The State of the Liberty Head Double Eagle Market: 2011

The level of popularity for the Liberty Head double eagle series, struck between 1850 and 1907, shows no signs of abating. In fact, I think these are the most avidly collected United States gold coins by date. How has the market fared for $20 Libs. in the last three to five years and what does the future portend? Let's take a look at the State of the Market for Liberty Head double eagles. 1. The Impact of Bullion Prices on $20 Libs

At the end of May 2006, the price of gold stood at around $660 per ounce. Five years later, gold hovered near $1,530 and it had reached a high of over $1,600 earlier in the Spring. Obviously, this huge increase has had an impact on the market for twenty dollar gold pieces.

In May 2006, a generic Liberty Head double eagle in MS63 would have cost a collector around $900. Today, the same coin costs around $1800-1900. The first thing that is noticeable from this is that the value of a generic double eagle relative to its gold content has dropped appreciably. In fact, the spread between the spot price and the numismatic value is as low, in May 2011, as I can recall.

While generic prices have dropped, the demand for scarce and rare collector-oriented Liberty Head double eagles has increased considerably. Let's take a look at two examples.

In May 2006, an AU55 example of the popular 1850 double eagle would have cost a collector somewhere in the area of $3,000-3,500. Today, the same coin typically sells for $5,500-6,000. This is interesting as this is one of the few areas in the numismatic market where a rare coin (the 1850) has actually performed as well as the generic issue since 2006.

Let's also look at a common date Carson City issue. In May 2006, an AU58 example of an 1875-CC was likely to sell in the $2,500-2,750 range. Today, the same coin will bring $4,000-4,500. From an investment standpoint, the $20 Liberty Head market has performed well in the past five years. But this is not a blanket statement and certain areas have done better than others. We will explore these later in this article.

2. What's Popular in this Market in 2011?

As someone who buys and sells hundreds of Liberty Head double eagles each month, I have a good feel for what's popular and what's not. In my observation, I can see a strong level of demand in certain areas. These include nearly all Type One issues in the $2,000-5,000 range, most affordable Carson City double eagles, very scarce and rare dates in all three types, shipwreck coins (more on these later), and coins with exceptional eye appeal. If I had to name some of the specific dates that seem to be in particularly strong demand right now, I'd include the following: 1854-S, 1856, 1859, 1862, 1863, 1868, and 1880.

Areas in the market that seem weak include generics, grade rarities (an example of this would be a coin like an 1888-S in MS64 which is a fairly common date in grades up to and including MS63 but a "rare" and expensive one in grades above this), rarities that showed huge price increases in the middle of the last decade, and coins that have poor overall eye appeal.

3. The Market For Rare Date Liberty Head Double Eagles

The top end of the Liberty Head double eagle market showed incredible strength during the 2000's. Let's look at a few examples.

The 1866-S No Motto was an issue that was considered esoteric 10-15 years ago and I can remember literally begging clients of mine to buy nice EF and AU examples as they seemed incredibly undervalued to me at the time. This issue caught fire and prices soared. In the early part of the 2000's, an AU50 1866-S No Motto double eagle could be purchased for $8,000-10,000. By 2007-2008, the same date in this grade would have realized $40,000+ at auction; and probably would have been far less attractive, for the grade, as the example(s) available in 2000. Today, this same coin is worth in the low to mid-30's.

Possibly the most dramatic price swings in the $20 Lib. series have been for the major rarities like the 1854-O, 1856-O, 1861-S Paquet, and the 1870-CC. These coins became very expensive by the 2006-2008 boom years and, quite frankly, they became priced out of range of all but the wealthiest collectors and investors. These four issues have seen drops of 20-30% since their market highs, but I am noticing that they are starting to percolate once again and prices are raising. I think that buyers of these very rare issues are far more particular than they were five years ago and if a coin that is priced at $250,000 and up doesn't have good eye appeal it will prove to be a hard sell.

4. The Strength of the Market in Cool "One of a Kinds"

While the classic rarities in the Liberty Head double eagle series have taken a bit of a hit lately, the upper end of the market is far from weak. In fact, the market for really cool, really nice condition rarities is exceptionally strong and deep. Usually, coins of this sort wind-up at auction. I can think of a number of these; for the sake of brevity let's look at two.

In the recent Heritage Central States sale (April 2011) there was a gorgeous PCGS MS63 CAC 1869 double eagle. The coin had great color and surfaces and was fresh, choice and high end. Its a population four coin with two graded higher at PCGS and it was the second best I'd ever seen. Trends at the time was $28,500 and I expected this coin to bring in the low to mid-30's. It sold for $45,885. A great coin, yes, but a really robust price especially considering that Type Two double eagles are somewhat out-of-favor with collectors right now.

Another interesting "one of a kind" coin was the NGC MS65 1852-O that was sold as lot 5243 in the Heritage 2011 FUN sale in January. While I wasn't absolutely crazy about this coin from a quality standpoint (I graded it MS64 but didn't think it was a Gem) there was no denying it was a special coin for an O mint double eagle. And the fact that it remains the only New Orleans double eagle of any date meant that it was destined to bring a strong price. It sold for $276,000; not "crazy" money but still a heckuva lot for a common date New Orleans double eagle!

What's interesting to note right now is that any double eagle that is either finest known or well up in the Condition Census is destined to sell for a record price while some of the more classic rarities in the Liberty Head series might still be a bit soft.

5. Shipwreck Coins

No denomination of United States gold coinage has been more affected by shipwrecks/hoards than double eagles. The S.S. Brother Jonathan, S.S. Central America, and S.S. Republic hoards have added thousands of interesting Type One double eagles into the market.

For many years the supply of these coins far outstripped the demand. You couldn't wander through a coin show without tripping over a stack of 1857-S double eagles. (OK, a slight exaggeration but...)

As double eagles became more popular, the appeal of the shipwreck coins grew. There are now a number of retailers who actively sell these and the trend appears to be strongest for dates that have low "shipwreck populations."

Here's an example. Let's say you have an 1851 double eagle in AU58 from the S.S. Republic shipwreck. This coin could bring as much as $5,000 if it were put in an auction. The exact same coin without a shipwreck pedigree might bring $3,000 if it were extremely high end; $2,750 or so if it were just "average."

