Prooflike Gold Coinage: A Look at an Evolving Market

One of the newer promotions in the rare gold coin marketplace are coins that are Prooflike. NGC began designating Prooflike gold a few years ago (PCGS has yet to add this designation) and enough have been graded for a collector to get an appreciation of the relative rarity of these issues. What is a Prooflike gold coin, what is the market for these coins like and what does the future hold for Prooflike gold? Generally speaking, when a pair of new dies is used to strike coins, they are highly polished. The first few hundred examples from this die pair (this number can be significantly less or more, depending on the type of design and the mint that produces the coin) are reflective. This degree of reflectivity can range from subtle to intense. Obviously, the more intense the degree of reflectiveness, the more desirable a coin is.

There are basically two tiers of “Prooflikeness” that gold coin collectors are concerned with. The first is the blanket term of “Prooflike” which means that a coin has a certain degree of reflectiveness on both the obverse and reverse. While there is no absolute standard of what constitutes a Prooflike gold coin (at least in terms of the depth of reflection) it is essential that a true P/L coin be reflective on both sides. A coin that is “deep mirror Prooflike” shows considerably more reflectiveness on both sides than one that is merely Prooflike. It resembles a Proof in appearance and it may have an attractive “black and white” appearance that is the result of contrast between the frosted devices and the mirror-like fields.

There is a very strong market for Prooflike Morgan silver dollars. Collectors began paying premiums for these coins as far back as the 1960’s and, today, deep mirror Prooflike (DMPL) dollars can sell for huge premiums over “normal” frosty or satiny coins. Interestingly, there is not much of a market for Prooflike silver coins above and beyond Morgan dollars.

I think the market for Prooflike dollars is as strong as it is for three significant reasons. The first is that a number of dealers back in the 1960’s and 1970’s did a good job of promoting these coins and getting the market jumpstarted. The second is that there are more Prooflike coins in the Morgan dollars series than in all other silver coins combined. Lots of coins equals the ability to promote these as a collectible. The third reason is the appearance of these coins. A high quality DMPL coin can be extremely attractive and a collector can easily appreciate why he should be paying a premium for such a coin.

The market for Prooflike gold coins remains in its infancy. Is there a possibility that Prooflike gold could become as popular as the market for Prooflike dollars? I think this is a small possibility that this could happen but in small, selective increments.

I feel that the one area of Prooflike gold that is likely to see the most “play” with collectors in the next few years is Liberty Head double eagles. I think this is going to happen for a number of reasons. The first is that Liberty Head double eagles are already popular, so it isn’t a big stretch for a collector to jump from “normal” examples to ones that are Prooflike. The second is that these coins are available enough to be actively traded but they are, at the same time, relatively scarce. The third and probably most important fact is that a high quality DMPL double eagle is extremely impressive from a visual standpoint.

As I mentioned at the beginning of this article, NGC has been grading Prooflike gold coins for long enough that a few conclusions can be reached.

Taking a look at double eagles, I note that NGC has designated 1,287 $20 Libs as Prooflike. But what is most interesting is the fact that only twenty-eight examples of this series have been designated as DMPL and of these just five have been graded higher than MS62. The conclusion that is most easily reached about DMPL examples is that they are quite scarce and pieces above MS62 are genuinely rare. This is especially true for any date other than the ultra-common 1904.

The current price record for a DMPL gold coin is, as far as I know, the $126,500 that was attained by an NGC MS64* 1866 double eagle that was sold by Heritage in their 2008 ANA auction.

From examining auction prices, it seems that predictable price levels for DMPL $20 Libs are starting to be recognizable. MS61 and MS62 examples of non-1904 dates seem to be bringing in the $2,000-3,000 range. The few MS63 examples that have traded have brought in the $4,000-6,000 range. Coins in MS64 and higher are rare enough that it is hard to establish price levels.

In closing, I have a few personal thoughts about Prooflike gold coinage.

A number of 19th century gold coins are easily found with Prooflike or even deep mirror Prooflike surfaces. The most prominent of these include gold dollars from the 1880’s and three dollar gold pieces from this era. I do not think that collectors should, in most cases, pay a premium for these. The exception would be for a DMPL coin that had really great eye appeal.

Many DMPL gold coins have poor eye appeal due to the fact that the reflectiveness of their surfaces accentuates marks or abrasions. I would be careful paying a large premium for an ugly DMPL coin, even if it is a rare issue.

I mentioned above that I think that Liberty Head double eagles are likely to be the only series that collectors will pay close attention to PL and DMPL issues. My second choice for the series most likely to have some degree of date-by-date popularity would be Liberty Head eagles. The PL and DMPL issues that I would suspect collectors would like most would be the New Orleans coins from the 1890’s.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part Two: Eagles and Double Eagles

In the first part of this article, I discussed gold dollars, quarter eagles, three dollar gold pieces and half eagles priced below $5,000 that I felt were good values. In the second part, I am going to continue the same format but focus on eagles and double eagles. Given the popularity and high bullion value of these two denominations, you’d think that eagles and double eagles didn’t offer collectors in the $5,000 and under range many good values. This is far from the case. The eagle denomination contains so many exceptional values that I easily could have chosen over a dozen from the Liberty Head type alone. And there are a number of double eagles that are great values as well.

1. 1838 Eagle in VF and EF Grades

If you have a $5,000 and under budget, you won’t have a lot of opportunities to purchase an 1838 eagle. But if you can stretch your budget a bit and you have a chance to acquire a decent-looking example in a third-party holder, I would strongly encourage you to go for it. I absolutely love this issue. It is the first Liberty Head eagle and it has a low mintage figure of just 7,200. I’ve mentioned before that Trends values for this issue are absurdly low. As an example, the current values for an EF40 and EF45 1838 eagle are $2,900 and $4,025, respectively. This date is worth at least double in these grades but I still think it is a good value, given its historic significance and strong collector demand.

2. 1844 Eagle in EF

Since Philadelphia eagles from this era are not avidly collected by date, the 1844 is an issue that does not get a lot of respect. It is actually among the scarcest No Motto eagles. As of December 2008, PCGS had only recorded twenty-seven examples in all grades (including fifteen in EF) while NGC had recorded thirty-eight in all grades (including fourteen in EF). Allowing for resubmissions, I would estimate that there are around a dozen distinct third-party graded EF examples of the 1844 eagle. Heritage shows just three EF’s in their archives sold since 2000 and I have only handled two EF examples in this last decade. This date is still within reach of most collectors, despite its unquestionable rarity. Trends for an EF40 is $3,000 while an EF45 has a suggested value of $4,000. Were this a more popular series, I could easily see an EF 1844 eagle being worth $6,000-8,000.

3. Common Date No Motto Eagles in AU58

Properly graded, cosmetically appealing common date No Motto eagles from the 1840’s and 1850’s are far less available than one might assume, given current population figures. Let’s look at a random date—the 1851—as an example. As of December 2008, PCGS had graded a whopping two (!) in AU58 while NGC had graded forty-nine (including fifteen from the S.S. Republic). Now let’s assume that the thirty-four non-shipwreck AU58’s from NGC include a number of resubmissions as well as some coins that are not nice for the grade. This may leave us with as few as ten or so properly graded AU58’s. Trends for an 1851 eagle in this grade is just $2,500. So, I would contend that an 1851 eagle in nice AU58 at anywhere close to $2,500 is a fantastic bargain. The same holds true with other supposedly common dates like the 1847, 1848, 1850 Large Date, 1854, 1855, 1859 and 1860.

4. 1852-O Eagle in EF

If you have a budget of $5,000 and less per coin, you can get a lot of bang for your buck(s) in the area of New Orleans eagles. Many of the scarcer dates from the 1840’s and 1850’s are pricey in About Uncirculated but are very affordable in Extremely Fine. One of my favorite issues is the 1852-O. I rank this as the fifth rarest No Motto eagle from this mint (it is tied with the 1855-O and 1856-O) and there are probably fewer than 100 known from the original mintage of 18,000. The current Trends values for the 1852-O in EF40 and EF45 are $1,100 and $2,500. I’m guessing that you’ll have to pay more than this for nice, properly graded pieces but the fact that you can buy a very presentable example of this legitimately rare date for less $2,000 makes it an exceptional value, in my opinion.

