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

One of the things about the Christmas/New Year's holidays is that they are a time of remembrance. If you are a coin dealer (and if you've been one for as long as I have...) this is a good time to sit around and get all nostalgic about interesting coins that you have seen or sold. I originally thought about writing an article that talked about the great U.S. gold coins that I have sold over the years. But the more I thought about it, the more it seemed like a disingenuous puff piece and I think one of the reasons that people like to read my web articles is that they are not simply written to extol the virtues of Douglas Winter Numismatics. So, what I've decided to do instead is to modify the article but keep the basic theme. I'm going to discuss three interesting coins from each denomination that are, in my opinion, extremely important but not necessarily that well known. A few are coins that I've handled but most aren't. And none are currently for sale or are likely for sale anytime in the near future.

I. Gold Dollars

a) 1849-C Open Wreath Gold Dollar, Graded AU58 by PCGS

This coin is important to me for a number of reasons. I sold it back in 1999 via private treaty to another dealer who then sold it to a collector who resides in the South. It is still in this collection and it is still in the same old green label holder that it has been in since 1997.

The 1849-C Open Wreath is the rarest gold dollar and it is, by far, the rarest coin from the Charlotte mint. There are five examples known. One has been graded higher than this coin (an NGC MS63PL that was sold by David Lawrence Rare Coin Auctions in July 2004 as Lot 1005 in the Richmond I sale; it brought $690,000) but I personally like this piece more on account of its superb original color and unmolested surfaces.

This coin was part of the North Georgia collection that I sold in 1999 in conjunction with Hancock and Harwell. Jack Hancock was a good friend of mine and he died far too young. Jack and I did alot of business together and had a lot of non-coin related fun at shows and at his house in Georgia. The aforementioned 1849-C Open Wreath gold dollar was the most expensive--and neatest--coin that the two of us ever handled together and whenever I think of this coin, I think of my buddy Jack.

b) 1863 PCGS MS68

I first saw this coin a number of years ago in David Akers' case at a show. Dave has owned it for a number of years and he likes to display it, from time to time. Its never really been for sale but its a coin that I find remarkable for a n umber of reasons.

The 1863 is one of the truly rare Philadelphia gold dollars. It has a much lower survival rate than the other Civil War issues and it is especially rare in Uncirculated. While a decent MS62 to MS64 trades from time to time (I sold a lovely NGC/CAC MS64 earlier in the year) Gems are extremely rare. But the Akers coin is just amazing. It is one of the finest business strike gold dollars of any date that I have seen with incredible luster and color and nearly perfect surfaces. The fact that it is really rare and really gorgeous makes it a very special coin.

c) 1875 PCGS MS65

This coin sold in the February 2010 Heritage sale as lot 1427. I had heard about it years ago but had never actually seen it. I wasn't disappointed. The coin is a total Gem with superb natural coloration atop gorgeous prooflike surfaces. It is housed in an older green label holder and would likely upgrade a point if it were resubmitted. The coin sold for $109,250 which I felt was extremely aggressive buy, as the old cliche goes, where are you going to find another one like this at any price?

The 1875 is a rarity in all grades with an original mintage of just 400 business strikes. When available, it tends to come in the AU range and I have never personally seen another Gem (and only a handful of nice Uncirculated coins).

This was another coin that, like the 1863 I mentioned above, neatly combined rarity, high grade and superb eye appeal in one neat package.

2) Quarter Eagles

a) 1842 PCGS MS62

The 1842 is among my favorite quarter eagles. It is a rare date in all grades. Only 2,823 were struck and most of the three to four dozen that exist are well worn. Which is why I think this coin, graded MS62 by PCGS and very choice for the grade by today's standards, is among the more interesting Liberty Head gold coins that I have ever handled.

I've actually owned this coin twice. I first bought it out of the Superior 9/99 auction where it brought $31,050. I sold it to a Nevada specialist who considered it one of the prizes of his quarter eagle collection. I purchased his entire collection from him in 2002 and then sold this coin to a Midwestern collector who has, without much fanfare, assembled the greatest set of quarter eagles ever assembled (and I'm proud to say that I've built essentially his whole set!)

I would love to have this coin in my case at a major show. I think it would be a great litmus test for dealers and collectors who fancy themselves experts on U.S. gold coins. If you are a true expert, you are going to swoon when you see a coin like this 1842; if you are a faux gold coin expert, you'll walk right on by and not even look twice.

b) 1842-C PCGS MS65

There are a small number of coins like this 1842-C quarter eagle: items that are not only spectacular from a condition standpoint but which are very rare as well. This 1842-C quarter eagle, which is best known to specialists as the Elrod coin (it was owned by the noted Charlotte gold expert Stanley Elrod from 1980 to around 1992) is not only the single best Charlotte quarter eagle of any date that I have seen. It is also the finest known 1842-C quarter eagle by a mile and it is one of just two or three examples of this date that exist in Uncirculated.

