CAC and Type One Liberty Head Double Eagles

CAC has had a profound impact on the rare date gold market, and one of the series which has seen significant changes as a result of CAC is Type One Liberty Head double eagles. Auction results and private transactions for coins with CAC stickers, especially rare dates, show a strong price appreciation; sometimes as high as 40-50% for those coins with stickers. But this article isn’t a price analysis. I am more interested in focusing on the number of coins with CAC approval for each date and looking for “surprises” within the context of these numbers.

For the sake of convenience, we can divide the various Type One dates into three groups. The first bunch—or Group A—consists of coins with CAC populations of fewer than 10 in all grades. The second bunch—or Group B—consists of coins with CAC populations between 10 and 25 in all grades. The third and final bunch—Group C—consists of coins with populations of 25 or higher.

Let’s take a look at Group A.

RANK	DATE	TOTAL APPROVED BY CAC
1.	1854-O	1
2.	1860-O	3
3. (tie)	1856-O, 1862	4
5. (tie)	1855-O, 1858-O, 1859	5
8.	1859-O	6
9.	1861-S Paquet	7
10. (tie)	1861-O. 1866-S No Motto	10

This first group contains some surprises. I wouldn’t have expected only three 1860-O double eagles to have been approved by CAC, and I certainly didn’t expect there to be one fewer of this date with CAC approval than for the celebrated 1856-O. I’ve handed two of the three CAC’d 1860-O double eagles and now that I realize how “special” these are, I wish I had asked a greater premium when I sold them!

I am surprised that only five 1858-O double eagles have been approved by CAC  (none of these in higher grade) as I have personally handled some very nice About Uncirculated examples of this date. The rarity of the 1859 and 1862 Philadelphia issues doesn’t surprise me as these two dates tend to come bright and bagmarked; two things which do not score points with the finalizers at CAC. I am very surprised that seven 1861-S Paquets and ten 1866-S With Motto double eagles have been approved. If I had to venture a guess, I’d suggest that these numbers are inflated by resubmissions.

Now let’s look at Group B.

RANK	DATE	TOTAL APPROVED BY CAC
1. (tie)	1854 Lg. Dt., 1857-O	12
3.	1853/2	13
4.	1854-S	16
5. (tie)	1858, 1863	18
6.	1853-O	20
7.	1864	21
8.	1855	22

I am surprised by a few dates on this list, both for how many have been approved and how many have not. In the former category, I find it odd that twelve 1857-O double eagles have been approved by CAC as compared to just five for the 1858-O. These two dates are very similar in rarity, both overall and in high grades. It is possible that this represents some resubmissions to CAC. I am also surprised that as many as twenty 1853-O double eagles have been approved as this is a date which, even in VF and EF grades, doesn’t tend to have the “look” that CAC favors.

The 1863 and 1864 are a bit less hard to locate with CAC stickers than I would have expected, but this is partially due to there being some nice higher grade examples from the S.S. Republic shipwreck.

The real surprise date in Group B is the 1858 with the same total number of coins approved by CAC as the much more pricey 1863. Only three Uncirculated 1858 double eagles have been approved by CAC and even About Uncirculated pieces are harder to locate than I would have expected.

The one date in Group B which deserves special mention is the 1854-S. Most of the CAC approved examples I have seen are from shipwrecks, and I doubt if more than three or four examples with original surfaces have been approved by CAC.

Let’s close out this article by looking at Group C.

RANK	DATE	TOTAL APPROVED BY CAC
1.	1856	29
2.	1850-O	29
3.	1857	31
4.	1861-S	33
5.	1852-O	34
6.	1860-S	38
7.	1864-S	40
8.	1858-S	41
9.	1863-S	42
10.	1854 Small Date	43
11.	1859-S	47
11. (tie)	1862-S	47
11. (tie)	1851	47
14.	1851-O	49
15.	1860	55
16.	1865-S	62
17. (tie)	1853, 1865	63
18.	1855-S	85
19.	1852	88
20.	1850	91
21.	1856-S	128
22.	1861	163
23.	1857-S	515

In looking at Group C, I almost wonder if the cut-off list shouldn’t have been higher than 25 coins as the first few dates (1856, 1850-O, 1857, 1861-S and 1852-O) instinctively feel “scarcer” with CAC stickers than the other dates included in this group.

As you can see, Group C is populated by common dates and/or shipwreck issues and this is responsible, obviously, for higher CAC populations. The former category is best illustrated by the 1861 while the 1856-S and the 1857-S are the respective poster children for the latter.

The two shipwreck dates with lower CAC populations than I would have expected are the 1863-S and the 1864-S. Both issues have a number of higher grade survivors from the S.S. Brother Jonathan and the S.S. Republic and it surprises me that there aren’t at least twice as many examples for each date with CAC stickers.

The two dates in Group C that strike me as having higher CAC populations than I would have expected were the 1850-O and the 1855-S. I have handled numerous 1850-O double eagles and I’d say that no more than 10% of the ones I have owned have been CAC quality.  The 1855-S is one of the most frequently seen Type One issues with CAC approval. This is most likely due to shipwreck coins but I can’t recall having seen all that many non-shipwreck pieces with CAC stickers.

One of the many things that CAC has done for the Type One market is to get collectors better focused on choice, original coins. The price premiums for the low population Group A coins have, in some cases, greatly exceeded the levels for “typical” coins and this is the case in nearly all grade ranges. The price premiums for the Group B and Group C are not as profound (yet) but as more collectors seek CAC approved coins, the premiums for these may increase to levels close to those seen on Group A dates.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Recently Sold by DWN: A Choice PCGS AU53 1855-D $1.00

The 1855-D is one of two gold dollars from the Dahlonega mint with multiple levels of demand. It is popular with type collectors who like it for its one-year status (it is the only Type One gold dollar from this mint) and it is also popular with collectors who appreciate truly rare coins. While the 1861-D is the “sexy” D mint gold dollar, the 1855-D is actually a rarer coin in high grades, especially with choice surfaces, original color and a sharp strike. Of the 100 or which are known, most 1855-D dollars grade in the VF-EF range and are characterized by very flat central detail. There are an estimated two dozen known in properly graded About Uncirculated, as well as another four or five in Uncirculated.