5. 1855-O Eagle in EF

Another No Motto New Orleans eagle that I think offers the collector a lot of value is the 1855-O. This date is similar in overall rarity to the 1852-O. In fact, the mintage is identical with just 18,000 produced. What I like about the 1855-O is that while it is genuinely scarce in EF grades, it is not impossible to find. Looking through my records over the last five years, I have bought and sold six of them in EF (two in EF40 and four in EF45) and I have never sold an EF for more than $3,250. If this is a coin that interests you, I’d suggest that you look for a piece that has nice original color and surfaces. Strike is not an important factor on this date but eye appeal is and I would always pay a premium for a good looking example.

As an FYI, I would add the 1846-O, 1848-O, 1850-O, 1856-O and 1857-O as other No Motto New Orleans eagles in EF that are affordable but quite scarce.

6. Low Grade 1863 or 1864-S Eagles

These are two of the absolutely rarest dates in the entire Liberty Head eagle series. The 1863 has an original mintage of just 1,248 business strikes while the 1864-S has a mintage of 2,500. The 1863 has a Trends value of just $4,500 in VF while the 1864-S has a Trends value of $5,500 in VF. That’s the good news. The bad news is that you are going to have a pretty tough time finding an affordable example of either date. PCGS has graded just five 1863 eagles in VF and lower grades and just six of the 1864-S in this range. But if you are patient and keep the funds available, these coins do exist and they, in theory, should be available. I generally do not like gold coins in grades below EF but I would make an exception for either of these. In fact, I’d even buy an 1863 or an 1864-S that had been lightly cleaned.

7. 1872 Eagle

Here’s another really rare coin that won’t appeal to everyone who reads this article. Some collectors prefer higher grade coins and they are going to spend their $5,000 budget on a coin (or coins) that are Mint State or thereabouts. Others appreciate true rarity and will like coins like the 1872 eagle. This issue has a mintage of just 1,620 business strikes and a surviving population of three dozen or so. Unlike some of the other dates from this era, the 1872 is sometimes seen in higher grades and I know of two or three Uncirculated examples including a PCGS MS64. So what does five grand buy you in regards to this date? Heritage 6/08: 2150, a nice PCGS VF25 in an old green label holder, brought $4,313. If you are patient you should be able to buy a very presentable VF for around the same price.

8. 1915-S Eagle, MS62

A few years ago, there was a large spread in values between many of the rare date Indian Head eagles in MS62 and MS63. The reason for this was simple: there was a significant difference in visual quality between an MS62 and an MS63. Today, this is not really the case and many collectors have a hard time telling the difference between an MS62 and MS63. Because of this fact, the value spread between these two grades has shrunk. On a percentage basis, the greatest difference between these two grades is seen on the 1915-S. In MS62, a nice example is worth $7,000 or so. In MS63, the price jumps to $15,000+. In my opinion, a nice MS62 is a good value, especially if the coin has a CAC sticker.

9. 1854-S Double Eagle in EF

Unless you are a Type One double eagle specialist, you probably are not aware of the fact that the 1854-S is a scarce and much undervalued issue in all grades. What is confusing about this date is its relative availability in the lower Uncirculated grades as a result of a few small groups found in shipwrecks a few years ago. In circulated grades, however, the 1854-S is a really scarce issue, especially with original surfaces. Another important factor about this date is its strong historic significance. It is, of course, the very first double eagle produced at the San Francisco mint and it has strong Gold Rush association as a result. Trends for an EF40 is just $2,800 while an EF45 is $4,000. I believe that an attractive EF example at anything close to these levels is a great value.

10. 1855, 1856, 1857 and 1858 Double Eagles in AU

I have been a big fan of these four dates for many years. They are probably the most common coins that I have discussed so far in this article but “rarity” is a relative term and they are part of the very popular Type One double eagle series. If you look at a coin like an 1855 in AU58 and compare it to an 1851-O or an 1852-O in a similar grade, you’ll be impressed. As of December 2008, PCGS had graded twenty-one in AU58 as well as another fourteen higher. The figures for the 1852-O are thirty in AU58 with a dozen better. According to these numbers, the 1855 is certainly in the same league as the 1852-O. But look at the Trends values: the 1855 is $5,500 in AU58 while the 1852-O is $20,000. Now granted that the 1852-O is more popular and it is a branch mint coin. Is it worth nearly four times more, though? If I were a collector of double eagles, I’d want to put together a nice little date run of these four Philadelphia issues in AU58 while they were still affordable.

11. 1868 Double Eagle in AU

I first learned about the 1868 double eagle back in the 1980’s when you could buy a really nice example for less than $1,000. This is obviously not the case today but the 1868 remains the best value in the entire Type Two double eagle series. This date is reasonably available in EF grades but it becomes scarce in the medium AU range and it is quite rare in Uncirculated. Today, a nice AU55 can be bought for around $5,000. Given the fact that the Type Two double eagle series is currently out of favor, I think the opportunity factor for this date hasn’t been this good in a few years. When Type Two double eagles become popular again (and I can pretty much guarantee you they will...) I can see the price of the 1868 rising appreciably.

12. CAC Approved Slightly Better Date Double Eagles in MS64

The market for slightly better dates Saints is pretty interesting right now. Due to a number of factors, dates that formerly had a Market Premium Factor of 10-20% can be purchased for little or no premium over a common date. When the market for these coins becomes less out of whack, I would expect them to regain much of their old pricing premium. The key to buying these dates is holding out for solid coins for the grade and this is why I think paying a premium for CAC examples makes sense. The dates that I like most in MS64 are the 1907 No Motto, 1908-D, 1909-S, 1910, 1910-D, 1911-S, 1913-D, 1914-D and 1922. Not all of these can be bought for common date levels (and you are going to have to pay a premium for a nice CAC coin) but if you do some basic research you will note that a number of these can be bought at nice discounts relative to their highs in 2007/2008.

This was a hard article to write as I could have easily mentioned another dozen issues that I thought were good value at the sub-$5,000 level. Something that many new collectors do not realize is that interesting gold coins do not necessarily have to be “expensive” and that you do not have to be a rich person to put together a fine collection of U.S. gold.

Baltimore Collection Shows Strength of Double Eagle Market

To paraphrase that esteemed numismatist Mark Twain, the reports of the death of the coin market seem greatly exaggerated. That is, at least, if you take a look at the prices that Heritage got for a nearly complete set of Liberty Head double eagles that was sold at their Dallas auction on October 24. As anyone who even remotely follows the dated gold market knows, Liberty Head double eagles have been one of the most solid performers in the coin market during the bull market run-up of the past few years. This market has proven to have more depth than I would have ever imagined and there are, clearly, more advanced collectors assembling comprehensive specialized sets of these coins than in probably any other area of the 19th century gold market.

The question I was asking myself a few days ago, though, was: would these collectors still play in this market after the Economic Malaise of the past month? The Type One, Type Two and Type Three sets are full of many big, macho “stoppers” and I was very interested to see how these coins would do.

The two key collectible Type One double eagles are the 1854-O and the 1856-O. These have appreciated in value more than virtually any other United States gold coin in the last five to seven years and, certainly, the New Market wouldn’t be able to continue its frantic pace when it came to these two issues, would it? The 1854-O in the sale was a PCGS AU55 and it sold for $603,750 which is an all-time auction record for the date. The 1856-O was graded AU58 by NGC. I thought it was comparable in quality and appearance to the PCGS AU55 example that I had sold earlier this year and the Heritage coin brought $576,150 which is the second highest price ever at auction for this rarity.

The second-tier New Orleans Type One issues were extremely strong as well. An 1859-O in PCGS AU58 brought $97,750 which is a record price at auction while the 1860-O in PCGS AU58 sold for an identical price and, again, set what I believe to be a record at auction. One coin that I thought would be a real litmus test for the O mint double eagle market was the 1861-O in NGC AU55. This is a date that seems to have really come out of the woodwork in recent years and Heritage had sold a comparable coin in their January 2008 sale for $46,000. The one in the Dallas sale was bid all the way up to $57,500; a price that I thought was pretty remarkable.