This coin last appeared for sale as Heritage 2/99: 6146 (as an NGC MS65; it was subsequently crossed into a PCGS MS65 holder) where it brought $90,850. I was the underbidder and this is one of the few expensive coins that I have ever bid on at auction with the total intention of buying it for myself and putting it away. Had I bought it I'm not sure I would have sold it yet and the current owner, a Southern connoisseur who does not specialize in branch mint gold, was smart enough to realize the significance of this coin.

c) 1864 NGC MS67

I have written about the Byrod Reed sale that was held by Spink's in October 1996. This is a sale that I'd love to be able to travel back in time to and spend about ten times more money than I actually did. Prices, at the time, seemed high but, in retrospect, they were dirt cheap. The most amazing thing about the coins in this sale where how fresh they were. You are talking about coins that had lain undisturbed since the 1870's or 1880's....ahhh, be still my heart.

There were numerous terrific coins in the Reed sale but the coin I remember most was the 1864 that was cataloged as "Gem Brilliant Uncirculated." It was by far the best example of this very rare date that I had ever seen (and there is still nothing even close). It later graded MS67 at NGC and sold for $132,000 in the auction.

I don't think this coin has traded in many years and I'm not certain where it is today. Whoever owns this coin has one of the really great Civil War rarities and it is a piece that I think might bring an extremely strong price if offered today.

3) Three Dollar Gold Pieces

a) 1854 PCGS MS68

You'll have to bear with me on this coin as I don't totally recall all the facts behind it. I do remember that the coin turned up at a small coin show in Dallas in the mid-1980's and I missed buying it by about five minutes, much to my chagrin. The coin was submitted to PCGS around 1987 and it graded MS67; back when MS67 meant , essentially, perfection.

Now here's where my memory is a bit murky. I think this coin was sold in the Superior January 1990 sale for $132,000 which, as you can guess, was an amazing price for a common date Three Dollar gold piece; still is, in fact. It was eventually sold to John Moores, the owner of the San Diego Padres, and it was in his incredible type collection that was sold by Sotheby's in November 1999 to raise money for Scripps Hospital. As with all the coins in this sale, it went very cheaply at $57,500. It finally resurfaced as Heritage 6/04: 6219, graded MS68 by PCGS, where it brought $112,215.

This is easily the finest business strike Three Dollar piece I've ever seen and it may be the best pre-Civil War gold coin I have seen as well. It has amazingly clean surfaces, glowing luster, a razor sharp and as much eye appeal as you could hope for. 1854 Threes come nice but, man, this coin is something special.

b) 1854-D PCGS MS62 This is not the most valuable Three Dollar gold piece (the 1870-S holds that honor) but it is clearly a coin that has very widespread appeal and would be considered desirable even by someone who owned no other examples of this denomination. This is a coin that is universally considered to be the finest known 1854-D and it resides in the incredible Great Lakes collection which is easily the finest set of business strike Three Dollar pieces ever assembled.

This coin last appeared for sale in the Superior January 1996 sale where it sold for a reasonable $72,600. It was later upgraded to MS62 by PCGS.

While it has been fifteen years since I've last seen this coin, I remember it well. It had superb color and surfaces and was well-made for the issue. At the time, it was the only 1854-D three that had ever been graded Uncircuclated by PCGS. Since then, PCGS has graded a few more in Uncirculated (as has NGC) but this is still the only example that I uncategorically regard as Mint State.

c) 1865 NGC MS67*

Its not so much the specific coin that I remember in this case; its more the collection and the thrill of the research that went with it.

This coin was one of the centerpieces of the wonderful Richard Jewell Collection of Three Dollar gold pieces. I assembled this collection with Rich from 2002 to 2004 and in the beginning of 2005, I was informed it was for sale. I decided to place it in the ANR March auction. As part of the agreement, it was decided that I would write a book about Threes with the Q. David Bowers.

Dave Bowers has been a hero of mine since I was a kid and the thought of working on a project with him was exciting, We had to race through the book due to time constraints but the day a finished Doug Winter/Dave Bowers book on Three Dollar gold pieces arrived at my office was one of the numismatic highlights of my career.

Part 2 of this article will cover half eagles, eagles and double eagles and it will be published on my website in around 30 days.

Which Gold Coins Are Popular and Why: Part One

A question that I am often asked by new collectors is "which gold coins are popular?" I think this is a great question and one certainly deserving of a blog. I'm going to not only answer this question for each denomination, I'm going to give a few reasons why I think certain coins/types are or are not popular. I. Gold Dollars

People tend to be in one of two camps when it comes to gold dollars: they either love them or they hate them. This is mainly due to these coins small size. I am clearly in the "love 'em" camp and have, over the years, handled many finest known and Condition Census pieces.

In my experience, the most popular gold dollars are the Dahlonega issues. Produced from 1849 through 1861, they are very collectible and a number of the issues are quite affordable. The most popular is the 1861-D which, at this point in time, is the single most popular gold dollar of any date. This is clearly due to this coins historic significance.

At one time, the Type Two issues were extremely popular with date collectors. But the values of the 1854 and 1855 Philadelphia issues have dropped considerably in recent years. At the same time, the branch mint issues of this design (1855-O, 1855-C, 1855-D and 1856-S) have become exceedingly popular.

Type Three gold dollars tend to be overlooked but offer the collector a number of very good values. The best known--and most popular--issue is the ultra-low mintage 1875.

II. Quarter Eagles

As a denomination, quarter eagles are fairly popular and they are clearly increasing in popularity each year.

