1860-C $5.00 NGC AU53 CAC

This is the second-to-last half eagle made at the Charlotte mint and it is a scarcer issue in all grades. It is also one of the most crudely made with improperly hardened dies making it appear very worn on the reverse; even on higher grade examples. This piece is one of just a handful of 1860-C half eagles that remain with natural color and it has never been cleaned or dipped like most. The color is an attractive deep, even green-gold with a thin band of contrasting coppery-rose at the border. There are a couple of old marks in the fields that are nicely hidden by the depth of the color and a small horizontal strip in the left obverse field is as made.

1860-C $5.00 NGC AU55

This is exactly the sort of coin that, so many times in the past, has been scrubbed and reholdered by the grading services as an AU58. To my eyes, it is far more attractive (and valuable) as a "virgin" 55. As always, this piece must be graded only by the obverse as the reverse is weak and fuzzy due to improper planchet preparation. Both sides show very appealing medium to deep green-gold color and there is ample dirt in the recesses on both sides. A thin mint-made defect in the left obverse field runs from the denticles between stars one and two towards the chin and is diagnostic to the issue. The 1860-C half eagle is genuinely scarce in properly graded AU55 to AU58 and very rare in Uncirculated. This example is perfect for the date collector but would make a nice type coin as well.

1858-C $5.00 PCGS MS62

This important coin has an interesting background and appearance. It is part of a small group of half eagles that was found in New England a short period ago. The stars of this group were an amazing pair of 1840-C (graded MS63 and MS64+, respectively, by PCGS) that were later consigned to the Heritage January 2011 sale. This 1858-C half eagle, which was also in that sale, was bought back by the consignor due to an overly-zealous reserve but it later sold privately and is now available at a more reasonable level than it would have taken to buy it at the auction. This coin has the body and skin of a virtual Gem but it has been net graded (properly) by PCGS due to some mint-made planchet roughness on the obverse and reverse; the most notable areas of roughness are on the left obverse field and the cheek of Liberty. The remainder of the coin is sensational with thick, creamy luster and virgin original color that tends towards a rich natural orange-gold hue. As a date, the 1858-C is common in circulated grades but it is very rare and much under-appreciated in Uncirculated. I estimate that there are around a dozen Mint State coins known with the finest of these being Heritage 1/04: 3038 ($29,900; as PCGS MS63) that is now in an NGC MS64 holder. The Bass II: 1106 coin, graded MS62 by PCGS, brought $23,000 back in October 1999 and an NGC MS62 sold for $18,975 in the 2003 ANA auction. The aforementioned planchet roughness on this coin makes it a piece that is not for everyone but I think this 1858-C is one of the very finest known and you aren't likely to ever see a fresher example.

1851-C $1.00 PCGS AU55 CAC

The 1851-C is to Charlotte gold dollars as the 1881-S is to Morgan Dollars. In other words, it is the generic issue in the series and a coin that is rather available in most grades. Except for the fact that there are under 1,000 1851-C dollars while there are tens of thousands of 1881-S dollars. This pleasing mid-level AU has medium green gold color, good detail and very acceptable surfaces. A small mark through the A in DOLLAR doesn't detract and the light weakness at the central reverse is typical for the issue. How can you not love a Charlotte gold dollar of this quality priced at less than two grand?

The Great Branch Mint Gold Popularity Contest of 2009

I realize that the title of this blog sounds like an outtake from the Dukes of Hazzard but I thought it might be an interesting topic to take each branch mint and analyze it in terms of its popularity. Then, for the icing on the proverbial cake, I thought it would also be interesting to name the five or so most in-demand issues from each mint. Just as an FYI, I am not including Denver among the five branch mints as it is relevant only to 20th century issues and this article is primarily focused on 19th century gold coinage.

1. Dahlonega: At this point in time, I’d have to rank Dahlonega as the single most popular of the branch mints. I am basing this on the following observation. Dahlonega coins, at least for me, seem to be as easy to sell now as they were a few years ago. There are certainly exceptions to this rule; namely overgraded examples priced in the $10,000+ range, high grade common date gold dollars priced at $10,000 and above and virtually any coin in any price or grade range that is not at least fairly original and appealing. But nice, properly graded and fairly priced D mint remains a best-seller for my firm.

