Dahlonega Gold Quiz

I'm busy updating my Dahlonega gold book (I hope to be finished with the manuscript in 45 days or so) and in honor of My Dahlonega Obsession, I thought it would be fun, or at least moderately amusing, to share some of my recent findings in the form of a Dahlonega Quiz. Here's how I would interpret your score on the quiz, should you decide to play along:

10 of 10: You are A Dahlonega Guru. Consider becoming a full-time specialist in this area; if you aren't already.

7/8/9 of 10: You are pretty good. Maybe not a Guru but you know your coins.

6 of 10 or below: You are a Dahlona-newb. You need to buy the upcoming third edition of my book, read it carefully, and then read it some more.

OK, are you totally excited and ready to take the quiz? Here we go!

1. What is the most common Dahlonega gold coin in terms of the total number known?

a) 1849-D gold dollar b) 1852-D quarter eagle c) 1854-D half eagle d) 1861-D eagle

2. What Dahlonega gold coin has the most known individual coins in Gem condition (i.e., MS65 and above?)

a) 1858-D gold dollar b) 1847-D quarter eagle c) 1855-D quarter eagle d) 1854-D half eagle

3. Which Dahlonega quarter eagle has an odd grade distribution where more survivors are high grade (AU55 and above) than low grade (EF40 and below)?

a) 1839-D b) 1843-D c) 1857-D d) All the above

4. What Dahlonega coin has the lowest mintage? (And you get extra credit if you know the mintage figure?)

a) 1854-D three dollar b) 1856-D quarter eagle c) 1854-D quarter eagle d) 1841-D quarter dollar

5. What is the rarest Dahlonega coin in terms of overall rarity (i.e., fewest known in all grades combined?

a) 1861-D gold dollar b) 1854-D three dollar c) 1840-D quarter eagle d) 1856-D quarter eagle

6. What is the rarest Dahlonega coin in Uncirculated? (Not the number graded by the services but the number of coins that specialists agree are really, truly "new?")

a) 1859-D gold dollar b) 1840-D quarter eagle c) 1856-D half eagle d) 1842-D Large Date half eagle

7. Which of the following is not a recognized Dahlonega variety?

a) 1842-D Small Date half eagle b) 1843-D Small Mintmark quarter eagle c) 1859/8-D gold dollar d) 1846-D/D quarter eagle

8. Which Dahlonega coin is known to have been produced exclusively by the Confederacy?

a) 1860-D half eagle b) 1861-D gold dollar c) 1861-D half eagle d) 1861-D three dollar

9. What coin holds the all-time auction record for a Dahlonega mint product? (Extra credit if you can name the sale and amount. A lot of extra credit, in fact....)

a) 1838-D half eagle b) 1861-D gold dollar c) 1861-D half eagle d) 1854-D three dollar

10. What collection of Dahlonega gold coinage, sold by Heritage in April 2006, contained many finest-knowns and set many price records?

a) Black and Gold b) Green Pond c) Ashland City d) Duke's Creek

11. Extra Credit: Name every one-year type of Dahlonega coin

So, did that frazzle you or did you find it fun? Here are the answers to the Dahlonega Quiz.

1= A. The 1849-D dollar is easily the most common coin made at the Dahlonega mint. There are as many as 750-1000 known and it is readily available in all grades.

2= A and B. Both of these are acceptable as correct answers. There are at least three Gem 1858-D gold dollars known. There are two or possibly three 1847-D quarter eagles known in Gem.

3= C. There is speculation that a hoard of 1857-D quarter eagles may have existed at one time. This date is almost never seen in lower grades but tends to be available in the AU50 to MS61 range.

4= B. The 1856-D has a mintage of just 874, which is the lowest of any issue from this mint and the only D mint coin with fewer than 1,000 made.

5= D. Again, the correct answer is the 1856-D.

6= D. This is a tough one but most specialists agree that the 1842-D Large Date half eagle is unknown in strict Uncirculated. The same could be said for the 1856-D quarter eagle but I'm tired of giving props to this date...

7= C. There is no such thing as an overdated Dahlonega coin. Of any date. Or denomination.

8= B. If you chose "D" and thought it was the 1861-D Three Dollar, you immediately fail this quiz and aren't allowed to buy any Dahlonega coins until you study my book!

9= C. Heritage 1/08: 3198, graded MS63 by PCGS, sold for a record-braking $207,000. When I sold the coin a number of years earlier, it was the first Dahloenga coin to have ever cracked the $100,000 mark.