The pre-1834 issues are all rare. They are not as popular as the half eagles and eagles of this era but there are a number of people who specialize in them and they are seldom overlooked when offered for sale. The most popular early dates are the 1796 No Stars and the 1808. Both are one-year types that have low original mintage figures.

The dates in the 1790's are always popular due to their historic significance and their overall rarity. I am personally a big fan of the Capped Head Left type produced from 1821 to 1827. There are only five dates, and these are hard to locate in all grades.

The Classic Head quarter eagles have become quite popular in the last few years and I expect that they will continue to grow in stature as more becomes known about them. The branch mint issues are the most popular. None of these is really rare (except in the upper Mint State grades) and collectors appreciate the unique positioning of the mintmark on the obverse. There are a total of ten Classic Head issues.

The Liberty Head quarter eagle series is popular as it is one of the few 19th century gold series that can actually be completed. There are a few rarities: the 1841, 1854-S and 1863 are all six-figure coins and many of the branch mint issues are very rare in Uncirculated.

In my experience, the most popular Liberty Head quarter eagles are the Dahlonega issues. The rarest is the 1856-D. None are common in higher grades but this series can be completed with time and patience and this makes it popular with specialists.

The San Francisco quarter eagles seem to be the least popular issues of this type; discounting, of course, the very rare 1854-S. I attribute this lack of popularity to the fact that there is no published reference work on San Francisco gold. These coins tend to be relatively available in lower grades but nearly all of the issues from the 1850's, 1860's and the early 1870's are very rare in Uncirculated.

The Indian Head quarter eagle series is probably the most familiar type of quarter eagle due to the availability of these coins. Unlike the 18th century issues, the Indian Head coins are readily available in higher grades.

For a number of years, this series was extremely popular due to an excellent promotional effort by one firm. This firm is no longer focusing as much attention on these coins and prices have dropped.

I personally like the design of the Indian Head quarter eagle and I find fresh, high grade examples to be very cosmetically appealing. But, to be honest, the availability of these coins make them a bit boring to me and I have never really found locating any of the dates to be enough of a challenge to get me interested.

III. Three Dollar Gold

The popularity of this odd denomination tends to ebb and flow. A few years, Threes were very popular with collectors. Today, they are not as popular and appear to be an excellent area for the contrarian.

My guess is that most people would agree with me that the 1854-D is, hands-down, the most popular issue in this series. It is the only Three from this mint and it has a small original mintage of 1,120. It is certainly the only date of this type that seems to have broad appeal outside of the realm of specialists.

The 1875 and 1876 are Proof-only issues that are rare and popular. But many three dollar collectors feel it is OK to exclude these from their set and focus exclusively on circulation strikes.

The ultimate three dollar is the 1870-S which is unique and housed in the ANA money museum in Colorado Springs. When and if this coin becomes available for sale, I would expect it to sell for a strong seven-figure price.

Some of the demand that was created for this denomination a few years ago was artificial as it was generated by telemarketers. I would expect that if a really nice specialized collection of three were to become available, new collectors would come back to this series and you'd see a more "pure" level of demand.

IV. Half Eagles

This denomination has incredible variety and breadth. Some collectors find it overwhelming while others appreciate the challenges afforded by the half eagle.

The early dates (pre-1834) are generally divided into two categories: the semi-affordable and the not-very-affordable. The Small Eagle coins from 1795 to 1798 include few of both. The most popular issue is the 1795 Small Eagle due to its status as the very first half eagle produced. It is can be found without a great effort.

The Heraldic Eagle type of 1795-1807 includes a number of great rarities but many of the issues (especially those struck after 1799) are available and surprisingly affordable. The Capped Bust Left type of 1807-1812 is very collectible and there are no "stopper" issues.

Almost nothing but "stoppers" can be found in the 1813-1829 Capped Head Left issues. The best known issue is the 1822 of which just three are known. Many of the other issues (like the 1815, 1819, 1821, 1825/4 and 1829 Large Date) are extremely rare and almost never offered for sale.

The reduced size Capped Head Left issues of 1829-1834 are also extremely rare, despite relatively high original mintage figures.

For many collectors, the earliest half eagles that they focus on are the Classic Heads of 1834-1838. I really like this series as it is short-lived, nicely designed and a nice bridge between the expensive "old gold" issues and the more ubiquitous Liberty Head coins. The two branch mint Classic Head half eagles (1838-C and 1838-D) are extremely popular but affordable and available in circulated grades.

Liberty Head half eagles are found with two types: the No Motto issues from 1839 through 1866 and the With Motto issues from 1866 to 1907.

No Motto half eagles range from not very popular to very popular. As one might expect, the most popular issues are those from the southern branch mints. The order of popularity seems to be Dahlonega solidly in the lead followed by New Orleans and lagged by Charlotte.

Branch mint No Motto half eagles tend to be seen usually in the Very Fine to Extremely Fine grades. Even the common dates tend to be hard to locate in properly graded About Uncirculated and all are scarce to rare in Uncirculated. I personally believe that there is some excellent value to be had with both the branch mint and Philadelphia No Motto issues, especially in higher grades.

The With Motto half eagles are less popular with collectors with one big exception: the Carson City issues that were produced from 1870 through 1893. The 1870-CC is far and away the most popular Carson City half eagle due to its status as the first year of issue from this mint.

