Mintmark Varieties of Dahlonega Half Eagles

For variety collectors, the half eagles struck at the Dahlonega mint are fertile ground. There are a number of very interesting varieties, but currently just a handful of collectors appreciate them. With the upcoming release of the third edition of my Dahlonega book, I feel that this situation may change. In the first two editions of this book, the variety section(s) were not illustrated and, to be honest, had a number of errors and omissions. Thanks to the assistance of Brian Kollar, a cataloger at Heritage Auctions, this has changed. The variety information in the new Dahlonega book is truly "state-of-the art" and I think it will jump-start this area of the market.

Brian spent a lot of time and effort helping me with the varieties. One thing that I have learned from his groundbreaking work--and something I'd like to share with collectors of Dahlonega half eagles--involves the numerous mintmark sizes found on these coins. I think it will be helpful to illustrate each of the three mintmark sizes used and to discuss which years these are found on. I'm also going to discuss the relative scarcity and importance of these varieties.

There are three mintmark sizes seen on Dahlonega half eagles. These are as follows:

Small D: This mintmark is found on 1840-D, 1841-D, 1842-D Small Date, 1842-D Large Date, and 1843-D half eagles. In the new book, the reverses that employ the Small mintmark are lettered as follows: C,D, E and F. It is illustrated below:

Medium D: This mintmark is found on 1843-D, 1844-D, 1854-D, 1855-D, 1859-D, 1860-D, and 1861-D. In the new book, the reverses that employ the Medium mintmark are lettered as follows: G, CC and JJ. It is illustrated below:

Large D:. This mintmark is the most common size and it is found on the 1838-D, 1839-D, 1840-D, 1841-D, 1845-D, 1846-D (both the normal mintmark and the D/D), 1847-D, 1848-D (both the normal mintmark and the D/D), 1849-D, 1850-D, 1851-D, 1852-D, 1853-D, 1854-D, 1855-D, 1856-D, 1857-D, 1858-D, 1859-D, and 1860-D. In the new book, the reverses that use the Large mintmark are lettered as follows: A-B, H-Z, AA, BB and DD-II.

There are six different years in which Dahlonega half eagles are known with more than one mintmark size. Let's take a look at each of these years and discuss the different varieties.

1840-D: There are a total of two different varieties known for this year.

The first is the Large D (Winter Variety 3-B) which is recognized by PCGS as the Tall D. For the sake of consistency I refer to it here as a Large D, but it is sized and configured differently than what is seen in later years. My guess is that this punch was created by Gobrecht and shows his style; the later Large D punch was by Gobrecht and was executed in his distinctive style. The 1840-D Large (or Tall) D half eagle is the more common of the two varieties seen for this year.

The second is the Small D (Winter Variety 4-C) which is recognized by PCGS as the Small D. It is usually seen with a die crack from the rim through the right diagonal of the V in FIVE through the right side of the mintmark and then up onto the shield. This variety is very scarce.

1841-D: There are three die varieties for this year which use two different mintmark sizes.

Winter 5-B uses the Large (or Tall) mintmark first seen on the 1840-D. This is a rare variety and one that is likely to sell for a premium. It is believed that only 4,105 examples were produced early in the year.

Winter 5-D and Winter 6-D use the Small mintmark but it is not the same one as seen on the 1840-D half eagle. Variety 5-D is common; Variety 6-D (which shows repunching on all four digits of the date) appears to be rare.

1843-D: There are two die varieties known for this year.

The first has a Small mintmark as seen on the 1842-D Small Date. Designated as Winter Variety 10-F, it is quite rare and it should sell for a good premium over the other variety of the year.

The second, Winter 11-G, has a Medium mintmark and it is also seen on the 1844-D. Interestingly, it can be best determined by its obverse as it shows a line of three tiny die lumps between the first and second stars which is not present on Variety 10-F. This variety is quite common.

PCGS recognizes two mintmark sizes for the 1853-D half eagle, but this is not correct. All 1853-D half eagles have a Large mintmark. PCGS lists six coins in the population report as having a Medium mintmark.

The next year in which two different mintmark sizes are known for Dahlonega half eagles is 1854.

1854-D: There are a total of four die varieties known.

The two most common varieties of the year, Winter 36-AA and Winter 37-BB, have a Large mintmark.

The rarest of the four varieties is Winter 37-CC, which has a Medium mintmark. This variety should sell for a premium over the Small mintmark but it is less likely to than other years, given how common the 1854-D is as a date.

The most unusual variety of the year, Winter 37-DD, actually has "no" mintmark (!) It was, of course, struck at the Dahlonega mint but the mintmark was so faintly entered into the reverse die that it is sometimes totally impossible to see. Examples do exist, however, with traces of the top of the D.

1855-D: There are two die varieties known for this year.

The more common of the two, Winter 38-CC, has a Medium mintmark. It is appears that this is the same mintmark first used in 1854 to strike Winter 37-CC.

The rarer of the two, Winter 38-EE, has a Large mintmark. It appears to be very scarce and possibly even quite rare.

1859-D: There are two die varieties known for this year.

The first, Winter 43-CC, has a Medium mintmark and it is common. It is the same reverse that was used to strike Winter 37-CC (1854-D) and Winter 38-CC (1855-D).

The second variety, Winter 44-HH, uses a Large mintmark and it is very rare. It uses the same reverse first employed to strike Winter 42-HH (1858-D).

1860-D: There are three varieties known for this year.

The first, Winter 45-HH, has a Large mintmark. It uses the same reverse as on Winter 42-HH (1858-D) and Winter 44-D (1859-D). The second, Winter 45-II, also has a Large mintmark but it is placed closer to the branch than on Winter 45-HH. The former is very rare and the latter is rare.

The third and final variety of the year is Winter 45-JJ. It has a Medium mintmark and is also found on the 1861-D half eagle. It is common.

One can't discuss the mintmark size varieties of Dahlonega half eagles and not discuss the spectacular 1846-D over D and 1848-D over D varieties.