I would have to rank half eagles as the most popular coins from Dahlonega right now, followed closely by quarter eagles. The price range that seems most in-demand is $1,500-5,000 but expensive Dahlonega gold will sell if it is a scarce, popular issue or if the coin is very high end. Coins with good pedigrees are popular right now and this is clearly an area in the market where many collectors are searching for CAC-quality coins.

The Five Most Popular Dahlonega Gold Coins in 2009: 1861-D gold dollar, 1854-D three dollar, 1838-D half eagle, 1839-D half eagle, 1861-D half eagle.

2. Carson City: As recently as a year or so ago, I would have placed Carson City as the number-one most popular of the branch mints. I’ve noted a slight slippage in popularity in this mint, especially at the high end. I think the reason for this is that a few of the collectors who were buying the five-figure rarities and condition rarities a few years back are less active. Another thing which has hurt this segment of the market is the number of extremely overgraded higher grade coins that have been floating around from auction to auction for what seems like an eternity. The problem with these coins is that when they do finally sell, they sell cheaply and this drags down the price of nice coins.

Carson City double eagles remain the most popular denomination from this mint, followed by eagles and half eagles in that order. Coins that are attractive and original and priced at $5,000 and under are the quickest movers while expensive Carson City coins, unless they are fresh to the market or really exceptional, tend to be harder to sell right now.

The Five Most Popular Carson City Gold Coins in 2009: 1870-CC half eagle, 1870-CC eagle, 1873-CC eagle, 1870-CC double eagle and any common date or slightly better date double eagle in the AU58 to MS62 range that is choice for the grade and priced below $10,000.

3. New Orleans: There’s no doubt in my mind that New Orleans gold is no longer “up and coming.” It is clearly a very popular segment of the branch mint market and I think there are probably just about as many collectors working on specialized sets of New Orleans gold as there are in any other area of 19th century American gold.

Double eagles were, until recently, the clear favorite among the many gold denominations from New Orleans. I think the popularity of this denomination has faded just a bit in the last year, mostly due to the prohibitively high price of the rarities in the series. That said, these are still the most popular New Orleans gold coins, followed by eagles, half eagles, quarter eagles, three dollars and gold dollars.

There are many New Orleans issues that can still be purchased in relatively high grades (EF and AU) for less than $5,000 and these are increasingly popular. The major rarities from this mint remain in demand, especially in the eagle denomination.

The Five Most Popular New Orleans Gold Coins in 2009: 1839-O quarter eagle, 1841-O eagle, 1883-O eagle, 1856-O double eagle, 1861-O and 1879-O double eagle (tie).

4. Charlotte: In my opinion, demand for most Charlotte gold coins is fairly light right now. There are exceptions to this. Attractive, lower priced half eagles (in the $2,000-4,000) range seem to be selling nicely and very high end half eagles with a great appearance are selling as well. The area that is weak in this end of the market is the bright-n-shiny AU55 to MS62 coins. No surprise, there....

Quite frankly I’m a little perplexed that this area of the market has remained soft for the better part of a decade. There are very few major Charlotte collectors from this part of the country and this was the case even a few years ago when the banking industry was booming in Charlotte. When I released the third edition of my Charlotte book a few years ago this gave a bit of life to the market but it still lacks the overall enthusiasm seen in the Dahlonega market.

The Five Most Popular Charlotte Gold Coins in 2009: 1838-C quarter eagle, 1838-C half eagle, 1839-C half eagle, any very original crusty XF common date half eagle priced below $3,000.

5. San Francisco: Every time I undertake an article like this that ranks the branch mint’s popularity, poor San Francisco always seems to finish last. This doesn’t make total sense to me. The city of San Francisco is by far the most upscale and “art/collectibles-friendly” of the branch mint locales, the coins are interesting and there is some real value for the money within this collecting area.

There are certainly some bright spots in this area. Type Three San Francisco double eagles are very actively collected and many of the Type One and Type Two issues from this mint are still in demand as well. I think two factors have combined to work against this mint in terms of its popularity: the lack of a good standard reference book and the fact that the various shipwrecks found in recent years have scared people away from purchasing high end coins from this mint.