There are a few very rare issues in the No Motto series including the 1875 and the 1887 but these tend to be somewhat overlooked due to the extreme availability of many of the post 1880 Philadelphia and San Francisco dates.

The final half eagle design is the attractive Indian Head made from 1908 to 1929. Despite this coin's beauty, it is probably the least popular of the four "modern" 20th century gold series. I'd say part of this lack of popularity has to do with the rarity of many Indian Head half eagles in high grades. Even the most common Philadelphia dates are scarce in MS64 and above and nearly all of the San Francisco issues are very rare to extremely rare in MS64 and above.

The most popular Indian Head half eagle is the 1909-O. It is well-regarded due to its status as the only Indian Head half eagle from New Orleans.

In part two of this article, we'll look at eagles and double eagles.

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 Mystery of the Proof 1875 Gold Dollar

As I have mentioned before, certified population figures can be helpful but they can also be confusing. Take, for instance, the 1875 gold dollar in Proof. This is a coin with a reported original mintage of 20. But it has a combined PCGS/NGC population of 24 (twelve at each service). Something is obviously not right here. But, for once, the fault does not lie with the population reports. Despite being created with the best of intentions, the PCGS and NGC population figures are full of inaccurate information which can be misleading to collectors. This isn’t necessarily the fault of the grading services. It is the fault of dealers (and collectors) who resubmit coins and do not send in their extra inserts. I’ve rambled on (and on) about this in the past and do not plan to offer my two cents this time on how I think that dealers who do this are doing themselves and the coin market a major disservice.

In the case of the Proof 1875 gold dollar the disconnect between the number struck and the number graded has to do with information from the Mint which is not necessarily accurate.

We know for a fact that 20 Proof gold dollars were struck on February 13 as parts of complete gold proof sets. For a number of reasons (some of which will be discussed below), the demand for Proof 1875 gold dollars was higher than expected and it is likely that another 20 or perhaps even a few more were made later in the year and sold to collectors. These appear to have been struck from the exact same dies and cannot be distinguished.

Looking at auction records for Proof 1875 gold dollars over the last few decades, it looks like the actual number known to exist might be as high as 20-25 pieces. Given the fact that survival rates for small denomination Proof gold coins of this era is typically around 50%, this is in line with an original mintage figure of around 40-50 coins.

Striking additional Proof gold coins to satisfy demand is not without precedent. It was clearly done in 1875 and 1876 for the Three Dollar gold piece.

There were a number of times that the Mint engaged in “questionable” practices in order to produce coins as special favors for VIPS or to use as trade bait to acquire coins for their collection. And there were also times that clandestine strikings of certain coins occurred in order for certain Mint employees to make extra money on the side. But in the case of the Proof 1875 gold dollars I don’t think that anything sleazy occurred.

By the mid-1870’s, collecting proof gold coins by date was fairly popular with collectors. This was not necessarily the case with the higher denominations as ten dollars or twenty dollars was an excessive amount of money for all but the wealthiest individual collectors. But the gold dollar, quarter eagle and three dollar denominations were within the range of many contemporary collectors.

My guess is that once the Mint reported that the total number of gold dollars struck in 1875 was so low (only 400 business strikes were made), a certain number of collectors were intrigued enough to buy an example. There were probably also dealers who were willing to speculate on a low mintage issue like an 1875 gold dollar, especially given the fact that a Proof could be obtained from the Mint for a relatively small premium above face value. Since few collectors differentiated between Proofs and business strikes in 1875 and the business strikes may have already been unavailable from the Mint, it seems likely that there was enough demand for the Mint to decide to have a second run of Proofs.

So why then was done in 1875 but not, say, 1876 or 1877 when Proof mintages were also tiny? My guess is that there were enough business strikes made this year to fulfill the demand. Or, maybe the speculators who bought Proof 1875 dollars didn’t make the “killing” they thought they would.

The story of the Proof 1875 gold dollar is an interesting one and one that is likely not yet fully known. It is these little mysteries that make numismatics such an interesting hobby and keep me compelled to learn more about a subject that I have found compelling for the better part of my life.

The Ten Rarest Gold Dollars

During the last year or so, I have been working on a series of articles that discusses the ten rarest individual issues in each of the Liberty Head denominations. I haven’t done one of these articles since October 2008 when I wrote about the ten rarest Liberty Head quarter eagles. Gold dollars are a series that is on my mind right now, especially considering I am selling a wonderful group of Type Three Proofs known as the Tri-Star Collection. This seems like a good segue into this article.

The gold dollar coinage was produced from 1849 through 1889. These are the smallest gold coins struck by the United States mints, both in terms of value and size. Coins were produced at the following mints: *Philadelphia: 1849-1889 *Charlotte: 1849-1853, 1855, 1857, 1859 *Dahlonega: 1849-1861 *New Orleans: 1849-1853, 1855 *San Francisco: 1856-1860, 1870

There are three varieties of gold dollar. The first, known as the Type One, was struck from 1849 to 1854. It is easily recognizable by the use of Longacre’s Liberty Head obverse. The Type One dollars have a diameter of 12.7 millimeters and weigh 1.67 grams. The second variety, known as the Type Two, was made in 1854, 1855 and 1856. It features an Indian Head obverse design with a small head. It has a diameter of 15 millimeters. The final variety, known as the Type Three, was produced from 1856 until this denomination was abolished in 1889. It has another variation of the Indian Head design, this time with the portrait larger in size. It is the same size and weight as the Type Two design.

