The Two Varieties of 1840-C Half Eagle

Two newly discovered high grade 1840-C half eagles in the Heritage 2011 Platinum Night session of the FUN auction give interesting insight to the emission sequence and striking characteristics of the rare and popular 1840-C half eagle. Prior to the discovery of these two coins, which were graded MS63 and MS64+ by PCGS, there were an estimated three to five known in Uncirculated. The previous finest known, pedigreed to the Pittman sale, is graded MS64. Ironically, that coin was in the sale also (and how thrilled was the consignor of the Pittman coin when he opened the catalog?) and this gave students of Charlotte half eagles an unprecedented opportunity to study the three finest known examples of the 1840-C in one fell swoop.

The two varieties are designated as Variety 1 and Variety 2. The varieties share a common obverse and one that is characterized by a rather amazing mispunched date with one appears to be the tops of a 1 and an 8 coming up from the denticles. The reverse of Variety 1 has a large mintmark placed closed to the stem that is slightly tilted to the right. On the second variety, the mintmark is tilted more towards the left.

Here's a photo of Lot 5108 which is a Variety 1 coin in PCGS MS63. There are a couple of interesting things to note about this coin. The first is the poor overall quality of strike. Look at the weakness on the stars, the hair around the ear of Liberty, the neck feathers and the horizontal lines in the shield. Note as well the roughness at the peripheries. This is a characteristic of this variety: considerable roughness at the borders which is, of course, mint-made.

Even more interesting on the reverse are the extensive die cracks that can be seen at 4:00 and 9:00. This is a very late die state and, clearly, there were very few more coins produced before the reverse literally fell apart and was discarded.

Now let's take a look at Variety 2.

This Variety 2 coin is graded MS64+ by PCGS and it is easily the finest known. In fact, the coin is really "as struck" but probably didn't grade MS65 because of the roughness at the obverse center, as made.

The first thing you will probably gauge is how sharp the strike is in comparison to Variety 1. The stars have full radial lines, the denticles are complete and separated and the roughness seen at the inner border on the previous coin is lacking. Note, as well, how sharp the details are on the eagle in comparison to the previous coin.

But the most intruguing thing about this coin is the lack of reverse die cracks, except for a small one at the eagle's right wingtip.

Perhaps the most interesting thing about the two coins is, in some ways, one of the most subtle. You probably won't be able to tell from these photos but on the earlier use of this obverse (lot 5110) there are small die lines that run in from the border. On the second coin (lot 5108) these lines do not exist and they have been removed by the mint (this process is known as "lapping.")

What does this prove? That the sequence of these coins, as proposed by me, is incorrect and Variety 2 was actually made first. The reason that Variety 1 coins look so worn and weak is that they were made later in the production run, probably after the obverse die was lapped.

Ironically, neither of the two newly discovered 1840-C half eagles sold at the auction. This wasn't the result of a lack of bidder interest (I would have been thrilled to buy both coins) but because the reserves placed on both lots by the consignor were too high.

I can't imagine there will be many other times that collectors will be able to see such fresh, high grade Charlotte half eagles in one place and that each coin will not only be a different die variety but will have an entirely different "look" as a result.

Thanks to Heritage Auctions for allowing me to use the images of the two 1840-C half eagles above.

Some of My Favorite Obscure United States Gold Coins: Part Two

The first part of this article, published at the end of December 2010, discussed some of my favorite little-known United States gold coins in the dollar, quarter eagle and three dollar denominations. In the second and final part of this series, I'm going to look at some of the more interesting half eagles, eagles and double eagles that I have seen or sold over the course of the last two decades as a specialist in United States gold coinage. One quick note. I received some comments about the first part of this series that asked why I didn't include Proofs or 20th century coins. While I like Proof gold, I am not often that impressed with it (there are exceptions, of course...) and a great business strike is a coin that is more likely to stay with me. The same goes for 20th century gold coins. I love the designs and respect the collectors but I can remember more than a handful of Ten Indians or Saints that have left decade-long impressions on my coin psyche.

1. Half Eagles

a) 1838-C, graded MS63 by PCGS. There are a number of Charlotte half eagles that are rarer than the 1838-C. But this is among the more difficult half eagles from this mint to locate in higher grades. In Uncirculated, it is exceedingly rare and this example, which first surfaced in the Stack's 1978 Bareford auction, is the only unequivocally Mint State piece of which I am aware.

I first saw this coin in the October 1989 Superior sale. I badly wanted to buy it but didn't have a client for it at the time. It sold for $48,400 which seemed like a lot of money for an 1838-C half eagle twenty+ years ago. It was purchased by dealer Andy Lustig who was never able to sell it and I think he had it in his stock for close to two years before he gave up and put it into the 8/91 Akers/Rarcoa sale where it went cheaply at $38,500. It was later acquired by Harry Bass via private treaty with yours truly playing a small supporting role. After Bass died, it was sold in October 1999 by Bowers and Merena auctions where it was purchased by the Pogue family for $86,250.

I love this coin for numerous reasons. Its easily the finest known example of the first Charlotte half eagle. Its the only Charlotte half eagle that employs the Classic Head design. Its amazingly choice for the issue. It is one of those coins that every time I think about it I say to myself "why didn't you buy that coin for yourself when it was cheap and only a handful of people appreciated it?"

b) 1847, graded MS66 by PCGS

This was an especially memorable coin for me because I think it was one of the most controversial gold coins I can remember viewing. The coin in question was a staggering 1847 with a virtually perfect obverse and a reverse with the Mother of all Copper Spots. I'm not talking a small copper spot; I'm talking a deep, dark multi-hued stain that covered most of the reverse. I recall sitting in the bar of the Baltimore Marriott hotel the night before the sale began, talking shop with other dealers. Some people loved the coin (I was one of them) but other people absolutely hated it; and this was before the era that all copper spots "had" to be removed in order for a coin to sell!

The coin wound up bringing $110,000 which I though was a staggering price considering the dissent it caused among bidders at the sale. It later graded MS66 at PCGS (I graded it "67 net 66" and figured the spot would lower the grade by a point which it did). Years later it appeared as ANR 11/04: 1804 where it brought $92,000; a poor return for a seven year hold. Seeing it again, I still loved the coin but thought that, for $100,000, I'd prefer a No Motto half eagle with a little less "character."

3. 1864-S, graded MS65 by PCGS. I've written about this coin before. It's among my favorite United States coins ever and its one of those special coins that combine extreme rarity with amazing aesthetics.

