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This very attractive Type One double eagle shows deep green-gold color with nicely contrasting darker hues on the relief details. It is evenly worn and problem-free with far more eye appeal than usual for the date and grade. An affordable and excellent introduction to the antebellum double eagles from this mint.
If you are a collector of rare date gold, you have probably noticed that there are distinct patterns of availability. In other words, certain coins may go from very unavailable to available over the course of time due to a number of reasons. How available are certain types of coins right now? Knowing the availability of a specific series is important when making a decision to collect it. If the coins aren't there, you can't buy them. Let's take a look at each denomination and conclude if now is a good time to start (or not to start) a collection.
Gold Dollars: This is a good time to start a collection of gold dollars. In the past year or two, I have noticed a number of choice, interesting examples of all three types for sale in grades ranging from Extremely Fine to Gem Uncirculated.
The demand for Type One gold dollars has increased in the last few years but there still seem to be some interesting coins on the market. Philadelphia examples are plentiful in all grades. Charlotte and Dahlonega issues are less available and a few dates (1850-C and 1850-D, 1854-D) remain extremely hard to locate above AU55.
Type Two dollars seem to be in abundant supply but this is misleading as most of the available coins are Philadelphia issues from 1854 and 1855. I find that high grade branch mint Type Two dollars are less available than in the past but not enough so to dissuade a collector for starting to collect them.
Type Three dollars also seem plentiful right now with some very interesting coins having been available (or coming available). But a few of the tougher issues are hard to find right now; most notably the 1861-D which is more popular than I can ever remember. I've also noticed a real shortage of San Francisco Type Three dollars in MS63 and above. Again, this shortage would not be enough to dissuade my from recommending a Type Three set right now.
Quarter Eagles: The availability of this denomination depends on what you are looking for.
Early quarter eagles have always been hard to find but I can't remember a time when the supply has been more dry than it is now in the Winter of 2012. As someone who is a major buyer in this area, I can tell you that the coins just aren't there right. I still love early quarter eagles but the lack of availability is a little frustrating for me and the collectors who I supply.
A few years ago, you could find semi-available early quarter eagles easily; coins like an 1830 in AU55. Now, these seem to be extremely hard to find. I don't attribute this to them being many times more popular than they were a few years. Where are these coins? I'm not certain that I know the answer.
If a deep pocketed collector wished to have begun a Finest Known or Condition Census collection of Liberty Head quarter eagles, he could have purchased some great coins in the past year. I have personally purchased at least ten finest known or close-to-finest examples in the last year and know of other coins that have been offered privately that would make great additions to great collections.
But this series has been well represented in collector grades as well. There are a few better dates that have not been available of late but I'd still say that it remains an excellent time to be a collector of Liberty Head quarter eagles.
Three Dollars: If you were thinking of collecting this series, your timing is great. There are some wonderful Threes on the market right now and many are at price levels that haven't been seen since the early 2000's.
There are still some dates in this series that haven't been readily available. Some of the ones that come to mind are the 1855-S, 1857-S, 1860-S and 1865. And the rare Proof-only 1875 actually seems a bit less available right now than it was a few years ago.
Bottom line: if you like high quality Threes, this is a good time to begin a set.
Half Eagles: The current availability of early half eagles is very odd. There is a real lack of coins in the VF-EF range and the reason i obvious: they are scarce to begin with and the few nice coins tend to be bought by collectors who will own them long-term. The AU graded early half eagles that used to be plentiful (I could count on buying three or four a month) now seem very hard to find, especially if they are CAC-quality. In Uncirculated, early half eagles remain relatively available but the quality is spotty. Non-CAC coins in the MS60 to MS63 range tend to be available at auction but nice, original examples that are realistically priced sell quickly and are hard to find right now.
The availabilty of Liberty Head half eagles has been helped by the fresh Helem and Littlejohn deals that entered the market in February. I doubt if many of the better coins will hit the secondary market and collectors remain starved for nice examples of rare issues from Philadelphia and San Francisco.
