No Motto Half Eagles

I’ve recently had the opportunity to sell some high grade No Motto half eagles and this got me thinking about the rarity of this series in higher grade. I thought it would be interesting to look at the populations of the No Motto half eagle series and to give them a bit of statistical analysis. I also thought it would be interesting to take the No Motto eagle series and compare these numbers as the two series offer a good contrast. The No Motto half eagle and eagle series were produced between 1838 and 1866 with the eagles beginning in 1838 and the half eagles beginning in 1839. The No Motto type includes a one year subtype in the half eagle series (1839) and a two year subtype in the eagle series (1838 and 1839) that are collected alongside the issues produced in 1840 and later and whose numbers have been combined throughout the course of this study.

Mintage figures for both No Motto half eagles and eagles can be somewhat misleading. Some of the Philadelphia issues from the 1840’s and 1850’s have mintages that approach 1 million. All told, 9,114,483 No Motto half eagles were struck as well as 5,259,528 eagles. Given these figures, you would expect No Motto half eagles and eagles to be somewhat common. This is most certainly not the case, however, primarily because of massive meltings that began as early as the Civil War and which continued up through the 1960’s. In my experience, the survival rate for No Motto gold is well below 2% and in the case of high grade coins, it is a fraction of this.

In preparing this analysis, I’ve decided to use PCGS’ figures exclusively. I’m not endorsing one grading service over the other but merely feel that PCGS has a “cleaner” population report with more accurate figures. That said, it should be stressed that the figures used below include a number of resubmissions and they tend to become less accurate as grades increase (and values grow in spread). I will make note of this as we look at the numbers.

I. No Motto Half Eagles

Total Graded: 11,213 Circulated Grades: 9,952 (88.75%) Uncirculated Grades: 1,261 (11.24%) MS60 to MS62: 870 (7.75%) MS63: 230 (2.05%) MS64: 136 (1.21%) MS65: 19 (0.16%) MS 66 and better: 6 (0.05%)

So what can we learn from these numbers? The first thing that I find interesting is that only 11% or so of the No Motto half eagles graded by PCGS are Uncirculated. When we factor in resubmissions, the actual number is probably quite a bit lower; probably around 8% or so of the total coins. Given my experience, this makes sense. In comparison to early half eagles and the later With Motto Liberty Head issues, a very small percentage of the No Motto coinage survived in comparatively high grades.

The next thing that is noticeable is how the numbers drop off once the MS63 level is reached. PCGS has graded 391 No Motto half eagles in MS63 or better (just 3.47% of the total population graded) and my guess is that once you factor in resubmissions and other anomalies, the total number of PCGS graded No Motto half eagles in MS63 or higher is more likely 250 or so pieces.

These numbers get more interesting when we look at them a bit more carefully and note that three dates (the 1847, 1852 and 1861) have a combined population of 137 in MS63 and better. This works out to over 35% of the total population of all higher grade No Motto half eagles. If you remove these three dates from the total population, suddenly all No Motto half eagles in MS63 seem a lot scarcer.

The specific grade that I think is most inaccurate in the PCGS population report is MS64. In looking through the report, I see such figures as eight 1841’s having been graded, eight 1845’s, eight 1858’s and forty (!) 1861’s. Given the fact that a PCGS MS64 1861 half eagle is worth around $12,500 and an MS65 is worth over $30,000 it is no wonder that at least a few very high end coins have been resubmitted over and over in an attempt to graduate to a higher grade. My guess is that the PCGS figure in MS64 (a total of 136) is inflated by at least one-third and that the actual number is more likely in the 75-95 range.

Ironically, I think the PCGS MS65 and MS66 numbers are pretty accurate. Once someone gets a No Motto half eagle in an MS65 or MS66 holder it is clearly to their benefit to get the population figure accurate for a specific date. There are supposedly three 1847 half eagles graded MS66 by PCGS and I think this seems high by at least one but I can account for nearly every other MS66 and most of the 19 coins graded MS65 as well.

Now, let’s look at the figures for No Motto eagles:

II. No Motto Eagles

Total Graded: 7,155 Circulated Grades: 6,832 (95.48%) Uncirculated Grades: 323 (4.51%) MS60 to MS62: 236 (3.29%) MS63: 46 (0.64%) MS64: 34 (0.47%) MS65: 3 (0.04%) MS 66 and better: 4 (0.05%)

Given the ratio of original mintage figures, the total numbers graded for the two No Motto types makes sense. It also makes sense to me that well over 90% of all No Motto eagles are circulated. In fact, I think that once you look at the resubmission factor for this type, the actual number of unique PCGS graded Uncirculated No Motto eagles is less than 250 coins. And when you take this a step further and consider that many of the coins graded MS60, MS61 and even MS62 show rub and may not be considered “new” by conservative specialists, you are probably talking about a pool of 125-150 No Motto eagles in PCGS holders that are unequivocally Uncirculated.

I have long believed that virtually any No Motto eagle is rare in Uncirculated. Take a coin like the 1847. This issue has a mintage figure of 862,258. I personally doubt if more than 1,500-2,000 are known but the great majority are well-circulated. PCGS has graded twenty-six in Uncirculated but five in MS60 and four in MS61 (grades that may or may not be truly Uncirculated) as well as thirteen in MS62 (which is clearly inflated by resubmissions). This supposedly “common” coin is actually quite rare in Uncirculated. I doubt if more than four or five are known that accurately grade MS63 or better.

In MS63 or better, No Motto eagles are very rare; far more so than their half eagle counterparts. My best estimate is that only a few dozen are known in properly graded MS63 and MS64 combined. Gems are incredibly rare. PCGS has graded just two coins in MS65 and another three in MS66 (remarkably, each of these is an actual coin and not just a bunch of resubmissions!). In my experience, No Motto eagles (and half eagles) are rarer in MS63 and higher grades than Heraldic Eagle reverse issues of these denominations.