A very small number (lower than 10% of the survivors) are known with a full date and collectors appreciate these. Full Date coins typically command strong premium and to qualify as such, an 1855-D needs to be as well defined on the 85 as the present coin; see the photo for more evidence.

This fresh-to-the-market coin is perhaps the nicest circulated 1855-D dollar that I have owned and its eye appeal far exceeds the assigned grade. It is extremely well-struck and is probably one of the very first coins struck from the Winter 7-I die pair. The date shows 100% full detail, and there are only moderate clashmarks at the centers. The surfaces are clean and well made with attractive rich deep russet color seen on both sides. Some dirt in the recesses can be seen as well and it is likely that this is one of only a small number of 1855-D dollars which has not been cleaned or dipped.

This coin was recently sent in for grading by the descendants of an old Southern family, where the coin had resided since the 19th century. I was excited to purchase it, and I sent it to PCGS and later to CAC, hoping it would grade AU55.

Here is an example where a coin in a lower grade holder is clearly worth more than one graded higher. My coin was “competing” with an NGC AU58 which was listed on a West Coast dealer’s website for less money than I was asking for a coin which was “only” an AU53. As I pointed out to the collector who purchased this coin from me, the AU58, based on images, was weakly struck, unnaturally bright, and had rough, processed surfaces.

The new owner of this coin is nearing completion of a set of Dahlonega gold and he has just a few more coins before he is finished. I am pleased that he took a leap of faith and purchased this exceptional 1855-D Full Date dollar as it will make a superb addition to his set.

If you want to purchase Dahlonega gold coins which are choice s this 1855-D dollar, please contact me at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

A Fresh 1864-S Half Eagle

If I had to pick one single Liberty Head gold coin which would generate a whirlwind of interest if posted on my website, it would likely be the 1864-S half eagle. This is the rarest collectible half eagle from this mint (after the ultra-rare 1854-S), and it is clearly one of the four or five rarest gold coins ever struck at the San Francisco mint. In my estimation, there are around 30 examples known with many in the VF-EF grade range.

This coin is an old friend which I sold to its present owner around 15 years ago. The collector who owns the coin, graded EF45 by NGC, decided he wanted to put together a set of San Francisco half eagles. I told him he should start with the keys first, and for his purposes, the 1864-S was clearly going to be the stopper. I found this lovely example a few months later and it’s been off the market for the better part of two decades.

I don’t have all my old records handy, but if I recall correctly he paid around $10,000 for the coin. Today, it is worth four or five times this amount.

After many years of inactivity, the collector who owns this coin has decided to resume assembling his set of San Francisco half eagles. The beauty of his listening to my advice is that he already owns many of the keys and he doesn’t have to worry about the stopper—the 1864-S—as he owns this beautiful example.

This is one of the few original, uncleaned 1864-S half eagles which exist. This piece has pleasing lemon-gold and rich rose color on the obverse and the reverse, and the surfaces are far less abraded than usual for the issue. The obverse stars show flatness at the centers which is typical for the issue; even the single example known in Uncirculated (an amazing PCGS MS65+) shows this weakness of strike.

For many years, the 1864-S half eagle was an unloved issue with only a small number of collectors who appreciated its grade and absolute rarity. Today, this coin is very popular and I think its level of demand is only going to increase as San Francisco gold coins become more and more avidly collected.

Do you want to put together a set of San Francisco half eagles? I would be happy to assist you, and am available to discuss the process by phone (214-675-9897) or via email at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Finest Known Type One Double Eagles: Part One, 1850-1858

While doing the research for my new online reference about Type One double eagles, I began to look for finest known examples for each specific issue. For some Type One double eagles this is easy as there is a clear finest known coin. For others, this is difficult as there might be a few examples bunched at the top of the Condition Census which are hard to separate.

It is my opinion that the highest graded coin is not always the best coin. That’s why you will see, from time to time, an MS63 on this list which is rated as a “better” coin (in my opinion) than one graded MS64. It should also be pointed out that this list contains the finest known specific coins of which I am aware. I haven’t seen everything and it is entirely possible that there a coin (or even coins) which is nicer than the one listed for a specific date below.

Please note that this list is for business strikes only; Proofs will appear in another article which is planned for 2015.

1850: There are some really outstanding 1850 double eagles known. The best that I have personally seen is an NGC MS65 which was last sold as Lot 3698 in the Heritage 1/07 sale (it realized $161,000). It is earlier ex Bowers and Merena 5/00 (Bass III): 757 ($62,100; as PCGS MS64) and it was obtained by Bass in the New Netherlands April 1972 auction. NGC shows a second coin graded MS65 in their population report but I am inclined to think it is the same piece.

1850-O: This is a difficult issue to definitively state which specific coin is the finest known. The highest graded at PCGS is an MS61 which sold for $111,625 as Heritage 6/14: 4890, but I have seen at least two or three others in lower grade holders which I liked better. Two PCGS AU58’s are real standouts: the example in the Crawford collection (likely ex Dallas Bank collection) and an example in a New England collection which was obtained from me via private treaty.

1851: There are two or three known which grade MS64 but the best of these, in my opinion, is the PCGS coin in the Crawford collection. The other PCGS MS64 is a coin in an Old Green Holder which is ex Bowers and Merena 8/10: 1811 ($34,500) and earlier Heritage 1/04: 3078 ($29,900).

1851-O: There are around four or five properly graded MS62’s known for this issue and a few are choice for the grade. The two which stand out to me are the Crawford coin (probably ex Stack’s 1/84: 835, Amon Carter collection), and a coin I sold to a New England collector which is ex Heritage 2006 ANA: 5576 ($48,875). NGC has graded one coin in MS63 which I haven’t seen in its current holder; it is almost certainly a coin which was upgraded from an MS62 holder.

