1804 Eagle

One of my favorite early United States gold coins is the 1804 eagle. I was recently able to purchase a nice PCGS AU55 example in the Heritage 2008 FUN auction (it’s already been placed in a specialist’s collection) and as I was preparing to ship the coin to its new owner it got me to thinking more about this interesting issue. The 1804 eagle has a reported mintage figure of 3,757 but it is believed that as many as 1,000-1,250 of these were dated 1803 so the actual number of eagles produced with this date may be more in the area of 2,500-2,750.

I believe that there are an estimated 65-75 or so known. This includes around 45-55 pieces in the VF-EF range, 10-15 or so that grade AU and maybe another half dozen that are properly graded as Uncirculated. The finest two that I am aware of are a pair of MS63’s. One of these is an NGC MS63 owned by the Pogue Family while the other is the MS63 (last seen in an NGC holder but it may now be in a PCGS holder) from the Pittman collection that was last sold as ANR 6/05: 1016. The specimen in the ANA Museum (from the Bass core holdings) is also outstanding for the issue and would probably grade MS62 to MS63 by today’s standards.

In comparing the rarity of the 1804 to the other dates in the early Eagles, it is clearly rarer than the 1795, 1797 Heraldic Eagle, 1800, 1801 and 1803. I think it is comparable to the 1796 (perhaps it is very slightly scarcer) but it is clearly less rare than the 1797 Small Eagle and both varieties of 1798.

All examples with the exception of a small number of Proofs (more on these below) are instantly recognizable by having a Crosslet 4 in the date.

Most 1804 eagles are very softly struck at the center of the obverse. This is usually best seen with considerable weakness on the face of Liberty (most specifically Liberty’s chin, lips and the tip of her nose) as well as odd ridges in the obverse fields that resemble swelling of the dies. The example which is shown below is much better struck than usual for the date and the Bass core collection example (which is illustrated in the Bass/Dannreuther early gold book on page 528) is perhaps the most fully struck piece I have ever seen.

More than most other early Eagles, this issue is exceptionally hard to locate with nice coloration and original surfaces. Most 1804 eagles that I have seen have been cleaned and processed and display virtually no originality. In addition, the aforementioned weak central obverse strike makes locating pieces with good eye appeal extremely challenging.

An extremely small number of Proof 1804 eagles were produced around 1834-1835 for use in diplomatic presentation sets. The Proof 1804 Eagles have a Plain 4 and were struck in a close collar as opposed to the coins struck in 1804 which were produced using an open collar. An NGC Proof-65 example of this issue recently sold for a record price of $5 million. It will be curious to see if this price has an effect on values of business strike 1804 eagles, as the sale of the 1933 double eagle raised the price levels on 1933 eagles after the former was sold for a record price a few years back.

After the mint struck eagles in 1804, this denomination was discontinued until 1838.

Despite some strong price increases in recent years, the 1804 remains an excellent value when compared to the more popular and better known eagles from the 18th century. I was very excited to have the chance to handle the PCGS AU55 shown above and hope that I am able to purchase other examples of this date in the near future.

Early Eagles, 1795-1804: A Date by Date Analysis

Until the establishment of the double eagle in 1849, the Eagle (or Ten Dollar gold piece) was the highest denomination produced by the United States mint. These coins were struck from 1795 through 1804 but this denomination was discontinued until 1838 when the new Gobrecht Liberty Head design was introduced. Early Eagles have proven to be very popular with collectors over the years. These coins are big and beautiful and more available than the quarter eagles and half eagles produced during this time period. The dates from the 1790’s have proven to be especially popular and price levels have risen to record highs during the last few years.

Here is a date by date analysis of these coins which is written with the new collector in mind.

1795

All eagles produced from 1795 through the first part of 1797 are found with a Draped Bust obverse and a Small Eagle reverse. The 1795 has two major varieties. The more common of the two is seen with thirteen leaves on the reverse. The rarer of the two has nine leaves on the reverse. Generally, collectors focus on the more available 13 leaves but the 9 leaves is recognized by both PCGS and NGC. Advanced collectors generally include this variety in a date set of early eagles, even when they do not focus on other die varieties. (FYI, there are a total of five die varieties for this issue).

There were of 5,583 1795 eagles produced. It is believed that around 5,083 employed the 13 leaves reverse while the remainder used the 9 leaves reverse. There are an estimated 400-500 1795 eagles known, including around 15-20 of the 9 leaves coins. Most 1795 eagles grade in the VF to EF range. AU coins are scarce but available. Properly graded AU55 to 58 coins are very scarce and Uncirculated coins are rare although they are far more available than the 1796 or 1797 Small Eagle. Most of the Uncirculated pieces in the MS60 to MS62 range are not choice. Examples exist in MS63 and MS64 and I am aware of at least four of five Gems that have been graded MS65 or better by PCGS or NGC. The 9 leaves variety is usually seen in AU and appears to not have circulated much. There are probably six to eight Uncirculated examples with the finest grading MS63.

The 1795 tends to be the best struck and most aesthetically appealing of the Small Eagle ten dollar gold pieces. The typical example has some weakness on the obverse hair behind the ear and at the lower portion of the cap. The stars are sometimes flat at the centers and on many the denticles are flatly impressed. The reverse shows weakness on the eagle’s neck and head and the denticles are often flat with a partially beveled appearance. The surfaces often show numerous small marks and on many of the 9 leaves coins, there are mint-made die chips and/or planchet defects in the fields. The luster is often frosty with a somewhat grainy texture. Some are known with reflective prooflike surfaces and at least a few have fully prooflike fields on the obverse and reverse. The natural coloration tends to be a deep yellow-gold. Others are seen with orange-gold or greenish-gold hues. There are a number of higher grade 1795 eagles with superb color but these are becoming very hard to find as more and more are dipped. Most circulated 1795 eagles show processed surfaces and original, attractively toned pieces are rare and worth at least a 20% premium over a typical example. There are a good number of extant 1795 eagles with acceptable eye appeal. The collector who is seeking one is urged to be patient as most of the examples offered for sale at auction or at coin shows are low end for the grade.

An “entry level” 1795 eagle is now worth in the area of $40,000-50,000 and a nice, solidly graded AU will cost at least $50,000-70,000+. Expect to spend over $100,000 for a nice Uncirculated example and multiples of this for a piece that approaches Condition Census.  

1796

Because of the fact that it is not a first-year-of-issue coin like the 1795, the 1796 has long been less popular than its counterpart. Until recently, it was even priced at a lower level. But collectors have learned that this is a much rarer date, especially in higher grades, and it now commands a significant premium over the 1795.

The reported mintage figure for the 1796 eagle is 4,146. It is likely that 150 or so are known today with most grading EF45 to AU55. The 1796 is quite rare in the higher AU grades and it is extremely rare in Uncirculated. I believe that as few as four to six true Uncirculated pieces are known with the best grading MS63.

The 1796 is not as well struck or as well produced as the 1795. On the obverse of most 1796 eagles, there is weakness of strike at the center and the hair behind Liberty’s face tends to be very weak with little actual definition. The radial lines in the stars seldom show full detail but the denticles are more clearly defined than on the 1795 eagle. The reverse is slightly better struck than the obverse. The weakest areas tend to be the eagle’s head and neck. The wing feathers are often sharply defined and the denticles are clearly evident. The surfaces are usually heavily abraded and have a pebbly texture that is probably the result of poor preparation of the planchet. I have seen many 1796 eagles that had substantial planchet voids or other mint-made defects. Any example with choice, minimally marked surfaces is extremely rare. The luster tends to be prooflike and it is usually impaired as a result of improper handling or heavy circulation. The natural coloration is a deep orange-gold hue. Most 1796 eagles have been cleaned at one time and any piece with attractive natural color is very rare. The level of eye appeal for this date is well below average.

Until a few years ago, it was possible to buy a nice example of the 1796 eagle for a reasonable figure. Today, the collector can expect to spend at least $75,000-85,000 for a decent example and well over $100,000 for a choice piece. A nice, unquestionably Uncirculated 1796 eagle would probably sell for over $200,000 today were it to become available.  

1797 Small Eagle

Two distinct types of eagles exist from this year: the Small Eagle and the Heraldic Eagle. This is the only early eagle in which two types exist for one year and this makes the Small Eagle issues popular with type and date collectors.

The mintage figure for this issue is reported to be 3,615 but I believe that the actual number is lower. There are an estimated four to five dozen known with most in the EF45 to AU55 range. In Uncirculated, the 1797 Small Eagle is an exceptionally rare coin with probably no more than four or five pieces known. NGC has graded one in MS63 while PCGS has graded an MS62; none are better at either service.