As a series, gold dollars are more popular than many non-specialists realize. The natural inclination that most people have is that since these coins are so small, they are not readily collectible. I have found this to be untrue and I am aware of a number of people who either collect all the gold dollars by date or they specialize in one or two of the mints (usually Charlotte or Dahlonega).

Without further ado, let’s take a look at the ten rarest gold dollars.

1. 1849-C Open Wreath: This is not only the rarest gold dollar, it is the third rarest regular issue Liberty Head gold coin of any denomination, trailing the 1861 Paquet Reverse $20.00 and the 1854-S $5.00. There are either four or five 1849-C Open Wreath gold dollars known. The finest is an NGC MS63PL that sold at auction in July 2004 for $690,000 which is, by far, a world record for a gold dollar of any date. This same coin is said to have later traded in excess of $1 million. The lowest graded is an NGC F15 which has signs of having been mounted at one time but which is slabbed by NGC nonetheless. I have handled two of the 1849-C Open Wreath gold dollars and I believe that if this issue were better known (and larger in size) it would easily be a million dollar plus coin.

2. 1861-D: This is not only the rarest Dahlonega gold dollar, it is the single most popular issue of this denomination from any date or mint. Much of the 1861-D gold dollar’s popularity has to do with the fact that it is known with certainty to have been produced by the Confederacy. It is believed that around 1,000-1,500+ were originally struck of which an estimated 60-80 exist today. The survivors tend to be divided between low-quality damaged pieces and examples that are relatively high grade and nicer than one might expect. There are two known in PCGS MS64 (the Ullmer/Miles/Pierce coin and the Duke’s Creek coin) and a grand total of ten to fifteen in Uncirculated grades. The 1861-D is one of the few gold dollars that has strong demand from non-specialists and as a result, it is one of the most expensive issues in the entire series.

3. 1855-D: The 1855-D is a one-year type coin with a tiny original mintage figure of 1,811. It is the only Type Two dollar from the Dahlonega mint and its status as a one-year issue makes it extremely popular among date and type collectors. There are between 75 and 100 known and it is the rarest Dahlonega gold dollar in terms of availability in higher grades. At one time I felt that as few as three Uncirculated pieces were known. Today, I believe that this number is a bit higher but this is due to gradeflation and not the discovery of new examples. When available, the typical 1855-D grades VF to EF and is characterized by weakly struck digits in the date. Examples do exist with full dates but these are quite scarce. This is one of my very favorite gold dollars and it is an issue that I believe will always remain in high demand in virtually all grades.

4. 1875: Due to its tiny mintage of just 400 business strikes, the 1875 is among the best known gold dollars outside of the specialist community. As one might expect, this is a very scarce coin but examples appear to have been saved by contemporary collectors and dealers with an estimated 75-100 known today. All business strike 1875 dollars are prooflike but can be easily distinguished from their Proof counterparts by the presence of a thorn that protrudes from the lower portion of Liberty’s jaw into the field. The 1875 dollar is not often found in grades below AU55, indicating that this issue did not see much circulation. There are some extremely nice Uncirculated pieces known and I have personally handled three or four Gems that had great eye appeal. PCGS has graded two in MS66 with none better while NGC has graded one in MS66 with none better. One of these is almost certainly Brand I: 51 that was sold by Bowers and Merena in November 1983 and which I still remember being the best example that I have seen. The auction record for a business strike 1875 dollar is $33,350, set by Heritage 2007 ANA: 1814, graded MS66 by NGC.

5. 1856-D: Assuming that the mintage figure for the 1861-D was in the 1,000-1,500+ range, there is a chance that the 1856-D has the smallest number struck of any gold dollar from this mint. Even if this is not the case, the 1856-D is a rare issue with just 1,460 produced. My best estimate is that around 80-100 are known today. The 1856-D is usually found in the EF40 to AU50 range and it is quite rare in properly graded AU55 to AU58. (Both the PCGS and NGC population figures for AU55 and AU58 examples are greatly inflated by resubmissions. The 1856-D is extremely rare in properly graded Uncirculated with an estimated four to six known. NGC has graded a single coin in MS63 but the best I have personally seen is the PCGS MS62 Green Pond: 1009 coin sold by Heritage in January 2004 that brought $47,150. All known 1856-D gold dollars show a weak U in UNITED.

6. 1863: Many people reading this article will be surprised to see the 1863 listed as the sixth rarest gold dollar, ahead of dates like the 1854-D and the 1860-D. It is an issue that has long been a favorite of mine and even though prices have risen significantly for the 1863 dollar over the years it is still a “sleeper.” There were 6,200 business strikes produced but unlike the dates from the later Civil War years, not many were saved. My best guess is that there are around 100-150 known including three dozen or so in Uncirculated. There are a few really superb pieces including a remarkable PCGS MS68 and a single NGC MS67. The 1863 is usually seen in the middle AU grades. Uncirculated coins tend to come in the MS62 to MS63 range and are characterized by heavy die striations on the surfaces. This is an issue that is only now coming into its own and a strong case can be made for it being the rarest Philadelphia gold dollar in Uncirculated.

