Learn about buying, selling and collecting rare U.S. gold coins with Douglas Winter Numismatics and read related articles on this blog.
The 1862-S is the second rarest Civil War era half eagle from the San Francisco mint, trailing only the 1864-S. Of the 9,500 struck, only 45-55 are known with most in lower grades. The reasons for this low survival rate include heavy use in commerce, pervasive meltings, and a lack of local collectors or dealers to save any pieces, as occurred with certain Philadelphia issues from this period.
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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.
first year of issue
one year, or very limited, period of issuance
very low mintage figure
the rarest collectible issue of a popular type
Let's take a look at some of the San Francisco gold coins which, in my opinion, have numismatic significance.
The production of regular issue coins began at the San Francisco mint in 1854. Five denominations were made: the gold dollar, the quarter eagle and half eagle, the eagle, and the double eagle. Two of these (the quarter eagle and half eagle) are exceedingly rare. The most common of these first-year types is the 1854-S dollar.
A total of 14,632 gold dollars were struck at the San Francisco mint in 1854, and this issue is common and affordable in all circulated grades. There are as many as four or five dozen known in Uncirculated, with most in the MS60 to MS62 range. In MS63 this issue is scarce, and it is quite rare in MS64. There are two or three Gems known and the finest is a PCGS MS65+ in the Duckor collection, which was formerly in the Pittman collection.
I like this issue for a number of reasons. Obviously, it is a first-year-of-issue and it is also a one-year type; it is the only gold dollar from this mint which employs the Type One design. It tends to be very well made and it is probably the single best produced of all the gold dollars from this mint. If you can find a nice MS62 at the current going price of $4,000-5,000 I think this is excellent value and it seems like an issue with real upside potential.
The decision to scrap the Type One design and replace it with the Indian Head Type Two design was not one of the mint’s shining successes. The design proved challenging to strike given the too-small size of the portrait and its placement opposite the highest spot on the reverse. It was quickly scrapped, but not before the San Francisco mint made 24,600 Type Two gold dollars dated 1856-S.
As with the 1854-S, this is an issue with two important items of numismatic significance. It is a first-year type and it is a one-year design. The same holds true for the 1855-C, 1855-D and 1855-O dollars, and all three issues are popular for the same reasons.
The 1856-S gold dollar is easily located in all circulated grades and with as many as three dozen known in Uncirculated, it can be found in the MS60 to MS62 range as well. It is very scarce in properly graded MS63, and very rare in MS64. I have never seen a piece which I graded MS65, and the finest I am aware of is a PCGS MS64 owned by Steve Duckor, which has been approved by CAC.
While values have increased for this date over the last decade, I still regard it as good overall value. A nice AU55 to AU58 can still be purchased for around $5,000, and $12,500 will buy you a very solid MS62.
I wasn’t going to add a third gold dollar to this list but there has always been something intriguing to me about this issue. The last San Francisco gold dollar had been struck in 1860 and production of branch issues ended in 1861 with the striking of the 1861-D. Yet for some reason, the mint decided to strike 3,000 gold dollars at the San Francisco mint in 1870. The uniqueness of this issue and its status as the final branch mint gold dollar from any mint gives the 1870-S dollar its numismatic significance. In addition, the 1870-S date is magical as it serves as a connection to the unique 1870-S three dollar.
The 1870-S dollar has an interesting grade distribution for its surviving population which is totally unlike the other four Type Three dollars from San Francisco. It is seen more often in Uncirculated than in circulated grades and there are actually some nice pieces known. I am aware of at least five or six Gems including a single PCGS MS66 and a PCGS MS65+ owned by Steve Duckor.
The 1870-S is probably a bit overvalued compared to the scarcer 1857-S, 1858-S, 1859-S, and 1860-S but it is an excellent value given its “coolness” factor. A nice MS62 is currently valued at around $5,000 while an MS63 is worth in the area of $7,500+.