1852: There are three or four known which grade MS64 but I think these can be ranked in order. The best 1852 double eagle I have seen is the Crawford coin which is in a PCGS MS64 and which has superb color and surfaces. The next best is the Heritage 2012 ANA: 5408 coin ($82,250) which is ex Bowers and Merena 9/08: 822 ($35,650). It is also in a PCGS MS64 and has been approved by CAC. The third best is an NGC MS64 with CAC approval which was sold as Lot 5241 in Heritage’s 2011 sale and it was from the Henry Miller collection. It realized $60,375. NGC has a population of one coin in MS65 and it is likely coin #3 on this list after an upgrade.

1852 Repunched Date: The finest known example of this variety is a PCGS MS63 which was in the Gilded Age collection; it was aggressively reserved and it did not sell at the auction. I sold a PCGS MS62 to a New England collector in September 2014, which is the second finest I have seen.

1852-O: The clear finest known for this date is the Henry Miller coin, graded MS65 by NGC, which was obtained privately from Stack’s in the 1970’s; it later brought $276,000 as Heritage 2011 FUN: 5243. The next best is an NGC MS63 from the Dallas Bank collection. There are four or five graded MS62. These include the Crawford coin (PCGS MS62) obtained from the Norweb sale, a PCGS MS62 which I sold to a New England collector which is ex Heritage 2006 ANA: 5580 ($48,815), and a PCGS MS62 which is ex Stacks Bowers 2014 ANA: 12005 ($94,000), ex Gilded Age collection, Bowers and Merena 5/00: 771 (Bass III), Harry Bass collection.

1853: The unquestionable finest known for this date is an NGC MS65 which last sold as Heritage 8/14: 5683 ($152,750); it was earlier Superior 5/05: 5333 ($66,700; as NGC MS64). The next best is a PCGS MS63 owned by Bill Crawford.

1853/'2': The highest graded coin for this variety is a single NGC MS62 (ex: Heritage 2004 FUN: 3082 at $41,400), but I don’t regard this coin as being any nicer than the three or four different PCGS MS61 examples which I have seen. The specific example which stands out as being slightly better is the CAC-approved PCGS MS61 last sold as Bowers and Merena 2012 ANA: 11752 ($46,000).

1853-O: The finest known 1853-O is, by a large margin, the PCGS MS63 owned by Bill Crawford. It was purchased as Stack’s 5/91: 1674, where it sold for $28,600. An NGC MS62 (pedigree unknown to me) is likely the second finest, but it likely doesn’t remotely compare to the remarkable Crawford example.

1854 Small Date: This is another date where the single finest known is head and shoulders finer than the next best. The William Crawford collection contains a splendid gem graded MS65 by PCGS.

1854 Large Date: The finest known is owned, again, by Bill Crawford and the coin is graded MS64 by PCGS. It was purchased, as an NGC MS64, as Bowers and Merena 9/08: 831 ($96,600) and it was earlier Heritage 8/07: 2010 ($80,500). The second best of which I am aware is an NGC MS62 that I sold to a Rhode Island collector; I bought it directly out of the Pittman I sale in 1997 where I paid $10,450.

1854-O: This is a frustrating date to reach a conclusion about a finest known example as there is no clear-cut “best coin.” The highest graded are four AU58’s at NGC (most likely two distinct coins) and three AU55’s at PCGS (likely two distinct coins). The best I have seen include the NGC AU58 owned by Bill Crawford, the PCGS AU55 in a New England collection (obtained from me as Bowers and Merena 8/07: 1906) and Heritage 10/08: 3012, a PCGS AU55 which set the current auction record for this date at $603,750. Until I have an opportunity to compare the best examples of this date in person, I am not able to conclude which is the finest.

1854-S: This is another date which is challenging when determining which is the finest known. This is due to the fact that many of the highest graded 1854-S double eagles have finely granular surfaces from exposure to seawater. Of these coins, the three best are two PCGS MS65’s (one is in the Crawford collection and the other brought $115,000 as Heritage 10/08: 3013) and a PCGS MS64 from the S.S. Central America (last sold as Stack’s Bowers 2014 ANA: 12010 and sold by me to a New England collector). There are three or four known in Uncirculated with non-seawater surfaces. The two best I know of include an example in a New England collection graded MS61 by PCGS which is ex Heritage 11/07: 61779 ($21,850), Bass III: 781 ($10,925) and an NGC MS61 owned by Connecticut collector. Both were purchased from me.

1855: This date has a clear finest known and it is the PCGS MS64 in the William Crawford collection. It is ex ANR 3/06: 1704 and it sold for $126,550. The next best is a PCGS MS63 which sold for $69,000 as ANR 8/06: 1607. It is an interesting coincidence that the two finest known 1855 double eagles appeared for sale within a few months of each other in 2006 and both were sold by the same firm.

1855-O: The highest graded 1855-O is an NGC MS61 which recently sold for $141,000 as Heritage 2014 FUN: 5517. However, I think that the PCGS AU58 coin in the Crawford collection is a nicer coin and I would rank it as the finest known without much hesitation.

1855-S: The unquestioned finest known 1855-S double eagle is the PCGS MS66 from the S.S. Central America which sold for $120,750 as Christie’s 12/00: 90. Interestingly, this coin has not been sold at auction since its one and only appearance in 2000, and it would be interesting to see what it would bring today.

1856: Two or three exist in MS63 and these are the highest graded 1856 double eagles. The best of these is probably Stacks Bowers 2014 ANA: 12013 ($41,125) which was obtained by the consignor from me in March 2002.

1856-O: The undisputed finest known 1856-O is the famous NGC SP63 which last sold for $1,437,500 as Heritage 5/09: 1989. The second finest known is a PCGS AU58 in the Crawford collection which is ex Eliasberg: 889. The third finest is a PCGS AU55 in a New England collection, which I sold in 2009.

1856-S: The finest known is a PCGS MS66 from the S.S. Central America which was last sold as Christie’s 12/00: 92 where it brought $57,500. The other PCGS MS66, last sold as Heritage 1/12: 5033 at $74,750 is not as appealing, in my opinion.