The quality of strike seen on the 1797 Small Eagle is generally better than that found on the 1796. The 1797 has some flatness at the central obverse and on the radial lines of the stars; the reverse is usually much sharper than the obverse with very good detail seen at the center and border. On most, there is an obverse die crack from the final star up towards Liberty’s throat. The surfaces are often hairlined or abraded and many I have seen show mint-made adjustment marks. The luster is much different in texture than the 1796 with a dull, slightly reflective finish that is sometimes a bit frosty. The natural coloration seen on the 1797 Small Eagle is a light to medium greenish-gold. Very few exist that have not been cleaned or processed and original pieces are worth a considerable premium. The eye appeal for this date is generally below average and choice, attractive pieces are usually only offered for sale when important specialized collections of early gold become available.

Collectors who budget less than $100,000 for an example of this variety will probably not be able to purchase a 1797 Small Eagle. A nice AU coin will cost $125,000-150,000+ and a solid Uncirculated, if available, will run over $200,000.

1797 Large Eagle

The Heraldic Eagle reverse was added to United States gold coins in 1797. The 1797 Large Eagle is by far the more available of the types of eagles produced this year. Of the 10,940 struck, there are probably in the area of 300-400 known.

Unlike the 1795-1797 Small Eagle coins, the 1797 Large Eagle appears to have actually seen some circulation and pieces can be found in grades as low as Fine to Very Fine. Most are in the EF40 to AU55 range and examples can sometimes be found in the lower Uncirculated grades. But this issue becomes very rare in MS62 and it is excessively rare above this. NGC has graded a single coin in MS64 but the best I have personally seen is an MS63 and only two or three are known which grade as such.

The quality of strike is extremely distinctive for this issue. On the typical coin, the obverse appears to be much weaker than the reverse. I have seen pieces which, for example, have EF45 detail on the obverse but the appearance of AU55 or better on the reverse. The obverse is usually weak at the center with little definition seen on the hair strands. The denticles are also very weak and on some pieces they are lacking from 2:00 to 7:00. The reverse is much better struck with good detail seen on the eagle’s wings and on the shield. The surfaces are usually very heavily abraded and, for some reason, the obverse fields on many examples show roughness. The luster tends to be excellent with a range of textures seen. Many are very frosty but I have seen a few that were almost fully prooflike. The natural color is a deep yellow-gold and this can be exceptionally attractive on uncleaned, original higher grade pieces. The eye appeal ranges from well below average to above average. It is possible to locate a very nice 1797 Large Eagle ten dollar gold piece but collectors have come to realize that choice, higher grade pieces are much harder to find than once believed.

Until a few years ago, the 1797 Heraldic Eagle sold for about the same price as the more common 1799. But prices have risen dramatically for the 1797 in recent years and, today, an EF example sells for around $30,000 while AU coins range from $40,000 to $60,000 depending on their quality. For a nice Uncirculated piece, expect to spend at least $75,000-100,000 and possibly alot more depending on the coin’s eye appeal and originality.  

1798/7 13 Stars Arranged 9 Left, 4 Right

Two varieties of 1798 eagle are known. Both are quite rare but the 1798/7 Stars 9+4 is clearly the more available of the two. The mintage figure for this variety has long been reported to be 900 coins but a number of experts believe that this figure is too low. I personally think the right number is more in the area of 1,500. I feel that there are around 60-80 pieces known with most in the EF50 to AU55 range. Properly graded AU58’s are quite rare and this variety is very rare in Uncirculated with perhaps as many as five or six known. The highest graded examples are a single MS63 at NGC and an MS62 at PCGS.

This is another early Eagle that has a very distinctive appearance due to its strike. The obverse is always weaker than the reverse and it tends to show weak peripheral detail from 2:00 to 5:00. The left side of the obverse is always sharper than the right and most examples have a thin but easily visible obverse die crack from the L in LIBERTY into the cap. The reverse is better struck although the left wing tends to have weakness. The surfaces on nearly all known examples are noticeably abraded and many show hairlines from past cleanings. It is also common to see 1798/7 9+4 eagles with heavy adjustment marks. The luster tends to be subdued with a slightly reflective appearance. The natural color is a medium green-gold with orange hues sometimes seen as well. I cannot recall having seen more than a small handful that had original, attractive color. This is a very rare coin with good eye appeal and most examples that are offered for sale are low end and/or overgraded.

The 1798/7 Stars 9+4 is one of the scarcer early eagles although its availability is actually a bit greater than sometimes stated. You can expect to spend at least $75,000-85,000 for an average quality example and over $100,000 for a solid, high end AU. If available, an Uncirculated piece will cost at least $200,000 and possibly much more for one of the finest known.

1798/7 13 Stars Arranged 7 Left, 6 Right

The second variety of eagle struck in 1798 is the rarest early eagle (not including, of course, the 1795 9 leaves). The mintage is reportedly 842 but I think this is on the high side and the actual number is more likely in the area of 500-600. There are only 20-25 pieces known and, surprisingly, most are in the AU grade range. I am aware of just two or three Uncirculated examples with the finest of these being a coin graded MS62 by PCGS.

The 1798/7 Stars 7+6 is a better produced variety than its 9+4 counterpart. The obverse shows good detail although the center has a slightly sunken appearance which can cause some weakness on the hair behind Liberty’s ear. Many of the stars have full radial lines and the denticles are long and fully formed. Many have a number of obverse die cracks including one through the E in LIBERTY and another at the left side of star seven. The surfaces on most examples have small mint-made flaws including chips and voids. These are seen most often in the obverse fields and the reverse tends to be better produced. The luster is slightly dull and grainy in texture. The majority of 1798/7 Stars 7+6 eagles have been cleaned at one time and, as a result, it is nearly impossible to locate an example with good luster and nice overall eye appeal.

This is a very rare coin in any grade and an issue that is generally only made available when major collections are sold at auction or via private treaty. The 1798/7 Stars 7+6 is clearly the key date in the early Eagle series. Plan on spending at least $200,000-250,000 for an average quality specimen and considerably more than this for one that approaches Condition Census.  

1799

I regard the 1799 as the “High Relief of Early Gold.” In other words, it is common and probably somewhat overvalued but since it is a big beautiful coin (and it has the magic 1790’s date) it will always be in great demand.

37,449 examples were struck and I estimate that as many as 750-1,000 are known today. The 1799 eagle can be found in a wide variety of grades. It is plentiful in EF and AU and not especially rare in the lower Uncirculated grades. It becomes scarce in MS63 and it is rare in MS64. Gems are extremely rare with maybe as few as five or six known.

1799 eagles can be found with sharp strikes. Most are seen with some weakness on the hair strands below Liberty’s cap and at the center of the reverse but it is possible with some patience to find an example that is sharp. The surfaces on most examples show signs of mishandling and some pieces have mint-made adjustment marks. It is possible to locate a piece with choice surfaces but this can be challenging. The luster on this issue is excellent and it is better than on any other dates of this type. High grade examples are often richly frosty. A smaller number are known with semi-reflective or even fully reflective fields but I personally prefer the coins with a frosty appearance. The natural coloration ranges from an intense yellow-gold to a deeper greenish-gold or even orange-gold. It has become hard to find 1799 eagles with original color and examples with good eye appeal are worth a premium.

There are no less than ten different die varieties known for this date. Some collectors divide 1799 eagles into two collectible varieties: Small Stars and Large Stars. The former is the scarcer of the two although it does not generally command much of a premium.

For the type collector, the 1799 is a perfect selection as it is probably the most available early eagle and it comes with a nice appearance. Expect to spend at least $25,000-30,000 for a decent quality piece and $40,000-50,000+ for a solid Uncirculated example.

1800

The mintage figure for this date is reported to be 5,999 coins but this almost certainly includes examples dated 1801. The actual number of eagles struck in 1800 is probably more in the area of 7,500-10,000 coins. There are an estimated 225-325 known with most in the EF45 to AU55 range. The 1800 eagle is very scarce in the lower Uncirculated grades and it becomes quite rare in MS62. It is very rare in MS63 and extremely rare in MS64. PCGS has never graded a coin MS65 while NGC has graded just one at this level.

The quality of strike seen on the 1800 eagle varies. Some are found with reasonably good strikes while others are fairly weak at the centers, especially on the obverse. On most pieces, the obverse stars are flat at the centers and show incomplete radial lines. The reverse is usually better detailed. The surfaces on nearly all pieces show numerous abrasions and many have mint-made planchet imperfections which are frequently seen in the obverse fields. The luster is excellent with higher grade, original pieces having a rich, frosty texture that can be among the best seen on any early eagle. The natural coloration ranges from reddish-gold to yellow-gold and very few examples remain that have not been cleaned or dipped. The eye appeal for this date is generally below average. There are a few higher grade pieces that are visually stunning (the Pittman coin comes to mind) but most seen in today’s market are mediocre at best.

The 1800 generally sells for a 15-20% premium over a common date like a 1799 or an 1801 and this seems to be about right given its overall scarcity. A nice AU example will cost in the $35,000-40,000+ range while Uncirculated pieces range in price from $50,000 to well over $100,000.  

