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Nicely detailed and very lustrous with rich, attractive orange-gold color seen on the obverse and reverse. The surfaces are a bit abraded and if they were just a touch cleaner, this coin would clearly grade AU50 or better as it has plenty of body for the grade. CAC has approved just seven examples in this grade with another twenty-seven higher than this.
In their recent October 2011 Pittsburgh auction, Heritage Auctions sold a comprehensive collection of Liberty Head quarter eagles. This collection contained many of the rarities in this series and I'd like to take this time to analyze the coins themselves and the results that they garnered. One of the rarest collectible Liberty Head quarter eagles is the 1841. It has now been decided with near-certainty that this issue, formerly believed to have been Proof-only, was struck in both Proof and business strike formats.
I am of the opinion that the 1841 quarter eagle is still an undervalued coin. There are fewer than 20 known, and it is clearly among the rarest individual dates in this series. If the Liberty Head quarter eagle series were to become more collected by date, I could see a nice example in the PR50 to PR60 range range having a base value of $250,000+, given what other less rare U.S. gold coins are currently selling for.
It was hard to determine if the 1841 in the Heritage sale (graded PR55 by NGC) was a business strike or a Proof, as it had been fairly harshly cleaned at one time and most of the original surface had been stripped away. I actually thought the coin might have been a Proof but would need to see the coin out of its holder to be more certain.
This coin sold for $132,250 including the buyer's premium. I thought that this was a reasonably strong price, considering that the coin was really not attractive. The last example to sell was Heritage 7/09: 1230, graded NGC PR58, which was considerably nicer.
There were some interesting Dahlonega quarter eagles in the sale. The most interesting was a really nice 1854-D graded MS63 by PCGS. It is the second finest known of around five or so in Uncirculated, and this is a date that is scarce in all grades with an original mintage of just 1,760.
This exact coin had appeared in Heritage's June 2004 Long Beach sale (as Lot 6200, in a PCGS MS62 holder) where it brought $34,500. It then appeared as Bowers and Merena 3/10: 3623, in a PCGS MS63 holder, where it sold for $63,250.
I was bidding on this coin in the Heritage sale for a client and before the sale began, I estimated that it would bring around $50,000-55,000. Shortly before the sale began, I realized that this range was too low and I raised my bid accordingly.
I wound-up being the underbidder on the coin, and it sold for a record-setting $86,250. The previous high for this date was $80,500, set by the Duke's Creek: 1511 coin (which I purchased), graded MS64 by NGC and the finest known.
The Heritage sale showed me that the market for very high quality Dahlonega quarter eagles is quite strong. But the market is also very discerning and more sophisticated than in the past. An 1844-D quarter eagle in NGC MS63 was impressive if you look at the numeric grade assigned the coin, but it was softly struck and over-graded in my opinion. It sold for just $18,400; a far cry from the $30,800 it had brought back in May 1998 when it sold raw in the Pittman auction.
I also thought that the nicer New Orleans quarter eagles in the sale did well. A sharply struck 1840-O graded MS62 by PCGS realized $17,250, a softly struck but fresh-looking 1846-O in an NGC MS64 holder was bid to $23,500 and a decent quality but not especially choice 1847-O in PCGS MS63 brought $14,950.
Another major rarity in the collection was a PCGS VF35 1854-S. This coin has the distinction of being the rarest regular issue Liberty Head quarter eagle with an estimated 12-15 survivors. Unlike other very rare issues, the 1854-S is nearly always seen in low grades with only one known in AU (an NGC AU53 that is ex Bass II; 472) and two or three in EF.
I spoke with a number of knowledgeable dealers about the 1854-S in the sale and the reaction was mixed. Nearly everyone agreed that the coin wasn't attractive, and that if it weren't a rarity like an 1854-S quarter eagle it might not have been graded by PCGS. But I think they are missing an important point: very rare coins have always been given certainly allowances by collectors and dealers alike, and in the world of 1854-S quarter eagles, this coin was better than most.
