1807 Bust Right $5.00 PCGS MS63 CAC, OGH

Bust Right variety. BD-1, High R-4. Small Reverse stars; the only one of the six half eagles struck this year with this reverse and a distinct naked-eye variety as such. Old Green Holder. A stunning, semi-prooflike example with deep natural yellow gold color seen over the partially reflective fields. Well struck and well made with no significant abrasions or mint-made planchet issues; nicely detailed at the centers and borders with most of the fine design elements showing nearly full clarity. This piece is housed in an old holder and it was last graded at least two decades ago. Unlike so many Bust Right half eagles in MS63 holders, it hasn't been dipped or enhanced and it has really exceptional overall eye appeal. While common in the lowest Uncirculated grades, the 1807 Bust Right becomes rare in properly graded MS63 and it is extremely rare above this with just five finer at PCGS (four in MS64 and a single MS65). The last MS63 to trade at auction was an NGC coin (Heritage 1/12: 4855) which was not CAC approved and which was not high end for the grade; it brought $21,850. You have to go all the way back to the Superior 1/06 sale to find a PCGS MS63 at auction; that coin brought $20,700. Given the fact that the present example is PCGS graded graded, CAC approved and in an old green label holder (quite a triumverate!), I think it is worth at least a 20% premium above the above-referenced NGC example. As of 1/12, only three 1807 Bust Right half eagles graded MS63 have been approved by CAC with two finer than this. A great example for an advanced type set or date run of early half eagles.

1843-O Large Date $2.50 NGC AU58

Large Date variety. The rarer of the two varieties of quarter eagle produced at the New Orleans mint during this year, the 1843-O Large Date is the second scarcest issue in the series after the 1845-O and the third scarcest in Uncirculated after the 1845-O and the 1842-O. This fresh, wholesome example has great color with a rich natural yellow-gold hue visible on both the obverse and reverse. It is likely that this piece never actually entered circulation but it does have some abrasions scattered in the fields and on the neck and lower cheek of Liberty. The NGC population figures for this date in AU58 is much inflated by regrades and it is likely that no more than seven to eight exist which are as nice as this lustrous "slider."

1854-S $1.00 PCGS AU55

Old Green Label Holder. By today's standards I think this coin is right in the middle of the "line" between an AU55 and an AU58. The 1854-S is the first gold dollar struck at the new San Francisco mint and this makes it a very significant coin from a numismatic perspective. This lustrous example is sharply struck and very lustrous. It shows some minor areas of mint-made roughness on both the obverse and reverse which is understandable when one considers that this is the San Francisco mint's first attempt at striking the challenging Type One design. A small mark on the face appears to be the result of contact from another coin many years ago. It is not easy to find this date in the higher AU grades with good eye appeal and this is a nice coin for the date and grade. In my opinion, a very undervalued issue, given its historic importance.

1862 $10.00 NGC AU53 CAC

As recently as a few years ago, the true rarity of this Civil War eagle was not really known outside of the Liberty Head eagle specialist community but this changed when a PCGS AU58 example sold for $25,300 in the Stack's 8/10 auction. There were 10,960 struck but most 1862 eagles were melted and the number known today is likely no more than 100-125 in all grades. I have never seen or heard of an Uncirculated piece and this date is very rare in the higher AU grades. Most of the coins in AU holders are heavily abraded and have been dipped and this clean, natural-looking coin has the best eye appeal of an 1862 eagle that I have seen in years; including the aforementioned PCGS A58. It has a good deal of luster below medium natural green-gold color and there are not many marks of note on the surfaces. A small area of natural toning surrounding the eagle's head and upper wings serves as ready identification. CAC has approved three 1862 eagles in AU53 and three better.

1844-O $5.00 PCGS MS61

Bass Collection Pedigree Let's say that you are a type collector and you want a nice No Motto half eagle from the New Orleans mint in Uncirculated. You really don't have alot of choices as only one date--the 1844-O--is relatively obtainable in Uncirculated. And if your budget is around $5,000 for a nice coin, than this piece is exactly what you are looking for. This piece is housed in an older holder and it has remained untouched since it was sold at the Bass IV sale in 2000. It is solid for the grade with nice light yellow-gold color and great luster. The strike is a bit weak at the centers and there are a few marks at the eleventh and twelfth stars but you aren't going to find a nicer 1844-O in an MS61 holder. Legitimately Uncirculated examples of this date are not that easy to find and this coin with its good eye apeal and great pedigree would make a great addition to any advanced set of New Orleans half eagles.

