September 2007 Long Beach Show Review

I had very little in the way of expectations for the third and final version of this year’s Long Beach coin show. In my opinion, the show was slightly above average, primarily due to interest caused by the surge in metals price. I thought that set-up (on Wednesday) was a bit perkier than usual for a Long Beach. I sold coins to dealers who I don’t ordinarily do much business with but who are so in need of nice coins that they are, literally, doing everything they can to find material. One dealer, who was working a want list that included a number of scarcer Liberty Head double eagles, was able to find a few scarce dates in my inventory. I also sold virtually all of my generic gold to another dealer.

With auctions being as strong as they are these days, I decided to again focus my buying attention on the bourse floor. I was able to purchase more interesting coins than I would have expected at a Long Beach show. Some of the highlights are as follows:

A nice group of New Orleans gold dollar including a Condition Census PCGS MS63 1850-O

A spectacular 1867 quarter eagle in PCGS MS65, which is the Finest Known

A lovely PCGS VF25 1870-CC half dollar

An NGC NS60 example of the underrated 1882-O eagle

A superb PQ NGC MS62 1837 quarter eagle

Thursday saw a decent number of collectors attending the show, including a couple of new faces. I sold a few nice quality branch mint gold coins to brand-new collectors; something that hasn’t happened at a Long Beach for quite some time.

Friday, on the other hand, was very slow with poor attendance and limited dealer enthusiasm. Clearly, this show is pretty much over by Friday afternoon and most collectors, at this point, are hanging around and waiting for the evening auction session(s).

I can’t say that I’m sorry that I won’t be attending another Long Beach show until the Winter of 2008. None of the three I was at in 2007 were exactly barn-burners. My next two shows, in Atlanta and Baltimore, respectively, are sponsored by Whitman so, at the very least, I know they will be very well attended and professionally run.

I have also acquired a wonderful complete set of Carson City half eagles which I will be breaking up. The coins in this set range in grade from AU50 to MS63 and include a number of Finest Known and Condition Census pieces. If you have a specific want list that includes any of these, please call me or email me and let me know what you are looking for. Most are very high end for the grade with great original color and surfaces.

State of the Market: Carson City Gold Coins

For our next State of the Market Report, we’re going to take a look at Carson City gold coinage. How have the half eagles, eagles and double eagles from this ultra-popular western branch mint fared in the past few years? I. Overview

The number of serious Carson City gold coin collectors appears to have increased in the last few years. At the same time, at least three major collections have been sold (Old West, “Morgan” and the Washington D.C. collection that I sold privately in 2006). This has meant that some fantastic quality individual coins have been available with some record prices having been achieved. This has been slightly tempered by the fact that a group of significantly overgraded Carson City half eagles (and eagles) have been offered for sale at a number of auctions beginning in 2005. Until the bulk of these are removed from the market, Carson City gold in general will remain highly bifurcated and marked by huge value differences in similarly graded issues. This is truly a market where one AU55 1876-CC half eagle can be worth $17,500 while another can be worth $12,500.

II. Half Eagles

Of the three Carson City gold denominations, I would say that half eagles are probably the least popular right now. Prices for many Carson City half eagles have stayed fairly flat—or even dropped—in the last few years. There are certainly exceptions: choice, high grade examples of nearly any pre-1890 date are strong and even lower grade examples of the key issues (such as the 1870-CC, 1873-CC and 1878-CC) are in great demand in the VG to VF range. With coins that are priced at $20,000 and up, collectors are very fussy and will not generally purchase a coin which they or their trusted advisor(s) do not feel lives up to its stated grade.

I think that the market for Carson City half eagles will remain spotty over the next few years. My gut feeling is that exceptional coins will continue to do quite well and that many of the key issues from the 1870’s will see across the board demand. In my opinion, the most underrated Carson City half eagles right now are the 1877-CC, 1878-CC and the 1881-CC.

III. Eagles

Spectacular Carson City eagles have brought spectacular prices during the last few years. As an example, the finest known 1870-CC, graded AU55 by PCGS, sold for $115,000 in ANR’s August 2006 auction while a PCGS MS64 example of the more common 1890-CC was bid to $80,500 in Heritage June 2006 sale. But results for mediocre or low-end Carson City eagles have been quite soft in the past few years. This is mostly attributable to a group of overgraded, low-end coins (mostly valued in the $15,000-35,000 range) which an investor has had mixed success selling at auction during the last two years. I personally know of at least four or five collectors of high quality Carson City eagles and they are all looking for essentially the same type of coins right now: choice and original with good eye appeal.

I feel that once the last of the inferior quality Carson City eagles mentioned above are finally sold, the market for these coins will heat up. For collectors who enjoy a challenge (and who have an appropriate budget) this is a great series to collect. In my opinion, the most undervalued dates in this series are the 1870-CC, 1873-CC, 1877-CC and the 1883-CC.

IV. Double Eagles

If you had asked me a few years ago if Carson City double eagles were overvalued I would have probably said yes. If you ask me the same question today I would still probably say yes but with less reservation than in the past. When compared to half eagles and eagles from this mint, Carson City double eagles appear to be overvalued. But (and this is a big, big “but”) the double eagles from this mint have a sexiness factor that is greater than nearly any other series of United States coin. Let’s face it: even if you don’t really care about coins, it is pretty hard to resist the allure of a big, attractive gold piece that saw duty in the most romantic era in the history of this country. And because of this fact, Carson City double eagles will always be very, very popular.

My biggest complaint about this series is that while prices have shot up in the past few years, grading standards have decreased. I often see coins like 1871-CC double eagles in AU50 holders that a few years ago would have graded EF45; or even EF40. Given the fact the Trends for an AU50 1871-CC is now $40,000, I have a hard time spending this kind of money on an example for my inventory which has tons of bagmarks and/or a near-absence of luster. The same goes for dates like the 1872-CC, 1873-CC, 1878-CC and 1879-CC. These are now $10,000++ coins in AU50 and higher grades and if a new collector is going to be spending this kind of money on these dates, I would hope he is getting a nice quality coin.

That said, I think there is still some value to be had in this series. I will continue to buy nearly any attractive, original AU55 to MS61 Carson City double eagle I can find for under $5,000. I also like very choice and reasonably original examples of the key dates but, as I said above, I usually pass on examples that I think have inferior eye appeal.