There are actually two different varieties of 1846-D/D half eagle, Winter 17-J and Winter 18-J. The first has a low date and it was also used on the 1846-D Normal Mintmark, Winter 17-I. On the reverse, the mintmark was first punched too high and too far to the right. The second mintmark is lower and further to the left. The second variety of 1846-D/D, Winter 18-J, has a slightly different date punch with the numerals placed a bit higher in the field. The 1846-D/D is common but it is popular due to the fact that it is clearly visible to the naked eye.

A similar but less known variety exists for the 1848-D. The 1848-D/D half eagle, Winter 22-O, shows the original mintmark punched too low and the second punched to the left and then effaced. This variety is much more subtle than the 1846-D/D and unless it is an early die state with both of the mintmark punches visible to the naked eye, it doesn't command a premium.

The mintmark varieties that I have listed here are the ones that I believe to be important and to be the most potentially collectible if and when Dahlonega half eagles become collected in this fashion. There are, of course, dozens of less obvious varieties and this includes some that are very rare.

The State of the Dahlonega Market, 2011

I published the second edition of my book on Dahlonega gold coinage in 2003. A lot of time has passed since then and, as part of the upcoming third edition, I'm going to be including a chapter in the new work that is a sort of State of the Union of the Dahlonega market for 2011. As you are likely someone who is interested in these coins and who is a loyal follower of raregoldcoins.com I'd like to share my thoughts with you. 1. Major Collections Sold Since 2003

In the 1990's and early 2000's, it seemed that a major collection of Dahlonega gold was being sold every year or so. It was an incredibly fertile time for collectors and, in retrospect, I'm not certain that we knew just how good we had it.

Since 2003, the number of major collections of Dahlonega gold that have hit the market have dwindled. In early 2004, Heritage sold the Green Pond collection. This was a collection that I was primarily responsible for assembling, and a number of record prices were set when the coins were sold.

In April 2006, Heritage sold the gold dollar and quarter eagle portion of the famous Duke's Creek collection. Again, many record prices were set; a number of which stand to this day.

But with the exception of these two sales, the auction market for Dahlonega gold has been pretty bleak since 2003. Oh, sure, there have been great individual coins sold. And there have been sales with a few interesting coins here and there. But for the most part, the number of great collections that have hit the market since 2003 can be counted on one hand with a few fingers leftover.

2. Evaporation of Supply

The lack of great collections sold at auction is a nice segue to the second point: the overall lack of supply. I'm not talking about just finest known and Condition Census coins here; I'm talking coins across the board from Very Fine to Mint State.

There are a host of reasons why the supply of nice Dahlonega coins is lower now than I can ever remember. You'll notice that I said "nice." Before we go any further, I think its important to define the term "nice" when it comes to my perspective of Dahlonega coins; and coins in general.

I regard a nice coin as one with a pleasing, natural appearance. It may not necessarily be a coin that is truly "crusty" but it is a coin that I would regard as being above-average and likely to receive approval from CAC if it were sent to that service.

So why is the supply of nice coins so low right now? For a number of reasons. First of, there just aren't that many nice Dahlonega coins left. I feel that the number of coins that have been cleaned and processed in recent years is very substantial; probably more than we realize. So we are looking at a smaller pool of coins that are nice than ever before.

Also, we are looking at a collector base that has expanded and who tend not to sell the nice coins that they have. They are serious collectors, they like their coins and unless a better coin comes along they tend to hold their nice Dahlonega coins for the long term.

So what's in short supply? First and foremost are the keys. The really popular Dahlonega issues like 1861-D gold dollars and half eagles and 1856-D quarter eagles have become ultra hard to find. The same holds true with nice "collector quality" 1838-D half eagles, 1842-D Large Date half eagles, 1855-D quarter eagles and 1854-D threes.

3. Changes in Estimated Populations My population estimates from 2003 proved more accurate than when I estimated population back in the 1990's for my first Dahlonega book. But the numbers still seem low and I have raised them. Typically, an issue now has an overall population that is, in my estimation, 10-30% greater. I've come to the conclusion that "common date" Dahlonega gold coins are more common that I used to think.

The "bell curve" of grade distribution for Dahlonega gold has changed as well. This is, of course, due to a loosening of standards over time. Many issues now appear more common in AU grades than they do in EF but I believe that many slabbed AU50 and AU53 coins offer weak claims to an AU grade.

The number(s) of high grade Dahlonega pieces has stayed remarkably consistent since 2003. Part of this has to do with the fact that not many new Mint State Dahlonega coins have come onto the market since 2003. There have been some MS60 and MS61 coins that are clearly upgrades from AU58's past and other coins that have crossed-over from NGC to PCGS and vice-versa. But mostly I'd attribute this stability to good research by yours truly. High grade 1849-D quarter eagles are a lot easier to track than VF's and EF's, of course.

4. Date Collecting Remains Popular One of the things that interests me most about the Dahlonega market is that it is one of the last bastions of date collecting. Many other branch mint series have lost traction as far as collecting by dates goes and issues that formerly sold for premiums now may be regarded as little more than semi-generic issues. But this is not really the case with Dahlonega coins.

Why is this so? I'd have to say there are a few obvious reasons that spring to mind. The first is that this is a true collector market and collectors like to collect coins by date. The second is that there is a good deal of variation with Dahlonega coins on a yearly basis. In other words, an 1849-D gold dollar tends to look very different from an 1850-D dollar; unlike a Proof Seated half dollar that has a seemingly interchangeable appearance regardless of date. Finally--and perhaps most importantly--there are no gigantic "stoppers" in the Dahlonega series. Nothing is so rare or so overly expensive that it means the average collector can't aspire to complete a date set.

One of the nice things about collecting Dahlonega coins by date is that if you look at them in the popular collector grades (i.e., VF and EF) they are still reasonably affordable. Yes, I realize that an 1854-D $3 and an 1861-D $1 are expensive for the collector of average means. But when you are talking about a set where there are just a few issues north of $10,000 and most are well under $5,000, I would term these coins as affordable.

5. Prices Rise...And Fall Given what I perceive to be a strong market with good supply and demand numbers and an avid collector base, I'm actually surprised that Dahlonega coins are as affordable as they currently are. Let's pick three Dahlonega issues in reasonable grades and see how they have performed since 2003.