The 1854-S is the first quarter eagle from this mint and it is a coin with great numismatic significance. But, it is extremely rare and very expensive and, for most readers of this article, it is not a coin likely to be added to their collection in the foreseeable future. This makes the 1856-S, the next quarter eagle from this mint (none were produced in 1855) the first-year-of-issue for most collectors.
Mintages for gold coins in San Francisco were relatively high in 1856 and 1857 due to strong demand, and 72,120 1856-S quarter eagle were made. There are a few hundred known today including a few Gems. The finest known 1856-S quarter eagle is a magnificent PCGS MS67 from the S.S. Central America which brought $46,000 in Christie’s 12/00 auction. It is the best San Francisco quarter eagle of any date which I have ever seen.
This issue doesn’t have the numismatic significance which many of the other coins on this list have. But it is the earliest available date of this denomination from San Francisco and this makes it a tangible relic of the Gold Rush.
Three dollar gold pieces were produced at the San Francisco for just five years and one of these—the 1870-S—is unique. I think all of these San Francisco threes have numismatic significance but the date which I give the highest degree of multi-level demand to is the 1855-S.
The 1855-S is the first year of issue for San Francisco threes. Only 6,600 were made and of these as many as 400-500 are known, mostly in the EF40 to AU50 range. In higher grades, this issue is very rare and it is likely that the 1855-S is the only three dollar gold piece from this mint that actually saw heavy service in commerce. I am aware of three or four Uncirculated examples (plus a unique Proof) with the finest of these being a raw MS63 to MS64 in the Bass collection, currently housed in the ANA Museum.
The 1855-S can be lumped with the better-known 1854-O and 1854-D three dollar gold pieces as all are first-year-of-issues from the branch mint. The 1855-S, however, is not a one-year type as are its southern counterparts. That said, it is still a coin with real numismatic significance and it is a major rarity in Mint State.
The excessively rare 1854-S is the half eagle which even the most well-heeled specialist in San Francisco gold coinage is likely to never own. The next rarest issue is the 1864-S and this is a coin with clear numismatic significance.
Only 3,888 were produced and this is the second lowest mintage of any half eagle from this mint after the 1854-S which had a run of only 268 pieces. There are an estimated 25-35 known in all grades including a Gem PCGS MS65+ which sold for $178,250 as Bass II: 1150 in October 1999.
The first really nice 1864-S half eagle to be available in close to a decade was recently sold as Heritage 3/14: 30328. Graded EF45 by NGC, it brought a strong $79,913; the same coin had last realized $31,050 in a July 2004 auction.
The numismatic significance of the 1864-S half eagle is a bit more obtuse than some of the other issues on this list, but it is perhaps the rarest coin listed here. The 1864-S is, along with the 1864-S eagle, the rarest obtainable gold coin from this mint. Its low mintage figure and Civil War issuance makes it appealing to a wider group of collectors than other rare San Francisco half eagles and it is a coin which I find greatly desirable.
In 1866, the motto IN GOD WE TRUST was added to the reverse of all United States silver and gold coins in which this design element could fit. The 1866-S No Motto and With Motto gold issues are known for half eagles, eagles and double eagles and these are popular with collectors for a variety of reasons. For reasons of space, we are going to focus on just the two half eagles but the comments made here apply equally to the other two denominations.
The reason for the two distinct varieties of 1866-S half eagle is decidedly low-tech. There were 9,000 1866-S half eagles with the old No Motto reverse produced before word could get to the San Francisco mint to changeover to the new With Motto design; 34,920 of the latter were struck.
The 1866-S No Motto half eagle is a bit less scarce than one might assume. But many of the 60-80 which exist are very well worn and this date is quite rare in properly graded AU. I have never seen a Mint State 1866-S No Motto half eagle and the finest known to me is a choice PCGS AU58 which brought $25,300 back in October 1999 as Bass II: 1155. The 1866-S With Motto, on the other hand, is rarer than its comparatively higher suggests. There are an estimated 70-90 known with a few more in EF and AU than its No Motto counterpart. But this date is also unknown in true Uncirculated (NGC has graded an MS61 which I feel is no better than AU58).