The 1864-S is the second rarest collectible Liberty Head half eagle, trailing only the 1875. There are around 25-35 known in all grades but most are well-worn and I know of just two or three in the AU grade range. And then there is this piece, which must have either been saved as an assay coin or somehow put away (on purpose or accidentally) by someone in San Francisco at the time of issue.

You have to see this coin in person to appreciate its beauty. Other than some weakness of strike on the stars it is nearly flawless and probably would grade a point or two higher by today's standards. Harry Bass bought it out of the Norweb I sale in October 1987 and it is originally from Kosoff's Melish collection sale in 1956. It brought $176,000 in 1999 which I thought was a good deal then and which seems amazingly cheap now.

2. Eagles

1) 1839 Type of 1840, graded MS64 by NGC. The span of years from 1995 to 2001 was unique in that a lot of really great old collections were taken to auction and sold. Unless something totally unsuspected happens, I can't imagine we'll ever see another five or six years with so many great coins in so many sales. For me, the Pittman sale was one of the most fun and challenging.

Pittman was like the Super Bowl of coin auctions. All the coins were raw (I doubt we'll ever see a huge sale like this again with raw coins...), the material was as fresh as could be imagined, every major player was involved and the terms were cash and carry, meaning that you had little margin for error.

There were so many great coins in the Pittman sales but this 1839 Type of 1840 eagle is one that I still remember. It sold for $143,000 to Greg Roberts and I was the underbidder. I didn't have a client in mind for the coin and I was actually going to put it away in my own collection. Now graded MS64 by NGC, the coin is staggeringly beautiful with amazing deep yellow-gold color, great surfaces and superb luster. I have always liked the design of this issue and have found it to be a rare coin in AU and higher grades. The Pittman coin appears to be the finest known and there are only three Uncirculated pieces that exist.

2) 1848-O, graded MS66 by PCGS. The James Stack sale, held by Stack's in October 1994, is one of those auctions that don't get mentioned much but it was, in my opinion, one of the premier numismatic events of the 1990's. It was a great collection, put together by a sophisticated collector and there were a number of really wonderful coins.

My favorite coin in the sale was Lot 1298 which was a monumental 1848-O eagle. Later graded MS66 by both NGC and PCGS, this coin is certainly one of the finest No Motto eagles known and it is far and away the finest New Orleans eagle of this type.

The 1848-O eagle was a coin that caused quite a commotion during lot viewing. It was what I call a "pass around" coin, meaning that the dealers viewing the sale on more than one occasion stopped viewing the lots while the coin was passed around from person to person with appropriate comments made at each stop.

At the Stack sale, it brought $154,000 which was a huge, huge price for a New Orleans eagle in 1994. It resurfaced in the 2003 ANA sale and was later seen in the inventory of a California dealer around 2009-2010.

3. 1899-O, graded MS68 by PCGS. One of the really great numismatics accomplishments of the modern era was the group of gold coins put together by Les Fox known as Amazing Gold Rarities. Using Dave Akers as his adviser, in a few short years, Fox gathered a really superb group of coins that he proposed to sell at Sotheby's or Christie's presented as great artworks. Great idea, yes? Except not great enough to get either Sotheby's or Christie's involved and the holdings wound-up in a more conventional Stack's auction held in October, 1988.

There were many great coins in this sale but, for some reason, the one that sticks with me nearly twenty-five years later is the 1899-O eagle that was first sold in the Eliasberg sale and which was obtained by John Clapp directly from the mint at the time of issue.

I haven't seen this coin since 1988 but I remember it being the single most perfect 19th century U.S. gold coin that I'd ever seen. It had virtually perfect surfaces, superb color and sensational frosty luster. It was later graded MS68 by PCGS and I would be curious to see it today and speculate how it would grade by current standards. Just as an FYI, it brought all of $39,600 in October 1988.

3. Double Eagles

a) 1861, graded MS67 by PCGS. The discovery of thousands of high quality Type One double eagles in the S.S. Central America probably had a bigger impact on this specific coin than on any other issue I can think of. For many years this coin was THE Type One double eagle and I still think it is the best single example of this type that is known. But that didn't keep it from becoming an obscurity.

As far as I know, this incredible Gem was first sold at auction in Rarcoa's session of Auction '90 where it brought a remarkable $170,750. A year later, in a much less robust market, it sold for just $68,750 (ouch!) in the Superior May 1991 auction. I seem to recall it bouncing around from dealer-to-dealer until it brought $96,800 as Lot 7947 in Heritage's 1995 ANA sale. The value of this coin increased through the late 1990's and by the turn of the century it was probably worth around what it had brought in Auction '90. But after the onslaught of Gem Type Ones from the SSCA shipwreck its value yo-yo'ed back to its May 1991 level.

I've still never seen a Type One that compares to this coin. Great luster, great color, great surfaces...it was a really spectacular coin and it's something that I would very much like to see again after being off the market for so long.

b) 1891, graded MS64 by NGC. This coin was one of many great double eagles that was sold in the Dallas Bank Collection auction in 2001. This is a sale (and a coin) that offers an extensive backstory for me.

The Dallas Bank collection was owned by Jeff Browning, a Texas oil man who had died young in the 1970's or 1980's. I had known about this collection since I moved to Dallas in 1983 and because of the fact that I never got to see it, despite it residing in a bank less than two miles from my house, it became my numismatic Loch Ness Monster. When it was finally announced that it was going to be sold at auction in New York by Sotheby's and Stack's in October 2001, I was very excited.

The trip to New York for this sale was nerve-wracking as it was my first time on a plane since the 9/11 attacks. I remember lots of soldiers at DFW with machine guns, incredibly tight security and a nervous feeling on the plane that's hard to describe unless you flew yourself at that time. New York was still reeling from the tragedy. There were fliers on the walls searching for missing people and when I went downtown with a fellow coin dealer to see the Trade Towers site, you could still smell the smoke and chemical odor. Chilling...

I thought the coins in the sale didn't all live up to their legend(s) but there were many I liked. The one I liked the most was an amazing 1891 double eagle that was later graded MS64 by NGC. It sold for $80,500. It came on the market again in January 2005 and Heritage sold it, this time in the aforementioned NGC holder, for $155,250.

What are the obscure rarities that stand out to you? I would love to hear from you and can be reached by email at dwn@ont.com or, you can leave a comment at the end of this article.

The Record-Setting Sale of an 1875 Half Eagle: What Does it Portend?