1857: I haven’t seen this coin in person but the finest known is likely the PCGS MS64 which was last sold as Stacks 10/08: 1464; it realized $40,250 and was then graded MS64 by NGC. The second finest is a coin I sold to a New England collector and it is ex Heritage 2013 ANA: 5899. It realized $47,000 and was graded MS63 by PCGS.

1857-O: The finest known is the PCGS MS63 in the Crawford collection. It is from the Bass III sale and was earlier in the Kaufman collection. The second finest is an NGC MS63 which is ex Heritage 2011 FUN: 5251 where it sold for $172,500 as an NGC MS62.

1857-S: Of the thousands of Uncirculated 1857-S double eagles found in the S.S. Central America treasure, it is virtually impossible to select a coin which is the clear single finest known. PCGS has graded 11 in MS67 with none finer. The only one of these to have been approved by CAC is ex Heritage 2014 ANA: 5692 where it sold for a remarkable $172,500.

In Part Two of this article, which will be published sometime in November 2014, we will look at the 1858-1866 Type One double eagles and list specific finest known pieces.

Do you know about any coins with claims to finest known that might not be known to me? I would appreciate your input, whether in a comment added to this article, or as an email sent directly to me at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Recently Sold by DWN: 1865 $20.00, NGC MS66★, S.S.Republic Pedigree

In the last decade and a half, I have been instrumental in helping to create what is now a very solid collector market for choice and rare Type One Liberty Head double eagles. This is not to say that there weren’t great collections of these coins in the 1970’s and 1980’s; there were, but just not to the extent that there are today.

Of course, it didn’t exactly hurt this market to have no less than three major shipwrecks (S.S. Central America, S.S. Brother Jonathan, and S.S. Republic) located during the past two decades. This brought thousands and thousands of Type Ones into the market, and this number included many heretofore unthinkable pieces. These coins were professionally marketed and attracted new buyers into the market; some of whom became serious long-term collectors in their own right.

The S.S. Republic didn’t get the notoriety of its counterparts but there were some amazing coins included in the treasure. The date that saw the best single coins, from a quality and appearance standpoint, was the 1865 double eagle. This makes sense as the boat sank in 1865 and these coins were essentially “brand new” and fresh from the Philadelphia mint.

No less than 271 Uncirculated examples of the 1865 double eagle were found in this treasure and some of these coins were truly special. Most were in the MS61 to MS63 range and were characterized by great luster and detail, but scattered scuffs and abrasions. A few dozen Gems were uncovered. And then there was one remarkable coin that was hand selected by the graders at NGC to represent this date in the Museum Collection which was formed by an investor in the salvage operation.

This incredible 1865 double eagle was graded MS66 by NGC and awarded a “star” designation for having exceptional eye appeal. The coin has semi-prooflike luster and its strike is as sharp as on any business strike Type One double eagle from the Civil War era which I have ever seen. It shows glowing golden-yellow color and its surfaces are nearly perfect save for a few minor scuffs in the fields.

There are a number of factors that make this an important coin.

1. It is the second finest Civil War double eagle of any date after the famous PCGS MS67 1861 which sold for $352,000 in a 2013 auction.

2. It is the single finest-known 1865 double eagle. The next best example is probably the PCGS/CAC MS65 which sold for $88,125 in a Heritage 2013 auction.

3. It is the single highest-graded gold coin of any date or denomination from the S.S. Republic.

This coin was sold to an East Coast collector who is putting together a memorable set of Type One double eagles. This individual already owns the single finest known 1862 (an NGC MS64) and the single finest known 1864 (a PCGS MS65), so the addition of the finest known 1865 now gives him no less than three Philadelphia Civil War coins which are unimprovable.

For more information on choice and rare Type One Liberty Head double eagles or on any facet of collecting American coinage, please contact Doug Winter at (214) 675-9897 or via email at dwn@ont.com.

Recently Sold by DWN: 1871-S 25¢, PCGS MS66 CAC

Beginning with this piece, I am initiating a series of blogs that looks at individual coins that I have sold to our clients. Some of these coins were included on my website (www.raregoldcoins.com) while others were not. The prices on these coins range from a few thousand dollars up to hundreds of thousands. All have one thing in common: they are interesting issues with a story to tell.

This first coin might surprise you. I have a well-deserved reputation as a dealer who handles a lot of great 18^th and 19^th century United Sates gold coins. But I also handle some really interested Bust and Seated coins, including coins such as the featured item in this blog.

I started collecting coins when I was nine years old and one of the first series which I started collecting seriously was Liberty Seated quarters. I have always loved this series and over the years, I’ve handled numerous finest known and Condition Census issues. I’ve always had a soft spot for New Orleans and San Francisco quarters so this Gem 1871-S quarter hit a real nerve for me.

The 1871-S is a scarce, low-mintage issue which, like all of the other San Francisco quarters of this era, tends to be found in lower grades. There are an estimated 200-300 known with many of these showing extensive wear. A small number of Gems (maybe as many as four or five) are known, and it was likely these were all saved by foresighted collectors or local families.

The present 1871-S quarter is famous within the Seated Liberty collecting community and it is very likely the single finest known. It has blazing frosty luster with surfaces which, except for a small scrape in the right obverse field, are essentially “as made.” The coin has blast white centers with some cinnamon hues at the obverse border; the reverse shows lighter but more extensive color at the periphery.

There are two superb gems known for this date and these are as follows:

1. This coin, ex Heritage 6/14: 30391 ($30,550), Gene Gardner collection obtained privately from Summit RC in August 2004, earlier from the Stellar Collection and probably ex Eliasberg 2: 1498. Graded MS66 and approved by CAC.
2. A second coin graded MS66 by PCGS, this ex Stack's Bowers 8/12: 11350 where it sold for $35,938. More extensively toned than coin #1. Graded MS66 by PCGS and approved by CAC. 

The 1871-S was formerly a neglected and overlooked date and it remains somewhat overshadowed by its rarer counterpart, the 1872-S. But it is very scarce in all grades and it is almost never seen in popular collector grades. Its value has risen appreciably over the years in the VF-AU grade range, but like many Seated quarters of this era it is dominated by the famous Carson City issues which are more popular and which have multiple levels of demand.