1801

The reported mintage figure for this date (44,344) includes coins dated 1800 (see above). The 1801 is the most common early eagle with as many as 750-1000 known including low grade and damaged pieces. The 1801 is common in circulated grades and it can be found in MS60 to MS62 without a great deal of difficulty. It is scarce in MS63 and rare in properly graded MS64. Gems are extremely rare. PCGS has graded three in MS65 and none better while NGC has graded just a single coin in MS65 and none better.

This is generally a well struck coin with some of the best detail seen on any date of this type. The obverse is usually very sharp with the center well defined; the reverse is also sharp although most have some weakness in the wings. Many examples have a number of mint-made vertical spines in the cap and show die clashes as well. The surfaces are typically abraded but are better produced than the 1799 and 1800. Examples exist which are comparably clean and free of marks and these are very scarce. I have seen a number of 1801 eagles that had prominent adjustment marks. The luster is not as good as on the 1799 but it is still among the best seen on any early eagle. It is most often frosty in texture. The natural coloration is usually green-gold or a bright yellow-gold. Locating uncleaned, original 1801 eagles is, as one might expect, very difficult and such coins command a premium versus the typical overdipped, processed piece.

The 1801 is comparable in overall rarity to the 1799 but, in my experience, it is a bit more scarce in MS63 and higher grades. It is less popular than the 1799 as it lacks the magical 1790’s date and it is priced a bit lower in certain cases. A nice AU example will run in the $30,000-40,000 range while Uncirculated pieces will cost $45,000 and up.

1803

After a one-year hiatus, production of eagles resumed in 1803. During this year, the reported mintage was 15,017 but it was believed that some of this figure includes coins dated 1804. There are an estimated 400-500 examples known and this date, while regarded as fairly common, is clearly scarcer than the 1799 or 1801.

There are a total of six die varieties and this includes three interesting naked eye varieties. The most common has small stars on the reverse. Another variety has 13 large stars on the reverse. The rarest and most unusual variety has a tiny fourteenth star punched on the reverse which is hidden in the cloud below F in OF. This is one of the most interesting and enigmatic varieties in the entire early eagle series.

The quality of strike of this date depends on the die variety. Certain examples are quite weak on the base of Liberty’s neck and the lower right stars on the obverse. Others are sharper in these areas but show weakness at the centers. The surfaces on most 1803 eagles are very heavily abraded and many display pronounced adjustment marks. It is very hard to locate a coin with choice surfaces. The luster is typically below average as well with many showing a grainy, slightly dull texture. The natural color ranges from green-gold to a more reddish hue. It is hard to find an 1803 eagle with good eye appeal, especially the Large Reverse Stars.

The Large Reverse Stars and 14 Reverse Stars are both recognized by PCGS and NGC and they command a strong premium over the more common Small Reverse Stars. It is still possible to cherrypick the 14 Stars variety although most collectors and dealers now know to closely check the reverse.  

1804

This represents the final year during which early eagles were struck. After 1804, the denomination was discontinued and not resurrected until 1838. The mintage figure for this issue is reported to be 3,757 but I believe this includes coins dated 1803 and that the actual number struck is more in the area of 2,500-3,000. All examples produced in 1804 are distinguished by a Crosslet 4 in the date and it is likely that as few as 75-85 pieces are known. Most are seen in the EF45 to AU53 range and high end AU’s are extremely scarce. In Uncirculated, the 1804 eagle is quite rare with an estimated six to eight accounted for. The finest of these include a single MS64 at NGC and a pair of MS63’s at PCGS.

Many 1804 eagles are distinguished by an odd strike in which the obverse appears to be buckled with ridges or waves in the fields. Coins from this die state are very difficult to grade as they tend to show considerable weakness on both the obverse and reverse. Examples are known that show a bolder, more even strike and these are considered to be especially desirable by specialists. The surfaces on many 1804 eagles have mint-made imperfections and most show handling marks or hairlines from past cleanings as well. The luster is frosty and some examples are slightly prooflike. The natural coloration is a distinctive green-gold but most have been dipped at one time. The eye appeal tends to be below average, mainly due to the strike characteristics described above.

An estimated 6 to 8 Proof 1804 Plain 4 eagles were struck in 1834 or 1835. One of these is included in the famous King of Siam Proof Set. The Proof 1804 eagles are considered among the most desirable of all early United States gold coins even though they were struck three decades after their date.

1804 eagles are currently valued at around $40,000 for an EF and $50,000-75,000+ for an AU. Uncirculated pieces, when available, are valued at $100,000 or more.

The early eagles struck between 1795 and 1804 form one of the most interesting groups of coins in all of American numismatics. They are extremely popular with collectors and despite the high cost of assembling such a set, there are a number of collectors who are working on date sets; some of which even feature the major naked-eye varieties for each year.

State of the Market Report: Early United States Gold Coinage

In the last five years, early United States gold has been one of the most active areas in the coin market. In this article, we will examine each of the major types of pre-1834 gold coinage and see how the market has performed. In addition, we will look at some future trends and make some predictions which may be of interest to the specialist. Early coinage has always been a popular area with collectors but all pre-1834 gold types have been just about the most avidly collected area of the coin market since the beginning of the current bull market. I think this is attributable to a number of factors including the following:

* In 2000, the oldest early gold coins became three centuries old which added a sense of age that was very impressive in comparison to more modern issues.

* Some excellent books and specialized research tools made these coins more accessible to new collectors.

* A number of dealers (myself included) steered many wealthy new collectors into this area of the market due to the "coolness factor" of these coins. The resulting spike in demand significantly reduced the already limited availability of these coins, resulting in an increase in price.

* Some important old-time collections (Pittman, Bass and others) came on the market, making a number of seldom-seen early gold pieces available to collectors. This spurred interest and a number of new collections were begun as a result.

I. Quarter Eagles, 1796 to 1834

A. Draped Bust No Stars, 1796 Only

As one might expect, this celebrated one-year type has seen a huge increase in price and demand in the past five years. In 2002, it was possible to find a nice AU example in the $60,000-70,000 range. Today, a similar coin is going to cost a collector $125,000 to $150,000.

I wouldn’t have a problem with this price increase except for the fact that grading standards for this type have become very lax in the last few years. Most of the 1796 No Stars quarter eagles that I see in AU holders are very low-end, unoriginal coins that would have been graded EF as recently as a few years ago. I still love this type and would recommend it to a wealthy collector as a blue-chip investment vehicle but I think great caution has to be taken when buying $100,000+ examples of this type.

The high water mark for this issue was in June 2005 when a superb PCGS MS65 example sold at auction for $1.38 million.

B. Draped Bust With Stars, 1796-1807

Five years ago, it was still possible for the collector of slightly above-average means to purchase a respectable example of this type. Today, the rarity of the With Stars quarter eagle type has been widely acknowledged and it is almost impossible to find a problem-free example for less than $15,000-20,000.

That said, I still think that this type is a great value and that it is undervalued when compared to the half eagles and eagles of this era. I am especially fond of the 1790’s dated issues. They have clearly risen in value, although nowhere near as much as the 1796 No Stars. As an example, I purchased a decent PCGS AU53 1797 quarter eagle in an auction in 2003 for around $50,000. Today, this coin would sell for around $70,000-80,000. An AU 1798 was worth around $30,000 five years ago and today it might sell in the $50,000-60,000 range. My gut feeling is that nice quality examples of these two dates aren’t going to be available for much longer at these levels and they should be purchased if and when they become available.

The 1802/1, 1804 14 Stars, 1805 and 1807 are the more common dates of this type. All four of these have become nearly impossible to locate with original color and surfaces. A common “type” example of one of these dates in the MS61 to MS62 range was reasonably available five years ago for around $20,000. Today, such a coin would cost $30,000-35,000 but most of the pieces I see in MS61 and MS62 holders are very unappealing. I have been advising collectors for many years that this type is undervalued and, despite the price rise in the past five years, I still believe that this is the case.

C. Capped Bust Left, 1808 only

As with all significant one year early type coins, the value of the 1808 quarter eagle has risen dramatically in the past five years. Today, a solid AU example is worth in the $100,000-150,000 range. Five years ago, it was possible to find an AU priced in the $40,000-50,000 range.

I wouldn’t have any qualms with the new price levels for this date if I actually liked many of the 1808 quarter eagles that I have viewed in the past year or two. The days of finding choice, original pieces in EF and AU holders may well be over, although I have seen a few examples in the last year graded AU55 and AU58 that I thought were acceptable for the grade.

I would expect that there will be some leveling off on prices for this issue in the coming year or two, if only because levels have risen so dramatically since 2002-2003. That said, I think a choice, attractive 1808 quarter eagle is a great coin to purchase. As long as there are collectors assembling type sets of early gold, there always is a very strong demand level for this one-year type.

D. Capped Bust Large Size, 1821-1827

Five years ago, I was literally begging clients to purchase examples of this type. This was one area of the early gold market that $10,000 would go a long way and this figure would buy you an impressive example of a legitimately scarce coin. The rap against early quarter eagles back then was that the coins were “too small” and that they were “too rare for their own good.” I thought these were silly reasons for these coins to be undervalued and, today, they seem positively quaint, given the new level of respect and interest that early quarter eagles command. Nevertheless, I still feel that quarter eagles of this type remain the most undervalued early U.S. gold coins.

