A Numismatically Significant 1859-D Quarter Eagle

I recently bought and sold a seemingly innocuous 1859-D quarter eagle that had a great degree of numismatic significance. Before I explain why, let me give you a little background on the specific coin and on this issue in general. This 1859-D quarter eagle has been graded as Fine-15 by PCGS. It is the single lowest graded example of this date seen by either service. In looking back through my records, I have seen very few that grade below Extremely Fine and certainly can't recall a non-damaged Fine example.

The example I sold is problem-free and actually quite attractive despite its extensive wear. It shows nice natural coloration and the obverse is a full Very Fine from the standpoint of detail.

This is the final quarter eagle produced at the Dahlonega mint. But, for all intents and purposes, the death knell for this denomination at the Dahlonega mint had been spelled as early as 1854 when mintages figures declined precipitously from the 1840's. In 1856, only 874 were struck; making this the lowest mintage figure of any coin ever produced at this branch mint. In 1857-D, the mintage increased to 2,364 but no quarter eagles were made in 1858. 1859 saw a resumption of the denomination but only to the tune of 2,244 coins. None were struck in 1860 and when the mint closed in 1861, no further plans had been made to coin quarter eagles.

The 1857-D and 1859-D are interesting issues among the quarter eagles from this mint. The grade distribution is different for these issues than for nearly all other coins from Dahlonega. The coins from the 1840's and early 1850's have what I regard as a typical distribution of survivors: most are in the VF-EF range with AU coins being scarce to rare and Uncirculated coins being very rare to extremely rare.

But in 1857 and 1859, the distribution curve looks different. These two dates are almost never seen in grades below EF and are most often seen in About Uncirculated. Both are rare in Uncirculated but not as much so as their very low mintage figures would suggest. There are as many as ten Uncirculated 1859-D quarter eagles known as well as another four or five dozen in About Uncirculated. This doesn't seem like a lot of coins but when you consider that there are only 150 or so known from the original mintage, the fact that nearly half grade AU or better suggests that this issue didn't circulate as freely as the quarter eagles from the 1840's.

I had long believed that the 1859-D was an issue that saw very little circulation. The existence of the coin shown above is proof that at least a few examples did circulate. I don't believe that this Fine-15 example was a pocket piece as it shows all the hallmarks of extensive natural circulation. Ironically, it is more rare in this grade than it is in Uncirculated and, to my way of thinking, this is one of the neater Dahlonega quarter eagles to have come up for sale this year: a highly circulated example of a date that was hitherto believed to have never seen extensive circulation. Considering that this coin cost its new owner well under $2,000 I think it is an amazing piece of Southern gold history.

Market Musings

It’s a rainy Monday morning here in Portland and the sudden lack of sunshine is leaving me highly unmotivated. To try and shake out the cobwebs, I’m going to touch on a few miscellaneous topics of interest. If I were a syndicated folksy newspaper columnist, I’d call this Monday Mornin’ Market Musings. Lucky for you, I’m not. Sales of the Wexford Collection of Dahlonega Coinage have been excellent with close to $500,000 placed within the first few weeks of being posted on my website. I have noted a few definite trends thus far.

I have been surprised (but not shocked) by the extreme popularity of the key dates in this collection. One of things that was especially nifty about the Wexford coins was that nearly all the key Dahlonega issues were present and, for the most part, they were extremely nice. I could have sold half a dozen examples of the 1861-D gold dollar in PCGS AU55 and probably even more examples of the 1838-D half eagle in PCGS EF45.

While many of the coins were bought by existing clients, I did sell coins to at least two brand new people including one who had never bought a Dahlonega piece.

Two other observations can be gleaned from the first few weeks of sales. The first is that the Dahlonega quarter eagle series is clearly alive and well. I sold a number of expensive, key issues to serious collectors. The second is that gold dollars are a little weaker than I would have expected. I did sell the three most expensive gold dollars in the set but other examples, including a few that I felt would sell quickly, have not yet found new homes.

One last thing. In my rush to get the coins cataloged and imaged and out on the web for a few days before I took them to the ANA show, I didn’t have time to fully research them. It turns out that the 1840-D quarter eagle is the ex: James Stack coin while the 1856-D quarter eagle was formerly in the Bass collection. The new owners of each coin were quickly able to deduce this and I congratulate them on these terrific new additions to their collections.

I’ve been asked by a number of collectors how I think CAC is affecting the coin market. I can’t really speak for areas like Indian Cents or Buffalo Nickels but I think CAC is having a very strong affect on selected areas of the United States gold coin market.

In my experience, CAC is extremely tough on generic issues, especially common date Saint Gaudens double eagles. I have heard of dealers sending groups of 25 or 50 common date Saints in MS65 to CAC and having as few as two or three stickered. Because of this fact, MS65 and better Saints with CAC stickers are currently trading for significant premiums.

Another area that is definitely being affected by CAC is early gold. CDN Bids for early gold are continuing to go up but these bids are posted by John Albanese and are reflective of only CAC quality coins.

What this has done to the early gold market is to make it, effectively, two-tiered. As an example, John’s current bid for an 1812 half eagle in MS62 is $15,000. My guess is that a really nice, CAC-quality MS62 is pretty easy to sell for $15,000-16,000 on a wholesale level and might be worth as much as $17,500-18,500 on a retail level. But a nasty, overgraded MS62 example of the same date is not going to be of interest to John (or any other quality-oriented CAC dealer) at $15,000; it is more likely a coin with a wholesale value of $13,000-14,000. What the challenge for buyers of coins of coins like this is to determine which 1812 half eagle in MS62 is ultimately worth $13,000 and which one is worth $16,000+.

Speaking of early gold, I’ve had a few people ask me lately if they feel that prices on this material are going to continue to rise in the coming year. My answer to this is “yes but with an asterisk.”

As I mentioned above, the early gold market is becoming much more selective; partially on account of CAC. If coins like the aforementioned 1812 half eagle in MS62 are going to continue to bring these strong new price levels (remember, this is an issue that was trading for $8,000-9,000 just three years ago) they have to be very solid for the grade. By this, I don’t mean that every 1812 half eagle in an MS62 has to be an upgrade candidate. But for me (or John Albanese or whoever else) to pay $15,000 for one, it has to have good luster, a lack of significant wear or rub, nice color and a reasonably pleasing overall appearance.

I believe that there are certain areas of the early gold market that have become very pricey. For me to pay $35,000 for a 1799 eagle in MS61, it has got to be a nice coin that I feel is really “new.” If it is recolored, obviously worn, full of unsightly hairlines or covered with goop, I’m out at the current price levels. Same goes with Heraldic Eagle and Capped Bust Left half eagles in AU55 to MS64. If they aren’t really solid, original coins then I have a hard time liking them at current levels.

Conversely, there are other areas of the early gold market that I still like. As you no doubt know, I am a big fan of nearly all early quarter eagles, especially the Draped Bust series of 1821-1827 and the “mini-Fat Heads” of 1829-1834. And despite very strong price advances in recent years, I still feel that the half eagles of 1813-1834 form one of the most interesting and exciting series of United States coins for collectors with large budgets.

Most importantly, the demand for early gold remains strong. In addition to many avid collectors, there are a few coin funds that love early gold and they are continuing to buy it as long as the coins are “all there.”

1841-D Quarter Eagle Graded MS63 by PCGS

As a leader in the area of rare United States gold, I get to handle some pretty interesting coins on a regular basis. But every now and then there is a piece that comes into my inventory that is so truly exceptional that it gives me pause and makes consider keeping it instead of selling it. The most recent of these was an 1841-D quarter eagle graded MS63 by PCGS that is not only the finest known example of the date but one of the most aesthetically attractive Dahlonega gold coins of any date or denomination that I have seen. I rank the 1841-D as the fifth rarest of the twenty quarter eagles produced at this mint. There were a total of 4,164 struck of which an estimated 75-100 exist. When available, the typical 1841-D grades VF to EF and is characterized by poor eye appeal and extensively abraded surfaces. There are probably fewer than fifteen properly graded AU’s known as well as four in Uncirculated.

The four Uncirculated examples are as follows:

1. Kansas Collection, ex: Doug Winter, Wexford Collection, Doug Winter, Heritage 1/04: 1017 ($40,250), Green Pond Collection, Doug Winter, Bowers and Merena 11/98: 2076 ($46,000; as PCGS MS62), Heritage 2/90: 1264 ($15,000), Vintage Auctions 8/89: 286 (unsold), David Akers’ session of Auction ’89: 859 ($22,000). Graded MS63 by PCGS.

2. Private collection, ex: Heritage 4/06: 1496 ($46,000), Duke’s Creek Collection (as PCGS MS62), Hancock and Harwell, William Miller collection, Heritage 1993 ANA: 5508 ($25,300). Graded MS63 by NGC.

3. Georgia Collection, ex: Larry Jackson, David Akers 5/98: 1735 ($35,200), John Pittman collection, Stack’s 10/60: 3192 ($270), Milton Holmes collection. Graded MS61 by NGC.

4. Kansas Collection (duplicate), ex: Doug Winter 4/00, Mark Hurst collection, Heritage 1999 FUN: 7627 ($21,850; as PCGS AU58), North Georgia Collection, Stack’s 10/94: 867 ($22,000), James Stack Collection. Graded MS60 by NGC.

As you can tell from this list, I have had the good fortune to handle two of the four Uncirculated 1841-D quarter eagles and I have handled the finest known on three different occasions.

Let’s take a look at the coin itself. Here is a superb quality photo of the finest known 1841-D quarter eagle. Study the obverse and reverse for a few moments and then let me take you on a “tour” of it and explain why I think it is such a great piece.