Current Market Conditions for Carson City Gold

In honor of the season finale of my favorite TV show “Deadwood”, what better topic for a Monday morning than an examination of current market conditions on Al Swearingen’s favorite coins: Carson City gold. If you read my recent analysis of the Old West collection of Carson City half eagles and eagles which I wrote a few weeks ago, you’ll know that the market for high grade examples of these two denominations seems to be just fine. But what about the more pedestrian material that is generally offered and what about the ever-popular double eagle series?

Half Eagles: I’d have to say that the half eagle denomination is still the weakest of the three gold issues produced at this mint. But the market is clearly stronger now for high grade pieces than it was a month ago. Nice Extremely Fine coins from the 1870’s have become extremely hard to locate; probably because most of the “real” EF45 coins (at least by most standards) are now in AU50 to AU53 holders. It is especially frustrating to try and find half eagles from the 1870’s with original color and surfaces. Most of these have been dipped in an attempt to make them appear more lustrous. There are a few dates from the 1870’s that have become just about impossible to find in EF40 to AU50 and these are worth at least 80-90% of Trends (if not more). Send me an email at dwn@ont.com and I will tell you what these dates are.

The dates from the 1880’s are much more available but most of the pieces I see are overgraded, unoriginal and just plain uninteresting. Any Carson City half eagle from this decade in AU50 and above with a good strike and pleasing original color is scarce and a great value at current levels.

The issues from the 1890’s are fairly plentiful right now but most are in the AU55 to MS62 range. It is still possible to find nice coins from this decade and I’d recommend filling these holes now while the coins still exist.

Eagles: The Carson City eagle market is stronger now than at any time since the mid-1990’s. This is due to the fact that at least three or four very serious buyers have entered the market and most of these collectors are just starting their collections. This means that Finest Known or very high end Condition Census pieces will continue to set record prices when they are offered for sale at public auction. But there are still some good values to be had. The dates from the 1870’s are extremely hard to find with original color and surfaces and any piece grading EF40 or better with really good eye appeal is a great seller right now.

The 1880’s issues are beginning to come into their own, especially in higher grades. In Uncirculated grades, these dates are quite scarce but are still very affordable in comparison to the 1870’s issues. My personal feeling is that any Carson City eagle from the 1880’s in MS60 or better that is priced at under $15,000 is very good value. And nice AU coins priced at $7,500 and under seem to be great value.

The 1890’s issues are becoming more and more popular due to the fact that all four of these can be obtained in Uncirculated for reasonable sums. But prices for finest known or very high end Condition Census examples of these dates have really shot up in the past few months as the new collectors of these coins jockey into the position of putting together sets which contain “unimprovable” examples.

Double Eagles: I was very surprised to see the renewed market strength for virtually all Carson City double eagles at the ANA show. I came to the show with a nice group of common dates in AU55 to MS61 grades and all of the coins I had sold quickly and at very strong prices. I tried to buy other coins at the show and was often quoted as much as 85-95% of Trends from other dealers for coins that were nice but were not “upgrade shots.” I’m not certain if someone is quietly doing a small retail promotion of Carson City double eagles right now but the market certainly seems strong to me.

The early 1870’s dates are, as usual, very strong. The AU50 example of the key 1870-CC in the Heritage Platinum night sale brought well north of $300,000 and I have seen a number of 1871-CC, 1872-CC and 1873-CC double eagles in AU55 and above trade for very strong numbers of late. The scarce, low mintage 1878-CC and 1879-CC are also in very strong demand right now.

The common dates from the 1880’s are still affordable and I think any pretty, original Carson City double eagle from this historic era at under $5,000 is tremendous value. The higher grade coins from this era (in this case MS62 and above) are in great demand right now and these often sell for full Trends or even more to knowledgeable collectors.

The same holds true with the dates from the 1890’s. The low mintage key issue from this decade, the 1891-CC, is in stronger demand that at any time I can remember, even though prices have not yet really shot upwards.

The overall market for Carson City gold coinage, regardless of grade, seems very good right now. The lower priced, lower grade coins have a solid following among collectors while the high grade, one-of-a-kind examples are in extremely strong demand. The only area that seems to be really lagging is ugly, overgraded better date pieces in the $10,000-20,000 range. These are hard to sell because most collectors are being advised to stay away from these and to wait for the right piece for their collection.

The Old West Collection of Carson City Half Eagles and Eagles: An Analysis

On August 11, 2006 ANR sold the Old West Collection of Carson City half eagles and eagles. This was the single most important specialized sale of Carson City gold coinage held since the Lang Collection was auctioned by Bowers and Merena in July, 2002. This sale, thus, provided collectors with an excellent opportunity to gauge the current state of the market for high quality Carson City gold issues. On a personal note, this was also an interesting sale for me. The consignor of the Old West collection is a good customer and friend of mine and I sold him all of the eagles and a number of the half eagles in the collection. So I was participating in this sale not only as a bidder but as an interested “friend of the collection” as well.

I. HALF EAGLES

The Old West collection lacked two issues to be complete (the 1873-CC and the 1876-CC) but it did include a number of important condition rarities. My personal observation was that this was a very nice group with some great individual coins but the eagles were better matched, more original and of a generally higher overall quality.

1870-CC PCGS AU58: This was the Bass II: 1170 coin which sold for a strong $69,000 in October, 1999. It is the single best circulated example of this date I have ever seen and it certainly had the appearance of an MS61. My personal feelings about this coin was that it sold for too much in 1999 but that the market had probably risen to the point where it would sell for around the same amount as it had brought seven years ago. It realized $80,500 (note that all prices realized in this article include the 15% buyers premium charged by ANR).

1871-CC PCGS AU58: I purchased this coin out of the Richmond Collection sale in 2004 where it realized $18,400. This is not an easy coin to figure value-wise as there is no Trends above AU50 and very few high grade examples have sold in the past few years. It commanded a winning bid of $27,600 which I thought was a very solid price.

1872-CC NGC AU58: I’m not exactly sure how or why, but high grade examples of this date seem to be everywhere. I’ve seen at least a half dozen AU55 and better 1872-CC half eagles at auction in the past year or so. Some of these are undoubtedly coins that are recycling while others are overgraded examples that were formerly in lower grade holders. Regardless, this date has lost a bit of luster in my eyes but the NGC AU58 in the Old West collection is still among the highest graded. I thought it was nothing special from a quality standpoint and it brought $29,900.

1874-CC PCGS AU58: This is the most common Carson City half eagle struck during the early years of the Mint’s operation but properly graded AU55 and higher pieces are quite rare. I wasn’t all that crazy about this coin but it had a decent commercial appearance and a much better strike than usual. It opened at $12,000 but was bid all the way up to $27,600 which has to be a record price for a circulated example of this date. With AU58 Trends at “only” $25,000 I would assume that the consignor was thrilled with the prices that this coin brought.