7. 1854-D: The 1854-D is the fourth rarest Dahlonega gold dollar with an estimated 100-150 known from the original mintage figure of 2,935. It has a very distinctive quality of strike with the obverse typically much better detailed than the reverse. The 1854-D is not often seen in grades lower than EF and many of the examples that have been slabbed are in AU holders. Properly graded AU55 and better pieces are very rare and this is an issue that is extremely rare in Uncirculated with around nine or ten known. The best I am aware of is the Reed Hawn coin that was graded many years by NGC as MS63. PCGS shows a population of five in MS61 and six in MS62 but this seems inflated by resubmissions. There have been a number of auction records in the $13,000-15,000 range but the single highest price that I know of is $17,250 for a PCGS MS62 set by Heritage 4/06: 2209 in April 2006. The low mintage of this issue and its status as the final Type One gold dollar from Dahlonega make it an intriguing date.

8. 1860-D: The 1860-D is another rare gold dollar from Dahlonega with a very low mintage figure. There were just 1,566 produced and around 100-150 are known today. This date is similar in overall and high grade rarity to the 1854-D despite the fact that the 1860-D is generally valued quite a bit higher. The quality of strike seen on this date is the worst of any Dahlonega gold dollar; even more so than the 1861-D. All 1860-D gold dollars show a very weak U in UNITED and some pieces have the N weak as well. The obverse has a flat overall appearance while the reverse shows weakness on the lettering and the date. There are around a dozen known in Uncirculated. The highest graded by either service is an NGC MS64 (formerly in a PCGS MS63) that was last in the Duke’s Creek collection. It holds the all-time auction record for the date at $57,500 when it was sold as Heritage 4/06: 1492; the same coin brought $48,875 a year later when sold as Heritage 8/07: 1811.

9. 1850-D, 1852-D (tie). Both issues have total populations in the area of 150-200 coins and it is hard to determine which is rarer in terms of the total number extent. In higher grades, the 1850-D is the rarer of the two. It is unlikely that more than a dozen accurately graded Uncirculated pieces are known and the best is the Duke’s Creek coin that has been graded MS64 by NGC and MS63 by PCGS. All 1850-D dollars have a flat appearance but this is a much better made issue than the 1852-D. Speaking of which, the 1852-D is probably a bit more available in lower grades than its counterpart the 1850-D but it is a very rare coin in full Mint State. There are two NGC MS63 coins and one graded as such by PCGS. The best of these is the Duke’s Creek coin, graded MS63 by NGC (ex Heritage 4/06: 1484) that sold for $27,600. The 1852-D has an extremely distinctive appearance with most coins showing heavy roughness in the obverse fields as the result of multiple clashmarks.

10. 1865: The 1865 gold dollar is not as scarce as the 1863, despite the fact that it has a much lower mintage. There were 3,720 business strikes made of which around 150-200 (or perhaps a few more) exist. In spite of this date scarcity, it is easily the most affordable date in the Top Ten list and I have seen nice AU’s trade for less than $1,500 which seems like great value to me. While very scarce in Uncirculated, there are a few amazing 1865 gold dollars known including two graded MS67 by PCGS and the finest known, a PCGS MS68, that sold for $34,500 in the Heritage March 2008 auction. This date is usually seen with clashmarks and all have mint-made die striae in the fields. Examples are usually frosty and original pieces tend to show excellent multi-hued coloration.

The gold dollar series contains a number of rare issues but, excluding the virtually uncollectible 1849-C Open Wreath, it is a set that can be completed. What I like about these coins is that many of the issues have a very distinctive “character” due to the way that they were produced. For more information about gold dollars, please feel free to contact me via email at dwn@ont.com

Douglas Winter Numismatics To Sell the Tri-Star Collection of Proof Gold Dollars

Douglas Winter Numismatics has been chosen to sell the Tri-Star Collection of Proof gold dollars. This collection, which was formed by one of the savviest collectors of gold coins in today’s numismatic market, includes a dozen very rare Type Three Proof gold dollars dated between 1856 and 1878. In a conversation with the former owner of the coins, he stated the following: “My original goal was to assemble a complete set of Proof gold dollars in high grades. Instead of focusing on the dates from the 1880’s which I thought would be easy to acquire, I was more focused on the very rare Type Three coins struck from 1856 to 1879. These dates typically had mintage figures of fifty coins or fewer and many have as few as ten to fifteen survivors.”

This collector added another couple of interesting comments about his collection. ”I tried whenever possible to buy coins that were original and which had not been recently conserved. I also tried to add a few coins that had particularly good pedigrees. The reason that I gave up on the set was that I found it too frustrating to find the dates I needed with the eye appeal that I wanted.”

What this collector did accomplish is still nothing short of amazing. The undisputed highlight of the coins being offered for sale by DWN is an 1856 gold dollar graded PR67 Ultra Cameo by NGC. It is the earliest dated gold dollar graded this high by NGC and it is the finest known of an estimated six or seven that exist.