My single favorite Type One double eagle in the sale was a PCGS MS65 1854-S. As I have written in the past, this date is very rare and much undervalued in Gem and the example in the Baltimore Collection was one of the two best I had ever personally seen. This was a coin that I felt certain I would buy, and I was willing to stretch quite a bit in order to procure it. I stretched and stretched and still came up short as it sold for a staggering $115,000.

Even the boring dates in the Type One series did quite well and most of the lots sold for levels exceeding what I would regard as “retail” numbers for these dates.

The Type Two double eagles in this collection were relatively uninspiring as it appeared that the Baltimore collector focused most of his energies on the Type One and Three issues. A not especially nice 1870-CC in VF30 with a large natural planchet flaw on the reverse sold for $230,000. I think this is a pretty reasonable amount for this in-demand rarity but I think it was more a reflection of the coin’s lack of eye appeal than it was a softening of the market. Many of the other scarce Carson City issues in the sale did well, including an 1871-CC in NGC that was bid to $66,125, an 1872-CC in PCGS AU58 that brought $23,000, an 1878-CC in PCGS AU58 that hit the $25,300 mark and an 1879-CC in NGC AU58 that brought $21,850. My take on these prices is that they were pretty much exactly what I would have expected these coins to sell for before the economy went south and that I would have expected them to sell for 10-20% less in these Troubled Times.

The Type Three rarities in the Baltimore Collection were impressive but I was unsure if the market for these issues would remain as strong as it had been. The first test was the 1879-O in PCGS AU58. I expected it to bring in the $50,000-55,000 range but it raced up to $74,750. The very rare 1881 was a PCGS MS61 that I did not like as a result of its funky color and surfaces but it brought $138,000 which is exactly the same price it sold for when offered as Heritage 1/07: 3203. An 1882 that was graded AU58 by ICG but which appeared to have a problem on the cheek of Liberty that was not mentioned by the grading service still managed to garner a bid of $63,250.

For many years, the 1885 was the most affordable of the very rare Type Three dates. The NGC AU58 in the Heritage sale brought $48,875 which I am reasonably sure is an all-time record price for a circulated example of this date. The 1886 in PCGS AU55 sold for $86,262.65. This exact coin had brought $24,150 when it was offered as Lot 7437 in the Heritage 2004 FUN sale. The previously-overlooked 1891 appears to have captured the attention of most specialists in this area and the PCGS AU58 in the Heritage sale realized $48,875.

There are three very rare Proof-only dates in this series and the Baltimore Collection was missing the very rare 1883. It did, however, have an 1884 graded PR64 by PCGS. This coin had sold for $126,500 when it was last offered as Heritage 6/04: 6376. Four years later, it was bid up to $207,000 which I thought was an exceptionally strong price. The 1887 was a PCGS PR64 Deep Cameo and it sold for $155,250. This is almost the same amount as the far superior Heritage 1/07: 3145 (graded PR65 Deep Cameo) realized a year and a half ago.

All in all, I would say that prices were anywhere from 10-30% higher than I would have expected. I was really surprised at the prices that the dozen top coins in the collection brought, given that the economic climate doesn’t dictate large purchases right now and given that Heritage conducted this sale without the benefit of a concurrent convention to attract much floor action.

Liberty Head Double Eagles

In the past few years, Liberty Head double eagles have become more popular than ever with collectors. I attribute this to a number of reasons:

My books on all three types of Liberty Head double eagles alerted collectors to the rarity of these coins. Each of the three types have been expertly promoted and marketed by large retailing firms, greatly adding to the number of advanced collectors seeking these coins.

The price of rare St. Gaudens double eagles rose to the point that most collectors of average means could never hope to assemble a date set. The Liberty Head coinage offered greater “bang for your buck” for the collector of average means.

The soaring price of gold in the past three years has focused a considerable amount of attention on all large-size gold coins.

Until a few years ago, the prices for the classic rarities in the Liberty Head double eagle series (dates such as the 1854-O, 1856-O, 1861-S Paquet, 1870-CC and the Proof only issues from the 1880’s) were very reasonable in comparison to other important gold coins of comparable rarity. Today, prices for many of these rarities have shot out of sight. Are there still good values in the Liberty Head double eagle series?

I think the answer to this is an unqualified yes. Here are some issues in each of the three major design types that I feel are undervalued:

Type One: In my opinion, the Philadelphia issues struck from 1853 through 1858 are greatly undervalued in higher grade (AU55 and above). Despite high original mintage figures, these have comparably low survival rates and are typically seen in low grades when available. Another date I like is the 1859. This date is far rarer in high grades than most people realize.

Type Two: Virtually every Type Two struck before 1872 is very scarce in Uncirculated. In my opinion, many of these dates are undervalued, especially in MS62 or above. Very high quality Type Two double eagles of any date (even common issues like the 1873, 1875, 1875-S and 1876) are very rare in properly graded MS63 and above and are not fully appreciated as type coins.

Type Three: Although they have risen in price in the past few years, the rare Philadelphia issues from the 1880’s are still undervalued. I almost never see business strikes from 1881, 1882 and 1886 and when I do, the coins tend to be awful. Pleasing, original examples of these dates in AU50 are even rarer than their low mintages suggest. A slightly less “sexy” date that I think is very scarce and undervalued is the 1880, especially in MS61 or better.

A Guide To Collecting New Orleans Double Eagles: Part One

New Orleans double eagles are among the most popular series with gold coin collectors. They were produced from 1850 to 1861 and again in 1879. This series includes two reasonably common issues, two extreme rarities and a number of dates that are very interesting as a result of their historic background. Because of the great rarity and cost of the 1854-O and the 1856-O (the two extreme rarities mentioned above), it is exceptionally difficult to complete this series. There are some options that the collector might wish to consider if he can not consider acquiring these two significant rarities.

The first is to simply pretend they do not exist. Building a set of New Orleans double eagles that is complete except for the 1854-O and 1856-O is still a formidable accomplishment.

The second is to look at the New Orleans double eagles as type coin and to acquire two pieces: one example of the Type One and a Type Three. Because of the fact that the only Type Three from this mint is the 1879-O, this second task will be very specific.

A third option would be to assemble a three-decade set of New Orleans double eagles. This would include one coin from the 1850's, one from the 1860's and one from the 1870's.

Despite the high cost and great rarity of the 1854-O and 1856-O, there are still a number of collectors currently working on complete sets of New Orleans double eagles. Many of these individuals are focusing on very high grade pieces and prices for Condition Census quality examples have risen appreciably in recent years. But there are still some good values available to the informed collector as the date-by-date analysis below will show.

1850-O: This popular first-year issue is actually fairly common in lower grades and does not become scarce until the About Uncirculated-53 level. It is rare in About Uncirculated-55, very rare in About Uncirculated-58 and extremely rare in Uncirculated. I have only seen two that were fully Uncirculated and none were better, in my opinion, than Mint State-61. This issue is characterized by weak strikes, poor luster and excessively abraded surfaces. An example that is original, reasonably clean and sharply detailed is worth a strong premium above a typical example. Prices for About Uncirculated-55 and 58 coins have shot up in recent years but I think the 1850-O is still a good value as few people truly understand its rarity in this grade range.

The beginning collector should look for an 1850-O that grades Extremely Fine-45 and expect to pay $2,000-2,500. A more advanced collector should look for an About Uncirculated-55 and expect to spend around $9,000-10,000. If available, an Uncirculated piece will sell for $25,000+.

1851-O: The 1851-O is the most common New Orleans double eagle. As it is also among the best produced, it makes an ideal type coin. It is easy to locate in lower grades and this date can be found even in the middle to higher About Uncirculated range without a great effort. In Uncirculated, this is a rare coin with about a dozen fully Mint State pieces known. There are two or three Mint State-63 pieces plus another four to six Mint State-62's. A few years ago, high quality 1851-O double eagles were regularly seen at auctions or large coin shows but the supply has dried-up as type and date collectors purchased these. Today, a nice About Uncirculated-55 coin is about the nicest quality available. Most 1851-O double eagles are found with a good strike and good luster. It is preferable to search for one that is original and which lacks significant abrasions.

