A Quick Look at the Current Market for Type One Double Eagles

How's the market doing for Type One double eagles? Good question and one that I feel well-qualified to answer, having been a very active participant in this market for over two decades. We've had a lot of interesting external factors shape the Type One market in the last few years. Naturally, the severe economic conditions of 2007-2009 had a profound influence; especially at the high end of the market. And even if the economy had been strong there's a chance that prices for rarities might have slowed down on their own, given the extreme rise in prices we had seen in the Type One market for the previous five years. It was natural that there would be some profit taking; what I didn't expect was some of the forced sales we saw in 2007 and 2008.

And then there is the X factor in the Type One market: the incredible run-up in gold prices that has seen metal prices top $1,200 per ounce, and the associated pressures on supply that this has brought with it.

All that said, I'm pretty amazed at how strong this segment of the market is right now. In my mind, there is no question that most Type One double eagles valued at less than $5,000 are in greater demand than I can ever remember. I also think that prices are about as strong as I can recall for these coins. If you look at recent auction, nearly all decent quality EF45 to AU58 Type One double eagles are bringing in excess of Trends (more on pricing in a second...) and these coins are typically selling at auction to dealers; not necessarily end-user collectors.

The coins priced at $5,000-20,000 are generally quite strong as well, although not as much so as at the lower price point. The key factors for Type One double eagles in this price range are: eye appeal, eye appeal, eye appeal and the "sexiness" of the date. This is clearly a collector-oriented market and really pretty coins (i.e., those that are not excessively bagmarked, those that are not all bright and shiny and those that are well-made) are in great demand. Average and below-average quality coins still sell; especially if they are useful dates. But they do not bring the premium prices that the nice coins bring.

The real weakness in this market a few years ago was with the expensive coins. As I touched on above the reasons for this were twofold. When the world economy seemed to be melting down, people weren't all that crazy about dropping $50,000 on a coin. And prices had risen so much on many of the key issues that many market participants wondered if certain key issues were still good values at the levels they had risen to.

Before addressing some specific areas in the market, I mentioned earlier about difficulties with pricing. Coin World Trends ability to keep up with this area in the market appears to not be as good as it was before and many Type One issues now sell for over Trends. This is particularly true with less expensive coins in circulated grades.

Let's look at how the coins from each of the three mints are doing.

New Orleans: If you bought good quality New Orleans double eagles at any time before 2005, pat yourself on the back. You are in a profit position and, in some cases, you are in a huge profit position. New Orleans Type One coins remain strong but not as robust as they were in 2005-2007. The dates that I see some weakness in right now are the 1857-O and 1858-O and, to a lesser extent, the 1859-O and 1860-O. The former seem a bit weak due to the fact that a number of coins in the AU grades have been available and these are two of the few Type One issues where supply seems able to keep up with demand. The latter have cooled off as a result of the fact that some truly awful AU coins have sold slightly cheaply at auction. Very nice AU55 and AU58 1859-O and 1860-O double eagles are extremely rare and choice, properly graded examples will bring well in excess of what the schlocky auction pieces have realized. It is interesting to note that few 1854-O and 1856-O double eagles have traded in the last year or two. I heard through the grapevine that an NGC AU55 1854-O traded for over $600,000 between dealers at the recent Long Beach show. If this is true then, it appears, the market for this ultra-rarity is just fine, thank you.

Philadelphia: I'd have to say that the better date Philadelphia Type Ones are the coins du jour in this series right now. The specific coins that seem to be in real demand are the 1854 Small Date, 1855, 1856, 1857 and 1858. Nice AU examples of these five issues are still buy-able at less than $5,000 and offer alot of bang for the Type One buck. The 1850 is as popular as ever due to its first-year status and the common 1851-1853 issues are in real demand in Uncirculated due to the fact that they are still reasonably priced and occasionally available. The two key issues from this mint, the 1854 Large Date and the 1859, have really come into there own in the last year. I personally love the latter issue and think it is still hugely undervalued in all grades from Very Fine to Mint State. If I were a betting man (and as a coin dealer, I obviously qualify as such) I would say that the Civil War issues will be exceptionally active in the next few years, given the 150th anniversary of the beginning of that conflict is in 2011. The 1862 is already an expensive, well-recognized issue and the 1863 is well-known but the 1864 and 1865 are affordable in circulated grades and seem like good values right now.

San Francisco: In all other denominations, the San Francisco coins lag the other branch mints in popularity. This is not the case in the Type One series where the San Francisco coins are quite popular. We can attribute this, of course, to the shipwreck coins which have been a blessing to the market and which have have made many new collectors aware of and interested in other San Francisco double eagles of this era. The post-shipwreck dates (1858-S, 1859-S, 1860-S, 1861-S) are very popular right now and appear to be bringing close to or even above Trends in AU55 and AU58. The few sales records for Uncirculated pieces in the last year have been very strong and they seem to be consistently at levels higher than 2006-2008. Two interesting individual dates to look at quickly are the 1861-S Paquet and the 1866-S No Motto. For many years these were greatly undervalued and I can remember imploring collectors to buy them at $10,000-20,000 in the early part of the 2000's. They soared in price then came down quite a bit in 2007 and 2008. After being unobtainable in Choice AU for many years, there were a lot of over graded, marginal pieces for sale. I've noticed that there are two very distinct markets for these two issues: the market for low-end pieces and the market for choice, CAC-quality pieces.

I believe that we will continue to see a very strong market for Type One double eagles in the coming years. These coins are big, they contain nearly an ounce of gold, they have a great story behind them and there are still a lot of different dates that can be bought for under $5,000 per coin. I am as bullish on Type One double eagles as on any coin in the market right now.

Carson City Double Eagles: An Introduction and Overview

Carson City twenty dollar gold pieces, or double eagles, are the most available gold coins from this mint. Only one date in the series, the 1870-CC, can be called truly rare, although a number of other dates are very rare in high grades. Amassing a complete collection with an example of each date is an enjoyable pursuit. And if you decide not to include the 1870-CC because of its prohibitive cost, don’t despair; many collections do not include this date. A collector of average means can put together a nice set of Carson City double eagles with the average coins in the Extremely Fine and About Uncirculated range. The collector will soon learn that only the 1870-CC presents a great challenge in terms of availability. There are an estimated 40-50 examples known in all grades. This means that no more than four dozen or so complete collections of Carson City double eagles could possibly exist. In comparison, the maximum number of Carson City half eagles that could exist is around five dozen while around three dozen (or a few more) eagle sets from this mint might be formed. In each series, the 1870-CC is clearly the “stopper” or key date.