The 1866-S No Motto/With Motto gold coinage are the only transitional design pairs from the San Francisco mint. This makes these three sets numismatically significant and the rarity of the half eagles and eagles make higher grade assemblages extremely challenging.
The 1930-S eagle and double eagle are the two final gold coins struck at the San Francisco mint. They are issues with a similar story: reasonably high mintages (96,000 for the former and 74,000 for the latter), almost none released for circulation, and extremely low survival rates.
The 1930-S is not only the last eagle made at the San Francisco mint, it is the only issue of this denomination made after 1920. Almost all of the original mintage was melted and of the 200-300 known, essentially all are Uncirculated. There are a number of Gems and the finest known is likely the Duckor/O’Neal PCGS MS67 which sold for $299,000 in Heritage’s January 2009 auction.
The San Francisco mint produced double eagles more actively in the 1920’s than they did eagles and the last issue prior to 1930 was the 1927-S. The 1930-S has the fourth lowest mintage of any St. Gaudens double eagle, but it is the rarest San Francisco issue and the rarest of the famous Fab Five late dates from this series. Probably no more than 60-70 are currently known, and nearly all are in Uncirculated and none appear to have been released by the Mint for general circulation. The Simpson Collection has a lovely PCGS MS66+ which is likely the finest known.
The 1930-S eagle and double eagle are coins which combine condition rarity with numismatic significance and they appeal to many collectors for these reasons.
A strong case can be made for terming this the rarest Type One double eagle from San Francisco (its only competitor is the 1866-S No Motto) and it is certainly an issue with multiple levels of demand. The Paquet reverse is noticeably different from the regular Longacre design with taller letters and a naked-eye “look” which is clear to even a neophyte collector.
The 1861-S Paquet was mostly unknown to collectors until the 1950’s when examples were located in Europe. It remains a very scarce coin although there are now an estimated 200-300 known, mostly in lower grades. I do not believe that a genuinely Uncirculated example is known, and I am aware of no more than two or three properly graded AU58 pieces.
For many years, this variety was undervalued and prices really only began to rise after it became well-publicized in the 1980’s and 1990’s. Values peaked around 2007-2008 then dropped, but have now climbed back. To own a really nice Paquet, you are looking at spending at least $75,000, and a Condition Census example is now worth upwards of $175,000-200,000.
I regard the 1861-S Paquet as the most numismatically significant double eagle from this mint and it is a coin whose level of demand in the Type One series is exceeded only by the rare 1854-O and 1856-O.
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.
This tends not to be the case with classic 19th century gold coins, but every now and then a situation arises in which a coin which is theoretically the highest graded may not be the best purchase for an advanced collector.
A situation involving this scenario emerged at the recent Baltimore Stacks Bowers auction and I’d like to share my thoughts.
Please note that this is not meant to be a negative rant about the following coin, and the buyer of this coin is, no doubt, happy with his or her purchase.
The 1876-S eagle has long been a favorite issue of mine. It has a small mintage of just 5,000 coins, and I think five or six dozen exist, with most in the VF to EF grade range. I have never seen an 1876-S which grades higher than AU53 to AU55, and my best estimate is that there are around six or seven properly graded AU examples known. Until recently it was an unloved and generally undervalued coin.
In the recent Stacks Bowers Baltimore show, a newly graded PCGS AU55 example of this date was offered. In theory, this is the “finest known” example as it is a population one, none finer, coin. It sold for $22,325. I examined the coin and, in my opinion, it was sub-par for the grade. (Had it been a very choice coin for the grade, I think it would have brought closer to $30,000).
While $10 Libs are not a typical Registry Set series, there are a few advanced, deep-pocketed collectors who are specializing in these coins. And the opportunity to acquire a PCGS finest known coin—with the “points” this would add to such a set—is an unusual opportunity to say the least.