With Gene Gardner now out of the market, there is really no single collector who is the “go to guy” for Gem Mint State Seated Liberty rarities. In my opinion, when a new collector or two gets into the market and focuses on coins such as San Francisco Seated quarters (and I think this is inevitable, given how popular San Francisco gold from this era has become in the last three years) a coin such as this Gem 1871-S quarter could easily double its current price level.

This coin is a great combination of beauty and rarity, and I was proud to offer it.

What Does a Virtually "Perfect" 19th Century Gold Coin Look Like?

The majority of the coins I deal with are imperfect. They were struck by crude machinery, in often difficult circumstances, by often-times inexperienced mint personnel. If I had to guess, I’d say the average grade of the coins I sell is in the Extremely Fine-45 to About Uncirculated-55 range. I sell coins which are “gently used.”

But every now and then, I handle a coin that is not only “unused,” but it is superb quality. I recently handled a PCGS MS68+ 1884 gold dollar approved by CAC, which was as close to perfect as any 19th century American gold coin I’ve handled in some time. I’d like to share some thoughts about the appearance of this specific coin, discuss it within the context of the Type Three gold dollar series, and share some random thoughts on originality and eye appeal.

The late-date Type Three dollars—those issues struck from 1880 through the end of this series in 1889—share a number of characteristics. They all have fairly low mintages but fairly high survival rates. These issues were not well-circulated and for many of these dates, examples below AU55 to AU58 are all but unheard of.

Of the ten late-date Type Three gold dollars, the rarest in terms of overall rarity is the 1884. It sells for just a small premium over a really common date like an 1888 or 1889 but it is actually much scarcer. Of the 5,230 struck, there are around 500 known with nearly all in the MS62 to MS64 range. In MS65 and even MS66, this date is not a big deal and PCGS has graded enough in MS67 (20 coins as of September 2014) that most any collector who wants one can find one. MS68’s are another story, and PCGS has graded only seven in this grade plus this one example in MS68+. NGC has graded an 1884 dollar in MS69, and I’m sure that coin is amazing, but I’m feeling pretty confident in saying right now that this PCGS MS68+ is the single finest known 1884 gold dollar.

What makes this coin an MS68+? Is it really better than an MS67; enough to justify it being worth close to four times what a nice PCGS/CAC MS67? If so, how, what and why?

I generally avoid buying common coins in uncommon grades, and if I were offered an 1888 or 1889 gold dollar in MS68+ I would likely pass. But I quickly pulled the trigger on this 1884. My decision was made easy by the coin’s appearance. It has eye appeal to spare; a result of its great surfaces, lovely color and the “look” which is hard to put into words but which speaks volumes to me. This coin didn’t have the appearance of a “typical” dipped high grade dollar of this era. It was dark and filmy and I mean “filmy” in a good way; more on this below.

Let’s look at the components of grading which combine to give this coin its Mint State rating and its eye appeal factor. First is strike. Strike shouldn’t be much of a factor on late date Type Three gold dollars as these tend to be extremely well-struck. This coin is no exception, and it is fully detailed at the centers and borders. The second factor is surface preservation. A close examination of the surfaces reveals a single light scrape on the upper obverse below ES in STATES. Other than this, the coin is perfect. The next factor is luster. This coin has amazing rich, thick frosty luster which is unbroken and which clearly has never been tampered with. This issue tends to have very good luster, but even by the standards of 1884 gold dollars, this piece has better than average luster. The fourth factor is coloration. You can see from the attached photo that this coin has very pronounced coppery-russet color, which is deeper at the borders than the centers. The color is “right” for the issue and it has a pattern and hues that is clearly natural.

One thing about this coin which is interesting is its “filmy” appearance. Generally, a coin which is filmy has negative connotations, and this film might be putty or some unnatural, applied chemical. But a number of Type Three gold dollars have what is known as “cellophane” toning from storage in old cellophane holders. These coins were often given as Christmas presents and stored for many years in these clear holders which impart a very recognizable “film” over the surfaces. If I saw this same sort of film on, say, an 1854-D gold dollar, I’d be suspicious. But knowing that this look is not uncommon on high-grade business strike gold dollars from the 1880’s, I regard it as another “plus” factor in this coin’s overall appearance.

As a collector, one of the things you should do is educate yourself as much as possible about the series you collect. Focus less on trying to learn what is the difference between an MS67, an MS68, and an MS69, and more on the characteristics which make a coin special for its respective issue. Learn about things like cellophane-style toning on the surfaces of Type Three gold dollars, and why this is a good thing. Most of all, find a visual “look” which appeals to you and try to stick to this as much as possible when you search for coins.

And whatever became of this 1884 gold dollar? I sold it to a prominent collector who is currently working on the finest-known set of gold dollars, and he is thrilled with his new acquisition.

Do you have questions or comments about this PCGS MS68+ gold dollar? If so, please free to comment below or ask me directly via email at dwn@ont.com.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.

Bill Motto: A Memoriam

A good guy passed away yesterday and I’d like to share some thoughts about him. William “Bill” Motto was the CEO of a major Midwestern company, but I knew him as an advanced collector of United States gold coins. I really got to know Bill around four or five years ago when the United States Gold Coin Club was founded. I was vaguely aware of Bill prior to this but he was such a low-key, under-the-radar guy, that it was only at the first few club meetings that we began to talk.

Bill collected great coins. He wasn’t what I’d call a super advanced numismatist and he didn’t pretend to be. As I got to know Bill better, he began to share some of his coins with me and I was blown away by the magnitude of his holdings. I always tried to share pedigree and provenance information with Bill on his key coins, and I could tell that he was genuinely interested that a coin he owned was likely from the famous Parmelee sale of 1890, or from the World’s Greatest Collection sales of 1945-1946.

Bill had a rigorous set of standards he applied to his purchases. He was especially fond of early gold, and we both shared a fondness for the rarer “Fat Head” issues from the 1820’s and early 1830’s. I remember speaking to Bill the day of a major sale and we discussed an important coin that was up for auction. Bill had decided that the coin was worth “X” amount and when I told him he wasn’t likely to purchase it at that price, he wouldn’t be dissuaded. He didn’t buy that coin, and didn’t seem to mind that he let it get away. It was worth “X” and not a penny more, in his mind.