I also think that high grade No Motto gold coinage is extremely cheap right now, especially when compared to the older half eagles and eagles. As an example, you can buy a nice common date PCGS MS63 half eagle from the late 1840’s or early 1850’s now for around $7,500-8,500. A common date MS64 should be available for $12,500-15,000. No Motto eagles in this grade range are more expensive but they are still not out of the price range of many collectors. A PCGS MS63 “common date” should be available for $15,000-20,000 and an MS64 will run $25,000-30,000+. When you look at what other far less rare types are selling for these days, I think these levels seem very reasonable!

The 1864-S Half Eagle

Anyone with a passing knowledge of United States gold coinage is aware of the three rarest issues from the San Francisco mint: the unique 1870-S Three Dollar gold piece, the exceedingly rare 1854-S half eagle and the very rare 1854-S quarter eagle. But not everyone realizes what the next rarest gold issue is from this mint. Read on for the answer. The rarest collectible gold coin from the San Francisco mint is the unheralded 1864-S half eagle. I regard this as the second rarest collectible Liberty Head half eagle after the 1875 and the 1864-S also has the added value of not being available in Proof as the 1875 Philadelphia half eagle is.

There were a total of 3,888 half eagles produced at the San Francisco mint in 1864. While this is certainly a low mintage figure, it doesn’t really stand out in the Liberty Head half eagle series. In fact, there are 11 issues with lower production figures (1861-D, 1863, 1865, 1869, 1871, 1872, 1874, 1875, 1876, 1877 and 1887). Unlike the majority of these ultra-low mintage issues, the 1864-S has an incredibly low survival rate. In my opinion, there are about 20 examples known in all grades.

Not only is the 1864-S rare in terms of overall rarity, it is also extremely rare in high grades. Of the 20 or so known, I estimate that at least half grade EF40 or lower. The 1864-S is extremely rare in properly graded EF45 and it is exceptionally rare in About Uncirculated with an estimated four or five known. There is also one remarkable Uncirculated 1864-S half eagle in existence which will be discussed in greater detail below.

According to the most recent population figures from PCGS, they have graded a total of 14 examples in all grades including three in AU (two in AU50 and one in AU53) as well as a single example in Uncirculated. NGC has a total population of ten coins with three in AU (one each in AU53, AU55 and AU58). I have personally seen two or three coins that I regard as AU. One of these is Bass III: 500 ($23,000; as PCGS AU53) which I am fairly certain is the same piece as the NGC AU58 which is now in an eastern dealer’s inventory. Another was sold back in the 1980’s in a PCGS EF45 holder but which would certainly grade AU50 or better by today’s standards.

The 1864-S half eagle is easily distinguishable by its obverse strike. This includes weakness on the stars at the left and considerable flatness on the hair at the top of the head, the bun and the tip of the coronet. The curls around the face are usually very weak as well. Interestingly, this weakness does not fully correspond to the reverse. The upper portion of the reverse is quite sharply detailed while the lower portion is not quite as sharp with weakness noted on the arrowheads and arrow feathers, the talons and the lower part of the mintmark. The surfaces are usually abraded and may show light mint-made striations in the fields. The luster tends to be dull and grainy and most are worn to the point that little—if any—natural mint luster is present. The natural color is a medium to deep orange-gold. As one might expect, this is an incredibly hard issue to find with original color and surfaces and I doubt if more than three or four original pieces remain.

As I mentioned above, there is one truly remarkable 1864-S half eagle known. This piece is graded MS65 by PCGS and I think the grade is extremely conservative as the coin is virtually “as struck.” This coin first surfaced in 1956 when it sold in the Melish sale for a whopping $70. It was purchased by the Norwebs and it remained in their collection until 1987 when it was purchased at auction by Harry Bass for $110,000. It was last sold in 1999 when it realized what I thought was, at the time, a very reasonable $176,000 in the Bass II auction. It was purchased by a Southern collector who, to the best of my knowledge, does not own any other San Francisco Liberty Head half eagles and, for that matter, may not have more than a handful of Liberty Head gold coins from any mint in his holdings. To his credit, he realized what a great coin this Gem 1864-S half eagle was and he was determined to purchase it, whatever it took.

In looking back at my Bass II catalog, I noted that my reaction when I saw the coin for a second time (in 1999) was “world’s coolest San Francisco gold coin.” This half eagle is certainly not worth anything close to an 1854-S but it is probably my single favorite San Francisco gold coin of any date or denomination. It is the only known Uncirculated example of an extremely rare issue and it just happens to be a Gem. One has to wonder how it survived. My guess is that it was an assay coin that was sent to Philadelphia and kept by someone there as a souvenir.

Despite the extreme rarity of this date, it is still relatively affordable. The last example to sell at auction was a decent PCGS EF45 which brought $19,550 when Heritage auctioned it as Lot 3489 in their 2006 FUN sale. Coin World Trends for an AU50 is $45,000 which, again, seems pretty reasonable when one considers that only six examples have been slabbed in AU50 or better between the two services combined.

Liberty Head Half Eagle Series

Think you know the Liberty Head half eagle series pretty well? OK, then here is a test. Everyone (well, almost everyone...) knows that the extremely rare 1854-S is the rarest single issue in this long-lived series. But what is the rarest collectible date ? The answer and some interesting analysis can be found below. So have you given some thought to this question? If you answered the 1864-S, pat yourself on the back and give yourself a Gold Star because you know your Liberty half eagles! (For those of you who are about to complain and say, “Hey, Doug, how about the 1875?” my answer is that while this date is the rarest as a business strike, there are also Proofs known and the total number of 1875 half eagles is probably narrowly more than the 1864-S).

With a mintage of just 3,888 you have to figure that this is a rare coin. But there are other dates in the series with lower mintage figures, including the 1865, 1869, 1872, 1875, 1876 and 1877. As a rule Philadelphia coins were saved with greater frequency than those from the branch mints and almost no one saved any 1864-S half eagles. My best estimate is that no more than twelve to fifteen pieces are known.

As of January 2008, PCGS had graded just thirteen 1864-S half eagles including three in Extremely Fine, three in About Uncirculated and one in Uncirculated (more about this coin later) while NGC had graded ten with four in EF and three in AU.