The first coin we'll look at is an 1849-D dollar in AU50. This issue is the Dahlonega equivalent of an 1881-S Morgan. It is plentiful, popular, and trades with comparative frequency.

A PCGS AU50 example sold for $2,530 as Heritage 10/10: 4569 and this seems to be a pretty fair current market value for a decent AU50 example. Going back to the Heritage May 2005 sale, a similarly graded 1849-D dollar brought $2,200. Not factoring in possible gradeflation of the AU50 from 2005, this is a pretty unimpressive return.

How about the same issue in higher grade? An NGC MS63 example brought $9,775 in the Heritage February 2010 sale as Lot 1363. In May 2004 an NGC MS63 sold for $9,200 as Lot 329 in the Bowers and Merena sale. Again, not a really glowing price appreciation.

Let's pick a better date issue for the quarter eagle series; say an 1854-D. Heritage 8/10: 3423, graded AU58 by PCGS, sold for $14,950. Back in May 2003, Superior sold a similarly graded example (also slabbed by PCGS) for $17,825.

Why have many Dahlonega gold coins actually dropped in value in the last few years? Let's use this question as a segue to bullet point #6 in this State of the Union address.

6. And What About Grading? When I wrote an overview of the Dahlonega market in the 2003 edition of my book, I was pretty vocal in my dislike for the gradeflation that had characterized higher quality issues in this area of the market. How has grading changed eight years later?

I don't think the grading services did any better grading Dahlonega coins between 2003 and 2008. Too many choice, original coins continued to be dipped, processed, and quite possibly ruined in an attempt to get the best possible grade.

With the establishment of CAC in 2008, the pendulum appears to have swung back towards rewarding originality. CAC-approved Dahlonega coins are liquid and they bring higher prices at auction than non-CAC coins; if only because they just seem to be nicer.

So where am I going with these comments? I think the Dahlonega gold market has been hurt by too many lower end, unoriginal coins in holders. Time and time again, I've seen a really low end AU58 sell at auction for a very cheap price and drag down values as a result.

Since 2003 (if not before), the Dahlonega market has become very two-tiered. There are price levels for the low-end and commercial quality coins and there are price levels for the choice, original coins. In my opinion, for many dates the premium should be 50% for choice coins but this just does not seem to be the case.

7. Certain Issues Remain Undervalued. I mentioned before that I think Dahlonega coins are, for the most part undervalued. I really do believe this to be the case, especially with coins in the $2,500-7,500 that have choice, original surfaces. But there are certain issues that I think remain particularly undervalued.

In the dollars, I continue to like the 1850-D and the 1857-D. Both are not priced at all that much more than common dates but are quite hard to find.

I have always felt that the quarter eagles from this mint were the most undervalued denomination. Nearly all Dahlonega quarter eagles in choice, original AU50 and better and undervalued.

In the half eagle series, the dates that I feel are the most undervalued include the 1846-D Normal Mintmark, 1848-D and 1857-D.

So there you have it: my State of the Union address for the Dahlonega gold market as of the Spring of 2011. This remains an area of the coin market that is near and dear to me, and one that I think is extremely fulfilling for collectors.

How Many High Grade Dahlonega Gold Dollars Exist?

As the research I am doing for the third edition of my book "Gold Coins of the Dahlonega Mint, 1838-1861" comes together, I am learning some interesting things about the availability of each issue, especially in higher grades. I thought it might be interesting to share some of what I've learned about high grade gold dollars from this mint. It appears that Dahlonega gold dollars circulated less than their quarter eagle and half eagle counterparts. as a result, they tend to be found in higher grades. As example, if an issue has a surviving population in the area of 150-200 pieces, it is not uncommon for at least half of these to have been graded About Uncirculated and Uncirculated by the two major services. Even though I believe that these figures are inflated by resubmissions and also include a number of over-graded coins, it is clear that Dahlonega gold dollars have a greater percentage of availability than Dahlonega quarter eagles and half eagles. Let's take a look at each issue.

1849-D: My current estimate is that at least 600-700 (and possibly more) examples of this common, popular date are known. Of these, around 40-60 exist in Uncirculated. This is easily the most common Dahlonega gold dollars in high grades. It is relatively easy to find in MS60 to MS62 but it is rare in MS63 and extremely rare in MS64. Enough exist to satisfy date and type collectors alike.

1850-D: This date is one of the rarer Type One Dahlonega dollars in high grades. There are an estimated 100-150 known in all grades with just six to eight in Uncirculated. I have never seen one better than MS63 and just a few that I would unquestionably consider to be Mint State. The rarity of this date in high grades has changed little in the last decade.

1851-D: The 1851-D is the second most common dollar from this mint. There are at least 300-400 known in all grades including as many as fifteen to twenty in Uncirculated. The 1851-D is clearly a far scarcer date than the 1849-D in high grades but it is actually seen as much (if not more) in very high grades; i.e MS63 and above.

1852-D: The 1852-D is a bit more available than the 1850-D, both in terms of overall and high grade rarity. There are around 125-175 known of which seven to ten exist in Uncirculated. as with the 1850-D, the few Uncirculated 1852-D dollars known tend to be at the lower end of the grade range and are seen in MS61 and MS62 grades. I know of two that grade MS63 and none finer.

1853-D: The number of 1853-D dollars known in all grades has risen to at least 150-200 while the number of Uncirculated examples now numbers around seven to ten. This date tends to come in higher grades than the 1850-D and 1852-D and there are at least three superb Gem examples known, making it the most available Type One dollar from this mint in MS65 and higher. It is likely that the number of high grade pieces will increase over the next few years.

1854-D: The final Type One dollar from this mint is also the rarest from an overall standpoint. There are 100-125 known with seven to ten in Uncirculated. Nearly all of the Uncirculated coins are similar in quality and appearance: a bit lackluster, flatly struck and no better than MS61 to MS62.

1855-D: This is one of the two rarest Dahlonega gold dollars along with the 1861-D. There are an estimated 75-100 known and this number is quite a bit more than what I thought existed a decade or two ago. In Uncirculated, the 1855-D has gone from "impossible" to merely "extremely rare." There are four or five known including two in the MS63 to MS64 range.