A beginning collector should look for an 1851-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.

1852-O: The 1852-O is the second most common double eagle from this mint. It is similar in rarity to the 1851-O in circulated grades and is very slightly more available in Uncirculated. Around fifteen to twenty Mint State pieces are known including a single piece in Mint State-65 that is regarded as the finest known New Orleans double eagle of any date. As with the 1851-O, the supply of choice, higher grade 1852-O double eagles has been greatly reduced in recent years as type and date collectors have placed most of the really nice examples in their collections. It is possible to find an 1852-O with good color, luster and strike detail. The collector is strongly urged to wait for the right coin; especially if he is using an 1852-O as a type coin or as a representative example of a New Orleans double eagle produced in the 1850's.

A beginning collector should look for an 1852-O that grades About Uncirculated-53 and expect to spend $2,000-3,000. A more advanced collector should look for an About Uncirculated-58 and expect to spend $7,000-8,000. If available, an Uncirculated piece will sell for $15,000-20,000+.

1853-O: The 1853-O is a reasonably common date but it is considerably harder to locate than the 1850-O, 1851-O and 1852-O. It is not as rare as the 1850-O in About Uncirculated-55 and higher but is still quite scarce in the upper About Uncirculated grades. In Uncirculated the 1853-O is very rare. There are an estimated six to eight known in Uncirculated with the finest of these being a single Mint State-63. Other than this coin, I have only seen one or two examples that I regarded as being fully Uncirculated. Most examples on the market have been cleaned and show heavily abraded surfaces as well as some weakness of strike. On occasion, there are nicely colored, sharply struck coins without serious marks and these are very desirable. The 1853-O is an interesting issue to select for type purposes instead of an 1851-O or an 1852-O as it is considerably scarcer but not all that more expensive.

A beginning collector should look for an 1853-O that grades About Uncirculated-50 and expect to spend $2,000-2,500. A more advanced collector should look for an About Uncirculated-58 and expect to spend $8,000-9,000. If available, an Uncirculated piece will sell for $20,000-30,000+.

1854-O: The 1854-O is one of the two great rarities among the double eagles struck at this mint. Approximately 25-35 survive from an original mintage figure of 3,250. The 1856-O is a bit rarer in terms of overall rarity but both are considered to be among the most desirable United States gold issues of the 19th century. When available, the 1854-O tends to grade Extremely Fine-40 to About Uncirculated-50. There are around a half dozen known in About Uncirculated and none are currently accounted for in Mint State. Most 1854-O double eagles have been cleaned (or at least dipped) and show a lack of detail at the centers. Unlike a more common issue such as the 1851-O, the collector cannot be very choosy when it comes to acquiring an 1854-O. Only one or two specimens are offered for sale each year and prices have risen dramatically in the past decade.

A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.

1855-O: The "second tier" dates in the New Orleans double eagle set are the 1855-O, 1859-O and 1860-O. All three are very scarce in all grades but are not so expensive that they are unrealistic options for most collectors. Fewer than one hundred examples are known from an original mintage of just 8,000. The average 1855-O grades in the Very Fine-35 to Extremely Fine-45 range. Around a dozen properly graded About Uncirculated pieces exist and there are one or two with claims to Mint State. The 1855-O is generally well worn and not especially well struck. Most have been cleaned or dipped and show heavy abrasions on the surfaces. Around two years ago there were three or four nice pieces on the market at one time but these all went into tightly-held collections and there have not been many nice 1855-O double eagles on the market since then. It seems likely that demand will remain high for this date and very few choice pieces will appear in the coming years.

A beginning collector should look for an 1855-O that grades Extremely Fine-40 and expect to spend $4,000-5,000. A more advanced collector should look for an About Uncirculated-55 and expect to spend $22,500-27,500. If available, an accurately graded Uncirculated piece will sell for $50,000+.

1856-O: A strong case could be made for calling the 1856-O the rarest gold coin ever struck at the New Orleans mint. Just 2,250 were produced and approximately twenty to thirty are known. Four to six are in the About Uncirculated range while a single Uncirculated coin (graded Mint State-63 by PCGS) is accounted for. The 1856-O is typically only available for sale when important collections are auctioned. In the past five years I can only account for four or five different pieces and it is not likely that this rate of availability will change in the future. The typical 1856-O is actually a bit nicer in appearance than the 1854-O. Some are seen with semi-prooflike surfaces and exhibit a decent overall strike. There are not many that have original color and nearly all have noticeable abrasions in the fields. As with the 1854-O, the collector must realize that he can not be overly fussy when given an opportunity to purchase this issue as the demand for both of these rarities far exceeds the supply.

A beginning collector will most likely not include an 1854-O in his set. A more advanced collector should look for a coin in the About Uncirculated-53 to About Uncirculated-55 range and expect to spend $150,000-200,000+.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Type One Philadelphia Double Eagles: A Date By Date Analysis

The Philadelphia mint struck Type One double eagles between 1850 and 1865. This is an extremely interesting group of sixteen dates (plus varieties), which run the gamut from common to rare. In my opinion, they are the best value among Type One double eagles. They are much more affordable than their New Orleans counterparts and far scarcer than the issues from San Francisco. This is a set that can be completed in reasonably high grades by the collector of average means but it will prove challenging to find nice, original examples of most of these dates. 1850: A very popular issue due to its status as a first-year-of issue date. The 1850 is known for having a very good strike and nice luster. Original pieces exhibit attractive orange-gold or deep rose-gold coloration. This date has risen considerably in price in the past three years but is still a good value in the mid-level AU grades and above. It is sometimes seen in MS-60 to MS-62 but it becomes quite rare in MS-63 and is extremely rare above this.

1851: The most available date from this decade along with the 1852 but still not a common coin in higher grades. There are a number of decent AU's around but properly graded Uncirculated 1851 double eagles are quite scarce and any that grades MS-62 or better is rare. Higher grade examples often have nice color and good luster but exhibit numerous wispy hairlines. Circulated pieces are prone to show bagmarks or deep abrasions. This is an issue that the collector would do well to be patient and wait for the right piece for his collection.

1852: The 1852 is similar in rarity to the 1851. It is common in lower grades and only moderately scarce in AU-55 to AU-58. In Uncirculated it is quite scarce and rare in MS-62 or better. Most are well struck and have good luster but are prone to display heavy bagmarks. As with the 1851's, a number of higher grade 1852 double eagles have great color and luster but show fine hairlines on the surfaces. An interesting variety in known that shows strong doubling on the date. If you want a single "type coin" from the 1850's, this is probably the best choice.

1853: The 1853 is not a rare date but it is much harder to locate than the 1851 or 1852. In the higher AU grades, it is scarcer than most people realize and it is rare and very underrated in Uncirculated. I have not seen more than a handful that grade MS-62 and just one or two that were better than this. As a rule, the 1853 is found with minor weakness of strike at the centers and heavily marked surfaces. The natural coloration is medium to deep orange-gold. There are varieties known with repunching on the 3 in the date (common) and with noticeable repunching on the entire date (rare).

1853/2: The only unquestioned overdate in the entire Liberty Head double eagle and one of the key issues in higher grades. Easily identifiable by the presence of a raised die dot below the RT in LIBERTY. Usually found in Extremely Fine grades and very scarce in the lower range of AU; very rare in AU-55 to AU-58 and extremely rare in Mint State. I have only seen three Uncirculated pieces, all of which graded MS-61. Every 1853/2 double eagle I am aware of is extensively abraded and very few have not been cleaned or dipped. If you have a chance to buy a piece that grades AU-50 or better and is clean for the grade, I would highly suggest you "go for it."

1854: The 1854 is one of the more common Philadelphia type one issues in terms of its overall rarity but it is much harder to find in high grades than the 1851 or the 1852. In AU-58, the 1854 is very scarce and it is quite rare in Uncirculated. I have only seen one or two that I graded MS-63 and none better. As a rule, the 1854 is very heavily abraded and is characterized by dull grainy luster. A number of pieces have mint-made planchet problems. Most show a small date. A rare and undervalued variety has a large date punch. The large date is extremely rare in Uncirculated and is grossly undervalued in AU-50 and above.