10= D. The Duke's Creek collection of gold dollars and quarter eagles was sold in April 2006. The half eagles have yet to hit the market.

11= The one year types are 1855-D gold dollar, 1839-D quarter eagle, 1854-D three dollar, 1838-D half eagle and 1839-D half eagle.

So how did you do on the quiz? You can email me your result and comments at dwn@ont.com

Assembling a "Back-Up" Coin Collection

I’ve recently had a few collectors ask me a similar question; one that has given me some pause to think. Basically, these are people whose main collecting focus is an expensive, very challenging series. Due to lack of availability (of funds), their purchases may be very infrequent. But they still love coins and the thrill of the hunt. What, they’ve asked me, can they play with as their “back-up” set? The parameters that they’ve given me for this back-up set have been pretty consistent. They want a group of coins that are fun to collect, reasonably affordable, interesting but not wildly esoteric and different enough that they won’t compete against their primary set(s). Most importantly, they don’t want their back-up set to grow so expensive that it depletes funds from their primary set.

My answer(s) has typically been based on the needs and wants of the collector. I’d like to share a few suggestions that I have given focusing on the ideas that appear to have been popular as opposed to ideas of mine that have gone over like the proverbial lead balloon.

1. Dahlonega half eagles in EF and lower AU grades. With the exception of two dates (the 1842-D Large Date and the 1861-D), the Dahlonega half eagle set does not include any major rarities or extremely expensive coins. Every issue can be purchased in the EF-AU range for $5,000 or less and there are no “stoppers” that will prove frustrating for the collector. The series is reasonably short (just 26 coins) and the coins themselves are highly collectible. One of the best things about this series is that if a collector gets tired of these coins after buying just a few, he will have little downside risk. I’d say the key to collecting a set of Dahlonega half eagles is to be patient and to wait for choice, original coins.

2. No Motto Philadelphia Eagles. This is a set that the collector might not want to actually form a date set but it is a great area to dabble in. There are lots of very interesting coins that are priced in the $1,000-3,000 and what’s important to remember is that, generically, just about any still-round ten dollar gold piece from this era is worth in the area of $700. If you become seriously interested in this series, you can pursue the rarities which include the 1844, 1858, 1863 and 1865. If you’d rather just dabble, buy coins like the nice AU50 1857 eagle I just sold off my website for less than $2,000 (it was a great value, in my opinion).

3. A date set of gold dollars. I might be stretching on this one but I think a set that one example of every year in which the gold dollar denomination was produced (1849 to 1889) would be pretty interesting. I suggest this as a date set given the relatively high cost of issues such as the 1855-D, 1856-D and 1861-D. In a date set, these can be replaced by inexpensive issues from Philadelphia. A date set of gold dollar could be assembled in Uncirculated grades for a pretty reasonable sum and they only two challenging years would be the 1863 and the 1875. And, yes, I know these coins are small and not necessarily for everyone.

4. Coins with Low Mintage Figures. If you scan through a copy of the Redbook, you’ll be stunned to see how many United States gold coins from the 19th century have original mintage figures of 5,000 or less. You’ll be even more stunned to learn how many of these rare, low mintage issues can be purchased in very presentable grades for less than $5,000. No, you won’t be able to be ultra-low mintage issues in very popular series like Type One or Type Three double eagles. But there are literally dozens of gold dollars, quarter eagles, threes, half eagles and even a few eagles with stupidly low mintages that are highly affordable. And you don’t have to worry about forming a “set”; just buy what you like and look for the issues that seem most undervalued.

5. Related Numismatic Literature. Assembling a collection of books and catalogs related to your primary collection might be a fun adjunct project. Let’s say you collect early gold. Wouldn’t it be interesting to have a library that featured all books about early gold going back to the 19th century (admittedly there are not many...) and all important catalogs that featured early gold collections? Work closely with one of the major numismatic book dealers and have him help you come up with a list of, say, the 100 Greatest Sales of US gold coins.

Instead of waiting months or even years between your “big” purchases, think small(er) and create a secondary set that will keep you busy during the dry spells that all collectors face. It will make you a better collector and it will make you appreciate numismatics as a hobby even more than you already do!

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.