The gold coins from this mint that seem to be in the highest demand right now are 1854-S quarter eagles (a Classic Rarity that has finally been appreciated), choice and rare issues from the Civil War era and better date eagles grading AU50 and above.

The Five Most Popular San Francisco Gold Coins in 2009: 1854-S quarter eagle, 1864-S half eagle, 1864-S eagle, 1854-S double eagle, 1861-S Paquet double eagle.

As you can well see, there is a pretty common theme with each of these mints. In 2009, most of the collectors of branch mint gold are sophisticated and they are back to buying real coins; not just the plastic that houses them. Collectors want coins that are either choice for the grade or rare enough that they know their opportunities to find another will be limited.

The Warehouse Theory of Coin Collecting/Investing Revisited

A few years ago, I wrote an article entitled “The Warehouse Theory of Coin Investing.” The gist of this article was that there are certain coins that remain in such demand with collectors that a sound investment theory might be to stockpile attractive examples of these and work with a specialized dealer who could then, over the course of time, resell them to other collectors. A coin that I used as the Poster Child for this was the 1854-D $3.00. If you had listened to this advice, you probably outperformed the market. There are clearly a small but definable group of coins that have been in strong demand over the last few years and their price levels have risen accordingly. Even in the now-weaker market of early 2009, I think many of these remain in demand and their overall level of value has stayed higher than other, “non-essential” coins.

What are some of the coins that I would suggest collectors put away multiples of in 2009?

I remain a big fan of any coin that has multiple levels of demand. What I mean by this, is a coin that is sought-after by collectors who might not normally be interested in this series. An example is the 1861-D gold dollar. Because of this issue’s association with the Confederacy, there is demand for it from collectors who are likely to never buy another Dahlonega coin of any date or denomination. But this coin is also sought by gold dollar specialists, last-year-of-issue collectors, Dahlonega specialists and collectors who like cool, historic coins, regardless of when or where they were produced.

What are some of the other coins that I would suggest collectors might be clever if they owned a few decent examples? Let’s look at this on a mint-by-mint basis. (Please note that this assumes that any duplicate coins purchased for “warehousing” meet the following criteria: choice for the grade, fairly priced and good overall eye appeal).

Carson City: Any 1870-CC gold coin is desirable and they always sell quickly for me when I have them in stock. Because of its currently high price I might not want to own two or three 1870-CC double eagles. I would be most likely to want multiple examples of the 1870-CC eagle in VF and EF grades as this issue remains a good value at current levels. I wouldn’t be opposed to owning multiple examples of any relatively affordable half eagle or eagle from the 1870’s that was totally original with great color and choice surfaces, especially if it were priced below $15,000.

Charlotte: The one Charlotte issue that comes to mind as being a great warehousing candidate would be the 1838-C half eagle in Very Fine to About Uncirculated grades. This issue’s status as a one-year type and a first-year-of-issue makes it extremely popular with collectors. My other two choices would be an 1838-C quarter eagle and an 1839-C half eagle. I might also suggest stockpiling any $3,000 or lower coin from this mint that was 100% virgin original.

Dahlonega: There are five very obvious warehouse choices from this mint: the 1855-D and 1861-D gold dollars, the 1854-D three dollar and the 1838-D and 1861-D half eagles. The first, third and fifth coins are one-year types while the second and the fourth have Confederate association(s). Another issue that I would give consideration to is the 1855-D quarter eagle. This has the lowest mintage of any Dahlonega coin and it is the single rarest issue produced at this mint. I would remind the potential warehouser of any or all of these coins that damaged or low-end examples need not apply. The same comment that I made for sub-$3,000 Charlotte coins applies to those made in Dahlonega as well.

Denver: Your basketball team is doing well this year but I don’t see many warehouse possibilities. With the possible exception of the scarce 1911-D eagle. Oh, and I like LoDo a lot...

New Orleans: There are five distinct one-year types from this mint: 1855-O gold dollar, 1839-O quarter eagle, 1854-O three dollar, 1909-O half eagle and 1879-O double eagle. I find all five of these to be popular and liquid, although I’m not sure that I consider all of them to be warehousing candidates. As an example, I wouldn’t suggest that anyone own multiple examples of the 1909-O in Extremely Fine. But I like this date in properly graded AU55 and above and I certainly would encourage a warehouser to salt away a few.