In the Bowers and Merena November 2010 Baltimore auction, a business strike 1875 half eagle sold without a lot of fanfare for a lot of money. I think this was one of the most significant individual sales in the rare gold coin market in 2010 and I'd like to spend a bit of time analyzing both the coin that was sold and the significance it portends for both the Liberty Head half eagle series and the rare gold market as a whole. The 1875 is the rarest collectible Liberty Head half eagle. (The 1854-S is rarer but with no pieces likely available to collectors in the near future, I regard this issue as "non-collectible.") Only 200 business strikes were produced and the number of pieces known has generally been estimated to be in the area of ten. I think this estimate is reasonably accurate although I think the actual number known could be as low as seven or eight.

The 1875 is unknown in Uncirculated and most of the examples that exist are in the EF40 to AU50 range. PCGS has graded five coins including an EF40 and two each in AU50 and AU53 while NGC has graded four: one in EF45 and three in AU55. I believe that these figures are inflated by resubmissions and the total number of distinct 1875 half eagles in slabs is four or five. There have been 10 auction appearances since 1991. Six have occurred since 2000 but this includes a number of reappearances of the same coin(s).

The coin in the Bowers and Merena auction was graded AU55 by NGC and it appeared to have been the same coin that was offered as DLRC's Richmond I: 1444 back in July 2004 where it brought a record-setting $86,250. There had been no other 1875 business strikes that had been available since the Goldberg 2/07: 2335 coin that brought $74,750.

The Bowers coin was part of an interesting set of 1875 gold coinage called the "Kupersmith Once in a Lifetime" collection. Terrible name but an interesting and impressive set with examples of the rare Philadelphia gold dollar, quarter eagle and three dollar gold piece from this year but, curiously without the very rare 1875 business strike (or Proof) eagle.

The coin in the Bowers sale brought $149,500 which is far and away a record price for a business strike of this date. Considering that this is an esoteric coin and, to be honest, it wasn't a really nice-looking piece, I think this price is very significant.

In the same sale, the coin right before the business strike was an 1875 half eagle graded PR66 Cameo by NGC. With a mintage of just 20, this has long been recognized as a great rarity and it is an issue that has usually brought more than its under-appreciated (but rarer) business strike counterpart. The Proof in the Bowers sale, sold as Lot 5042, brought $143,750. I was really surprised but really pleased to see this happen.

I've been thinking for a year or two that Liberty Head half eagles have a chance to be the "next big thing" in the world of rare date gold. Here's why. The Liberty Head double eagle series is extremely popular right now and there are not many "ground floor" opportunities for the new collector. Same goes for the eagle series although I still think there are some very undervalued issues. But the Liberty Head half eagle series remains under-collected and there are dozens and dozens of individual issues that are extremely undervalued.

So why is a $149,500 Liberty Head half eagle so an important? Because its the rarest collectible issue in the series and you typically see high-end collector activity in a series start with coins like this. In other words, you can buy the C and D mint issues any day but how often can you buy the Big Gun like the 1875?

If the coin had sold for, say, $80,000 or $90,000 I don't think it would have been a big deal. But with a sale at nearly $150,000 the bar has been raised and I think we'll see higher prices for other very rare non-Southern Liberty Head half eagles like the 1863, 1864, 1864-S and 1865.

Of course there is the very real possibility that this coin was not bought by a collector who plans to do a date set of Liberty Head half eagles and this totally blows a hole into my theory. It could have just as easily of been bought by someone doing a set of 1875 business strike gold coinage or someone who likes really rare coins like the 1875 half eagle and thinks that 150k is a great value for an issue with just eight or nine business strikes known. All true but, as I said above, the bar has now been raised for the rarities in this series and the days of being able to buy an 1875 half eagle in AU for less than $100,000 are gone.

Philadelphia No Motto Half Eagles From the 1840’s: A Date by Date Analysis

The Philadelphia mint began producing the familiar Liberty Head half eagle design in 1839. After a quick modification in 1840, this issue continued without change until 1866 when the motto IN GOD WE TRUST was added to the reverse. The branch mint No Motto half eagles from the 1840’s are very popular with collectors. But their Philadelphia counterparts have lagged behind, both in price and level of demand. I would not be surprised to see this change a bit over the coming years given the fact that the Philadelphia issues are much more affordable and a complete “by decade” set from the 1840’s is within the budget of most gold coin collectors.

Here is a date by date analysis of the Philadelphia half eagles from the 1840’s, to assist new collectors.

1840: Mintage: 137,822. This is one of the more common issues from this decade. There an estimated 400-500+ known and they are easily located in all circulated grades. In Uncirculated, the 1840 is scarce. I believe that there are around fifteen to twenty known with most in the MS60 to MS62 range. There is one Gem. It is originally ex Pittman I: 947 where it brought $41,250 as a raw coin. It last appeared as Heritage 2/06: 1853 where it sold for $43,125. It has been graded MS65 by both PCGS and NGC.

There are two varieties known. The more common has a Narrow Mill (or diameter) while the scarcer has a Broad Mill. The Broad Mill variety seems to be considerably harder to find in higher grades, especially in Uncirculated. The Broad Mill has an extremely distinct appearance and it is much easier to distinguish from the Narrow Mill than on the New Orleans and Dahlonega issues of this year.

1841: Mintage: 15,833. The number of half eagles produced at the Philadelphia mint in 1841 is the fewest of the decade. This is the second scarcest date in this subset but it has an interesting grade distribution. There are an estimated 125-150 known and this issue is generally seen in Extremely Fine or in the MS62 to MS64 range.

There was a hoard of 1841 half eagles that was found a few decades ago. Most are in the MS63 to MS64 range and are characterized by sharp strikes, excellent luster and rich golden coloration. I have personally seen at least four MS64 examples and believe that there are a few more known. In all, probably 10 to 15 exist in Uncirculated. The finest is Bowers and Merena 12/04: 2635, graded MS65 by NGC, which sold for a record-setting $27,600. PCGS has not graded any pieces higher than MS64 and their current listing of eight examples is certainly inflated by resubmissions.

1842: Mintage: 27,432. The 1842 is far and away the scarcest Philadelphia half eagle from this decade and it is an issue that is comparable in rarity to all but a handful of the branch mint half eagles from this era. There are two distinct varieties known: the Small Letters and the Large Letters.

Small Letters: This is the rarer of the two 1842 half eagles and it is by far the hardest coin to find in the Philadelphia half eagle series from the 1840’s. I regard it as one of the most underrated coins in the whole Liberty Head half eagle series. There are probably not more than fifty or so known with most in the VF to EF range. I doubt if more than ten exist in About Uncirculated. In Uncirculated, I am aware of just one piece, the Pittman I: 957 coin (which sold for a relatively cheap $17,600 back in 1997). I believe it appears as both an MS63 and an MS64 in the PCGS Population Report.