The shipwreck double eagles that seem to be in the greatest demand are the ones that appear infrequently. In other words, if you have a double eagle from the S.S. Central America that isn't a commonly seen issue (i.e., its not an 1857-S) then it is considered "scarce" by shipwreck collectors.

The entire shipwreck double eagle phenomenon is sort of a mixed blessing to me. I like the fact that these coins attract new collectors and I respect their history and pedigree. But I think many are cosmetically unappealing and I have a hard time justifying the premium that some of these coins are getting. Is a $3,000 double eagle worth $5,000 (or more) because its from a shipwreck? To me, no. But to a number of collectors the answer is clearly yes.

6. Tracking the Market by The 1856-O Specimen

Many collectors feel that the single most desirable Liberty Head double eagle is the unique Specimen-63 example of the 1856-O. The coin first surfaced in the late 1970's/early 1980's and it has bounced around quite a bit more than you'd think.

In Heritage 2002 FUN sale, the coin sold for $345,000. The owner held it for two years and then placed it in the Heritage June 2004 sale where it brought $542,800. It was purchased by an investor who, as I recall, had never purchased another Liberty Head double eagle before and he held it for five years, placing it in the Heritage May 2009 sale where it brought a record-smashing $1,437,500.

In just seven years, the price of this special coin has increased by nearly 5x. Given the fact that there are now numerous United States coins that have brought over $1 million at auction or via private treaty, I am not surprised at the value level of the 1856-O. I would have to think that if it appeared for sale again in the near future it would bring over $2 million.

7. Tracking the Middle Market

This article has been more focused on the upper end of the market than the lower and middle end and this is not representative of the $20 Lib market as there are a lot more transactions in the $2,500-5,000 range than in the rarefied air of six figure coins.

I make a strong two way market in Type One and Carson City double eagles in the $2,000-10,000 range and I find this area of the market to be quite strong. I have a few interesting observations to share.

I find the grading of these coins to generally be more consistent than on smaller denomination coins. That said, I still find inconsistencies. I love lustrous, unmarked "sliders" graded AU58, but see coins in 58 holders that range from terrific to terrible. In my experience, really nice AU58 coins with great eye appeal are now bringing at least 10-15% more than average quality coins and I think that this spread will increase in the future.

In the Type One series, there are certain dates that I literally couldn't keep in stock even if I had multiple examples. Collectors love the Civil War dates and the underrated Philadelphia issues from 1854 through 1859 have become very popular as well.

Carson City issues are collected both by date and as type coins. I find that the key issues like the 1878-CC, 1879-CC, 1885-CC, and 1891-CC are very popular in circulated grades and in Uncirculated as well. The more common dates (priced in the $2,500-5,000 range) are extremely easy for me to sell as long as they are attractive, lustrous coins with fewer-than-average bagmarks. Coins with CAC stickers are especially in demand amongst type collectors or collectors who, while not working on date sets, want to buy groups of four, five, or six different pieces to salt away.

8. In Conclusion: What does the Future Hold?

I think the future for collector-quality Liberty Head double eagles is as bright as for any other type of United States gold coin.

As gold continues to go up in value, more investors become aware of gold coins. For various reasons, more wind-up buying double eagles than any other type of numismatic "product" and due to good marketing, more of these will be steered toward Libs than towards Saints.

The beauty of the 20 Lib series is that, marketing aside, the coins themselves are very interesting. They were issued at a tumultuous time in US history and at significant mints such as Carson City, New Orleans, and San Francisco. And they come in a tremendous array of prices; you can buy $2,000 coins or you can buy $200,000 coins.

I think the more affordable $20 Libs have a really bright future; coins in the $2,000-5,000 range that are interesting, reasonably scarce and which contain nearly an ounce of gold are just about irresistible to collectors. The super high end coins will continue to shine as well; coins priced at $50,000 and up that are very rare or that represent the highest available quality for a specific issue.

The real question is what about the middle market? I could sell as many 1859-O double eagles as I could find in choice VF and EF grades and I'm sure I could sell the first, second, and third finest known(s) of this date. But what about the so-so quality AU50 and AU53 coins? How will those fare in the future? Check back in 2014 when I update this article and we'll see!

The Eliasberg 1858-O $20.00

I'd like to share a photo and some information about a really interesting coin that I recently bought and sold. It's a lovely 1858-O double eagle, graded AU55 by PCGS. What makes this coin really special, in my opinion, is its fantastic pedigree. To the best of my knowledge it has the oldest continual pedigree of any 1858-O double eagle, and certainly the best. The 1858-O is the 8th rarest of 13 double eagles produced at the New Orleans mint. You'd think this meant it was a common coin, but this is far from the case. There are an estimated 200 or so known with most in the EF40 to AU50 range. This date becomes quite rare in the medium to higher AU grades and it is extremely rare in Uncirculated with just six or seven known to me.

The finest known 1858-O double eagle is a PCGS MS62 owned by a prominent Midwestern collector. It came from the Bass III sale (May 2000) where it sold for $50,600. Harry Bass obtained it from the Merkin 10/66 sale.

There were four Uncirculated 1858-O double eagles found in the S.S. Republic treasure and this swelled the number of Uncirculated examples. The best of these four was an MS63 (graded by NGC).

I love the freshness of this coin and I think a quick study of it will prove helpful to rare gold coin collectors. It has wonderful soft, frosty luster, and pleasing natural yellow-gold coloration on the obverse and the reverse. This coloration is exactly "right" for the issue and the few 1858-O double eagles that I have seen that haven't been dipped or processed displayed a similar hue.

This date is not generally seen with a sharp strike and this example is about as well detailed as any I can recall. Note the full radial lines in the obverse stars and the nearly complete detail on Liberty's hair. In both instances, this is very unusual.

The surfaces of this coin are clean for the grade. There are a few scattered scuffs in the fields, which is to be expected from an AU55. That said, I think this coin is as clean as other Type One double eagles that I have seen in AU58 holders.