What grabs me first about this coin is its coloration. You will note that the obverse and reverse both show deep brownish-gold coloration. If you ever wondered what exactly does a 160+ year old gold coin with completely original color look like, the answer is “like this.”

You will also note a bit of light haze on the surfaces. “Haze” often has the connotation of a coin having had a chemical applied to its surfaces in order to hide hairlines but on this coin, the haze comes from the way that it had been stored in the past; probably in an old coin cabinet or in a manila coin envelope. Before the era of extensive coin doctoring it was not uncommon to see choice, high quality gold coins with this sort of natural haze on the surfaces.

Next, look at the strike. The 1841-D quarter eagle is generally seen with a pretty good strike but this example was absolutely hammered with complete details on both the obverse and the reverse. If anyone doubts that the Dahlonega mint was capable of producing a product on the par with the Philadelphia mint from time to time, take a look at this coin and re-think your answer.

You will probably also note a thin, winding die crack on the obverse and a major bisecting crack on the reverse. This is the late die state of Winter Variety 2-C.

The depth of the coloration makes it hard to see the luster in its entirety but it is abundant. The texture is frosty and semi-prooflike, the blending of which creates a really unique look that I have not seen on more than a handful of Dahlonega gold coins.

The surfaces show a few light marks (mostly in the right obverse field) but they are very clean. When comparing this coin to the few MS63 and better Dahlonega quarter eagles that exist, I would certainly call this 1841-D a very high end example and I think it has claims to an MS64 grade.

In my experience, quarter eagles are among the hardest of the four denominations produced at this mint to find in high grade and it is exceptionally hard to find any coins that grade MS63 or better. I can only think of one true Gem Dahlonega quarter eagle (the Duke’s Creek 1847-D that was graded MS65 by NGC) and probably not more than three to five single coins that, by my standards, grade MS64.

If you are collecting Dahlonega quarter eagles by date or if you are a type collector looking for a single very high grade piece, my advice is to be aggressive on the very rare occasions that a coin like this 1841-D become available. Many years may pass before a comparable—or better—piece become available again.

The Ten Rarest Dahlonega Gold Coins Revisted

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

-Changes (if any) in high grade rarity

-Changes (if any) in Condition Census

-New Finest Known coins or important new discoveries

-New price records at auction or via private treaty

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

State of the Market Report: Dahlonega Gold

In my second State of the Market report, I look at the always popular area of Dahlonega gold and see what’s up with these coins. Dahlonega gold coins clearly remain the most avidly collected of the three southern branch mints. But this market has become very two-tiered in the past few years. Because of this market bifurcation, prices have fluctuated recently and two coins of the same date in the same grade can have wildly divergent values.

1. GOLD DOLLARS

Dahlonega gold dollars are by far the most popular branch mint gold dollars. In fact, I have noticed a number of new collectors in this area of the market in the past two or three years including at least a few who are assembling high quality, complete sets of Dahlonega gold dollars.

The Type One issues have shown a considerable amount of strength in the past few years and I would suggest that these are probably the most popular gold dollars from this mint right now. I am always able to easily sell any Type One Dahlonega gold dollar I have which is priced in the $1,500-3,000 range. The more expensive coins are a bit harder to sell unless they are rarer issues (such as the 1850-D or the 1854-D) if they are choice for the grade with nice color and surfaces. Very high quality pieces are extremely elusive and the few Finest Known or Condition Census pieces which have come onto the market in the past few years have brought strong prices.

The one-year type 1855-D is still extremely popular. A few years ago, there were a decent number of these on the market. But in the last year or so, I don’t think I’ve seen more than three or four and most of these have been higher grade. I think I could sell a nice, relatively affordable EF 1855-D gold dollar multiple times but these appear to be put away in private collections and not currently available.

The market for Type Three Dahlonega gold dollars is a little bit harder to figure out. Clearly, the better dates in this series have been hurt by a number of vastly overgraded coins put into holders by the grading services. In addition, the population figures for dates like the 1858-D and 1859-D have been greatly inflated by multiple submissions. One date which has suddenly become impossible to find is the 1861-D. I don’t recall having seen a slabbed piece which did not have a problem in close to two years. I would have to think if a nice PCGS AU55 came on the market, it would bring well over Trends due to very strong current demand.

2. QUARTER EAGLES

If I were going to assemble a set of Dahlonega coins for my own collecting pleasure, I would probably choose this denomination. Quarter eagles are the hardest Dahlonega coins to consistently find with good eye appeal and there are a few specific dates which have almost disappeared from the market.

The 1839-D has gone from being moderately popular a few years ago to being very popular today. It has been quite a while since I’ve seen a nice Uncirculated piece or a nice, problem-free EF. Most of the pieces currently on the market are processed, overgraded AU’s.

In the Liberty Head series, most of the coins I see offered these days tend to be the more common issues such as the 1843-D, 1844-D, 1846-D, 1847-D and 1848-D. Nice EF examples of these dates have doubled in price in the last three or four years but I still think that a choice EF Dahlonega quarter eagle at $2,500 or so is pretty good value in the big picture. The rare dates from the 1840’s, such as the 1840-D, 1841-D and 1842-D, remain extremely hard to find in properly graded AU50 and better and most of the ones offered at auction these days are low end and unoriginal.

The scarce 1850’s Dahlonega quarter eagles are currently an enigmatic sub-series, in my opinion. I have seen a lot of low-end Uncirculated examples of dates such as the 1852-D, 1853-D, 1857-D and 1859-D in the last two or three years. These mostly tend to be the same group of overgraded coins which bounce from auction to auction and from dealer to dealer, seeming to never find a good home. Two dates that remain truly rare are the 1855-D and the 1856-D. It has been at least two years since I’ve seen a really nice 1856-D for sale and this date has proven to be the rarest Dahlonega quarter eagle, in my opinion, by a significant margin.

3. THREE DOLLAR GOLD

If any Dahlonega coin could be termed “volatile” it would be the popular 1854-D Three Dollar gold piece. This issue is always in demand due to its one year status. What many people have learned, though, is it is clearly not nearly as rare as its small mintage of 1,120 would suggest (a comment on this follows, see below).

A few years ago, the market seemed inundated with 1854-D Threes. I can remember owning no less than four AU58 examples at one time. Prices shot upwards but many collectors realized that $40,000+ for a decent quality example seemed like pretty marginal value when there were more interesting Dahlonega coins available at a fraction of the price. As with the market for Three Dollar gold pieces in general, values for the 1854-D declined in the past year or two. But they seemed to have firmed in the past six months and it appears clear to me that they aren’t going to get cheaper anytime soon.

A note on this issue’s rarity: clearly the 1854-D was saved at the time of issue and its survival rate is considerably greater than other Dahlonega coins of this era. But the number of pieces which appear for sale is misleading. I know of a few 1854-D Three Dollar gold pieces that have appeared in at least four or five consecutive auctions as well as on various dealers’ websites. Properly graded, original examples have never been easy to find and the ones that bounce around these days tend to be the ones which are, to put it nicely, not so “pretty.”

4. HALF EAGLES

For a number of years the half eagles have been the most popular denomination from this mint. Prices have risen for lower grade examples but I find the higher end of the half eagle market to be somewhat weak right now. The culprit for this, of course, is the abundance of overgraded coins. I know that the dealers who specialize in Dahlonega gold coins are happy to purchase all the high quality half eagles that they can find but their complaints are unanimous: the nice coins just aren’t readily available.

I would have to say that two of the most popular Dahlonega issues right now are the 1838-D and 1839-D half eagles. The former was once easy to find in nearly any circulated grade but it is now very hard to find an 1838-D even in EF grades. The 1839-D, after years of languishing in obscurity, has become the “coin du jour” in the half eagle series and auction prices for nice AU pieces have broken the $10,000 barrier in the past two years.

There are a few dates which I never seem to see in higher grades. These include the 1842-D Large Date, 1846-D Normal Mintmark, 1848-D, 1850-D and 1861-D. The other Dahlonega half eagles tend to be fairly readily available in most grades but, as I said above, finding attractive, original coins can be very challenging.

At some point in time, an enterprising dealer will publish a price guide for Dahlonega gold coins which has two sets of prices. The first will be for the run-of-the-mill pieces which are typically offered for sale. The second will be for the crusty, original pieces which are all but disappearing. The price differential right now is only 15% or so. I would not be surprised if in five years a crusty AU55 common date Dahlonega half eagle is worth 50-100% more than its processed counterpart.

One final comment before I end this report. The 1861-D is one date in the half eagle series that is just about impossible to find these days. I used to handle a nice 1861-D every two or three months. Now, it’s more like once every year or two. I believe the reason for this is that the 1861-D is a classic collector favorite and all the nice, middle grade pieces are owned by people who have no real interest in selling them.

The Duke’s Creek Collection of Dahlonega Gold Coinage: An Analysis of Auction Prices Realized

On April 7, 2006 Heritage Auctions sold the Duke’s Creek collection of Dahlonega gold coinage at unreserved public auction. The prices that these coins realized give the advanced collector an excellent idea of values in this series. Going into this sale, I was not certain at how results would be. I looked at this sale as having two possible results: it would either be a complete disaster or it would be much stronger than expected due to the current bull market for all United States gold coins. My initial take on the results are that prices were, in most cases, very strong although a few items went very reasonably.

Here are the auction results as well as some quick comments regarding the coins and the prices they brought. Please note that the prices realized include a 15% buyers charge.