1855: The 1855 ushers in a quintet of scarce, underrated double eagles from this mint. While available in lower grades, this date is very scarce in properly graded AU-55 to AU-58 and very rare in Uncirculated. Most of the few available Mint State coins are low-end and have extensive deep abrasions. The typical 1855 is relatively wells truck with deep green-gold color. Many have been dipped or cleaned and most are riddled with bagmarks. Attractive, original pieces are undervalued at current levels.

1856: My favorite "sleeper" issue from the 1850's. While fairly common in lower grades, the 1856 is very scarce in the higher AU grades and very rare in Uncirculated. In the past five years, I have only seen three Uncirculated examples of this date and not all that many nice AU-58's. Most 1856 double eagles have heavily marked surfaces and grainy, dull surfaces. A number have mint-made planchet problems. At current price levels, this date is very good value.

1857: The 1857 is not as scarce as the 1854-1856 issues, especially in higher grades. However, this is still far from being a common date and most are seen in lower grades. Nice AU-55 to AU-58 examples are scarce and Uncirculated pieces are rare. This is generally a well struck and lustrous date but many higher grade pieces have serious mint-made planchet problems. A number have been cleaned and the few that show original color are worth a substantial premium over the typical example.

1858: Generally regarded as a fairly common issue but actually quite scarce in any grade above AU-50. This is a very rare coin in Uncirculated and most of the higher grade pieces have mint-made planchet problems or noticeable marks. Often found with heavy abrasions and unappealing deep coloration or very bright from overzealous cleanings and/or dippings. I think the 1858 double eagle is a great value at current price levels, especially in the AU-55 to MS-62 grade range.

1859: This is the rarest Philadelphia double eagle from the 1850's and it is one of the rarest of all the Type One issues in high grade. Nearly every one I have seen has extensively abraded surfaces and most have been cleaned at one time. Any piece with minimal detracting marks and original color is extremely desirable. The 1859 is very rare in the higher AU grades and it is an extreme rarity in Uncirculated. I have only seen three or four Uncirculated coins and none were better than MS-61.

1860: The 1860 is among the more available Type One issues from this mint, although it is considerably more scarce than the 1861. It is often seen with a good strike and nice luster. The natural coloration is often an attractive rose-gold shade. There are some very high grade examples known (MS-63 to MS-65) and these are similar enough in appearance to suggest a small hoard many have existed at one time. Nice MS-60 to MS-62 1860 double eagles remain an excellent value at current levels.

1861: In anticipation of the approaching Civil War, the mintage figure for double eagles skyrocketed in 1861. This is the most common Type One double eagle and before the discovery of the S.S. Central America, it was the most available date in higher grades. The 1861 is fairly easy to find in MS-60 to MS-62 grades but it remains rare in MS-63 and very rare in any grade higher. There are some extremely nice pieces available with great luster and color but most offered for sale have been cleaned and are extensively abraded.

1862: The 1862 has long been one of my favorite double eagles of any type. This is a scarce date in all grades and it is the rarest Type One issue in higher grades (AU-50 and better). I feel it is extremely undervalued and it generally trades and substantial premiums above current published price guides. Most have inferior luster and are "baggy." A few very nice higher grade coins are known and these have good color and luster. They trade for very strong premiums among knowledgeable collectors.

1863: The 1863 is a bit less rare than the 1862 and it is slightly more available in premium quality grades. It is still a very scarce and undervalued coin that appears on many collector's want list. It is generally a well-made issue with good overall detail and attractive satiny to semi-prooflike luster. The natural coloration is medium to deep green-gold or orange-gold. Nearly every known example shows significant marks on the surfaces. The few nice 1863 double eagles I have seen in recent years have sold at levels exceeding "Trends" and "Quarterly Bid" so the collector should be willing to "step up" if the right coin becomes available.

1864: The 1864 is another very scarce Civil War date although not as much so as the 1862 and the 1863. It is generally seen in Extremely Fine and it is quite scarce in the lower to mid AU grades. The 1864 is quite rare in properly graded AU-58 and very rare in Uncirculated. Many show dark, unappealing coloration and most have poor eye appeal due to heavy surface marks. At current price levels ($4500-5000 for a nice AU-58) this date is a wonderful value, especially given the fact that it is essentially unobtainable in any Uncirculated grade.

1865: This is the final Type One double eagle from the Philadelphia mint. It is scarce, although not nearly as much as the 1862-64 issues. The 1865 is usually seen in EF-40 to AU-50 and it is very scarce in the higher AU grades. It is very rare in Uncirculated and the few that are known in this range are generally in the MS-60 to MS-61 range. This date tends to have better eye appeal than the 1862-64 and there are some nice, original 1865's available from time to time. An interesting variety is known with a noticeably repunched date. This is another issue that is a great value at current levels ($3000-3500 for a nice AU-58).

Type One Double Eagle Buying Tips

1. Look for coins that are as original as possible. It is my opinion that, in the coming years, nice original examples of Type One Philadelphia double eagles will bring strong premiums over dipped, "typical" quality examples.

   Stretch on the rarities. The perfect Type One set would have very high end examples of dates such as the 1853/2, 1859, 1862 and 1863 and average to above-average examples of the 1851, 1852, 1853, and 1861.

   Don't pay a premium for varieties that are not yet recognized. The only Type One varieties that are widely recognized are the 1853/2 and the 1854 Large Date. Other varieties may become recognized in the future but they do not currently requite a premium to buy them. Become familiar with these and learn how to "cherrypick" them.

   Buy the coin and not the holder. There are PCGS and NGC Type One double eagles that are outstanding for the grade and there are those that are very low end.

Rarity Charts Overall Rarity

This chart ranks the Philadelphia Type One double eagles in terms of their overall rarity; i.e. the total number known to exist in all grades combined.

1. 1853/2

2. 1862

3. 1859

4. 1863

5. 1864

6. 1856

6 (tie). 1865

8. 1855

8 (tie). 1858

10. 1857

11. 1851

12. 1860

13. 1850

13 (tie). 1852

13 (tie). 1853

13 (tie). 1854

17. 1861

Premium Quality Rarity

This chart ranks the Philadelphia Type One double eagles in terms of their overall rarity; i.e. the total number known to exist in all grades combined.

1. 1862

2. 1853/2

3. 1863

4. 1859

5. 1856

6. 1864

7. 1855

8. 1858

9. 1857

10. 1865

11. 1854

12. 1850

13. 1853

14. 1851

15. 1852

16. 1860

17. 1861

Ten Undervalued U.S. Gold Coins Under $2,500

Many of the articles that I have written in the past have focused on expensive, "glamorous" issues. I may have given the unfair impression that collecting United States gold is a rich man's pursuit. This is clearly not the case. There are a number of exciting, undervalued coins that can be purchased for $2,500 or less. I have decided to focus on ten of these issues but I could just as easily made a list of twenty, thirty or even forty undervalued United States gold coins. With a little effort, a collector should be able to compile a list of similar pieces as well.

Please note that Trends prices in this article refer to those listed in the February 19, 2001 issue of Coin World. PCGS populations are based on February 2001 figures.

1856 Upright 5 Gold Dollar, MS-64 1844 Quarter Eagle, AU-50 1883 Quarter Eagle, MS-61 1881 Three Dollar Gold Piece, EF-45 1858-S Half Eagle, EF-45 1863 Half Eagle, EF-40 1844 Eagle, EF-45 1873-S Eagle, Ef-45 1863 Double Eagle, AU-53 1868 Double Eagle, AU-55

I. 1856 Upright 5 Gold Dollar, MS-64

There are two varieties of date style known on 1856 gold dollars. The more common shows a Slanted 5. The Upright 5 is a scarce and very undervalued issue in my opinion. Trends for this variety is $1,800 in MS-64 versus $1,475 for the Slanted 5. Current PCGS populations for the two varieties are forty-two with twelve better for the Slanted 5 and two with three better for the Upright 5. Even if you take into consideration that these figures are skewed by virtue of the Upright 5 being a relatively new addition to the Population Report, this is still a very undervalued coin and a great value in the $1,500-1,750 range.