1856-D: The 1856-D is actually very similar in rarity to the 1855-D but it is less highly valued since it is not a one-year type like its counterpart. There are around 75-100 known including six or seven in Uncirculated. All of the Uncirculated coins grade MS61 to MS62 but a few are clearly nicer than the others. The rarity of this date in high grades has changed very little since the publication of my second edition Dahlonega book back in 2003.

1857-D: The availability of this date has changed in the last decade but not so much so in higher grades. There are 150-200+ known in total but only seven to ten grade Uncirculated. The 1857-D remains unknown above MS62 and it is very rare at this level with just three to five known. I feel that high grade 1857-D dollars remain overlooked and undervalued.

1858-D: Both the 1858-D and 1859-D have become more available in higher grades over the years. There are 250-300 (if not more) known for this issue of which fifteen to twenty exist in Uncirculated. There are three superb Gems known and a case can be made for calling this date more available in higher grades than any other dollar from Dahlonega except for the 1853-D.

1859-D: As many as 300-350 pieces are known and this is the third most available dollar from Dahlonega, after the 1849-D and the 1851-D. I have personally seen at least a dozen pieces that I felt were Uncirculated and it is likely that fifteen to twenty-five exist. There are no Gems but a number in the MS62 to MS63 range.

1860-D: The 1860-D is one of the rarest Dahlonega gold dollars but it tends to be overlooked. There are as many as 100-125 known but most are in lower grades and even properly graded About Uncirculated pieces are rare. I believe that there are five or six in Uncirculated which makes this the second rarest issue (after the 1855-D) in Mint State.

1861-D: The grade distribution of the 1861-D is different than any other dollar from this mint. The 1861-D didn't see widespread circulation and the typical survivor tends to come in the AU50 to MS60 range. Of the 65-75 known, as many as ten to fifteen grade MS60 and finer and there are a relatively high percentage of coins that grade About Uncirculated. That said, this is still the most desirable and highest priced dollar from Dahlonega due to its great background story and historic connotations.

Unlike the other denominations from Dahlonega, the gold dollars are both short-lived and reasonably available in higher grades. The collector with a relatively modest budget and some patience should be able to assemble a nice set of About Uncirculated and Uncirculated pieces.

Dahlonega Gold Quiz

I'm busy updating my Dahlonega gold book (I hope to be finished with the manuscript in 45 days or so) and in honor of My Dahlonega Obsession, I thought it would be fun, or at least moderately amusing, to share some of my recent findings in the form of a Dahlonega Quiz. Here's how I would interpret your score on the quiz, should you decide to play along:

10 of 10: You are A Dahlonega Guru. Consider becoming a full-time specialist in this area; if you aren't already.

7/8/9 of 10: You are pretty good. Maybe not a Guru but you know your coins.

6 of 10 or below: You are a Dahlona-newb. You need to buy the upcoming third edition of my book, read it carefully, and then read it some more.

OK, are you totally excited and ready to take the quiz? Here we go!

1. What is the most common Dahlonega gold coin in terms of the total number known?

a) 1849-D gold dollar b) 1852-D quarter eagle c) 1854-D half eagle d) 1861-D eagle

2. What Dahlonega gold coin has the most known individual coins in Gem condition (i.e., MS65 and above?)

a) 1858-D gold dollar b) 1847-D quarter eagle c) 1855-D quarter eagle d) 1854-D half eagle

3. Which Dahlonega quarter eagle has an odd grade distribution where more survivors are high grade (AU55 and above) than low grade (EF40 and below)?

a) 1839-D b) 1843-D c) 1857-D d) All the above

4. What Dahlonega coin has the lowest mintage? (And you get extra credit if you know the mintage figure?)

a) 1854-D three dollar b) 1856-D quarter eagle c) 1854-D quarter eagle d) 1841-D quarter dollar

5. What is the rarest Dahlonega coin in terms of overall rarity (i.e., fewest known in all grades combined?

a) 1861-D gold dollar b) 1854-D three dollar c) 1840-D quarter eagle d) 1856-D quarter eagle

6. What is the rarest Dahlonega coin in Uncirculated? (Not the number graded by the services but the number of coins that specialists agree are really, truly "new?")

a) 1859-D gold dollar b) 1840-D quarter eagle c) 1856-D half eagle d) 1842-D Large Date half eagle

7. Which of the following is not a recognized Dahlonega variety?

a) 1842-D Small Date half eagle b) 1843-D Small Mintmark quarter eagle c) 1859/8-D gold dollar d) 1846-D/D quarter eagle

8. Which Dahlonega coin is known to have been produced exclusively by the Confederacy?

a) 1860-D half eagle b) 1861-D gold dollar c) 1861-D half eagle d) 1861-D three dollar

9. What coin holds the all-time auction record for a Dahlonega mint product? (Extra credit if you can name the sale and amount. A lot of extra credit, in fact....)

a) 1838-D half eagle b) 1861-D gold dollar c) 1861-D half eagle d) 1854-D three dollar

10. What collection of Dahlonega gold coinage, sold by Heritage in April 2006, contained many finest-knowns and set many price records?

a) Black and Gold b) Green Pond c) Ashland City d) Duke's Creek

11. Extra Credit: Name every one-year type of Dahlonega coin

So, did that frazzle you or did you find it fun? Here are the answers to the Dahlonega Quiz.

1= A. The 1849-D dollar is easily the most common coin made at the Dahlonega mint. There are as many as 750-1000 known and it is readily available in all grades.

2= A and B. Both of these are acceptable as correct answers. There are at least three Gem 1858-D gold dollars known. There are two or possibly three 1847-D quarter eagles known in Gem.

3= C. There is speculation that a hoard of 1857-D quarter eagles may have existed at one time. This date is almost never seen in lower grades but tends to be available in the AU50 to MS61 range.

4= B. The 1856-D has a mintage of just 874, which is the lowest of any issue from this mint and the only D mint coin with fewer than 1,000 made.

5= D. Again, the correct answer is the 1856-D.

6= D. This is a tough one but most specialists agree that the 1842-D Large Date half eagle is unknown in strict Uncirculated. The same could be said for the 1856-D quarter eagle but I'm tired of giving props to this date...