I. GOLD DOLLARS

DATE/GRADE    TRENDS    QUARTERLY BID    PRICES REALIZED

1849-D N64        25000            16500                   $17,250

Comments: I didn’t like this coin. I thought it went for a strong price given its level of quality.

1850-D N64        30000(63)    22500(63)            $34,500

Comments: One of my favorite coins in the gold dollar section and an excellent value. I purchased this coin and would have paid quite a bit more.

1851-D N65 41000 ----- $37,375

Comments: Probably a bit overgraded but a very nice example. I thought it would bring 10% more.

1852-D N63 ----- 28000 $27,600

Comments: I was very happy to buy this coin right at quarterly bid. I liked the coin very much.

1853-D N63 35000 21500 $21,850

Comments: I didn’t care for this coin at all and it went fairly cheaply at well under 70% of Trends.

1854-D N62 20000 13500 $13,800

Comments: A very nice coin for the grade and a very good deal at less than 70% of Trends. I purchased this coin.

1855-D N64 ----- ----- $132,500

Comments: This was a very controversial lot. Many collectors were disappointed to see that the coin had been dipped by NCS and was now very bright. Had it been original I think it could have brought close to $200,000. As it is, this piece set an all-time auction record for any Dahlonega gold dollar.

1856-D N62 55000 39000 $40,250

Comments: I really disliked this coin and thought that the price it sold for was pretty amazing given its quality.

1857-D N62 18000 13500 $14,950

Comments: I thought this was a very nice coin and it sold for exactly the right amount. I purchased this piece.

1858-D N66 75000(65) 55000(65) $74,750

Comments: While $75,000 is hardly chump change, I thought this superb coin could easily have broken the $100,000 mark. Surprisingly, this coin sold to a book bidder and it was one of the few coins that did not get hammered to a live bidder at the sale.

1859-D N64 30000(63) 27000 $23,000

Comments: Very cheap and seemingly a real bargain but this piece had a major mint-made defect on the face which could make it hard to sell.

1860-D N64 ----- ----- $57,500

Comments: Probably my least favorite gold dollar in the collection; I thought the color was artificial and the coin was well overgraded. Despite this it set a record at nearly $60,000.

1861-D N65 125000 ----- $138,000

Comments: This was the most controversial lot in the sale. The coin had only recently been in an MS63 holder and its color had been lightened by NCS. But it was still the highest graded example of a classic rarity. Would the price reflect this? I think a crusty, original MS65 1861-D gold dollar could bring $250,000 in this market. The price realized for this coin was, in my opinion, very strong given its true quality.

GOLD DOLLARS FINAL PRICES REALIZED: $633,075 NUMBER OF GOLD DOLLAR LOTS: 13 AVERAGE PRICE REALIZED PER LOT: $48,698

II. QUARTER EAGLES

DATE/GRADE TRENDS QUARTERLY BID PRICES REALIZED

1839-D N64 50000(63) 48500 $63,250

Comments: This was an extremely strong price for this coin. The great popularity of Classic Head issues was clearly evident as this 1839-D brought approximately 30% over CDN Quarterly Bid.

1840-D N62 ----- ----- $74,750

Comments: This coin was a highlight of the collection and brought a record price. I was surprised at how many different people were bidding on it; I counted at least five different hands in the air after it opened.

1841-D N63 60000(62) 44000 $46,000

Comments: I did not like this coin as it had a detracting pinscratch on the obverse. I thought the price realized was extremely strong, considering that the much nicer PCGS MS63 Green Pond: 1017 coin sold a few years ago for $40,250.

1842-D N62 ----- 40000 $57,500

Comments: Here was an example of a finest known coin that sold for a very strong price. There were three bidders eagerly competing for this piece and I was somewhat surprised at the price realized.

1843-D Sm. D N62 25000 14000 $16,100

Comments: I thought this was one of the nicest MS62’s in the collection as it had superb color. I estimated that it would sell for $15,000 or so.

1843-D Lg. D N61 ----- ----- $12,075

Comments: Few people are aware of the fact that this major variety is excessively rare in Uncirculated. I purchased this lot for a collector who was very pleased to obtain it for 20% less than what the 1843-D Small D sold for.

1844-D N63 30000 21000 $25,300

Comments: This was a very impressive price for a coin that was not really that choice for the grade, in my opinion. The Green Pond coin graded MS63 by PCGS sold for $20,700 in January 2004.

1845-D N63 ----- 28000 $34,500

Comments: I’m not exactly sure what I missed on this coin. I thought it was very unappealing due to splotchy coloration and an overly-NCS’d appearance. Despite this fact, it sold for a very healthy $34,500.

1846-D N63 ----- 21500 $27,600

Comments: Here was another coin that brought around 20-30% more than I expected. If I had owned this coin, I would have been thrilled to see it sell for $22,000.

1846-D/D N58 ----- ----- $9,200

Comments: Yet another very strong price. I have seen these sell at coin shows in the $6000-7000 range. The Duke’s Creek pedigree appeared to add a considerable amount of value.

1847-D N65 ----- 55000 $74,750

Comments: I thought this was the strongest price of the night. This coin had formerly been the prettiest Dahlonega quarter eagle I had ever seen but it had recently been lightened and I no longer loved it. But the record-shattering price indicated that at least two bidders liked it. A lot.

1848-D N62 20000 12000 $23,500

Comments: Apparently someone saw this coin upgrading to MS63 (I didn’t) as it sold for well over MS62 Trends. Another very impressive price.

1849-D N62 35000 21000 $24,150

Comments: I loved this coin. It had great color and a terrific pedigree that went back over fifty years. I purchased it right at my upper limit and was very pleased with it. I was happy to see that this coin, unlike others in the collection, had not been lightened.

1850-D N61 16000(60) 12000(60) $17,250

Comments: A very average coin for the grade which sold for around $5,000 more than I expected. I have seen at least three or four NGC MS61’s sell at auction in the last few years for $9,000-11,000.

1851-D N65 ----- ----- $63,250

Comments: I had a client who wanted to purchase either the 1847-D or the 1851-D. Considering that the 1851-D is a much rarer coin and it sold for $10,000 less than the 1847-D, I think he got a great deal.

1852-D N64 40000(62) 40000(63) $57,500

Comments: This was a coin that I thought might slip through the cracks and sell for a reasonable number. It is the finest known example of a rare date and a coin with good eye appeal. It shattered all previous price records for the date and I was left in the dust.

1853-D N62 ----- 26000 $32,200

Comments: This was another coin that brought 20% more than I would have expected. It was fairly nice for the grade but I was very surprised it brought so much over Bid.

1854-D N64 60000(62) 65000(63) $80,500

Comments: I have been in love with this coin since I first saw it in 1999 but have never been able to own it. I was very excited when a new collector called me before the sale and told me to bid on it for him. I was even more excited that it went for what I feel was a reasonable number; after all it sold in 1999 for $63,250 in an MS62 holder.

1855-D N61 ----- 42000(60) $54,625

Comments: I was not wild about the quality of this coin and I think the price realized was extremely strong. I had a very nice NGC MS60 last year that I sold for nearly $20,000 less and it was a long struggle to sell it even at a discounted number.

1856-D N61 80000(60) 60000(60) $71,785

Comments: This coin really grew on me. At first I wasn’t that wild about it but the more I studied it the more I realized it was exceptional. In fact, I think it is the unqualified Finest Known example of the rarest Dahlonega gold coin. If you can’t already tell, I purchased it and I think it was my single best deal of the whole auction.

1857-D N62 27500 18000 $17,250

Comments: After the excitement of the 1856-D I sort of went to sleep for a few seconds and let this coin sell too cheaply. It was an excellent value.

1859-D N62 23000(60) 30000 $37,375

Comments: This final Dahlonega quarter eagle closed the denomination with a bang. I didn’t like this coin yet it sold more than double what a similarly graded NGC example brought in the Heritage January 2002 auction.

QUARTER EAGLES FINAL PRICES REALIZED: $920,500 NUMBER OF QUARTER EAGLE LOTS: 22 AVERAGE PRICE REALIZED PER LOT: $41,840

SUMMARY: I think the final prices realized for this collection was about 15-20% more than what I expected before the sale. This was a case of individual coins benefiting from the overall strength of a world-class collection. I think at least half the coins in this collection would have brought considerably less if they had been in another sale and had not had the benefit of the Duke’s Creek pedigree.

This collection has had a strong mystique about it for many years. When I viewed it carefully, I had mixed emotions about it. There were some pieces that were just remarkable. There were others that were not as nice as I remembered. And there were a few that had been overzealously conserved by NCS and which, in all honesty, I think had been ruined. This was clearly a collection that had been “maxed out” from a grading standpoint. I saw very coins in the set that weren’t aggressively graded and a few, like the 1861-D gold dollar, had been recently upgraded by two full points.

The bottom line is that truly high grade Dahlonega gold coinage is very rare and it remains in strong demand. When you consider how much certain areas of the market have risen in value in the past three to five years, very high quality Dahlonega coinage seems like a good deal when one considers that prices really haven’t appreciated that much since the robust days of the late 1990’s.

Duke's Creek Collection of Dahlonega Quarter Eagles

In April 2006 Heritage will be auctioning the incomparable Duke's Creek Collection of gold dollars, quarter eagles and three dollar gold pieces. I have been asked to write the descriptions of these coins. In this second part of a two-part series, I continue the write-ups of these issues. ONE OF THE FINEST KNOWN 1839-D QUARTER EAGLES

1839-D NGC MS64. Variety 1-A. This is the more common of the two varieties for this year and it is quickly identifiable by a weak olive branch. An estimated 8,000 examples of this variety were produced.