The New Orleans issues that I would be most inclined to suggest that someone own multiples of are the key issues that are still not fully valued. Some of these include the 1845-O quarter eagle, the 1847-O half eagle, the 1841-O, 1879-O and 1883-O eagles and the 1855-O double eagle.

Choice, original No Motto coins from New Orleans that are priced at below $3,000 seem like a good area to warehouse as well; especially half eagles.

Philadelphia: One of the problems about discussing gold coins from this mint is that you are looking at a lot of denominations (gold dollars through double eagles) and a long, long time of issuance (1795-1933). For the sake of this article, we’ll focus briefly on the early issues (pre-1834) and the Liberty Head issues (1840-1908).

There are lots of early gold coins that make sense as warehouse candidates. Most people are going to guess that I suggest famous issues like the 1796 No Stars quarter eagle. Actually, the coins I’d be more likely to want to warehouse are the Fat Head half eagles from the late 1820’s/early 1830’s. These coins are expensive and could certainly decline in value if the economy gets more uncertain but they are incredibly rare and, after many years of neglect, are now appreciated by many levels of collectors.

The Liberty Head issues that would make interesting warehouse candidates include the classic rarities from this mint: the 1841 and 1863 quarter eagles, the 1875 and 1876 three dollars, the 1887 half eagle and the 1875 eagle. I would also suggest a small number of very rare issues that, while not extremely popular (at least yet...) appear to represent good value relative to their rarity. These include the 1863 gold dollar, 1864 and 1865 quarter eagles, the 1863 and 1865 half eagles and the 1863, 1873, 1876 and 1877 eagles.

San Francisco: The obvious issues to warehouse from San Francisco would be the mega-rarities: 1854-S quarter eagle, 1864-S half eagle and 1864-S eagle. Even though there are a lot of undervalued and very rare issues from San Francisco, this mint’s comparative unpopularity leads me to believe that warehousing coins from the Barbary Coast might not be a stellar idea.

If you do decide to warehouse a specific issue (or more) my advice is to be under the radar. Let one dealer with who you have a good relationship know about it. I wouldn’t suggest you broadcast to the world that you own five 1838-D half eagles. If you are discrete about what you own, it will be to your advantage when it comes time to sell.

I currently know a number of collectors who warehouse certain gold issues and it is enjoyable for me to work with them. If this is something that intrigues you, please feel free to contact me via email at dwn@ont.com.

What's Hot/What's Not: End of 2008 and Beginning of 2009

What a difference a year makes. I can remember sitting down in December 2007 to compile my annual What’s Hot/What’s Not list for 2008 and thinking “every area in the market is so strong right now, what am I going to force myself to list as ‘not hot?” Fast forward to December 2008 and now it seems like I have to pull ideas out of the hat like Numismatic Rabbits to come up with areas that are hot while the “not so hot” areas seems a lot easier to ponder. But perhaps I’m being a little harsh here. Just as in late 2007 where the real truth of the market was not as obvious as it seemed (in retrospect maybe not every single facet of the market was so strong...) perhaps the real truth today is that while some areas of the market do seem poised for major corrections, others will probably hold out better than eternal pessimists like myself might presume.

OK, enough of the prelude. Let’s get to the heart of the matter and discuss the Hot/Not Hot list of 2009.

I. Hot Series in Late 2008/Early 2009

a) Great Coins

My guess is that really great one-of-a-kind, super-duper, unforgettable types of coins will do well in the coming months. Obviously, only a small number of coins qualify as such. What would a few examples of these be? Taking the Heritage 2009 FUN Platinum Night sale as a base, I think examples would include the ex: Garrett 1815 half eagle graded MS64 by NGC (Lot 4062), one of two known 1842-C Small Date half eagles (this one is a PCGS MS62 and is Lot 4069) and the uber-cool NGC PR64 1842 half eagle (lot 4078) that is one of just two known and has a fantastic pedigree that goes back over a century. The market for coins like these is limited but the buyers who are likely to purchase any of these have deep pockets and are probably a bit more Recession-proof than Joe Collector.

b) Solid Collector Coins in Strongly-Collected Markets

To use a non-gold coin series as an example, take a look at the prices that interesting Large Cents have been bringing at auction in the past year. There are three different collector bases for Large Cents (early dates, middle dates and late dates) with very little overlap but similarly zealous enthusiasm. This will be severely tested in 2009 when the Naftzger middle dates, Dan Holmes and March Wells collections all go on the auction block. Will this be a scenario like the Southern Gold Tsunami of 1999-2000 when three major collections flooded the market and effectively killed it or will it foster new collectors and inject even more life into this area of market? I tend to former the later scenario.