But what if a cheaper example of this same date was actually a “better” coin? What if an 1876-S eagle graded AU50 by PCGS were more original, more appealing (in my opinion), and a fraction of the price?
Back in their 2011 ANA auction, Stacks Bowers sold a PCGS AU50 example of an 1876-S eagle. I didn’t buy it even though, in retrospect, I probably should have.
Take a look at this coin:
I think it compares favorably to the PCGS AU55 shown above. It is a bit less “meaty” but it is more original, less “baggy,” and has comparable—if not better—overall eye appeal.
Most intriguingly, it sold for just $6,325 - or around a quarter of what the AU55 brought.
Here is an instance where Registry-mania caused a so-so coin to sell for a lot of money but didn’t have an impact on a nice, slightly lower grade coin because it wasn’t “the finest known.”
Examples like this are becoming more and more prevalent in the area of 19th century United States gold coins.
The moral of the story? Don’t always trust the plastic you buy to equate with the best value in your series. There is no substitute for knowledge and, in many cases, this knowledge will save you money and provide you with a better overall collection.
Do you buy rare gold coins?
Do you have gold coins to sell?
Would you like to have the world’s leading expert working directly with you when assembling a set?
Contact Doug Winter at 214.675.9897 or by email at dwn@ont.com.
After decades and decades in the dumps, it looks like there are small signs of life in the San Francisco gold coin market. But the activity in this market area is sporadic, to say the least, and is being led by exactly the sort of coins that you wouldn't think would be the pacesetters. There are plenty of overgraded, unappealing high priced San Francisco gold coins on the market right now. You haven't been able to give these away for years. You still can't. San Francisco gold coins that are faux-rarities, uninteresting dates or processed with no eye appeal are impossible to sell.
The coins that are suddenly selling have three things in common:
1. They are genuinely rare dates and most are either from the Civil War era or the years right before the war (i.e., 1858 through 1860).
2. They are well-worn but problem-free coins in the VG to VF grade range. These are true collector coins and this little renaissance of interest is obviously collector-based.
3. They are in PCGS holders. There are a few exceptions to this rule but the people buying these coins seem to want PCGS graded coins. This may be because they are forming Registry Sets.
The denominations that seem to have generated the most interest are half eagles and eagles but from time to time a quarter eagle is included as well.
The recent Heritage Central States auction included a few early, rare San Francisco gold coins that nicely illustrate this new trend. Let's take a quick look at each.
The first was Lot 3476, an 1862-S quarter eagle that was graded F15 by PCGS. This is a rare date in all grades with just 8,000 struck. It sold for $1,092.50 against a Trends value of $550 in F12. Why did it sell for double Trends? The reason is obvious: Trends is way too low for a coin as rare as this. I would have figured it was worth around $700-800 but even at a shade under $1,100 I think its great value.
The second example was an 1859-S half eagle, graded VF25 by PCGS and sold as Lot 3633. It brought $2,323 against a Trends of $1,200 in VF20. I figured it was worth around $1,500-1,750 and actually sold it to the consignor recently for a figure in this range. This coin had a number of things going for it. It was in an old green label holder and it was really nice for the grade. It is a rare, seldom seen issue that is very expensive in higher grades (I sold the second finest known late last year, an NGC MS62, for over $25,000). When you do see EF and AU examples they tend to be pretty yucky quality-wise and at around $2,500 this coin was a fantastic bargain.
The third example was a little bit of a surprise to me: an 1866-S No Motto half eagle in PCGS VF35. Offered as Lot 3636, it brought $3,220 against a Trends of $1,600 in VF20 and $4,250 in EF40. Although this is a numismatically significant date as the final No Motto half eagle from this mint, it is much less rare than the 1859-S and I wasn't really wild about the coin from a quality standpoint. Also interesting was the fact that this date is sometime seen in lower grades, unlike the 1862-S quarter eagle and the 1859-S half eale which are extremely arre in grades below EF40.
