The Ten Rarest Dahlonega Gold Coins Revisted

In the five years since I wrote the second edition of my book on Dahlonega gold coinage, a number of important coins have been sold and some significant changes are going to be have to be made when I release my third edition (which, if I had to guess, will be out in another year or so). I think it would be interesting to look at the ten rarest Dahlonega gold coins and see what important things have changed about them since 2003. For each of these issues, I am going to focus on the following aspects:

-Changes (if any) in high grade rarity

-Changes (if any) in Condition Census

-New Finest Known coins or important new discoveries

-New price records at auction or via private treaty

Before we begin, I think a quick overview of the Dahlonega market is in order. If I had to summarize it in a paragraph I would say that the market is currently strong. The supply of Dahlonega coins—even schlocky ones—really seems to have dried up in the last two or three years. It was always hard to find choice, original Dahlonega coins; even in low grades. Now it seems hard to find even mediocre quality pieces. And the very rare Dahlonega issues—the coins which we will focus on in this article—have become exceptionally hard to locate. The last really important specialized collection to come on the market was the Duke’s Creek gold dollars and quarter eagles that Heritage auctioned in April 2006.

1855-D Gold Dollar: This remains the rarest Dahlonega gold dollar in high grades and it is the second rarest overall with fewer than 100 known. The rarity of this issue with a full date seems to have been exaggerated by me in the first two editions of my book. I would revise the number of 1855-D gold dollars with a full date upwards from “less than a dozen” to around double this amount.

While no new discoveries of note have been recorded, no less than three record prices were recorded between 2006 and 2007. In February 2007, the Goldberg: 2097 example, graded MS64 by NGC, sold for an incredible $149,500; it had sold earlier as Heritage 1/06: 3396 where it brought $109,250. The finest known 1855-D was purchased by a prominent Alabama collector in the Heritage April 2006 sale where it realized $132,250. This coin had previously been graded MS64 by NGC; now it is in a PCGS 64 holder. The only other Uncirculated 1855-D gold dollars, graded MS62 and MS61 by PCGS, sold for $56,350 and $46,000 respectively in the Heritage 2/04 auction. Remarkably, the four finest 1855-D gold dollars all sold at auction between 2004 and 2007(!)

1856-D Gold Dollar: In the second edition of my Dahlonega book, I estimated that 80-90 examples of the 1856-D gold dollar exist. I still believe that this is accurate. I also estimated that only four to five Uncirculated examples are known. By the magic of gradeflation, I think this number has climbed to around half dozen.

A world record price was set by the Heritage 1/04: 1009 coin (ex: Green Pond) that sold for $47,150 and another impressive price realized was the Heritage 4/06: 1488 coin (ex: Duke’s Creek) that brought $40,250. One of these two coins was upgraded to MS63 by NGC and it now is the highest graded 1856-D gold dollar. Two other high grade 1856-D gold dollars that have traded since the second edition of my book was published are a new PCGS MS62 that I sold via private treaty in 2007 to the Wexford Collection and the ANR 9/03: 425 coin that sold for $41,400, the second highest price ever realized by this date.

1861-D Gold Dollar: The 1861-D gold dollar has, arguably, become the most popular coin of any denomination produced at the Dahlonega mint. I can’t attribute this soaring degree of popularity to anything other than a high “coolness” factor and a multi-tiered level of demand that is not seen by other Dahlonega issues.

My estimate of 55-65 known may be a bit on the low side and I would probably raise this to 65-75 including a dozen or so in Uncirculated. A record price was set in January 2008 when the Heritage 1/08: 3050 example brought $149,500 (this is an exact tie with an MS64 1855-D for the highest price ever realized by any gold dollar from Dahlonega). This same coin had brought $138,000 in April 2006. The finest known 1861-D remains the Pierce/Ullmer coin, graded MS64 by PCGS, in a prominent Alabama collection. In my opinion, the second finest is the Green Pond coin, graded MS63 by PCGS, which sold for $86,250 in January 2004.

1840-D Quarter Eagle: Of the ten coins discussed in this article, I think the 1840-D is the least well-known. It is the third rarest Dahlonega quarter eagle and I now regard it as the second rarest in high grades after the 1856-D. I believe this date is unique in properly graded Uncirculated and the finest known example, known to collectors as the Bareford/Duke’s Creek coin, sold for a record $74,750 when it was auctioned by Heritage in April 2006. (This coin, by the way, still appears in the PCGS population figures as an MS61. The only Uncirculated 1840-D quarter graded Uncirculated by NGC (an MS61) is owned by a Kansas collector and it is ex: Superior 8/07: 659 ($31,050), Heritage 1/04: 1016 ($27,600). I still think that even in properly graded AU50, the 1840-D is genuinely rare and there are fewer than a dozen true AU’s known.

1855-D Quarter Eagle: The true rarity of the 1855-D quarter eagle has been distorted by the fact that virtually all of the higher grade examples that have appeared for sale are overgraded. This includes at least two coins in MS60 holders that have been recolored and another with damage on the surfaces. The all-time price record for the 1855-D was set in April 2006 when Heritage sold an NGC MS61 for $54,625.