The coin in the October 2011 Heritage sale brought $253,000. This is almost exactly what I expected it to bring.
A damaged "no grade" 1854-S in the Stack's Bowers 2011 ANA sale had just brought $201,250, which meant that the coin in the Heritage sale was a shoo-in to sell for more than this. The best comparable result for an 1854-S was the Heritage 2009 ANA: 224 coin, graded VF35* by NGC, which was sold for $253,000.
If the Heritage 10/11: 4692 coin had been a nicer piece for the grade and still in a PCGS holder holder, I think it would have sold for over $300,000. Its scratched surfaces and lack of overall eye appeal held back the final price realized but, as I said, above this is such a rare coin that eye appeal is not as big a factor as on more common issues.
That said, the NGC EF45 Lee coin (ANR 9/05: 1128) that I purchased six years ago for $253,000 is now looking like a very, very good value.
One final rarity in the sale that I though was interesting was Lot 4716: an 1864 graded AU58 by NGC. For years, the 1864 was perhaps the single major "sleeper" issue in the Liberty Head quarter eagle series. Only 2,824 were made, and business strikes are extremely rare with fewer than three dozen known.
I didn't like the coin in the Heritage sale. In fact, I thought it was an Impaired Proof that had been misidentified as a rarer business strike. The coin brought $40,250 which I thought was a pretty lackluster result, given that Heritage had sold another NGC AU58 for $46,000 as Lot 5333 in their April 2011 auction.
Their were a few other things I noticed about the sale. The first was that the CAC coins typically brought significant premiums over the non-CAC coins. The coins that had CAC stickers were generally nicer than their non-CAC counterparts, and assuming that Heritage sent all the coins to CAC, it wasn't hard to figure which coins were the "best." There were exceptions to this. The aforementioned 1854-D, which should have been stickered as it was really a nice coin, did fantastically and some of the rarities mentioned above (1841 and 1854-S) did just fine without them.
But there some examples of coins in this collection whose value was greatly improved by the presence of a CAC sticker. I'll give you a few examples. Lot 4714 was an 1862-S graded AU58 by PCGS and approved by PCGS. This coin sold for $8,625. In their October 2010 sale, Heritage sold the same date in the same grade but without a CAC sticker for $6,900.
Another strong CAC-generated price was realized by Lot 4715, an 1863-S graded AU58 by NGC. It sold for $9,775. Compare this to the $6,900 that Heritage 12/10: 4325 brought (it was non-CAC stickered) and you'll see the value of the "green bean" to certain buyers.
My overall take on the sale was it did well but was not a "run-away." There were some coins that flew under the radar but very few bargains were to be had. The coins that appeared to sell for low prices weren't very nice. What I found surprising what that some of the coins that were nice but which were "hard sells" seemed to do just fine, even though there are not all that many end-users for them.
If you are familiar with this date, you are aware of the fact that the 1858-S is inevitably found with deep abrasions and dull, lifeless surfaces. It is quite scarce in properly graded AU58 and rare in Uncirculated with probably no more than twenty or so known, mostly in the MS60 to MS61 range. The present example has exceptional surfaces for the date with almost no marks atop soft, frosty luster. The color is exceptional as well with lovely light rose and green-gold hues seen on both sides. There is the barest trace of rub on the high spots of the obverse while the reverse grades at least MS61+ on its own. This is as nice a slider example of this date that I have seen. Trends jumps to $10,500 in MS60 and a nice, fresh Uncirculated example--if you can find one--is likely to cost you $11,000-13,000 or more.