The completion of an average quality Carson City double eagle set is somewhat easier than a comparable half eagle or eagle set, provided that the collector is willing to accept coins that do not grade Mint State-60 or better. There are just 19 dates required to form a complete set. Carson City double eagles are without a doubt among the most popular United States gold coins. Their large size, combined with their romantic history, makes them irresistible to many collectors. This fervent collector base is most evident when one examines the great popularity of the 1870-CC. This issue has increased dramatically in price and popularity since the last edition of my Carson City gold coins book was published in 2001. As this is being written (2010) there are a few examples actually available to collectors but a few years back it was nearly impossible to locate an 1870-CC double eagle at any price.

As with the other Carson City gold series, it is very challenging to pursue the double eagles in higher grades; in this case About Uncirculated-55 and higher. It becomes even more of a challenge when the collector demands clean, original coins with a minimum of bagmarks and abrasions. As a rule, CC double eagles are less rare in high grades than their half eagle and eagle counterparts (at least the issues from the 1870’s and 1880’s). This means that locating really choice coins is not as difficult as with the half eagles and eagles from the first decade of this mint’s operation.

More than most other Liberty Head double eagles, the Carson City issues have tended to remain popular and increase in value over the course of time; regardless of their bullion value. One of the major reasons for this has to do with the great story behind these coins. CC double eagles are reasonably easy to promote due to their relative availability (especially in lower grades) and their wonderful history. These coins have long proven easy to sell to non-collectors and pure investors. Interestingly, the Japanese were major buyers of Carson City double eagles in the past and this is due to their interest in the legends and history of the Old West. I am aware of several American dealers who sold a number of Carson City double eagles to the Japanese and other Asians.

At the present time it remains impossible to assemble a complete set of Uncirculated Carson City double eagles. At least one of the nineteen dates is unknown in Uncirculated. However, more dates in the double eagle series exist in full Mint State than in the half eagle and eagle series, both of which contain a number of issues that are either unknown or excessively rare in Mint State.

The 1870-CC is unknown above the AU53 to AU55 range while the 1871-CC and 1872-CC has just three to five and five to six, respectively. The 1878-CC and 1879-CC are extremely rare in Uncirculated as well with fewer than ten pieces believed to exist. The 1873-CC and 1891-CC are very rare in Uncirculated and almost unobtainable above the MS60 to MS61 range. The 11874-CC, 1877-CC and 1885-CC are considered to be quite rare in full Uncirculated as well. Conversely, a few Carson City double eagles are very plentiful in Uncirculated. These dates include the 1875-CC, 1890-CC and 1893-CC of which hundreds are known in the MS60 to MS62 range. It should be stressed that well over 90% of all Uncirculated Carson City double eagles are in the MS60 to MS62 range and any date in extremely rare and desirable in properly graded MS63 or above. I have still never seen or heard of a Gem and have only seen one piece (an 1875-CC) that I regarded as being close to MS64.

High grade Carson City double eagles are in very high demand by date collectors and type collectors. I doubt if there are as many as twenty Carson City double eagles that are true MS63 coins by today’s standards. CC double eagles are essentially unknown in high grades because of the rough way in which they were handled and if a Gem is to ever show up it is likely to be an Assay coin or a piece that was given special treatment by a VIP or prominent local family.

There was probably not a single coin collector alive in Nevada at the time these coins were produced. The few MS63 to MS64 coins that do exist were preserved by good fortune or sheer happenstance. Many were stored in the vaults of European, Central American and South American banks after they had been shipped there as payment for international debts. While stored in these banks they were protected from the American gold recall of 1933 and the wholesale meltings that took place during this period. Many of these coins have worked their way back to America since the 1960’s as their numismatic value increased. Despite the fact that literally thousands have been repatriated, more Carson City double eagles are still being found in Europe, Central America and South America.

An examination of the series reveals some interesting rarity trends. Survival statistics depend, to some extent, on the original mintage figures. But they vary widely according to the year of issue.

The rarity trends for CC double eagles do not break down as neatly as they do for the half eagles and eagles from this mint. Unlike these two other denominations, the double eagles do not always get characterized as “rare early dates” and “common late dates.” One of the rarest double eagles is the low mintage 1891-CC while the most common is the 1875-CC. After studying the half eagles and eagles from this mint, I feel that the rarity of the Carson City double eagles are based less on mintages and actual use than on mintage values and subsequent shipment overseas. The collector who studies the rarity tables that I included in my 2001 book on CC gold will note the following very general trend: the lower a coin’s mintage and the older its date, the rarer it tends to be in terms of pieces known today.

The 1870-CC double eagle had the lowest mintage figure of any Carson City double eagle: a scant 3,789 coins. In the entire 57 coin Carson City gold series, only the mintages of the 1877-CC, 1878-CC and 1879-CC eagles were lower. As with the other 1870-CC gold issues, the comparably high survival rate of the double eagle (on a percentage basis) is most probably due to a few pieces being saved as first-year-of-issue keepsakes. The fact that no AU-55 or better specimens exist implies that these coins went directly into circulation and saw active use.

The next rarest dates are the 1871-CC and the 1891-CC. The 1871-CC is rare due to a low original mintage figure (just 17,387 coins) and the fact that this issue saw active commercial use. The 1891-CC is rare more because of the fact that only 5,000 were produced. It is also interesting to note that the similarly dated half eagle and eagle are extremely common by the standards of Carson City gold and can be found with no difficult even in the lower Uncirculated grades.

The next rarest issues are the 1885-CC, 1879-CC and 1878-CC. All three have low mintages and tend not to be found in groups of CC double eagles located in overseas sources.

The 1875-CC, 1876-CC, 1884-CC, 1892-CC and 1893-CC appear to have been saved and then shipped overseas. A decent number of these coins are still being brought back to the United States, including examples in the lower Uncirculated grades. The 1892-CC and 1893-CC, in particular, are less rare in Uncirculated than their comparatively low mintages would suggest.

As with other gold denominations, a general rule is that the older a coin is, the lower the average grade of surviving specimens. This intuitive statement is not nearly as easy to predict in the double eagle denomination. As an example, the 1872-CC is the third rarest Carson City double eagle when it comes to high grade rarity but it is only the eighth rarest in terms of overall rarity. This suggests that this coin was released into circulation and used in commerce; not stored in banks and shipped overseas like the 1892-CC and 1893-CC.

Carson City double eagles served two primary functions. They were meant to circulate but they were also meant as a storehouse of value. The large $20 denomination was the most convenient form in which to coin, transport and trade the large quantities of gold that had recently been mined in Nevada. During the western gold rushes, paper money was viewed with suspicion. This made gold coins an important factor in daily commerce, which quickly became the accepted mode of payment in the Old West. Thus, it is not surprising to learn that Carson City double eagles can be found in comparatively low grades today. These low grade coins (Very Fine and Extremely Fine) are often heavily abraded from years of use in commerce. Conversely, most of the known Uncirculated coins are also heavily marked, the result of loose coins striking against each other while being transported in bags. It is not uncommon to see CC double eagles with no real wear but with such extensive abrasions that they are downgraded in the commercial marketplace to About Uncirculated.