This coin last appeared as Lot 1948 in Stack's November 2009 auction where it sold for $27,600. Before this it was in the October 1982 Eliasberg sale where it brought $2,640. It was obtained by Eliasberg in the famous Max Mehl June 1946 sale of the Atwater collector where it realized $105.

The Eliasberg 1858-O double eagle is now owned by a Southern collector who specializes in New Orleans gold coinage. He already owns a number of impressive New Orleans double eagles, but I'm willing to bet that this coin will become one of his favorites.

Are you interested in adding coins like the Eliasberg 1858-O double eagle to your collection? If so, please feel free to speak to me at 214-675-9897 and let me know how I can be of assistance to you and your collection.

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

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

1. Half Eagles

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

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

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

b) 1847, graded MS66 by PCGS

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

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

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

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

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

2. Eagles

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

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

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

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

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

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

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

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

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

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

3. Double Eagles

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

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

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

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

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

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

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

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

The Three Kings: The Proof-Only Double Eagles Dated 1883, 1884 and 1887

Continuing my fascination with Proof-only issues, I'd like to discuss the rare Proof-only double eagles dated 1883, 1884 and 1887. These issues are not all that well-known outside of Type Three Liberty Head collectors and I think they merit more than a passing mention. Beginning in 1881, production of double eagles at the Philadelphia mint became little more than an afterthought. And it would remain as such until 1888. In 1883, there were no business strikes produced. The Mint did strike 92 Proofs; ostensibly for the limited numbers of collectors who were interested in Proof double eagles at this point in time.

The Mint struck considerably more Proof 1883 double eagles than they were able to sell and it is believed that as many as half of the original mintage was melted later in the year. Of the four dozen or so that were distributed to collectors and dealers, around twenty at most are known today. This figure includes at least three that are impounded in museums and another two or three that are impaired.

The 1883 is the second rarest collectible Liberty Head double eagle, trailing only the 1884 (I consider the 1849 and the 1861 Paquet reverse non-obtainable and do not include them). Despite this coin's indisputable rarity, it is only fairly recently that the 1883 became known as a major rarity. Prices for this issue had remained fairly stagnant for many years, hovering in the $75,000-100,000 range. This only changed in 2004 when Heritage sold an example for $172,500. Today, a Gem is worth at least $200,000-225,000.

There are a small number of Gems that have been graded by the services and at least one has been slabbed as PR66 by NGC. I know of six or seven Gems and the two nicest that I have personally seen are Heritage 1/06: 3580 (graded PR65 Ultra Cameo by NGC) and Heritage 1/04: 3224 (graded PR65 Deep Cameo by PCGS and possibly also ex Dallas Bank collection).

There are a few diagnostic criteria that make this an easy issue to authenticate. All show roughness on the back of the eagle's neck and fragmentation of the fleur de lys beneath its beak. These die markers do not exist on any business strike reverses of this era.

The 1884 is the rarest of these three Proof-only issues. A total of 71 were struck and it is possible (although unconfirmed) that a few were melted as unsold, given the fact that so many Proofs dated 1883 suffered this fate. There are slightly fewer than twenty known. I wrote in 2000 that 15-17 exist and I think this number might be a tiny bit on the low side. A total of twelve have sold at auction since 2000 but this includes a number of coins that have sold more than once.

The current auction record is $264,500 which was set by ANR 8/06: 1644, a coin graded PR66 Cameo by NGC. It had sold two years earlier (as Heritage 1/04: 3225) for $149,500.

The 1884 is much rarer in Gem than the 1883. I do not believe that a full-blown Gem exists and most that I have seen are in the PR63 to PR64 range. For some reason, this date was not as well handled as the 1883 or 1887 and most show signs of having been cleaned.

There are some interesting die characteristics for this issue that make it very easy to identify. All known examples show an uneven pattern of frost on Liberty's face. It is thick on the right half of the neck and near the ear but it is quite light on the neck. This is why none have ever been designated as "deep cameo" or "ultra cameo" by PCGS or NGC. In addition, all 1884 double eagles have a noticeable diagonal die line just to the left of the Y in LIBERTY.

There is no question that, as a date, this is the rarest collectible Liberty Head double eagle. Given this fact, it seems fairly reasonably priced at current levels.

The last of the Three Kings is the 1887. This issue has a mintage of 121 struck. I believe that, as in 1883, a number went unsold and were later melted. My best guess is that around half were released to collectors and that there are 25-30 known today.

The 1887 tends to come better preserved than the 1883 and 1884 and it is more available in Gem than the other two Proof-only dates. There are around six to eight Gems known. The finest is an incredible NGC PR67+* Cameo that will be sold in the upcoming Heritage 2011 FUN auction. The current auction record for this issue is $161,000 that has been achieved twice (Goldberg 9/08: 1295 and Heritage 1/07: 3145) but this mark is certain to be broken by the aforementioned Heritage coin.

There are no major die characteristics seen on Proof 1887 double eagles. This tends to be a very well made issue and many of the examples that exist show excellent contrast between the frosted devices and the mirror fields.

The three Proof-only Liberty Head double eagles from the 1880's are among the more interesting and desirable United States issues from the 19th century. I believe that they are all highly undervalued, considering how few are known for each issue. As I have said in other recent blogs, if the Type Three series were to become more active among date collectors, these three issues would be considered true "stoppers" and would show dramatic increases in price.

Proof-Only Gold Coins

The presence of a number of important Type Three Proof Liberty Head double eagles in the upcoming 2011 FUN auction got me to thinking about Proof-only United States gold coins. What are these coins, why are they important and do they deserve the market premiums they enjoy? A Proof-only coin is an issue that exists only in a Proof-only format where business strikes could have been produced as well. These coins exist in a variety of denominations but for this blog, we'll focus on the ones in various United States gold series.

Some of the most famous Proof-only gold coins are the double eagles from 1883, 1884 and 1887. The mintage figures for these dates are 92, 71 and 121 respectively. I believe that there are around twenty 1883 double eagles known, maybe fifteen 1884's and as many as thirty to thirty five 1887's.