The 1839-D quarter eagle is one of just five one-year only issues from the Dahlonega mint. It is among the most popular quarter eagles due to its status as the first-year-of-issue as well as the only Dahlonega coin of this denomination that employs the popular Classic Head design. As many as 200 pieces are known and this includes perhaps as many as a dozen that qualify as Uncirculated by today’s standards. Clearly, some were saved as souvenirs and there are at least three known that grade MS64 or better.

This piece shows a nice strike for the date. The radial lines of the stars are nearly complete and there is just some minor weakness on the curls around the ear and face. The obverse is very clean with no marks of note; the reverse shows a small but somewhat deep planchet defect through the ER in AMERICA towards the shield. The luster is satiny and original with the soft luxuriant luster typical of higher grade 1839-D quarter eagles. Both sides have acquired attractive medium to deep orange-gold color and this is an uncommonly attractive example of this coveted type.

I regard this as the third finest known 1839-D quarter eagle, trailing the James Stack coin (graded MS64 by PCGS) and the Bass II: 314 coin (conservatively graded MS63 by PCGS) that is now owned by an Alabama collector. The Duke’s Creek coin is likely to be the finest available for some time and, as such, it represents a great opportunity for the sophisticated specialist or type collector.

Ex: Duke’s Creek collection, Hancock and Harwell, Superior 2/98: 3334 ($31,900).

EXCEEDINGLY RARE UNCIRCULATED 1840-D QUARTER EAGLE 1840-D NGC MS62. Variety 1-A. Struck from a perfect reverse die without cracks; extremely rare as such. This is one of two varieties for the year and it is easily recognizable by the mintmark leaning towards the 2 in the fraction.

This is one of the single most important Dahlonega quarter eagles of any date. It is the only truly Uncirculated 1840-D of which I am aware and it is by far the best struck piece I have seen. I first saw the coin in Auction ’84 and was astounded by it then; as I have become more knowledgeable about this series over the years the true significance of this coin has become more apparent to me.

The strike is amazing for the date. Both the obverse and reverse shows virtually full detail with uncommonly sharp centers. As mentioned above the reverse shows no crack and I am aware of just three or four perfect die coins. There is some minor roughness in the obverse fields as made as well as a few ticks that are consistent with the assigned grade. But this coin is so head and shoulders above any other 1840-D quarter eagle in terms of eye appeal that it almost seems unfair to mention them. The luster is slightly subdued with some natural haziness; the obverse is just a bit reflective while the reverse is frostier in its texture. The color is a natural light green-gold. Did I mention the fact that I like this coin…?

The late Jack Hancock considered this coin to be a highlight of the Duke’s Creek collection and I believe this was one of his all-time favorite coins. The 1840-D is the single rarest Dahlonega quarter eagle in high grades and if you are a serious collector of Dahlonega quarter eagles (or quarter eagles in general) you should realize that this is truly a once-in-a-lifetime coin that is unlikely to be exceeded by any other 1840-D.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1309 ($9,350), Dr. Arthur Montgomery collection, Hancock and Harwell, Stack’s 12/78: 86, Bareford collection, New Netherlands 11/56: 219. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

ONE OF JUST FOUR MINT STATE EXAMPLES KNOWN OF THE VERY RARE 1841-D 1841-D NGC MS63. Variety 2-D. The mintmark is centered over the 2 in the fraction. There are thin die cracks going upwards from the top of the 1 in the fraction and the left of the R in AMERICA. This variety is extremely rare; I am aware of just two or three.

The 1841-D is one of the three very rare Dahlonega quarter eagles from the early part of the 1840’s. It is the fifth rarest issue of twenty produced. There were just 4,164 struck of which an estimated 75-85 are known. I know of exactly four Uncirculated 1841-D quarter eagles of which the present example is the second finest.

The obverse is very well struck with the exception of some weakness below the TY in LIBERTY and on the top of the hair; the reverse shows some flatness at the center. This is primarily due to the advanced reverse cracks mentioned above. This coin is quickly identifiable by a scratch on the obverse below the TAT in STATES. There is some minor mint-made roughness in the fields and a small diagonal mark on the reverse above the beak. A tiny rim nick on the reverse at 3:00 is barely visible within the NGC holder. Both sides are slightly prooflike with some areas of frost within the surfaces. The coloration is a medium to deep greenish-gold with some orange-gold seen on the reverse. Overall, this is a remarkable coin made more desirable by the fact that it is one of just two known of the 2-D variety.

In January 2004, the finest known 1841-D quarter eagle (graded MS63 by PCGS) was sold by Heritage as Lot 1017 in the Green Pond collection where it realized $40,250. I would expect that the Duke’s Creek example should sell for a comparable price or perhaps even more given the current status of the rare coin market, especially for important items such as this.

Ex: Duke’s Creek collection, Michigan collection, Heritage 1993 ANA: 5508 ($25,300).

THE FINEST KNOWN 1842-D QUARTER EAGLE 1842-D NGC MS62. Variety 3-F. The only variety known for the year. Repunched 18 in the date; somewhat later die state without repunching seen on the 4. The reverse shows a series of die file lines above the AME in AMERICA.

Only 4,643 were struck with less than 100 pieces known today. This date is most often seen in the VF to EF grade range and it is not likely that more than a dozen or so exist in AU.

The strike is far above average for the issue and may be considered among the best I have seen on an 1842-D. The obverse is almost completely struck up with the exception of some weakness on the curl below the ear; the reverse has a nearly full center and this is very unusual for an issue that is generally seen with a sunken, incomplete appearance. The surfaces show a number of marks including a deep mark on the chin of Liberty, a shallow planchet flaw between stars eleven and twelve, a thin planchet flaw at the inside of the eagle’s neck and a depression on the cheek of Liberty that was caused by foreign matter adhering to the die at the time of striking. The luster is decidedly above-average for an issue that is generally seen dull and with minimal luster. Both the obverse and reverse are covered with light orange-gold color; this shades to a warm medium orange on the reverse. This is an exceptional coin for the grade with a wonderful appearance.

In the most recent edition of my book “Gold Coins of the Dahlonega Mint, 1838-1861,” I ranked the 1842-D as the second rarest quarter eagle along with the 1856-D. I would have to revise this figure slightly downwards as the liberalization of grading interpretations has made a number of “new” relatively higher grade pieces available. That said, the 1842-D is still an extremely rare coin in the higher grades and the Duke’s Creek is one of just three pieces ever graded Uncirculated by a major service. It is the single highest graded by NGC and it is clearly among the best known examples of this very rare issue.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Bowers and Merena 3/88: 1974, Norweb collection, Mehl 4/37: 145.

LOVELY NGC MS61 1843-D SMALL MINTMARK QUARTER EAGLE 1843-D NGC MS61. Small mintmark. Variety 4-F. Early die state with perfect dies. This is the most common of the four varieties of this year.

This is as pretty a coin for the grade as one can possibly imagine with superb deep, even green-gold color seen on the obverse and reverse. This color is clearly indicative of the fact that this coin has never been cleaned or lightened and it is one of the more attractive quarter eagles in this entire collection, despite its comparatively “low” grade. The surfaces are extremely clean and lack the marks typically associated with the MS61 grade. Nearly all of the detail is up and bold and this is really an impressive example.

Production of quarter eagles at the Dahlonega mint increased significantly in 1843 and there were more pieces struck this year than in the previous four combined. Of the 36,209 1843-D quarter eagles made, there are probably more than 300 known. This date is easily found in grades up to and including AU55 but it is very rare and much underappreciated in Mint State. I am not personally aware of more than a half dozen with the finest of these being the PCGS MS63 from the Green Pond collection that Heritage sold in 2004.

After the heady prices that the preceding four coins bring, this 1843-D will not seem like anything special but I feel it is one of the most cosmetically appealing coins in this collection and it is a true rarity in this grade.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection. This is the plate coin in the first edition of Doug Winter’s “Gold Coins of the Dahlonega Mint, 1838-1861.”

VERY RARE UNCIRCULATED 1843-D LARGE MINTMARK 1843-D NGC MS61. Large mintmark. Variety 4-H. This is an important, naked-eye variety which is among the rarest issues in the quarter eagle set. Only 3,537 were struck in October, 1843.

Sharply struck and mostly lustrous with typical quality surfaces for the grade. There is a short, thin mark located at the left edge of the eye that serves as a useful pedigree marker for the future.

I would estimate that this variety is at least five to six times scarcer than the Small Mintmark. It is now recognized by both PCGS and NGC and is included in expanded quarter eagles sets by a number of Dahlonega specialists. To the best of my knowledge there are only two that have been graded Uncirculated by the services: the Bass II: 349 coin (graded MS61 by PCGS) and the Duke’s Creek example offered here. While it is not likely that this piece will command a substantial premium over the more common Small Mintmark, it certainly offers the value-conscious collector an interesting opportunity to obtain a very rare coin.

Ex: Duke’s Creek collection.

THE FINEST KNOWN 1844-D QUARTER EAGLE 1844-D NGC MS63. Variety 5-I. Reverse of 1844-45. Easily identifiable by the lack of feathers entering the opening of the mintmark as on the other variety of this year. This is the scarcer of the two varieties.

This is among the more visually appealing quarter eagles in the Duke’s Creek collection. Some examples of this date are found with weak strikes. This is not the case on this coin as it shows razor sharp detail at the centers and the borders. In fact, the hair detail above the ear and around the face of Liberty is almost complete, making this an unusual and desirable piece. The surfaces are exceptional as well with the only describable mark being a tiny nick on the reverse above the top arrowhead. The obverse is somewhat reflective at the center and it is framed by a frosty texture; the reverse is a bit more evenly frosty in texture. Both sides have attractive golden centers that are contrasted by deeper khaki hues at the edges.