Large Letters: This is the more available of the two varieties but it is still a very scarce coin in all grades. There are as many as 75-100 extant with most in the VF to EF range. Properly graded AU examples are quite rare with probably no more than fifteen known. This variety is very rare in AU55 to AU58 and it appears to be unique in Uncirculated. The finest known is ex Milas: 442 and it is currently in a PCGS MS66 (it was once graded MS65 by PCGS). This is one of those “how the heck does that actually exist” coins and I would have to think it would be a six-figure item today if it came onto the market.

1843: Mintage: 611,205. Beginning with this issue, the half eagle mintage figures from Philadelphia increased dramatically and this denomination became a workhorse issue in commerce. The 1843 is actually a bit scarcer than its large mintage figure would suggest. There are at least 750-1000+ in all grades; possibly quite a bit more when one factors in low-quality or damaged pieces. In all circulated grades this date is easily available although choice, original AU58’s are becoming harder to find. In Uncirculated there are an estimated three dozen known. I have never seen a Gem and just two or three that I regard as MS64. The highest graded is an NGC MS65 that sold as Lot 3380 in the Goldberg 9/09 auction for $25,300. The nicest I can recall was the Milas coin.

This issue has a distinctive appearance with most displaying frosty luster which is typically interrupted by extensive surface abrasions. The natural coloration ranges from deep orange-gold to a medium green-gold shade. Most are well struck and well produced.

1844: Mintage: 340,330. This is a scarcer date than the 1843, which makes sense given its smaller mintage. There are at least 500-750+ in all grades but, as with all of these higher mintage issues from the 1840’s, there might be hoards overseas or large numbers of lower grade coins of which I am not aware. The 1844 is relatively available in Uncirculated with around three to four dozen known; mostly in the MS60 to MS62 range. This date is scarce in MS63, very rare in MS64 and exceedingly rare in Gem. By far the best I have seen is Stack’s 5/05: 1692, graded MS65 by PCGS, which brought $50,025. That coin, by the way, is one of the two or three best No Motto half eagles of any date that I am aware.

The 1844 half eagle is a well produced issue that can be found with excellent frosty luster, attractive rich green-gold color and a nice, sharp strike. Some pieces have excessive marks on the surfaces but the patient collector should be able to locate a really nice piece at an affordable price.

1845: Mintage: 417,099. The 1845 is similar in overall rarity to the 1844. There are an estimated 500-750+. This is a more common date in higher grades than the 1844 with as many as four to five dozen extant in Uncirculated. Most grade in the MS60 to MS62 range. This is a rare issue in properly graded MS63 and an extremely rare one in MS64 with perhaps as few as four or five known. I am not aware of any Gem 1845 half eagles. The two best that I can recall seeing are Bass II: 943, graded MS64 by PCGS, which sold for $16,100 in October 1999 and Milas: 458, graded MS64 by NGC, which sold for $17,100 all the way back in October 1995.

This is another issue that is generally seen well made. Higher grade examples can show excellent thick, frosty luster and the natural coloration is often a very handsome medium to deep greenish-gold or canary yellow-gold.

1846: Mintage: 395,942. In my experience, the 1846 is a tougher date than the 1843, 1844 or 1845. It is typically seen in lower grades than these other three issues and it is quite a bit scarcer in higher grades. There are around 500-700+ known. Two major varieties exist.

Large Date: This is by far the more common of the two varieties. It is common in VF and EF grades and only slightly scarce in the lower AU range. It becomes fairly scarce in AU58 and it is rare in Uncirculated. I have never personally seen one better than MS63 and only one or two in this grade. There are a number of MS63 and MS64 examples from the S.S. New York which have seawater surfaces.

Small Date: This is the scarcer of the two varieties. It has only been recognized by PCGS for a few years so the population figures are a bit on the low side. I think it is at least two to three times scarcer than the Large Date in circulated grades and much scarcer in Uncirculated. The highest graded 1846 Small Date is Stack’s 7/08: 2068, graded MS63 by NGC. It is from the S.S. New York and has sweater surfaces. It sold for $18,975.

1847: Mintage: 915,981. The 1847 is the most common Philadelphia No Motto half eagle from the 1840’s by a fairly considerable margin. There are at least 1,500-2,500+ known in all grades and this estimate may actually be quite conservative. It is common in all circulated grades and fairly available in the lowest Uncirculated range with around 150-200 extant in Mint State. This date becomes scarce in MS63 and it is very rare in MS64. The finest known is a remarkable PCGS MS66 that is ex ANR 11/04: 1804 ($92,000), Pittman I: 981 ($110,000). A strong case could be made for calling this the finest No Motto half eagle of any date.

There are a number of interesting varieties known. A few exist with repunching on the date numerals, including one with a sharply repunched 7. There is also a fascinating misplaced date variety with a 7 located in the denticles well below the date. There is also a very interesting variety with the 7 punched in the throat of Liberty.

1848: Mintage: 260,775. The number of half eagles made in 1848 is significantly less than in 1847 and this date is much scarcer. An estimated 500-700+ are known with most in the EF40 to AU50 range. Nice higher end AU coins are somewhat scarce and this date in rare in Uncirculated with two to three dozen known. The two best I am aware of are Bass II: 986 (graded MS64 by PCGS) that brought $24,150 in October 1999 and Milas: 471, graded MS64 by NGC, that sold for $23,100 in October 1999.

The appearance of this date tends to be different than that seen on the 1846 and 1847 half eagles. The surfaces are more striated (mint-made) and the luster is less “pillowy” and a bit more satiny in texture. The natural color is often a rich reddish-gold or orange-gold hue, unlike some of the earlier dates from this decade which are more green-gold in hue.

The 1859-S Half Eagle

The date run of half eagles produced at the San Francisco mint from 1858 through 1864 includes some of the rarest and most overlooked gold issues ever manufactured at any of the various branch mints. These were issues that had limited production runs and which were eagerly absorbed into commerce by the booming local and regional economies. I recently had the good fortune of handling one of just two known 1859-S half eagles in Uncirculated (an NGC MS61) and now that I am no longer actively marketing the coin, I thought it would be interesting to take a more in-depth look at this issue and what made it such a special coin.

There were 13,220 1859-S half eagles originally struck. In the October 2008 web article that I wrote entitled “The Ten Rarest Liberty Head Half Eagles,” I ranked the 1859-S as the ninth rarest issue overall of the entire design type and called it the third rarest half eagle from this mint, trailing only the exceedingly rare 1854-S and the 1864-S.