Remarkably, the collection continues with a nice date run of Proofs dated 1857-1863. The 1857 is an NGC PR65 Cameo, while the 1858 is a stunning NGC PR66 Cameo that is tied with one other coin as the finest known. The 1859, graded PR66 Deep Cameo by PCGS, has amazing eye appeal and is a coin that is notable for its rich original coloration. The 1860 is graded PR65 Cameo and has a pedigree from the famous Harry Bass collection while the popular 1861 is a very high end PR65 that has also been graded by PCGS. The 1862 is an NGC PR66 Ultra Cameo which is among the finest known while the 1863, while “only” graded PR64 Deep Cameo by PCGS, has the eye appeal and appearance of a Gem.

The collector who assembled this set of gold dollars was very interested in coinage from the Civil War and the only issue from this era that was missing was the 1864. His 1865 is a Gem NGC PR65 that has a Cameo designation.

There are just three coins from the 1870’s present in the Tri-Star collection but they are all remarkable and desirable pieces. The extremely rare and much underrated 1874, with an original mintage of just 20 pieces, is represented by a lovely PCGS PR64 Cameo. The extremely rare 1875 is a PR66 Cameo with an incredible pedigree. The coin was last sold as part of the Bass collection and it had been obtained from the Stack’s 1976 Garrett sale where it was part of an original 1875 gold proof set that had been obtained by the Garrett family back in 1883. The other issue from this decade is a PCGS PR65 Cameo 1878. This is another date with an original mintage of only 20 pieces and the present example is clearly among the finest known.

A number of the coins in the collection have been sent to CAC and have received a “green sticker” that indicates that they are acceptable quality for the grade.

It is my feeling that these low mintage Type Three gold dollars represent the best value in the Proof gold market. To wit, there are a host of coins in the collection that are extremely rare as based on their original mintage figure and survival rate but which are priced at a fraction of the amount of less rare large denomination Proofs from the 1880’s and 1890’s in the same grade. Clearly, size does matter when it comes to Proof gold but the dollar denomination has traditionally been popular among collectors and, unlike the larger coins, this set could be completed with patience and a deep pocketbook. If a collector wants to buy a single extremely rare Proof gold coin but he doesn’t have unlimited funds, the gold dollar denomination will prove fruitful.

It is anticipated that the Tri-Star collection will be posted on the DWN website (www.raregoldcoins.com) within the next week. Subscribers to Winter’s newsletter will be given early notification of the exact date that the coins will go “live.” Each coin will be accurately described and superbly imaged with large views of the obverse and the reverse. For more information about the Tri-Star Collection of Proof Gold Dollars, please contact Doug Winter via email at dwn@ont.com.

1857-S Gold Dollar

One of my favorite under-the-radar U.S. gold issues is the 1857-S gold dollar. This is a coin that is really hard to find yet nice examples can still be purchased for less than $2,000. Read on for some “need to know” information about this interesting issue.

San Francisco only produced gold dollars for a total of seven years. The 1856-S is probably the best known of these issues due to its being a popular one-year type but, ironically, it is probably the most common gold dollar from this mint. The 1870-S is the rarest of these in terms of its overall availability but it is actually more obtainable in Uncirculated than generally realized. The dates that are the hardest to locate in higher grades are the 1857-S, 1858-S and 1859-S and it is my belief that the 1857-S may be the toughest of the three.

A total of 10,000 1857-S gold dollars were struck of which I would estimate that 150-200 are known. This date is seldom found below EF40; this is due to the fact that the small size of the gold dollar did not make it a coin that could easily circulate for many years and subsequently become heavily worn. Most of the survivors are in the EF45 to AU55 range. The 1857-S becomes scarce in properly graded AU55 to AU58 and it is quite rare in Uncirculated.

As of March 2008, PCGS has graded seven 1857-S’s in Uncirculated including one in MS64, two each in MS63 and MS62 and another two in MS61. NGC has graded sixteen in Uncirculated with one each in MS64 and MS63, two in MS62, nine in MS61 and one in MS60. I believe the NGC figures are inflated by resubmissions and I also believe that the NGC MS64 and PCGS MS64 are the same coin. In my best estimation, there are around ten to fifteen truly Uncirculated 1857-S gold dollars with most of these in the MS60 to MS62 range. I know of only two really choice pieces:

      -Bowers and Merena Bass II: 121 (10/99) @ $16,100. This coin was graded MS63 by PCGS in the Bass sale and I believe it may be in an MS64 holder today.

      -David Akers Pittman I: 880 (10/97) @ $13,200. I purchased this coin in the Pittman sale and it graded MS62 at PCGS; I believe that this coin is in an MS63 holder today.

The 1857-S is generally a well struck date, as are all of the San Francisco gold dollars. There are some pieces known that show weakness on the curls below LIB in LIBERTY and the date can occasionally show light weakness on the tops of the 85.

The quality of the surfaces for this issue tends to be somewhat below average. I have seen a number with mint-made lintmarks and others that show die deterioration at the NI in UNITED and/or the C in AMERICA that weakened these areas.

The luster is most often satiny with a slightly grainy texture. A few are known with semi-prooflike luster but this tends to be on circulated coins with abrasions, resulting in sub-standard eye appeal.

The natural coloration ranges from rose-gold to orange-gold and I have seen some 1857-S gold dollars with very attractive color. As one might expect, such coins are becoming harder and harder to find as more are being dipped and/or brightened.