The greatest challenge for the collector of these coins is not finding specific dates but, rather, locating clean problem-free coins. As mentioned above, the typical Carson City double eagle, whether it grades Very Fine-30 or Mint State-61, tends to have negative eye appeal due to excessive marks, scuffing or mint-made spotting. Coins which have truly good eye appeal are quite rare and deserve to sell for a strong premium over average quality specimens. The collector is always urged to “stretch” for exceptional pieces with high quality eye appeal.

Most of the pieces struck from 1870 through 1875 are not sharply impressed. This is most evident in the central portion of the coin where the greatest amount of pressure is needed to raise the metal of the planchet and bring out the details. On the obverse, the weakest area is usually on the hair. On the reverse, this weakness is most often seen on the neck feathers of the eagle, the radial lines in the shield and on E PLURIBUS in the motto. This weakness of strike is often confused with wear. Still, Carson City double eagles of this era tend to be sharper (and easier to grade) than their half eagle and eagle counterparts.

The survival estimates in my new book are based on information current as of 2010. Since the last edition of the book in 2001, a number of new coins have surfaced. This has included some reasonably significant hoards. Populations for Uncirculated have increased due to relaxed grading standards. Some coins that I considered to be About Uncirculated in 2001 and now Mint State.

Due to the sheer number of Carson City half eagles that exist, I have always found it difficult to estimate surviving populations; especially with the more common issues. I anticipate that my current overall population figures will prove to be conservative, just as they were in 2001 (and in 1994 when I wrote the very first Carson City gold book).

To reach these conclusions, I study auction data, population reports, dealer ads and websites as well as my own personal records of sale. In an average year, the number of 1870-CC double eagles might be as low as one or two coins. For other dates, such as the 1871-CC and 1891-CC, the number might be around one per month; possibly less. Obviously, the rarer the date and the higher the grade desired, the harder it will be for the collector to locate an acceptable example. Finest known or Condition Census examples may stay in specific collections for many decades.

As I mentioned earlier, the collector with a budget can form a complete (or near-complete) set of CC double eagles excluding the 1870-CC in the VF and EF grades. A number of the dates in the series can still be found in lower grades for less than $2,500 per coin and they would appear to have very little downside risk at these levels.

The collector with a larger budget is likely to focus on coins grading AU50 and above. With the exception of the 1870-CC, no Carson City double eagle is prohibitively expensive or unobtainable in this range. Such a set could probably be assembled in two years or less.

A connoisseur with a large budget will focus on coin that grade About Uncirculated and Uncirculated. For the 1870-CC, a coin grading EF45 to AU50 will prove satisfactory. The collector of such coins should focus on pieces with minimal marks and original color. Since many of the early issues are so rare in full Mint State, finding even properly graded AU55 to AU58 pieces is very difficult. Given normal market conditions, a collection of this magnitude might be assembled in three to five years.

An even more impressive collection would be one in which all the coins except the 1870-CC were MS60 or finer. Such a collection might take decades to assemble.

Collecting Carson City double eagles is a very enjoyable pursuit and the number of serious collectors currently working on sets will attest to this.

The Numismatic Double Play

Say the words "double play" and most people think of Jeter to Cano to Texeira. But in the world of gold coins, the concept of the double play has another meaning altogether. Back in the 1980's and the 1990's it was common to see large-sized U.S. gold coins marketed with the "double play" strategy. What this meant was that these coins had two inherent factors that contributed to their price structure: their intrinsic gold value and their numismatic value.

The double play concept became stale over the course of time and marketers moved on to find other way to peddle their product. But I believe that this is an idea with merit and one that should be revisited in today's value-conscious market.

People who buy U.S. gold coins typically fall into two camps: those who are investors and those who are collectors. What if a third category became a factor in the market; an investor-collector hybrid who focused on semi-scarce to scarce issues that sold for relatively small premiums above their basal value(s)?

There are basically two denominations that are perfect for the investor-collector hybrid: the ten dollar gold piece (or "eagle") and the twenty dollar gold piece (or "double eagle"). If you're with me so far, I'm going to suggest that we narrow our focus to two specific issues: the With Motto Liberty Head eagle (produced from 1866 through 1907) and the Type Two Liberty Head double eagle (produced from 1866 through 1876).

Here are some basic facts about these issues. The With Motto Liberty Head eagle weighs 16.718 grams and it contains 90% gold. As I write this article (in mid-April 2010) gold is trading for a touch above $1156 per ounce. The trading levels for eagles are as follows:

MS60: $700 MS62: $740 MS63: $1,210

It doesn't take a numismatic genius to immediately note that MS62 appears to be the best value grade for this type. At just a $40 premium above MS60 coins, you are talking around a 5% increase for what is generally going to be a much nicer coin. So for the sake of convenience, let's stick with the MS62 grade for this denomination.

The "base line" date for Liberty Head with motto eagles is the 1894 as it has the highest PCGS population in Uncirculated and in MS62. There have been 18,116 examples graded by PCGS or which 6,013 are in MS62. These numbers are, of course, swollen by resubmissions but the ratio of around one-third of all 1894's graded being in MS62 seems correct based on my experience.

There are a host of dates that we can compare with the 1894 but, again for the sake of brevity, let's focus on three of them. The first is the 1883. This issue has an original mintage figure of 208,700 (compared to 2,470,735 for the 1894). It isn't a remarkably interesting date but it is extremely rare in higher grades (PCGS has never graded an MS65 and only four have been graded MS64 by this service; in MS62 they have graded 261) and there is a big price jump between MS62 (current Trends is $865) and MS63 (current Trends is $2,500). Given the fact that the 1883 is, in theory, around twenty to thirty times rarer than the base line 1894 in MS62, it seems that its current $100-150 premium in this grade is pretty reasonable.

Let's look at another date, the 1900-S. I have always liked this date and think its a real "sleeper" in higher grades. PCGS has a current population of 31 in MS62 with just 16 better than this including a single coin above MS64. Given this coin's relative scarcity in Uncirculated, you'd figure it would have a pretty decent premium above the 1894, right? In MS62, current Trends is $1,100 (it jumps to a comparatively high $5,650 in MS63) and I have purchased examples in the last year for around $1,000. Now I understand that an MS62 1900-S eagle isn't going to be the Poster Child for U.S. gold coins anytime soon but it seems like awfully good value to me, given that a common, boring old 1894 in MS62 is worth around $750.

How about a date that actually has a degree of collector demand? Let's take a quick look at the 1901-O. It is one of the more available New Orleans eagles in higher grades but it has the appeal of being from a popular southern branch mint. The current PCGS population is 103 in MS62 with 61 better including just a single coin above MS64. I doubt if more than 125-150 properly graded MS62 examples exist yet current Trends is just $865 in MS62 (it jumps to $2,750 in MS63). Given the fact that a 1901-O eagle in MS62 is popular, reasonably scarce in this grade and is probably not a bad looking coin at this grade level, its very small premium above the common 1894 is fairly baffling to me.