I have previously stated that the 1855-D is the rarest Dahlonega quarter eagle in high grades and overall. I now believe it to be the second rarest, after the 1856-D. I still have never seen an encapsulated 1855-D quarter eagle that I believed to fully Uncirculated. There is an example in the Smithsonian’s collection that noted expert Jeff Garrett grades MS62.

1856-D Quarter Eagle: My respect for this issue has increased over time and I now regard it as not only the rarest Dahlonega quarter eagle but the rarest single issue of any denomination from this mint. Only 874 were struck and there are probably no more than 45-55 known.

Due to its crude strike, this is an extremely hard issue to grade and I’m not really sure exactly how many Uncirculated pieces exist. PCGS has only graded a single example in Uncirculated (Heritage 1/04: 1034, ex: Green Pond that sold for $69,000) while NGC shows one in MS60 and four in MS61 with none better. The only Uncirculated NGC coin that I have personally handled is Heritage 4/06: 1513 (MS61) that I paid a record price of $71,875. There is a PCGS AU58 that is owned by a prominent Alabama collector that I think is outstanding for the issue and I have handled two other PCGS AU58’s that I feel are accurately graded.

1854-D Three Dollar: This is the only one of the ten issues in this article that I believe is overrated by most non-specialists. However, as I have mentioned innumerable times, its status as a one-year issue make it exceedingly popular with a wide range of collectors. A nice 1854-D Three Dollar has become the “High Relief of Branch Mint Gold” (i.e., an expensive but extremely popular issue with exceptional liquidity).

An all-time record for this date was set in April 2006 when I purchased an NGC MS62 from the Duke’s Creek collection sale. This easily eclipsed the previous auction high of $92,000 that was set by the Green Pond: 1037 coin back in January 2004. The two finest 1854-D Threes remain the fantastic Bass coin (see www.hbrf.org to view an image of this special piece) and the PCGS MS62 in the Great Lakes collection.

As of July 2008, PCGS had graded four examples in Uncirculated: MS62-(2) MS61 and MS60 while NGC had graded nine: MS62-(5) MS61 and (3) MS60. I believe the actual number of Uncirculated 1854-D Threes is around four or five.

1838-D Half Eagle: The 1838-D is by far the most available issue in this group of ten coins and the major reason I decided to include it (and exclude much rarer coins such as the 1860-D gold dollar and 1841-D, 1842-D and 1854-D quarter eagles) is that it is extremely popular. I would have to rank it as one of the three or four most popular issues from this mint.

As I mentioned before, the 1838-D half eagle is a relatively common issue and I believe that there are somewhere north of 300 known including as many as eight to ten in Uncirculated. But what I find interesting about this issue is that the supply has really shriveled in the last few years, particularly in higher grades. The only really nice Uncirculated 1838-D that I have seen in the last few years is Heritage 2007 ANA: 1919 (PCGS MS62 @$37,375). An NGC MS63 (ex: Ashland City collection) bounced around from sale to sale in 2003-2006 and I have never particularly cared for it. I believe that if a really choice, fresh PCGS MS62 or better 1838-D half eagle were to appear on the market, it would command a record price as there seem to be many collectors waiting around for such a coin.

1842-D Large Date Half Eagle: Despite its status as the rarest Dahlonega half eagle in higher grades, this is another issue that is somewhat off the radar to nearly everyone except specialists. In terms of its overall rarity, I believe this variety is a bit more available than I claimed in the second edition of my book. In high grades, it remains a major rarity with just a single Uncirculated graded by PCGS (the Green Pond coin which is in an MS61 holder) and two in MS61 at NGC.

The all-time auction record for the 1842-D half eagle was set in January 2004 by Green Pond: 1043 which realized $41,400. The Duke’s Creek/Eliasberg coin, which was formerly in a PCGS AU58 holder, is now (deservedly) in an NGC MS61 holder. An exceptional new PCGS AU58 was sold by me around a year ago to the Wexford Collection. I am especially interested to see the newly discovered NGC MS61 that was found as part of the S.S. New York treasure in Louisiana. This coin will be sold at auction by Stack’s just prior to the 2008 ANA.

1861-D Half Eagle: Like its gold dollar counterpart, the 1861-D half eagle has become an issue whose demand transcends specialists. As a result, prices for both 1861-D issues have soared in recent years. Despite the fact that even low grade 1861-D half eagles are now commanding prices upwards of $10,000, few have come to market since the second edition of my book was released.

However, there has been quite a bit of activity in the upper end of the 1861-D half eagle market. The finest known example, graded MS63 by PCGS, sold for a record $207,000 in Heritage’s 2008 FUN auction. This was, as far as I know, the most money that any single Dahlonega coin has ever brought. The second finest known example, pedigreed to the Duke’s Creek and Eliasberg collection, was upgraded from MS63 at PCGS to MS64 at NGC. And another MS63 was “made” at PCGS when the Duke’s Creek coin (ex: Heritage 1/04: 1065 @ $74,750 as PCGS MS62) upgraded a point.