Now I know that three auction records do not exactly constitute a full-blown trend but this is not a totally isolated series of incidents. I know that when I have an interesting lower grade San Francisco half eagle or eagle that is affordable and seemingly good value, it typically sells quickly and often well in excess of current published values.
I have noticed that Trends (and Greysheet) values for lower grades (Fine and Very Fine) are way out of whack with reality. Often times, these numbers are years old and have not been changed since gold was priced at below $500 per ounce. Think about it: a coin like an 1862-S quarter eagle in Fine at $550? That just seems like absurdly good value. And coins like this are likely to stay undervalued, at least according to price sheets, due to lower collector activity than silver coins from this era. Enough F12 1862-S Dimes trade that it is possible to have an idea what such a coin is worth. But an 1862-S quarter eagle in this grade? You are talking about a coin with a population of just a few pieces and if two people care about such a coin at any given time, prices at auction can run up quickly.
I'd like to thank Jason Carter of Carter Numismatics in Tulsa OK for suggesting this topic and pointing out this market trend to me.
One of the most interesting varieties of United States gold coinage is the many overdated issues that exist. Some are very rare and others are common; some are well-known and some are very obscure. But all share a common trait: a high “coolness factor” that makes them desirable with collectors. What are overdates and how can the collector of United States gold coins focus on these issues? An “overdated” coin is one on which two dates are present. A famous example is the 1942/1 dime. An overdate occurs when one of more digits from the current year is punched into an older working die. Overdates are often intentional creations and they may exist for a number of reasons.
In the early years of the US Mint, steel to make dies was scarce and funds were scarcer. The Mint operated on a shoestring budget and if any dies were leftover at the end of the year, there was good reason to reuse them. There are many overdates from the 1790’s and early 1800’s and many were probably caused by economic reasons.
Quality control at the Mint during the early years was often lax and some overdates appear to have been produced by accident. These accidents occurred when an engraver inadvertently employed a date punch that was not consistent with the die he was working on. This appears to be the case with some of the overdated coins produced during the 1830’s and 1840’s.
Let’s look at some of the more interesting overdates that occur on Liberty Head gold coins. We’ll save overdated early U.S. gold coins for another time as the list and scope of these is very comprehensive.
Gold Dollars: There are no gold dollars that were overdated. It is interesting to note that there are very few varieties of note in this entire denomination. The branch mints, where one would have expected an overdate or two to have occurred, never produced one in this denomination.
Quarter Eagles: The Philadelphia, Charlotte and Dahlonega issues from 1839 have been called 1839/8 overdates in the past but this is incorrect. The only genuine overdate for the Liberty Head type is the 1862/1. This is a clearly visible overdate that was probably caused by the stress involved with producing gold coinage during the most intense year of the Civil War. It was once believed to be extremely rare but now is only regarded as very scarce. In higher grades, the 1862/1 is very rare. I have personally seen two or three in Uncirculated including a PCGS MS62 that was the best of these.
Three Dollars: You would think that this odd denomination contained an overdate or two but it does not. In fact, there are virtually no significant varieties.
Half Eagles: The pre-1834 issues of this denomination are fertile ground for overdate collectors. The Liberty Head issues are not as interesting when it comes to varieties. There are only two legitimate overdates: the 1881/0 and the 1901/0-S.
The 1881/0 is an overlooked issue that I think is undervalued and quite interesting. There are hundreds known in circulated grades and it is available even in the lower Mint States grades without much effort. It is rare in MS63, very rare in MS64 and may not exist in Gem. A very presentable Uncirculated 1881/0 half eagle can be obtained for less than $2,000.