In the last decade or so, I have personally seen a very small number of 1864-S half eagles in any grade. The last one I can recall selling at auction was a PCGS EF45 that Superior sold in May 2006 for $22,425 while an NGC EF45 brought $31,050 in David Lawrence’s July 2004 auction. Back in 2000, the Bass III coin, graded AU53 by PCGS, sold for an incredibly reasonable $23,000 and, at the time, that was one of the two best examples I had ever seen. I have also seen an NGC AU58 in the inventory of an East Coast dealer.

There is one 1864-S half eagle known that is so much better than any other survivor that it deserves special mention. I first saw this coin in October 1987 when it sold in the Norweb collection auction. The Norwebs had, in turn, purchased it in 1956 out of Abe Kosoff’s Melish sale.

This coin is in a PCGS MS65 holder but this doesn’t begin to tell the whole story about how incredible it is. The coin is essentially perfect and could easily grade MS66 or even MS67. Its only “fault” is the fact that isn’t all that well struck with some weakness visible on a few of the stars on the obverse and on portions of the upper obverse and corresponding reverse. It is by a large margin the nicest San Francisco half eagle from this era that I have ever seen and when I saw it again at the Bass sale back in 1999 I wrote the following in my catalog “world’s coolest San Francisco gold coin.”

As I was figuring my bids for this sale, the 1864-S kept popping into my mind. I badly wanted to buy this coin for myself or, at the very least, persuade one of my clients to put it away for a few years so I would have access to it when the market for coins like this would be stronger.

The coin opened for $60,000 and I bid up to $120,000 but I got cold feet and dropped out. It wound up selling for $160,000 to a Southern collector who, to the best of my knowledge, to this only owns one San Francisco gold coin—this 1864-S half eagle. And that is a hell of a San Francisco gold coin collection.

What would this 1864-S half eagle sell for today? I thought it would bring as much as $250,000 back in 1999 and had it been in a sale other than Bass II (which had FAR too many great coins for its own good...) it might have. Today, I figure it would bring at least twice this and maybe more.

Despite the obvious rarity of this coin, I think the 1864-S half eagle is still extremely undervalued. The current Trends value for an EF40 is just $14,250 in EF40 and $45,000 in AU50 with no prices listed for higher grades.

The 1864-S half eagle remains one of my favorite 19th century United States gold coins and I am confident that its true rarity will be fully appreciated in the near future.

The Milas Collection of No Motto Half Eagles

One of the most ambitious collecting projects ever undertaken was the No Motto half eagle set assembled by Chicago dealer Ed Milas. Not only did Mr. Milas attempt to assemble a complete set of these rare coins (struck between 1839 and 1866) but he did it, for the most part, in the highest grade possible. After working on this set for the better part of two decades, Milas sold his coins at auction through Stack’s in May, 1995. The Milas set included 98 coins and was lacking only the 1842-C Small Date, 1854-S, 1863 and 1864-S to be totally complete. The coins ranged in grade from mid-AU to MS66 and included a host of individual pieces that were either Finest Known or high in the Condition Census for that specific issue. I would still rate this as one of the single greatest specialized U.S gold collections ever formed and it was one of the most interesting auctions that I ever attended.

I had seen a number of Ed’s coins on a piece-meal basis and had even sold him a few high-end Charlotte and Dahlonega coins indirectly. But it was with real excitement that I went to New York to view a collection that had attained true cult status among rare gold coin collectors and dealers alike.

I remember being very surprised to see that the Milas Collection had been sent to NGC to be graded. Stack’s, in the mid-1990’s seemed to sell far fewer encapsulated coins than their competitors and my initial reaction on viewing the coins in their holders was that NGC had gotten a little bit carried away in grading them. Of course today, these same coins in the same 1995 holders would seem almost quaintly undergraded.

What I remember most about this collection, nearly a decade and a half after the fact, was the wonderful quality of the coins. They were the sort of No Motto mint half eagles that you almost never see today. Most had wonderful original color, blazing luster and had never been enhanced. A number traced their origin to famous collections that had been sold in the 1980’s and early 1990’s including Eliasberg, James Stack, Jimmy Hayes, Bareford and Garrett.

From the standpoint of appearance and overall grade, the Philadelphia half eagles were the highlight of the collection. Coin after coin graded MS63, MS64 or even MS65 and I remember a number of the ex: Eliasberg coins having absolutely sensational fiery orange-gold coloration. Two coins that I really loved were the 1850 (graded MS65 by NGC) that was so amazingly fresh and crisp in appearance it looked like it had been made last week and the MS66 1852 that, to this day, rates as one of the single finest No Motto half eagles of any date that I have seen. As I recall, many of these Philadelphia pieces were purchased by dealer Steve Contursi.

The Charlotte and Dahlonega half eagles in the Milas collection included some of the most famous (and most mind-blowing) high grade pieces known. It’s hard for me to pick a favorite as there were so many fantastic single coins. I remember the amazing MS65 1841-D that Ed Milas had bought a year earlier out of the James Stack collection for a record $88,000. In the Stack’s sale, a year later, it went for a relatively low $68,750. The Dahlonega half eagle in the sale that I liked the best was an 1853-D in MS64. While this date is relatively common in Uncirculated, this particular example (ex: Auction ’84 and Bareford) had absolutely superb color and surfaces. It brought $55,000 which I remember being a TON of money at the time. Most of the Dahlonega coins in the sale (as well as a majority of the Charlotte pieces) were purchased by dealer Winthrop Carner. Ironically, Carner ran into financial problems soon after the sale and many of the Milas coins were re-offered at the Numisma ‘95 auction where they brought considerably less than what Carner had paid for them earlier in the year.

The one Charlotte coin that everyone wanted to see in the sale was Milas’ 1859-C which NGC had graded MS66. Formerly from the Eliasberg collection, this coin remains the only Charlotte half eagle ever graded above MS65. I remember being a bit underwhelmed by the coin when I first saw it in 1995 (I saw it again a few years ago and was blown away by it...) and thought it had been the beneficiary of a push by NGC. It sold for $104,500 and it became the first Charlotte gold coin to eclipse the six-figure mark at auction.