The current certified population figures for this date are clearly inflated. PCGS shows three coins in MS63 but there are only two. They also show four in MS62 but I believe that the correct number is also two. The NGC population figure of three in MS62 seems inflated as well.

As I mentioned at the beginning of this article, I plan to begin work soon on the revised third edition of my Dahlonega book and will incorporate all of the changes mentioned in this article. If you have pertinent new information about Dahlonega coins that you feel should be in the book, please email me at dwn@ont.com and I will make certain it is included.

The Ten Coolest United States Coins Revisited

In June 2000, I wrote an article entitled “The Ten Coolest United States Coins.” Let’s say you were a true Douglas Winter Numismatics cultist and you had decided to follow my advice to the letter. How would your seven year investment have performed? Are there any coins I would have deleted from this list? Some analysis and random thoughts regarding these ten coins follows. In 2000, I suggested purchasing an example of this popular, historic issue in Choice About Uncirculated and stated that an example would cost around $10,000. I think this amount represented a typo as, even back then, a Continental Dollar in AU would have cost at least twice the amount I listed.

My decision to include this coin was prescient, to say the least. This has proven to be among the most popular and in-demand early American issues in the last seven years. And how can it not have been? This issue has everything going for it: size, interesting history, unique design and the magical 1776 date.

Today, a nice AU 1776 Continental Dollar will probably cost in the area of $60,000. And if you had bought a really nice AU55 to AU58 back in 2000, the chances are better than even that this coin would be regarded as an MS61 today with an estimated value closer to six figures. Clearly, this would have been a very good purchase.

I. 1776 Continental Dollar

This is not a regular issue coin but, rather, a proposed or speculative issue. Varieties are known in silver, pewter and brass and with different spellings of the word CURRENCY. For this set, I would suggest a pewter piece with the spelling "CURENCY" and the lack of the designers initials (represented on this coin as "EG FECIT," which is believed to signify that the design was by Elisha Gallaudet).

It is probable that these coins did circulate in colonial America and that they did have a recognized value. This fact makes them a legitimate candidate for the first "dollar" struck in this country as well as the largest coin, in terms of size, issued prior to the establishment of the United States. The magical date 1776 makes them even more desirable, in my opinion. And, finally, the charming design on the reverse (featuring thirteen interlinked rings with the name of each colony and symbolizing unity) is believed to have been suggested by Benjamin Franklin.

For this set, I would opt for a very slightly worn piece; perhaps in the About Uncirculated-55 to 58 range. I like the idea that the coin saw some light circulation during the colonial era but would want it to be lustrous and well struck. Such a coin would cost $7,500-$10,000; making it an exceptional value for such an incredibly historic issue.

II. 1792 Half Disme

This is another coin that seemed much undervalued to me back in 2000. I like this issue for many of the same reasons I mentioned above for the Continental Dollar: great story, interesting design and fascinating history. In 2000 I suggested purchasing a nice AU example and felt it would cost around $10,000-15,000. If you had been able to find a nice half disme back then, you probably would have been able to buy it at the high end of my suggested range.

As with most early coins, this is an issue that has performed fantastically since 2000.

If you can find a good looking AU55 to AU58 half disme (and this will be hard as most real AU coins are now in MS61 and MS62 holders) you are probably going to have to pay around $100,000 for this coin. Even an example which looks like its been run over by a train is going to cost in the mid-five figures.

Without patting myself on the back too much, I’d have to say that this choice was a home run. Of course, I wasn’t smart enough to listen to myself and actually put away any nice half dismes...

III. 1793 Chain Cent

There aren’t all that many coins left that still give me a tingle in the spine when I buy one, but Chain Cents qualify. I love the design and history of these coins and admire the fact that they have been coveted by collectors since the late 1850’s.

In 2000 I recommended buying an EF or an AU Chain Cent and felt that it would have cost in the area of $20,000 to $45,000. It wouldn’t have been easy to find a decent looking example but with some searching you might have been able to buy one with good detail and reasonably choice surfaces.

Today, Chain Cents are not only nearly impossible to find in grades above VF20, they are just about the most overgraded type I have seen in third-party holders. Coins that I personally grade Fine-12 are housed in EF-40 holders and both services seem to conveniently overlook the fact that coins in EF holders are riddled with problems.

Assuming you could find a decent coin in 2007, you’d be looking at spending $60,000-80,000 plus for an EF and at least $100,000 for an AU.

This was a good choice but in retrospect I think I might have selected a 1793 Liberty Cap instead. But, as I recall, I didn’t choose this type in 2000 because I thought it would be impossible to find one that I liked even back then.

IV. 1794 Silver Dollar

This is the first and largest United States silver coin. Any well-heeled collector who couldn’t be sold on the desirability of this coin back in 2000 had to truly have his head in the sand.

In my 2000 article I suggested a nice EF example of this coin and that such a piece might be available in the $75,000-90,000 range. This value range might have been just a touch low and I’m guessing that if anyone did take my advice, they probably had to pay closer to $100,000.

Regardless of what this theoretical collector paid, if he did buy a 1794 dollar, he did very, very well. Early dollars caught fire a few years ago and the 1794 proved to be the ultimate trophy coin in the early dollar series.