Comparing PCGS & NGC Population Statistics

As a dealer, I hear a lot of comments about how PCGS and NGC grade rare gold coins. I thought it would be interesting to compare the population statistics for two commonly traded series, Charlotte half eagles and Dahlonega half eagles, using recent published population figures from the PCGS and NGC databases. Before I get into the numbers themselves, I think a few background tidbits are necessary. I chose Charlotte and Dahlonega half eagles because these are two branch mint series that do not have a lot of problematical issues that are extremely hard to grade (unlike, say, Dahlonega quarter eagles which are especially hard to grade). Also, the market accords relatively similar value levels to Charlotte and Dahlonega half eagles in either services’ holder (unlike, say, high quality Mercury Dimes which are clearly more valuable in PCGS holders). Finally, I chose these two series because they have comparatively high numbers of coins that have been graded, which makes the population sample we are looking at more relevant than more esoteric series that have had few coins graded.

A few more quick points. The Charlotte half eagle series consists of twenty-four coins, including the 1842-C Small Date and Large Date. For both services, I included only these twenty-four issues. For NGC coins only, I also included 1850-C and 1854-C which were designated by that service as “Weak C.” PCGS does not make this differentiation. The Dahlonega half eagle series consists of twenty-six coins, including both varieties of 1842-D, the 1846-D/D and the 1848-D/D. I also included coins designated by NGC as “Weak D.”

I. Charlotte Half Eagles

As of June 2007 PCGS had graded a grand total of 2,626 Charlotte half eagles in all grades. A breakdown of these is as follows:

Very Fine and lower, 636 (24.21% of the total graded)

Extremely Fine, 889 (33.85% of the total graded)

About Uncirculated, 930 (35.41% of the total graded)

Uncirculated, 165 (6.28% of the total graded)

As of June 2007 NGC had graded a grand total of 2,877 Charlotte half eagles in all grades. A breakdown of these is as follows:

Very Fine and lower, 288 (10.21% of the total graded)

Extremely Fine, 750 (26.06% of the total graded)

About Uncirculated, 1506 (52.34% of the total graded)

Uncirculated, 321 (11.15% of the total graded)

Before I analyze these numbers, I think there are a few very important points to make. Both PCGS and NGC have an inherent flaw with their population figures: these numbers are inflated (often severely) by resubmissions. PCGS does a recently good job of clearing the deadwood off their report and they offer submitters a “bounty” for each used coin insert that ensures that a decent number of labels will be returned. NGC, unfortunately, does not offer a bounty and this discourages certain large submitters from returning their old inserts. When I look at the NGC population figures for Charlotte half eagles, what strikes me is the large number of coins graded AU55 and higher. I think these numbers are greatly inflated due to resubmissions.

So, what do I deduct from these numbers? First of all, I am struck by the nearly equal number of total coins graded by PCGS and NGC; 2,626 for the former and 2,877 for the latter. I would have predicted that the total number would have been much higher for NGC and much lower for PCGS. Secondly, I find it very interesting that PCGS has graded around 42% of all the Charlotte half eagles submitted to them in AU and higher grades while NGC has graded slightly over 63% in AU and higher. I find it very hard to believe that over six in ten of all Charlotte half eagles grade AU50 and better, even factoring in gradeflation. One final statistic that I think is very interesting is that NGC has graded nearly twice as many Charlotte half eagles in Uncirculated than PCGS. Even factoring in the inflated population figures at NGC due to submitters not returning duplicate tags, I am still intrigued by this disparity.

II. Dahlonega Half Eagles

As of June 2007 PCGS had graded a grand total of 3,355 Dahlonega half eagles in all grades. A breakdown of these is as follows:

Very Fine and lower, 749 (22.32% of the total graded)

Extremely Fine, 990 (29.50% of the total graded)

About Uncirculated, 1329 (39.61% of the total graded)

Uncirculated, 261 (7.77% of the total graded)

As of June 2007 NGC had graded a grand total of 3,266 Dahlonega half eagles in all grades. A breakdown of these is as follows:

Very Fine and lower, 313 (9.58% of the total graded)

Extremely Fine, 781 (23.91% of the total graded)

About Uncirculated, 1824 (55.84% of the total graded)

Uncirculated, 338 (10.34% of the total graded)

In looking at these two sets of numbers, there are two areas where great disparity can be quickly noted: with coins graded VF and lower and with coins graded AU. What accounts for this?

In regards to the lower graded coins, my guess is that there are two major reasons. The first is that PCGS tends to be a bit more generous than NGC in terms of what they will or will not encapsulate in this grade range. PCGS will often net grade a lower quality Dahlonega half eagle while NGC will tend to either not grade such a coin or place it in an NCS holder. The second reason is that these lower grade coins tend to appeal more towards pure collectors than investors or speculators and these individuals often prefer to have their coins in PCGS holders.