What really excited me in this collection, though, were the New Orleans half eagles. They were amazing; probably the finest set ever assembled. The one coin that I really, really wanted to buy was the 1842-O graded MS63 by NGC. It is the finest known of three examples in Uncirculated and it has a fantastic pedigree (ex: Eliasberg and Earle collections). This was a rare instance where I liked a coin so much that I wanted to buy it to stash it away. In the end, I was the underbidder and it brought $31,900 which seems very, very reasonable today. I was able to purchase a number of the other New Orleans half eagles in the sale and I’ve handled a few of these two, three or even four times since the Milas auction in 1995(!)

If someone wanted to replicate this collection today, I’m certain it could not be done. Many of the Milas coins have, in the ensuing years, been processed and no longer show the superb, original look they had back in 1995. The number of very high grade, totally original Charlotte and Dahlonega half eagles has greatly diminished since 1995 and I’m not certain that many of the high quality Philadelphia and San Francisco half eagles in the Milas collection could be replicated today either.

I hate to sound like Grandpa Winter but they just don’t have sales today like they did with the Milas collection back in 1995...

First-Year-of-Issue Gold Coins

In this strong market one of the areas that has performed best are first-year-of-issue gold pieces. Coins like the 1839-O quarter eagle, the 1854-D and 1854-O Three Dollar gold, the 1838 eagle and the 1850 double eagle have appreciated greatly in price. But there are a few first-year-of-issue gold coins that have fallen through the cracks. Three of these are the 1840 quarter eagle, the 1839 half eagle and the 1839 Type of 1840 eagle. All three are scarce and important issues that I feel are undervalued. The 1840 quarter eagle is the first Philadelphia mint Liberty quarter eagle. There were a total of 18,859 examples produced of which an estimated 70 to 80 coins exist. This date is typically seen with a considerable degree of wear and probably 75% of the known examples are in the Fine to EF45 range. In AU, the 1840 quarter eagle is scarce and it is quite rare in Uncirculated. Until a few years ago, this date was essentially unknown above AU but a small group of nice Uncirculated coins were found around 1993-94 and were subsequently sold in a Superior auction a few years later. The 1840 quarter eagle can sometimes be found in nice AU for under $5,000. I recently purchased a lovely NGC MS64 example, which is among the finest known, for a touch over $17,000 and this seemed to me to be a great deal. Interestingly, PCGS has only graded 51 examples of this date in all grades compared to 88 examples of the 1840-C and 63 of the 1840-O. The very highly regarded 1840-D, with a tiny original mintage of 3,532, has a total population of 47 and it is generally priced at two to three times more than the 1840 quarter eagle in EF and AU grades.

I’ve always really liked the 1839 half eagle. It’s not a really rare coin given that the original mintage is 118,143. But it has a great design and it is historically significant as the only Liberty Head half eagle from this mint struck in the 1830’s. It is generally very well made and can be found with nice color, luster and surfaces. There are probably 200-300 pieces known and they can be found without a great deal of effort in VF and EF grades. Nice AU’s are moderately scarce and I would estimate that somewhere in the area of 15 or so are known in Uncirculated including four or five in MS63 and better. You can sometimes find nice AU pieces for sale for under $4,000 and I think this is a very attractive price for a coin that is as scarce and historically significant as the 1839 half eagle.

Two types of eagle were struck in 1839. The first (and more common) shows the same obverse as the 1838 eagle. The second has the same design as the 1840. The so-called 1839 Type Of 1840 eagle is an extremely scarce coin and one of my favorite sleepers in the entire Liberty Head eagle series. Of the 12,447 produced, only 45-55 are known and most grade EF40 and below. This coin is extremely scarce in AU and I can not recall having seen more than five or six properly graded AU pieces in the last two decades of specializing in 19th century gold. In Uncirculated this is an excessively rare coin with perhaps three known, the finest of which is the incredible Pittman coin which is now in an NGC MS64 holder. Of the three coins mentioned in this article, the 1839 Type of 1840 eagle is the most expensive but it probably has the most upside potential for the future.

I could easily have chosen another three (or more) examples of first-year-of-issue dates that are much undervalued. You’ll note that the ones I selected are all from the Philadelphia mint but I can think of a number from San Francisco (the 1854-S eagle comes to mind) and New Orleans (the 1841-O eagle is an obvious selection). With a little research, the collector should be able to figure out some pieces that offer excellent future potential and which will be nice additions to a collection of 19th and 20th century United States gold coinage.

Short, Completable Sets of United States Gold Coinage

When completing a set, many gold coin collectors reach a point where they are waiting on extremely expensive and/or difficult-to-locate issues. A good solution for the collector who wants to remain active in the market is to start on a short, completable set that can be worked on while waiting on the big ticket items for their #1 set. There are numerous short, completable sets of United States gold coins that they can pursue in addition to their major interest. Listed below are some examples, along with pertinent comments.

NOTE: The values listed below are for average quality coins. Very high-end or premium quality coins can add a considerable amount of cost to any of these sets. The "completability factor" is based on a scale of 1 to 5 with one being easy and five being very hard. In the comments listed below, "2/5" would mean two out of five which equates to being "relatively easy" to complete.

Obverse Mintmark Issues, 1838-1839: During these two years, an interesting group of coins were struck. These are notable for being the very first gold branch mint issues and they are readily distinguishable by the use of mintmarks on the obverse. This set includes the following:

Quarter Eagles: 1838-C, 1839-C, 1839-D, 1839-O Half Eagles: 1838-C, 1838-D, 1839-C, 1839-D

Comments: These eight coins include a number of issues that are found in set #3 below. This is an extremely popular group. The dual popularity of these with type and date collectors mean that they are somewhat fully valued in relation to other branch mint issues. However, their extreme popularity makes them relatively "safe" places to park your numismatic dollars.