II. 1844 Quarter Eagle, AU-50

The Philadelphia quarter eagles struck between 1840 and 1849 include some extremely undervalued issues. The 1844 is among the best values in this group. There were just 6,784 produced and 45-55 are known today. In high grades, the 1844 is a major rarity. I have personally only seen one example better than AU-55. In fact, in all grades of AU, there are fewer than ten known. Trends for an AU-50 is $2,250. In this grade, the 1844 is as rare or rarer than the 1844-C quarter eagle and Trends for that date in AU-50 is $6,500.

III. 1883 Quarter Eagle, MS-61

Only 1,920 quarter eagles were produced in 1883. Unlike some of the other low mintage quarter eagles of this era, not many were saved by contemporary collectors or hoarders. As a result, it is rare in all grades and is almost never seen better than Mint State-62. As of February 2001, PCGS had graded five in Mint State-61, four in Mint State-62 and none better. Trends is just $1,900 in MS-60 and $3,250 in MS-62, meaning that a nice MS-61 could be bought for $2,250 - $2,500.

IV. 1881 Three Dollar Gold Piece, EF-45

Four little words best describe the appeal of this issue: "only five hundred struck!" The problem with including this date in our list is that locating an example in Extremely Fine will be very difficult. The 1881 Three Dollar Gold Piece did not actively circulate and most survivors are in the AU-55 to MS-63 range. But with Trends for an Extremely Fine-40 example currently a mere $2,000, you'd certainly add a nice Extremely Fine-45 to your collection if one became available.

V. 1858-S Half Eagle, EF-45

This date has been a favorite of mine for many years. It is considerably rarer than any Charlotte or Dahlonega half eagle from the 1850's yet it has a current Trends value of only $3,300 for an Extremely Fine-45. There are 30-40 known and just four of five grade AU. A nice EF-45 example would be among the finest known and would set you back $2,500-3,000. Compared to other branch mint No Motto half eagles, the 1858-S is an incredibly good deal.

VI. 1863 Half Eagle, EF-40

I once made the mistake of telling another dealer I could find him a nice Extremely Fine 1863 half eagle with minimal effort. It took me over a year and I looked for one at every coin show and major auction I attended. This Civil War issue had a small original mintage of 2,442 and a high attrition rate. Today, there are probably no more than 30-40 known. Around a dozen grade Extremely Fine and six to nine are About Uncirculated. Trends is $3,500 and you might have to stretch and pay as much as $3,000 for a nice EF-40 coin. In my opinion, this would be a very prudent purchase, give the rarity of the 1863 half eagle.

VII. 1844 Eagle, EF-45

The 1844 is the rarest Philadelphia Liberty Head eagle made prior to 1858. There were 6,361 struck and an estimated 40-50 are known today. It is a major rarity in grades above About Uncirculated-50 and most of the survivors are in the VF-35 to EF-45 range. A nice EF-45 is valued at $2,500-3,000 in today's market. If you can find such a coin, you'll be the owner of a near-Condition Census quality example of a truly rare date.

VIII. 1873-S Eagle, EF-45

San Francisco eagles are among the most out-of-favor issues with collectors. But that doesn't mean that there are not some excellent values for the contrarian. There were 12,000 1873-S eagles produced and approximately fifty exist today. Nearly all of the survivors grade EF-40 or thereabouts and this issue becomes a major rarity in About Uncirculated. Current Trends for an EF-45 is $3,250, meaning that a nice EF-45 could be obtained for $2,500 or a touch more. This is a truly rare (and undervalued) coin.

IX. 1863 Double Eagle, AU-53

It is harder to find undervalued issues in the Liberty Head double eagle series that any other 19th century gold type. But the 1863 stands out as a truly underpriced coin. It is almost never seen above AU-55, making an AU-53 surprisingly close to Condition Census quality. If available, an AU-53 should cost $2,500 or a bit more. But be forewarned that you will have a lot of competition for such a coin. If I could somehow find a dozen nice AU-53 1863 double eagles, I could probably sell them all within a few hours.

X. 1868 Double Eagle, AU-55

Type Two double eagles are exceptionally popular. Despite this fact, the 1868 has remained a tremendously undervalued issue. It is the rarest Philadelphia issue of this type and it is almost never seen above AU-55. Current Trends for an AU-55 is $2,875 and if you find such a coin, you'll probably have to pay close to this amount. But an AU-55 1868 Double Eagle would be a great addition to any collection. PCGS has graded just seven better than this (and none of these are higher than MS-60) and I have not personally seen or sold more than a small handful that grade higher.

Conclusion: In closing, I have a word of advice. Don't try to assemble a collection that includes all of the above coins in the exact grades listed. Their lack of availability will prove frustrating. I would rather that this list inspire you to find your own "Top Ten" list of undervalued issues.

If you need help in compiling such a list, or would like to share your own "Top Ten" list with me, feel free to email me.

How To Collect Type Three Double Eagles

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare. Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

Collecting Type Three Double Eagles As Type Coins Collecting Type Three Double Eagles By Mint Collecting Type Three Double Eagles By Year Assembling A Complete Set of Type Three Double Eagles Collecting By Die Variety Collecting Proof Type Three Double Eagles

I. Collecting Type Three Double Eagles As Type Coins

Type coin collectors seek to obtain one representative example of a specific type or design. For Type Three double eagles, they would focus on obtaining a common date in the highest grade which they can afford. There are a number of specific dates which they might purchase including the 1900, 1901, 1903, 1904 and 1904-S. Each of these is common enough in grades up to and including Mint State-64 that there is little--if any--date premium.

A type set could be made more interesting by including a common date from the 19th century in addition to one from the 20th century. The most common Liberty Head double eagles from the 19th century include the 1895, 1897 and 1899. These are easily obtainable in Mint State-63 but they are somewhat scarce in any grade higher than this.

If you are interested enough in Type Three double eagles to take the time to read a web article devoted to this series, the chances are good that you will become more involved with them than as mere type coins. If you decide to purchase a Type Three double eagle strictly as a type coin, it might make sense to pay a small premium and obtain a date which is a bit more rare in higher grades but which sells for a small premium.

II. Collecting Type Three Double Eagles By Mint

Type Three double eagles were produced at five mints: Philadelphia, San Francisco and Carson City, New Orleans and Denver. Some collectors are attracted to the issues from just one of these mints and they attempt to put together a complete set of dates and major varieties.

Assembling a complete thirty-one coin set of Philadelphia Type Three double eagles is very difficult and costly. The 1881, 1882, 1885 and 1886 each had extremely limited original mintage figures (between 571 and 2,199 coins) and are seldom available to collectors. The rarest of these are the 1882 and the 1886, both of which are represented by approximately 20-25 surviving examples. The 1883, 1884 and 1887 dates were struck only as Proofs. If a collector wishes to have a truly complete set, he will have to include this trio and can count on spending upwards of $50,000 per coin for examples in the Proof-63 to Proof-64 range and considerably more for Gems.

There are other Philadelphia issues which are far more elusive than generally known, especially in the higher Mint State grades. These include the 1877-1880, 1888, 1890, 1892, 1898 and 1905. The 1891 is an extremely rare and very overlooked coin, in spite of its tiny original mintage figure of 1,390 business strikes. It is actually comparable to some of the more-heralded dates from the 1881-1886 era and an acceptable specimen will cost the collector between $7,500 and $15,000.

A complete thirty coin set of San Francisco Type Three double eagles can be assembled with patience. There are no dates which stand out as being excessively rare and just a small number are very hard to locate above Mint State-62 to Mint State-63. The scarcest Type Three issues from this mint are the 1879-S through 1882-S date run and the 1887-S. After years of neglect, the San Francisco series is gaining in popularity. A very attractive set with all coins grading between Mint State-62 and Mint State-64 could be assembled for approximately $50,000-$60,000.