A nice EF 1794 dollar today is worth $250,000 to $300,000. Any significant investment made in early dollars around 2000 would have done fantastically well seven years later but the 1794 is the one issue which I believe will continue to show the greatest strength in the future.

V. 1795 Eagle

I selected this coin for my group of 10 because it is the first United States gold coin and it is the sort of big, neat, old gold coin that new and old collectors alike seem to love. Looking back at this choice, I might have changed it to a 1796 quarter eagle or another 18th century issue.

In 2000, a nice About Uncirculated 1795 eagle was available for around $30,000-35,000. Such a coin would have graded AU53 to AU55 (and would grade AU55 to AU58 in today’s looser environment). Today, the same sort of coin would be priced at around $80,000-90,000; possibly a bit more if the coin was original and had nice eye appeal.

I am not as enthusiastic about this issue today as I was seven years ago. I think at close to $100,000 the 1795 eagle in AU is pretty pricey, given the fact that it still somewhat available. More importantly, most pieces in AU holders are really low end for the grade.

Still, a rise in value from $35,000 or so to around $90,000 isn’t too shabby for a seven year hold. This is typical of most early gold during the past seven years.

VI. 1836 Gobrecht Dollar

I didn’t choose a Proof 1836 Gobrecht Dollar as one of my Ten Most Cool Coins because of its history or numismatic significance. I chose this issue because I love the design. There’s just something about the stark cameo-like appearance of the obverse and the eagle flying in the field of stars on the reverse that I’ve always found very appealing. Apparently, I’m not the only one who thinks this way.

Back in 2000, nice PR63 Gobrecht Dollars seemed pretty cheap. They could be bought for around $20,000. Today, the same coin is more likely to cost in the area of $30,000-35,000. So the gain that this coin has shown has been pretty impressive although it pales in comparison to some of the early issues listed above.

Personally, I think PR63 and PR64 1836 Gobrecht Dollars are still a good value and even though the market for these pieces is a bit soft right now, they are a good long-term purchase at current levels. Examples which are too dark should be avoided as should pieces which have been overdipped and which are now bright white.

VII. 1850 Double Eagle

What could I possibly have been thinking when I put this issue on my list of Ten Cool Coins? Sure it’s interesting and it has status as a first-year-of-issue but I’d hardly put it in the same ballpark as the other nine coins on this list.

That said, this issue has performed very nicely since 2000, especially in high grades. In my first article, I suggested purchasing an MS61 and figured that such a piece would be obtainable in the $6,000-9,000 range. Today, a nice MS61 sells for $12,000 or so.

In retrospect, a Liberty Head double eagle collector could have done a lot better from an investment standpoint if he had purchased a few nice New Orleans pieces. As an example, the 1854-O and 1856-O issues have shown spectacular price gains in the past seven years and even the secondary rarities such as the 1855-O, 1859-O, 1860-O, 1861-O and 1879-O have performed exceptionally well.

I’m not going to totally disown this choice but I’m pretty embarrassed to see it alongside such issues as a 1794 Dollar or a Chain Cent.

VIII. 1861-D Gold Dollar

The 1861-D gold dollar remains my favorite Dahlonega coin of any denomination. It’s the most historic southern issue, I love the crudeness of its manufacture and it is, of course, genuinely rare.

Back in 2000, the 1861-D gold dollar seemed to be available on a somewhat regular basis. With a little luck and patience you could find one at auction or in a specialist’s inventory. Today, these coins seem to have disappeared and I have not personally handled an 1861-D in close to a year.

I recommended purchasing a nice AU58 example and suggested that it would cost $17,500-20,000. If you heeded my advice, you did very well as a similar example would probably fetch double that amount today. What makes this all the more remarkable is the fact that the high end of the Dahlonega market has been fairly flat in the past seven years with certain coins actually dropping in value despite what is arguably the most sustained bull market in modern numismatic history.

This is another coin which I would hang on to for the long term if I had one put away right now. Despite its rise in price, it is a coin which is in great demand and which has such a wonderful story that it can’t help but appreciate in value in the coming years.

IX. 1879 Flowing Hair Stella

Unlike the 1861-D dollar, the 1879 Flowing Hair Stella is a truly rare coin. If you check auction records over the past few years, you’ll note that a lot of pieces have sold. But I still think the Stella is a coin that is genuinely cool. It is interesting, has a unique design and history and it really is a perfect “trophy coin” for a well-heeled investor.

In 2000 I suggested purchasing an example that graded PR63 (back then, Stellas existed in this grade. The PR63 of 2000 is now a PR64). A nice example would have been available back then for around $50,000-55,000. Today, the same coin would probably be worth around $150,000.

When nice Stellas were worth $50,000 or so they were a great value. At today’s price level, I don’t really like the value that they represent. But, I can certainly see how coins like this trade for $150,000 given their great story and always high level of demand.

Time to pat myself on the back one final time. This was a great recommendation and if you listed to me you made a ton of money!