What if someone were to promote the 1901-O in MS62? Given the fact that a year's worth of quiet, under-the-radar buying would probably only produce 40-50 coins, it hardly seems worth the effort. That said, it seems like an easy coin to promote up to the $1,250-1,500 level in MS62.

What are some of the MS62 Liberty Head eagles that I would recommend as good double-play issues? Some of the dates I like include the 1879, 1882-S, 1884, 1884-S, 1886, 1890, 1893-O, 1894-O, 1895-O, 1897-O, 1899-O, 1900-S, 1906-O, 1906-S and 1907-S.

The second type of U.S. gold coin that offers double play potential is the Type Two double eagle. But this series is different than the With Motto eagles that we discussed above. Type Two double eagles are more popular with collectors and they tend to be be rare to very rare in Uncirculated grades.

The base line issue for this type is the 1873 Open 3. It has an original mintage figure of over 1,000,000 and a high survival rate with probably more than 10,000 coins known in all grades. PCGS shows a current overall population of 4,027 of which 1,356 have been graded from AU50 to AU58.

The trading levels for AU55 to MS60 1873 Open 3 double eagles are as follows:

AU55: 1400-1500 AU58: 1500-1600 MS60: 1650-1750+

Let's look at two slightly better dates and see if the double play concept makes sense. The first is the 1867. This is a relatively popular issue with collectors that has an original mintage of just over 250,000. PCGS has graded 304 in all grades of which 131 are in the various AU grades and another 24 are in MS60. In grades above MS61 to MS62, the 1867 is extremely scarce, so nice AU's tend to be popular with specialists in the series.

The current Trends levels for the 1867 are $2,000 in AU55, $2,500 in AU58 and $4,000 in MS60. The premium in MS60 is high enough that it is not a good double-play issue. But in AU55, the premium is fairly low over the base line 1873 Open 3. My conclusion is that a nice AU55 to AU58 1867 double eagle in the $2,000-2,250 range is a great value for the double play investor-collector.

The second date is the 1872-S. This is a date that is regarded as semi-common; not quite at the level of the base line of the 1873 Open 3 but certainly nowhere as scarce as such earlier San Francisco issues as the 1866-S, 1867-S, 1869-S or 1870-S.

The mintage figure for the 1872-S is 720,000. The survival rate is quite low as most were melted over the years and I doubt if more than 2,500 pieces exist. PCGS has graded 551 in all grades including 343 in About Uncirculated. To give you an idea of this coin's rarity in higher grades, of the 52 that PCGS has graded in Uncirculated, only four are better than MS61 and none are higher than MS62.

You can buy a nice 1872-S in AU58 for around $2,000-2,250. As I mentioned above the base line for an AU58 Type Two double eagle is in the $1,500-1,600 range.

The Type Two double eagles in AU grades that I feel are good double play issues include the 1867, 1868-S, 1869, 1869-S, 1870-S, 1871, 1871-S, 1872, 1872-S and 1873-S Open 3.

The double play strategy may or may not prove to be fruitful for the hyrbrid investor-collector. But with the premiums for genuinely scarce issues like the ones mentioned above at very low levels (some of the lowest premiums that I can remeber, in fact) I think it is a strategy with minimal downside.

Better Date Type Two Liberty Head Double Eagles: A Re-Evaluation

As recently as a few years ago, collecting Type Two Liberty Head double eagles was very popular. A marketing firm located in the Southwest had actively promoted this series, other firms had jumped on the Type Two bandwagon and the series had caught on with collectors. Then, with little warning, the aforementioned marketing firm shifted their focus onto other series and suddenly the Type Two double eagles were out of favor. This has left the savvy collector with an opportunity that I find very interesting. Before I get specific about the Type Two double eagles that I feel are overlooked and undervalued, let me give you a little bit of background about this series. The Type Two double eagles were produced from 1866 until 1876 and they are so named due to having the second major design of the Liberty Head type; in this case the addition of the motto IN GOD WE TRUST on the reverse. These coins were produced at the Philadelphia, San Francisco and Carson City mints. The CC issues are well-known and avidly collected. The San Francisco issues tend to be condition rarities (i.e., they are obtainable in lower grades but scarce in higher grades). It is the Philadelphia issues that, I believe, offer the best value to collectors.

Many of the Philadelphia issues of this design type are extremely common. Dates that fall into this category include the 1873, 1875 and 1876. But there are a few that are scarce in all grades and are priced within the price parameters of many collectors. With the value levels of even common dates double eagles soaring in the recent months, these Philadelphia issues seem like a particularly good value right now.

My first sleeper date is the 1866. It is a numismatically interesting issue as it is the first year-of-issue for the Type Two design. The 1866 is usually seen in lower grades and I consider it to be moderately scarce in the middle to higher AU grades. It is still possible to purchase a very presentable About Uncirculated 1866 double eagle for less than $3,000. Given the fact that prices for this date jump up two to three times in the lowest Uncirculated grade(s), I think nice original AU55 to AU58 coins are very good values.

For many years, the 1868 was THE sleeper date in the entire Type Two series. It is now well-publicized and no longer an especially affordable coin. That said, it is still quite scarce in even EF45 to AU50 and it is a coin that is especially difficult to find with original color and nice surfaces. Trends has risen appreciably for the 1868 douible eagle in the last three years but nice examples still bring full Trends or above. As an example, Heritage 12/09: 1939, graded AU58 by PCGS and verified by CAC (and extremely choice in my opinion) brought $8,625 against a Trends of $8,500.

The 1869 is an issue that I don't see very often and I think it is very undervalued. Nice mid-range to upper-range AU coins are still priced at the $2,500-3,500 level which seems extremely reasonable for a coin that is scarce and which becomes quite rare in higher grades.

While the 1868 is the rarest Philadelphia Type Two double eagle from the standpoint of overall rarity, the 1870 is not far behind. And the beauty of this issue is that it is currently priced at about half the market rate of the 1868. The 1870 is hard to locate even in the lower AU grades and choice, original AU55 to AU58 pieces are great value at current levels. Expect to spend around $4,000-5,000 for a nice AU55 and $5,000-6,000 for an AU58.

One final undervalued Type Two is the 1871. This date has a slightly different rarity profile than the others mentioned. It is comparable to the 1869 and 1870 in terms of overall rarity (in fact it might even be a bit rarer) but it is slightly more available in Uncirculated due the presence of a small hoard which hit the market many years ago. In AU55, PCGS has graded just twenty pieces (with another twenty higher) but the price level remains affordable. The last few 1871 double eagles I have seen in AU55 have traded in the $3,500-4,500 range while AU58's are worth $5,000-6,000.