The market for Charlotte and Dahlonega half eagles is good with the latter clearly being stronger than the former. Are good coins available? If you are searching for nice pieces in the collector grade range, I'd say "yes." If you are are looking for finest known or high quality Uncirculated pieces I'd say "not often" for Dahlonega and "from time to time" for Charlotte. I'd certainly recommend beginning a collection now of either mint's half eagles given the current availability.
New Orleans half eagles are another story. Condition Census examples have become exceptionally hard to find and it would be very frustrating beginning a high grade collection right now. Dates like the 1846-O, 1851-O, 1855-O and 1856-O have become extremely hard to find in nice AU grades, let alone in Uncirculated.
Eagles: Of the seven denominations of gold coins struck by the U.S. mint (not including Stellas) the ten dollar gold piece or eagle is probably the most challenging to collect. It's never been easy to put together a set of Liberty Head eagles. Right now, it's tougher than I can ever remember with prices for the rarer issues shooting upwards.
I felt like a dinosaur at the recent Littlejohn sale as I sat through lot after lot of rare ten dollar gold pieces and was blown away by the prices. This isn't all that much different from a decade+ ago when double eagles increased in price dramatically in what seemed like a short period of time. I see the same thing happening with eagles right now.
The issues that appear to have increased the most are the ones that appear for sale the least. This seems obvious but formerly hard-to-sell coins like Philadelphia eagles from the 1860-1877 era and nearly any pre-1880 San Francisco eagle suddenly appear to have gained some popularity as long as they are high end for the grade.
Would I suggest that a DWN client begin a set of Liberty Head eagles right now? I would but it would be with hesitation. I'm not certain if the next EF-45+ 1873 eagle that becomes available will be worth over $40,000 and I wouldn't feel comfortable suggesting to a client of mine that one is worth anywhere near this. But there are still good values in this denomination. The collector of eagles will have to be more careful now than before to make certain he is getting good value.
Double Eagles: Despite a strong collector base, the availability of good Type One double eagles has been excellent in the last year or so. This holds true for both the relatively common dates and the rarities. In fact, other than the 1854-O, I have handled every rare Type One issue multiple times during the last year and have seen at least three or four 1856-O double eagles sell in the last year or two. The issues that still do not turn up that often in higher grades include the 1854-S (with non-seawater surfaces), 1859-O, 1860-S and 1866-S No Motto.
The Type Two market seems to have picked up in the last year and I think that part of the reason for this is the availability of good coins. I've been pretty surprised at how many 1870-CC double eagles have been available since, say, 2010. I can think of at least five or six that have been available and the finest known was discovered (and then stolen) within the last year.
If a collector wanted to begin a collection of Type Three double eagles, I believe he would find good examples of many better dates. But the Big Five Philadelphia issues (1881, 1882, 1885, 1886 and 1891) remain very hard to locate with good eye appeal and surfaces.
If you have any more questions about the availability of what you want to collect, please feel free to contact me via email at dwn@ont.com
The 1855-C is among the rarest Charlotte quarter eagles from the standpoint of number known. It used to be one of the two or three rarest in high grades but enough have turned up in AU55 to MS62 in recent years that this date now trails issues such as the 1841-C, 1842-C and 1849-C. Nonetheless, an accurately graded Choice AU example is scarce and this lustrous slider is very close to being "new." I'm not sure why NGC didn't grade it a full AU58 (this is what I expected when I submitted it) as it certainly has the luster and body of many of the 1855-C quarter eagles that I have seen in AU58 holders. Some slight weakness of strike at the central reverse is typical for the issue and might be the cause of this conservative grade. This is the only AU55+ that NGC has graded for this date. A good value as an AU58 would cost close to five figures yet wouldn't be any nicer.
The 1840-D half eagle is numismatically significant as the first date of this type to have the mintmark placed on the reverse. 1840 also saw a redesign of the obverse with the head placed differently in relation to the fifth and sixth stars as well as the neckline being less curved than in 1839. As a date, the 1840-D is quite scarce in all grades and it is seen far less often than any of the other dates of this decade except for the 1842-D Large Date. The present example appears undergraded and I personally think it is right on the border of the VF35/EF40 line. The surfaces are clean and problem-free with lovely deep, even green-gold color. A bit of dirt can be seen in the protected areas and the overall look is that of originality. A great coin for the new-to-the-market collector or the old-hand Dahlonega specialist who just appreciates affordable, original half eagles.