7= C. There is no such thing as an overdated Dahlonega coin. Of any date. Or denomination.

8= B. If you chose "D" and thought it was the 1861-D Three Dollar, you immediately fail this quiz and aren't allowed to buy any Dahlonega coins until you study my book!

9= C. Heritage 1/08: 3198, graded MS63 by PCGS, sold for a record-braking $207,000. When I sold the coin a number of years earlier, it was the first Dahloenga coin to have ever cracked the $100,000 mark.

10= D. The Duke's Creek collection of gold dollars and quarter eagles was sold in April 2006. The half eagles have yet to hit the market.

11= The one year types are 1855-D gold dollar, 1839-D quarter eagle, 1854-D three dollar, 1838-D half eagle and 1839-D half eagle.

So how did you do on the quiz? You can email me your result and comments at dwn@ont.com

Looking at PCGS/NGC Population Figures of Type Two and Type Three Dahlonega Gold Dollars

A few weeks ago, I wrote an article that analyzed the recent population figures for Type One Dahlonega gold dollars. As I've done more research on gold dollars for my upcoming third edition Dahlonega gold book, I thought I would share the findings for the Type Two and Type Three issues. Read on for some interesting findings. 1855-D: I had originally estimated that 70-80 pieces were known to exist. I think this number may be just a touch on the low side but not by much. There are four Uncirculated examples known to me. Interestingly all of them have seen their grade change by at least one point (in some cases by two) since I wrote the second edition of my book in 2003. The Duke's Creek/Reed Hawn coin has gone from PCGS MS63 to NGC MS63 to NGC MS64 to PCGS MS64. It remains the finest known. A second coin has also been graded MS64 by NGC (ex Duke's Creek and Bass II: 102). Unfortunately, the dealer who owned this coin a few years ago has failed to turn in the extra tags and the NGC population currently shows three examples in this grade.

It is also interesting to note that both the aforementioned examples have shattered the magical six-figure mark at auction. The Hawn coin brought $143,750 in Stack's January 2009 auction while the Duke's Creek/Bass coin sold for $149,500 as Goldberg 2/07: 2094.

1856-D: If anything, I may have overestimated the total number known when I suggested that 80-90 1856-D gold dollars are extant. The grade distribution has changed but this is due to gradeflation and not a result of new coins coming on the market. Many of the four dozen or so coins I estimated to exist in EF grades have no morphed into AU's. I do know that at least one or two fresh Uncirculated coins have turned-up since 2003 including one nice PCGS MS62 that I was offered privately in around 2005.

My estimate of four to five Uncirculated 1856-D gold dollars is probably just a hair too low and today's number is more like six. I have seen three different coins in PCGS MS62 holders but at least one of these (probably the Duke's Creek: 1488 example) has magically become an NGC MS63. The best I've seen remains Green Pond: 1009 which still holds the all-time auction record for this date at $47,150.

1857-D: I'm not certain why but this date seems more available today than it was a decade ago, especially in About Uncirculated grades. My 2003 estimate of 120-130 known in all grades now seems pretty low; especially given the fact that the combined PCGS/NGC population is 189 as of the end of February 2010. Remarkably, the two services show no less than 28 (!) pieces in Uncirculated with twelve in MS62 and another eight in MS61. I think these numbers are quite inflated but I have seen at least five different PCGS MS62 1857-D dollars.

I'd say that the number of truly Uncirculated 1857-D gold dollars has climbed to six to nine based on today's grading. The best appear to be Duke's Creek: 1489 and Heritage 1/04: 1010 (ex Green Pond). Both are in PCGS MS62 holders.

1858-D: My original estimate of 125-150 known was way too low and the actual number is probably close to double this. The PCGS and NGC population figures seem insnaely high in AU and Mint State grades. NGC, as an example, shows 66 in AU and another 35 in Uncirculated while PCGS has a population of 62 in AU and 25 in Uncirculated.

There is some confusion at the higher end of the Condition Census as well. NGC shows two coins in MS66; one is Duke's Creek: 1490 which was previously graded MS65 by PCGS. There is one other superb coin known, ex Heritage 2/99: 6121. I'm guessing that this, too, has found its way into an NGC MS66 holder. PCGS shows two pieces graded MS65. I would assume that they are the two coins listed above in earlier incarnations and needing de-listing although I don't know this for sure. Remarkably, PCGS shows a population of eight in MS63 while NGC shows another seven in this grade. These figures seem very high as do the 21 graded by PCGS/NGC combined in MS62.

1859-D: My estimates on the 1859-D were too low as well although not as dramatically as for the 1858-D. I think there at least 200-250 known and maybe even as many as three hundred total in all grades. Gradeflation has made many of the old EF coins become AU but my numbers for Uncirculated coins hold up reasonably well. I had estimated that 12-17 were known in Uncirculated. I think the number today is somewhere in the range of 15-25.

Unlike with the 1858-D, there are still no Gem 1859-D dollars known. NGC has graded a single MS65 but it is a former PCGS MS64 and the current PCGS MS64 (ex Heritage 9/05: 4258 and Heritage 1/05: 8482) doesn't seem likely to gain further points on the grading ladder (although you never know...) The current PCGS population figures in MS62 are very inflated and all of the NGC figures from MS61 through MS64 are inflated as well.

1860-D: I still believe the rarity of this date has been overstated. My previous estimate was that 90-100 were known and it is possible that even this range was a bit on the low side. It is possible that as many as 100-125 are known. Many of the coins that used to be regarded as EF's are now AU's (this is a very hard issue to grade properly) and the combined PCGS/NGC figures for AU's is an aggressive eighty-four. In my opinion, this figure is way inflated.

I used to regard the Duke's Creek 1860-D as the finest known. It was in a PCGS MS63 holder back in the early 2000's. It later became an NGC MS64 and when I last saw it in 2007 it looked liked it had mingled with a bag of Cheetos as it was flaming orange in color. This coin still shows up on the PCGS report as an MS63 and twice on the NGC report as an MS64 and I don't think it is either. My old estimate of six to seven known for this date seems accurate to me, even in 2010.

