1838-D $5.00 PCGS MS62

The 1838-D is certainly not the rarest half eagle from this mint (this honor belongs to the 1842-D Large Date and the 1861-D) but it is clearly the most popular. This is due to its twin status as a first-year-of-issue and the only Classic Head half eagle from this mint. The 1838-D has become incredibly hard to locate in higher grades, due to the extreme popularity of this issue with multiple buyers: type coin collectors, fancy coin collectors, Classic Head specialists, half eagle collectors and, of course, Dahlonega dudes. There are around ten to twelve known in Uncirculated but the only one that has been available in the past few years is the wonderful Heritage 1/11: 5105 coin, graded MS63 by PCGS, which sold for $57,500. The last example in MS62 to sell is this coin which was last offered in 2007 (see the pedigree below) and none had been offered for a few years before this. The present example is unusual in that it is prooflike and especially well struck; this suggests that it may have been among the very first made and most 1838-D half eagles have a frosty texture. The color is light green-gold and there are not many marks on the surfaces save for a few scattered marks in the obverse fields. I don't often say this but passing on the coin could result in waiting another five years or more in locating a good qualty high grade 1838-D. If you need to fill this hole in your collection of Dahlonega half eagles, consider the opportunity cost!

ex Heritage 2007 ANA: 1919 where it sold for $37,375

1853-D Large D $5.00 PCGS VF35 CAC

This attractive Choice VF coin is perfect for a lower budget type collection and it is every bit as nice as many of the common date Dahlonega half eagles that I have seen graded EF40 by both services. Light greehn in color with some dirt in the protected areas. Good value at less than $2,000

The 2012 FUN Show: Some Observations

I can count on one hand the number of coin shows that, after close to three decades in the business, I still enjoy. The FUN show is one of them. It is well run, well-attended, and even when the market is just so-so, it tends to be an excellent show for me. I'd like to share a few observations about the recently-concluded 2012 FUN show. Unlike the ANA show(s), what I like best about FUN is that it is concise and to the point. No pre-shows, no PNG day...the doors open on Wednesday and I stay crazy busy until I close up on Friday night. For someone like myself, who views coin shows as a work environment and not a place to schmooze, this makes me happy. I start working and then, typically, I say to myself: "I'm hungry." I look at the clock and its already 2:15; I've worked six+ hours straight without a break. I like that.

I found it hard to buy nice coins at the show but not more so than at other recent conventions I've attended. I look back at a show like FUN ten years ago and marvel at the great coins I would be offered for sale or stumble upon as I combed the bourse. As a dealer, I have to rely on good connections and lots of hard work to find one nice coin here and another there. I talked to a few dealers who told me it was one of the driest shows they have ever attended. I didn't find this to be the case. There were coins to buy, but they were hidden and you had to work like a numismatic banshee to find them.

I met a number of serious new or relatively new collectors at the show. Combined with the high number of new collectors that are contacting me through my website, I have the feeling that numismatics is gaining a lot of new advocates. After the economy went bad in 2008, the number of new collectors seemed to drop appreciably. Even though I don't think the economy is robust, I do see a lot of new interest in coins. That seems like a good thing to me...

Two types of coins that I actively make a market in but which seem to have suddenly all but disappeared are Dahlonega gold (especially nice EF45 to AU58 collector-quality quarter eagles and half eagles) and better date Liberty Head eagles. This isn't exactly a new observation; both areas are popular and have been hard to locate at shows for at least a few years. But at the FUN show I think I bought a whopping four or five Dahlonega coins (all of which are already sold, by the way) and maybe three Liberty Head eagles.

The Heritage sale was a highlight of the FUN show and the second Platinum Night, featuring gold coinage, was of particular interest to me. The session began with the sale of Dr. Steve Duckor's St. Gaudens double eagles. Steve is a good friend of mine and I was rooting for him to hit a home run. The results of the sale were probably just a bit disappointing for him, mainly due to one or two of the expensive coins which didn't do as well as expected. This isn't a reflection on the coins, which I thought were magnificent. It's more a reflection on the fact that the Saint market isn't that strong right now and the Magic Billionaire that Heritage had hoped would develop a sudden need for rare Gem Saints didn't materialize.

For me, the highlight of the sale was a date run of fat Head half eagles including a few issues (1819, 1821, 1828, 1828/7 and both varieties of the 1829) that come up for sale on average of once or twice a decade. The quality of these coins ranged from so-so to superb but prices were very, very strong. To me, this is a validation of a point that I've been making for years: these coins are extremely rare and they have been overlooked and undervalued in the past. I expect price guides to reflect significant increases in this series and deservedly so.