1875-CC PCGS AU55: This was a decent coin except for the fact that it had a large, nasty reeding mark right on the jaw of Liberty. It sold for $17,250 which is a little bit more than 70% of Trends. I would assume that the consignor probably broke even on this coin or possibly made a bit of money but it clearly was not one of his best purchases.

1877-CC PCGS AU55: I thought this was a decent, fairly original coin which would bring around $10,000-11,000. But it sold for $17,250 to one of the sharpest “crackout” dealers in the business so I’m assuming that this piece will soon be a bright, shiny AU58.

1878-CC PCGS AU50: This was my least favorite half eagle in the collection. The obverse coloration was artificial and had been applied to cover an old cleaning. Despite this fact, there is no denying the rarity of this date and the Old West coin was bid to a fairly respectable $16,100 which is nearly 75% of Trends. I think if this exact coin had been offered for sale in the regular section of the ANR catalog it would have brought 15% less.

1879-CC PCGS AU58: I had purchased this coin in the Richmond collection sale in an NGC AU58 and paid somewhere in the area of $9,000 thinking it would upgrade to MS61. It never worked for me and I sold it to the Old West collection’s owner for a small profit. This time around, the coin was sold to a savvy collector who paid $12,650. I’m assuming he didn’t buy it to play the upgrade game and if he keeps it in the PCGS AU58 holder he’ll own probably the nicest “slider” example of this date in existence.

1880-CC PCGS MS62: Here was an interesting coin to ponder when considering how the market for high grade Carson City gold has fared since 2000. In May of that year, this lovely example sold in the Bass III auction for a then-reasonable $13,800. In the Old West collection auction, six years later, it sold to the same collector who purchased the 1879-CC for $29,900. While this seems like a stunning increase, I still think this was a good value. It is arguably the second finest known example of the date and it has a superb pedigree (ex: Old West, Bass, Norweb and Melish collections). In today’s market, truly rare coins with great pedigrees such as this are held in high esteem by sophisticated collectors.

1881-CC NGC MS62: I regard this as one of the highlight coins in the Old West collection but it did not meet its reserve and did not sell. Shameless plug: I will have this coin available for sale at my table at the Denver ANA and I would strongly suggest that any serious collector of Carson City gold coinage who wants an unimprovable example of the rarest half eagle from the 1880’s should give this coin careful consideration.

1882-CC PCGS MS62: The 1882-CC is the most common Carson City half eagle from the 1880’s but there are not many pieces out there that compare to this example. It was the second best that I have personally seen and it brought $32,200 which I believe is a record price for this date.

1883-CC PCGS AU58: The rich orange-gold coloration that this coin displayed on the obverse made it uncommonly attractive for the grade but I don’t think anyone looked at this coin as having the potential to upgrade to MS61 if resubmitted. Thus, its price realized of $9,775 is very surprising in my opinion. Trends is $11,000 but I have seen other similar quality examples of this date trade for less money. In an auction environment, however, such considerations are often forgotten.

1884-CC PCGS AU58: Before I sold this coin to the owner of the Old West collection I tried it a number of times to grade higher at both PCGS and NGC. Someone who is better at the crackout game then I am paid $12,650 for this coin and if it works, he’ll have a nice little score. If it doesn’t work, he’ll have a problem on his hands as AU58 Trends is only $10,000.

1890-CC PCGS MS64: This is not a rare coin in this grade but I thought it was an uncommonly nice piece for the grade. It brought $9,775 which I thought was a fairly strong but not ridiculous price given the overall tone of this sale.

1891-CC PCGS MS65: I had sold this coin to the owner of the collection around a year ago for a price somewhere in the mid-$30’s. It was hard to gauge what it would bring in this sale. I thought there was actually a chance it could bring over $50,000 if two deep-pocketed type collectors butted heads, but I also could have seen it bringing in the low $30’s. It opened at $18,000 and there were numerous people bidding until two people remained at $35,000. The final price realized was $43,700 which is certainly a lot of money for an example of this common date but considering it is the only MS65 graded by PCGS I could have seen it selling for more.

1892-CC PCGS MS63: This attractive, original example was a very good value at $5,750. I have seen a few far inferior examples in MS63 holders sell for $5,000 or so and I thought this coin was really PQ for the grade.

1893-CC PCGS MS62: With Trends at $4,000 I expected this coin to sell for around $2,750-3,000. Instead, it brought a very strong $4,600.

II. EAGLES

I had sold the entire group of eagles in the Old West collection intact to its current owner around three years ago. It had formerly been known as the Orange County collection and I had assembled the collection between 1996 and 2002. It included a number of important Condition Census pieces and pre-sale buzz regarding the coins seemed very favorable.

1870-CC PCGS AU55: When I first bought this coin in June 2000, I don’t think more than a handful of people realized its importance. In a nutshell, it is the finest known example of the rarest Carson City eagle. With unattractive Extremely Fine examples of its big brother the 1870-CC double eagle now selling for close to $200,000, this coin seemed to have potential to bring a record price. When the dust cleared, it sold for $115,000; clearly a record price for the issue but still a reasonable level when one considers the big picture. If eagles ever become as popular as double eagles, I could see this coin becoming worth $200,000+ in the near future.

1871-CC PCGS AU55: I always thought this was a fairly mediocre coin for the grade but other people thought it had a shot to come back as an AU58 if it were regraded. It sold for $25,300 which means, basically, that I was wrong and maybe it was actually a pretty decent coin after all.

1872-CC PCGS AU55: I liked the originality of this coin and thought that if it were dipped it would probably windup in an AU58 holder. It sold to a crackout dealer for $34,500 and I would not be shocked to see it offered as a bright AU58 with a $50,000+ price tag in the next few weeks.

1873-CC PCGS AU50: Maybe I’m just too picky but despite this coin’s excellent pedigree, I thought it was not terribly appealing for the grade. I was clearly in the minority as it brought a very healthy $32,200 which is nearly 10% above AU50 Trends.

1874-CC PCGS AU58: Now here was a coin that I did like. A lot. It was fully original with great color and surfaces. I had hoped to place it with a major collector and bid up to $32,000 but was foiled by a dealer who bid $33,000. With its final price realized at a hefty $37,950, this means that the buyer graded this coin at least MS61. It will be curious to see if a “fresh new” MS61 appears on the market soon.