X. 1907 High Relief Double Eagle

I can remember struggling with the decision to make this the tenth and final coin on my list. High Reliefs are big, beautiful and “cool” but they are just so...common. I hated to put a coin on this list that I knew could be obtained by the truckful at major auctions and conventions. But this was a list built around cool coins and if a High Relief isn’t a cool coin than what was?

My recommendation was to purchase a nice MS64 and back in 2000 this coin was obtainable in the $14,000 to $17,000 range. For a number of years, the market for High Reliefs stayed pretty flat but this coin was extensively promoted in 2005 and 2006 and it rose in value to a high of around $35,000-40,000. Today, the market for these has softened and a nice MS64 High Relief is more likely to sell in the $26,000-28,000 range.

If I were in the market for a High Relief as an investment, I’d probably consider buying one now, while prices are somewhat depressed. I’m guessing that MS64’s could drop as low as around $22,500-25,000 but at that level there would be enough market support that people would jump in and start pushing up demand.

So there you have it. Ten Cool Coins revisited seven years later. Had you bought some or all of these coins you would have tripled your money and had a pretty neat little coin collection to boot. The best lesson to learn from this list is that cool coins are always what people will want to buy, regardless of what series or price range you are discussing.

Factors in Coin Purchase Decisions

A collector recently asked me an interesting question: “what makes you to decide to buy certain coins and to pass on others?” The factors that I use in deciding what to buy for my inventory are actually quite similar to the factors that a good collector should use in deciding what to buy for his set.

The first thing I consider is if I like the actual coin itself. In most situations, I try to buy nice coins. By “nice” I mean a coin that has good overall eye appeal and one that I would rank as being in the top 10% for the grade. But there are situations where I might buy a coin that I regard as being “average” quality for the grade or one that I know has been dipped or which seems a bit enthusiastically graded. These situations, which are pretty rare for me, tend to occur when I am offered a date that I really like or a coin that I think is really undervalued. As a collector, I do not suggest you indulge in this compromise behavior very often.

As a dealer, liquidity is very important to me. I like to sell my coins quickly and I try to buy coins that I know will move in a few weeks. I carefully monitor my inventory and if I see that a certain coin gets a lot of attention when I post it on my website, I try to buy other examples of this date. The liquidity factor of a coin should also receive consideration from a collector. You never know how quickly you might have to sell your coins down the road and you will generally find that having coins that are easy to sell are a lot more enjoyable than owning coins that take forever to get rid of.

I try to buy coins that are good values. This does not necessarily mean that I think a coin is undervalued. What it means is within the context of a specific series I like the value that a coin offers. As an example, I like virtually all New Orleans eagles from the 1850’s. If I am offered nearly any reasonably attractive, fairly priced piece from this era, the chances are good that I will buy it. I also like all higher grade New Orleans eagles from the 1890’s and early 1900’s. But there are specific higher grade coins that I will pass on because I feel that the premium over the next grade down is way too high. As an example, I recently bought a nice PCGS MS62 1892-O for under $2,000. I also had a chance to purchase a piece graded MS63 but it would have cost more than triple the price of the MS62. Even though the higher grade coin had a very low population and seemed interesting I didn’t like the level of value it provided. Therefore, I passed.

I try to purchase coins that are popular but not necessarily too popular. It can be hard to define the line between popularity and “too popular.” An example of a coin that I will always buy because of its popularity is the 1861-D gold dollar. But I tend to shy away from higher grade examples of this date because I am not sure that I believe that a decent Uncirculated 1861-D is now worth close to six figures.

This is a fine line that smart collectors and dealers always have to walk. You want to be somewhat “cutting edge” when you buy coins and find a market that is undervalued. But by the same token, you don’t want to be the lone voice in the wilderness buying a series that only you feel is undervalued.

So, in summary, I’d say that the things that mean the most to me when I buy a coin are the following:

Is the coin nice?

Is the coin relatively easy to sell?

Do I like the value that the coin represents?

Is the series that this coin is included in currently undervalued or have values peaked?

Stand Alone Coins

I have noticed a very interesting numismatic trend in the past few years. The coins that have shown the greatest increases in demand (and have had their prices rise accordingly) are what I term "stand alone" coins. I loosely define a stand alone coin as one whose rarity and level of interest transcends the series of which it is a part. A list of qualifications for stand alone coins includes the following criteria:

The coin is rare but not so rare that it becomes esoteric. The appeal of the coin is widespread. Its "essence" is easily definable--it has a great story or interesting history. It has "cross appeal" --i.e. collectors in various series all want this particular coin. It is affordable. It exists in relatively high grades(s).

Stand alone coins exist in many series and range in date from the 1790's to the 1950's. What follows is a list of coins that, in my opinion, meet the criteria that I listed above. I have also included a short comment about each.

1793 Half Cent: First year of issue; one of the first U.S. coins. 1796 Half Cent: Rarest single year of issue; lowest regular issue mintage. 1793 Half Cent: First year of issue; a desirable issue for 150+ years.

1793 Liberty Cap Cent: The rarest of the three types of 1793 Cents. 1799 Cent: Rarest Large Cent and hardest to find choice. 1856 Flying Eagle Cent: Rarest and most popular small cent. 1877 Indian Cent: Rarest Indian Head Cent. 1909-S VDB Cent: Most famous US small cent; a coin every collector wanted as a kid. 1955 Double Die Cent: Best known error coin; very distinctive appearance.