To further add to this point, I think the collector-oriented gold coins that are the strongest right now are those in the sub-$10,000 range. The air is a little thin for coins priced above this unless they are very fresh, very choice and very interesting.

c) Type One Double Eagles

This area is strong for two reasons. The first is the good ‘ol double play impact. With any Liberty Head double eagle worth at least $1,000-1,100 in XF grades, this added value and demand for the boring, lower-grade common issues. The second is continued collector demand for higher grade and rare issues. As an example, the key 1854-O and 1856-O remain in great demand and both set record prices in 2008 at auction. I can think of at least six other dates off the top of my head (1854-S, 1855-O, 1859-O, 1860-O, 1861-O and 1863) that also set price records in 2008 whether at auction or via private treaty. I believe that demand will remain very strong in 2009 for interesting Type Ones.

II. Not Hot Series in late 2008/early 2009

a) Schlocky Overgraded Coins in Nearly Any Series

Let’s face an unavoidable truth: there are a lot of really junky coins overhanging the coin market right now. If you look on many dealers’ websites (or in their cases at a show like FUN) you are going to see some familiar faces. You know what I mean: coins that have been around for months (or years in some instances) because they are too dark or too bright or have some sort of problem that makes them low-end for the grade. In the past, there were always bottom feeder collectors and dealers who would buy low-end “stuff” at the right price but many of these individuals have been Slapped by the Recession already and are not as active as they were. Until much of this stuff leaves the market (and there are hundreds of millions of dollars worth of coins like this out there right now) expect to see them languish in dealer’s inventories (or go unsold at auction) and drag values down in the published price guides.

b) Unpopular Coins With Questionable Market Premium Factors

If a coin in a largely unpopular series is currently selling for a 10-30% premium because of a low mintage figure or a slightly low PCGS/NGC population, it is likely that it will lose much (or all) of its MPF. Some examples of these coins are a number of the quarter eagles from the 1880’s and 1890’s, certain lower mintage Three Dollar gold pieces from the 1880’s and many of the San Francisco Type Three double eagles from the 1890’s and early 1900’s in grades up to and including MS63.

c) Crappy, Processed Charlotte and Dahlonega Mint Gold As someone who is pretty widely-known as a leading dealer in Charlotte and Dahlonega gold, it pains me to look at a majority of the coins on the market today. Overgraded junque is, I’m afraid, the rule rather than the exception and a considerable amount of said material overhangs the market. Until recently, there were always bottom feeders who bought the nastiest C+D rejects at the right (read: c-h-e-a-p) price but many of these Numismatic Catfish have current cashflow crises to deal with. Personally, I’d like to take the 300-400+ truly vile C+D coins that travel like gypsies from auction to auction and inventory to inventory and melt them. This would allow the nice, original coins (which still have solid collector demand) to regain their place in the sun.

d) Indian Quarter Eagles

Dead as a doorknob. Sleeping with the fishes. Circling the drain. Numismatic Cannon Fodder. Muerto. Did I mention that this series is pretty slow right now?

Carolina Circle Collection of Charlotte Gold Coinage

I recently completed cataloging the Carolina Circle Collection of Charlotte gold coinage for Heritage. This collection, which was primarily formed in the 1970’s and 1980’s, is going to be sold by Heritage during their 2008 FUN auction. It is a virtually complete collection, missing only the 1849-C Open Wreath gold dollar and it contains some of the nicest—and freshest—coins from Charlotte that I have seen in some time. I have known the owner of this collection for a number of years and when he made the decision to sell, I suggested that he place the coins in the 2008 FUN auction. About 40% of the collection is housed in very old PCGS and NGC holders and I suggested to this individual that he keep the coins in these old slabs; despite the fact that many of them appeared to be significantly undergraded by today’s standards.