The 1844-D is one of the three most common Dahlonega quarter eagles in higher grades. Of the 200+ pieces known, as many as a dozen Uncirculated pieces exist and this includes at least four distinct pieces that have been graded MS63 by one (or in some cases both) of the major services. The all-time auction record for the date is held by the Pittman: 1748 coin which sold for a staggering $30,800 as a raw coin back in 1998.

The Duke’s Creek example is listed as the finest known 1844-D quarter eagle in my Condition Census and I still have not seen it’s equal.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1313 ($4,400), Hancock and Harwell, Dr. Arthur Montgomery collection. The plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE FINEST KNOWN 1845-D: EX BASS 1845-D NGC MS63. Variety 6-I. Reverse of 1844. The only variety currently known for this year.

Production of quarter eagles remained relatively high in the middle years of this decade. Just under 20,000 1845-D were struck of which around 200 are known today. I rank the 1845-D as the 14th of 20 issues in terms of its overall rarity but it jumps to the 11th spot in high grades. There are around three dozen known in AU but the 1845-D becomes extremely rare in properly graded Uncirculated. In fact, I am aware of only three Uncirculated pieces: the Duke’s Creek coin, the Green Pond: 1021 coin (graded MS62 by PCGS when it was last sold by Heritage in the January 2004 FUN auction) and the Chestatee: 7643 coin (graded MS62 by PCGS) that is now owned by a Kansas specialist.

This beautiful piece is characterized by soft yellow gold color atop clean, lustrous surfaces. It shows a typical strike for the date with some weakness at the centers; the borders are fully detailed. The surfaces show no marks of significance.

When last offered in the Bass sale in October 1999, this piece set an all-time auction record for the date, bringing $26,450. It will be interesting to see what it realizes today.

Ex: Duke’s Creek collection via Hancock and Harwell, Bowers and Merena 10/99: 376 ($26,450), Harry Bass collection, Superior 1975 ANA: 376.

THE FINEST KNOWN 1846-D NORMAL MINTMARK 1846-D NGC MS63. Variety 7-K. This is actually a very late die state of the rare and popular 1846-D/D but with just the slightest amount of the errant mintmark showing below strong magnification. The obverse is actually a somewhat early state with repunching on the lower loop of the 8.

Nicely struck for the issue with just some minor weakness seen at the centers. The surfaces are extremely clean with no deep or detracting marks. The luster is semi-granular in texture with some semi-prooflike flash seen in the fields. Both the obverse and reverse have toned to a medium golden-orange shade which is slightly deeper about the periphery than at the centers.

The 1846-D quarter eagle has a similar mintage to the 1845-D but it is slightly more available. In Uncirculated, the 1846-D is very rare with probably no more than half dozen or so pieces known. NGC has actually graded a single example higher than MS63 (the Green Pond coin, which is now in an MS64 holder, was in a PCGS MS62 holder when it was sold by Heritage in January 2004) but I feel that the Duke’s Creek example is the finest known. The Green Pond coin sold for $18,400 and that figure appears to be the current auction record for an 1846-D quarter eagle. It will be interesting to see what the Duke’s Creek example brings when it is sold tonight.

One last note…this coin has been together with the MS63 1844-D quarter eagle above since the early 1980’s. It would be nice if they could be kept together by a Dahlonega collector.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1315 ($8,250), Hancock and Harwell, Dr. Arthur Montgomery collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

CONDITION CENSUS 1846-D/D 1846-D/D NGC AU58. Variety 7-K. The “D Near D” variety. Early die state with the mintmark widely repunched to the left. Reverse cracks as described in the Winter book.

Lightly worn with deep green-gold and steel color, in slightly different hues, on the obverse and the reverse. The strike shows some weakness, as always seen on this variety, with most of this located on the eagle’s legs and wings. Some luster can be seen in the protected areas and the surfaces are very clean for the grade.

This variety has been actively collected by Dahlonega specialists for at least a decade. It is recognized by both major services and it generally commands a significant premium over a normal mintmark. The 1846-D/D quarter eagle is unique in Uncirculated with the single piece known an MS61 graded by PCGS which is ex: Bass II: 383. I am aware of around three or four pieces that grade AU58.

Ex: Duke’s Creek collection.

THE SINGLE FINEST KNOWN DAHLONEGA QUARTER EAGLE OF ANY DATE 1847-D NGC MS65. Variety 9-M. The only variety of the year. Intermediate die state with the 847 in the date lightly repunched at their bases.

In 2003, I wrote the following about this coin: “There are currently no Dahlonega quarter eagles that have been graded MS65 by PCGS or NGC. If one does achieve this coveted level, it will probably be the 1847-D in the Duke’s Creek collection.” Bang the drums, blow the trumpets…NGC has graded the Duke’s Creek 1847-D quarter eagle MS65.

The 1847-D is generally one of the best produced quarter eagles from this mint. The strike tends to be sharp and, for some reason, there are more pieces known with exceptional color than for any other date in this series. Even by these standards, this coin stands above any other Dahlonega quarter eagle that I have seen. The surfaces are nearly flawless and the strike is as sharp as one would expect to see on a Philadelphia coin of this era. Perhaps the most impressive aspect is the rich coloration which is a vivid deep gold with strong flashes of rose at the left reverse border. The eye appeal can really only be appreciated by a viewing in person.

This is the first public auction appearance of this coin. It initially appeared on the market in the late 1980’s and it has quietly resided in private collections since then. I would urge the advanced collector who truly wants “the best” to seriously pursue the Duke’s Creek 1847-D as it is very likely the single finest known quarter eagle of any date from this mint.

As a basis of comparison, the second finest known 1847-D is a very nice PCGS MS64 that was sold by Heritage in the Green Pond collection as lot 1024 where it brought $39,100. As one of only two certified MS65’s of any date (the other is an 1851-D which is offered later in this sale), this coin should certainly be worth considerably more and it may set an auction record for any Dahlonega quarter eagle.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

AN MS62 EXAMPLE OF THE 1848-D QUARTER EAGLE 1848-D NGC MS62. Variety 10-M. Reverse of 1847. This is the more common of the two varieties known for the year.

Very sharply struck with choice surfaces and medium to deep orange-gold color on the obverse and the reverse. This is another issue that tends to come with comparatively good eye-appeal, making it an excellent candidate for a type set.

In 1848, the Dahlonega mint produced 13,771 quarter eagles. There are around 200 known with close to three quarters of these in the VF to EF range. AU’s are scarce, although they are more available than most Dahlonega quarter eagles of this era. There are as many as a dozen known in Uncirculated with many of these in the MS60 to MS61 range. The best example I have seen is the Green Pond: 1026 coin which sold for $23,575 in Heritage’s January 2004 auction. In the Condition Census, I list the Duke’s Creek coin as the second finest known and it is clearly nicer than the other pieces that I have seen graded MS62 by NGC and PCGS.

This would make an ideal coin for the collector seeking a single higher grade, well-produced Dahlonega quarter eagle for a type set.

Ex: Duke’s Creek collection, Hancock and Harwell, Bowers and Merena 1/92: 1359 ($13,200).

POSSIBLE FINEST KNOWN 1849-D QUARTER EAGLE 1849-D NGC MS62. Variety 12-M. Low date with the 1 very close to the denticles. This is the rarer of the two varieties of this year by a substantial margin.

The 1849-D is easily the scarcest of the late 1840’s quarter eagles from this mint. There were 10,945 pieces struck of which 125-150 are believed to exist. It is the 10th rarest of 20 issues in the series in higher grades. I estimate that around three dozen are known in AU. I am aware of just four or five properly graded Uncirculated pieces of which the highest graded is MS62. The current NGC population of seven in this grade is extremely inflated on account of resubmissions.

This piece shows a typical strike for the date with some weakness seen on the forehead of Liberty; the reverse is sharp overall with good detail on the legs and wings. The surfaces are lustrous and show some scattered light ticks and a few faint hairlines (not from cleaning). The obverse shows golden-brown color while the reverse is a bit lighter with some bluish overtones. Overall, this is a pleasing coin for the grade and an example with much better eye appeal than usually seen on this underrated date.

This is the first auction appearance for this coin since 1984 and it will, no doubt, bring considerably more than the $5,500 that it sold for over two decades ago. In my Condition Census, I list this as the finest known 1849-D quarter eagle.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Stack’s Auction ’84: 1318 ($5,500), Hancock and Harwell, Dr. Arthur Montgomery collection, Stack’s 12/78: 97 ($3,800), Bareford collection, Mehl 3/48: 3581, Renz collection. This is the plate coin in the first edition of my book “Gold Coins of the Dahlonega Mint, 1838-1861.”

NICE UNCIRCULATED 1850-D QUARTER EAGLE 1850-D NGC MS61. Variety 13-M. The only known die variety of this year. Struck from lightly clashed dies with a few clashmarks seen over the eagle’s right shoulder.

The obverse shows a nice amount of detail while the reverse has some minor weakness on the eagle’s left leg and right claw. There are just a few small, well-scattered marks on the surfaces and a few hairlines which are not the result of cleaning. For the sake of future pedigree information we feel compelled to mention a few very small abrasions over the tip if the coronet on the obverse. Both sides are toned in medium green-gold shades with some tinges of orange-gold on the high spots.