As with all double eagles, I'd recommend that buyers be patient when seeking these coins. Look for examples with minimal obtrusive marks, non-processed surfaces, and nice natural color. When the right coin does appear for sale, I'd recommend immediate and decisive action as these pieces are becoming more popular with collectors.

Despite the fact that double eagles are easily the most popular denomination of United States gold coin with collectors and investors, there are definite "pockets of value" that the informed individual can locate with a little basic research. In the Type Two series the five Philadelphia issues that I mentioned above offer the collector alot of rarity for the money; not too mention an attractive large-sized coin with nearly an ounce of gold.

As the 2009 Coin Market Comes to a Close, Where Are We and Where Are We Headed?

With the year nearly over, we are heading towards a slow few weeks in the coin business followed by what is certain to be an interesting FUN Show in January 2010. As we close the year out, I thought it would be interesting to look at a few points and ask where we are and where we’re headed. I have been through some odd coin markets (1982-84 and 1992-1994 come to mind) but what we are currently experiencing is pretty much unique. We are seeing a market where coins that were considered unfavorable a few months ago (bullion and semi-numismatic) are now what everyone wants and “real” coins are as hard to find as at any time I can remember.

The demand for generic U.S. gold, especially double eagles, remains as strong as I have ever seen. The premiums are as high as I can remember. As I write this, gold spot is at $1,140 per ounce (after having broken the seemingly unreachable $1,200 barrier last week) and an average quality MS60 to MS62 Saint is trading for $1,600-1,700. This 40%+ premium over melt for a low-end Saint is easily the highest I can recall and I think it’s pretty remarkable considering that you had to beg people to buy the exact sort of coins a few months ago at a 10% premium.

I am beginning to see some profit taking in the generic market and I think this will continue for a short period, possibly evaporating the premiums. That said, with the current sad state of the American dollar and the worldwide demand for gold, I wouldn’t be stunned to see gold break $1,500 in the next few months and a lower quality Saint to be worth close to $2,000 (!)

What about the rare coin market? It is, in its own way, experiencing topsy-turvy conditions not dissimilar to generics. The big difference is that there is good supply in the generic market but very limited supply in the rare coin market.

As I stated above, it is hard to buy interesting coins right now. Let me explain what I mean before this comment is misconstrued. If you collect Very Fine to Extremely Fine type coins or common date Walkers or Indian quarter eagles, locating coins is probably not a big challenge. But if you collect New Orleans gold or early quarter eagles or superb gem gold dollars you are probably finding it very, very hard right now to buy much. Sure, there are a few pieces around that are either terrifically overpriced or ridiculously overgraded (or a combination of both) but I’m guessing most serious collectors haven’t had an easy time adding to their collections in the last year.

The reasons for this appear pretty simple. There was a good deal of profit taking in 2005 and 2006, which brought quite a bit of material on the market but at very high price levels. The people who then bought in at the high levels either had to sell quickly (and at a significant loss) in late 2007/early 2008 or they have just decided to hold what they have and not sell their good coins at a loss. Another thing to consider is that many of the faux-collectors of the mid-decade have come and gone and most of the buyers for coins these days are serious collectors. They like the coins they own and they just aren’t interested in selling the cream of their holdings.

When I am able to buy interesting coins, they are selling well. I have noticed an uptick in demand for virtually all collector-oriented gold issues in the $1,000-5,000 range. Bigger coins seem to be selling better than smaller coins and nothing appears to be selling better than nice $2,000-5,000 Liberty Head double eagles. Yes, I am nostalgic for the days when I was regularly selling a $25,000+ rarities but I am happy to see many new collectors coming into the market and most of them heading towards the gold aisle in the numismatic mall.

Another issue we are seeing right now in the gold coin market is a real problem with price reporting. With bullion prices rising rapidly, price reporting is naturally lagging. This is compounded by the fact that certain rare date gold prices were unceremoniously devalued after one or two low-end examples sold cheaply at auction. Until we see some accuracy in this area, it will keep down the supply of interesting coins re-entering the market.

Speaking of auctions, it is interesting to note that the upcoming pre-FUN, FUN and post-FUN sales appear to be having a harder time attracting consignments than in years past. A few years ago, specialist dealers like me could use the excuse that auction companies were offering very strong competition when we moaned that we were having a hard time buying coins from collectors. Today, even the most formidable auction firms are extending their consignment deadlines in an attempt to gather more high-powered collections and individual coins.

I’ve heard fewer complaints from collectors and dealers about third-party grading in the last few months. Part of this probably has to do with the fact that most dealers are sending in Saints, Saints and more Saints to PCGS and NGC and the services tend to grade these pretty favorably. But I also think that the creation of CAC has helped to check some of the grading issues that existed in the past and I think the services are, frankly, being more careful with what they grade.

So what’s coming in the near future? As I mentioned above, I think the 2010 FUN will be strong but I am anticipating that I will come home with fewer coins than I’d like to. The name of the game in the early part of 2010 is clearly going to be gold and I wouldn’t be surprised if there is some spillover from the generics market into some slightly more exotic areas.

The Evaporation of the Premium Factor in the Carson City $20 Market

One of the many interesting facts about the rare coin business at this point in time is that the focus in the gold market is clearly on generics and semi-numismatic items and, at least for the time being, off many rare coins. How has this shift of focus affected the Liberty Head double eagle market and, more specifically, the market for common date Carson City issues? I look at common CC double eagles as a sort of bellwether for the dated gold market. The most common Carson City issues (such as the 1875-CC, 1876-CC, 1883-CC, 1884-CC, 1890-CC and 1892-CC) are affordable, exist in enough quantity that they are subject to occasional promotional activities and have a good enough background story that they are easy to sell to beginning collectors.

Traditionally, the price ratio for Extremely Fine and About Uncirculated Carson City double eagles versus generic common dates of this design was around two to one for XF coins and around three to one for AU coins.

A year ago, well before the current soaring gold market, a common 1904 double eagle in Extremely Fine was worth in the area of $700-800 and not an easy issue to sell. The same coin in About Uncirculated was worth just a bit more; say $750-850. At the same point in time, an 1890-CC double eagle was worth around $1,400-1,600 in EF and $2,000-2,250 in AU. This meant that the price ratio for the two issues was approximately 2x in EF and 3x in AU.

Today, this premium ratio has changed, primarily due to the fact that the price of gold has risen to nearly $1,200 per ounce and the demand for nondescript bullion-related double eagles is at an unprecedented high. Right now, a 1904 double eagle in Extremely Fine is worth around $1,500-1,600 while an AU is worth around $1,550-1,650. The market for an 1890-CC in these grades has risen as well, just not as dramatically as a seemingly mundane common date.