There are two ways to look at these coins. The commonly accepted way is to consider them solely as a date. In other words, even though there are many Proof double eagles that are rarer than these three, there are no other Type Threes that compare to the 1883 and 1884 in terms of the total number known. If a date collector wants to buy an 1883 for his set of Type Three double eagle he has to buy a Proof. This is different than a rare date like the 1881 or the 1882 that exists in dual formats; i.e., as business strikes and Proofs, and thus presents the collector with two options.

Collectors who are new to double eagles might balk at having to pay $150,000-200,000 for a nice 1883 double eagle when they can purchase a Proof of comparable rarity from this era for half as much--or less. Why, they wonder, does a Proof-only issue get such a high premium?

The mistake that they are making is to compare the 1883 to, say, an 1880. They need to look at the rarity of the 1883 on an absolute level. The 1883, from the standpoint of total number known, is even rarer than such celebrated issues as the 1854-O and the 1856-O; two issues that now sell for $300,000-500,000. If the Type Three series were to ever become as popular with date collectors as the Type One series currently is, the current prices for Proof-only issues such as the 1883, 1884 and 1887 could double or triple.

One Proof-only issue that I have always found interesting is the 1863 quarter eagle. Only 30 were made and this is one of the major rarities in the entire quarter eagle series. In the Liberty Head design it is the third rarest issue, trailing only the 1854-S and the 1841. The 1863 is an issue that has alot going for it; most notably its charismatic Civil War issuance. It has been a heralded rarity for well over a century. Values have steadily risen for the 1863 over the last decade and I expect this issue to become more and more sought-after in the future.

Another Proof-only issue is the 1887 half eagle. It has a mintage of 87 and an estimated thirty or so survive. Unlike the 1863 quarter eagle, this is a date that doesn't "feel" like it should be a Proof-only coin; especially given the fact that many of the other Philadelphia half eagles of this era are common in business strike format.

What I think hurts the 1887 most in terms of its appeal is that Liberty Head half eagles are not currently a series that are actively collected by date. The 1887 feels like an overvalued date to me, given that a Gem is worth over $100,000 as compared to less than half this amount for comparable Proofs of this era that aren't Proof-only.

Two of the most interesting Proof-only issues are the 1875 and 1876 three dollars. Both are less rare than their original mintage figures of 20 and 45 would suggest and this is due to the fact that restrikes exist for both issues. I find the 1875 to be a very intruiging issue because of the magic of the date 1875 as a Proof. Every Proof 1875 issue has an exceptionally low original mintage and at least two denominations (the half eagle and eagle) are virtually unobtainable as business strikes.

Back to the Proof-only Type Three issues. When I first became ingterested in US gold coins, these three issues were heralded rarities and they were bringing $25,000 and higher back when 25 grand could buy you some serious rare Liberty Head double eagles. The 1883, 1884 and 1887 have certainly increased in value over the years but not at the pace of the rare Type Ones or, ironically, even at the pace of the formally-overlooked business strike rarities of the Type Three series.

It will be interesting to see how the next appearances of the rare Proof-only gold issues that I've mentioned are met by an increasingly rarfity-driven coin buying audience. My hunch is that we will see very strong prices on most of these coins and that they represent good value for the collector or investor who fancies true blue-chip numismatic items.

The Fab Five Type Three $20 Liberty Head Double Eagles

There are five ultra-low mintage Type Three Liberty Head double eagles that were produced for circulation during the 1880's and 1890's. These five issues have not necessarily received the attention that the so-called Fab Five late date St. Gaudens double eagles (the 1929, 1930-S, 1931, 1931-D and 1932) have but they are now popular with collectors and have risen dramatically in value over the last decade. The 1881, 1882, 1885, 1886 and 1891 double eagles have a combined mintage of just 5,911. There are a number of possible reasons as to why these issues were made in such limited quantities. The first is that the Philadelphia mint was primarily interested in making silver dollars in these years and a majority of their efforts went towards these coins. I don't find this plausible as mintage figures for other gold denominations during these years were high; as an example the mint made nearly four million eagles in 1881 alone. The second was that there was limited demand. This is certainly possible but it does not explain why mintage figures for double eagles during these years at the San Francisco mint tended to exceed one million per annum. Another reason is that the United States economy was slow or worse during most of these years.

In looking at these dates in terms of overall rarity (the total number known) and high grade rarity (rarity in AU50 and higher grades), I rank the Fab Five as follows:

I. Overall Rarity 1. 1882 2. 1881 3. 1886 4. 1891 5. 1885

II. High Grade Rarity

1. 1881 2. 1882 3. 1886 4. 1891 5. 1885

Let's take a look at each of these dates and discuss their overall and high grade rarity, Condition Census levels, the numbers graded by PCGS and NGC and record prices realized at auction.

I. 1881 Double Eagle

A total of 2,199 were struck of which an estimated three to four dozen exist today. There are none that I know of that grade lower than EF and around seven to ten are known in this grade range. The majority of the examples known are in the AU grades with around twenty-six to thirty-four accounted for.

I am aware of two in Uncirculated and they are as follows:

1. PCGS MS61. Heritage 4/09: 2762 ($120,750), ex Heritage 10/08: 3091 ($138,000), Heritage 1/07: 3203 ($138,000).

2. PCGS MS61. Heritage 6/04: 6363 ($57,500), probably ex Heritage 1997 ANA: 7843 ($29,325; where graded MS60 by PCGS).

The record auction price for this date is $138,000 which was set twice by the coin listed first in the Condition Census above. PCGS, as of December 2010, has graded 24 examples in all grades with just two in Uncirculated (both MS61). NGC has graded 19 in all grades with three in Uncirculated (an MS60 and two in MS61). I believe that the populations for AU coins are inflated by resubmissions. The 1881 is the rarest of the Fab Five is higher grades.

As I mentioned above, there are only two that I am aware of that grade Uncirculated. Of the two to three dozens AU that are known, most are lower end with heavy bagmarks and signs of circulation.

The 1881 is always found with below average surfaces and most have poor eye appeal as a result. Interestingly, despite this issue's low mintage figure, the luster is often frosty in texture; not the reflective prooflike finish that one might expect.