There were 12.148 examples struck of which an estimated 125-150 are known. This is the twelfth rarest of twenty Dahlonega quarter eagles in higher grades. Three to four dozen exist in AU and another four to six are known in Uncirculated. The NGC population figure is extremely distorted as the result of a naughty coin dealer (you know who you are…) resubmitting an example and then “forgetting” to turn in the old inserts. NGC currently shows twelve graded in MS61 but the actual number of distinct coins is probably more in the area of three or four. The present example is clearly among the finest known but it is not listed in the current Condition Census.

Ex: Duke’s Creek collection.

INCOMPARABLE NGC MS65 1851-D: THE FINEST KNOWN OF THIS DATE AND THE SECOND FINEST DAHLONEGA QUARTER EAGLE KNOWN TO ME 1851-D NGC MS65. Variety 14-M. The only variety known of this year.

As a testament to the Duke’s Creek collection, consider this fact: there are only two Dahlonega quarter eagles of any date that have ever been graded MS65 by one of the major services. Both of them are in this sale and they are clearly the two best Dahlonega quarter eagles that I have ever seen.

The obverse is far better struck than on most 1851-D quarter eagles while the reverse has some weakness on the eagle’s left leg and right claw. The surfaces are extremely clean with no abrasions worthy of discussion while the luster is very frosty and far better than on any other example of this date of which I have seen. Perhaps the best feature, though, is the rich orange-gold color with some steel-blue overtones seen on the high spots. As one would expect from a Dahlonega quarter eagle accorded this mind-boggling grade, the eye appeal is really quite spectacular, especially for an issue that is generally not seen with a good overall look.

The 1851-D is the eighth rarest Dahlonega quarter eagle in high grades. There were 11,264 struck and an estimated 100-110 are known today. I am aware of exactly five Uncirculated and the second best is a PCGS MS62 in a Kansas collection that was once a duplicate in the Duke’s Creek collection.

If I was forced to choose between the 1847-D and the 1851-D quarter eagles in this sale I would probably pick the 1847-D as I like its appearance more. But, the 1851-D is a far rarer coin and it so far better than any other piece from the 1850’s that perhaps the true best choice would be to buy them both!

IMPORTANT FINEST KNOWN 1852-D QUARTER EAGLE GRADED MS64 BY NGC 1852-D NGC MS64. Variety 15-M. The only variety of the year. Very early die state with the 1 in the date repunched at it base.

Mintage figures for Dahlonega quarter eagles begin to drop precipitously with this issue and only 4,078 were produced in 1852. From this year through 1856, the Dahlonega quarter eagles are all quite rare and some, like the 1855-D and 1856-D, are very rare. The 1852-D is tied for the fifth rarest issue in the series in terms of overall rarity and it is the seventh rarest in high grades. Around twenty exist in AU and another six or so in Uncirculated. The Duke’s Creek collection specimen is far and away the finest known with the next best being a trio of MS62’s. One of these is in a Kansas collection and is ex: Heritage 1999 FUN: 7651 ($28,750), another is the Green Pond coin which Heritage sold as Lot 1030 in the 2004 FUN sale (where it realized $25,875) and the 2004 ANA: 7146 coin from the Harold Anderson collection that brought $28,175.

The Duke’s Creek specimen is wonderfully struck for the issue with uncommonly strong details seen at the centers; some minor weakness, as always, exists on the denticles. The surfaces are very clean with the only mark of note being a thin vertical abrasion behind Liberty’s hair bun. Both the obverse and reverse are very frosty with medium orange-gold and greenish color. This is a lovely coin for the grade and it represents the ultimate in quality for the date.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection via Winthrop Carner, Superior 5/90: 5429 ($27,500). This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

VERY RARE AND UNDERRATED UNCIRCULATED 1853-D 1853-D NGC MS62. Variety 16-M. The only variety of the year. The reverse die is the same as seen on all quarter eagles struck at Dahlonega from 1847 through 1859.

An average quality for strike for the date with some weakness seen on the curls around the face and on the reverse at the eagle’s left leg and right claw. The surfaces are somewhat grainy in texture as is common for the issue and a good deal of mint luster clings to lightly marked fields. There is one small mark at the base of Liberty’s neck while the reverse is quite clean. Both sides show orange-gold toning with rich blue shades on the high spots.

Despite a very low mintage figure of 3.178 the 1853-D is overshadowed by the 1854-D, 1855-D and 1856-D quarter eagles. Fewer than 100 examples of the 1853-D are known and the average specimen is a well-worn VF or EF with poor eye appeal. There are fewer than two dozen known in AU and five or six in Uncirculated. There are a total of three graded in MS62 between the two services but I am aware of just two of which this piece is clearly the finest. This exact coin is listed in my Condition Census as the finest 1853-D quarter eagle and I still have yet to see its equal. Another extremely important coin. It is interesting to note that this piece sold for nearly $20,000 all the way back in 1985; a time when you could buy some serious Dahlonega coins for this sum and have quite a bit of money left over.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Mid American 5/85: 1275 ($18,150), Jasper Robertson. The plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

INCREDIBLE NGC MS64 1854-D QUARTER EAGLE— EASILY THE FINEST KNOWN EXAMPLE OF THIS RARITY 1854-D NGC MS64. Variety 17-M. The only variety of the year. Easily identifiable by a number of thin diagonal die lines near the date and the last star. Struck from lightly clashed dies.

This is a remarkable coin that was discovered by dealer Winthrop Carner at a small coin show in Georgia in 1996. It was sold to Paul Nugget who, in turn, sold it to collector William Miller. It entered the Duke’s Creek collection in 1999. It is easily the finest known 1854-D and it remains a coin that is considerably better than any other 1854-D that I have seen or heard of.

The strike is extremely sharp for the date with all of the details showing above-average clarity with the exception of the BE in LIBERTY and the corresponding area on the reverse. The denticles on both sides show some weakness as well and this is diagnostic to the issue. The surfaces are extremely clean with just a small mint-made planchet defect on the jaw of Liberty worthy of description. The luster is very frosty and there is a slightly prooflike finish seen in the fields which is far different from the typical dull, grainy texture on this issue. Both sides glow with a medium green-gold color and this coloration appears to be original and untampered with. The eye appeal of this coin is truly exceptional for the date.

Only 1,760 examples were struck. The rarity of the 1854-D has been exaggerated in the past but it is clearly a rarer coin than its more famous cousin, the 1854-D Three Dollar gold piece. Around 65-75 of the quarter eagles are known with a dozen or so in properly graded AU and another six or so in Uncirculated. In my Condition Census for the date, I listed the Duke’s Creek coin as the finest known by a large margin. Interestingly, at one time the Duke’s Creek collection contained two Uncirculated examples of this date. The lower quality duplicate, graded MS60 by PCGS, was last offered by Heritage as Lot 7856 in the 1999 ANA sale.

When this date was last sold at auction by Heritage in 1999 it brought $63,250. At that time it was very conservatively graded MS62 by PCGS. Today, with the NGC grade more in line with contemporary standards and with the market far more appreciative of exceptional one-of-a-kind coins, is possible that this piece could bring close to six-figures.

Ex: Duke’s Creek collection, Heritage 2/99: 6177 ($63,250), William Miller collection, Paul Nugget/Spectrum Numismatics, Winthrop Carner.

VERY RARE UNCIRCULATED 1855-D QUARTER EAGLE 1855-D NGC MS61. Variety 18-M. only variety known of this year.

While not as distinctive in appearance as the 1856-D quarter eagle, the 1855-D is an issue with a “look” that is easily recognizable to even the casual collector of Dahlonega gold coinage. This piece has a strike that is typical for the issue with a good deal of weakness seen on the borders. Many of the denticles are not fully formed on both sides. The centers are actually relatively well defined with some good individual detail seen on the hair and feathers. The surfaces have a few light, scattered marks which are consistent with the grade. The most recognizable is a pinscratch located to the east of star eight. Two small raised die lumps on the reverse above the olive leaves are diagnostic and attest to the authenticity of this coin. Both sides display medium golden color with some bluish-gold undertones. This is a very pleasing example of a date not known for its eye appeal.

Only 1,123 were made. At one point I felt that the 1855-D quarter eagle was the rarest Dahlonega gold coin but I now feel this honor should be given to the 1856-D quarter eagle. That said, this is still a rare coin in all grades and a very rare one in AU or better. There are four to five dozen pieces known with perhaps a dozen in AU. I do not feel that there are more than two or three truly Uncirculated pieces known but the two major services have seen fit to encapsulate a few in MS60 and MS61 that, in my opinion, are not really “new.” I have regarded the Duke’s Creek specimen to be Uncirculated since I first saw it back in the mid-1980’s and in my Condition Census it is listed as the second finest known, trailing only the example in the Smithsonian that is originally from the Lilly collection.

In January 2004 Heritage sold a PCGS MS60 example of this issue as part of the Green Pond collection for $43,700. The Duke’s Creek collection coin, in my opinion, is much nicer and it should certainly realize a higher price.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Hancock and Harwell, Georgia collection, Hancock and Harwell, Stack’s Auction ’84: 1324 ($9,075), Dr. Arthur Montgomery collection, Hancock and Harwell, Bowers and Ruddy 10/77: 1548, Lamborn (“Fairfield”) collection. This is the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

A CONDITION CENSUS EXAMPLE OF THE VERY RARE 1856-D QUARTER EAGLE 1856-D NGC MS61. Variety 19-M. The only variety of this year.

The 1856-D quarter eagle is among the most numismatically significant issues from this mint. It is the only Dahlonega gold coin ever produced with an original mintage figure of fewer than 1,000 and it is the single rarest issue from this mint in terms of the total number known to exist in all grades. It is also an issue that is notorious for being amongst the most poorly produced United States gold coins of any era.