I would see Bill a few times a year; always at the FUN and Summer ANA shows and, on rare occasions, at the Central States show. Bill would arrive at the show with his sons in tow, and visit the small coterie of dealers he was close to; I was proud to be included in this group.

Before one show a few years ago, Bill called me and told me he had a neat deal for me to purchase. I grew excited and wondered what neat coins I was going to get buy: Proof gold? Early gold? Rare Saints? When I saw him he came behind the table (he always had “behind the table” privileges) and proceeded to hand me a group of eight circulated Classic Head gold coins. Nice, yes, but not the $100,000 gems I was hoping for. But the transaction went smoothly and I always was thankful that Bill let me buy his spillage.

Bill and I had a running joke at shows. Bill was one of the most low-key rich guys I’ve ever met but he had one vice: he loved to fly on his private plane. To those of us poor schlubs who fly commercial, private flight is a luxury we can only dream about. Bill would sit down next to me at a show and I’d always tell him how awful my flight was and how I’d be happy to hitch a ride with him in case he was heading anywhere near Portland.

Bill, I will miss you. I will miss your enthusiasm, your love of great coins, and the fact that you didn’t even check your own email. Bill, I hope the time we spent together was as much fun for you as it was for me.

Rest in Peace, my friend.

How To Collect Type One Double Eagles

Type One double eagles have become the single most popular area of collecting in the rare date United States gold coin market. With the discovery of over 10,000 high grade, formerly rare issues in the S.S. Central America, S.S. Brother Jonathan, and S.S. Republic shipwrecks, Type Ones have received tremendous publicity in both the numismatic and non-numismatic press. This is clearly a design type which is destined to remain popular with a number of future generations of collectors.

The 2002 edition of my book An Insider’s Guide to Collecting Type One Double Eagles represented ground-breaking research on the series. I had previously written on New Orleans double eagles in my book New Orleans Gold Coins: 1839-1909 (published in 1992 and revised in 2006). Prior to this, collectors had to rely on the Breen Encyclopedia and David Akers’ trailblazing work on Liberty Head double eagles which was published in 1982. The 2002 edition of this book filled a great, need but it soon became outdated and needed to be revised.

After numerous starts and stops, I decided to revise the book in 2014 but with a twist: instead of publishing it in traditional book form, it will be released as a web-based project, and we will announce its availability (and URL!) later this year. (Here is the new site!) This was done for a number of reasons. The first is flexibility in updating. With a traditional book, updating it is a major chore. With the web-based format, it will be easy for me to continually update things like Condition Census, Auction Price Records, certified population figures, hoards, and important new discoveries. A web-based double eagle book will have a far greater reach than a traditional published book, and this might serve to bring more new collectors into the series. It will also enable me to have interactive features such as a comments section where collectors can add their input to each issue, and expanded potential to include more high-quality color photographs than in a traditional printed book. The possibilities are endless.

Type One double eagles appeal to collectors for a variety of reasons. They are the first type of double eagles produced and the highest denomination struck for circulation. They are large and attractive with a high intrinsic value which appeals to the “gold bug.” They were struck during an extraordinary historic era (1850-1866), and have wonderful back stories. Many issues are available in collector grades and a number of issues can found in presentable grades for less than $3,500 per coin. At the same time, there are a number of rare to very rare dates which appeal to advanced collectors.

There is a host of ways in which to collect this series. I’d like to suggest a few that I have found interesting and add some practical suggestions from years of experience with assisting collectors in this series.

1. Collecting Type One Double Eagles as a Type Coin

Type collectors seek to obtain a representative example of a specific type or design. For Type One double eagles, a type collector would most likely focus on an issue such as an 1856-S or 1857-S from the S.S. Central America, or a non-shipwreck date such as the 1861. A nice SSCA coin can be purchased for $7,500-10,000, while a high-quality circulated 1861 currently is valued in the $4,000-5,000 range.

A type set could be made more interesting by expanding it to two coins: including a common date from the 1850’s and the 1860’s, the two decades in which this design was produced. The most common issues from the 1850’s are the 1851 and the 1852 and, thanks to the shipwrecks mentioned above, the 1856-S and the 1857-S. The two Philadelphia issues can be easily located in all circulated grades and a very presentable example will cost the collector $3,000-5,000. The 1861 is the most affordable Type One from the 1860’s, and the collector can either purchase a pleasing circulated example or an Uncirculated coin in the MS60 to MS62 range.

If you are taking the time to read this article (and are looking forward to the new double eagle website I mentioned above) you are likely to have enough interest in this series that you will be more involved with them than as mere type coins. But if you have decided to participate solely as a type collector, I suggest you spend a bit more money and buy a scarcer date. In my opinion, the issues which offer the biggest “bang for the buck” include the 1854 Small Date, 1855, 1856, 1857, and 1858.

2. Collecting Type One Double Eagles by Mint

Type One double eagles were struck at three mints: Philadelphia, New Orleans, and San Francisco. Some collectors focus on issues from one of these three mints and assemble complete sets of dates and major varieties.

The Philadelphia mint produced 17 collectable double eagles (this figure does not include the 1849 and the 1861 Paquet, but it does include the 1853/2 and the 1854 Large Date). This is not an easy set to complete in circulated grades. The five hardest issues to locate are the 1853/2, 1854 Large Date, 1859, 1862, and 1863. All five of the dates are scarce to very scarce in Extremely Fine and About Uncirculated, and all are rare to very rare in Uncirculated.