Ex Littlejohn Sale (Lot 575) where it sold for $2,070
There were no less than five different mints striking half eagles in 1857 and the New Orleans version is actually the rarest of these. The 1857-O is an interesrting issue both because of its overall scarcity and its numismatic significance as it is the last of the limited No Motto production from this mint (half eagles didn't resume at New Orleans until 1892). The 1857-O is a very scarce coin in the higher AU grades and it is extremely rare in Uncirculated with just three known to me. This example is semi-prooflike with nice flashes of original luster below medium lime-gold color. There is a short scratch on the obverse beow stars five and six and a small scrape on the reverse underneath the second T in STATES. Auction records show that this date become available in the AU55 to AU58 grade range at a pace of around once or twice every few years, making this an important and attractive piece for the specialist.
Attractively toned with deep golden hues that are contrasted by deeper russet and violet flashes at the right obverse and across the fields on the reverse. From the standpoint of remaining luster and "body," this piece probably grades AU50 or a touch better but it is a touch on the abraded side with some old marks seen in the fields on both sides. I have noticed that Liberty Head gold coins in circulated grades with premium coloration have begun to sell for premium prices in the last year or so. I believe that this is due to the fact that sophisticated collectors are tired of character-free pieces and are willing to step up to the plate for coins with "one in a hundred" color. As a date, the 1841-C is scarcer than most people realize and, like most of the early date half eagles from this mint, it is hard to find in circulated grades with good color and eye appeal.
Ex Littlejohn Sale (Lot 578) where it sold for $2,645
The 1847-O is the single rarest half eagle from the New Orleans mint both in terms of overall and high grade rarity. It is a rarer coin than such as issues as the 1842-D Large Date and 1861-D half eagles, despite selling for a considerable discount to both of these. The present example is quite conservatively graded, in my opinion, and looks to be closer to an EF40 or even a bit better. It is among the few 1847-O half eagles that I have seen with original color and surfaces and about the only negative thing I can say about it is the fact that the mintmark is a bit weakly impressed on the right side. Both sides show nice green-gold color and the overall eye appeal is far above-average for the issue. An excellent opportunity to purchase a truly rare coin for less than the price of many far more common issues.
Ex Littlejohn Collection (Lot 605) where it sold for $4,025
While very common in circulated grades, the 1851 half eagle is quite scarce in Uncirculated and really rare in MS62 and above. Unlike nearly any other MS61 example of this date that I have seen, this example is very fresh and flashy with great frosty luster and nice natural medium green-gold color. A few light scuffs in the left obverse field narrowly remove this from a grade of at least MS62. This is one of just two MS61 examples of this date that have been approved by CAC with two finer. An affordable yet impressive No Motto type coin and a great value at less than three thousand dollars.
br> Ex Heritage 1/09: 5413 where it sold for $2,760.
August Bechtler Dollar, 27 Grains 21 Carat Variety. Every now and then I buy a coin that is so cool that I strongly contemplate putting it away in the Doug Winter personal collection. I strongly considered doing just that with this astonishing Bechtler Dollar. This is quite possibly the most beautifully toned gold coin of any type or era that I have seen. It shows dazzling dramatic multi-colored hues with reds, orange, purple and aquas on the obverse and, in a slightly different configuration, on the reverse. Beneath the color, the surfaces appear to be slightly reflective and this helps to amplify the intensity of the aforementioned shades. If I didn't know for certain that this coin was fresh to the market and from an old time collection, I'd wonder if this color was real but I can state with certainty that it is. I also believe that the coin is significantly undergraded as it appears to be free of wear and better than other Bechtler Dollars offered for sale in MS61 and even MS62 holders. For the Southern gold collector, owning a few Bechtler coin is essential and you'll never find an example of this obtainable type with better eye appeal than the present example.
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