1861-D: My estimate of 55-65 known might be just a bit on the low side. There could be as many as 75 known when you factor in the damaged, cleaned or "no-grade" examples that exist. I had tried to figure these in before with the coins I called "VF" (virtually no problem-free 1861-D dollars exist in grades lower than EF45) but I think the number includesd as many as ten extra problem coins. PCGS and NGC have combined to grade thirty in Uncirculated which makes my estimate of ten to twelve in Mint State seem low. The revised number will have to be raised; maybe even as high as fifteen to twenty.

When I did my last Condition Census for this date in 2003, PCGS had graded five in MS63 and one in MS64. These numbers are remarkably consistent today. There is a second MS64; which was earlier an NGC MS65 and before this a PCGS MS63. The NGC numbers are, as usual, a mess.

In my next article on PCGS/NGC population figures for Dahlonega gold coins I'll be focusing on quarter eagles.

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.

1854-D Three Dollar Gold Piece

I recently purchased a very unusual 1854-D Three Dollar gold piece. If you are even a casual aficionado of Southern gold coins, you are probably aware that a) the 1854-D is a rare and popular issue and b) it has a very established set of diagnostics. However, as this coin (and a few others) proves, not all 1854-D Three Dollar gold pieces are cut from the same cloth. If you look at page 145 of the second edition of my book “Gold Coins of the Dahlonega Mint” you will read the following diagnostic criteria about the 1854-D Three Dollar:

“(On the obverse) the denticles from 7:00 to 3:00 are so weak as to appear non-existent. The entire upper part of the rim has a very flat appearance. (On the reverse) the denticles are almost always very weak and they can usually be seen only from the 3:00 to 8:00 area with the rest of the border appearing very flat.”

Now take a look at the picture below and focus your attention on the obverse and reverse borders. You will note that there are complete and full denticles on both sides. I have personally seen or owned as many as 75 examples of this issue and the coin illustrated here is just the third 1854-D that I know of with full denticles. The other two are in the Bill House and Harry Bass Core/ANA Museum collections.

Before we go any further with this quick diagnostic study of the 1854-D Three Dollar gold piece, here is a picture of a “normal” example (courtesy of Heritage Numismatic Auctions). Note the weakness on the denticles and then also file the following diagnostics away in your memory for future reference:

1. Weakness on the U in UNITED 2. Large clashmark at the throat of Liberty and a smaller clashmark at the back of the neck (this may be hard to see in the photo) 3. Reverse clashmarks from the S in DOLLARS into the wreath above 4. Detached leaf to the left of the 1 in the date 5. Separation of the right bow knot (the one on the viewer’s left) from the wreath due to die polishing

What I find especially interesting about the 1854-D “full strike” is that it has essentially the same diagnostics as the “weak strike” coin. I had always assumed that the full strike coins represented an earlier die state; struck, perhaps, before the dies clashed and were lapped. But this is clearly not the case. We can see this because the full strike coin has virtually identical diagnostics to the weak strike coin. The only difference is that the clashmark in the right obverse field is not as pronounced on the coin with full denticles.

So what makes this coin different from other 1854-D Three Dollar gold pieces? There are two interesting features that might hold a clue to its special status. The first is that it has a mint-made lamination on the obverse; something I cannot remember on many other examples of this date. The second is that the surfaces of the full struck coin are somewhat reflective (this is hard to see from the picture); again, an unusual circumstance for the issue. Could this coin have been specially struck as a presentation piece?

My best instinct tells me that the full struck coins represent the very first 1854-D Three Dollar gold pieces. After a small number were made with full denticles, something happened during the minting process that caused the rest of the coins to be improperly struck. Given the fact that all 1854-D Three Dollar gold pieces were struck in one day, it is hard to say exactly what caused this failure.

The Ten Rarest Dahlonega Gold Coins Revisted

In the five years since I wrote the second edition of my book on Dahlonega gold coinage, a number of important coins have been sold and some significant changes are going to be have to be made when I release my third edition (which, if I had to guess, will be out in another year or so). I think it would be interesting to look at the ten rarest Dahlonega gold coins and see what important things have changed about them since 2003. For each of these issues, I am going to focus on the following aspects:

-Changes (if any) in high grade rarity

-Changes (if any) in Condition Census

-New Finest Known coins or important new discoveries

-New price records at auction or via private treaty

Before we begin, I think a quick overview of the Dahlonega market is in order. If I had to summarize it in a paragraph I would say that the market is currently strong. The supply of Dahlonega coins—even schlocky ones—really seems to have dried up in the last two or three years. It was always hard to find choice, original Dahlonega coins; even in low grades. Now it seems hard to find even mediocre quality pieces. And the very rare Dahlonega issues—the coins which we will focus on in this article—have become exceptionally hard to locate. The last really important specialized collection to come on the market was the Duke’s Creek gold dollars and quarter eagles that Heritage auctioned in April 2006.

1855-D Gold Dollar: This remains the rarest Dahlonega gold dollar in high grades and it is the second rarest overall with fewer than 100 known. The rarity of this issue with a full date seems to have been exaggerated by me in the first two editions of my book. I would revise the number of 1855-D gold dollars with a full date upwards from “less than a dozen” to around double this amount.

While no new discoveries of note have been recorded, no less than three record prices were recorded between 2006 and 2007. In February 2007, the Goldberg: 2097 example, graded MS64 by NGC, sold for an incredible $149,500; it had sold earlier as Heritage 1/06: 3396 where it brought $109,250. The finest known 1855-D was purchased by a prominent Alabama collector in the Heritage April 2006 sale where it realized $132,250. This coin had previously been graded MS64 by NGC; now it is in a PCGS 64 holder. The only other Uncirculated 1855-D gold dollars, graded MS62 and MS61 by PCGS, sold for $56,350 and $46,000 respectively in the Heritage 2/04 auction. Remarkably, the four finest 1855-D gold dollars all sold at auction between 2004 and 2007(!)

1856-D Gold Dollar: In the second edition of my Dahlonega book, I estimated that 80-90 examples of the 1856-D gold dollar exist. I still believe that this is accurate. I also estimated that only four to five Uncirculated examples are known. By the magic of gradeflation, I think this number has climbed to around half dozen.