The 1901/0-S half eagle is probably the most common overdated Liberty Head gold coin of any denomination. A total of 3,648,000 half eagles were coined in San Francisco in 1901 and my guess is that a decent percentage of these were overdated. This variety is common in circulated grades and easily located in grades up to and including MS63. It is scarce in MS64 and rare in MS65 or better. In lower grades it sells for virtually no premium over a common 1901-S and it is a good introduction to the world of overdates coins for the neophyte.
Eagles: The first few “overdate” issues in this series are either controversial or simply wrong. This parade of suspects is led by the 1839/8 Large Letters (Type of 1838). As with the similarly dated quarter eagles, what has been described as an overdate is, in fact, a defect in the die which can be mistaken for an “1839/8.”
For many years, the 1846/5-O was believed to be an overdate but this has been disproven by me and other specialists. Some collectors believe that an 1849/1848 overdate exists but the pieces that I have are not convincing and I don’t think this variety exists. Same goes for the 1857/5; a variety that has been claimed to exist but which I am certain is not a true overdate.
The only legitimate overdate in the entire Liberty Head eagle series is the 1853/2. The variety has received some fanfare over the years but it is still underappreciated; especially given its status as the only true overdate in the series. I estimate that there are around 125-150 known with most in the EF45 to AU50 range. This variety is very rare in properly graded AU55 and above and extremely rare in Uncirculated. I have seen only one Uncirculated example, an MS61 graded by PCGS.
The 1865-S/Inverted 186 has been called an overdate but it is not; it is actually a blundered date caused by mis-entering the first date punch.
Double Eagles: There is only one overdated Liberty Head double eagle: the 1853/2. This is a somewhat controversial issue and it is one that I have seen a few prominent numismatists (including Dave Bowers) state that it is not an overdate but a recut date. I am of the belief that it is an overdate but that some of the pieces that have been designated as “overdates” but PCGS and NGC are later die states that are questionable. The real 1853/2 double eagle has a bold oblong obverse die dot below the foot of the R in LIBERTY. It also shows fairly clearly within the bottom loop of the 3 the straight-lined base of a 2. There are an estimated 200-250 known in all grades and the 1853/2 is quite scarce in the AU range. It is very rare in Uncirculated with probably no more than a half dozen known. I have seen three or four that grade MS61 or slightly better.
Putting together a set of overdated Liberty Head gold coinage would be a fairly easy task. It would consist of only five coins and only one—the 1853/2 double eagle—is expensive in higher grades. The really fun and challenging overdates tend to occur on the pre-1834 issues but as I mentioned above these are often expensive and some are extremely rare.
The date run of half eagles produced at the San Francisco mint from 1858 through 1864 includes some of the rarest and most overlooked gold issues ever manufactured at any of the various branch mints. These were issues that had limited production runs and which were eagerly absorbed into commerce by the booming local and regional economies. I recently had the good fortune of handling one of just two known 1859-S half eagles in Uncirculated (an NGC MS61) and now that I am no longer actively marketing the coin, I thought it would be interesting to take a more in-depth look at this issue and what made it such a special coin.
There were 13,220 1859-S half eagles originally struck. In the October 2008 web article that I wrote entitled “The Ten Rarest Liberty Head Half Eagles,” I ranked the 1859-S as the ninth rarest issue overall of the entire design type and called it the third rarest half eagle from this mint, trailing only the exceedingly rare 1854-S and the 1864-S.
I went on to state that there are only 50 or so known examples of the 1859-S half eagle. I believe that this is a fairly accurate number and I can further state that the survival breakdown by grade is as follows:
Uncirculated: 2 About Uncirculated: 6-8 Extremely Fine: 11-14 Very Fine (and below): 25-30
The PCGS and NGC population figures would have you believe that AU’s are more available than I suggested above. I believe these numbers are inflated on account of resubmissions and I think some of the coins in AU50 and AU53 holders are optimistically graded. In my experience, a real AU 1859-S half eagle is very rare and I have seen many examples that were heavily worn; even down to the point of Very Good to Fine detail.
The two known Uncirculated 1859-S half eagles are an interesting story and I’d like to discuss them in greater detail.