Ex Bass IV: 392 (Bowers and Merena 11/10) where it sold for $3,910

1867-S $2.50 PCGS MS61

The 1867-S is not an especially scarce date in circulated grades although it isn't easy to locate in properly graded AU55 to AU58. In Uncirculated, this date is actually quite rare with probably no more than a dozen or so known. The finest is a PCGS MS64 that is ex B+M 6/01: 1214 (where it sold very reasonably at $12,650) and the next finest is Bass II:555, graded MS63 by PCGS, that brought $9,487. Many of the examples that I have seen in MS61 holders are pretty marginal but this example is really choice and fully "new" with no wear on the high spots and no significant luster breaks. It is original and uncleaned with nice rich golden-orange color with a darker toned area below the bun and across the reverse border. There are some scattered marks in the fields that merit the grade assigned by PCGS but this piece has a nice, fresh appearance and it is clearly high end for the grade. Besides this coin, the last PCGS MS61 to sell at auction was Heritage 3/07: 2665 that brought $4,704. Choice, attractive, rare and a great value at this level.

1847-D $2.50 NGC AU58+ CAC

Two dates in the Dahlonega quarter eagle series are well-known for having great color: the 1847-D and the 1849-D. I have owned about seven or eight of the former with really neat deep rich original hues and this example is the most recent addition to this illustrious list. The obverse and reverse show a blend of rich russet, green and bluish-gold hues with the obverse a bit more intense in shade than the reverse. The underlying surfaces are clean and frosty and this piece has no real wear, just the slightest amount of friction seen on the high spots. If you like your D mint gold well struck, then you'll love this coin: it is absolutely hammered with totally full details seen on the hair and feathers. NGC tends to be pretty sparing with the "plus" sign, especially on AU58 coins, and it was clear that they liked this piece as much as I do.

When Is Deep Cameo/Ultra Cameo Proof Gold Worth a Premium?

Having recently handled a considerable number of impressive Proof gold coins, I've been thinking about when a specific coin is worth a premium because of is status as a Deep Cameo (PCGS' modifier) or Ultra Cameo (NGC's modifier). After a brief explanation of these terms, I'd like to use a few examples of the coins I've sold to illustrate scenarios in which I feel a premium is merited. Proof gold coins are struck specially for collectors in very limited numbers. They are made with care using specially prepared planchets and typically struck with multiple blows of the dies. One of the features of most pre-1900 American gold coins in Proof is that they show cameo-like contrast between the devices (which are frosted) and the fields (which are watery and reflective). Collectors appreciate this appearance; as well they should, as a gold coin with deep, strong cameo contrast can have wonderful eye appeal.

The question most collectors ask about cameo proof gold coins is when are such pieces worth a price premium.

Given the fact that most pre-1900 proof gold coins have very low mintage figures, we can assume that nearly every piece is going to show some degree of cameo. But there are a few coins for each year that have extreme cameo contrast. We can assume that these are either the very first pieces produced or they were coins that were made with extra care for their visual appeal.

Let's look at a proof gold coin with an original mintage figure of 30 coins as an example. The typical survival rate for a proof gold coin struck between 1860 and 1880 is around 50% (for large denominations such as eagles and double eagles this figure is probably more like 25-33%). Given this figure, let's say that fifteen or so are known.

Of these fifteen, there are probably at least a few that are either impaired or they have been cleaned and/or processed to the point that they do not have an original appearance. So let's say the number of pertinent coins is around ten. There might be seven or eight that have been graded by PCGS and/or NGC and given the designation "cameo." Then let's say that the other two or three coins have been designated as "ultra cameo" or "deep cameo." How much more are these coins worth?

In my opinion, if these coins have great eye appeal and are not overgraded, they are probably worth a 10-20% premium over a regular cameo example. This is making the assumption that they are significantly rarer than their regular cameo counterparts. In the case or large denominations, where eye appeal is so critical, this premium might even be a bit higher.

I'd like to use two specific coins to illustrate my theory about ultra cameo/deep cameo premiums. These are a pair of gold dollars that I recently sold.

The first coin is an 1862 gold dollar graded PR66 Deep Cameo by PCGS and awarded a sticker by CAC.