I went on to state that there are only 50 or so known examples of the 1859-S half eagle. I believe that this is a fairly accurate number and I can further state that the survival breakdown by grade is as follows:

Uncirculated: 2 About Uncirculated: 6-8 Extremely Fine: 11-14 Very Fine (and below): 25-30

The PCGS and NGC population figures would have you believe that AU’s are more available than I suggested above. I believe these numbers are inflated on account of resubmissions and I think some of the coins in AU50 and AU53 holders are optimistically graded. In my experience, a real AU 1859-S half eagle is very rare and I have seen many examples that were heavily worn; even down to the point of Very Good to Fine detail.

The two known Uncirculated 1859-S half eagles are an interesting story and I’d like to discuss them in greater detail.

The finest known 1859-S is the wonderful PCGS MS62 example (which also appears in the NGC population report as an MS62) that I first saw in the Milas sale that Stack’s conducted back in 1995 where it brought $34,500. At the time it was in a NGC MS62 holder and while I don’t know the previous history of the coin, I do know that it was a piece that Ed Milas was especially proud of. It was purchased by a dealer agent for Harry Bass who, in retrospect, was the ideal new owner. It remained in his collection until he died and was later sold as Lot 1118 in the Bass II auction where it realized $30,800. The coin bounced around for a few years and was last sold as B+M 1/02: 694 where it garnered a reasonable $25,300.

The second Uncirculated 1859-S half eagle is an NGC MS61 that I just sold to a private collector. I acquired it from a collector at the ANA show in Los Angeles this summer. The background of the coin is interesting.

According to the collector, it was bought over the counter at a coin shop and was accompanied by a small envelope of the sort that used to accompany gold coins when they were given as Christmas presents. The collector first showed me the coin around three years ago and asked me if I was interested in obtaining it. I replied that I was. It wasn’t going to be an easy transaction, though, as the collector wanted to trade it for something “really special.” I saw the coin once a year in the interim and the collector continued to hold out for the right coin in trade.

I finally bought a coin this summer that excited the collector and, luckily for us, we were able to agree on respective valuations. He walked away with an amazing one-of-a-kind piece for his type set while I was able to procure one of the more exciting No Motto San Francisco half eagles that I’ve handled in a number of years. It seemed like a “win-win” deal for both of us.

Given the relative unpopularity of San Francisco gold, this incredible Uncirculated 1859-S half eagle will likely never receive the attention that it deserves. But it is a truly remarkable coin and, as I mentioned above, one of just two known in Uncirculated. I was excited to handle it and it makes me realize that, every now and then, a truly great gold coin does, literally, come out of the woodwork!

Gem Charlotte Half Eagles: The Elite Eight

In my last blog, I wrote about a Gem 1855-C half eagle that I was fortunate to recently handle. A number of readers asked me about some of the other Gem half eagles from this mint and I thought it would be interesting to take a look at each of these. There are a total of eight Charlotte half eagles that have been graded MS65 or better by either PCGS or NGC (or by both services in some cases). Many are very famous coins within the Charlotte gold collecting community. A few are not quite as famous and are not given the full "props" that the others have received in the past. Let's take a quick peek at each of the eight Gem Charlotte half eagles.

1842-C Large Date Graded MS65 by NGC, ex Milas/Eliasberg. This coin has a pedigree dating back to 1920 when John Clapp Jr. purchased it from Elmer Sears. It was later in the Eliasberg collection and it brought $17,600 (a comparably high price) when it was sold at auction in 1982. The coin was later owned by Chicago dealer Ed Milas and was offered in the Stack's May 1995 sale of his superb collection of No Motto half eagles. It is now owned by a North Carolina collector and it has been off the market for close to a decade.

1846-C Graded NS65 by NGC, ex Elrod/Eliasberg. This is one of my all-time favorite Charlotte half eagles. It was purchased by John Clapp Sr. out of the David Wilson sale conducted by S.H. Chapman in March 1907. It was later owned by Louis Eliasberg and it brought a reasonable $13,200 in October 1982. The famous specialist Stanley Elrod then owned the coin and I bought it in the late 1980's/early 1990's when the Elrod collection was being dispersed. I then sold the coin to Paul Dingler and bought it back in 2005. It is now owned by a West Coast collector. Funny story: when I was selling this coin to Paul Dingler, I had a hard time convincing him that this coin was as great as I believed. It turned out that Paul was color-blind and the dark, crusty color that this coin exhibited (at the time) was hard for him to appreciate. He did take my word for it and this 1846-C half eagle became a centerpiece of his fantastic collection.

1847-C Graded MS65 by PCGS, ex: Pittman/Farouk. As far as I know, this is one of only two of the Elite Eight that is currently in a PCGS holder. It has a wonderful pedigree that goes back to the Col. Green collection and it was later in the King Farouk and John Pittman sales. I first saw the coin in the Akers 10/97 Pittman Part One auction where it brought $44,000. It was last sold as Heritage 4/02: 6986 where it brought $47,150. I do not know the current location of this impressive Gem.

1849-C Graded MS66 by NGC. This coin was discovered by Avena Numismatics back around 1997 and was first offered for sale as Bowers and Merena 8/98: 330 where it did not meet its reserve. It finally found a home after appearing in the Bowers and Merena 3/04 auction realizing $70,150. It is clearly the finest known 1849-C half eagle. I am not aware of the current location of this coin.

1852-C Graded MS65 by NGC, ex: Silvertowne Hoard. In 1984 or 1985, a group of five remarkable 1852-C half eagles from a family in Southern Indiana was sold to Silvertowne Numismatics. One of the five (I'm not certain which) was later graded MS65 by NGC after having been graded MS64 by PCGS. Interestingly, the second part of this hoard came on the market in December 2007 when a Florida firm offered them for sale. The 1852-C half eagles from this hoard are notable for their superb original color, great luster and high overall level of eye appeal.

1855-C Graded MS65 by NGC, ex: Elrod. Having just written extensively about this coin, I'd prefer not to be reptetitive and suggest you read my blog dated April 8, 2009 for more information.

1857-C Graded MS65 by NGC, ex Elrod. This coin is from the famous Elrod collection and it was first sold at auction in February 1999 as part of the Heritage William Miller auction where it failed to meet its reserve. It reappeared as Heritage 1/03: 4797, in an NGC MS64 holder, where it sold for $33,350. I saw this coin within the last year in a dealer's inventory.