A world record price was set by the Heritage 1/04: 1009 coin (ex: Green Pond) that sold for $47,150 and another impressive price realized was the Heritage 4/06: 1488 coin (ex: Duke’s Creek) that brought $40,250. One of these two coins was upgraded to MS63 by NGC and it now is the highest graded 1856-D gold dollar. Two other high grade 1856-D gold dollars that have traded since the second edition of my book was published are a new PCGS MS62 that I sold via private treaty in 2007 to the Wexford Collection and the ANR 9/03: 425 coin that sold for $41,400, the second highest price ever realized by this date.

1861-D Gold Dollar: The 1861-D gold dollar has, arguably, become the most popular coin of any denomination produced at the Dahlonega mint. I can’t attribute this soaring degree of popularity to anything other than a high “coolness” factor and a multi-tiered level of demand that is not seen by other Dahlonega issues.

My estimate of 55-65 known may be a bit on the low side and I would probably raise this to 65-75 including a dozen or so in Uncirculated. A record price was set in January 2008 when the Heritage 1/08: 3050 example brought $149,500 (this is an exact tie with an MS64 1855-D for the highest price ever realized by any gold dollar from Dahlonega). This same coin had brought $138,000 in April 2006. The finest known 1861-D remains the Pierce/Ullmer coin, graded MS64 by PCGS, in a prominent Alabama collection. In my opinion, the second finest is the Green Pond coin, graded MS63 by PCGS, which sold for $86,250 in January 2004.

1840-D Quarter Eagle: Of the ten coins discussed in this article, I think the 1840-D is the least well-known. It is the third rarest Dahlonega quarter eagle and I now regard it as the second rarest in high grades after the 1856-D. I believe this date is unique in properly graded Uncirculated and the finest known example, known to collectors as the Bareford/Duke’s Creek coin, sold for a record $74,750 when it was auctioned by Heritage in April 2006. (This coin, by the way, still appears in the PCGS population figures as an MS61. The only Uncirculated 1840-D quarter graded Uncirculated by NGC (an MS61) is owned by a Kansas collector and it is ex: Superior 8/07: 659 ($31,050), Heritage 1/04: 1016 ($27,600). I still think that even in properly graded AU50, the 1840-D is genuinely rare and there are fewer than a dozen true AU’s known.

1855-D Quarter Eagle: The true rarity of the 1855-D quarter eagle has been distorted by the fact that virtually all of the higher grade examples that have appeared for sale are overgraded. This includes at least two coins in MS60 holders that have been recolored and another with damage on the surfaces. The all-time price record for the 1855-D was set in April 2006 when Heritage sold an NGC MS61 for $54,625.

I have previously stated that the 1855-D is the rarest Dahlonega quarter eagle in high grades and overall. I now believe it to be the second rarest, after the 1856-D. I still have never seen an encapsulated 1855-D quarter eagle that I believed to fully Uncirculated. There is an example in the Smithsonian’s collection that noted expert Jeff Garrett grades MS62.

1856-D Quarter Eagle: My respect for this issue has increased over time and I now regard it as not only the rarest Dahlonega quarter eagle but the rarest single issue of any denomination from this mint. Only 874 were struck and there are probably no more than 45-55 known.

Due to its crude strike, this is an extremely hard issue to grade and I’m not really sure exactly how many Uncirculated pieces exist. PCGS has only graded a single example in Uncirculated (Heritage 1/04: 1034, ex: Green Pond that sold for $69,000) while NGC shows one in MS60 and four in MS61 with none better. The only Uncirculated NGC coin that I have personally handled is Heritage 4/06: 1513 (MS61) that I paid a record price of $71,875. There is a PCGS AU58 that is owned by a prominent Alabama collector that I think is outstanding for the issue and I have handled two other PCGS AU58’s that I feel are accurately graded.

1854-D Three Dollar: This is the only one of the ten issues in this article that I believe is overrated by most non-specialists. However, as I have mentioned innumerable times, its status as a one-year issue make it exceedingly popular with a wide range of collectors. A nice 1854-D Three Dollar has become the “High Relief of Branch Mint Gold” (i.e., an expensive but extremely popular issue with exceptional liquidity).

An all-time record for this date was set in April 2006 when I purchased an NGC MS62 from the Duke’s Creek collection sale. This easily eclipsed the previous auction high of $92,000 that was set by the Green Pond: 1037 coin back in January 2004. The two finest 1854-D Threes remain the fantastic Bass coin (see www.hbrf.org to view an image of this special piece) and the PCGS MS62 in the Great Lakes collection.

As of July 2008, PCGS had graded four examples in Uncirculated: MS62-(2) MS61 and MS60 while NGC had graded nine: MS62-(5) MS61 and (3) MS60. I believe the actual number of Uncirculated 1854-D Threes is around four or five.

1838-D Half Eagle: The 1838-D is by far the most available issue in this group of ten coins and the major reason I decided to include it (and exclude much rarer coins such as the 1860-D gold dollar and 1841-D, 1842-D and 1854-D quarter eagles) is that it is extremely popular. I would have to rank it as one of the three or four most popular issues from this mint.

As I mentioned before, the 1838-D half eagle is a relatively common issue and I believe that there are somewhere north of 300 known including as many as eight to ten in Uncirculated. But what I find interesting about this issue is that the supply has really shriveled in the last few years, particularly in higher grades. The only really nice Uncirculated 1838-D that I have seen in the last few years is Heritage 2007 ANA: 1919 (PCGS MS62 @$37,375). An NGC MS63 (ex: Ashland City collection) bounced around from sale to sale in 2003-2006 and I have never particularly cared for it. I believe that if a really choice, fresh PCGS MS62 or better 1838-D half eagle were to appear on the market, it would command a record price as there seem to be many collectors waiting around for such a coin.

1842-D Large Date Half Eagle: Despite its status as the rarest Dahlonega half eagle in higher grades, this is another issue that is somewhat off the radar to nearly everyone except specialists. In terms of its overall rarity, I believe this variety is a bit more available than I claimed in the second edition of my book. In high grades, it remains a major rarity with just a single Uncirculated graded by PCGS (the Green Pond coin which is in an MS61 holder) and two in MS61 at NGC.