1792 Half Disme: First regular issue U.S. coin; association with George Washington. 1802 Half Dime: Rarest half dime; important U.S. rarity.

1796 Dime: First year of issue. 1838-O Dime: First mintmarked issue of this denomination. 1916-D Mercury Dime: Rarest and best known coin of this design. 1942/1 P+D Dimes: Only recognized overdates in the Mercury Dime series.

1796 Quarter: First U.S. quarter dollar; one year type. 1870-CC Quarter: First Carson City quarter; earliest issue from this mint. 1916 Standing Liberty Quarter: Popular first year of issue; famous bare breast design. 1918/7-S Quarter: Rarest issue of this design; only overdated issue. 1932-D Quarter: Key issue in the newly-popular Washington Quarter series.

1794 Half Dollar: First U.S. half dollar; rare low mintage issue. 1796-97 Half Dollars: Rarest U.S. silver type (Small Eagle reverse). 1815 Half Dollar: Rarest year of the Capped Bust design. 1836 Reeded Edge Half Dollar: Popular low mintage; first Reeded Edge issue. 1839-O Half Dollar: First collectible branch mint half dollar; obverse mintmark. 1870-CC Half Dollar: First Carson City half dollar. 1921-D Half Dollar: Rarest modern half dollar.

1794 Silver Dollar: First U.S. silver dollar; very rare low mintage issue. 1836 Gobrecht Dollar: Popular short-lived design, attractive design. 1851-52 Silver Dollars: Very rare issues that exist both as originals and restrikes. 1870-CC Silver Dollar: First coin struck at the popular Carson City mint. 1889-CC Silver Dollar: Rarest Carson City Morgan dollar. 1893-S Silver Dollar: Rarest Morgan dollar. 1895 Silver Dollar: Popular proof-only(?) issue. 1921 Peace Dollar: First year of issue; one year type with High Relief design.

1855-C & 1855-D Gold Dollars: One year type coins; popular Type Two issues. 1861-D Gold Dollar: Only coin that was unquestionably struck by the Confederacy.

1796 No Stars Quarter Eagle: First issue of this denomination; one year type. 1808 Quarter Eagle: Rare and popular one year type. 1838-C Quarter Eagle: First quarter eagle from Charlotte. 1839-D & 1839-O Quarter Eagles: First quarter eagles from these mints; one year types. 1848 "CAL" Quarter Eagle: Struck from first California gold. 1856-D Quarter Eagle: Rarest issue from this mint; less than 1,000 struck. 1911-D Quarter Eagle: Rarest 20th century quarter eagle.

1854-O & 1854-D Three Dollar Gold Pieces: Only issues of this denomination from these mints. Closed 3 1873 Three Dollar Gold Piece: Affordable rarity with a mintage of 100+.

1795 Small Eagle Half Eagle: First year of issue and one of the first U.S. gold coins. 1838-C & 1838-D Half Eagles: First half eagles from these mints; one year types. 1839-C & 1839-D Half Eagles: One year type coins; only $5 Libs. with obverse mintmark. 1870-CC Half Eagle: First Carson City issue of this denomination. 1909-O Half Eagle: Only 20th century New Orleans half eagle.

1795 Small Eagle Reverse Eagle: First year of issue and one of the first U.S. gold coins. 1799 Eagle: Only affordable 18th century issue of this denomination. 1838 Eagle: First year of issue ; scarce, low mintage date. 1854-S Eagle: Earliest collectible issue from this mint. 1870-CC Eagle: First Carson City issue of this denomination. 1883-O Eagle: Lowest mintage New Orleans gold coin (800 struck). 1907 Wire Edge Eagle: Popular, low mintage, beautiful issue. 1933 Eagle: Only gold coin dated 1933 that is legal to own.

1850 Double Eagle: First collectible Double Eagle. 1854-O & 1856-O Double Eagles: Rarest Liberty Head double eagles. 1854-S Double Eagle: Along with similarly dated eagle, first collectible San Francisco coin. 1861-S Paquet Reverse Double Eagle: Popular experimental issue. 1870-CC Double Eagle: Rarest Carson City gold coin; first CC double eagle. 1907 High Relief Double Eagle: Popular, beautiful, great story; always in demand.

1893 Isabella Quarter Dollar: First modern commemorative issue; only commemmorative of this denomination. 1900 Lafayette Dollar: First commemmorative silver dollar. 1915-S Panama Pacific Exposition Round and Octagonal $50's: Largest size and value commemorative issues; low mintage and beautiful designs.

There are certainly other coins that could be placed on this list; my personal likes and dislikes definitely affected the coins that I included.

A collector who assembled a set that included nice examples of the 75 stand alone coins listed above would have a truly remarkable group that would encompass an incredible array of types and a broad range of dates.

