection later this year and, by early 2001, it should be on view in Colorado Springs.