Virtually every known 1856-D has a flat appearance with a somewhat concave “look.” For collectors who are not familiar with this issue, most coins, even if they are original, seem cleaned. I consider myself to be a pretty good grader of Dahlonega gold and I still have trouble accurately grading many 1856-D quarter eagles.

The present example shows a slightly better than average strike. The denticles on both sides are much more fully formed than usual while the wings and the reverse legend are fairly bold as well. On the obverse, there is decided weakness on the curls around the face and below the ear of Liberty. This weakness extends to the center of the reverse which has a somewhat sunken appearance. The surfaces show some mint-made roughness and there is a small spot below the eagle’s beak. Both sides have a slight amount of luster and are overlaid with lemon-gold hues which are even and consistent.

Of the 874 pieces produced it seems unlikely that more than 50 are known. This includes many unattractive lower grade pieces. There are around ten known in AU as well as a few with claims to a Mint State grade. As mentioned above, this is an incredibly hard issue to grade and a piece that one expert calls MS61 might be regarded by another as AU55.

In the Green Pond sale, a PCGS MS60 example of this date sold for a record price of $69,000. I can not recall another 1856-D quarter eagle graded Uncirculated by either service having been available since then.

The Duke’s Creek example is certainly one of the better 1856-D quarter eagles I have seen and in my most recent Condition Census I listed it as the fifth finest known. This is an important coin and it is certainly one of the finer pieces currently available to collectors.

Ex: Duke’s Creek collection, Heritage 1999 FUN: 7657 ($44,850), Leon Farmer collection, Bowers and Merena 11/93: 1266, Heritage 1993 ANA: 5550.

ONE OF THE FINEST KNOWN 1857-D QUARTER EAGLES: GRADED MS62 BY NGC 1857-D NGC MS62. Variety 20-M. Late die state with a number of cracks through the date and the surrounding stars.

Struck in rich orange-gold and well struck, as is usually the case for this date, with a very sharply defined central obverse; the reverse has some minor weakness on the legs and claws. Both sides show rich grainy luster and are lightly marked. A small vertical nick in front of the tip of Liberty’s nose serves as ready identification.

The 1857-D quarter eagle is a curious issue. It has a very low mintage of just 2,364 and it is a fairly scarce coin in terms of overall rarity with around 110-130 pieces known. Surprisingly, a high percentage of these grade better than EF45 and this suggests that a hoard may have existed at one time. I believe that there are around a dozen or so known in Uncirculated with most of these in the MS60 to MS61 range. NGC shows a current population of three in MS62 and just one better. I regard the Duke’s Creek specimen to be among the finest known and I ranked it #1 in my most recent Condition census listing in 2003. At one time the Duke’s Creek collection contained what I believe to be two of the finest known 1857-D quarter eagles: the present example and a piece now owned by a Kansas collector (and in a PCGS MS63 holder) that was sold by Heritage as Lot 7960 in the 1999 ANA auction.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Mid American 5/86: 1869, George Elliott collection, Hancock and Harwell, Stack’s Auction ’84: 1326, Hancock and Harwell, Dr. Arthur Montgomery collection. This was the plate coin in the first edition of Doug Winter’s book “Gold Coins of the Dahlonega Mint, 1838-1861.”

THE DUKE’S CREEK-FAIRFIELD EXAMPLE OF THE 1859-D QUARTER EAGLE 1859-D NGC MS62. Variety 21-M. The only variety of the year. This is the final use of the “M” reverse which was first employed back in 1847.

An average strike for the issue with some weakness seen on the curls along the face of Liberty as well as on the legs and right claw of the eagle. There are very few marks visible on the surfaces although a small, well-hidden mint-made lamination can be seen at 11:00 on the obverse. The fields are somewhat prooflike; an usual feature on a date that is not known for displaying good luster. Both sides are richly toned in medium to deep orange-gold hues. This is a lovely example of this popular issue and it is very possibly the finest known.

The 1859-D is the final quarter eagle produced at the Dahlonega mint. There were 2,244 struck of which an estimated 120-140 are known today. This date does not appear to have circulated as extensively as the issues from the 1840’s and it is almost never seen below EF. It is scarce in the higher AU grades and very rare in Uncirculated with around six to eight known which qualify by today’s standards. I am personally aware of three that have been graded MS62 by one of the major services and this includes the Green Pond: 1036 coin which realized a healthy $34,500 when it was sold by Heritage in January 2004.

Ex: Duke’s Creek collection, Hancock and Harwell, Leon Farmer collection, Bowers and Ruddy 10/77: 1564, Lamborn (“Fairfield”) collection.

The Green Pond Collection Sale: An Analysis

On January 7, 2004 Heritage Numismatic Auctions sold the Green Pond collection of Dahlonega gold coinage at auction. This was a complete set of Dahlonega issues, with many of the coins ranking high in the Condition Census. The final price realized for the 66 lots was $1.7 million dollars (an average of $25,575 per lot!), which is around 10 to 15% higher than I anticipated. Looking more closely at the lots gives the collector a good idea of the current market for high-end Dahlonega coinage. GOLD DOLLARS: In my opinion, results for the gold dollars in this sale were mixed. The very nice or very interesting coins sold for good prices while the average quality pieces were somewhat weak.

The key date Gold Dollars did very well. An 1855-D with a weak date that was graded Mint State-62 by PCGS brought $56,350. In the 1999 ANA sale, this exact coin sold for $43,700. Another Uncirculated 1855-D, this a PCGS Mint State-61 with a full date, realized $46,000. A lovely PCGS Mint State-63 1861-D was bid to $86,250 which tied a record auction price realized for this date. Another very strong price was the $47,150 paid for a Mint State-62 1856-D. This was, by far, a record price for an 1856-D gold dollar.

There were a few coins that brought weak prices, in my opinion. This included a PCGS Mint State-61 1850-D that sold for $8,625; a PCGS Mint State-63 1853-D at $20,700 (less than 60% of current Trends for this date in this grade) and a pleasing PCGS Mint State-63 example of the 1859-D that went very reasonably at $17,250.

QUARTER EAGLES: Quarter Eagles are the rarest denomination from this mint and the Green Pond collection contained a number of very significant pieces. As with the gold dollars, prices were mixed. There were some coins that sold for quite a bit more than I predicted while others were, in retrospect, very good values.

Some of the stronger prices realized included the $28,750 paid for a PCGS Mint State-61 1839-D, $25,300 for a very nice 1842-D graded About Uncirculated-58 by PCGS (although this could turn out to be one of the best values in the sale if it upgrades to Mint State-60 or Mint State-61, as I think it might), $43,700 for a PCGS Mint State-60 example of the rare 1855-D (by far the least attractive coin in the Green Pond collection, in my opinion) and a staggering world record price of $69,000 paid for a PCGS Mint State-60 1856-D.

There were some weaker prices as well. The 1841-D in PCGS Mint State-63 had sold for $46,000 in the November 1998 Bowers and Merena auction; here it brought just $40,250. An NGC Mint State-61 pedigreed to the May 1998 Pittman collection sold for $10,350 which seemed like very good value with Trends at $14,000 in Mint State-60. The PCGS Mint State-61 example of the 1853-D went cheaply at $14,950 but it was a coin with poor overall eye appeal due to questionable coloration and a soft strike.

THREE DOLLAR GOLD PIECE: I expected a strong price realized for the PCGS Mint State-61 example in the Green Pond collection but was very surprised that this piece sold for $92,000. To the best of my knowledge, this is a record auction price for an 1854-D Three Dollar gold piece and it demonstrates the high regard in which this one-year issue is held by collectors.

HALF EAGLES: The half eagles in the Green Pond collection were, for the most part, very choice with a number of finest known or high Condition Census examples. Prices for these coins were mostly strong, although a few coins (see below) saw disappointing results.

Some of the stronger prices included $28,750 for the 1839-D in PCGS Mint State-62 (this exact coin had sold for $19,550 in the Heritage August 1999 Chestatee auction), $26,450 for the 1840-D in PCGS Mint State-62 (it had most recently sold for $12,650 in the Heritage August 1999 Chestatee auction) and the 1861-D in PCGS Mint State-62 which realized $74,750 (this same piece had most recently sold at auction in October 1999 for $48,300).

Two interesting "souvenir" coins were the 1843-D Small Mintmark in PCGS About Uncirculated-55 and the 1859-D Large Mintmark in PCGS About Uncirculated-58. Both sold for 20-30% more than I expected. My guess is that they were purchased by collectors who wanted an affordable coin with a Green Pond pedigree and considering how few pieces in this collection were valued at $10,000 or less, the competition for these two lots was especially intense.

There were some disappointments as well. The only certified Uncirculated example of the 1842-D Large Date, graded Mint State-61 by PCGS, brought $41,400 but I thought it had a good shot of eclipsing the $50,000 mark given its rarity. The superb PCGS Mint State-65 1845-D went for $57,500 which is the same price it sold for in the October 1999 Bass sale but still almost $10,000 less than what it brought at the October 1987 Norweb auction. A coin which I though fell through the cracks was the PCGS Mint State-63 1859-D which realized $27,600. Trends for this date is $50,000 while CDN Quarterly Bid is $35,000. Considering how fresh and attractive this coin was, it seemed like a great deal at just 55% of Trends.

After the dust has settled, we can look back and answer the oft-asked question "how is the market for high grade Dahlonega gold coins?" with better accuracy than at any time in the past two years.

Coins that have good eye appeal, interesting stories, neat pedigrees or which just make sense to buyers from the standpoint of value are selling well. They are generally bringing 80-120% of Trends and once they are sold they tend to disappear in long-term collections.