1875-CC PCGS AU53: In the past fifteen years, I’ve bought and sold this coin at least three times. Way back in 1992, I paid $12,000 for it at auction. It brought $32,200 in its most recent sale which is about 15% more than I expected it to.

1876-CC PCGS AU58: This was one of my favorite coins in the collection. I love gold coins with great color and this piece has always appealed to me due to its natural fiery orange-red peripheral hues. I purchased this coin for $39,100 and thought it was one of the better deals in the sale as I expected it to bring 10-15% more.

1877-CC PCGS AU53: I like this date very much and I really liked the coin for the grade (I thought it graded AU55). Apparently, someone else did as well as I was outbid at $27,600.

1878-CC PCGS AU55: No one other than me seemed to find this coin’s price realized of $39,100 to be extremely strong but I think this had to be a record price for a slabbed AU55 example of this date. I didn’t see the coin has having the potential to upgrade so I am assuming it was purchased by a collector as exactly what it was: a nice representative high grade example of a very scarce date.

1879-CC PCGS AU55: It’s funny how market perceptions and values change over time. As recently as five years ago, the 1879-CC sold for more money than nearly any other Carson City eagle. But after a group of really ugly, overgraded AU examples sold at auction in the last few years, Trends dropped and today the 1879-CC is now one of the most undervalued Carson City eagles from the 1870’s. This coin sold for $32,200 which is more than Trends but which still seems to be a good value relative to other less rare CC eagles from this era.

1880-CC NGC MS61: The date run of Carson City eagles from the 1880’s in the Old West collection is probably the best ever assembled. The 1880-CC was a lovely coin with great color and fresh, original surfaces. I thought it had a good shot to grade MS62 and it sold for a strong $18,400.

1881-CC NGC MS64: What a great coin this is. It is the single finest Carson City eagle from the 1880’s, it has a glorious pedigree (ex Eliasberg, Clapp and obtained from a bank by Clapp in 1895) and it is a stunning piece from a visual perspective. I bought it out of the Lang sale in 2002 for $25,300 and upgraded it from MS63 to MS64. I really wanted to buy this coin again and bid up to $60,000 but it sold to a determined phone bidder for $74,750.

1882-CC NGC MS62: Bet you didn’t know that this date is unique in Uncirculated and that the present example, pedigreed to the Lang collection where I bought it in 2002 for $20,700 in an NGC MS61 holder, is one of the most important Carson City eagles in existence. I was able to buy this coin for $41,400 and was thrilled with my purchase as I would have paid considerably more. This great coin now resides in the finest collection of Liberty Head eagles ever assembled.

1883-CC PCGS AU58: I think I charged the owner of the Old West collection something like $6,500 for this coin. It brought $14,950 in the sale. I think he was pretty happy about this…

1884-CC PCGS MS62: Only five or six Uncirculated examples of this date are known and the present example is the second best of these. I thought its grade of MS62 was conservative and I was able to purchase it for $46,000. It, too, will be residing in the finest collection of Liberty Head eagles that has ever been assembled and it certainly will fit in well in this remarkable group of coins.

1890-CC PCGS MS62: While “only” graded an MS62, this coin has sensational color and great eye appeal. Trends is $7000 for an MS62 but this lovely coin brought $10,350 which is almost certainly a record price for the grade. I bought this coin for $3,520 in an August 1995 Bowers and Merena sale and liked it enough that I had kept it for myself for a few years until I sold it to a collector.

1891-CC PCGS MS63: This coin was nothing all that special but it had a nice pedigree (ex Pittman collection) and attractive original color. It brought over $7,000 which is a strong price for a date that typically trades in this grade for $5,000 or so.

1892-CC PCGS MS63: I’m not sure that I’ve ever seen a prettier Carson City eagle of any date or a nicer example graded MS63. Not only did this coin have nearly immaculate surfaces but it had amazing orange-gold color that gave it a “glow” that could only be appreciated if seen in person. I paid $41,400 for it and was obviously buying the coin and not the holder as Trends is all of $10,000.

1893-CC PCGS MS61: Unlike the other Carson City eagles from the 1890’s, this date is very rare in Uncirculated. The example in the Old West collection was among the finest known and I purchased it for $16,100.

The final price realized for the Old West collection was close to $950,000 and this was a significant profit for the owner. It turned out to be a win-win deal for everyone: a happy consignor and many happy collectors who now have outstanding new Carson City gold coins in their collections.

Carson City Gold

Why hasn’t Carson City gold performed well during this past five years? I have been asked this question a number of times in the past few months and I think it is worthy of some consideration. In my opinion, the real reason why you haven’t been hearing much about Carson City gold lately is that there simply hasn’t been much for sale. In the past few years, I can recall just a handful of specialized collections being offered for sale. When I go to coin shows, I don’t see much Carson City gold and what I see tends to either be lower grade examples of scarcer dates or middle grade examples of common CC double eagles.

My conclusion is that the reason why Carson City gold coinage currently appears to be in slumber mode is that there just haven’t been many important examples offered since the Bass collection in 1999-2001 and the Lang collection in 2002 were auctioned by ANR.

Now, I don’t personally think that Carson City gold is out-of-favor or difficult to sell. It just seems that, for whatever reason, most of the major pieces that have traded since the Lang sale in July 2002 have been private, non-auction transactions. In the instances that important Carson City gold coins have appeared at auction, they have generally been one or two at a time and have sort of slipped under the radar. This has been a segment that isn’t easily monitored, unlike other areas of the rare date gold market.

I think this is going to change soon. ANR is offering a very important collection of Carson City half eagles and eagles in their pre-ANA auction in Denver this summer. (In the interest of full disclosure, I should note that these coins are owned by a client of mine and that I helped assemble the collection).

This virtually complete date run of Carson City half eagles and eagles is known as the Old West collection and it contains some very major coins. Some highlights are as follows:

Half Eagles:

1870-CC PCGS AU58 (ex Bass) 1872-CC NGC AU58 1874-CC PCGS AU58 1880-CC PCGS MS62 1881-CC NGC MS62 1891-CC PCGS MS65

Eagles:

1870-CC PCGS AU55 1872-CC PCGS AU55 1874-CC PCGS AU58 1876-CC PCGS AU58 1881-CC NGC MS64 (ex Eliasberg) 1882-CC NGC MS62 1884-CC PCGS MS62

This auction should show gold coin market observers exactly how strong rare date Carson City half eagles and eagles are—or aren’t. Many of the coins are among the finest known and a number are pedigreed to major collections and/or were plated in my second book on Carson City gold coinage. It will be very interesting to see the prices that these coins bring.