In Extremely Fine, this set should run at least in the $55,000-65,000 range, and more if the collector is picky and seeks choice EF45 coins with CAC stickers. An About Uncirculated set (with the five keys in the AU50 to AU53 range and the more common dates in the AU55 to AU58 range) should run in the $110,000-130,000 range, and more if the collector is picky and seeks choice coins with CAC stickers. An Uncirculated set is possible but it would require considerable patience and some of these issues (notably the 1853/2, 1854 Large Date, 1859, and 1862) are very rare and seldom offered for sale in Mint State. A collector can figure on spending at least $300,000 on an average quality set and considerably more if he wants the majority of his coins to grade higher than MS60 to MS61. An Uncirculated set with all the coins having CAC stickers is certainly possible but it might take many years—and a deep wallet—to assemble.

The New Orleans mint produced a dozen Type One double eagles between 1850 and 1861. Two of these (the 1851-O and the 1852-O) are common, two are moderately scarce (1850-O and 1853-O, three are very scarce to rare (1857-O, 1858-O and 1861-O), three are rare (1855-O, 1859-O and 1860-O), and two are extremely rare (1854-O and 1856-O). Many collectors are forced to skip the 1854-O and the 1856-O due to their extreme rarity and prohibitive prices. However, for those fortunate collectors with the means to acquire one or both, history has proven their worthiness as performing assets.

An Extremely Fine set of Type One New Orleans double eagles is the most realistic for most collectors. Excluding the 1854-O and 1856-O, this set costs at least $175,000-200,000. An About Uncirculated set of Type One New Orleans double eagles is extremely difficult to assemble but it can be completed with patience and a deep pocketbook in a three to five year window. To keep costs down, the collector might buy AU55 examples of the moderately scarce to scarce dates and AU50 to AU53 examples of the very scarce to rare issues. Such a set would cost at least $250,000-300,000+. AU50 to AU53 examples of the 1854-O and the 1856-O would add another $750,000-1,000,000. An AU set with all 12 coins having CAC stickers might be possible, but it would require working with a world-class expert as many of these dates have very low CAC populations.

Between 1854 and 1866, the San Francisco mint produced 14 Type One double eagles. This includes the 1861-S and the 1861-S Paquet reverse. With the exception of the 1861-S Paquet and the 1866-S No Motto, all are reasonably easy to locate in circulated grades. Before the discovery of the three shipwrecks cited above, assembling a high grade set of Type One San Francisco double eagles would have been nearly impossible. Today, it is far more realistic. It is still theoretically impossible to finish this set in Uncirculated, as no 1861-S Paquet reverse double eagles have been graded MS60 or higher by the two services as of the middle of 2014.

A complete set of Type One San Francisco double eagles in EF40 to AU50 costs at least $125,000, with around half of this amount dedicated to the 1861-S Paquet and the 1866-S No Motto. An AU55 to AU58 set costs at least $250,000; again with a significant amount of the cost focused on the two rarities. A set with all of the coins grading at least MS60 except for the Paquet (which would grade AU55 to AU58) would cost in excess of $600,000.

If I had to rank the popularity of the three mints as of the middle of 2014, I would list them as follows:

1. New Orleans
2. San Francisco
3. Philadelphia

3. Collecting Type One Double Eagles by Year

A popular way to collect this series is to obtain one example from each year in which the Type One design was produced. In this case, such a set would consist of 17 coins.

In a Type One year set, it is advisable to select the most affordable issue produced during a specific year. For example, three mints struck double eagles in 1861: Philadelphia, San Francisco, and New Orleans. Most year sets include the 1861 Philadelphia as it is easier to obtain than the other issues and it can be found in comparatively high grades for a reasonable sum.

The most difficult (and least flexible) year is 1866. The Philadelphia mint’s production of double eagles in 1866 consisted exclusively of the new Type Two (or “With Motto”) design, while San Francisco produced a limited number of Type One coins before switching to the new design. The 1866-S Type One is exceedingly rare in Uncirculated and very rare in any grade higher than About Uncirculated-50 to About Uncirculated-53.

A complete year set can be assembled in Extremely Fine grades for around $75,000, with at least one-third of the cost going towards an 1866-S No Motto. A set with all of the coins in About Uncirculated can be assembled for $150,000 and up, with around half of the cost going towards the 1866-S. A set with all of the coins in Uncirculated would be very difficult to complete due to the rarity of the 1866-S. It would cost upwards of $425,000-450,000 to complete with, once again, a significant portion of the cost going towards the 1866-S.

4. Assembling a Complete Set of Type One Double Eagles

For some collectors, Type One double eagles become their primary focus and they seek to assemble a complete set. Such a set consists of every issue struck between 1850 and 1866 (not including the excessively rare 1861 Paquet reverse). Including the 1853/2, 1854 Large Date, and the 1861-S Paquet, there are a total of 44 issues.

Depending on a collector’s budget, the grades for a complete set of Type One double eagles will range from Extremely Fine-40 all the way up to Mint State-65. The more common issues are generally represented by coins in comparably higher grades while the rarities are represented by coins in slightly lower grades. The rarest issues in the set include the 1854-O, 1855-O, 1856-O, 1859-O, 1860-O, and 1861-S Paquet. The rarer issues tend to be very difficult to locate and the most available of these six coins are rarely available at prices lower than $40,000-50,000.

There are some practical guidelines which the collector assembling a complete set should follow. A complete set should be as well-matched as possible. The collector should also attempt to obtain coins with as much visual similarity as possible.

A complete set should not be “all over the map” as far as grades are concerned. It makes no sense to assemble a set which has VF30 coins alongside MS62’s

Many Type One collectors are guilty of “overbuying” the common dates and “underbuying” the rarities in order to save money; I feel this is a mistake. Instead of spending $50,000 on a high-grade example of a mundane date such as an 1851, buy a nice coin one grade lower for $15,000, and use the money you’ve saved to put towards a rarity. Conversely, instead of filling the 1854-O and 1856-O holes with “no grades” or problem coins, try to find the best examples of these you can possibly afford. A set of coins is judged on the quality of the rare issues, not by the common ones.

Don’t assemble a set of Type One double eagles with unrealistic expectations. A collector who has previously worked on more common sets may approach Type Ones with the idea that he can race through set in higher grades. Since a number of Type Ones are unknown in Uncirculated and extremely rare in the higher About Uncirculated grades, certain allowances have to be made. The collector must learn what is realistic for each issue. It isn’t realistic to find an 1856-O in Mint State-60. But it is realistic to find an 1856-S in this range or even higher.