For many years, it was possible to purchase a very presentable EF to AU example in the $10,000-20,000 range. This is no longer the case, but it is still possible to buy an above-average 1881 double eagle for less than $60,000. I think this is incredible value, given the price levels of less rare (but more popular) Type I double eagles from New Orleans or better date CC double eagles.

II. 1882 Double Eagle

The 1882 is one of two business strike Liberty Head double eagles with an original mintage of less than 1,000 (the other is the 1885). It is the rarest of the Fab Five overall but I regard it as just a little less rare than the 1881 in high grades. To put the rarity of this date in perspective, it is rarer overall than the celebrated 1854-O and 1870-CC and comparable to the 1856-O.

There are either two or three known in Uncirculated and they are as follows:

NGC MS62. Sotheby's 10/01: 88 ($86,250), ex Dallas Bank Collection. It is likely that this coin was upgraded from a PCGS MS61 holder and may not have been removed from the PCGS population report.

PCGS MS61. There is a second coin graded MS61 by PCGS. It may be a second appearance of the Dallas Bank coin. PCGS MS60: Heritage 1/07: 3204.

The auction price record is $138,000 which was set by the PCGS MS60 coin listed above. The NGC MS62 would sell for more if it were to become available.

As of December 2010, PCGS had graded eighteen examples with seven in Extremely Fine, eight in About Uncirculated and three in Mint State. NGC had graded only tweleve with one in Extremely Fine, ten in About Uncirculated and one in Mint State. These figures are inflated, especially in AU grades.

Almost every example of this date that I have seen is very heavily abraded and has reflective surfaces which make the marks look even more pronounced. The 1882 is a true rarity in all grades and there are an estimated thirty to forty known. I think the grade distribution includes six to nine in Extremely Fine, twenty-two to twenty-eight in About Uncirculated and two to three in Uncirculated.

Prices for this date have risen considerably in the last few years as collectors have become aware of the real rarity of the 1882. A presentable example will cost in the area of $60,000-80,000 and a Condition Census piece might cost in excess of $100,000. In my opinion, this is still reasonable given the extreme rarity of this issue.

III. 1885 Double Eagle

The 1885 is the most curious of the Fab Five. It has a tiny mintage of 751 business strikes, the second lowest of this illustrious group. This coin is clearly very scarce but it is more available than one might expect and I regard it as the least rare of the Fab Five. It is also a date that has a slightly different grade distribution than, say, the 1882. The 1885 is more available in Uncirculated than the other four dates in this group and it is also seen in lower grades; showing that it did actually circulate to a degree.

I am aware of five Uncirculated examples which are as follows:

1. PCGS MS63. Bowers and Merena 2003 ANA: 4291 ($50,600)

2. NGC MS62. Heritage 6/08: 2332 ($103,500)

3. PCGS MS62. Heritage 6/08: 2333 ($86,250)

4. NGC MS61. Heritage 2007 FUN: 3738 ($63,250)

5. PCGS MS61. Heritage 10/09: 1754 ($57,500) As far as I am aware, these are all different coins. It is interesting to note that four of the five have appeared for sale within the last three years. These are not coins that are previously unknown. I believe that most--if not all--were coins that previously resided in About Uncirculated holders and were upgraded.

The current auction record for the 1885 double eagle is $103,500 which was set by Heritage 6/08: 2332. I am aware of at least one private treaty sale for a figure higher than this.

The eye appeal of this date tends to be better than the 1881, 1882 and 1886. It is a coin that is typically seen in About Uncirculated grades and with prooflike surfaces. Most are found with heavy marks but I know of a small number that are actually high end.

Aproximately sixty to eighty 1885 business strike double eagles are known. I can account for at least five in Uncirculated and feel that there may be a few more that qualify as such by today's standards. Around fifty to sixty exist in AU grades plus another six to ten in Extremely Fine and below.

The 1885 is the most affordable of the Fab Five. It is possible to buy a decent quality example in the $40,000-50,000 range. While I think this is an interesting and legitimately scarce coin, I don't think it is as good a value as the 1881, 1882 and 1886. That said, I would strongly advise purchasing an 1885 in AU55 or above at current price levels if the piece is choice and original.

IV. 1886 Double Eagle

A total of 1,000 business strikes were produced. I regard the 1886 as the third rarest overall of the Fab Five and the third rarest in high grades as well. I know of at least two that are Uncirculated. These are as follows:

1. PCGS MS63. Superior 10/92: 1612 ($45,100), ex Akers Auction '90: 1968 ($66,000).

2. PCGS MS61. Heritage 3/98: 6637 ($35,075), probably ex Stack's Miles sale.

A coin graded "MS65" appears on the NGC population but I would assume that this is a clerical error and that the coin does not exist.

The current auction record for a business strike 1886 double eagle is $86,623 which is held by a PCGS AU55 sold as Heritage 10/08: 3103. If an Uncirculated coin were to appear it would shatter this record with ease.

There are an estimated forty to fifty pieces known. I know of either two or three in Uncirculated as well as another two to three dozen in About Uncirculated and a dozen or so in Extremely Fine. The typical 1886 double eagle is a low end EF to AU that has heavily abraded surfaces and unappealing Prooflike luster. This date is exceedingly hard to find with good eye appeal and I can't recall the last piece I saw that was original and appealing.

An "entry level" example costs in the area of $60,000-70,000 and you can expect to spend closer to six figures (if not more) for a Condition Census level piece. I regard the 1886 as good value even at these current levels.

V. 1891 Double Eagle

The 1891 is the fourth most available of the Fab Five. There were only 1,390 business strikes made of which an estimated four to five dozen are known. I am aware of three of four Uncirculated, forty or so in About Uncirculated another ten to twelve in VF to EF grades.

The Uncirculated examples are as follows:

PCGS MS64 (this coin also appears in the NGC population as MS64): Heritage 1/05: 30540 ($155,250), ex Sotheby's 10/11: 111 ($80,500), Dallas Bank collection.

PCGS MS63: Heritage 1/10: 2267 ($138,000), ex Stack's 1/08: 9211 ($115,000).

PCGS MS 61: I do not know the pedigree of this coin.