How can the great disparity between NGC and PCGS for AU grade Dahlonega half eagles be explained? I think there are two important things to consider. The first is that the NGC populations for Dahlonega half eagles graded AU55 and (especially) AU58 are hugely inflated by resubmissions. If NGC were to clean-up their populations figures, I think the number of AU coins would be reduced by at least 200-300+. The second reason is probably due to the fact that the NGC grading line for AU Dahlonega half eagles is a bit looser than PCGS’. In my opinion, a number of AU50 Dahlonega half eagles graded by NGC would not qualify as such at PCGS.

The most important thing to remember about these numbers is that they are subject to any number of interpretations. If you are pro-NGC, you will form your own conclusions while if you are pro-PCGS you will, no doubt, reach another conclusion.

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.

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.

Collectible Varieties of Dahlonega Gold Coins

Your set of Dahlonega coins is complete or nearly complete. You aren't interested in upgrading what you own but you still want to actively participate in the Dahlonega market. What's a frustrated collector to do? Try collecting the major varieties of Dahlonega coinage. Chances are, you're already doing this, even if you don't realize it. As an example, your set of half eagles probably contains examples of the 1842-D Large Date and Small Date. And the chances are equally as good that you have the 1846-D Normal Mintmark and Repunched Mintmark half eagles.

There are some other significant varieties that should be included in a comprehensive set of Dahlonega coinage. A number are now recognized by PCGS, giving them further cachet among collectors. Here are some of the more interesting varieties, as well as some basic information about them.

1855-D Full Date Gold Dollar

Unlike the other coins listed in the body of this article, the 1855-D Full Date is not a die variety. It is, in fact, a variation in strike; similar to a Full Bands Mercury dime or a Full Bell Lines Franklin half dollar. The 1855-D gold dollar is notorious for its weakness of strike and around 90% of the known specimens are weak on the date. Those that show a full, sharp date (with all four digits clearly visible) are considered extremely desirable by collectors. In fact, sophisticated collectors are now willing to pay a premium as high as 50% for an 1855-D gold dollar with a full, sharp date.

While I am generally opposed to paying premiums for variation in strike, this is one case where I think an added premium makes great sense. In the future, I would not be surprised if the difference in price between typical strike and Full Date 1855-D gold dollars grows even further apart.

1839-D Bold Branch Quarter Eagle

There are two varieties known for the 1839-D quarter eagle. The more common (Winter 1-A) has a weak branch stem that extends to over the upright of the D in the denomination. The rarer has a bold branch stem that is located entirely to the left of the D in the denomination.

This variety is not as likely to be included in advanced collections as the other listed here. But the popularity of the Classic Head series gives it a greater chance than comparable Liberty Head quarter eagles varieties.

1843-D Large Mintmark Quarter Eagle

There are four die varieties known for this issue. Three employ a small mintmark while the fourth has a large mintmark. There were only 3,537 pieces produced with the large mintmark (all were made on October 7, 1843) and this variety can be readily distinguished from its large mintmark counterpart with the naked eye.

As a side note, how does one decide whether or not a variety merits consideration in a collection? I like to use what I call the "Wife Test." If I show my wife Mary a variety and she can easily understand its significance, it passes. If I show her another variety and she looks at me like I'm speaking Greek, it fails. The 1843-D Large Mintmark quarter eagle passed the Wife Test.

1846-D/D Quarter Eagle

The 1846-D Near D (so-called because the original mintmark was punched too far to the left of the regular mintmark) quarter eagle has become very popular in recent years and is now included in most quarter eagle collections. It is actually less rarer than generally believed in Very Fine and Extremely Fine but it is quite rare in the lower About Uncirculated grades, extremely rare in the higher AU grades and currently unique in Uncirculated.

When purchasing this variety, it is important to remember to look for an early die state (as illustrated on page 110 of my book "Gold Coins of the Dahlonega Mint, 1838-1861."). It is my opinion that this will be the most readily accepted Dahlonega quarter eagle variety in the coming years.

1839-D Centered Mintmark Half Eagle

In my opinion, the 1839-D half eagle is among the more interesting Dahlonega issues. It is a distinct one year type coin with a different Liberty Head than that seen on the issues from 1840 onwards. And, it is the only Liberty Head half eagle from this mint with the mintmark on the obverse.