1859-C Graded MS66 by PCGS, ex Milas/Eliasberg. While not widely-known outside of the specialist community, this incredible coin gets my vote for the single finest Charlotte half eagle in existence. It was purchased by John Clapp, Sr. in 1910 from Elmer Sears and was later in the Eliasberg collection. It sold for just $8,800 in October 1982 and this cheap price can be attributed to the relative unsophistication of the branch mint market at that time. After appearing in a number of auctions in the mid-1980's it wound-up in Ed Milas' set of Gem No Motto half eagles where it sold for $104,500. I haven't seen this coin for many years but I remember it being superb and hope that it has retained its superb original color and luster.

It is remarkable to think that only eight Gem Charlotte half eagles exist, considering that close to 900,000 pieces were struck between 1838 and 1861. The collectors who own any of the Elite Eight have coins that, in my opinion, are truly worthy of the overused designation "world-class."

No Motto Philadelphia Half Eagles and Eagles: A New-Found Appreciation

A few months ago, I decided to start focusing more on No Motto half eagles and eagles from the Philadelphia mint than I had in the past. Formerly, I had sort of pooh-poohed these coins as being “boring” but the more I’ve studied these series, the more I think they may be one of the true Final Frontiers of the rare date gold market. As a buyer, one of my major criteria for making a purchase is the fundamental rarity of a coin. By this, I am referring to the availability of a coin in all grades. Virtually all Charlotte and Dahlonega gold has a good degree of fundamental rarity, meaning that a specific issue is hard to locate in any grade, not just in Gem. This isn’t the case with No Motto Philadelphia half eagles and eagles. Or is it?

The more I began to study these two series, the more I realized that many of the issues that I formerly thought were common in circulated grades were just not as available as I presumed. Let’s say that I decided that I was going to promote Philadelphia eagles from the 1840’s in AU grades. If these coins were as available as I had felt, I probably would be able to accumulate fifty or even a hundred coins over the course of a six month period; certainly enough to make the promotion worthwhile.

You can probably guess where this is going. I did make a decision to do this very promotion and after searching for nice, crusty coins in the AU55 to AU58 range I was able to come up with exactly eight pieces. And this is after five months of pretty intensive searching. Given the fact that my per-coin cost basis was in the $1,000 range, I became more and more intrigued. Clearly, my epic promotion wasn’t going to happen. But in the course of planning it, I became smitten by No Motto half eagles and eagles from the Philadelphia mint.

Let me give you a couple of reasons why I think these coins are interesting:

1. There are no true “stoppers.” Virtually every branch mint series has a few issues that are extremely rare and expensive. In the Philadelphia No Motto half eagles from the 1840’s and the 1850’s, there are no impossible coins. In fact, with the exception of a small number of coins (1842 Small Letters half eagle, 1858 eagle) nearly all of the issues can be found in either the very high circulated grades or even in Uncirculated.

2. The per-coin cost basis in these series is far lower than for branch mint issues. If you want to collect Dahlonega half eagles in AU grades, every coin you buy is going to cost at least $3,000-4,000. You can purchase many of the more available Philadelphia half eagles for around $1,000 per coin and many of the eagles are $1,250-1,500 each in very presentable condition.

3. For someone like myself who loves choice, original coins there are a lot more nice Philadelphia half eagles and eagles available than branch mint pieces. Because of the fact that there is a big value spread for the branch mint issues between EF45 and AU55 (or even AU55 and MS61) there is tremendous financial motivation to scrub original coins. Many dealers have made a career out of taking an AU50 Charlotte quarter eagle that they bought for $3,000, processing it, getting the coin into an AU55 or AU58 holder and selling it for $5,000, $6,000 or even more. The financial motivation to destroy a nice, original AU55 Philadelphia half eagle is currently not that great and, ironically, a greater percentage of the coins remain intact.

4. Since very few people currently collect these coins, you have less competition and an easier shot to buy the nice pieces without having to pay nutty money.

So does this blog signal an end to my love affair with branch mint gold issues? Hardly. I still am a strong buyer of all nice Carson City, Charlotte, Dahlonega and New Orleans gold coins (from dollars through double eagles) and will continue to be so as long as I am a professional numismatist. But I’ve become much more appreciative of No Motto Philadelphia half eagles and eagles and you will see more of them appear for sale on my website in the future. Will I write a book on them? Probably not. I will, however, probably write in-depth features in my monthly web articles that discuss these coins on a date-by-date basis.

An Amazing Gem 1869 Half Eagle

If you are a regular reader of my blogs, it’s a pretty safe assumption that you are interested in United States gold coins. And if you like U.S.gold, I don’t think I’m going too far out on a limb to state that you probably like to see photos of and read about special pieces. Well, I’ve got the skinny on one of the more amazing 19th century issues I’ve seen in some time; a one-of-a-kind coin that recently passed through the portals of Douglas Winter Numismatics. The coin in question, shown below, is an 1869 half eagle that has been graded MS64* by NGC. I’m going to start out by giving you some background about this issue, then about the specific coin and, finally, some thoughts as to how and why this remarkable coin exists.

I think the 1869 half eagle can best be described in two words: “forgotten rarity.” There were a scant 1,760 business strikes produced of which perhaps as many as four dozen are known. This issue is generally seen in the EF grades and it is rare in properly graded AU50 or better. I believe that there are around a dozen known in AU. PCGS has graded a total of thirty-three with the finest a single coin in AU58; NGC has graded a total of thirty-five with two different coins in Uncirculated: the present example and another, which grades MS64PL.

The present example was first offered at auction in the October 1999 Bass II sale where it brought $33,350 as Lot 1166. At the time, it was housed in a PCGS MS64 holder and according to my notes in the original catalog I called the coin “amazing!” Harry Bass had purchased the coin via private treaty from a source identified in the catalog as N.K.S. on June 8, 1971. He had kept his ownership of it a secret as it was unknown to both Breen and Akers when they wrote their books on, respectively, United States coins and half eagles.

The Bass 1869 half eagle next appeared for sale as Heritage 5/00: 7668 in an NGC MS64 holder where it brought $22,425. After this, it was sold into the Ashland City collection where it remained until it was offered as Heritage 1/03: 4815 (still in an NGC MS64 holder) realizing $28,750. I recently resubmitted the coin to NGC where it was given a star designation because of its exceptional eye appeal. I also had NGC delete the Ashland City pedigree and reinstate the Bass pedigree as I felt it was far more appropriate to a coin of this stature.

If you study the photo above, you will note that the quality shown by this 1869 half eagle is quite amazing. The surfaces are mostly prooflike with more than enough frost to clearly indicate that this piece was made for commercial usage. It is extremely well struck and attractively toned in light orange-gold hues. A few small scuffs can be seen in the left obverse field with the primary identifying mark being a tiny mint-made strike-through near the southeastern point of star four.