This Civil War issue has an original mintage figure of 35 coins of which slightly fewer than half survive. In my experience, the mint did an excellent job of producing proof gold coins in 1862 and the overall quality of most of the gold dollars I've seen has been above average. In other words, Proofs of this year are supposed to come with good contrast and there should be no premium whatsoever for a coin that is a regular cameo.

But if you take even a casual look at this specific coin, you'll see that it has incredible eye appeal. The appearance is "black and white" with the type of contrast that can literally be seen across the room. I felt that this was one of the best looking Proof gold dollars that I had ever viewed and this was a reason that I purchased the coin at the 2012 FUN show.

As I was figuring a value for this coin, I had to decide on what sort of a premium its beauty would compel me to pay. I certainly wouldn't have paid a 50% premium (although in certain silver series, a premium of this sort isn't uncommon) but I felt a 10-20% premium was certainly in keeping with its stunning appearance.

This was an instance where I wasn't so much paying a premium for an ultra cameo coin's rarity (there are a few other 1862 gold dollars known with a deep cameo/ultra cameo appearance) as I was for its beauty. What was even more appealing to me was the fact that this coin has a "natural" deep cameo appearance.

You almost never seen proof gold coins anymore with the old-time, deep, hazy look that you used to see when collections like Norweb, Pittman, Eliasberg or Childs were sold. In fact, I would venture to say that most collectors and dealers who have entered the hobby after 1990 have seen virtually no truly original Proof gold coins (a welcome exception to this was the amazing Henry Miller collection of Proof gold that Heritage sold at their FUN auction in January 2011. While not every coin in this group was original, some were just amazing and it was refreshing to see Proof gold coins that looked like this after so many years of character-free pieces being offered...).

What's even harder to find these days are "old time gem" proof gold coins that aren't so hazy or richly colored that they don't show deep cameo contrast. That's why a coin like this 1862 dollar is special, in my opinion, and it merits a strong premium. It was original yet it was commercially viable for those collectors who don't "get" originality.

The next coin I'd like to discuss is a PCGS PR65 Deep Cameo 1871 gold dollar also awarded approval by CAC. While this coin has a mintage which is close to the 1862 (a total of 30 versus 35 for the 1862) it is rarer due to the fact that it appears that a portion were melted after they went unsold in 1871. It is possible that as few as eight to ten are known and this is actually one of the single rarest Type Three dollars in proof.

One interesting fact about this date is that it is not a year that tends to come as well made as the 1862. In 1871, the amount of contrast wasn't as great and many survivors in all gold denominations show lintmarks or slight planchet irregularities. It is also a date that, as a Proof, tends to be a little rarer than the 1862 in higher grades. I believe that this 1871 is the second finest known, trailing just a single PR68 at NGC.

This coin has nice cameo contrast although not as much so as on the 1862. In the case of this coin, I think its premium is predicated more on rarity than on extreme eye appeal. It is the only PCGS example in PR65 or better to have been designated as a Deep Cameo and this fact, I believe, gives it at least a 10-15% premium over a regular cameo example in the same grade.

In summary, I feel that the two reasons to ascribe a strong premium to any proof gold coin due to its status as a deep cameo/ultra cameo are either extreme eye appeal (or beauty) and extreme rarity (status as the only example of an issue with this designation or else the single highest graded with this designation). Obviously, the best scenario is a proof gold coin that is both extremely rare and extremely beautiful. In this case, the premium could be very high; maybe as much as 25-50%.

1842-C Large Date $5.00 PCGS MS61 CAC

Large Date variety. The 1842-C half eagles is known with a Large Date and Small Date variety. The former is more available and this adds date pressure as many collectors of high grade Charlotte fives do not want to spend $100k or more on an Uncirculated Small Date. The 1842-C Large Date is rare in Uncirculated with an estimated dozen or so known, including at least three or four coins in the MS64 to MS65 range. This semi-prooflike example has uncommonly good eye appeal for the grade with light yellow-gold centers framed by rich orange-gold at the borders. The strike is quite sharp for the variety and there are just a few marks seen on the obverse, noticeably clustered on the lower portion of the cheek. This coin has a freshness about it that you do not see on many high grade Charlotte half eagles any more and it would be a great coin for the collector who wants a single choice early date issue for a type set.