The finest known 1859-S is the wonderful PCGS MS62 example (which also appears in the NGC population report as an MS62) that I first saw in the Milas sale that Stack’s conducted back in 1995 where it brought $34,500. At the time it was in a NGC MS62 holder and while I don’t know the previous history of the coin, I do know that it was a piece that Ed Milas was especially proud of. It was purchased by a dealer agent for Harry Bass who, in retrospect, was the ideal new owner. It remained in his collection until he died and was later sold as Lot 1118 in the Bass II auction where it realized $30,800. The coin bounced around for a few years and was last sold as B+M 1/02: 694 where it garnered a reasonable $25,300.
The second Uncirculated 1859-S half eagle is an NGC MS61 that I just sold to a private collector. I acquired it from a collector at the ANA show in Los Angeles this summer. The background of the coin is interesting.
According to the collector, it was bought over the counter at a coin shop and was accompanied by a small envelope of the sort that used to accompany gold coins when they were given as Christmas presents. The collector first showed me the coin around three years ago and asked me if I was interested in obtaining it. I replied that I was. It wasn’t going to be an easy transaction, though, as the collector wanted to trade it for something “really special.” I saw the coin once a year in the interim and the collector continued to hold out for the right coin in trade.
I finally bought a coin this summer that excited the collector and, luckily for us, we were able to agree on respective valuations. He walked away with an amazing one-of-a-kind piece for his type set while I was able to procure one of the more exciting No Motto San Francisco half eagles that I’ve handled in a number of years. It seemed like a “win-win” deal for both of us.
Given the relative unpopularity of San Francisco gold, this incredible Uncirculated 1859-S half eagle will likely never receive the attention that it deserves. But it is a truly remarkable coin and, as I mentioned above, one of just two known in Uncirculated. I was excited to handle it and it makes me realize that, every now and then, a truly great gold coin does, literally, come out of the woodwork!
One of my favorite under-the-radar U.S. gold issues is the 1857-S gold dollar. This is a coin that is really hard to find yet nice examples can still be purchased for less than $2,000. Read on for some “need to know” information about this interesting issue.
San Francisco only produced gold dollars for a total of seven years. The 1856-S is probably the best known of these issues due to its being a popular one-year type but, ironically, it is probably the most common gold dollar from this mint. The 1870-S is the rarest of these in terms of its overall availability but it is actually more obtainable in Uncirculated than generally realized. The dates that are the hardest to locate in higher grades are the 1857-S, 1858-S and 1859-S and it is my belief that the 1857-S may be the toughest of the three.
A total of 10,000 1857-S gold dollars were struck of which I would estimate that 150-200 are known. This date is seldom found below EF40; this is due to the fact that the small size of the gold dollar did not make it a coin that could easily circulate for many years and subsequently become heavily worn. Most of the survivors are in the EF45 to AU55 range. The 1857-S becomes scarce in properly graded AU55 to AU58 and it is quite rare in Uncirculated.
As of March 2008, PCGS has graded seven 1857-S’s in Uncirculated including one in MS64, two each in MS63 and MS62 and another two in MS61. NGC has graded sixteen in Uncirculated with one each in MS64 and MS63, two in MS62, nine in MS61 and one in MS60. I believe the NGC figures are inflated by resubmissions and I also believe that the NGC MS64 and PCGS MS64 are the same coin. In my best estimation, there are around ten to fifteen truly Uncirculated 1857-S gold dollars with most of these in the MS60 to MS62 range. I know of only two really choice pieces:
-Bowers and Merena Bass II: 121 (10/99) @ $16,100. This coin was graded MS63 by PCGS in the Bass sale and I believe it may be in an MS64 holder today.
-David Akers Pittman I: 880 (10/97) @ $13,200. I purchased this coin in the Pittman sale and it graded MS62 at PCGS; I believe that this coin is in an MS63 holder today.