Coins that are ugly, uninteresting or which are perceived as being overvalued in Trends or Quarterly are much harder to sell. These are generally bringing 55-70% of Trends and they tend to bounce around from dealer to dealer before getting foisted-off on an investor or unsophisticated new collector.

Dahlonega Gold Coins: An Overall And Comparative Analysis

Using the revised estimated populations of specific issues in the second edition of my book, it is possible to make some interesting observations and conclusions regarding Dahlonega coinage. As an example, it is possible to estimate an average number of survivors for each denomination, a percentage of survivors by grade and an overall percentage of survival for a entire denomination. I. GOLD DOLLARS

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 1,295 - 1,435 TOTAL NUMBER OF ISSUES STRUCK: 13 AVERAGE EXTANT PER ISSUE: 115 - 131

TOTAL EXTANT BY GRADE:

Very Fine and Below: 291 - 346 Extremely Fine: 601 - 672 About Uncirculated: 483 - 538 Uncirculated: 120 - 154

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 19.46 - 20.23 Extremely Fine: 39.29 - 40.20 About Uncirculated: 31.46 - 32.30 Uncirculated: 8.02 - 9.00

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 73,529 - 74,029

(NOTE: The original mintage figure for the gold dollar series as a whole is expressed as a range due to the fact that the exact original mintage figure for the 1861-D is not known).

ESTIMATED SURVIVAL RATE: 2.03 - 2.30%

(NOTE: This range of survival rates is, again, based on the fact that the original mintage figure for the 1861-D is unknown but it is believed to be 1,000-1,500 coins).

ANALYSIS: This data clearly shows that gold dollars are easier to locate in higher grades than their quarter eagle and half eagle counterparts (see below). The average number of coins known per issue is a bit lower than one might expect. But, given the small size of these coins, it is a wonder that as many have survived as are known today.

It is interesting to note the survival rate for other gold dollars. For branch mint coins struck in the pre-Civil War era, we can generally assume that only one to two percent of the original mintage figures still exists. The range of estimates which are listed above fit in nicely within these parameters.

Dahlonega gold dollars are more available in higher grades (i.e. About Uncirculated and Uncirculated) than the quarter eagles and half eagles from this mint. Approximately 40% of all known Dahlonega gold dollars grade About Uncirculated or Uncirculated and approximately 80% grade Extremely Fine or better. This is considerably higher than for the other denominations. This suggests at least two things: that Dahlonega gold dollars did not circulate as long and as "hard" as the other denominations and that relatively substantial quantities of Dahlonega gold dollars have become available to collectors as the result of hoards and/or accumulations. Another possible explanation for the high survival rate in higher grades might be that their small size did not make them as attractive to melters as the large-sized gold issues and they were more likely to survive.

The overall populations of many dates in the gold dollar series have been underestimated for many years. As an example, in the 1960's and the 1970's it had been written that "fewer than a dozen" 1856-D gold dollars were known. We now know that the actual number of 1856-D gold dollars in existence is more like 80-90. One of the reasons for the overstating of the rarity of the 1856-D (along with the 1854-D, 1855-D, 1860-D and 1861-D) is that these issues had tiny original mintage figures. The 1856-D is a good choice to illustrate this. Only 1,460 pieces were struck. Using the assumption that between 0.27 and 1.14% of these pieces should exist (the estimated survival rates for Dahlonega quarter eagles and half eagles from this mint; see below) one can see how an estimate of "fewer than a dozen" might have come about. Dahlonega gold dollars are a good example of the adage that you can't judge the rarity of a specific issue solely by its original mintage figure.

II. QUARTER EAGLES

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 2,345 - 2,715 TOTAL NUMBER OF ISSUES STRUCK: 20 AVERAGE EXTANT PER ISSUE: 117.25 - 135.75

TOTAL EXTANT BY GRADE:

Very Fine and Below: 832 - 901 Extremely Fine: 862 - 975 About Uncirculated: 561 - 653 Uncirculated: 90 - 106

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 33.18 - 35.47 Extremely Fine: 35.91 - 36.75 About Uncirculated: 23.92 - 24.05 Uncirculated: 3.83 - 3.90

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 197,850

ESTIMATED SURVIVAL RATE: 1.18 - 1.37%

ANALYSIS: Quarter eagles are the rarest of the three primary Dahlonega gold denominations, both in terms of their overall rarity and their rarity in high grades. Around 70% of all known Dahlonega quarter eagles are in lower grades - i.e. Extremely Fine and below. This shows that quarter eagles saw greater circulation than gold dollars and that fewer were saved.

With only 4% or so of all the known Dahlonega quarter eagles grading Uncirculated, one can properly assume that any date is very rare in this grade. With the exception of a small handful of issues (such as the 1839-D, 1844-D, 1847-D, 1848-D and 1857-D), Dahlonega quarter eagles have Uncirculated populations which generally number from one to five pieces. Since the demand for very high grade examples is far greater than the supply, it can be assumed that values for such pieces should rise.

According to the estimates above, it is possible that fewer than 1.4% of all the Dahlonega quarter eagles originally struck have survived. If these numbers are correct, the survival rate for these coins is below the average for American gold coins struck prior to the Civil War.

III. HALF EAGLES

ESTIMATED TOTAL POPULATION/NUMBER EXTANT: 3,940 - 4,560 TOTAL NUMBER OF ISSUES STRUCK: 25 (NOTE: The 1846-D Normal Mintmark and the 1846 D over D Mintmark are included as one issue) AVERAGE EXTANT PER ISSUE: 157.60 - 182.40

TOTAL EXTANT BY GRADE:

Very Fine and Below: 1,623 - 1,841 Extremely Fine: 1,389 - 1,611 About Uncirculated: 759 - 892 Uncirculated: 167 - 214

PERCENTAGE OF TOTAL POPULATION BY GRADE:

Very Fine and Below: 40.37 - 41.19 Extremely Fine: 35.25 - 35.32 About Uncirculated: 19.26 - 19.56 Uncirculated: 4.23 - 4.69

ORIGINAL MINTAGE FIGURE, ALL ISSUES: 1,096,544

ESTIMATED SURVIVAL RATE: 0.35 - 0.41%

ANALYSIS: Half eagles are the most plentiful denomination from the Dahlonega in terms of the total number of coins which exist. This makes sense since the original mintage figure is six times greater for half eagles than for quarter eagles and over sixty times greater than for gold dollars.

In terms of relative rarity, half eagles are also the most common Dahlonega denomination. An average of 157-182 examples exist per issue; a figure which is significantly greater than either the quarter eagles or gold dollars from this mint.

What is surprising is the survival rate of half eagles when viewed as a whole. According to the numbers above, around four-tenths of one per cent of all Dahlonega half eagles have survived. If these figures are correct (and there is certainly the possibility that my population estimates are too low), then the survival rate for this denomination is significantly lower than for gold dollars and half eagles.

There are some plausible explanations for this. Half eagles were "workhorse" coins and saw longer periods of circulation. Due to their greater intrinsic value, they were more likely to have been melted. Their greater face value (and intrinsic worth) made it less likely that quantities would have been put away or "lost."

In terms of actual numbers, there are a fairly significant amount of higher grade (About Uncirculated and better) Dahlonega half eagles in existence. But taken as a percentage of the total number of known coins--approximately 23 to 24%-- the number of high grade coins is actually lower than for gold dollars and quarter eagles. It is my opinion, however, that high grade quarter eagles are still the most difficult coins from the Dahlonega Mint to locate.

There is little difference in comparative rarity between Very Fine and Extremely Fine Dahlonega half eagles. The price levels between choice Very Fine coins and lower quality Extremely Fine coins are greater than they should be and it is likely that these levels will grow closer over the course of time. Conversely, the supply of truly choice half eagles is more limited than generally believed and as the demand for these increases, such coins will show strong price appreciation.

IV. OVERALL ANALYSIS OF DAHLONEGA GOLD COINAGE

By taking the numbers above, we can get a more comprehensive analysis of the various Dahlonega issues.

DENOM. GRADES TOTAL VF EF AU MS

$1.00 291-346 601-672 483-538 120-154 1295-1435

$2.50 832-901 862-975 561-653 90-106 2345-2715

$3.00 47-54 29-40 22-27 2-4 100-125

$5.00 1623-1841 1389-1611 759-892 167-214 3940-4560

TOTALS: 2793-3142 2881-2110 1825-2110 379-478 7680-8835

These numbers prove a number of interesting things about Dahlonega gold coinage. Some of the more important points are as follows:

The total number of Dahlonega gold coins that exists is probably under 10,000 pieces. Since fewer than 1.5 million coins were originally struck at this mint, this means that the overall survival rate is around two-thirds of one per cent.

Dahlonega gold coins are of nearly similar rarity in Very Fine and Extremely Fine grades. They are about 50% scarcer in About Uncirculated than Extremely Fine and they are very rare in Uncirculated.

Around five percent of the surviving Dahlonega gold coins grade Mint State. However, when one omits the few issues that are common in high grades, such as the 1849-D and 1859-D gold dollars and the 1853-D and 1856-D half eagles, this percentage drops appreciably.

Gold dollars are much more available in high grades than the other denominations. From a percentage standpoint, the rarest denomination in high grades is the quarter eagle.

The market capitalization for high grade Dahlonega gold coinage is much lower than one might think. As an example, let's assume that the median value of all Uncirculated issues from this mint is $15,000. There are approximately 379-478 Uncirculated Dahlonega coins known. An investor could buy all the known coins for $5.685 to 7.170 million. It is not likely that this person would be able to acquire every known Uncirculated Dahlonega coin but it is interesting to note that the dollar value of these coins is not absurdly high.