The Ten Coolest United States Coins

About five years ago, a dealer who specialized in ultra-expensive United States coins had an advertising campaign that said, basically, your entire coin collection should be able to fit into a single PCGS/NGC coin storage box. Such a box holds exactly twenty coins. This was obviously an elitist sentiment and it was generally derided as being pretentious. But I thought it had some merit. In numismatics, quality is always a surer bet than quantity (although a large quantity of great quality is best of all...)

I recently got a phone call from a wealthy new collector who asked me to draft a very interesting proposal for him. He was interested in collecting coins but he had very little spare time available to devote to learning about them. So he asked me to come up with a list of ten coins that, in my opinion, were the most significant United States issues.

As I got to thinking about this list of coins, I drew up the following parameters:

The coins had to be very historic. Their historic significance had to be easily understood, even by someone who didn't know much about U.S. History or coinage. They had to be coins that were always in demand, in good markets and bad. They had to have multiple levels of demand. In other words, they had to be considered desirable by a number of different groups of collectors. They had to be attractive in terms of their design. They had to be rare, but not so rare that they commanded an inordinate date premium.

This collector gave me some other parameters to consider as well. While wealthy, he did not have unlimited funds; nor did he like coins enough that he wanted to put an inordinate amount of his net worth into his collection. This collection would not consist of the "finest known" or the "best" of anything. Rather, it would consist of ten attractive, original, above-average quality examples of the ten most interesting and readily liquid United States coins. In essence, this collection would be themed as the "coolest coins ever struck in the United States," if you will.

Here is the list that I prepared for this collector, along with why I thought each coin should be in this small but special collection.

1. 1776 Continental Dollar

This is not a regular issue coin but, rather, a proposed or speculative issue. Varieties are known in silver, pewter and brass and with different spellings of the word CURRENCY. For this set, I would suggest a pewter piece with the spelling "CURENCY" and the lack of the designers initials (represented on this coin as "EG FECIT," which is believed to signify that the design was by Elisha Gallaudet).

It is probable that these coins did circulate in colonial America and that they did have a recognized value. This fact makes them a legitimate candidate for the first "dollar" struck in this country as well as the largest coin, in terms of size, issued prior to the establishment of the United States. The magical date 1776 makes them even more desirable, in my opinion. And, finally, the charming design on the reverse (featuring thirteen interlinked rings with the name of each colony and symbolizing unity) is believed to have been suggested by Benjamin Franklin.

For this set, I would opt for a very slightly worn piece; perhaps in the About Uncirculated-55 to 58 range. I like the idea that the coin saw some light circulation during the colonial era but would want it to be lustrous and well struck. Such a coin would cost $7,500-$10,000; making it an exceptional value for such an incredibly historic issue.

2. 1792 Half Disme

After obtaining its independence from Great Britain, one of the first legislative acts that the United States considered was the establishment of its own coinage. The first experiments were conducted in 1792. Most of the initial United States mint issues are extremely rare today. The most available is the 1792 Half Disme (the spelling of the word "Dime" was not changed until the beginning of the 19th century).

The story behind this coin is very interesting. George Washington was actively involved in its production and legend has it that he contributed his family's personal silverware for use in the striking of these coins.

Approximately 1,500 pieces were made and survivors are a bit more plentiful than generally realized. This is an extremely significant coin as it is the first United States issued struck by mint personnel in any quantity for use in circulation.

For this set, I would look for a nice About Uncirculated coin with original coloration and nice surfaces. The current value of such a coin is approximately $10,000-$15,000.

3. 1793 Chain Cent

The first two denominations to be struck by the United States mint were the half cent and the cent. Coinage for both began in 1793. Three designs are known for 1793 cents. The first, and most appealing in my opinion, is the Chain Cent.

A total of 36,103 1793 Chain cents were produced. The very first of these are easily identified by having the abbreviation AMERI. (for AMERICA) in the reverse legend. In my opinion, these are by far the most desirable of the major varieties and it is believed that around 7,000 were produced.

Chain Cents are often found very well worn and generally come with the obverse much weaker than the reverse. For this set, I would select a nice brown Extremely Fine to About Uncirculated piece. I would be very careful in making my selection and would look for a piece with good eye appeal, an above average strike and nice surfaces. Coins like this are rare and in great demand and I would expect to pay well in excess of current published values. An Extremely Fine coin is currently valued in the $20,000-$30,000 range while an About Uncirculated coin is worth $35,000-$45,000+.

4. 1794 Silver Dollar

The silver dollar was among the first coins authorized by the United States government. It is hard to think of a more significant coin for the fledgling United States than the dollar as it was the largest circulating coin at the time, both in terms of its size and its value.

This was a very difficult coin for the new mint to strike as they did not own equipment for coins larger than a half dollar. In addition, most 1794 dollars were struck from improperly aligned dies, making the date, the left stars, and the words UNITED STATES appear very weak.

Of the 1,758 pieces believed to have been struck, around 125 are known today. For this set, I would look for a nice, evenly worn Extremely Fine with as sharp a strike as possible. In particular, I would look for a coin with a well-defined date and reasonably sharp stars. This is another issue that is in great demand and nice coins always bring much more than published values. I would expect to pay between $75,000 and $90,000 for the right piece.