The sort of coin that was available five years ago for $10,000+ is now more realistically a $20,000+ coin; not to mention the fact that it has become very hard to locate. But I still feel that any date in this series is an excellent value. I especially like the underrated 1821 and the low-mintage 1826.

I don’t think that the future of this type is date collecting as these coins are simply too challenging for most collectors. I think that the future is as a type coin and I would anticipate that five years from now it will be very difficult to find a nice, problem-free Capped Bust Large Size quarter eagle for much less than $30,000+.

E. Capped Bust Small Size, 1829-1834

The quarter eagles produced between 1829 and 1833 have also seen a surge of interest in the past five years. In 2002, you could buy a nice AU example of any of these dates for $7,500 or so. Today, a similar coin will cost you $12,500-15,000. Five years ago, an MS63 example of this type could be purchased for around $15,000-20,000. Today, a similar coin is more likely to cost in the area of $30,000-35,000.

I’d like to think that at least part of the reason that this type has shown such strong price increases in the last five years is due to the continual urging I’ve given clients to buy these coins. I have often written that I felt these were the best values in the early gold market. I still feel this way, although I have been pretty disappointed at the quality of a number of the coins I have seen lately in MS60 to MS63 holders.

That said, I think the future of this series remains very bright. Despite small original mintage figures, these coins exist in large enough numbers to make collecting by date a possibility. The stopper in the series remains the 1834 which, curiously, has become impossible to locate. I am not aware of a single example of this date appearing at auction since October 2004 and only two separate problem-free pieces appearing at auction since 2000. The last piece to sell was a PCGS AU55 which brought $35,600. Today, the same coin could bring as much as $65,000-75,000.

II. Half Eagles, 1795 to 1834

A. Draped Bust Small Eagle, 1795-1798

This type includes two relatively obtainable issues (the 1795 Small Eagle and the 1796/5) and three rarities (the 1797 15 and 16 Stars and the 1798 Small Eagle).

The 1795 has become one of the most popular early United States gold coins and for good reason. It is one of the first two gold coins struck by this country, it is charmingly designed and generally well produced and it can be found in relatively high grades. Five years ago, a collector could expect to find a nice AU for around $15,000 and a properly graded MS62 for around $50,000. Today, a nice AU should cost in the area of $40,000-50,000 while an MS62 will run around $100,000. I still recommend purchasing this issue in nearly any grade, as I feel it is a coin that will always be in great demand. I would definitely caution the new collector to seek an example with good eye appeal, nice surfaces and as much original coloration as possible. Nice, original coins are becoming extremely hard to find and I think they will begin to command a huge premium in the coming years.

The 1796/5 half eagle is many times scarcer than its 1795 Small Eagle counterpart but it does not command as much of a premium as one might expect. This has to do with the fact that it is not a first-year issue and, thus, is not as “sexy” a date. The 1796/5 has proven to be very rare and it is generally only offered at major auctions. I highly recommend this issue and feel that it is still an excellent value at its current level of $50,000-60,000 for a solid AU coin.

The great rarity of this type is the 1798 Small Eagle of which only seven or eight pieces are currently known. The last example to sell was a PCGS EF40 that brought $264,500 at auction in June 2000. I think this coin would easily sell for $500,000 today and I think a slightly nicer example, if available, could break the $1 million mark with ease.

B. Draped Bust Large Eagle, 1795-1807

For most collectors this type is dividable into at least two groups: the issues struck from 1795 to 1799 and those produced from 1800 to 1807.

The 18th century Draped Bust Large Eagle half eagles have proven to be extremely popular with collectors in recent years. As one can readily guess, they became especially popular around 2000, once they turned three centuries old. The two reasonably available issues are the 1798 and the 1799. These have both seen dramatic price increases in the last five years. As an example, a nice AU 1799 half eagle was worth $7,500-10,000 in 2002. Today, such a coin is valued at $15,000+. The increase in value is more dramatic in higher grades. Five years ago, with some careful searching, it was possible to find an MS63 1799 half eagle for around $40,000. Today, if such a coin became available (good luck convincing the guy who bought one in 2002 to sell his today!) it would sell for $65,000-75,000. Despite the new, higher levels, I still like the concept of an 18th century half eagle and would advise collectors to be on the lookout for nice 1798 and 1799 half eagles in EF45 and higher.

The common date half eagles from 1800 to 1807 have also shot up in value. Five years ago, nice AU coins were easily located in the $4,000-5,000 range. Today, similar coins are worth $10,000-12,500. I have mixed feelings about the value levels of these coins. Clearly, at around $5,000 they were very fairly priced. At $10,000 they are no longer cheap, especially when one considers the relative availability of these coins. I will no longer buy these common date half eagles for inventory unless they are wholesome, choice original coins with very good eye appeal. If they are bright-n-shiny, riddled with adjustment marks or vastly overgraded, low end coins, I will almost always pass.

What about higher grade common dates of this type? Five years ago, you could have purchased a common date in MS63 for around $12,500-15,000 and an MS64 for around $20,000-22,500. Today, the former costs around $25,000 and the latter runs $40,000-50,000+. I have mixed feelings about these. I think a fresh, original MS63 in the mid-20’s is still an excellent purchase and would recommend it to a collector or an investor. I’m a little less excited about a common date in MS64 at around $50,000 unless the coin is extremely high end and looks like it could gradeflate to an MS65 someday.

C. Capped Bust Left, 1808-1812

The Capped Bust Left half eagles are the most available and affordable early gold issues. They have proven to be remarkably plentiful in the AU50 to MS62 grade range and this makes them popular with collectors. For some reason, this type has never really appealed all that much to me. I don’t really care for the design and the relative availability of these coins make them seem like the Morgan Dollars of early gold.

In spite of my obvious early gold snobbery, this type has proven to be popular with collectors. It is the only series of early half eagles that could be realistically completed by date and there are a number of interesting varieties as well. In 2002, a nice AU type example was easily purchased for $3,500-4,500. Today, a nice AU commands $7,500-9,000+. Five years ago, a really nice MS63 common date was worth $12,000-14,000. Today, this same coin is worth $20,000+.

My opinion has changed on the desirability of this type. I generally like the quality of slabbed AU examples more than I do for the earlier Draped Bust type and I think any nice, original AU example that can be purchased for less than $10,000 is pretty decent value in today’s market. I have mixed feelings about higher grade examples. If I’m going to buy a $20,000+ MS63 for my inventory, it had better be a high end, attractive coin with original color and surfaces. Same holds true for an MS64, especially since we’re talking $40,000+ for a common date.

D. Capped Bust, Large Size 1813-1829

It’s hard for me to discuss this series without getting passionate as Fat Head Fives are probably my favorite series in the early gold issues. Why? Well, it’s clearly not the beauty of the design as this is arguably the most homely United States gold coin ever struck. For me, it’s all about the rarity and these coins are amazingly rare. When you kick out the “common” 1813 and 1814/3, the coins in this series range from downright rare (1818, 1820 and 1823) to virtually impossible (1819, 1821, 1824-1829). And we won’t even begin to mention the classic rarities like the 1815, 1822 and 1825/4.

The really rare coins in this series are hard to monitor as they trade so infrequently. When I look back at what prices were like in 2002, they seem amazingly cheap by today’s standards. As an example, in February of that year, a PCGS AU58 1827 sold in the Goldberg’s Benson II auction for $19,550. Today, a properly graded example is worth triple this amount.

What about the common 1813? Five years ago, a nice AU example would have cost you $4,000-5,000. Today, you’d have to pay around $10,000. In my opinion, this date is still a great value at less than $10,000. In 2002, a nice MS63 1813 would have been priced at around $12,500. Today, the same coin is worth $20,000. Again, I think it is an excellent value as it is the only reasonably obtainable date of this rare type and properly graded MS63’s are far, far scarcer than common date Capped Bust Left and Capped Bust Right half eagles despite being similarly priced.

E. Capped Bust, Small Size 1829-1834

As rare as the Large Planchet type of Fat Head half eagles is, the Small Planchet is even rarer. At least with the earlier type, the collector has a chance to buy such relatively common and affordable issues as the 1813 and the 1814/3. But the Small Planchet type offers no such chance for collectors with limited budgets. This is a series with seriously rare coins with seriously high price tags. And rightfully so.

If you were smart enough to be purchasing 1829-1834 half eagles in 2002, give yourself a large pat on the back. You are smart and you made yourself a lot of money. Let’s say you decide that you want to start buying these coins in 2007. How does the future of your investment look? I’d say pretty good. Now that nearly everyone understands how rare these coins are and appreciates them, I think the levels for the series will continue to soar. I’d just give my usual warning on expensive coins: if you are going to pay $50,000+ for a fat Head half eagle, make certain you know what you are doing. Buy a coin that is attractive for the date and grade and which is original as possible.