In Extremely Fine the current market value for an 1890-CC double eagle is around $2,000 while an AU50 is worth in the area of $2,500-2,750. This means a price ratio of about 1.3x for an Extremely Fine and in the area of 1.7 to 1.8x for an AU.

Why have the premiums for the Carson City double eagle(s) evaporated as much as they have? The answer is simple: the demand for double eagles is at unprecedented levels but the buyers of these coins tend to be unsophisticated investors who want anonymous, cheap coins with as small of a numismatic premium as possible. Even the most Carson City double eagle, like an 1890-CC, is still a numismatic coin and it is hard to convince a dispassionate investor that he should pay a 1.3 to 1.8x premium for two little “C’s” on the reverse.

If the price of gold continues to stay at its current level and demand for common issues remains as strong as it currently is, I do expect a small amount of this frenzy to spill over into coins such as Carson City double eagles. It is likely that the marketers who are selling bulk lots of 1904 double eagles in EF and AU are likely to attempt to “up sell” new investors into the rare coin market as these coins provide greater markups and more profit.

At this point in time I would have to say that common date CC double eagles are a pretty good value and if the price of gold continues to rise, it seems like they are a pretty good “double play” that incorporates the value of nearly an ounce of gold with some real numismatic scarcity. It will be interesting to see where the market premium factor for these coins are in another year.

Philadelphia Type One Double Eagles

Since the publication of my book “The Insider’s Guide to Collecting Type 1 Double Eagles” in 2002, this has been one of the strongest and most avidly collected areas in the entire U.S. coin market. I think this is the case for three reasons:


1. Size: New collectors can relate to big, attractive coins and Type One double eagles are exactly the sort of coins that are easy for dealers to sell (and for collectors to buy).

2. Shipwrecks: The discovery of the S.S. Central America and S.S. Republic shipwrecks added a tremendous shot in the arm to this market. Many collectors were first attracted to Type One double eagles by the shipwreck coins but found the series interesting enough that they decided to collect more extensively.

3. Story: There is an incredible amount of history inherent in the Type One series. The 1850-1865 era is pivotal in the story of the United States and this has also attracted many collectors to the Type One series.

I am personally very attracted to the Philadelphia Type One issues. These issues do not get the publicity that the branch mint coins do and, as a result, they remain undervalued. Here is a date-by-date analysis for beginning collectors that, hopefully, will be useful.

1850: This issue is in heavy demand due to its status as a first-year-of-issue. I used to think it was undervalued but now I think it is fully priced, especially in the AU55 to MS62 range. There are as many as 3,000+ known with 50-100 in Uncirculated. There are actually two Gems graded MS65 and another half dozen or so that I grade MS63 to MS64. The current record price was set by Heritage 1/07: 3698, graded MS65 by NGC, which brought a healthy $161,000. Collectors should be patient when looking for an 1850 as there are some very pleasing pieces available.

1851: Over two million were struck but this date is a bit more difficult to locate than most people realize, especially in higher grades. There are an estimated 100-150 known in Uncirculated. I have never seen or heard of a Gem but have known of two or three that grade MS64. Most 1851 double eagles are grainy in appearance with very “choppy” surfaces. However, there are a number of frosty, lightly abraded coins known and the collector would do well to wait for such a piece to appear.

1852: The 1852 is similar in rarity to the 1851 except that it is a bit more available in Uncirculated. Nearly every known example is very heavily abraded and many have inferior grainy luster. Some lightly abraded, frosty pieces are known and I feel that these are desirable and worth a premium. There is a single example in MS65 (graded by NGC) but I have never seen an 1852 that I regarded as a Gem. I have, however, seen at least four or five very nice MS64’s. This date is an excellent choice for novice collectors as it tends to be well-made and affordable.

1853: The 1853 is similar in rarity to the 1851 and 1852 even though it has a lower mintage. I estimate that there are 1750-2250 known but most are in circulated grades and the 1853 is much scarcer in Uncirculated than the 1851 and 1852. I think there are around 30-40 known in Uncirculated and most are in the MS60 to MS62 range. The best I have seen is the NGC MS64 (which I now believe is in an MS65 holder) that was sold in the Superior 5/05 auction for $66,700.

There is also an 1853/2 overdate that is controversial but accepted as such by both PCGS and NGC. It is clearly identifiable by a small raised die dot below the R in LIBERTY. This variety is generally seen in EF and AU grades and from the standpoint of availability it is the rarest Philadelphia double eagle of this type. It is the second rarest in Uncirculated, trailing only the 1859. I am aware of less than a half dozen in Uncirculated and all are in the MS60 to MS62 range.

1854: The 1854 is not a really scarce date in lower grades but it remains scarce and undervalued in AU58 and above. There are an estimated 25-50 in Uncirculated including an MS64 and MS65 at PCGS. The record price for an 1854 is $96,600 which was set by Bowers and Merena 9/08: 831, graded MS64 by NGC. Finding examples with good luster and decent surfaces is very difficult as most are somewhat dull and very heavily abraded.

There are a number of interesting varieties for the year but the most widely collected is the 1854 Large Date. This issue is rare in all grades and it is very rare in Uncirculated. For more information about this variety, refer to the blog I wrote about Type One varieties dated March 30, 2009.

1855: I am a big fan of this date and it is an issue that I have always believed was rarer than its original mintage would suggest. There are around 1,000 known but just 15-20 qualify as Uncirculated. The best I have seen was a PCGS MS63 (later upgraded to MS64) that was ex: ANR 8/06: 1607. It brought $69,000 and was purchased by a well-known Midwestern collector. The 1855 is really hard to find with good eye appeal as most have been cleaned or dipped and exhibit severe abrasions. Pieces that show good luster, original color and minimal marks are very scarce and typically bring strong premiums over the usual “schlock” offered for sale.

1856: This is another sleeper date that I have been writing about for many years. There are an estimated 500-600+ known with most in the VF to EF range. Any 1856 double eagle that grades AU55 or better is very scarce and this date is quite rare in Uncirculated with just 15-25 accounted for. I have only seen one or two that I graded MS63 and another half dozen or so that I thought graded MS62. An auction record was set by Bowers and Merena 1/08: 584, an NGC MS63 example that was bid up to $27,600. Most 1856 double eagles are very heavily scuffed and the vast majority have unoriginal coloration. Finding an example with good eye appeal is quite a challenge and even though price levels have risen quite a bit for the 1856 in the last few years, I think nice pieces are still vastly underpriced.

1857: For many years, the 1857 was regarded as a common date and lumped with the 1851-1853 issues. We now know that this is not true and my best estimate is that only 900-1200+ are known. The 1857 is more available in higher grades than the 1855 and 1856 with as many as 30-50 known. I have seen two that grade MS64 and another two or three in MS63. Many 1857 double eagles show a below average strike and most have poor luster and very heavily bagmarked surfaces. It has become very hard to locate a piece with original color as well. In my opinion, the 1857 remains undervalued, especially in AU55 and higher grades.