I personally had an excellent show. I made it back to Portland late in the afternoon on Saturday and by Sunday I had posted close to forty new purchases. In the last few days more than half of them have sold and this includes a few of the "big" coins like a PR66 1862 gold dollar and a PR65 1871 gold dollar. The market seems healthy right now and there is no doubt in my mind that good coins, in a variety of price ranges, are selling.

1869-S $2.50 NGC MS61

This is a nice, fully "new" example of a date that is seldom found in higher grades. I doubt if more than ten to fifteen are known in Uncirculated with most in the MS60 to MS62 range. The nicest thing about this coin is its color with a band of rich reddish-gold at the obverse border and outlining the details on the reverse. A few small marks limit the grade but this piece is really attractive. The SF quarter eagles from this era are very undervalued and offer the collector with a challenging but not overly expensive area.

1856-D $5.00 NGC AU58

This coin has the look of an example from the hoard of 1856-D half eagles that is known but I don't think it is from there as it does not have the hairlines that these pieces tend to show. What is does have is luster; lots and lots of luster. In fact, this piece totally deserves to be termed a slider as it looks like an MS61 to the naked eye but there is a small amount of friction in the obverse fields. The 1856-D remains one of the scarcer Dahlonega half eagles from the standpoint of overall rarity and this piece is a great alernatuive to a five-figure Uncirculated example.

1859-O $20.00 NGC AU50

Only 9,100 were struck and the 1859-O is the fourth rarest double eagle from this mint trailing the 1854-O, 1856-O and 1855-O. There are less than 100 examples known in all grades with around twenty or so in the various AU grades and another three in Uncirculated. For most collectors, the 1859-O (along with the 1860-O) represents one of the biggest expenditures in their Type One double eagle set. But this is a frustrating issue as it is rarely seen with good eye appeal as a result of poor strike and heavy abrasions. And that's why I think that this is a special example. It is better struck than usual for the date with good overall detail at the centers and borders. The surfaces show a few minor, scattered marks but are free of the deep abrasions that are so often seen. The color is a pleasing light, even green gold hue and this rests atop some prooflike flash. Since March 2007, there have been five seperate APR's at Heritage for AU50 examples of this date: three in PCGS holders and two graded by NGC. Prices have ranged from a low of $34,500 to a high of $37,375. An important coin for the advanced New Orleans gold collector.

1839 $5.00 NGC AU58

This lightly worn slider example has pale orange-gold and greenish color atop soft frosty luster. There is good detail seen on both sides and the surfaces are choice with just a few minor marks noted. The 1839 is a distinct one-year type coin that does not get the recognition that it deserves.

1843-O Large Date $2.50 PCGS MS61 CAC

The 1843-O Large Date is one of the scarcer New Orleans quarter eagles in Uncirculated. There are probably fewer than ten known in properly graded Uncirculated and I have never seen an example that I felt graded higher than MS62 to MS63. The present piece is solidly within the Condition Census and it is unusual in that it displays reflective surfaces instead of the usual thick, frosty luster. There is some mint-made roughness in the planchet as made and the color is a rich, even orange-gold hue with a small spot on the reverse above the left side of the E in STATES. There have been just two auction sales for a PCGS MS61 in the last few years. The first was Heritage 10/11: 4654 at $9,200 while the second was Stack's Bowers 2011 ANA: 7610 which was bid up to $8,625. CAC has approved three in this grade with another two finer.

1852-C $2.50 NGC MS62 CAC

Elrod/Dingler Pedigree. The 1852-C is the seventh rarest of twenty quarter eagles struck at this mint. But this is misleading as it is an extremely rare coin in Uncirculated. To the best of my knowledge there are just two or three known in Uncirculated. The finest is the Bass coin (ex Bowers and Merena 10/99: 453) which is graded MS63 by PCGS and which sold for $26,450 well over a decade ago. The present example is the second best and it is clearly the best available. It is semi-prooflike and exceptionally well struck for the issue with far better detail than usual for the issue. Even more remarkable is this coin's rich natural yellow-gold and greenish color and the lack of marks on the surfaces. I have owned this coin twice before and when I sold it to Paul Dingler back in the late 1990's, it was in a PCGS MS62 holder. It was later cracked out in an attempt to upgrade it to an MS63 at NGC and it has valid claims to this level given its quality. This coin was originally owned by Stanley Elrod who owned the best set of Charlotte gold coins ever assembled. If you collect Charlotte quarter eagles or if you just want to own a great coin to salt away for a few years give this wonderful piece some serious consideration as it is an important and impressive example.