So there you have it: the DWN State of the Market Report on early gold coinage. I doubt if anything I wrote in this article is terribly surprising to people who read my articles on a normal basis. I’ve always loved early gold and I will continue to be an active participant in this market for as long as I am a coin dealer.

Fat Head Fives: A Date By Date Analysis Part One: 1813-1824

The half eagles struck from 1813 through 1834 have been given the appellation of the “Fat Head” design, due to the uncommonly large size of Liberty’s head and neck. John Reich’s half eagles of this era certainly have a “so ugly it’s charming” quality about them. But while they will probably never win a beauty contest, they are a fascinating series of coins which contain a host of great rarities. There are two major types of half eagle known with this design. The first, struck from 1813 to 1829, has a smaller bust with a larger sized planchet. There were a total of 667,536 pieces produced. The second, struck from 1829 through 1834, was modified by William Kneass and these coins show size reduction in the date, stars and lettering as a reduced diameter. There were 700,279 coins struck.

The Fat Head half eagles are a good example why a coin’s true rarity can not be gauged solely by its original mintage figure. The vast majority of half eagles struck between 1813 and 1834 were melted and the survival rate for most dates tends to be well under 1% of the original production.

Very few collectors attempt to collect Fat Head half eagles by date. This is due to the extreme rarity of most of these coins and their per-coin price levels. There is only one date in the entire series that is reasonably available (the 1813) and one (the 1822) is considered by many collectors to be among the greatest of all United States numismatic rarities. That said, these coins have become very popular with collectors in the past few years.

This date-by-date analysis is not meant to be a standard reference on this series. Rather, I intend to touch on some basic points on each date so that the collector can make informed decisions if and when he is considering the addition of one of these coins for his type (or date) set.

1813

As mentioned above, the 1813 is by far the most available date of this type. There were a total of 95,428 struck of which an estimated 600-900+ are known today. This is one of the few dates of this design that appears to have actually circulated and examples can be found in grades as low as Extremely Fine. The 1813 is reasonably common in all circulated grades and can even be found in the lower Uncirculated grades without a huge amount of effort. It becomes rare in MS63 and it is very rare in properly graded MS64. Gems are extremely rare. Most 1813 half eagles are yellow-gold or green-gold and have very frosty luster. The strike is usually sharp at the centers but weak at the borders with many of the denticles not completely defined. I have seen a number with adjustment marks and others with dark spots. Due to the availability of this date, it is the perfect Fat Head Five for the collector seeking a single piece for a type set.

There are two varieties known. The more common shows the first S in STATES over the right side of the E in E PLURIBUS UNUM. The scarcer variety has the first S over the left side of the E.

1814/3

The mintage for this date has traditionally been believed to be 15,454 coins but some contemporary researchers believe that the actual figure might be as low as 10,000. Given the fact that there are probably no more than 75-100 examples known, I would tend to concur with the lower mintage. This variety shows a clear overdate and it is considerably rarer than the 1813 although it does not get a substantial premium over this common issue, especially in lower grades. The 1814/3 tends to be much better struck than the 1813 with strong detail noted at the centers and borders. The color is typically a deep green-gold hue which is sometimes accentuated by orange-gold shadings. The luster is frosty but not as good as seen as on the 1813. The 1814/3 is usually seen in AU to MS61 grades. It is very scarce in MS62 and rare in properly graded MS63. This is a very rare issue in MS64 and I am not aware of a single coin that could be called a Gem by today’s standards.

There is just a single variety known. The reverse is the same as seen on the second variety struck in 1813 and it was also used to produce the very rare 1815 half eagles.

1815 The 1815 has the lowest mintage figure of any half eagle of this type. Only 635 are believed to have been struck. There are approximately a dozen pieces known and this includes five pieces that are housed in museums. The last example to be sold was the lovely AU58 from the Bass collection that was previously in the Eliasberg sale. It sold for $103,500 in 1999, a figure that seems extremely cheap today. There is a single Gem known (ex: Naftzger collection) which is graded MS65 by PCGS and is in a well-known private collection that, in my opinion, is one of the most impressive early gold coins in existence. This tends to be a well-produced issue with a good strike. The Bass II: 805; Eliasberg coin has superb rich coppery coloration and the other Bass coin (ex Norweb, Farouk), which is housed in the ANA Museum, is attractively toned as well.

All 1815 half eagles have the same reverse as that seen on the second variety of 1813 half eagles and on all 1814’s.

1818

There were no half eagles struck in 1816 or 1817. Coinage resumed in 1818 and a total of 48,588 pieces were produced. There are three important varieties known and these are as follows:

Normal Reverse: This variety is easily distinguished by ample space between the words STATES and OF. This is the second most available of the three varieties. There are around five to six dozen pieces known. Unlike the other two varieties, the Normal reverse is sometimes seen in relatively low grades; I have personally handled at least two in EF40. This variety is most often seen in AU50 to AU55 and it is quite scarce in the lower Uncirculated grades. It is rare in properly graded MS62 and very rare in MS63 or better. There is a single MS65 that has been graded by PCGS while NGC shows a solitary Gem as well. This is the best struck of the three varieties and most are very bold at the centers and borders. Most have rich orange-gold color, very frosty luster and numerous marks on the surfaces.

STATESOF Reverse: On this variety, there is no spacing between these words. It is the most available of the three 1818 half eagles with as many as 125-150 pieces believed to exist. This variety is seldom seen in grades below AU55, suggesting that it did not see a great deal of commercial usage. It is somewhat available in the lower Uncirculated grades and sometimes seen in grades as high as MS63 but it is very rare above this. PCGS has graded one coin in MS66 (ex: Norman Stack type set) which is among the best Fat Head half eagles of this type that I have ever seen. This variety is often somewhat weak at the centers and some of the denticles are not fully brought up as well. The luster is often frosty and the natural coloration is a handsome canary yellow hue.

5D/50 Reverse: This is the rarest of the three varieties known for this year but it is not as rare as has been claimed in the past. This variety was created when the D in 5D was inadvertently punched over a 0. This reverse was used again in 1819. There are an estimated 30-40 pieces known and most are in the AU55 to MS60 range. PCGS has graded two Gems (an MS65 and an MS66) and there appear to be around four to six pieces known in the MS63 to MS64 range. The strike is usually somewhat weak at the borders while the curls are not fully brought up. The natural coloration is a distinctive green-gold hue while the luster is very frosty and sometimes has some semi-prooflike reflectiveness in the fields. Most examples are somewhat scuffy and at least a few have light mint-made adjustment marks.

1819

While the mintage figure for this date is reported to be 51,723, it is believed that this might include coins dated 1820. Whatever the actual number struck (and I personally believe the number is significantly lower than 51,723), the 1819 is unquestionably a very rare coin with an estimated 20-30 pieces known. There are two significant varieties known to exist. The first uses the 5D/50 reverse that is found on 1818 half eagles. This is the more available of the two and it is likely that around 15-22 exist. This includes one or two Gems (PCGS and NGC have both graded coins MS65 although I am not certain if these are the same) and a small number in the MS63 to MS64 range.

The second variety of 1819 half eagle has a different date with the numerals much closer and a normal reverse without the 5D/50 blunder. This is a very rare coin with as few as 5-8 examples known. PCGS has only graded one in any grade (an MS61) while NGC has graded two (an EF40 and an MS60 which may be the same coin as the PCGS MS61). This variety is typically seen only in great collections of early gold and it generally appears at the rate of once every two or three years at auction.

1820

There were more half eagles struck in 1820 than in any other year between the advent of this denomination in 1795 and the beginning of the Classic Head design in 1834. The mintage is reported to be 263,806 but this is somewhat misleading as the great majority of these coins were melted. Today, the 1820 is much scarcer than the 1813 but it is more available than the 1818 and 1814/3. There are no less than nine die varieties of 1820 half eagles including a number of extreme rarities. Most advanced collectors focus on the major varieties of this issue of which there are three. These are as follows:

Square Base 2, Large Letters: There are four die variations of this obvious, naked-eye variety. On the obverse, the base of the 2 is flat while the reverse has the A and the second T in STATES close at the base. This variety is easily the most available of the 1820 half eagles. It is almost always seen in Uncirculated grades and this suggests that most were either melted soon after they were struck or were stored in banks and did not enter commerce. Survivors often have exceptional luster which can be frosty or prooflike in texture and vivid rich yellow-gold or green-gold shadings. Most of the Uncirculated coins that exist are in the MS62 to MS63 range. The current population at PCGS in MS64 (55 coins!) is greatly inflated by resubmissions and Gems are extremely rare.

Curved Base 2, Large Letters: There are two die variations of the 1820 Curved Base 2, Large Letters. The more available of the two has the tip of the bottom arrowhead pointing to the outside of the C in AMERICA. It is unlikely that more than two dozen 1820 Curved Base 2, Large Letters half eagles are known. Most of these are Uncirculated coins and many of these are choice examples that grade in the MS63 to MS64 range. The finest known is a PCGS MS66. When available, this variety tends to come very well struck, with excellent luster and superb green-gold or rich yellow-gold coloration. A Proof exists in the Bass collection at the ANA Museum and this is regarded as the earliest known Proof half eagle. It is an absolutely spectacular coin in person!