What I really like about this collection is the originality of many of the coins. Almost all of them are in the EF40 to AU58 range and a number are notable for their superb original color and unadulterated surfaces. There are a few individual coins that I think rank as among the most attractive Charlotte gold coins I have ever seen; regardless of date or denomination.

My two favorite gold dollars in this collection are an 1849-C Closed Wreath and an 1850-C. Both are in old PCGS AU58 holders and both, in my opinion, grade considerably finer by today’s standards. I think both coins have great eye appeal and would make excellent additions to a date or type set. I also like the AU55 1857-C gold dollar in this collection. It, too, is in an old green label holder and it seems very choice for the date and grade.

The quarter eagles in the Carolina Circle Collection are outstanding and include a number of Condition Census pieces. Even though it “only” grades NGC AU53, the 1839-C Repunched Date is a lovely original coin and is housed in an old “fatty” holder certain to attract attention. There are PCGS AU55 examples of the 1840-C and 1844-C, both in old green label holders, that are also extremely choice for their designated grade levels. The 1846-C and 1849-C quarter eagles are both also graded AU55 by PCGS.

There are two quarter eagles in this collection that I think are absolutely wonderful coins. The 1852-C is in an old green label PCGS AU58 holder but it appears far choicer than this. I absolutely love this coin’s coloration and I personally regard it as the third finest known for the date, trailing only the Bass II and Elrod coins.

I also really like the 1855-C in this collection. I had never seen or heard of this coin before I went to examine this group a few months ago and I’m sure I let out a big gasp when I first saw it. It is currently in a PCGS MS61 holder but I personally feel it is nicer than this. What I like best about this coin is its freshness as evidenced by its glowing frosty luster, lovely rose-gold color and extremely clean surfaces. It is probably the third finest known example of this rare date and it is the nicest 1855-C I have seen since the incomparable Bass coin was first sold in 1999.

The half eagles in this collection are complete and include a number of important and choice pieces. One that is certain to capture a lot of viewer attention is an 1838-C in PCGS AU58. While reasonably common in lower grades, this date is rare in AU and the current PCGS population is just three in AU58 with a single example higher.

The 1840’s half eagles in the Carolina Circle collection are, for the most part, very nice coins and this includes solid AU examples of the 1840-C, 1841-C, 1844-C and 1846-C. There is an 1842-C Large Date in an old green label PCGS AU55 that seems extremely choice for the grade, in my opinion.

The half eagle in this collection that will probably generate the most interest is the 1842-C Small Date. It is currently housed in an old ANACS AU50 holder but it appears to be considerably nicer than this. As you may or may not know, this is the rarest collectible issue from this mint and the typical piece is well worn with poor eye appeal. The example in this collection is lightly marked, well struck and original with good color and a very pleasing naked-eye appearance.

There are other less glamorous but very attractive half eagles in the Carolina Circle collection as well. An 1847-C in an older PCGS holder has superb color and great eye appeal. The 1851-C, graded AU50 by PCGS many years ago, seems to be way undergraded and it has an exceptional strike for the issue as well as superb deep yellow-gold color. The 1853-C, housed in a green label PCGS AU58 holder, is also attractively toned in rich, natural shadings.

If you follow the rare gold coin market you know that Charlotte coinage has been somewhat out-of-favor for the last few years. I predict that this collection will help to jumpstart this market. It’s been a number of years since this many fresh, attractive pieces have been offered for sale and, typically, when collection like this are sold, new collectors become interested in getting a set started.

For more information on this collection, feel free to contact me and I also suggest that keep an eye on Heritage’s website. I expect that the lots for the FUN sale will be posted sometime around the middle of December.

Starting a Charlotte Half Eagle Collection

For a collector who is new to branch mint gold coins, assembling a set of Charlotte half eagles is an excellent place to begin. New collectors tend to like half eagles more than the other denominations produced at this mint. These coins are larger in size than their gold dollar and quarter eagle counterparts and they tend to be more available in higher grades. Due to the fact that Charlotte half eagles are currently somewhat out of favor with collectors, many nice half eagles from this mint are currently available. In other words, this is a good time to start a Charlotte half eagle collection due to the fact that a new collector will have less competition than usual and will find a greater assortment of desirable pieces available.