For more information on the Old West collection of Carson City half eagles and eagles, look at my website in the coming months as I am certain to write a number of features about these coins.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Part Two: Eagles (1880) - Double Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

EAGLES (1880-1893)

1880-CC: Lot 636, graded Mint State-61 by NGC. This was the best example of this date that I had ever seen. I graded it MS-62 and thought it could even grade MS-63 on the right day. It sold for $19,550, which is easily a record price for this date.

1881-CC: Lot 637, graded Mint State-63 by NGC. I bought this coin for $26,450 which seems expensive (Quarterly bid for an MS-63 is $16,000) until one realizes that it is now in an NGC MS-64 holder. This is the finest 1881-CC eagle I have ever seen and one of the best coins in the collection from the standpoint of condition.

1882-CC: Lot 638, graded Mint State-61 by NGC. I have never seen another Uncirculated 1882-CC eagle. I loved this coin and it was the eagle I most wanted to buy out of this collection. I did wind up purchasing it for $20,700 and it immediately upgraded to MS-62 at NGC.

1883-CC: Lot 639, graded Mint State-60 by NGC. This is one of just two known Uncirculated examples of this underrated date. I graded it Mint State-61 to Mint State-62. I thought it would be a hotly-contested lot but was very surprised that it sold for a record $17,250 (CDN bid is $10,500 while Trends is $11,500).

1884-CC: Lot 640, graded Mint State-60 by PCGS. This coin was bought back at $9,200. I did not really care for it as the surfaces had a few too many abrasions. But it was a really Uncirculated coin and one of around a half dozen known of this date. At $7,500 or so, I would have been more interested.

1890-CC: Lot 641, graded Mint State-63 by NGC. This was the shocker of the late date eagles. It sold for an incredible $18,400. Bid is $10,000 while Trends is $16,000. Clearly, at least two people graded this coin Mint State-64. If the buyer is right, this will become a highest graded coin. If he is wrong, he made a very expensive mistake as a nice MS-63 is worth $9,000 or so.

1891-CC: Lot 642, graded Mint State-64 by NGC. A really nice borderline gem and one of the best examples of this common date that I have seen. But it opened at a robust $9,000 ($10,350 with the buyer's premium) and there were no takers in the audience.

1892-CC: Curiously, there was no example of this date in the Lang collection.

1893-CC: Lot 643, graded Mint State-60 by NGC. The crowd was probably too busy buzzing about the next lot (the 1870-CC double eagle) to pay attention to this lovely and very underrated piece. It went unsold.

Overall Analysis: The Lang collection of Carson City eagles contained some magnificent coins. I thought that prices for the coins from the 1870's were, for the most part, quite strong. Buyers realized that many of these coins were unlikely to improved upon in the next few years, so the finest known or high Condition Census pieces went for very strong prices. The coins from the 1880's were amazing and buyers bid accordingly. Auction records were set for the 1880-CC, 1881-CC, 1882-CC and 1883-CC. The coins from the 1890's went more reasonably, although the 1890-CC was a surprise and a world record.

DOUBLE EAGLES (1870-1893)

1870-CC: Lot 644, graded Extremely Fine-40 by PCGS. In recent years, this has been an incredibly popular issue and prices have risen accordingly. The Lang coin was one of the sharpest I had ever seen I thought it would upgrade to EF-45. But I was stunned that this coin brought $149,500. I would guess that Mr. Lang paid less than half this amount and he was, no doubt, pleased with the result.

1871-CC: Lot 645, graded About Uncirculated-58 by NGC. This was a great coin that only a handful of viewers appreciated. Most examples show dense abrasions and have been repeatedly cleaned. This was a lovely "slider" that was crisp and original. I bought it for $20,700 and thought it was a sensational purchase.

1872-CC: Lot 646, graded Mint State-61 by NGC. This was another lovely early date CC double eagle. It had superb color, great luster and lovely color. It sold for $26,450, which is just a bit higher than MS-60 Trends. I think this was a great value as it is the finest known and it could well upgrade to MS-62.

1873-CC: Lot 648, graded "net MS-60" by Bowers and Merena. This coin was unencapsulated due to a large mint-made planchet flaw and spotting on the obverse. It still sold for $14,950 and I'm sure that the dealer who purchased it is confident that he can get it graded at PCGS or NGC.

1874-CC: Lot 649, graded Mint State-61 by PCGS. Few people realize just how rare this date is in high grades. Apparently all of the people "in the know" were in the room as this coin brought a remarkable $17,250. This is more than double MS-60 Trends (and more than triple MS-60 bid!).

1875-CC: Lot 650, graded Mint State-63 by NGC. Most higher grade 1875-CC double eagles have been cleaned or dipped at one time. This was a superb, fully original piece that was very high end for the grade. I paid $14,375 for it and quickly resold it to a type collector who wanted a single choice Carson City double eagle for his set.

1876-CC: Lot 651, graded "net AU-58" by Bowers and Merena due to having been cleaned. This sold for $4,830.

1877-CC: Lot 652, graded Mint State-62 by NGC. This coin was bought back at $23,000 which was a bit of a surprise as I thought it would bring in the $22,500-25,000+ range. It is probably the finest known and important CC double eagles of this quality are seldom offered for sale.

1878-CC: Lot 653, graded About Uncirculated-58 by PCGS. I thought this was a very nice coin but did not think it would upgrade. It sold to a dealer for $12,650. With Trends at $11,500 in AU-58 and $20,000 in MS-60, this individual clearly believed this coin had a realistic chance of upgrading.

1879-CC: Lot 654, graded Mint State-60 by NGC. There were some noticeable spots on the upper obverse but I still liked this coin a lot and thought it was better than its indicated graded, It sold for $24,150 (Trends is $22,500 in MS-60) so I obviously was not the only person who felt this way.

1882-CC: Lot 655, graded AU-58 by PCGS. This coin sold for a very strong $5,290, which is full Mint State-60+ money for the date. I thought it was a nice 58 but not better.

1883-CC: Lot 656, graded Mint State-63 by PCGS. The 1883-CC is a date that is almost never seen above MS-62. This coin is one of just two graded MS-63 by PCGS with none better. It brought $18,400, which is a strong but not absurd price, given that Trends is $22,000. In my opinion, buying a great coin like this for a bit more than 80% of Trends is a very fair value in today's market.

1884-CC: Lot 657, graded Mint State-62 by PCGS. Trends for this date in MS-62 is $6,500. This coin sold for a healthy $7,475.