How does such a remarkable 1869 half eagle exist? There were no date collectors of business strike half eagles in 1869 and any well-heeled collector of this denomination in the 19th century would have preferred a Proof to a business strike. My theory is as follows.

Every year, the Assay Commission met in Philadelphia to examine a group of current coins to determine whether or not they conformed to legal requirements. Although I can’t prove this for a fact, my belief is that, from time to time, someone on the Assay Commission (of which there were approximately two dozen members) saw an interesting coin and decided to “keep it” as a souvenir. I am assuming that if a commissioner chose to, he could trade an older “used” half eagle for a brand new one. There are a small number of gold coins from the 1860’s and 1870’s that are just so much nicer than any other example from this date/denomination that it seems highly possible that they originate from the Assay Commission.

There is another possibility, although it is not as glamorous as the one posited above. It is possible that this 1869 half eagle might have somehow been “put away” by a Philadelphia area collector or non-collector in 1869 and through random chance been passed down through generations without having been melted, sold, cleaned or lost. I have handled spectacular gold coins that have been rediscovered by a family member after fifty or a hundred years and I know that these things happen from time to time.

The Bass 1869 half eagle is a beautiful and fascinating coin that deserves more attention than it has received in the past. I know that collecting Philadelphia half eagles by date is not “fashionable” but it seems hard to believe that this coin is worth about the same as a High Relief double eagle in the same grade range despite the latter coin being dirt common in comparison.

12 Great Values in the Rare Date Gold Market Priced Below $5,000 Part One: Gold Dollars Through Half Eagles

In this economy, everyone likes a good value. If you don’t have the discretionary funds for coins now that you had a year ago, every last dollar counts. This brings us to the question at hand. Are there good values in the rare gold market in the $5,000 and under price range? And if so, what are they? This article is focused on twelve of the better values that come to mind in the gold dollar through half eagle denominations. I think there are dozens of other pieces that could be added to this list. Part Two of this article, which will appear on my website in January 2009, will cover the eagle and double eagle denominations and will focus on another dozen undervalued issues in the $5,000 and under range.


1. 1865 Gold Dollar

For many years my favorite “sleeper” date in the Gold Dollar series was the 1863. After a long period of neglect, the 1863 has been discovered and it now sells for levels well in excess of current Trends. But there are other Civil War era gold dollars that remain in the budget of the typical collector. My personal favorite is the 1865 which has an original mintage figure of just 3,700 business strikes. Unlike the low mintage gold dollars from the 1880’s, the 1865 was not hoarded and it is unlikely that more than 100-125 are known. Interestingly, the 1865 is almost never seen in lower grades so the range that the collector with a moderate budget should be searching for is MS61 to MS62. In the Bowers and Merena 9/08 auction, an attractive PCGS MS62 1865 gold dollar brought a very reasonable $2,760 and I know of a small number of others in this grade that have sold privately in the $2,500-3,000 range.

To me, this coin is desirable on a number of levels. It is a Civil War issue which gives it historic significance and it is better produced than some of the other gold dollars of this date. It has a low original mintage as well as a modest survival rate. As of December 2008, PCGS has still recorded just forty-four in all grades.

2. 1884 Gold Dollar (MS 64 and above)

I have always thought that with some creative marketing, the gold dollars produced from 1876 through 1889 could be sold as a “short set” akin to the similarly-themed Walking Liberty half dollars of 1941-1947. In this fourteen coin run, the 1884 has always been an issue that I have found to be much undervalued. It is traditionally regarded to be a common date and it seldom gets any sort of premium over the readily available issues such as the 1881, 1883 and 1887-1889. However, it is considerably scarcer and Gems are actually quite rare. The most recent PCGS population figures show forty graded in MS64, twenty-five in MS65 and another thirty-four higher but I believe these figures are inflated by resubmissions.

At current price levels, I like most all gold dollars in MS64 and above but the 1884 seems really reasonable. The patient collector should be able to buy an MS64 in the $1,100-1,300 range and a very nice MS65 for $2,250-2,500.

3. Accurately Graded PR63 Gold Dollars

Most Proof gold is priced well beyond the collector of average means. Generally speaking, if you have a budget of $5,000 or so, you don’t get to play in this market. But there is one exception. Many of the Type Three gold dollars have CDN Bids in PR63 in the $3,900-4,700 range. These are coins that have mintage figures that are often below 100 and even the “common” Proofs struck from 1884 to 1889 have fewer than 100-150 survivors despite comparatively high original mintages in the 1,000-1,700 range.

There are a few caveats that must be thrown in before you run out and try to buy up all the PR63 Type Three gold dollars you can find at CDN Bid. The very low mintage dates from the 1860’s and 1870’s with Bids in the $4,000-5,000 range are basically impossible to find at these prices. It is more likely that the collector with $4,000-5,000 to spend will have to focus on a more available date from the 1883-1889 range. Still, these coins offer a lot of bang for your coin buying buck; especially if you can locate a PR63 with reasonably good overall eye appeal.

4. 1837 Classic Head Quarter Eagle

Classic Head quarter eagles have grown immensely in popularity in the last few years. And with good reason. They are a short-lived, completable set that includes a number of interesting branch mint issues and they form an interesting bridge between “old gold” and the more modern Liberty Head design that was employed all the way up to 1907. Among the Philadelphia issues, I have always had a soft spot for the 1839 but the rarity of this date has become fairly well-known. But the 1837 remains undervalued.

A quick perusal of the PCGS population figures will show that the 1837 is about three times as scarce as the 1834 and 1836 Script 8. If I were going to purchase a single Classic Head quarter eagle for type purposes, I would strongly consider an 1837 and pay the 25%+ premium that this date carries. I would personally be looking for an MS62 as a type coin and if I were specializing in the Classic Head series I’d probably look for a nice AU58.

5. 1842 Quarter Eagle

I wanted to avoid the “needle in the haystack” sort of coins that always drive me crazy when I read other articles of this sort. But I love this date and am still amazed that it is possible that the collector with a budget of less than $5,000 can purchase a very presentable example. In September 2008, I wrote an article about the ten rarest Liberty Head quarter eagles and the 1842 made it onto the list at #10. There isn’t another Top Ten date in this series that is as affordable as the 1842.