As I mentioned above, I feel that this is a considerably undervalued coin. In fact, I think all of the Type Three gold dollars from this mint are great value in comparison to Charlotte and Dahlonega gold dollars. As an example, I recently sold a nice PCGS AU55 1857-S gold dollar (the coin imaged above) for less than $2,000; the same price level I would have gotten for a far more common 1851-C in a lower grade.

Uncirculated examples of this date are remarkable good value in my opinion. An MS61 is likely to trade in the $5,000-6,000 range while an MS62 would bring around $7,000-8,000 if available. Again, in comparison to the more popular C & D mint gold dollars of this era, the 1857-S seems like really good value to me.

Collecting New Orleans Gold Dollars

For many collectors New Orleans gold dollars are a perfect set to assemble. They are within reach of nearly any budget and with only six pieces required to assemble a complete set they do not require years and years of patience to complete. The New Orleans mint produced six different gold dollars between 1849 and 1855. Two design types are found in the series. The first five issues employ the familiar Type One design while the final (1855) one uses the popular Type Two or Indian Head design.

The keys to the series are the 1850-O and the 1855-O. The beauty of these two dates are that while both are popular and desirable, neither is so rare or expensive that they can not be obtained by the collector of average means.

The 1849-O is a favorite among collectors due to its status as a first-year-of-issue. It is common in circulated grades and a nice AU example can be obtained for under $500. Many collectors try to purchase an MS60 to MS62 piece which is typically valued in the $1000-2000 range. This date does not really get expensive until the higher MS grades and a Gem will run in the $13,000-16,000 range.

The 1850-O is the rarest date in the series and it is much undervalued in my opinion. I typically sell nice AU pieces in the $1500-2000 range and an Uncirculated piece in the MS60 to MS62 range should be available for $3000-5000. This date becomes rare in MS63 and it is very rare above this. The best pieces I have handled are a pair of MS64’s and I am not currently aware of a Gem.

The 1851-O is one of the more common dates in the series. It is very easy to find in AU grades and a nice piece can be purchased for under $500. A collector seeking a nice entry-level Uncirculated coin can purchase a solid MS62 for $1200-1400 and an MS63 will run around $2100-2300. Due to a small hoard some Gems do exist and I have sold some pieces graded MS65 in the $13,000-16,000 range.

The 1852-O is the second scarcest New Orleans gold dollar and it is the hardest Type One to find with a good strike. A high quality circulated piece can be obtained for under $1,000 while an MS60 to MS62 example will cost $1,250-2,500 depending on the quality. This date becomes scarce in MS63, rare in MS64 and extremely rare in MS65.

The 1853-O is the most common date in the series and a very nice AU is easily located at less than $500. A very presentable Uncirculated piece can be found with some searching for $600-1,200 and even an MS63 is a good value at $2,500-3,000. This date is much harder to find in MS64 and higher than typically assumed and a Gem, if available, will sell for as much as $15,000.

The 1855-O is the only Type Two gold dollar from this mint and it is an exceptionally popular issue. It has appreciated quite a bit in price in the last few years but it is still a good value. The collector searching for a nice AU example should be prepared to pay between $2,000 and $5,000 while an MS60 to MS62 will require an outlay of between $7,000 and $18,000. In any grade above MS62, the 1855-O is rare and expensive but is always an easy issue for a specialist-dealer such as myself to sell.

In my opinion, an ideal beginner’s set of New Orleans gold dollars would contain AU55 to AU58 examples of the 1850-O and the 1855-O plus MS61 to MS62 examples of the other four dates. The more advanced collector should shoot for a set with all six coins grading Uncirculated. The former set could be completed for under $10,000 while the latter could require as much as $100,000+ depending on the quality of each piece.

Does Size Matter?

When it comes to collecting United States gold coins, does size matter? For better or worse, I’m afraid it does. Most new collectors of gold coins are immediately attracted to big coins, especially double eagles. The classic entry position for most collectors is to buy some gold bullion, then graduate to something semi-numismatic like a Krugerrand or a Maple Leaf then to St. Gaudens or Liberty Head double eagles. This has been a pattern that many companies have pushed through their marketing.

When someone is new to collecting and spending a few thousand dollars on a coin for the first time, it is difficult to understand the concept that intrinsic value has little bearing in the world of rare gold. But this is exactly the reason why most new collectors shudder when they think about spending $5,000 on a small coin like a gold dollar or a quarter eagle.

There is another factor at work that keeps values of smaller coins below their larger counterparts. As most well-heeled collectors approach middle-age (or beyond) their eyesight no longer allows them to carefully view a small coin. Paying $5,000 for a gold dollar that you can’t even see keeps the average 50-60 year old collector away from little coins.

But there is a loyal group of collectors who like little coins. Just like some dog owners prefer mixed breeds to pedigrees (after watching the Westminster Dog Show last night I just had to make a dog reference…) some collectors like little coins for exactly the reasons that others do not: they are irrestible little “rogues” that require a bit more work to love than their bigger brethren.

I think some of the best values in the market are in the smaller-sized denominations. There are many gold dollars and quarter eagles that are superb values (feel free to email me at dwn@ont.com and I’ll provide you with a list of ten undervalued gold dollars and quarter eagles) especially when compared to eagles and double eagles. I will continue to actively buy and sell these smaller denomination coins—as long as I can still see them!