1885-CC: Lot 658, graded AU-58 by PCGS. This was a very nice coin that I felt was accurately graded. It sold for $9,250. With AU-58 Trends at $7,250 and MS-60 at $10,750, the new owner clearly graded this coin at least Mint State-60.

1889-CC: Lot 659, graded "MS-64" by Bowers and Merena. This coin was oddly presented as it was one of just two pieces in the Lang collection that wasn't a "no-grade" but was not encapsulated by PCGS or NGC. I graded this piece MS-62 to MS-63 and it was passed on by the bidders at an aggressive opening bid of $15,000.

1890-CC: Lot 660, graded "MS-63" by Bowers and Merena. This was the other piece in the collection that was raw but was capable of being graded. I agreed with B+M's grade and was prepared to pay in the $10,000-12,000 range. The final bid was a very strong $17,250.

1891-CC: Lot 661, graded Mint State-61 by NGC. People who viewed this lot were divided on its quality. I liked it but many people were not crazy about the heavily spotted obverse. Despite the spots, the coin brought $17,250, which is well above CDN MS-60 bid ($10,000) and MS-60 Trends ($12,500).

1892-CC: Lot 662, graded Mint State-62 by NGC. This was a very nice coin for the grade and with a huge jump in Trends between MS-62 and MS-63 ($8,000 to $21,000) it was inevitable that there would be some serious bidding. At $11,500, this piece will either be a great deal for its new owner (if it upgrades) or it will be an all-time record for the date in MS-62.

1893-CC: Lot 663, graded Mint State-63 by PCGS. This was among the nicer 1893-CC double eagles I had ever seen. It brought a very strong $16,100. With MS-63 Trends at $10,000 it was obvious that the successful bidder was hoping for an upgrade to Mint State-64.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Half Eagles - Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high-end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

HALF EAGLES

1870-CC: Lot 607, graded MS-61 by NGC. I loved this coin but it was very flatly struck on the neck. Bid is $80,000 and this coin sold for $77,625. In retrospect, this was a very good deal as it is one of just three known Uncirculated examples of this major rarity.

1871-CC: Lot 608, graded AU-55 by NGC. One of the nicer examples of this date I have seen in some time. I graded it solid AU-58. Bid is $8,750 in AU and $45,000 in MS-60 with no Trends listed over EF-45. The coin sold for $14,950 which is a solid price for the issue.

1872-CC: Lot 609, graded AU-50 by PCGS. Very undergraded and a solid AU-55+ to AU-58 in my opinion. Probably the best 72-CC half eagle I have ever seen with a great strike and superb color over very lustrous surfaces. I purchased this coin for $25,875.

1873-CC: Lot 610, graded AU-53 by PCGS. A solid coin for the grade and accurately graded by today's standards. Bid is $20,000 in AU while Trends is $32,500. This brought $18,975 which seems a touch cheap.

1874-CC: Lot 611, graded AU-50 by NGC. Undergraded; I thought it was a nice AU-55. Bid is $6,500 in AU while Trends is $11,500 in AU-50 and $16,500 in AU-55. This piece brought $10,350. It would have brought more except that there are currently a few other nice 74-CC half eagles on the market.

1875-CC: Lot 612, graded AU-55 by PCGS. I couldn't decide whether I liked this coin or not. I thought it might upgrade to 58 but it was a touch on the dull side. It brought $16,100 with Bid at $8,400 in AU and Trends at $12,250 in AU-50.

1876-CC: Lot 613, graded MS-65 by PCGS. I didn't have to decide about this coin...I loved it and thought it was the single best CC gold coin that I had ever seen. In fact, I grade it MS-67 by today's standards. I purchased this coin for $138,000 and genuinely believe it was fantastic value. I would have paid considerably more and feel that this will be a $250,000 coin the next time it becomes available.

1877-CC: Lot 614, graded AU-58 by NGC. This was the second best 77-CC half eagle I had ever seen and I graded it MS-61. It was a lovely coin that I really wanted to buy but I was outbid by a Florida dealer who paid a solid $29,900. Bid for an MS-60 is $38,000. This is an example of a price that will seem strong to someone who did not view these coins but was probably a good value in the long run.

1878-CC: Lot 615, graded AU-55 by NGC. This was one of the few disappointments for me in the sale. It had a funky orange-gold color which appeared to be artificial. It still brought $24,150, which is a strong price for a date that is bid at $14,500 in AU. Had this coin been choice for the grade, however, it would have brought over $30,000.

1879-CC: Lot 616, graded AU-58 by NGC. I thought this was a nice coin for the grade but I did not see it as Uncirculated. I was obviously wrong, as it brought a strong $10,925. If this coin "works" for the dealer who bought it, it was a purchase, as a Mint State-60 to 61 example is worth $15,000+. If it stays in an AU-58 holder, it's a truly bad deal as it is worth $6,000+.

1880-CC: Lot 617, graded MS-61 by NGC. A really nice coin for the grade which I thought had a solid shot to grade MS-62. I bought it for $11,500. Unlike nearly every 1880-CC I have seen that was graded MS-60 or MS-61 by the services, this one was a real "BU" coin with no evidence of wear.

1881-CC: Lot 618, graded AU-58 by NGC. This was my favorite "sleeper" lot in the half eagle section. I thought it was a very high end MS-61 and easily one of the best I had ever seen. It brought a very strong $17,250; Trends is $13,250 in AU-58 and $20,000 in MS-61 while MS-60 Bid is $16,500. An expensive coin but well worth it.

1882-CC: Lot 619, uncertified due to having been cleaned. An ugly coin that was out of place among the other lovely half eagles in the Lang collection.

1883-CC: Lot 620, graded MS-61 by PCGS. I graded it an MS-62 but didn't like the noticeable scrape in the left obverse field. This coin brought $29,900, which I thought was among the strongest prices in the sale. MS-60 trends is $18,500 while MS-60 Bid is $14,500. This coin was purchased by a very smart dealer but I'm not exactly certain how he's going to make money on this purchase...

1884-CC: Lot 621, graded AU-55 by PCGS. I graded it AU-58 with no chance of being called Mint State. At least two people disagreed with me as this coin brought an incredible $11,500, which is nearly triple the current Trends listing of $4,500 in AU-55.

1890-CC: Lot 622, graded MS-65 by NGC. A really lovely gem example that was one of the nicest common date CC half eagles I have ever seen. It was bought back by the consignor at its opening bid of $14,000. I thought this coin was worth $20,000+ and regretted not buying it as soon as the lot closed.

1891-CC: Lot 623, graded MS-64 by NGC. Bid in MS-64 is $4,350 and this nice example sold for $4,083.