Only 2,823 examples were struck and I estimate that between four and five dozen are known. For the collector on a $5,000 or lower budget, I would suggest either an EF40 or an EF45. The former is currently valued at $3,500-4,000 while the latter is worth $5,000-6,000. The only example to sell in recent memory was Heritage 1/08: 3826 (graded EF45 by PCGS) that sold for $4,888; a remarkable value, in my opinion.

6. Uncirculated 1870 Quarter Eagle

There is probably no other 19th century gold series that offers as much value for the collector with a $5,000 or lower budget than Liberty Head quarter eagles. An especially fertile era in the quarter eagle series is the Reconstruction period of 1866-1874. Mintages during this era tend to be very low (in the case of Philadelphia issues, often less than 5,000) and survival rates for higher grade pieces tend to be even lower.

The 1870 is a vastly overlooked issue with an original mintage of just 4,520. There are an estimated 150-200 known but this date is generally seen in EF40 to AU50 and it becomes very scarce in the higher AU grades. In Uncirculated, the 1870 is genuinely rare with an estimated six or seven known. PCGS has only graded three in Uncirculated (MS61, MS62 and MS65). Despite the obvious rarity of this coin, I have sold two Uncirculated pieces in the last year (an NGC MS62 and a PCGS MS61) for less than $7,000 and even though this is a bit of a budget buster for the collector with $5,000 per coin to spend, I believe that this is an issue worth stretching on.

7. 1914 Quarter Eagle, MS63

When it comes to value, I’m not generally a big fan of the Indian Head quarter eagle series. However, I have always liked the 1914 as a date and I think that a solid, high end example in MS63 is a comparatively good value in this series. Here’s my logic. The key date of the series is the 1911-D. The current PCGS population of this date is 321 in MS63 with 331 graded higher. The 1914 has a population of 432 in MS63 with 320 higher. In my experience, the 1914 is not all that different in rarity from the 1911-D until you get up to the MS65 level. The big difference is price. The current CDN Bid for an MS63 1914 is $4,100 while the 1911-D is Bid at $17,500. When it comes to these two dates, I’m of the belief that the 1914 is undervalued and the 1911-D is overvalued. At current levels, I like the 1914 quite a bit.

Assuming that the Indian Head quarter eagle series stays popular with date collectors, there will be a decent level of demand for the 1914. It is, after all, the second scarcest date in the series and it does have recognition as a semi-key. In my experience it can be harder to find an MS63 1914 than a 1911-D (sometimes it seems that there are 1911-D quarter eagles around everywhere you look!).

8. 1884 Three Dollar Gold Piece

This is another date that I’ve touted for many years. It tends not to get the recognition that the 1881 or 1885 get because those two issues have mintages below 1,000 but the 1884 is comparable to the 1881 in terms of overall rarity and it is far rarer than the 1885 in all grades. There were exactly 1,000 business strike 1884 Three Dollar gold pieces produced and an estimated 150-200 are known, mostly in the lower to medium Uncirculated grades.

This is an issue that did not freely circulate and there are just a few dozen extant in circulated grades. Despite this fact, Trends is just $5,000 in AU55 and I have sold very presentable examples in this grade in the $4,000-4,500 range and AU58’s for $5,000-5,500.

9. 1838-C Half Eagle, Choice XF

I wasn’t going to include any Charlotte coins on this list because, quite honestly, I wasn’t sure how many sub-$5,000 pieces I truly consider to be good value. But the more I thought about it, the more I realized that the 1838-C is an issue that really has everything going for it. Numismatic significance? Check—it’s a first-year-of-issue and a one-year type. Collector demand? Certainly—every time I list one on my website, it sells within a few days. Scarcity? While I wouldn’t call this issue rare from the standpoint of total known, it is very hard to find a nice Extremely Fine with good eye appeal.

While prices have climbed quite a bit for nice EF 1838-C half eagles, I think this is another issue that merits a stretch by our hypothetical $5,000 per coin collector. A properly graded, attractive EF40 can still be had for $5,000 or so although such coins are becoming more and more difficult to find.

10. 1847-O Half Eagle, Choice XF

I’ve been raving about the value of this date for years and still the 1847-O half eagle doesn’t command the respect it deserves. Even though it is part of a relatively popular series (No Motto New Orleans half eagles) and it is clearly the key issue in this set, it is still priced at a fraction of the less rare key date branch mint issues from Charlotte and Dahlonega. As an example, let’s compare the 1847-O to the 1842-C Small Date and the 1842-D; the keys from the Charlotte and Dahlonega mints, respectively. The 1847-O has a PCGS population of thirty-two in all grades and a Trends value of $7,000 in EF40. The 1842-C Small Date has a PCGS population of thirty-eight in all grades and an EF40 Trends value of $25,000. The 1842-D Large Date has a PCGS population of sixty-nine in all grades and it Trends for $7,000 in EF40.

It is still possible to buy a nice EF40 example of this date in the $4,500-5,500 range and if the collector is willing to stretch a bit (a well-deserved stretch, in my opinion...) he may be able to find an EF45 for $6,000-7,000. Given the rarity, popularity and upside potential of such a coin, I would give it my strongest recommendation.

11. 1892-O Half Eagle

Here’s another date that I’ve been foaming at the mouth about for years. People have finally caught on to the fact that the 1892-O is a really scarce half eagle but I think it still ranks as one of the neater mintmarked coins of this denomination that you can purchase for less than $5,000. And for $3,000-4,000 you can still buy a really respectable example that is not far removed from Condition Census quality.

There were only 10,000 examples produced and I believe that there are fewer than 100 known; mostly in the AU50-AU55 grades. In Uncirculated, the 1892-O is rare with 15-20 known; mostly in the MS60 to MS61 grades. If you are offered an 1892-O half eagle it is likely to be heavily abraded and probably not really attractive but unless it has really horrible eye appeal, you want to buy this coin. Maybe even two...

12. 1910 Half Eagle, MS64

I’ll let you in on a little Indian Head half eagle secret: in MS64, the 1910 is much scarcer than many of the common issues in this series but unless this series is hot or being actively promoted, you can generally buy it for little or no premium over a date like a 1908, 1911 or 1912.

In truth, no properly graded MS64 Indian Head half eagle is “common.” And I really like the fact that there is a huge price jump to the next grade. With Gems currently bringing close to $20,000, you have to love a nice MS64 1910 half eagle at $4,500-5,000.

As I mentioned at the beginning of this article, there are literally dozens of great values in the rare date gold market. If you have a budget of around $5,000 per coin, there are some exceptional pieces that are available for purchase. In these trying economic times, good value is exceptionally important.

I’d love to hear from you regarding the gold coins in this price range that you feel are great values.