Cost: In Extremely Fine grades this set would cost in the area of $30,000-35,000. In About Uncirculated, this set would cost $75,000-100,000. The rarity of the 1838-C half eagle in Uncirculated (there are only two known) make this set essentially impossible to complete in Uncirculated.

Completability: 2/5. This is a fairly easy set to assemble, especially in Extremely Fine grades. In About Uncirculated it will prove to be more of a challenge given the rarity of the half eagles and the popularity of each issue.

First Year of Issue Set: For the sake convenience (and cost), it is best to focus this set on Classic Head and Liberty Head issues. This is a collecting theme that is already very popular in other areas of the market. As an example, first year of issue sets in 18th century coinage have been avidly sought by many generations of collectors. As it relates to gold coinage, this set contains one example each of the various United States gold types produced between 1834 and 1907.

This set includes the following:

Gold Dollars: 1849 (Type One), 1854 (Type Two), 1856 (Type Three) Quarter Eagles: 1834 (Classic Head), 1840 (Liberty Head) Three Dollars: 1854 Half Eagles: 1834 (Classic Head), 1839 (First Liberty Head), 1840 (Modified Liberty Head, No Motto), 1866 (With Motto) Double Eagles: 1850 (type One), 1866 (Type Two), 1877 (Type Three)

Comments: There are sixteen coins in this set. None are really rare but the 1866 issues and the 1838 and 1839 eagles will prove to be elusive, particularly in higher grades. The grade range of this set is hard to formulate as their are some very common issues (such as the Type One and Type Three gold dollars) and others that are nearly impossible to locate above About Uncirculated-55. A good average grade range for this set is About Uncirculated-50 to About Uncirculated-55.

Cost: An About Uncirculated set will cost $50,000-60,000. An Uncirculated set is possible but it will take deep pockets and a good deal of patience as a number of the coins are very rare.

Completability: 2/5. In About Uncirculated this is a fairly easy set to complete.

One Year Varities: There are numerous gold coin varieties that were produced for one year only. For this collection we are specifically referring to, as an example, an issue that was made at a certain mint for just one year. A coin that qualifies is the 1855-C gold dollar as it is the only Type Two gold dollar made at the Charlotte mint. A list of coins that qualify as such include the following:

Gold Dollars: 1855-C, 1855-D, 1855-O, 1856-S Quarter Eagles: 1839-D, 1839-O Three Dollars: 1854-O, 1854-D Half Eagles: 1838-C, 1839, 1839-C, 1839-D, 1909-O Double Eagles: 1879-O

Comments: All of these issues are very popular and relatively scarce but all are available without a huge degree of difficulty. Probably the hardest issue of the dozen listed is the 1855-D, especially with a sharp strike.

Cost: In Extremely Fine grades, this set would cost in the area of $55,000 to $65,000. In About Uncirculated, this set would cost in the area of $135,000 to $160,000+.

Completability: 2/5. The hardest issues to locate are the 1855-D gold dollar and the 1879-O double eagle, especially in higher grades.

New Orleans Quarter Eagles: The New Orleans mint produced thirteen quarter eagles between 1839 and 1857. If both varieties of 1843-O are included, this number is increased to fourteen. This is a great set for collectors as each issue has interesting peculiarities of strike and appearance. As an example, the 1840-O and 1842-O typically look completely different, despite the fact that they were produced within two years of each other. A complete set of New Orleans quarter eagles contains the following:

1839-O, 1840-O, 1842-O, 1843-O Small Date, 1843-O Large Date, 1845-O, 1846-O, 1847-O, 1850-O, 1851-O, 1852-O, 1854-O, 1856-O, 1857-O.

Comments: If a collector is not very particular about quality, this set could be assembled relatively quickly. If he is sensitive to quality of strike and originality, this will be a much harder set to complete. The key issue is the 1845-O. The other tough coins are the 1840-O, 1842-O, 1843-O Large Date and 1856-O.

Cost: In Extremely Fine grades, this set would cost between $15,000 and $20,000. In About Uncirculated it would cost $55,000-65,000. In Uncirculated it would be extremely hard to complete due to the rarity of the 1845-O (only two or three Uncirculated examples are currently known).

Completability: Completability: 1/5. An easy and interesting set to assemble.

Seven Mint Set of Liberty Head Half Eagles: Liberty Head half eagles are the only type of United States coin that were produced at seven mints. Back in the 1970's and 1980's, the so-called seven-mint set was very popular with collectors. It seems likely that it is poised for a comeback, especially now that NGC (and probably PCGS in the near future) are making holders that house multiple coins.

This set includes one coin from the Carson City, Charlotte, Dahlonega, Denver, New Orleans, Philadelphia and San Francisco mints. Generally speaking, most collectors purchase the common coins in Uncirculated and the rarer issues in About Uncirculated.

Comments: This is the most conventional of the sets discussed in this article and probably the most popular. I would suggest purchasing the Philadelphia, Denver and San Francisco coins in Mint State-64 (each should cost under $1,000), the Carson City coin in Mint State-62 to Mint State-63 (look for an 1891-CC in this grade range and expect to spend $1,000-2,500), a New Orleans coin in Mint State-61 or Mint State-62 (look for an 1893-O or 1894-O and expect to spend $1,000-2,000) and the Charlotte and Dahlonega issues in About Uncirculated-55 to About Uncirculated-58 (expect to spend $3,000-5,000+ per coin).

Cost: A really nice set as described above could be assembled for around $20,000. A slightly lower grade set could be assembled for slightly less than $10,000.

Completability: 5/5. An easy set to complete.

Transitional Issues: A Transitional issue is defined as one in which two distinct varieties were produced in the same year. As an example, in 1866 there are No Motto and With Motto issues.