In my opinion, there are basically three tiers of collections that the Charlotte half eagle collector can tackle. For the sake of classification, we can identify these as follows: beginner level, intermediate and advanced.

A beginner level set consists of 24 coins, generally in the EF40 to AU50 grade range. (NOTE: On all three of these sets, if the collector chooses not to include the 1842-C Small Date, the number of pieces he needs to purchase decreases by one). The five key issues in the beginner set are the 1842-C Small Date, 1840-C, 1844-C, 1846-C and 1838-C. With the exception of the 1842-C Small Date, all of the other key issues can be found in nice Extremely Fine for under $5,000.

A few pieces of advice for the collector who decides to work on a beginner level set of Charlotte half eagles:

Take your time. This set can be completed in a few months but a rushed set will include many low end coins. A set that is assembled over the course of a few years will be more fun and it will include nicer coins.

Whenever possible, throw in a few higher grade coins. Right now it is possible to buy nice AU53 to AU55 examples of common dates for just $1,000 or so more than an EF40. While this might slow up completion of your set, in the long run a collection with some higher grade coins will be a better investment than one with just EF40’s.

Try and learn what choice, original coins look like and then become fixated on buying only coins with the “right” look. Whenever possible, avoid bright-n-shiny, processed pieces.

An intermediate level set consists of all AU coins. Most collectors will probably look for the key issues in the AU50 to AU53 range and the more common dates in AU55 to AU58. This is clearly more difficult to assemble than a beginner set, not to mention (obviously) a more expensive one. The dates that will prove to be the most difficult to locate in this grade range include the 1838-C, 1842-C Small Date, 1840-C, 1844-C and 1846-C.

A few pieces of advice for the collector who decides to work on an intermediate set of Charlotte half eagles:

You are going to be confronted with a seemingly endless array of AU Charlotte half eagles in auctions and dealer’s inventories. Try to make your first decision the right one and don’t buy a coin that you will regret purchasing a few years later.

Many dates that have seemingly high population figures in the PCGS and NGC population reports are actually quite scarce with original color and surfaces. If you see a nice, original example of a date like an 1838-C or an 1861-C, do whatever it takes to buy it, even if this means your budget is decimated for six months or more.

In my opinion, it makes more sense to stretch and splurge on the rarer dates in the series than it does on the common ones. While the Charlotte market is in its current slump, this is a great time to be looking for the scarce issues and not worrying about common dates.

An advanced set of Charlotte half eagles consists of coins that grade MS60 and above. If the 1842-C Small Date is not included in this set, every issue is obtainable in Uncirculated; some in grades as high as MS63 to MS64. This is a set that requires a formidable amount of patience and deep pockets to complete. It would take at least $500,000 to form a set of Uncirculated Charlotte half eagles and a truly world-class set could run closer to $1 million.

A few pieces of advice for the collector who decides to work on an advanced set of Charlotte half eagles:

Whenever possible, buy coins with good pedigrees. High quality Charlotte half eagles from collections formed by such men as Harry Bass, Stanley Elrod, Paul Dingler, Louis Eliasberg, Ed Milas and others are generally characterized by choice, original surfaces and are regarded with high esteem by knowledgeable collectors and dealers.

Buy the right coin the first time. If you already own a very nice MS63 1852-C half eagle, it usually does not make sense to upgrade this to an MS64. The only time such an upgrade would make sense is if you can sell your existing coin for a good price and the new coin is considerable nicer in appearance when you put the two coins side-by-side.

Carefully research the price history of expensive Charlotte half eagles. If you are going to spend $20,000++ on a coin, make certain you have a good idea how much other comparable coins have sold for at auction and via private treaty. Avoid dealers who do not help you readily access such information.

As I mentioned above, this is a great time to start a collection of Charlotte half eagles. After the new third edition of my book on Charlotte coinage is released (hopefully by the end of 2007 or early in 2008) I would expect to see renewed interest in this area of the market. This will make it harder to buy nice coins, especially at the currently favorable market levels.