1892-CC: For some odd reason, there was no 1892-CC half eagle in this collection.

1893-CC: Lot 624, graded MS-64 by NGC. I haven't seen many better 1893-CC half eagles than this but I have a hard time getting excited by this date. It brought $14,950 which I thought was the right price considering its quality. Bid is $13,500 in MS-64.

EAGLES (through 1879)

1870-CC: Lot 625, graded EF-45 by NGC. This was the nicest EF example of this date that I have seen in a number of years. It brought $26,450, which is a strong price but not unreasonable when one considers how rare and undervalued this issue is. Bid is $18,000 in EF while Trends is $25,000 in EF-40.

1871-CC: Lot 626, graded MS-62 by NGC. This was one of my favorite coins in the sale. It was a superb, very high end coin with claims to an MS-63 grade and it is easily the finest known 1871-CC eagle. I bought it for $66,125 which I thought was good value given the rarity and quality that this one-of-a-kind coin represents.

1872-CC: Lot 627, graded AU-55 by PCGS. I graded this coin AU-58 and feel it is the finest known example of this rare date. It sold to a collector bidding on the phone for $41,400. This is a strong price but when one considers that this is a finest known coin that will probably never be improved on, it is hard to "overpay."

1873-CC: Lot 628, graded AU-53 by NGC. This coin was reserved for $24,000 and did not sell. A second example, Lot 629, was graded EF-45 by NGC and it brought a very strong $17,250 (Trends is $18,500 in EF-45). This coin will probably wind-up in an AU-50 or AU-53 holder but was not especially nice.

1874-CC: Lot 630, graded MS-64 by NGC. This was the highlight of the Lang collection eagles. It sold for $103,500 to the same dealer who had sold it to Mr. Lang in the mid-1990's. I thought this was a very strong price for this coin but would add that this is another coin, like many in this collection, that truly represents one-of-a-kind quality.

1875-CC: Lot 631, graded AU-53 by PCGS. I wasn't wild about this coin because of its abraded surfaces but did like its originality. It sold for $20,700. Quarterly Bid is $20,000 in AU-50. I consider this to be a strong price for the coin, as I recently sold a similar quality PCGS AU-53 to a collector for 20% less.

1876-CC: Lot 632, graded AU-58 by NGC. This coin was just a bit bright from a dipping but it was very "meaty" with quite a bit of luster visible. I bought it for $29,900 which I thought was a strong price but not out of line for a coin that was the third finest known example of a rare issue. Bid is $12,000 in AU and $45,000 in MS-60.

1877-CC: Lot 633, graded AU-55 by PCGS. I graded this coin AU-58 and consider it the second finest known example of a rare and very underrated issue. It sold for $24,150. At the sale, I thought it was expensive but upon reflection I think this was a good value for the collector who purchased it. Bid is $11,000 in AU (too low) and $40,000 in MS-60.

1878-CC: Lot 634, graded AU-55 by NGC. I graded this coin AU-58 and thought it was either the first or second finest that I had ever seen. It brought $19,550 which I thought was an extremely good value. Trends is $20,000 in AU-50 while Bid is $16,000 in AU. The extreme originality of this coin made it worth considerably more than these published levels.

1879-CC: Lot 635, graded AU-53 by PCGS. I graded this coin AU-53 to AU-55 and thought it was well above average for the date and grade. It sold for $25,300 which I thought was a very strong price, given the fact that Bid is $16,500 in AU.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.

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.

Carson City Gold Coinage: 1999 Update

In 1994, the book "Gold Coins of the Old West" was published. This book, which I co-wrote with Dr. Lawrence Cutler and which was based on research from 1992-1994, immediately became the standard reference for Carson City gold coinage. In the ensuing years, there have been some important changes in the Carson City gold coin market; enough that I am planning to rewrite my book and release a new version of it sometime in the year 2000. Following are some observations from the past few years that I feel are important for collectors of Carson City gold coins. These observations are limited by the size of this article and they will be discussed in much greater detail in my upcoming book.

I. An Important Hoard Hits the Market, 1992-1997

The single most important hoard of United States gold coinage of all time was quietly released into the market between 1992 and 1997 (these dates are based on my own observations and may not be accurate). It is unknown exactly where these coins were from or what dates were included. What is known is that this hoard contained thousands of Carson City pieces and that the rarity levels for certain dates were changed forever.

It appears that this hoard contained more Carson City double eagles than half eagles or eagles. Some of the double eagle dates that were dramatically affected by this hoard include: 1872-CC, 1873-CC, 1874-CC, 1876-CC, 1877-CC, 1882-CC, 1883-CC, 1884-CC, 1890-CC and 1893-CC.

Just how significant were these hoards? The 1876-CC double eagle is an excellent example. In Jnauary 1993, the first third-party graded Uncirculated example of this date, a PCGS Mint State-61, was sold in a Bowers and Merena auction for $13,750. A few months later, a group of forty or so Mint State-60 to Mint State-61 1876-CC double eagles entered the market. I can remember being offered a number of these coins in the $3,500-4,000 range; good value for me, but not such good news for the person who bought the B & M PCGS Mint State-61. Interestingly, prices for this date (and many of the others affected by the hoard) have recovered from their market lows of 1994. Today, a third-party graded 1876-CC in Mint State-60 is worth $4,000-4,500, while a Mint State-61 would easily trade in the $5,000-6,000 range.

II. Supplies Dry Up, 1997-1999

The hoard described above was truly a once in a lifetime occurrence in terms of the availability of Carson City gold coinage. And, for the most part, the truly rare Carson City issues (especially those struck prior to 1880) have remained just as rare as they were when "Gold Coins of the Old West" was published. When comparing the Condition Census listings of 1994 versus the listings of 1999, it is interesting to note just how little change there is for the rare pre-1880 issues. This is an interesting contrast to the Condition Census listings for Charlotte and Dahlonega coinage. I have attempted, since 1991, to keep a database with Condition Census listings for all 19th century branch mint United States gold coins. For certain Charlotte and Dahlonega issues, the coins which comprise the Condition Census are almost entirely new since my books on these two mints were published in 1997 and 1998, respectively. Why is this so? The most important answer has to do with the fact that prices on Charlotte and Dahlonega coins have gone up so much in the past few years that many old-time collectors are selling them and they are being supplanted by investors who, as a rule, hold coins for a much shorter period of time.

III. The Strike vs. Wear Conundrum

Certain Carson City gold coins, especially half eagles and eagles made from 1870 to 1875, are extremely hard to grade. These issues were poorly produced and they have strikes that are unique to their respective issues.