The auction record for the 1891 double eagle is $155,250 set by the PCGS MS64 listed above. In my opinion, this is among the single most significant Type Three double eagles of any date. It is a magnificent coin that combines rarity and great appearance.

The 1891 double eagle is usually seen in th EF45 to AU55 range and it is characterized by deeply reflective prooflike surfaces. Most examples are heavily abraded although a few choice, clean examples are known.

Price levels on this date were reasonable for many years and I can remember selling nice AU examples for well under $20,000 at the beginning of this decade. Today, such a coin will cost double or triple this amount but I still believe that the 1891 is good value at current levels.

I'd like to thank my good friend Paul Nugget of Spectrum Numismatics for his input on the rarity rankings of these double eagles.

If you have an interest in the Fab Five and would like to discuss them in greater detail feel free to email me at dwn@ont.com

Is It Time to Buy an S.S. Central America Double Eagle?

For many years, it's been no secret that I haven't been a big fan of the 1857-S double eagles that trace their origin from the famous S.S. Central America shipwreck. I've written that price levels of these coins haven't made sense to me and I've have had problems with their appearance. More than a decade after they were first released onto the market, has my opinion changed? I believe that this is (finally) a sensible time to purchase an S.S.C.A double eagle. But there are some important parameters for the collector to follow when considering a purchase. Some of these are as follows:

1. Be Selective. There are over 5,000 1857-S double eagles from this shipwreck and they range in grade from Extremely Fine to Mint State-67. With this wide variety of grades, there are a tremendous number of coins to choose from. At any given major auction, there are typically three to five available and it isn't terribly hard to find them in specialist dealer's inventories. I have noticed a huge variation in quality for coins in the same grade. As an example, I've seen some in MS63 holders that I've loved and I've seen some in MS63 holders that I thought were horrible. Spend 10-20% more and buy a coin that is high end and attractive. In some instances, you will be able to buy nice, high end examples for little or no premium.

2. Find the Sweet Spot. In my opinion, the "right" grade range for one of these 1857-S double eagles is MS63 to MS64. There is not much of a premium for these two grades over AU and lower Mint State grades and when you buy a coin that grades MS63 to MS64 you are getting good value. In the current market, AU58 examples can bring as much as $3,500-4,000. An MS63 is worth around $7,000-8,000 while an MS64 is worth $8,000-9,000. It seems to me that an MS63 at around 2x the price of an AU58 is good value. And it also seems to me that an MS64 at around $1,000 more than an MS63 is good value as well.

3. Stick With Coins in Original Holders. It is important to focus on 1857-S double eagles that are in their original gold foil PCGS holders. And having the original box and other packaging is an added benefit. Avoid coins that are not in these holders and stay clear of NGC graded S.S. Central America double eagles. They may be nice coins but they have been cracked from their original holders and probably upgraded.

4. Avoid Coins That Have "Turned" in the Holder: All of the coins in this treasure were conserved after they salvaged. The conservation process has been well-documented and, in some cases, the work was outstanding. But there are other coins that have "turned" in the holder. These can be identified either by very hazy surfaces or unnatural splotchy golden color. Avoid these coins and look for pieces that are bright, lustrous and evenly toned. At this point in time, coins that haven't turned are probably not going to.

5. Disregard The Die Varieties. All 1857-S double eagles from the shipwreck are attributed to a distinct die variety. There are over 20 varieties known. Some are probably rare but it is even rarer to find a collector who cares. I'd suggest not paying a premium for these.

6. If You Are Buying a PL or DMPL Example, Carefully Study the Market. A very small number of 1857-S double eagles were designated as either Prooflike (PL) or Deep Mirror Prooflike (DMPL) by PCGS. These are some of the most visually arresting coins from the shipwreck. I have seen a few pieces in the last few years bring extremely high premiums. These are no doubt very scarce and very flashy coins but I question the premium that they are currently bringing. If you do decide to purchase such a coin, carefully check auction prices for comparable examples and make certain that the price you are paying is in line with the last auction trade.

Now that I've told you the coins to avoid, let me tell you my ideal S.S. Central America double eagle and let me tell you why my opinion about these coins has changed over time. My ideal 1857-S double eagle from this shipwreck would be a choice, high end PCGS MS64 in a gold foil holder with original papers and box. It would be very lustrous and bright with no haze or discoloration. I'd expect to pay $8,000 to $9,000 and I'd expect to be able to find a nice one within a month or two of beginning my search.

What made me change my mind about these coins? For years, I thought they were very overpriced. I don't remember the exact issue price but I do know that whenever I would buy the coins from original investors, they would have to sell them at a loss; often a considerable one. I didn't like it that there was no real secondary market for these coins and that many of the investors who bought them had been told that they would appreciate in value.

What changed about these coins, at least for me, was the creation of a secondary market. A few of the larger firms that sell Liberty Head double eagles have done a great job of creating this market. For many new double eagle collectors, a bright, shiny high grade 1857-S is a great starter coin and this has created a new level of demand that hasn't exited since the coins were being sold (and heavily hyped) over a decade ago.

Another thing that changed my mind about the S.S. Central America coins is their comparative value with other Type One double eagles in higher grades. As an example, compare an MS64 1857-S to an 1861 in this grade. Prior to the discovery of this hoard, the 1861 was the "generic" date of this type and it was certainly the only coin that was seen, from time to time, in MS64. In 2001, an MS64 1857-S in a PCGS gold foil label was a consistent seller at auction for $6,900. At that same point in time, an 1861 would sell for $10,000 to $12,000. Today, the same 1857-S is only worth $8,000 while an MS64 1861 would sell for $18,000-20,000+. Non-1857 S double eagles in high grades have become expensive and hard to locate. This has increased demand for the 1857-S double eagles and I wouldn't be surprised to see them reach $10,000 in the next year or so.

One last observation about my about-face. I've seen thousands of 1857-S double eagles from this shipwreck and I've got to admit, that they've grown on me. Ten years ago, when conservation was not so widespread, these coins appeared funky and I hated the way they looked. Today, with conservation more readily accepted (and way more widespread) they don't look so funky anymore. I love the quality of strike and blazing luster that many of them show and they are certainly an interesting contrast to the dirty, crusty often bagmarked AU Type One double eagles that are a staple of my day-to-day business. Do I love these coins? Not really. But I've become more accepting of the way they look and have always loved their back story. Today, if a collector asks me "should I buy an S.S. Central America double eagle my answer will typically be "yes, but with a few red flags." A few years ago, my answer would have been a quick and curt "no."