In Extremely Fine-40 to About Uncirculated-50, a complete set of 44 Type One Liberty Head double eagles is going to cost a minimum of $1,000,000, and probably quite a bit more once the collector finishes upgrading coins he isn’t satisfied with. If the collector decides to eliminate the 1854-O and 1856-O, at least half of this expenditure will be eliminated. A set which included all the coins in About Uncirculated-50 to About Uncirculated-58 would cost at least $1,500,000. Eliminating the two ultra-rarities would again remove at least half of the cost. A set in which the majority of the coins grade Mint State-60 and above and the rarities grade at least About Uncirculated-55 is going to cost upwards of $2,000,000-2,500,000, and possibly quite a bit more.

5. A Shipwreck "Mini Set"

A number of shipwrecks containing Type One double eagles have been located since the late 1980’s. These are designated by PCGS and NGC, and they are extremely popular with collectors. A shipwreck mini-set most likely would contain just three coins and would be constructed as follows:

1. S.S. Central America. This is the most famous of the three shipwrecks discussed here as it contains thousands of very high quality coins. Most collectors seek a nice Uncirculated 1857-S, typically grading MS63 to MS65. I have a few buying tips for such a coin. First, only buy a piece in the original gold foil holder. Second, be patient as there are thousands of potential coins for your set. Wait for a coin which appeals to you and look for one with bright, flashy surfaces which lack haze or cloudiness. Third, buy a coin with all the “bells and whistles.” By this, I mean look for a coin that has all its original packaging and which has been approved by CAC as well. Finally, don’t overpay. There are hundreds of auction price comparables for these coins, so you should be able to figure a smart price to pay with relative ease.
2. S. S. Brother Jonathan. This shipwreck featured Civil War era San Francisco Type One double eagles. The coins tend to be a little less attractive than the S.S. Central America pieces and are harder to locate in the original packaging. The two dates which seem most plentiful from this shipwreck are the 1863-S and 1865-S. The buying tips I mentioned above mostly apply to these coins as well, except original packaging is non-existent.
3. S. S. Republic. The third shipwreck in the set is the one which is least interesting to me as the quality of the coins tends to be less nice. That said, there are some interesting coins which come to market from time to time with this pedigree.

6. Collecting by Die Variety

For most Type One double eagles, a number of different obverse and reverse dies were used. As one die became worn or damaged, it was replaced by a new die. The different die combinations created various die varieties which range from significant to very minor.

The field of gold coin die variety collecting is fertile. Little has been written about the varieties of United States gold coins, and almost nothing has been written about the die varieties of Type One Liberty Head issues. A number of interesting and potentially rare die varieties exist. Many are discussed in my book(s) on Type One double eagles. Others wait to be discovered by sharp-eyed collectors.

In order to study double eagle die varieties, the collector should pay careful attention to date and mintmark placement and other more subtle die characteristics such as breaks and die scratches.

Collecting varieties of Type One double eagles has become more popular in the last decade, and part of this is attributable to the fact that some of the major varieties are now recognized by PCGS and NGC. In addition to the widely accepted varieties (1853/2 and 1854 Large Date), the following are often collected alongside “regular” coins:

• 1852 Double Date
• 1853 Repunched Date
• 1854 Small Date, Doubled Date
• 1855-S Small S mintmark
• 1857-S Large S mintmark
• 1859-S Double LIBERTY
• 1865 Blundered date

7. A Civil War "Mini Set"

One of the most popular theme sets in the Type One series is the 11 or 12 coin Civil War set. This includes the following issues, all made during the Civil War years: 1861, 1861-O, 1861-S, 1861-S Paquet, 1862, 1862-S, 1863, 1863-S, 1864, 1864-S, 1865, and 1865-S.

Due to the fact that this set has multiple levels of demand, many of the double eagles from the Civil War have seen considerable increases in price.

There are some difficult issues in the Civil War set. The 1861-O is the only New Orleans double eagle from this period and it is extremely popular. The 1862 is the rarest Philadelphia double eagle from this period, followed by the 1863 and the 1864. The San Francisco issues are more available with the exception of the rare 1861-S Paquet. The price of this variety might cause some collectors to not include it in the set. This makes sense, given that a “normal reverse” 1861-S can be an acceptable substitute.

An 11 piece set in Extremely Fine grades should cost in the area of $80,000. Adding the Paquet reverse would make the set cost over $100,000.

An 11 piece set in About Uncirculated would be challenging but it is completable. It should cost at least $150,000 and could run quite a bit more if the collector seeks choice, original coins with CAC approval. Adding a nice AU55 Paquet will require around a $150,000 commitment.

This set could not be completed in Uncirculated as the Paquet doesn’t exist in this range. However, the rest of the coins do, and here are my suggestions for the best value grade for each date:

• 1861: MS62 to MS63
• 1861-O: MS60 (if available)
• 1861-S: MS61 to MS62
• 1862: MS60 to MS62
• 1863: MS61 to MS62
• 1863-S: MS62 to MS63
• 1864: MS61 to MS62
• 1864-S: MS61 to MS62
• 1865: MS62 to MS63
• 1865-S: MS62 to MS63

8. Collecting Proof Type One Double Eagles

A tiny number of Proof double eagles were struck prior to 1859. From 1859 to 1865, very small numbers were made. Fewer than 350 proofs were struck for the entire type, and fewer than 75 are known.

The rarity of these coins makes them very appealing to a small segment of wealthy collectors. It might be possible to assemble a complete date run of Proofs from 1859 to 1865. This would require patience, luck, and a very healthy coin budget.

Most of the Proof Type One double eagles which appear on the market are in the Proof-63 to Proof-64 range. Gems are exceedingly rare, and are generally offered for sale at the rate of maybe once per two or three years.

Do you buy rare gold coins?

Do you have coins to sell?

Would you like to have the world’s leading expert help you assemble a set of coins?

Contact me, Doug Winter, directly at (214) 675-9897 or by email at dwn@ont.com.