Curved Base 2, Small Letters: Three die varieties of the 1820 Curved Base 2 Small Letters are known and all are very rare. In all, it is likely that fewer than fifteen examples exist with nearly all of these grading Uncirculated. Interestingly, the last three that I have seen have all been Gems (two were graded MS65 by PCGS while one was graded MS65 by NGC) and all were superb pieces with amazing detail, blazing semi-prooflike and frosty texture and rich green-gold coloration.

1821

The 1821 is a date that does not receive as much attention as other half eagles from this decade but it is a major rarity. There were reportedly 34,641 pieces struck and if this number is accurate than an amazingly high percentage were melted as it is unlikely that more than 12-15 pieces are known. There are actually two die varieties. The more available has the thirteenth star touching the hair while the rarer shows this star away from the hair. There appear to be around four or five 1821 half eagles known in circulated grades (these are all in the AU53 to AU58 range) while the rest are Uncirculated pieces. The finest known is a single MS66 graded by PCGS and also by NGC. All of the 1821 half eagles that I have personally seen are prooflike with a good strike and greenish-gold coloration. There is at least one Proof known (ex: Norweb collection) and the Bass coin in the ANA Museum is a fully prooflike Gem business strike.

1822

The 1822 half eagle is one of the great rarities in all of American numismatics. There are just three examples known to exist. Two are housed in the Smithsonian Institution and are off the market while the third is in the Pogue collection and was obtained for $687,500 back in 1982 when the Eliasberg collection was auctioned by Bowers and Ruddy.

Time for an Editorial: I have always thought that one of the best ways to solve the never-ending cash crunch at the Smithsonian in relation to the National Numismatic Collection would be to sell one of the 1822 half eagles in the collection. Here’s a coin that would fetch $5 million or thereabouts in the open market and which would focus tremendous attention on the collection. Does the Smithsonian really need two examples of this coin?

1823

The 1823 generally gets lumped in the “semi-available” category of Fat Head half eagles along with the 1814/3, 1818 and 1820 but it is a date that I see less often. The mintage figure was reported to be 14,485 coins but I believe that this is a bit low and the actual number might be more like 17,500-20,000. There are probably in the area of 75-100 known with nearly all of these coins grading at least AU55 to AU58. Uncirculated examples of this date tend to be heavily abraded and generally grade in the MS60 to MS62 range. The 1823 is very rare in MS63 and extremely rare in MS64. NGC has graded one coin in MS65 while PCGS has never graded an example better than MS64. The 1823 is generally weakly struck at the left obverse border and on the curls around the face of Liberty; the reverse is bolder with sharp denticles and good detail on the feathers. The luster is very frosty in texture while the original color tends to be a deep green-gold. Many examples have been dipped.

There is just a single variety known and it shows the Large Letters reverse first used in 1820.

1824

The 1824 is the third most available Fat Head half eagle from this decade but it is a very rare coin in all grades. The original mintage figure is listed at 17,340 but I believe the actual number is somewhat lower than this. I believe that there are around 30-40 pieces known. As with most of the half eagles from this era, the 1824 saw virtually no circulation and there are not more than a small handful of pieces that grade below MS60. Most of the Uncirculated coins are in the MS60 to MS62 range and pieces that grade MS63 are quite rare. The combined PCGS/NGC population of twenty-two coins graded in MS64 is definitely inaccurate and this reflects a few coins that have been submitted multiple times in an attempt to secure a higher grade. There are one or two Gem examples known; both PCGS and NGC have graded an example in MS65 but these may be the same coin.

The 1824 is generally a well struck issue although some show weakness at the obverse border from 9:00 to 12:00. The luster is a bit less frosty than that seen on the 1823 and examples that have not been dipped are often a medium to deep green-gold. Only one die variety is known and it employs the Large Letters reverse first used in 1820.

In Part Two of this article, which will be added to www.raregoldcoins.com in November 2006, we will discuss the 1825-1834 half eagles and offer a number of collecting and grading tips for the series.

Grading Early United States Gold Coins

For a variety of reasons, early gold coins are among the most difficult United States issues to grade. There is often discrepancy in grading these coins, even between experts. While it is impossible to teach a collector how to grade based on digital images, I thought it might be a good idea to display a few pre-1834 gold coins here and analyze them as to why they grade the way they do. Before looking at these specific coins, there are a few things to consider. First are the reasons why these issues are more difficult to grade than 20th century pieces. The basic reason is the pre-1834 United States gold coins are, for the most part, hand-produced items made on old-fashioned screw presses while later-date issues are mass-produced items that were struck using more modern steam presses.

As I have discussed in other articles about grading, there are five components that experts take into consideration when examining an early gold coin: strike, surface preservation, coloration, luster and eye appeal.

Strike is a relatively important factor in grading early gold but it does require a good degree of attendant knowledge. As an example, it would be incorrect for someone to penalize an issue such as an 1806/4 quarter eagle for being weakly struck at the center as all known examples exhibit weakness in this area. Conversely, an issue such an 1812 half eagle which is generally seen with a good strike might be properly penalized if an example had a very weak strike.

Surface preservation is very important when determining the grade of an early gold coin. If a coin has deep marks in key focal points (i.e., on the face of Liberty or in the left obverse field) this will certainly cause a deduction in grade. One confusing area in relation to early issues is adjustment marks. These are parallel scratches that were intentionally placed on overweight coins in an attempt to get them to conform to then-current weight standards. Generally speaking, unobtrusive adjustment marks do not cause a coin's grade to be lowered. Marks that are positioned in prime focal areas are considered negatives and may cause the grade to be lowered.

Since so few early gold coins show original coloration, this is no longer a critical factor in determining grade. If a coin that has the detail of an About Uncirculated-50 has very pretty original color, it is almost certain to be bumped up to at least an About Uncirculated-55 grade if not higher. Lack of color will not be a penalizing factor but the presence of good color is certainly a big plus for any early gold issue.

Luster is an extremely important factor in determining the grade of an early gold coin. Given the fact that so many pieces are poorly struck, show heavy marks or possess mint-made faults, the amount of luster that is present is a tangible fact that does not require great expertise to determine. In other words, an early gold coin either has luster or it doesn't and the amount that is present is a great aid in determining how much--if any--wear the piece has.

For any coin, the overall level of eye appeal is the single key element in determining grade (and value). When an expert grader looks at an early gold coin, the first thing he considers is the "look" of the coin. Is it attractive or unattractive? How does it compare to other examples of this date or type that he has seen?

Included below are good quality digital images of a few early gold coins that I have recently sold. After you view each image, I suggest you apply each of the five grading components I just discussed. Then, read my comments as they relate to the coin's strike, surface preservation, luster, coloration and eye appeal. I am going to list the actual grade for each coin at the end of this article so don't cheat and look at the grades before trying to determine what you think they grade!

1. 1801 Eagle

My first impression is that this is a fresh, original and attractive coin. It shows some weakness of strike at the stars on the right obverse but the rest of the detail is very sharp.

The surfaces are relatively well preserved. There are some scuffmarks in the obverse fields which are not overly detracting. The only significant abrasion is a reeding mark on Liberty's face. There is no rub on the cheek or signs of wear on the high spots, which means that this is an Uncirculated piece.

The luster is excellent. The obverse is very frosty while the reverse is more prooflike. Even if I had never seen another Eagle of this date or type, I would assume that the luster is decidedly above-average.

The coloration is a rich orange-gold hue which, from the image, looks original due to its evenness. Again, this is a very big plus and I would assume that not many 1801 eagles show this lovely coloration.

The overall eye appeal is very high. With the exception of the mark on the cheek of Liberty, I see no negatives about this coin. It is unquestionably "new" and it seems to be choice, based on its sharpness, luster and color.

2. 1803/2 Half Eagle

My first impression of this coin is that is has superb color and is about as original as one could hope for. It shows some light, even wear but is as attractive a circulated early gold coin as one might hope to find.

The surfaces of this coin are exceptional. Other than some light friction in the fields (which can be distinguished from weakness of strike by the difference of color between these areas and the high spots) there are no readily noticeable marks.

The luster is mostly obscured by the depth of the coloration. If the viewer looks at the protected areas (i.e., within the stars and around the date) he can see some traces of luster which would be more clear if the coin were lightened.

The best feature of this coin is its stunning deep reddish-gold color. This is what a 200 year old gold coin that is totally original should look like and it adds at least three (if not five) points to the overall grade. No more than 5% of all early gold coins show original color and just a smaller number have this lovely (and desirable) reddish-gold hue.

This is a very attractive, nearly flawless coin with just a bit of light wear noted. Its nice color, clean surfaces and originality give it a very strong degree of eye appeal.