Some Further Thoughts on Carson City Double Eagles

I've been working on a third edition of my book on Carson City gold coins. For some odd reason, I've been working from back to front, meaning that I've done the new research of double eagles before following this with eagles and half eagles. I've been able to uncover some really eye-opening new information on the rarity and price levels of Carson City double eagles and I'd like to share a few tidbits. The last Carson City book that I produced was published in 2001, so almost a full decade has passed. My first impression about the market for Carson City double eagles is that it has become far, far more active than ever. Prices have risen significantly since 2001, especially for rarities and for high grade pieces.

In 2001, the five rarest Carson City double eagles in terms of overall rarity (i.e., total known) were the 1870-CC, 1891-CC, 1871-CC, 1878-CC and 1879-CC (these last two issues were tied for fourth rarest). In 2010, the five rarest Carson City double eagles in terms of overall rarity are the 1870-CC, 1871-CC, 1891-CC, 1879-CC and 1885-CC (these last two issues were tied for fourth rarest).

The 1870-CC has remained an extremely rare coin, despite a surprisingly high frequency of auction appearance in the middle part of this decade. I had previously thought 35-45 were known. Today, I think that number is around 40-50. This includes a number of low grade coins and at least five or six that are either damaged or cleaned to the point that can not be graded by PCGS or NGC.

The rarity of the 1891-CC seems to have diminished quite a bit. I think there are two reasons for this. The first is that I overestimated its rarity in 2001. The second is that a significant number of examples have been found in Europe and other overseas sources. This date hasn't become plentiful in higher grades but it is far more available in AU50 to AU55 than I ever remember it being before.

The 1871-CC seems more available as well. In 2001, this issue was very hard to find in any grade and it was almost never seen above AU50. Today it is more available and the number of coins graded AU53 to AU55 has risen dramatically. I would attribute much of this to gradeflation as the majority of the 1871-CC double eagles that I see in AU53 and AU55 holders are "enthusiastically" graded, to say the least. In properly graded Mint State, the 1871-CC remains exceedingly rare.

A date whose rarity has become more apparent is the 1885-CC. In the 2001 edition of my book, this date was not even listed in the top six rarest Carson City double eagles. I now rank it as being tied for fourth along with the 1879-CC.

Everyone loves a sleeper, right? The dates that I believe are underrated (and undervalued) in the Carson City double eagle series include the 1872-CC, 1877-CC, 1882-CC and 1892-CC.

In higher grades (AU50 and above), the rarity scale of the Carson City double eagle series has remained remarkably consistent. In 2001, I stated that the 1870-CC, 1871-CC, 1879-CC, 1878-CC, 1891-CC and 1872-CC were, in that order, the six rarest issues. In 2010, I believe the six rarest are the 1870-CC, 1871-CC, 1878-CC, 1879-CC, 1872-CC and 1891-CC. In other words, the same six dates are still the keys in higher grades but there are now some minor changes in the order.

How much more available have high grade Carson City double eagles become since 2001? In some instances, population figures have doubled or even tripled. This tends to be primarily in the MS61 and MS62 range and I think there are a few good reasons for this. The first is gradeflation. Some coins that were nice, high end AU55 to AU58 pieces in 2001 are now MS61 or even MS62 by today's more liberal standards. The second is resubmissions of existing coins. For many Carson City double eagles there is a significant price increase from MS61 to MS62 and submitters may send in a high end coin many, many times in attempt to get a higher grade. The third reason is that some very impressive coins have been found in Europe since 2001. I know that I have been able to buy dozens of fresh-to-the-market Uncirculated CC double eagles that trace their origins to overseas sources and I would imagine that other dealers have handled numerous choice, fresh Mint State pieces as well.

If you purchased Carson City double eagles in 2001 and have held them since, you have done very nicely. Obviously, one of the main reasons for this is the fact that gold has gone from around $400 to close to $1300 in the past decade. I can remember buying common date CC Twenties in lower grades (VF and EF) in the early part of this decade for $750 or so. Today, the basal value of any CC double eagle is around $1,750-2,000.

Prices of high grades coins are interesting to study. One date that I looked at carefully was the 1893-CC, mainly because it is more available in MS63 than any other CC double eagle. In 2001, you could buy an 1893-CC in MS63 for around $10,000-12,000. In 2005-2006, the same coin would have probably cost you between $15,000 and $20,000. Today, if you can find an 1893-CC in MS63 it will run in the $25,000-30,000 range and a really choice PCGS example with a CAC sticker might even bring $35,000.

I'll continue to tease you with updates on my Carson City book in the coming months and I'm hoping that it will be ready for publication sometime in the Spring of 2011.

San Francisco Double Eagles: A Date by Date Analysis Part Three

In 1877, a third type of double eagle was created when the reverse valuation was changed from TWENTY D to TWENTY DOLLARS. Liberty Head double eagles were produced with just one interruption (1886) from 1877 through 1907. This is a very easy series to complete as all thirty issues are readily available in the lower Uncirculated grades and many of the post-1890 date can even be found in Gem. I would recommend this series for beginning collectors or advanced collectors who are more interested in grade than absolute rarity. What follows is a date-by-date analysis of each issue.

1877-S: This is the most common Type Three San Francisco double eagle from the 1870’s. It is common in grades up to an including MS62. It becomes scarce in MS63 and is very rare in MS64 and above. Most are seen with good luster and nice color but heavily abraded surfaces. The finest known is Stack’s 1/09: 1420, graded MS65 by NGC, which set a record price for the date at $29,900.

1878-S: The 1878-S is scarcer than the 1877-S but it is still a fairly easy date to find in grades up to an including MS62. In MS63 it is rare and it is extremely rare above this. The finest that I have personally seen is the high end PCGS MS63, ex Heritage 9/06: 4139, which sold for a strong $23,000. This date is characterized by soft, frosty luster and heavy abrasions on the surfaces.