The following gold coins are included in a Transitional Set:

Dollars: 1854 Type One and Type Two (Total: 2 coins) Quarter Eagles: 1796 No Stars and With Stars; 1834 With Motto and No Motto (Total: 4 coins) Half Eagles: 1795 Small Eagle and Heraldic Eagle; 1797 Small Eagle and Heraldic Eagle; 1807 Bust Right and Bust Left; 1834 No Motto and With Motto; 1866-S No Motto and With Motto; 1908 Liberty Head and Indian Head (Total: 12 coins) Eagles: 1797 Small Eagle and Large Eagle; 1839 Large Letters and Small Letters; 1866-S No Motto and With Motto; 1907 Liberty Head and Indian Head; 1908 Philadelphia and Denver No Motto and With Motto (Total: 12 coins)

Comments: If the 18th century coins are included, then this set is very expensive and hard to complete. If these eight coins are removed, the cost is significantly reduced. However, there are still a number of very tough coins including the 1834 No Motto quarter eagle and half eagle and the 1866-S No Motto double eagle.

This is unquestionably the most complex of the six sets listed and it may be a bit too esoteric for the beginning collector. However, it does include some very interesting issues and would be a great accomplishment if completed.

Cost: If all thirty-six coins listed above are included, this set will cost well into six figures and if high grade pieces are included then it could easily eclipse $1 million. If the 18th century issues are not included, the price becomes more realistic but it is still not "cheap." You can count of spending at least $150,000-250,000+ for a set with coins in the Extremely Fine-40 to About Uncirculated-50 range.

Completability: With all the coins listed above included, this set is a 5/5. With just the 19th and 20th century coins it is a 4/5.

These are just a few of the completable short sets of United States gold coins that come to mind. There are certainly many others that are possible which range from very basic to extremely exotic.

The Gold Coinage of The San Francisco Mint

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

LIBERTY HEAD HALF EAGLES (1854-1906)

No Motto (1854-1866)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

With Motto (1866-1906)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CONCLUSION

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

Carson City Half Eagles: An Introduction and Overview

Assembling a collection of Carson City five dollar gold pieces or half eagles is extremely challenging. Completing a set of these coins, regardless of grade, is among the more formidable tasks a gold coin specialist can endeavor to undertake. Consider the fact that only 45-55 examples of the key coin in this set -- the 1870-CC -- are thought to exist. This means that only 45 to 55 complete collections of Carson City half eagles can ever be assembled. Much of the allure of collecting these coins (in addition to the romantic appeal of the "Old West") has to do with the fact that this series can be completed. There are only 19 different dates. This aspect is very appealing to many collectors. Unlike certain series where the run of dates seems endless and often numbing, this is a relatively short yet challenging project. In addition, there are no great rarities which are impossible to locate or prohibitively expensive. The challenge of this set can increase dramatically when the grades and eye appeal for each issue are factored upwards.

For the collector who is not familiar with Carson City half eagles, this series will come as a surprise. These are true "collector coins." They tend to hold their value in bear markets and show strong, steady appreciation over time. Carson City half eagles have multiple levels of demand. They are sought by general collectors, type collectors and specialists. Certain pieces may attract the attention of half eagle specialists, Carson City specialists or general collectors who are putting together seven mint sets of Liberty Head half eagles (the only gold denomination struck at all seven United States mints).

It is impossible to complete set of Carson City half eagles in Mint State regardless of a collector's time or resources. Several of the dates are unknown in any Mint State grade. Currently, there is not a single Uncirculated 1872-CC or 1878-CC half eagle known to exist. Five other dates--the 1871-CC, 1873-CC, 1875-CC, 1876-CC and 1877-CC--are currently represented by just one or two Uncirculated examples. And six more dates--the 1870-CC, 1874-CC, 1879-CC, 1881-CC, 1883-CC and 1884-CC--have just two to four Uncirculated coins known.

The only Carson City half eagles which are relatively obtainable in Uncirculated are those struck in the 1890's. These range in scarcity from the 1892-CC with 50-75 coins known in Uncirculated to the 1891-CC with a population believed to be in the area of 400-500+. The availability of an issue such as the 1891-CC half eagle makes it very popular as it is the only half eagle from this mint which can be purchased in Mint State by the collector of average means. (But, at the same time, this issue is surprisingly rare in Mint State-64 and almost unknown in any grade above this level.)

An incremental breakdown for the Mint State-63 grade is as follows:

Choice (Mint State-63 and Mint State-64) and Gem (Mint State-65) Carson City half eagles are very rare. I estimate that there are probably fewer than 10 pieces surviving in true Mint State-65. As of the spring of 2000, only one Carson City half eagle has ever been graded higher than Mint State-65 by one of the major grading services.

There are probably fewer than three dozen choice Uncirculated Carson City half eagles known to exist. The vast majority of the choice and gem Carson City half eagles were struck during the 1890-1893 era.

Why are these coins so rare in Mint State? The best answer has to do with the fact that there were no coin collectors living in Nevada in the 19th century. No one saved these coins and the few Mint State pieces which exist today are here by chance. They may have been placed in a bank vault and forgotten for a century. Some found their way to European or South American banks where they were sent as payment for international debts. A few others may have been put in a drawer or a cabinet and subsequently lost by their original owners. And some were undoubtedly assay pieces which were sent to the Philadelphia Mint for inspection but never destroyed.

In examining the rarity of Carson City half eagles, several trends are noted. Survival figures depend on the original mintage figures for a specific issue and they also vary by the decade in which a coin was struck. In general, the rarest issues are those which were struck from 1870 to 1878. With the sole exception of those struck in 1881, the half eagles produced from 1879 through 1884 are less rare. And those coined from 1890 to 1893 are relatively common in comparison.

After careful analysis, it becomes apparent that one cannot simply deduce the number of surviving coins or the condition rarity of any Carson City gold coin solely from their original mintage figures. One must study auction records and private treaty sales and gather as much information as possible from prominent collectors and dealers as well as examine the population reports issued by PCGS and NGC. After carefully examining the currently available information, certain trends clearly begin to emerge.

The older coins (i.e., those struck from 1870 to 1878) have survived roughly in proportion to their original mintage figures below. I estimate that between 2 percent to as little as one-half of 1 percent of each year's half eagle production has survived. In general, the older the coin, the lower the average surviving coin's grade and the lower number of high grade pieces which exist. This is common sense as the longer an issue is in circulation, the more likely it is that coins of that date will be worn or destroyed. Thus, the rarest Carson City half eagle is the 1870-CC (which is also the oldest) despite the fact that it has only the third lowest mintage.