3. 1830 Quarter Eagle

With the advent of new technology in the late 1820's, the quality of strike improved on United States gold coins. The reduced sized Capped Head Left quarter eagle was produced from 1829 to 1834 and it is generally found with good detail and a much better "look" than the quarter eagles produced from 1796 to 1808. This type did not circulate much and when available, survivors tend to come in relatively high grades.

My first impression about this coin is that it is very fresh and bright. It shows some marks in the fields but its vibrancy is enough to make these marks seem unimportant. It is important to remember on a coin like this that the number of marks that are present is not as important as their severity. In other words, a number of small scuffmarks in the obverse fields (as on this coin) are not as important as a few deep, detracting marks in similar areas.

This coin has excellent luster that is more suggestive of a late 19th century issue than one from 1830. From the image, it appears that the luster is very frosty in its texture with some slight reflectiveness in the fields. It appears to be unbroken and relatively undisturbed, leading the viewer to believe that this is an Uncirculated piece.

The coloration is an even medium to deep yellow and green-gold. It is attractive and even if the viewer has never seen another example of this date, this hue should appear to be well above-average.

The overall level of eye appeal is excellent. This is clearly an unworn coin that has a good strike, pleasing surfaces, great luster and nice color.

4. 1807 Bust Right Half Eagle

So how have you done so far? Getting more comfortable grading these early coins? Well don't get too comfortable because I've saved the hardest coin for last.

The 1807 Bust Right half eagle is the final year of issue for this type. It is found with a number of varieties as well as many different looks. This example is a late die state with a "sunken" look noted on the obverse.

But is the weakness at the center strike-related or is it wear? The answer lies in the fact that the luster on this coin is full with no breaks noted in the fields or on the high spots.

I stated earlier in this article that strike is the least important factor when grading an early gold coin. This is true but in the case of this piece, where the important central detail on the obverse has been partially obscured, it is likely that a grader will deduct some points from this coin's overall grade.

In addition, the surfaces show a number of marks. It is likely that this coin was transported loose in a bag from bank to bank in the early 19th century and in the process it picked-up some noticeable marks.

Not everything about this coin, however, is a negative. It has great luster and the coloration is lovely with rich green-gold and lemon hues strongly suggesting that it has never been cleaned or dipped.

While not everyone will agree with me, I happen to like this coin quite a bit. I am a stickler for originality and I would personally rather own a weakly struck, somewhat "baggy" early half eagle than one which was sharper and less marked-up but which was washed-out from having been overzealously dipped.

Early gold is an area where gaining knowledge will give the collector a decided advantage when making purchases. Given the fact that these are expensive coins, I would suggest that careful study is in order. For more information on grading early gold coins or on early gold in general please feel free to email me at dwn@ont.com.

The grades of the coins listed above are as follows:

1801 Eagle: PCGS Mint State-63

1803/2 Half Eagle: NGC About Uncirculated-55

1830 Quarter Eagle: PCGS Mint State-63

1807 Bust Right Half Eagle: NGC Mint State-61

Special Report May 2003: What's Hot and What's Not

Every year, I write a report that discusses what areas of the United States gold market are active and which are slow. Since the last report (summer of 2002), the overall coin market has performed very strongly and in 2003 there are really only a small handful of areas that are not performing well. Maybe a more accurate title for this report would be "what's really hot and what's just sort of lukewarm..." First, the good stuff: what are the hottest areas in what has proven to be a very robust coin market through the first quarter of 2003?

Type One Double Eagles: In 2001 I surmised that this would become a strong area for a number of reasons. Foremost among these was the fact that I was working on a book covering the series and a large West Coast firm was getting ready to do a promotion emphasizing Type One issues.

In 2001 I surmised that this would become a strong area for a number of reasons. Foremost among these was the fact that I was working on a book covering the series and a large West Coast firm was getting ready to do a promotion emphasizing Type One issues.

There are still some great values in the Type One series. I love the Philadelphia issues from the 1850's in About Uncirculated and Uncirculated grades and feel that a number of the San Francisco dates remain good values as well.

Three Dollar Gold Pieces: For a number of years, price levels of Three Dollar gold pieces have been very flat. This is about to change as the June 2003 edition of Coin World Trends notes substantial price increases for many issues.

Do these prices increases indicate that it is now "too late" to get in on the ground floor of this series? I personally believe that despite these price increases, most Three Dollar gold pieces are still very undervalued and will increase significantly in the coming years. And (hint, hint...) I hear that there may be a book on Threes coming out in the next year which should prove to be a further impetus for the popularity of this series.

The issues that I find most appealing include the very low mintage dates from the 1880s, the Civil War issues (still extremely underpriced in my opinion) and the mintmarked dates from the 1850's.

Dahlonega Gold Coinage: In the past year, many new collectors have entered the Dahlonega market. There have not been many who have been seeking to assemble high-grade complete sets. More people are collecting Dahlonega gold coinage by type or by year.

What this means is that significant one-year type issues such as the 1855-D gold dollar or the 1839-D half eagle are more popular than I can ever remember. I probably have five want lists for nice Extremely Fine-40 to About Uncirculated-50 1838-D half eagles but have not been able to find any available for sale.

The rarest Dahlonega issues are also very popular right now. As an example, the last two 1856-D quarter eagles I have had in stock sold within hours of being posted on my website. The same goes for any of the rare, low mintage Dahlonega issues such as 1861-D gold dollars, 1840-D quarter eagles, 1855-D quarter eagles, etc.

Trends values for Extremely Fine Dahlonega gold coins seem poised for an increase. The March 2003 Bowers and Merena auction contained around forty to fifty sub-$2,500 Dahlonega coins and, in most instances, they sold for substantially over Trends to dealers.

Early Gold: Although prices haven't really increased for pre-1834 United States gold issues, the level of demand for these coins is as high as I can ever remember. This is especially true with issues that are priced in the $2,500-7,500 and first-year types such as the 1795 half eagle and eagle.

I have been looking for nice, original early gold coins at the last three or four shows I've attended and have been amazed at the lack of available material. Clearly, these coins are quietly being absorbed into the market and they appear to be going into strong, long-term collections.

The only early gold coins that aren't really "hot" right now tend to be the more common issues (such as Bust Right half eagles) in higher grades. But I have noticed that coins like an 1803 half eagle in Mint State-64 (to use a purely random example) are now far more saleable than six months ago, especially if it is accurately graded and has decent eye appeal.

Let's not forget to add the price of gold to the list of "what's hot." Last year, gold was stumbling along in the $250-260 range. As the reality of war with Iraq loomed, gold zoomed to over $360 an ounce. It subsequently backed off to $320 but has risen to over $350 as I write this (mid-May) as a result of the weakness of the dollar versus the euro.

I know a whole lot more about gold coins than I do gold bullion prices, but it seems to me that gold has a very good shot of breaking the $400 mark in the coming months. This certainly can't be bad for price levels of rare date gold coins.

Most areas in the United States gold coin market are doing at least "OK" right now. Some of the series that aren't selling very well include the following:

Better Date Indian Head Half Eagles and Eagles: The market for scarcer dates in these two series, especially in Mint State-63 and higher, remains flat. Part of the reason for this is that collecting Indian Head half eagles and eagles has fallen somewhat out of favor with collectors. Another reason is that grading standards have eroded on higher grade Indian Head gold. There is now little difference between coins graded Mint State-63 and Mint State-64 or even between Mint State-64 and Mint State-65. This makes the price spreads between these levels much lower than in the past.

These formerly popular series do have a lot going for them. They are very attractive and many dates are genuinely scarce in higher grades. If they are properly promoted, it is likely that they will become popular again, like their quarter eagle counterparts.

"Unusual Date" Gold Coins: I refer to gold coins that are marketed as "rare date gold" but which really are not as "unusual dates." As an example, a Mint State-63 San Francisco eagle from 1887-S is certainly not a common date but since there are no collectors who really care about it, paying a strong premium over type coin price is probably not a good use of your money. Around four or five years ago, there were a few large retail firms that sold a number of low population higher grade half eagles and eagles from the 1880's and 1890's. These have fallen out of favor and now that these retailers will not market them, they are very hard to sell at levels anywhere near Greysheet Bid.

As a rule of thumb, coins like this are not performing well because no one really collects them. A date collector tends to focus on the rarer branch mint issues from Charlotte, Dahlonega, Carson City and New Orleans, while type collectors favor very high-grade examples of common dates.

I expect levels for "unusual date" coins to keep dropping. If it gets to the point that an issue with a population of, say, fifteen coins in Mint State-64 with ten better can be purchased for just a small premium over generic price, then these coins are good value for the type collector. Otherwise, stay away from them.

Mint State-65 and Mint State-66 Type Three Gold Dollars: Type Three gold dollars were produced from 1856 until this denomination was discontinued in 1889. Most of the issues struck after the mid-1870's are reasonably available in the higher Uncirculated grades. The dates from the 1880's were hoarded and saw little circulation, meaning that many issues are easier to find in Mint State-64 or Mint State-65 than in About Uncirculated.