The 1841-D is the fifth rarest Dahlonega quarter eagle. There are fewer than 100 known form an original mintage of just 4,164 coins. It is very rare in AU grades and extremely rare in Uncirculated with only four accounted for. The present example is one of the three best circulated 1841-D quarter eagles that I have seen and it is clearly the finest currently available to collectors. It shows lovely deep, natural green-gold color and this makes it an unusual coin as this date is almost never seen with original color. It is an early strike with no major cracks on either side and this is reflected by the overall detail which is exceptionally sharp for the issue. There are a few small marks seen, including a cluster of old, shallow ticks above the head of the eagle and a short, dull scrape on the neck below the curl dangling from the ear. There are auction records of over $12,000 for this date in this grade going back as far as the late 1990's. This is the only AU58 example of the 1841-D to have been approved by CAC and no finer ones have received a sticker.
Old Green Holder. B-14, BB-52. Rarity-2. The Off-Center Bust variety. There are two distinct varieties of 1795 Draped Bust Dollar: the Off-Centered Bust (B-14) and the Centered Bust (B-15). The former appears to be harder to locate in higher grades, as well as being more difficult to locate in terms of overall rarity. This example shows delightful deep "old silver" color with reddish iridescence seen in the protected areas. The strike is sharp and the surfaces are very choice with only a few tiny marks seen below magnification. Unlike most 1795 dollars graded AU58, this coin is a true slider with just the barest trace of cabinet friction seen on the high spots. This coin was graded many years ago and while I don't think it would ever upgrade to Mint State, I do believe that it is hugely superior to most examples offered for sale in recent years. As an example, a PCGS AU58 of this variety recently sold for $35,650 in the 9/11 Goldberg auction. The present piece is far, far nicer in my opinion and it would make a wonderful piece for an advanced collection of early silver types.
This newly discovered, fresh-to-the-market coin is not only the best 1859-D quarter eagle that I have ever seen, it is quite possibly the finest known for the date. The 1859-D is a scarce date in all grades with a mintage of just 2,244. It is likely that a small hoard existed at one time as survivors are almost never seen in VF and EF grades but most are clustered in the AU range. In Uncirculated, the rarity of this issue is indisputable. I know of three examples that grade MS62: this coin, Duke's Creek: 1515 (in an NGC holder; it sold for $37,375 in 2006) and Green Pond: 1036 (in a PCGS holder; it sold for $34,500 back in 2004). I like this coin better than either the Duke's Creek or Green Pond coins. It has wonderful deep, rich green-gold, orange and pale reddish hues with very choice surfaces and better luster than usual. For the date, it is well made and well detailed. Most importantly, it is fresh in appearance with no signs of having ever been cleaned or dipped. At the recent Heritage sale of the Baltimore Collection of quarter eagles, the few very high quality pieces that were available brought very strong prices. If you are putting together a world-class set of Dahlonega gold coins, the significance of this remarkable 1859-D quarter eagle will be clear.
When I purchased this coin a few months ago (in an MS61 holder), I thought it would be a "score" and would be in an MS62 holder in no time. After five submissions (all of which saw the same result), I've given up and am going to sell this coin as is. It is awfully, awfully nice for an MS61 Type Two double eagle from this mint due to its superb rich golden-orange and rose color as well as its blasty luster. The obverse shows some light scuffs in the fields and there is a small area of granularity (as made) around star seven; the reverse is extremely choice and grades close to MS63 on its own accord. There aren't many surviving 1875-CC double eagles that have never been dipped or processed and this is one of the few original pieces. A great piece for a type collection or a date set.
This is an attractive and interesting coin with a good back story. I bought it from a well-known wholesale dealer who had purchased it out of the 2011 ANA sale (see the pedigree below) expecting it to grade AU58. I can see why he thought this as the coin has superb deep green-gold color, nice luster and just a small amount of wear on both sides. I'm guesing the reason(s) it didn't grade AU58 are a series of very fine mint-made grease stains on the obverse from between stars seven and eight down into the upper left field through the coronet tip.In my opinion, this coin has better cosmetic appeal than 75% of all the 1850 double eagles that I have seen in AU58 holders and I love its color and originality. A pleasing example of the first collectible double eagle from the Philadelphia mint.
Ex Stack's Bowers 2011 ANA: 9658, where it sold for $6,900.
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