The second rarest Carson City half eagle is the 1873-CC. This issue has an estimated surviving population of only 50-60 coins. My research indicates that this date is even more rare than was previously believed. The reasons for the rarity of the 1873-CC half eagle include its low mintage figure of 7,416 and its early date of issuance combined with the fact that it was not saved.

One issue which I find very interesting is the 1878-CC. It has a relatively high mintage of 9,054 but it is the third rarest Carson City half eagle with an estimated population of 60-70. The reason for the rarity and unusually low survival rare of this issue is not known.

Another interesting issue is the 1876-CC. I estimate that 70-80 are known out of a low original mintage of 6,887 coins. Despite a significantly lower mintage than the 1878-CC, the 1876-CC is actually less rare. Conversely, the 1881-CC half eagle (with a mintage of 13,886) appears to be as rare as the 1876-CC.

The 1877-CC (with an original mintage of 8,680 coins) has a disproportionately high survival rate. Approximately 75-85 are known, making it as rare as the 1872-CC, which has an original mintage of 16,980 coins. There is no clear explanation as to why the 1877-CC half eagle is more common than its mintage suggests. It is interesting to note that the 1877-CC eagle is found in higher grades (i.e., Extremely Fine and better) out of proportion to the other dates in the eagle series. This strongly suggests that there was a small hoard of higher grade 1877-CC half eagles and eagles in existence at one time.

The 1879-1884 Carson City half eagles are found in proportion roughly to their original mintage figures with the notable exceptions of the 1880-CC and the 1881-CC. The number of surviving 1880-CC half eagles is less than its original mintage of 51,017 suggests. In fact, the surviving population of this date most closely resembles the 1879-CC, which has a mintage nearly two-thirds smaller (17,281 coins). The 1881-CC has a surviving population of 70-80 coins, which is much smaller than one might project from its original mintage of 13,886.

What is unexpected about these two dates is that they actually have lower survival percentages than the issues from the 1870's. I cannot state with certainty why this is so, but a possible reason might be that some 1880-CC and 1881-CC half eagles were melted. This explanation becomes more plausible when one notes that there was a bullion shortage at the Carson City Mint in 1880-1881. (This is further confirmed by the fact that no double eagles were struck in Carson City during these two years due to a lack of available gold bullion). Another reason might be that the original mintage figures are incorrect and fewer 1880-CC and 1881-CC half eagles were produced than the current figures indicate.

The general trend of the 1890's Carson City half eagles is that the issues with higher mintage figures are more available today than those issues with lower original mintages. The one exception is the 1892-CC. While it has an original mintage of 82,968 coins, it is less commonly found in high grades than the lower mintage 1890-CC (53,800 struck) and 1893-CC (60,000 struck). Again, there is no satisfactory explanation for this anomaly.

Carson City gold coinage was heavily circulated. In the early days of the western gold and silver rushes, paper money was viewed with suspicion and contempt. Gold coins quickly became the accepted medium of exchange. Thus, it is not surprising to learn that most surviving Carson City gold coins show heavy wear and excessive contact marks. These marks were often compounded when loose coins were thrown into bags and shipped by stagecoach to San Francisco or other distant cities. Gold is the softest coinage metal and it is relatively easy for coins struck in this metal to pick up heavy contact marks when they hit against each other. As a rule, half eagles have fewer marks than eagles and double eagles. This is because when these smaller coins hit against each other in bags they do not have the weight and surface area to make large bagmarks on each other (as do double eagles, in particular).

For the collector, locating attractive, higher grade Carson City gold coins without excessive surface marks is a tremendous challenge. Certain dates, especially those struck from 1870 to 1878, are inevitably found heavily worn and severely marked.

The rarest Carson City half eagle in Extremely Fine or higher grades is the 1878-CC. I estimate that only 16-20 such coins are currently known, of which only three or four grade About Uncirculated. Even though the 1870-CC is a rarer coin overall, it is more available in higher grades as witnessed by the fact that as many as 23-27 pieces remain in Extremely Fine or higher grades. One can speculate that the number of 1870-CC half eagles which do exist results from being a first-year-of-issue coin which may have been saved (albeit in very small quantities) as a souvenir. The 1878-CC, on the other hand, lacked this novelty value and those which survived the melting pot tend to show considerable evidence of hard circulation.

Two other Carson City half eagles which are prohibitively rare in higher grades are the 1873-CC and the 1872-CC. Approximately 17-21 of the former are known in Extremely Fine or higher while the latter issue has a population estimated at 19-22 coins. The 1873-CC is extremely rare in About Uncirculated with just five or six known and two known in Mint State while only 6-8 About Uncirculated pieces and no Mint State 1872-CC are known.

As one might well expect, dates with higher mintage figures are more available in high grades. The 1872-CC is more available than certain other dates in the early 1870's because of its relatively high mintage. But its age makes it a very rare coin in About Uncirculated (with just six to eight known). The 1871-CC, while also an "older date," is a bit more available in higher grades (46-52 known in Extremely Fine or better including one or two Uncirculated pieces) since it has the second highest mintage figure of any date struck in the 1870's.

The 1874-CC is the second most available Carson City half eagle struck in the 1870's. Between 40-46 coins are known which grade Extremely Fine or better with twelve to fifteen of these grading About Uncirculated and three grading Mint State. I have an interesting theory to explain why this date is not only one of the two most common Carson City half eagle struck in the 1870's (aside from having the highest mintage) but also why a higher percentage of the survivors than one would assume are in high grades. In 1874, there was a coin shortage on the East Coast. Much of the Carson City coinage from 1874 was transported to the East for use in circulation there. As paper money was more readily accepted in this area of the country, it is possible that many of these coins did not see wide circulation. Perhaps some of them were even stored in banks and were never used. This also seems to be the case with 1874-CC eagles which have a similar level of availability in higher grades.