High-grade gold dollars from this era have dropped in price to the point that they are great values. A common date in Mint State-65 is now valued at $1,500-1,750 while an MS-66 is worth $2,250-2,500. At these levels, these attractive, low mintage coins are excellent values. I would not be surprised to see these "heat up" in the next year or two as new collectors realize that they are undervalued and very interesting to collect.

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

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

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

HALF EAGLES

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

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

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

b. Classic Head, 1834-1838

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

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

c. Liberty Head No Motto, 1839-1866

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

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

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

d. Liberty Head With Motto, 1866-1907

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

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

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

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

e. Indian Head, 1908-1915

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

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

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

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

II. EAGLES

a. Pre-1834 Types

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

b. Liberty Head No Motto 1838-1866

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

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

c. Liberty Head With Motto, 1866-1907

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

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

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

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

d. Indian Head, 1908-1915

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

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

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

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

III. DOUBLE EAGLES

a) Liberty Head Type One, 1850-1866

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

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

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

b. Liberty Head Type Two, 1866-1876

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

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

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

c. Liberty Head Type Three, 1877-1907

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

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

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

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

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

d. St. Gaudens, 1908-1915

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

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

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

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

SUMMARY

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

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

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

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

Indian Head Eagle, Proof-64 to Proof-65

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

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

Collecting Early U.S. Gold Coinage: Part Two

In the first part of this article, we looked at early quarter eagles and half eagles struck prior to 1813. The second and final part focuses on half eagles struck from 1813 to 1834 and eagles produced from 1795 to 1804. HALF EAGLES (continued from Part One)

A. Capped Head Left (Large Diameter), 1813-1829

The obverse of the half eagle was significantly redesigned in 1813 by John Reich. It featured a corpulent head of Liberty facing left with a liberty cap on her head. The reverse is similar to that seen on the Capped Bust left design of 1807-1812. In 1818, the obverse was slightly modified by Robert Scot. Very few collectors distinguish between the two varieties.

The Capped Head Left half eagles offer an excellent illustration as to why mintage figures are not always good indications of a coin's rarity. By the late 1820's/ early 1830's, the price of gold had risen to the point that the intrinsic value of a half eagle was greater than its face value. Consequently, vast numbers of these coins were melted. Certain issues, such as the 1819, 1825, 1827, 1828 and 1829 had nearly their entire mintages melted and are extremely rare today.

The only issues of this type that can be considered relatively common are the 1813, 1814/3, 1818 and 1820. A pleasing About Uncirculated example of one of these four issues can be purchased for between $3,500 and $5,500. Uncirculated pieces in the Mint State-60 to Mint State-62 range are valued in the high four figure range.

The great rarities of this type include the 1815, 1822, 1828/7 and 1829 Large Date. Each issue is typically offered for sale only when a great "name collection" comes on the market. The 1822 is regarded as one of the great United States rarities with just three known and only one of these not in a museum.

Buying Tips: The 1818 and the 1820 are good type coins as they tend to have better luster and coloration than their 1813 and 1814/3 counterparts. Considering the rarity of these issues, they are extremely good values and the collector should consider adding at least two examples to his collection. An interesting approach to this would be to obtain one issue from the 1810's and another from the 1820's. Always look for coins that have nice luster and color and no serious marks. While examples of this type are rare in an absolute sense, survivors tend to be attractive and relatively high grade. Avoid unencapsulated examples as many of these have rim problems or have been cleaned.

B. Capped Head Left (Reduced Diameter), 1829-1834

In 1829, the design of the half eagle was modified by William Kneass. The diameter was reduced from 25 millimeters to 23.8 while the letter, date and star sizes were made smaller as well.

The small size Capped Head Left half eagle type contains two extremely rare issues: the 1829 Small Date and the 1832 12 Stars. As with the larger diameter issues from the 1820's, the mintages figures of these coins are very misleading. As an example, 193,630 half eagles were reportedly produced in 1833. Today, there are probably fewer than fifty known.

The most likely candidates for a type set are the 1830 and the 1833 Large Date. Both of these are quite rare but are slightly more available than the other dates of this design.

When available, small size Capped Head Left half eagles tend to be in the About Uncirculated-50 to Mint State-63 range. This type did not readily circulate and the few that survived the melting pot tend to have been reasonably well-preserved. A lightly circulated example, if available, is likely to cost $10,000 to $15,000. A coin in the Mint State-61 to Mint State-62 range should cost $20,000 to $30,000. There are some very high quality examples occasionally offered for sale and they tend to be priced in the $50,000-$100,00 range.

Buying Tips: This type will prove very frustrating for the collector on a limited budget as very few lower grade pieces exist. I suggest saving up for a nice About Uncirculated (or better) example. As very few of these are available, do not hesitate if you have the chance to acquire the "right" coin, even if it is priced at a level that seems high compared to published pricing guides.

II. EAGLES

A. Capped Bust Right, Small Eagle, 1795-97

The eagle was the highest denomination coin struck by the United States until the double eagle was authorized in 1849. The ten dollar gold piece was never used as extensively in commerce as the half eagle. The eagle did not match other foreign gold coins in value as did the half eagle and its level of demand was not as a great. As a consequence, the mintage figures for early eagles tended to be comparatively low.

The first design for the eagle was by Robert Scot and it was identical to that on the half eagle. The Small Eagle reverse coins were produced in 1795, 1796 and 1797. The 1795 is the most obtainable of the three dates , especially in higher grades. The 1796 is rare and undervalued with most survivors grading Very Fine and Extremely Fine. The 1797 Small eagle reverse ten dollar gold piece is very rare with an estimated three dozen known.

This is an extremely popular type, for obvious reasons. These coins are among the oldest United States gold coins. Their large size and age make them very appealing, even to collectors who do not ordinarily care for gold coins.

Buying Tips: The 1795 is the most popular issue of this type but the 1796 is a much better value. It is considerably more scarce but only commands a 20% premium in most grades. However, the 1795's significance as a first-year-of-issue ensures its continued high level of demand. Many eagles of this type show extensive adjustment marks. These are mint-made filings on the surface that are the result of overweight coins having excess gold removed by hand. Unless the adjustment marks are extensive and/or situated in obvious places, they are not considered detracting.

Many Capped Bust Right small eagle ten dollar gold pieces have been cleaned. The collector is urged to be patient as this type has survived in sufficient quantity to expect a nice, original piece becoming available at some point.

An Extremely Fine 1795 eagle should be priced in the $15,000-18,000 range while About Uncirculated coins range from $25,000 to $35,000. Uncirculated examples start at $40,000 and run to over $150,000 for the finest available quality.

B. Capped Bust Right, Heraldic Eagle, 1797-1804

The next type of eagle has the same obverse as the last but a redesigned reverse based on the Great Seal of the United States. It was struck from 1797 to 1801 and again from 1803 to 1804. The eagle denomination was discontinued (along with the silver dollar) on December 31, 1804 and it would not be resumed until 1838.

The survival rate of Heraldic Eagle reverse ten dollar gold pieces is considerably greater than for the half eagles described above. This is excellent news for today's generation of collectors. Attractive circulated examples of dates such as 1799, 1801 and 1803 are not hard to locate and they fall within most collector's budgets.

The 1799 has always been a favorite date of mine. It is the most affordable 18th century eagle and it is generally found with a good quality of strike. The 1801 and the 1803 are of similar rarity and are also excellent type coins. But the magical 18th century date of the 1799 has always made it seem like a more interesting issue, in my opinion.

The rarest date of this type is the 1798/7. Two varieties are known. One has thirteen stars on the obverse with nine on the left and four on the right while the other has the stars arranged seven left by six right. There are approximately two dozen known of the former and fifteen to twenty of the latter.

The 1800 is a scarce and underrated date that sells for much less of a premium over the 1801 and the 1803 than it should. The 1804 is scarce in all grades and very rare in accurately graded Uncirculated. A total of four Proof 1804 eagles are known. These have a Plain 4 in the date (unlike the business strikes that show a Crosslet 4). They were struck in 1804 for inclusion in sets presented to dignitaries. One is included in the famous King of Siam proof set.

Buying Tips: This is an easy type to acquire and the collector should be careful and deliberate about a potential purchase. I would suggest looking for a coin that is well struck and original with minimal marks. Many eagles of this type have adjustment marks but it is easier to locate pieces without these marks than on the Small Eagle reverse type. A nice Extremely Fine common date (i.e. 1799, 1801 or 1803) is currently worth $5,000 while a About Uncirculated is worth $6,500-9,500 depending on quality. A piece in the lower Uncirculated grades sells for $10,000-20,000. This type becomes rare and quite expensive in Mint State-63 and higher grades.

A nice addition to a type set would be to purchase two examples of this type: a 1799 and either an 1801 or 1803 to illustrate the two decades in which Heraldic Eagle reverse ten dollar gold pieces were struck.