The all-time auction record for the 1842-D half eagle was set in January 2004 by Green Pond: 1043 which realized $41,400. The Duke’s Creek/Eliasberg coin, which was formerly in a PCGS AU58 holder, is now (deservedly) in an NGC MS61 holder. An exceptional new PCGS AU58 was sold by me around a year ago to the Wexford Collection. I am especially interested to see the newly discovered NGC MS61 that was found as part of the S.S. New York treasure in Louisiana. This coin will be sold at auction by Stack’s just prior to the 2008 ANA.

1861-D Half Eagle: Like its gold dollar counterpart, the 1861-D half eagle has become an issue whose demand transcends specialists. As a result, prices for both 1861-D issues have soared in recent years. Despite the fact that even low grade 1861-D half eagles are now commanding prices upwards of $10,000, few have come to market since the second edition of my book was released.

However, there has been quite a bit of activity in the upper end of the 1861-D half eagle market. The finest known example, graded MS63 by PCGS, sold for a record $207,000 in Heritage’s 2008 FUN auction. This was, as far as I know, the most money that any single Dahlonega coin has ever brought. The second finest known example, pedigreed to the Duke’s Creek and Eliasberg collection, was upgraded from MS63 at PCGS to MS64 at NGC. And another MS63 was “made” at PCGS when the Duke’s Creek coin (ex: Heritage 1/04: 1065 @ $74,750 as PCGS MS62) upgraded a point.

The current certified population figures for this date are clearly inflated. PCGS shows three coins in MS63 but there are only two. They also show four in MS62 but I believe that the correct number is also two. The NGC population figure of three in MS62 seems inflated as well.

As I mentioned at the beginning of this article, I plan to begin work soon on the revised third edition of my Dahlonega book and will incorporate all of the changes mentioned in this article. If you have pertinent new information about Dahlonega coins that you feel should be in the book, please email me at dwn@ont.com and I will make certain it is included.

S.S. New York Coin Sale

S.S. New York Coin Auction - I recently learned that the coins from the shipwreck S.S. New York will be sold by Stack’s in July at this firm’s pre-ANA auction. Unlike some of the other shipwrecks that have been uncovered in recent years, the coins found on the S.S. New York will have an impact on the branch mint gold market. According to information gleaned from the NGC website, the S.S. New York was a light cargo and passenger ship vessel that operated between New Orleans and Galveston. It was destroyed during a hurricane on September 7, 1846. Seventeen crew members were killed and “thirty to forty thousand dollars in gold, silver and bank notes” were lost according to contemporary reports.

What is especially interesting about these coins is that they represent one of the most eclectic, diverse cross-sections of coins in circulation during the first part of the 19th century that has ever been found. Unlike the S.S. Republic and S.S. Central America, the coins in this group tend to be smaller denomination and much of the gold was produced in Dahlonega and the local New Orleans mint.(Even more interesting is the fact that only two Charlotte issues were included. This should tell us something about the geographic distribution of Charlotte coins).

The coins have been curated by NCS and, according to the reports that I’ve read, numismatists such as John Albanese, David Bowers and Mark Salzburg have commented on how exceptional they are from the standpoint of quality. In fact, Albanese was quoted as saying “...many of them look like they were just minted yesterday.”

NGC just published the first census of these S.S. New York coins and, from the look of it, there are some extremely interesting pieces that will be available. In my opinion, some of the gold coin highlights are as follows:

1845-D Quarter Eagle, NGC MS64

1840-D Half Eagle, NGC MS62

1842-D Large Date Half Eagle, NGC MS61

Two 1843-O Small Letters Half Eagles in NGC MS62

1844-D Half Eagle, NGC MS63*PL

Seventeen Uncirculated 1844-O Half Eagles including two in MS64

Six Uncirculated 1845-O Half Eagles including an MS63

Six Uncirculated 1844-O Eagles including two in MS63

Four Uncirculated 1845-O Eagles

How will the presence of these coins affect the market for branch mint gold? I believe that this group will be a real shot in the arm. First and foremost, it will focus positive attention on branch mint gold. Secondly, it is likely to attract new buyers who will be interested in the coins because of the shipwreck provenance. These buyers probably have never bought a branch mint gold coin (other than a San Francisco double eagle) before and their new purchase could possibly spur them on to collect other branch mint gold coins. Thirdly, it will add some much needed new product into the market. If you collect branch mint gold, you know how few really nice coins have been available in recent years and coins of this quality are sure to be readily appreciated by collectors, dealers and investors alike.

The two things that interest me most about these coins is how nice are they and whether the NCS curation make them look more like modern mint products than 150+ year old southern gold coins. One of my major past complaints about shipwreck gold coins is that I just haven’t liked the unoriginal look they possess. For every lovely 1856-S or 1857-S S.S. Central America double eagle I’ve seen in MS64 or MS65, I’ve seen high grade double eagles (and eagles) from other shipwrecks that have been enthusiastically graded and just not appealing to my eyes. If the coins are as nice as John Albanese and other experts say they are, then the bidding for the coins will be an interesting head-to-head competition between purists like myself and shipwreck coin specialists.

A few collectors have asked me if the quantity of coins from this shipwreck worries me. The answer to this is most definitely “no.” If you look at a full census of the coins that NGC has graded (it can be read at www.ngccoin.com) you will note that very few coins have quantities of more than ten pieces. The most plentiful issues from the shipwreck tend to be those that are already common (like the 1843-O Small Date quarter eagle, the 1843 half eagle and the 1844-O half eagle) so another dozen or so coins will hardly affect the rarity of these issues.

I am curious to see what the impact of six Uncirculated 1845-O half eagles and six 1844-O eagles will have on the market. Given the fact that I think I could sell all twelve of these coins by myself, I’m willing to bet that they will be easily absorbed into the market and will actually serve to raise prices for these two issues rather than lower them.

I’ve mostly sat out the Shipwreck Coin Stampede that has had a major impact on the gold coin market in the last decade. I am excited to finally have a wreck o’ my own and I am really looking forward to viewing the coins in Baltimore next month.