As an example, 1873-CC half eagles generally come with very poor detail on the obverse and it is not uncommon for the obverse of a coin to appear Very Fine while the reverse looks close to About Uncirculated. At the time my book was published, I can remember the constant struggle I had to get these rare dates in the "right" holder when I would send them in for grading. It seemd that both PCGS and NGC would never learn the difference between strike and wear. Coins I was convinced were real About Uncirculated-50's would always come back as Extremely Fine-45's and I would sell them begrudgingly.

Today, the services are much better at grading the difficult Carson City issues. They have learned the difference between strike and wear and tend to put coins in the "right" holders. In fact, in some cases they have become overly liberal and put coins in AU-50 and AU-53 holders that would not have graded higher than EF-45 a few years ago.

IV. Double Eagles Become the Coins Everyone Wants

Carson City double eagles have always been popular with collectors. But after thousands of them became available in the mid-1990's (see #1 above), their popularity (and price) levels dropped significantly. I can remember going to coin shows in 1994-1995 and having other dealers telling me that they didn't even want to look at any Carson City double eagles I might have brought with me.

Demand for Liberty Head double eagles began to pick up considerably by 1996. As a result of promotions by large-sized marketing firms, Liberty Head double eagles, in particular, became one of the hottest areas of the rare coin market in 1997.

Carson City double eagles have proven to be one of the most promotable areas within this denomination. There are a number of reasons why these coins are very easy to promote: they have a great story behind them; they are big, attractive coins that can easily be appreciated by the novice; they are scarce, but not so much so that they can't be marketed in small to medium sized quantities; they are a short, completable series (unlike Philadelphia double eagles), etc.

With the imminent sale of choice and gem quality Type One double eales from the S.S. Central America, it is possible that many more collectors will become interested in double eagles. The demand for choice and rare pieces from the Carson City mint should increase accordingly.

V. Some "Impossible" New Coins Become Available

Some Carson City coins that I would have formerly thought could not have existed have entered the market since the publication of "Gold Coins of the Old West." There have been a number of viable reasons for the sudden availability of such coins: an increase in price bringing out "hidden" coins, old time collections becoming available due to the death of their owner and accidental discovery. Some of the more important Carson City gold coins that have come into the market since the publication of my book in 1994 include the following:

1870-CC $5.00, PCGS Mint State-61. This coin was discovered by a non-collector in 1995 and it was later purchased by a Nevada coin shop. It was sold to a collector in Reno. It is the only unequivocally Uncirculated example of this date that I have seen and it is a superb coin with deep, original color over "crusty" surfaces.

1871-CC $5.00, NGC Mint State-63. This coin first surfaced in 1996 or early 1997 and it was offered as Lot 7686 in the 1997 ANA sale. After trading hands a few times, it is now owned by a pair of midwestern dealers. It is the only known Uncirculated example of this date and it is one of the finest Carson City coins of any issue from the 1870's.

1870-CC $10.00, PCGS About Uncirculated-50. Until this piece was discovered in the midwest early in 1999, the 1870-CC eagle was unknown above Extremely Fine-45. This coin was sold by the author to a New Jersey collector for a mid-five figure price in February 1999.

1870-CC $20.00, PCGS About Uncirculated-50. This is another issue that until recently was unknown above Extremely Fine-45. However, in the past few months I have had the pleasure of handling two 1870-CC double eagles in About Uncirculated-50. Both were sold to Universal Coin and Bullion in Beaumont, Texas who, in turn, placed them with appreciative new collectors.

VI. Pricing Information Remains Vague & Outdated for High Grade Coins

I have recently had the opportunity to handle some high quality Carson City half eagles and eagles and have noticed that published pricing information for these coins is either outdated (due to a paucity of auction records or reported private sales) or non-existent. I would like to suggest the following price levels for the rare pre-1890 half eagles and eagles, based on transactions of which I am aware of or have participated in.

HALF EAGLES, 1870-1884 DATE AU-50 AU-55 MS-60 HIGHER 1870-CC 25,000 35,000 100,000 --------- 1871-CC 10,000 17,500 --------- MS-63: $95,000 1872-CC 20,000 35,000 --------- --------- 1873-CC 30,000 50,000 80,000 --------- 1874-CC 11,000 19,000 40,000 --------- 1875-CC 12,500 23,500 55,000 --------- 1876-CC 15,000 27,500 --------- --------- 1877-CC 12,500 25,000 --------- --------- 1878-CC 20,000 35,000 --------- --------- 1879-CC 3,000 6,000 15,000 MS-61: $20,000 1880-CC 1,250 4,000 12,000 MS-61: $15,000 1881-CC 7,500 11,500 25,000 MS-61: $35,000 1882-CC 600 1,500 6,000 MS-61: $8,000 1883-CC 3,000 7,500 17,500 MS-61: $21,500 1884-CC 2,500 4,500 17,500 ---------

EAGLES, 1870-1884 DATE AU-50 AU-55 MS-60 HIGHER 1870-CC 50,000 --------- --------- --------- 1871-CC 15,000 20,000 AU-58: $30,000 --------- 1872-CC 22,500 --------- --------- --------- 1873-CC 30,000 --------- --------- --------- 1874-CC 7,500 15,000 AU-58: $25,000 --------- 1875-CC 27,500 40,000 --------- --------- 1876-CC 25,000 --------- --------- --------- 1877-CC 15,000 --------- --------- --------- 1878-CC 20,000 30,000 AU-58: $35,000 --------- 1879-CC 25,000 35,000 AU-58: $40,000 --------- 1880-CC 1,500 3,500 12,500 MS-61: $15,000 1881-CC 900 1,250 7,000 MS-62: $10,000 1882-CC 3,000 6,000 17,500 --------- 1883-CC 2,000 4,000 15,000 --------- 1884-CC 2,000 3,750 12,500 MS-62: $20,000

It is my opinion that current pricing information for Carson City double eagles, while not perfect, is comparably accurate. This is due to the fact that enough pieces trade that it is easier to compile and track price levels.

VII. Conclusion

The future looks excellent for Carson City gold coins. This is an area where the classic rules of supply and demand are in effect: an ever-dwindling number of choice and/or rare coins are being pursued by an increased number of affluent, serious collectors.

The publication of my new book on Carson City gold coins in 2000 should provide a further impetus to prices. In my admittedly biased opinion, I'd strongly suggest that collectors who are interested in beginning a set of Carson City gold coins do so immediately - while they can still find some coins.