1858: With a mintage figure that is less than half that of the 1857, one would expect the 1858 to be a much scarcer date. These two issues are similar in terms of overall rarity but the 1858 is scarcer in high grades. There are just twenty to thirty known in Uncirculated and I have never seen a piece that graded higher than MS63. Eye appeal is a real problem for the 1858 double eagle and the typical example is somewhat softly struck, subdued in appearance and heavily bagmarked. The price of this date in AU and above has risen in the last few years but I feel the 1858 double eagle is still an excellent value as it possible to purchase a very presentable example for less than $5,000.

1859: When my Type One book was published, I stated that the 1859 was the fourth rarest Type One double eagle from the Philadelphia mint. Because of the aforementioned shipwrecks and other hoards, I now think that the 1859 could well be the rarest Type One from this mint. And if it isn’t the rarest, it is certainly the hardest issue to locate with good eye appeal in higher grades. Virtually every 1859 double eagle I have seen is very heavily abraded and these marks are often in prime focal points such as the left obverse field or on the face of Liberty. While the strike tends to be good, the level of eye appeal is nearly always well below average. I believe that there are around 200-250 known including five to seven in Uncirculated. I have only seen one in MS62 and another three in MS61.

1860: The 1860 is a date that is actually a bit more available than one might expect considering its mintage of 577,670. There are an estimated 2,000 known including as many as 100 in Uncirculated. PCGS has graded one in MS65 and NGC graded the finest of the S.S. Republic coins MS65 as well. This is generally a well-produced year and there are still some examples around that have nice color and good luster. The 1860 tends to come with fewer bagmarks than some of the issues from the mid-to-late 1850’s and the collector should be able to find a pleasing piece if he is patient.

1861: Until the discovery of the S.S. Central America treasure, the 1861 was easily the most common Type One double eagle. Today, it is the second most available after the 1857-S. There are at least 4,000-5,000 known and the actual number could be even higher. This is an easy issue to locate in higher grades with coins in MS61, MS62 and even MS63 sometimes available. As such, it makes a good type coin for the collector who prefers a Type One double eagle that is not from a shipwreck. The finest known is an amazing PCGS MS67 that brought $181,500 all the way back in October 1989 when it was sold at auction. I still regard that coin as the single best business strike regular issue Type One double eagle that I have seen.

1862: For many years, the 1862 was a sleeper date that had attained virtual cult status among the small number of people who collected Type One double eagles. Today, its rarity is better known and its value has increased accordingly. I regard it, along with the 1859, as one of the two hardest Philadelphia issues of this type to find although it is more available in higher grades than its counterpart. This is another date for which eye appeal is a problem. Many 1862 double eagles have very heavily abraded surfaces and the luster is sometimes impaired as a result. There are around a dozen or so known in Uncirculated. This includes a solitary NGC MS64 and a combined four in MS63 between PCGS and NGC. The 1862 remains an extremely challenging issue to locate in all grades and it should prove to be one of the tougher holes to fill in any Type One set.

1863: Until the discovery of a number of higher grade examples in the S.S. Republic treasure, high grade examples of the 1863 were extremely rare. Today there are around three dozen known in Uncirculated including one in MS64 and four in MS63. The eye appeal of this date tends to be significantly better than that seen on the 1862. The 1863 is reasonably well struck and original examples show very nice coloration. Many have been cleaned at one time and I have seen more “no grade” examples of this date than nearly any other Type One double eagle from the Civil War era. The coins from the shipwreck have a very unique (and cosmetically appealing) appearance that makes them easy to distinguish from non-shipwreck coins. They tend to have somewhat grainy luster and lack the extensive marks found on most 1863 double eagles.

1864: There are many more 1864 double eagles known today than back when I produced my Type One book. The majority of the new high grade 1864’s are from the S.S. Republic shipwreck which contained at least seventeen Uncirculated examples. Most were in the MS60 to MS62 range and the 1864 remains extremely rare in MS63 or better. Non-shipwreck examples tend to be a bit scuffy in appearance and have frosty luster. From time to time, original pieces are offered for sale and they tend to show attractive deep green-gold or orange hues. In my opinion, the 1864 remains a scarce and undervalued date that does not receive the attention that the (now) better known 1862 and 1863 are showered with.

1865: Close to three hundred Uncirculated 1865 double eagles were found on the S.S. Republic. Obviously, the rarity profile of this date has changed dramatically in recent years and the 1865 has gone from being very rare in higher grade to reasonably common. Some of the coins from the shipwreck were quite spectacular and the best pieces include one in MS66 and no less than two dozen in MS65.

What exactly is it about the Philadelphia Type One issues that appeals most to me? I would have to say that it is value. Unlike smaller denomination coins from this era, there is enough demand for double eagles that there are not many absurdly undervalued issues. But that said, there are a number of Philadelphia double eagles from the 1850’s that can be obtained in decidedly above average condition (in most cases AU55 to AU58) for well under $5,000. I also like the fact that the Philadelphia issues are completable by the collector of average means (unlike the New Orleans coins of this era which have become the playground of wealthy collectors). If I were going to focus on Type Ones, I would work on a set of nicely-matched AU55 to AU58 coins with choice original color and surfaces.

For more information about Type One double eagles, please feel free to contact me via email at dwn@ont.com.

Opportunities for Collectors in a Generic-Oriented Market

After I left what was, for me, a very productive Baltimore coin show, I was sitting in a restaurant at BWI airport, eating a crab cake. As I was finishing up, a dealer who I don’t know that well but who I respect for his knowledge and his connections came up and asked if he could join me before our respective flights left. As you can no doubt guess, our conversation almost immediately turned to the market. As this dealer was quick to point out, as far as gold coins go, we are currently in one of the more confusing market segments that either of us could remember. He made a comment that I thought was really profound. He said something along the lines of “the market is so strange right now, that if I had a fresh deal of Saints or $20 Libs it would probably get other dealers more excited than if I had a group of fresh Proof gold coins.”

At first, I thought this comment was sort of odd. But the more I thought about, the more it made sense. The market is so oriented right now towards generics and “stuff” that many dealers have all but overlooked rare coins. And I think this presents a few really interesting opportunities for buyers who have some extra cash.

Generic gold is on fire for a number of reasons. The “guns and gold” crowd is buying gold because they have a fundamental distrust of the dollar and don’t like the direction that the U.S. economy is headed. Investors are buying American Eagles and other issues to put into their IRA’s in the hope that this year’s contribution outperforms last year’s stock purchase. And large-scale telemarketers are selling the heck out of double eagles to new buyers who have left more traditional investments and like the idea of owning some physical gold.