By 1879 and into the 1880's, the mintages of Carson City half eagles were higher and more were sent overseas to banks for debt payment. These coins saw less circulation than those struck in the 1870's and, thus, are found in higher grades today.

The 1881-CC is the rarest Carson City half eagle struck in the 1880's. But more examples have survived in high grades than its low mintage and overall rarity would suggest. I estimate that 33-39 pieces exist in Extremely Fine or better with possibly nine to twelve of these in About Uncirculated and another two or three in Mint State. As one might expect, the diminished use of gold in the 1880's gives this coin an unusual grade distribution of survivors.

The 1890's Carson City half eagles are by far the most plentiful of these issues. More than 50 percent of all the surviving Carson City half eagles--regardless of date--are dated from 1890 to 1893. Approximately 90 percent of all surviving Mint State Carson City half eagles date from the 1890's. Furthermore, about 75 percent of the remaining About Uncirculated Carson City half eagles date from the 1890's.

The relatively large number of high grade Carson City half eagles from the 1890's stems from several causes. The mintage figure for coins in this decade was much higher than in the previous two decades. More of the coins were shipped overseas and thus escaped wholesale government meltings in the 1930's. As paper money became more readily accepted in the western United States, these coins saw less and less circulation. And the decline of the western mining industry in the 1890's meant that fewer coins were needed in circulation.

Most of the early issues (particularly those dated 1870 through 1876) are weakly struck. This weak strike is most noticeable in the central portion of the coin where the greatest amount of pressure is needed to raise the metal of the actual planchet. On the obverse, coins which are weakly struck will display flatness in the curls on the neck of Liberty as well as flatness on the top and the back of her hair. On the reverse, this weakness of strike is usually seen on the neck of the eagle, the central shield and on the talons of the eagle. This weakness is frequently misinterpreted as wear. Because of this, many early Carson City half eagles are often undergraded even by professional graders. Finding a sharply struck example of a certain date is very challenging at best and it is nearly impossible for others.

The 1870-CC is usually found weakly struck in the curls on Liberty's neck and in the neck feathers of the eagle. The 1871-CC half eagles are usually found with a better strike except for the shield on the reverse which often comes flat. The 1872-CC is nearly always very flat on the obverse as are 1873-CC's; this latter issue is also frequently weak on the eagle's neck. The 1874-CC shows a sharper obverse but the reverse comes weakly impressed, especially on the eagle's neck feathers. The 1875-CC is unquestionably the worst struck Carson City half eagle. Several varieties are known; some have a weak obverse and others have a weak reverse. The 1879-1893 issues do not suffer from these problems of strike although it is not uncommon to see examples with some weakness at the centers of the obverse and the reverse.

The estimates of survival given in this book are based on current knowledge, as of 2000. As time passes, it is certain that more coins will surface from old or previously unknown collections, hoards and accumulations. This will lead to more accurate survival estimates and Condition Census data. While most dates will show an increase in the number of coins believed to exist, others may actually show a decrease due to examples being lost by accident or ignorance.

When Walter Breen wrote his landmark monographs on United States gold coins in the 1960's, he stated that many Carson City coins are much, much rarer than we now know them to be. Multiple higher grade examples of even the rarest issues have surfaced in the past three decades. There are, without a doubt, several other very significant Carson City half eagles which will be "discovered" in the years to come. I have attempted to address this situation by providing a probable high end and low end spread in our rarity estimates. This allows for the inclusion of currently unrecorded coins which I believe may exist.

My review of auction data, fixed price lists, dealer advertisements and available private treaty sale records provides an accurate idea as to the difficulty in amassing a complete collection of Carson City half eagles. For the 1870-1878 issues, it is typical for between zero and four specimens to be available each year. Often the only examples which can be purchased are in lower grades and may have minor to significant problems. As probability would have it, in some years a certain date may be prevalent or it may be nearly impossible to find. As a rule of thumb, it is safe to say that the rarer the date and the higher the grade desired, the harder it will be to find a specific coin. Many high grade pieces are held by museums or are owned by collectors who have no intention of selling them.

It is certainly possible to put together a run of Extremely Fine to About Uncirculated Carson City half eagles dated from 1870 to 1884. Trying to complete this group in Uncirculated is, of course, impossible and an About Uncirculated set is a virtual impossibility as well. Obtaining nice Mint State examples of the 1890's issues, fortunately, is not that difficult or costly.

The budget-conscious collector should not feel excluded from this series. All of the Carson City half eagles (even the 1870-CC) can be found in nice Very Good to Very Fine grades. Although these coins do show substantial wear and are not as attractive as higher grade specimens, they are wonderfully evocative of the history of the Old West and the colorful characters who are the basis of its legends.

For the typical United States gold coin collector, obtaining one example of each date in grades ranging from choice Very Fine to Uncirculated is a realistic goal. This project can be completed in a year or two. Its estimated cost can be determined by obtaining a current numismatic pricing guide.

The connoisseur with a generous budget might be interested in putting together a set of Carson City half eagles grading Extremely Fine and better. For the 1870-1878 and 1881 issues, he should look for examples which grade Extremely Fine-40 or better and which have as few contact marks as possible. For the 1879, 1880 and 1882-1884 issues, the collector should look for pleasing, lustrous About Uncirculated-50 or better coins. For those issues struck in the 1890's, he should seek clean, lustrous Mint State-60 or better pieces. A collection such as this could be completed within a three to five year time frame.

There are a few advanced collectors who study die varieties. Such individuals seek to complete a collection which includes all of the known--and possibly some unknown--die varieties. To my knowledge, only a small number of individuals have a complete or nearly complete collection of Carson City half eagles by die variety.

Coin collectors of all budgets can enjoy the fun, romance and challenges of Carson City half eagles. To further assist collectors of all levels, the following pages give detailed information on each half eagle issue. Information on die characteristics, varieties and overall rarity as well as grade rarity are provided. Also, the current Condition Census listing of the finest known examples for each issue is listed for reference. The photographs of each half eagle are enlarged to twice their actual size for better clarity.