The Carson City Type Three double eagles are the most popular issues with collectors. A total of twelve different dates were produced between 1877 and 1893. Unlike the Type Two issues from this mint which have one issue (the 1870-CC) which makes a set nearly impossible to complete, the Type Three Carson City set is easily completable. The key issues are the 1878-CC, 1879-CC, 1885-CC and the 1891-CC. All four of these are very rare and costly in Mint State but choice About Uncirculated pieces can be obtained for under $10,000 per coin, depending on quality. An extremely nice set of Type Three Carson City double eagles can be assembled for under $75,000. This includes all of the more common dates in Mint State-60 to Mint State-62 grades and the "big four" mentioned above (plus the 1877-CC) in grades ranging from About Uncirculated-55 to About Uncirculated-58.

Production of Type Three double eagles at the New Orleans and Denver mints was very limited. The 1879-O is the only New Orleans issue of this type. Just 2,325 were struck and approximately 100 survive with most of these in Extremely Fine grades. The Denver mint opened in 1906 and produced relatively large numbers of Liberty Head double eagles in 1906 and 1907. The 1906-D is common in all grades up to Mint State-63 but it becomes scarce in Mint State-64 and very rare in Mint State-65. The 1907-D is the more common of these two issues as it is more often used as a type coin.

III. Collecting Type Three Double Eagles By Year

A popular and practical way to collect Type Three double eagles is by year. Such a collection would consist of a single example for each year in which the Type Three design was produced. In this case, such a set would have thirty-one coins.

In a year set, it is advisable to choose the most affordable issue produced in a specific year. For example, an 1879-S double eagle would be chosen over an 1879 Philadelphia, 1879-O or an 1879-CC since the San Francisco coin is the easiest to obtain in both circulated and Uncirculated grades. The 1879-O would be the least likely coin to include in this set due to its rarity and comparably high price.

There are a few years which are very difficult to find affordable double eagles from any mint. In 1885 only two mints struck double eagles. The Philadelphia issue is very rare while its Carson City counterpart is quite scarce but affordable, especially in lower grades. 1886 is perhaps the most difficult year in this entire set as only the Philadelphia mint produced double eagles and just 1,000 business strikes were made. Every other year contains at least one common issue which can be purchased by the collector of average means.

IV. Assembling A Complete Set of Type Three Double Eagles

Many collectors decide to assemble a complete set of Type Three double eagles. Such a set will include one example of each Type Two double eagle struck between 1877 and 1907. Including the Proof-only years of 1883, 1884 and 1887 a complete set consists of 76 coins. (Due to the price of these three coins, many collectors decide to not include them in their set. If this is done, the theme of the set can be changed from being a "complete set of Type Three Double Eagles" to a "complete set of business strike Type Three Double Eagles.") For the most part, the grades of this set will range from Extremely Fine to Mint State. The more common issues are generally represented by high grade coins while the rarer issues are represented by lower grade pieces. The rarities of this set are 1881, 1882, 1885, 1886 and 1891 which are seldom offered for sale and will cost at least $20,000 for above average examples. However, most of the other Type Three double eagles are well within the budget of the average collector.

There are some basic principles which the complete set collector should follow as he acquires coins. A complete set should be as well-matched as possible. The collector should try to purchase coins which have a similar appearance. As an example, a collector might try to acquire coins which are as original as possible and which show reasonably similar coloration.

A complete set should not be "all over the map" as far as grades are concerned. Instead of spending $10,000 on an unappealing, bagmarked 1879-O (as opposed to a choice example of this date in this price range) merely to fill a hole, buy two or three outstanding MS-62 semi-key dates from the 1870's. Do not assemble a complete set with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Three double eagles with the idea that he will be able to complete this set in the higher Mint State grades. Since many issues in the Type Three double eagle series are essentially non-existent above Mint State-60 (and some like the rare Philadelphia dates from the 1880's are either unknown or excessively rare in Mint State), certain allowances will have to be made. Conversely, a collector does not have to settle for coins he does not like just because he thinks he will not be able to do any better.

Set building is the key to realizing additional value without spending extra money. This phenomenon is known to numismatists as a "set premium" and it definitely applies to Type Three double eagles. Carefully assembled sets of coins have proven over the years to bring substantial premiums over randomly assembled, meaningless accumulations of coins. A set that has been assembled with the assistance of a professional numismatist should prove emotionally and financially rewarding to the collector or investor.

An especially good idea for the new collector would be to discuss assembling a set of Type Three double eagles with a dealer who specializes in 19th century gold coins. Get his thoughts as to which grade each specific date should be purchased in. Reading this article should also give the collector a good idea about this as it attempts to give a breakdown of the total number known of each date in each grade range.

V. Collecting By Die Variety

For most Type Three double eagles, a number of different obverse and reverse dies were employed. As one die became worn and/or damaged, it was replaced by a new die. The different combinations of dies created a number of die varieties.

The field of gold coin die variety collecting is extremely fertile. Very little has been written about the varieties of U.S. gold coins and next to nothing has been written about the die varieties of Type Three double eagles. It is very probable that a number of interesting, potentially rare die varieties exist for this series.

A collector wishing to start a die variety collection needs to pay attention to such things as date placement, mintmark placement and diagnostic characteristics such as die scratches and/or die breaks. He should record this information and compare each example of a specific date which he has the chance to examine.

While it is possible that this sort of collecting may become popular in the future, for now it is the province of a tiny handful of specialists. Therefore, the die variety collector should not pay an extra premium for supposedly rare varieties (such as a mintmark position previously unseen on a specific issue).

VI. Collecting Proof Type Three Double Eagles

Proof Type Three double eagles were struck in exceedingly limited quantities at the Philadelphia Mint from 1877 through 1907. In fact, the mintage for Proofs for the entire thirty one year period was just 2,414 pieces.

The tremendous rarity of these coins is what makes them appealing to a small segment of wealthy collectors. It is possible to assemble a complete set of Proof Type Three double eagles. However, this set would require considerable patience and a very deep pocketbook.

Historically, during bull markets, proof gold coins have been favorites with rare coin funds or wealthy individual investors. In the 1989-1990 bull market, the rare coin funds managed by Merrill Lynch and Kidder Peabody were major buyers of coins such as proof Type Three Liberty Head double eagles.

Most of the Proof Type Three double eagles which appear on the market grade in the Proof-63 to Proof-64 range. The extreme rarity of Proof-65 and better examples makes this set all but impossible to complete in the highest Proof grades.

Conclusion: These are just some of the ways in which to collect Type Three double eagles. Part of the appeal of coin collecting is the myriad possibilities it offers the collector with imagination.

Type Three double eagles have proven to be a very popular series with collectors. It is a long-lived and highly varied series with issues ranging from extremely common to extremely rare.

Type Three double eagles are appealing for a number of reasons. They are big, beautiful coins which can be appreciated even by the non-collector. They are plentiful enough that many issues can be found in high grades. However, many are scarce enough that they also appeal to the rarity conscious collector.

There are a number of excellent ways to collect Type Three double eagles. Here are a number of suggestions.

Collecting Type Three Double Eagles As Type Coins Collecting Type Three Double Eagles By Mint Collecting Type Three Double Eagles By Year Assembling A Complete Set of Type Three Double Eagles Collecting By Die Variety Collecting Proof Type Three Double Eagles

strong>I. Collecting Type Three Double Eagles As Type Coins

Type coin collectors seek to obtain one representative example of a specific type or design. For Type Three double eagles, they would focus on obtaining a common date in the highest grade which they can afford. There are a number of specific dates which they might purchase including the 1900, 1901, 1903, 1904 and 1904-S. Each of these is common enough in grades up to and including Mint State-64 that there is little--if any--date premium.

A type set could be made more interesting by including a common date from the 19th century in addition to one from the 20th century. The most common Liberty Head double eagles from the 19th century include the 1895, 1897 and 1899. These are easily obtainable in Mint State-63 but they are somewhat scarce in any grade higher than this.

If you are interested enough in Type Three double eagles to take the time to read a web article devoted to this series, the chances are good that you will become more involved with them than as mere type coins. If you decide to purchase a Type Three double eagle strictly as a type coin, it might make sense to pay a small premium and obtain a date which is a bit more rare in higher grades but which sells for a small premium.

II. Collecting Type Three Double Eagles By Mint

Type Three double eagles were produced at five mints: Philadelphia, San Francisco and Carson City, New Orleans and Denver. Some collectors are attracted to the issues from just one of these mints and they attempt to put together a complete set of dates and major varieties.