As is always the case when an area of the coin market gets hot, other areas are forgotten. When you go to a coin show now, it is very interesting to observe what some of the very savvy major buyers are doing. I know of at least two very smart, A-level dealers who have virtually stopped buying anything numismatic and are focusing almost exclusively on ten dollar and twenty dollar gold pieces. As I mentioned above, I think this has created some great opportunities for more numismatically-oriented dealers like me and for serious collectors.

One opportunity for rare coin buyers right now is for PQ coins. With so many traditional buyers of PQ rare gold coins focused on generics I have noticed that many really nice coins are bringing almost no premium over many really schlocky coins. This is especially the case with Charlotte and Dahlonega gold. At the Baltimore show I was able to purchase a few exceptional PQ coins for literally no more than a 5% premium over the usual crappy dipped-n-stripped stuff that I saw all over the bourse floor and in the auctions.

Another opportunity right now for a more select group of buyers is expensive coins. Most dealers (myself included...) are having a hard time selling coins priced at $10,000 and up. If you follow my website you will probably note that while, as recently as last year, I might have had ten or even twenty coins priced at $10,000 or more, right now I have very few.

If you have the money and you are a collector of five and six figure coins, I think you call the shots. Unlike in 2006 or 2007 when dealers had an easy time selling big coins, dealers are far more aware today of the difficulty inherent in selling these coins. My guess is that if your favorite dealer has a $15,000 coin in stock that you’ve had your eye on since December he’s probably more willing to sell it for $13,000 now than he was a few months ago. (And if he’s not, this is a good sign that your favorite dealer may be doing something else besides selling coins in the near future).

As I mentioned before “real coins” are currently out-of-favor with many dealers and some collectors as well. What does this mean for the serious collector? It may not translate to saving money on the coins you want (although it is likely that this is true). More likely, it means that you will actually get a chance to buy some of those hard-to-find issues that might have been causing you grief in years past. Let me give you an example. At the Baltimore show, I was able to get second shot at a group of interesting double eagles. The dealer who got first shot would have ordinarily bought every coin as they were interesting, not unreasonably priced and pretty choice. Instead, he passed on about half the coins and I bought everything that was left over. Why did he pass? My guess is that some of the coins were above the price level that he is currently selling well and that much of his focus is on generics as opposed to rare coins.

There is one other opportunity for collectors right now that I think deserves a quick discussion and that is selling some of the generics that everyone seems so focused on right now. If you bought Saints or Libs more than a year ago you are probably in a good profit position right now. Let’s say you have a bunch of MS65 Saints that your average cost is $1,200 and you can sell them today for around $2,000. It seems like a smart move to me to sell your position at an $800 per coin profit (not a shabby rate of return for a one-year investment during an economic meltdown...) and use the profits to buy a rare coin or two that you have your eye on.

Varities of Type One Double Eagles

In my opinion, Type One double eagles have become popular enough with collectors that it is time for some of the more interesting varieties in this series to come into their own. I am beginning to notice that these varieties are growing in popularity and that prices are beginning to appreciate as well. What are the most significant varieties in the series, how rare are they and what sort of price premium do they merit? 1852/1852 Double Date: This variety is one of the most obvious double dates that I have seen on a United States gold coin. It can easily be detected with the naked eye due to the heaviness of the date. The original date was punched slightly too high and then corrected with a second full punch placed slightly below.

In the last three years I have looked at over one hundred 1852 double eagles and fewer than ten have been of this variety. Nearly all have been in lower grades (EF45 and below) and I do not believe that I have ever seen an 1852 double date double eagle in Uncirculated.

This variety is recognized by NGC but it is not currently recognized by PCGS. I think it should sell for a 25-50% premium over a normal date 1852 and the premium in AU55 and higher grades should be even more than this.

1854 Large Date: This variety uses a date logotype from the silver dollar. The same anomaly occurs on 1854-O eagles. The 1854 Large Date is easy to recognize as the date is significantly larger than on the Small Date. I have spoken with collectors who have been confused by these varieties and I think it might be a bit easier to think of the Small Date as a Medium Date. In addition, remember that on the Large Date the 1 in the date in the date nearly touches the truncation; on the Small Date it is distant.

This variety has become widely accepted with collectors in the last five years and it is recognized by both PCGS and NGC. Prices have risen considerably and a nice AU now sells for close to $10,000 when available. The finest that I am aware of was the NGC MS64 sold by Heritage as Lot 2010 in their 2007 ANA auction. It brought an impressive $80,500.

It is still possible to cherrypick this variety despite its relative popularity. I have seen at least five or six in older NGC or PCGS holders without designations.

1858-O Blundered Die: This is probably the least well known of the varieties listed in this article but it is among the more visually impressive. Under magnification it is possible to see another 8 protruding from the bottom of the left part of the lowest curl into the field below. One of the reasons that people do not know about this variety is that it was not well-described by Breen when he mentioned it on page 565 in his Encyclopedia. Another reason is that yours truly has not done a good job publicizing this variety in his New Orleans books and his Type One book.

To view a nice blow-up image of the 1858-O Blundered Die double eagle, I suggest going onto Heritage’s website and looking at the close-up that provided for the example they sold as 12/08: 2256.

There are probably fewer than ten 1858-O Blundered Die double eagles known and the Heritage cataloger was able to account for just four. The finest appears to be Heritage 12/04: 6843, graded MS61 by NGC.

This variety is very high on the coolness scale of Type One double eagle varieties but the rarity and current high price of the 1858-O make it the least likely of the varieties that I’ve mentioned so far to begin to sell for a premium. It is not currently designated by either PCGS or NGC.

1859-S Double LIBERTY. This variety has been known for at least a few decades but it remains reasonably unheralded. It is among my favorite Type One varieties and it is very easy to see with light magnification. The final five letters in the word LIBERY show pronounced doubling.

NGC designates this variety while PCGS does not. The current NGC population includes five coins (the finest of which grades MS60) and another six from the S.S. Republic.

I have personally looked at close to two hundred 1859-S double eagles and I’ve seen around five or six with the double LIBERTY. I think this variety is very impressive visually and it should command a significant premium in all grades. I would suggest around 50% in EF40 to AU55 grades and as much as a 100% premium in AU58. It is hard to figure what this coin is worth in Uncirculated given its rarity.

San Francisco Mintmark Variations: The final group of Type One varieties is less likely to catch on with collectors given the fact that these varieties are not as impressive. This could change if either NGC or PCGS were to start designating them but even if this were to happen, I doubt if they will catch fire collectors.

The 1857-S is known with a Medium S mintmark and with a Large S. The latter is much scarcer.

The 1863-S is known with a Medium S mintmark and a Small mintmark.

It is possible that other mintmark varieties will be discovered as time progresses.

As I’ve mentioned in other blogs, collecting gold coins by variety remains a reasonably obscure area of focus for most numismatists. But I could really see some of these Type One varieties becoming readily accepted in the coming years (as the 1854 Large Date already has) and their values rising accordingly.