The majority of 1839-D half eagles have the mintmark positioned slightly to the right, over the 39 in the date. The rarer variety has the mintmark more centrally placed, over the 3 in the date. In addition to being rare, this variety is almost always seen with weakness of strike at the central obverse. For some reason, it is exceptionally hard to locate examples of this variety with original color and I have not seen more than one or two that graded higher than About Uncirculated-50.

This variety is slightly more esoteric than others listed here, but I feel that it has a good chance to be recognized as an important addition to a set of Dahlonega half eagles.

1840-D Small Mintmark Half Eagle

The 1840-1843 period saw considerable experimentation at the mint. In the half eagle series, there were experiments with date size, mintmark size and lettering. These varieties form a very interesting group for the Dahlonega collector.

In 1840, most of the half eagles produced at the Dahlonega mint had a tall, medium size mintmark. A less substantial number display a small, more narrow mintmark. This variety is easily recognized by the presence of a reverse die crack that runs through the right diagonal of the V in FIVE up through the right side of the mintmark and into the shield. It appears that the 1840-D Small D half eagle is very rare, especially in grades higher than About Uncirculated-50.

1841-D Medium Mintmark Half Eagle

The 1841-D Medium D half eagle (PCGS designates this variety as the "Tall D") uses the same reverse as seen on the 1840-D Medium D half eagle. It is believed that a total of 4,105 1841-D Medium D half eagles were produced as compared to 25,287 examples of the more common 1841-D Small D. A very interesting late die state exists that shows the obverse heavily shattered by four distinct cracks that converge at the back of Liberty's ear. An example of this variety was Lot 369 in the Bass IV sale. It is now in the Auraria collection of Dahlonega half eagles.

1843-D Small Mintmark Half Eagle

The 1843-D Small D is probably the best known of the three major mintmark varieties seen on Dahlonega half eagles during the early 1840's. It uses the same reverse as on the 1842-D Small Date, Large Letters half eagle. It shares the same obverse as the 1843-D Large D half eagle but in an earlier state, lacking the three tiny die lumps between stars one and two as seen on that variety. The 1843-D Small D appears to be considerably more rare than its Large D counterpart and it is beginning to sell for a premium.

1848-D/D Half Eagle

This is a variety that has become fairly well-known in recent years but it is still misunderstood. Unlike the 1846-D/D half eagle, the 1848-D/D is not easily visible. On the 1848-D/D, the first mintmark is located below the second. Two distinct die states are known. On the rarer of the two, the first punch can be seen with light magnification (see the illustration on page 199 of my book "Gold Coins of the Dahlonega Mint 1838-1861.") The more common late die state shows just a faint trace of the underlying mintmark and, in my opinion, should not sell for a premium.

The "real" 1848-D/D half eagle is rare in all grades and extremely rare in properly graded About Uncirculated-50. I have never seen an Uncirculated example and the majority of the AU's that I have seen were not attractive.

There are a few other varieties that a serious collector might wish to add to his collection.

In the realm of "strike varieties," some of the more interesting ones include the 1850-D Strong Mintmark, the 1851-D Weak Mintmark and the 1854-D Weak Mintmark half eagles.

Most 1850-D half eagles have a weak to very weak mintmark. It is my opinion that any piece with a strong mintmark deserves to sell for a premium. An advanced set might have a piece with a strong mintmark and an example with a weak mintmark to illustrate the differences.

One variety of 1851-D half eagle (Winter 19-M; see page 208 in my book "Gold Coins of the Dahlonega Mint, 1838-1861.") is sometimes seen with a faint to very faint mintmark. The same holds true for a number of 1854-D half eagles. I have actually seen a few 1854-D half eagle that had such a weak mintmark that even under strong magnification it was very difficult to see the "D."

The 1854-D three dollar gold piece is nearly always seen with pronounced weakness on the borders. A few are known that show virtually complete denticles and these are very rare. It is possible that at some point in the future, an 1854-D three dollar gold piece with strong borders will sell for a premium over a more typically struck example.

Nearly every known 1840-D quarter eagle was struck from heavily cracked dies. A few very early die state pieces are known without cracks. It is conceivable that such pieces will sell for a premium in the future.

At the present time (September 2001), very few of these varieties sell for a premium. The advanced collector of Dahlonega gold should view this as an excellent "window of opportunity" that should be slamming shut in the near future, especially given the fact that PCGS now recognizes and is publicizing these varieties.