Assembling a complete thirty-one coin set of Philadelphia Type Three double eagles is very difficult and costly. The 1881, 1882, 1885 and 1886 each had extremely limited original mintage figures (between 571 and 2,199 coins) and are seldom available to collectors. The rarest of these are the 1882 and the 1886, both of which are represented by approximately 20-25 surviving examples. The 1883, 1884 and 1887 dates were struck only as Proofs. If a collector wishes to have a truly complete set, he will have to include this trio and can count on spending upwards of $50,000 per coin for examples in the Proof-63 to Proof-64 range and considerably more for Gems.

There are other Philadelphia issues which are far more elusive than generally known, especially in the higher Mint State grades. These include the 1877-1880, 1888, 1890, 1892, 1898 and 1905. The 1891 is an extremely rare and very overlooked coin, in spite of its tiny original mintage figure of 1,390 business strikes. It is actually comparable to some of the more-heralded dates from the 1881-1886 era and an acceptable specimen will cost the collector between $7,500 and $15,000.

A complete thirty coin set of San Francisco Type Three double eagles can be assembled with patience. There are no dates which stand out as being excessively rare and just a small number are very hard to locate above Mint State-62 to Mint State-63. The scarcest Type Three issues from this mint are the 1879-S through 1882-S date run and the 1887-S. After years of neglect, the San Francisco series is gaining in popularity. A very attractive set with all coins grading between Mint State-62 and Mint State-64 could be assembled for approximately $50,000-$60,000.

The Carson City Type Three double eagles are the most popular issues with collectors. A total of twelve different dates were produced between 1877 and 1893. Unlike the Type Two issues from this mint which have one issue (the 1870-CC) which makes a set nearly impossible to complete, the Type Three Carson City set is easily completable. The key issues are the 1878-CC, 1879-CC, 1885-CC and the 1891-CC. All four of these are very rare and costly in Mint State but choice About Uncirculated pieces can be obtained for under $10,000 per coin, depending on quality. An extremely nice set of Type Three Carson City double eagles can be assembled for under $75,000. This includes all of the more common dates in Mint State-60 to Mint State-62 grades and the "big four" mentioned above (plus the 1877-CC) in grades ranging from About Uncirculated-55 to About Uncirculated-58.

Production of Type Three double eagles at the New Orleans and Denver mints was very limited. The 1879-O is the only New Orleans issue of this type. Just 2,325 were struck and approximately 100 survive with most of these in Extremely Fine grades. The Denver mint opened in 1906 and produced relatively large numbers of Liberty Head double eagles in 1906 and 1907. The 1906-D is common in all grades up to Mint State-63 but it becomes scarce in Mint State-64 and very rare in Mint State-65. The 1907-D is the more common of these two issues as it is more often used as a type coin.

III. Collecting Type Three Double Eagles By Year

A popular and practical way to collect Type Three double eagles is by year. Such a collection would consist of a single example for each year in which the Type Three design was produced. In this case, such a set would have thirty-one coins.

In a year set, it is advisable to choose the most affordable issue produced in a specific year. For example, an 1879-S double eagle would be chosen over an 1879 Philadelphia, 1879-O or an 1879-CC since the San Francisco coin is the easiest to obtain in both circulated and Uncirculated grades. The 1879-O would be the least likely coin to include in this set due to its rarity and comparably high price.

There are a few years which are very difficult to find affordable double eagles from any mint. In 1885 only two mints struck double eagles. The Philadelphia issue is very rare while its Carson City counterpart is quite scarce but affordable, especially in lower grades. 1886 is perhaps the most difficult year in this entire set as only the Philadelphia mint produced double eagles and just 1,000 business strikes were made. Every other year contains at least one common issue which can be purchased by the collector of average means.

IV. Assembling A Complete Set of Type Three Double Eagles

Many collectors decide to assemble a complete set of Type Three double eagles. Such a set will include one example of each Type Two double eagle struck between 1877 and 1907. Including the Proof-only years of 1883, 1884 and 1887 a complete set consists of 76 coins. (Due to the price of these three coins, many collectors decide to not include them in their set. If this is done, the theme of the set can be changed from being a "complete set of Type Three Double Eagles" to a "complete set of business strike Type Three Double Eagles.") For the most part, the grades of this set will range from Extremely Fine to Mint State. The more common issues are generally represented by high grade coins while the rarer issues are represented by lower grade pieces. The rarities of this set are 1881, 1882, 1885, 1886 and 1891 which are seldom offered for sale and will cost at least $20,000 for above average examples. However, most of the other Type Three double eagles are well within the budget of the average collector.

There are some basic principles which the complete set collector should follow as he acquires coins. A complete set should be as well-matched as possible. The collector should try to purchase coins which have a similar appearance. As an example, a collector might try to acquire coins which are as original as possible and which show reasonably similar coloration.

A complete set should not be "all over the map" as far as grades are concerned. Instead of spending $10,000 on an unappealing, bagmarked 1879-O (as opposed to a choice example of this date in this price range) merely to fill a hole, buy two or three outstanding MS-62 semi-key dates from the 1870's. Do not assemble a complete set with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Three double eagles with the idea that he will be able to complete this set in the higher Mint State grades. Since many issues in the Type Three double eagle series are essentially non-existent above Mint State-60 (and some like the rare Philadelphia dates from the 1880's are either unknown or excessively rare in Mint State), certain allowances will have to be made. Conversely, a collector does not have to settle for coins he does not like just because he thinks he will not be able to do any better.

Set building is the key to realizing additional value without spending extra money. This phenomenon is known to numismatists as a "set premium" and it definitely applies to Type Three double eagles. Carefully assembled sets of coins have proven over the years to bring substantial premiums over randomly assembled, meaningless accumulations of coins. A set that has been assembled with the assistance of a professional numismatist should prove emotionally and financially rewarding to the collector or investor.

An especially good idea for the new collector would be to discuss assembling a set of Type Three double eagles with a dealer who specializes in 19th century gold coins. Get his thoughts as to which grade each specific date should be purchased in. Reading this article should also give the collector a good idea about this as it attempts to give a breakdown of the total number known of each date in each grade range.

V. Collecting By Die Variety

For most Type Three double eagles, a number of different obverse and reverse dies were employed. As one die became worn and/or damaged, it was replaced by a new die. The different combinations of dies created a number of die varieties.

The field of gold coin die variety collecting is extremely fertile. Very little has been written about the varieties of U.S. gold coins and next to nothing has been written about the die varieties of Type Three double eagles. It is very probable that a number of interesting, potentially rare die varieties exist for this series.

A collector wishing to start a die variety collection needs to pay attention to such things as date placement, mintmark placement and diagnostic characteristics such as die scratches and/or die breaks. He should record this information and compare each example of a specific date which he has the chance to examine.

While it is possible that this sort of collecting may become popular in the future, for now it is the province of a tiny handful of specialists. Therefore, the die variety collector should not pay an extra premium for supposedly rare varieties (such as a mintmark position previously unseen on a specific issue).

VI. Collecting Proof Type Three Double Eagles

Proof Type Three double eagles were struck in exceedingly limited quantities at the Philadelphia Mint from 1877 through 1907. In fact, the mintage for Proofs for the entire thirty one year period was just 2,414 pieces.

The tremendous rarity of these coins is what makes them appealing to a small segment of wealthy collectors. It is possible to assemble a complete set of Proof Type Three double eagles. However, this set would require considerable patience and a very deep pocketbook.

Historically, during bull markets, proof gold coins have been favorites with rare coin funds or wealthy individual investors. In the 1989-1990 bull market, the rare coin funds managed by Merrill Lynch and Kidder Peabody were major buyers of coins such as proof Type Three Liberty Head double eagles.

Most of the Proof Type Three double eagles which appear on the market grade in the Proof-63 to Proof-64 range. The extreme rarity of Proof-65 and better examples makes this set all but impossible to complete in the highest Proof grades.

Conclusion:

These are just some of the ways in which to collect Type Three double eagles. Part of the appeal of coin collecting is the myriad possibilities it offers the collector with imagination.

For more information on Type 3 Double Eagles, I recommend purchasing Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis by Douglas Winter.