1879-S: This is easily the scarcest San Francisco Type Three double eagle from the 1870’s and it is one of the harder SF issues of this type to locate. It is scarce even in the lowest Uncirculated grades and it is very scarce in properly graded MS62. In MS63, the 1879-S is very rare and there is but one example graded better than this, a PCGS MS64, ex Heritage 9/07: 3851, which sold for an amazing $63,250. Virtually every known example is marred by excessive bagmarks and many have impaired luster as a result.

1880-S: The 1880-S is only marginally scarce in MS60 to MS61 but it becomes a hard date to find in properly graded MS62. It is rare in MS63 and very rare above this but there are a few very high quality pieces known. The best is a superb NGC MS66, ex Heritage 2004 ANA: 7626, which brought a hefty $92,000 and the second best is an NGC MS65, ex Bowers and Merena 2/06: 603 that was bid up to $54,625. These are the two best early date Type Three San Francisco double eagles that I have personally seen.

1881-S: The 1881-S is much more available in the MS60 to MS62 range than the 1879-S and 1880-S. It is only moderately scarce in MS62 but it becomes rare in MS63 and I have never seen one that graded higher than this. The best I am aware of are a small group of nice PCGS MS63 coins, the last of which to sell was Heritage 4/09: 2763 (at $17,250). As with all of the early S Mint Type Three issues, this date is characterized by good luster and color but heavy surface marks.

1882-S: Beginning with this issue, the Type Threes from San Francisco become more available in the lower Uncirculated grades. The 1882-S is very common through MS62 and slightly scarce in MS63. But it is very rare in properly graded MS64 and I am not aware of any Gems. The best I know of is ex Heritage 7/06: 1714; a PCGS MS63 that brought $23,000.

1883-S: The 1883-S is very common through MS63 but it becomes very rare in MS64 and it may not exist in Gem. This date is seen with good luster and color but is almost always very heavily abraded. There is a small group of properly graded MS64’s known and the last of these to sell was Heritage 1/10: 2261, graded by NGC, which realized $16,100.

1884-S: The 1884-S is among the more common SF double eagles from the 1880’s. It is easy to find in MS60 through MS63 but it is very scarce in properly graded MS64. In MS65 it is extremely rare and the only one I can recall having seen was a PCGS coin sold as Lot 2036 in Heritage’s 2007 ANA that brought a very strong $46,000. This is yet another date that is characterized by heavily abraded surfaces.

1885-S: The 1885-S is very common in grades up through and including MS63. It is moderately scarce in MS64 but it is extremely rare in MS65 and I’ve never seen a Gem. There is no clear-cut finest known example as many of the MS64’s are similar in quality.

1887-S: This is a “sleeper” date that is considerably rarer in terms of total known that the other SF issues from this era. It is slightly scarce in the MS60 to MS62 range, rare in MS63 and very rare above this. There are actually a few Gems known including the Eliasberg coin (which does not appear to have surfaces since it was sold in 1982) and Superior 6/97: 1566, graded MS65 by NGC.

1888-S: The 1888-S is the most common SF Type Three issue from this decade. It is very common through MS63 and it is scarce in MS64. I have never seen a Gem although I wouldn’t be surprised if one exists. Many of the MS64’s are similar in quality and there is no clear-cut finest known.

1889-S: This date is very common up to MS63. It is rare in properly graded MS64 and doesn’t appear to exist in full-blown Gem. There have been three PCGS MS64 examples to sell at auction since 2006 and they have realized $13,800, $17,825 and $18,400 respectively. 1890-S: The 1890-S is very similar in overall and grade rarity to the 1889-S. It becomes rare in properly graded MS64 and there is just one Gem (an MS65) at PCGS. There have been eight coins graded MS64 sold at auction since the beginning of the 21st century and the highest price realized is $13,800 set by Goldberg 2/07: 2560.

1891-S: The 1891-S is more common than the 1889-S and 1890-S. It is readily available in MS63 and is seen much more often in MS64 than these two other dates. I have never seen a Gem.

1892-S: The 1892-S is another date that is common in grades up to and including MS63. It is only moderately scarce in properly graded MS64 but it is extremely rare in Gem. The finest known is ex Bowers and Merena 3/09: 3978, graded MS66 by NGC, which brought a strong $46,000.

1893-S: This date is very common in MS63. It is scarcer in MS64 than the 1890-S through 1892-S double eagles and it is extremely rare in Gem with just one graded as such (an MS65) by PCGS. The highest prices realized at auction is $18,400 set by Heritage 6/06: 3808, graded MS64 by PCGS.

1894-S: The 1894-S is among the most common San Francisco double eagles. It is easy to find in Uncirculated through MS64 but it is extremely rare in Gem. The finest I am aware of is an NGC MS65, ex Stack’s 1/09: 1439, which sold for $19,550.

1895-S: This date is very common in MS63 and only marginally scarce in MS64. There are probably as many as ten to twelve Gems known but none finer than MS65. The best I have seen is ex Heritage 2007 ANA: 2040 that sold for $12,650; it was graded MS65 by NGC.

1896-S: The 1896-S is more common than the 1895-S. It is easy to locate in MS63 and even MS64’s are not really scarce. Gems are extremely rare. The finest known is an amazing PCGS MS67 that is ex Eliasberg: 996; it sold for $13,200 back in 1982.

1897-S: The 1897-S is similar in overall and high grade rarity to the 1895-S. Gems are extremely rare. There is a pair of PCGS MS67’s known. One is ex Superior 2/05: 3410 (at $60,375), Eliasberg: 998.

1898-S: This is the most common 19th century S mint double eagle by a fairly significant margin. It is the only 19th century Type Three issue from this mint that is available in MS65 for a reasonable sum. The finest known is a PCGS MS67 that is ex Bowers and Merena 3/04: 3263, Eliasberg: 1000.

1899-S: The 1899-S is very common through MS64 grades. In Gem, it is extremely rare with just three to five known. The best, by a huge margin, is a superb PCGS MS67 that is ex Eliasberg: 1002. It brought $16,500 back in 1982.