5. 1795 Eagle

The eagle, or ten dollar piece, was the highest denomination American coin until the twenty dollar gold piece was authorized in 1849. The essence of this coin is very easy to state in a few words: it is the first year of issue of the most important early gold type.

Only 5,583 1795 eagles were struck. There are a few hundred pieces known and this includes more high grade pieces than one might expect. The 1796 eagle is a much rarer coin and it is very undervalued in relation to the 1795. But I would much rather have the 1795 due to its significance.

For this set, I would choose a nice About Uncirculated example with clean surfaces, no significant adjustment marks, original color and a sharp strike. Such a coin, when available, would probably cost in the area of $30,000-$35,000.

6. 1836 Gobrecht Dollar

After a three decade hiatus, the silver dollar was resurrected in 1836. Its design was considered one of the most important projects undertaken by the new Mint Engraver Christian Gobrecht. From 1836 to 1839, he prepared a number of designs; which are among the most attractive coins ever struck in the United States in my opinion. My personal favorite is the so-called 1836 "original" with the engraver's name on the obverse and the reverse with stars above and below the eagle.

1,000 of these were struck as Proofs at the end of 1836. They were made for circulation and can be distinguished from those struck in 1837 (but dated 1836) by the orientation of the eagle on the reverse. They are generally found with some degree of wear and, for some reason, uncleaned pieces generally have extremely deep toning.

For this set, I would select a Proof-62 to Proof-63 example with attractive coloration, minimal detracting hairlines and good overall eye appeal. I would expect such a coin to cost in the area of $15,000-$20,000.

7. 1850 Double Eagle

The first regular issue double eagles are dated 1850; examples were struck at both the Philadelphia and New Orleans mints. Although the Philadelphia issue is much more available than its branch mint counterpart, I have long felt that the 1850 double eagle was one of the most important United States coins. In a nutshell, it is the first collectible Double Eagle and the twenty dollar gold piece is the largest and most popular United States gold coin.

1,117,261 1850 double eagles were struck and this is not an especially scarce issue in circulated grades. There are around 40-60 known in Uncirculated with most of these in the MS-60 to MS-61 range. This date is often found with an especially sharp strike, nice coloration and very good eye appeal.

For this set, I would select a Mint State-61 example that was original, lustrous and minimally abraded. The cost of this coin would be in the area of $6,000-$9,000; making it among the best values in this collection.

8. 1861-D Gold Dollar

The 1861-D gold dollar is the only coin that can be positively proven to having been struck by the Confederacy. After the branch mint at Dahlonega was seized in April 1861, a small number (1,000-2,000) were produced. Unlike such issues as the 1861-C half eagle and the 1861-O double eagle, which had mintage figures that include Federal and Confederate strikings, every single 1861-D gold dollar is a Confederate striking. This makes these coins, in my opinion, among the most historic issues available to collectors.

There are approximately 75-100 examples known with the typical specimen grading About Uncirculated. This issue is generally found with a poor strike and some planchet irregularities.

The 1861-D gold dollar I would choose for this set would be a very high end About Uncirculated-58 with as good a strike and as clean surfaces as possible. The cost for such a coin would be in the range of $17,500-$20,000.

9. 1879 Flowing Hair Stella

The four dollar "Stella" (so named because of the prominent star on the reverse) was a result of discussions regarding international trade coinage during the 1870's. A very limited number were made, with two different designs, during 1879 and 1880. The most available of these is the 1879 Flowing Hair.

The official mintage figure for the 1879 Flowing Hair Stella is 425 coins, although it is possible that a few more were produced. Approximately half of the original mintage survives today, in grades ranging from Very Good to Gem Proof.

My choice of Stella for this set would be a Proof-63. I would try to look for a coin with nice original surfaces, pleasing color and minimal hairlines or marks. A coin of this quality would cost in the area of $50,000-$55,000.

10. 1907 High Relief Double Eagle

Theodore Roosevelt believed that United States coinage designs had, by the early 1900's, become stale and out of touch. He was particularly eager to redesign the four United States gold denominations. For the eagle and double eagle he hired the prominent sculptor Augustus St. Gaudens.

St. Gaudens' battle with the entrenched Mint personnel is well known as is their subterfuge of his spectacular original design. The "High Relief" that most collectors are familiar with today is a severely watered-down version of his incredible "Ultra High Relief" design. Nevertheless, the 1907 High Relief is still widely regarded as the most beautiful American gold coin.

11,250 examples of this design were struck and the survival rate is uncommonly high. Despite this coin's relative availability, it is still a highly priced coin. But it is priced relative to its extreme popularity and, in my opinion, it is an essential member of this ten coin set.

The High Relief that I would include would be a high end MS-64. The cost of such a coin would range from $14,000 to $17,000.

Conclusion

The total cost for this set, with each of the coins in the grade ranges described above, would be approximately $250,000-$350,000. It would probably take a number of years to complete this set, especially if the collector is very particular in regard to the quality of each piece.

It is my opinion that this would be a great set of coins to assemble. There are certainly other American coins that can also be considered "cool," but these are the ones that I find most appealing.