The 1857-S is generally a well struck date, as are all of the San Francisco gold dollars. There are some pieces known that show weakness on the curls below LIB in LIBERTY and the date can occasionally show light weakness on the tops of the 85.
The quality of the surfaces for this issue tends to be somewhat below average. I have seen a number with mint-made lintmarks and others that show die deterioration at the NI in UNITED and/or the C in AMERICA that weakened these areas.
The luster is most often satiny with a slightly grainy texture. A few are known with semi-prooflike luster but this tends to be on circulated coins with abrasions, resulting in sub-standard eye appeal.
The natural coloration ranges from rose-gold to orange-gold and I have seen some 1857-S gold dollars with very attractive color. As one might expect, such coins are becoming harder and harder to find as more are being dipped and/or brightened.
As I mentioned above, I feel that this is a considerably undervalued coin. In fact, I think all of the Type Three gold dollars from this mint are great value in comparison to Charlotte and Dahlonega gold dollars. As an example, I recently sold a nice PCGS AU55 1857-S gold dollar (the coin imaged above) for less than $2,000; the same price level I would have gotten for a far more common 1851-C in a lower grade.
Uncirculated examples of this date are remarkable good value in my opinion. An MS61 is likely to trade in the $5,000-6,000 range while an MS62 would bring around $7,000-8,000 if available. Again, in comparison to the more popular C & D mint gold dollars of this era, the 1857-S seems like really good value to me.
Anyone with a passing knowledge of United States gold coinage is aware of the three rarest issues from the San Francisco mint: the unique 1870-S Three Dollar gold piece, the exceedingly rare 1854-S half eagle and the very rare 1854-S quarter eagle. But not everyone realizes what the next rarest gold issue is from this mint. Read on for the answer. The rarest collectible gold coin from the San Francisco mint is the unheralded 1864-S half eagle. I regard this as the second rarest collectible Liberty Head half eagle after the 1875 and the 1864-S also has the added value of not being available in Proof as the 1875 Philadelphia half eagle is.
There were a total of 3,888 half eagles produced at the San Francisco mint in 1864. While this is certainly a low mintage figure, it doesn’t really stand out in the Liberty Head half eagle series. In fact, there are 11 issues with lower production figures (1861-D, 1863, 1865, 1869, 1871, 1872, 1874, 1875, 1876, 1877 and 1887). Unlike the majority of these ultra-low mintage issues, the 1864-S has an incredibly low survival rate. In my opinion, there are about 20 examples known in all grades.
Not only is the 1864-S rare in terms of overall rarity, it is also extremely rare in high grades. Of the 20 or so known, I estimate that at least half grade EF40 or lower. The 1864-S is extremely rare in properly graded EF45 and it is exceptionally rare in About Uncirculated with an estimated four or five known. There is also one remarkable Uncirculated 1864-S half eagle in existence which will be discussed in greater detail below.
According to the most recent population figures from PCGS, they have graded a total of 14 examples in all grades including three in AU (two in AU50 and one in AU53) as well as a single example in Uncirculated. NGC has a total population of ten coins with three in AU (one each in AU53, AU55 and AU58). I have personally seen two or three coins that I regard as AU. One of these is Bass III: 500 ($23,000; as PCGS AU53) which I am fairly certain is the same piece as the NGC AU58 which is now in an eastern dealer’s inventory. Another was sold back in the 1980’s in a PCGS EF45 holder but which would certainly grade AU50 or better by today’s standards.
The 1864-S half eagle is easily distinguishable by its obverse strike. This includes weakness on the stars at the left and considerable flatness on the hair at the top of the head, the bun and the tip of the coronet. The curls around the face are usually very weak as well. Interestingly, this weakness does not fully correspond to the reverse. The upper portion of the reverse is quite sharply detailed while the lower portion is not quite as sharp with weakness noted on the arrowheads and arrow feathers, the talons and the lower part of the mintmark. The surfaces are usually abraded and may show light mint-made striations in the fields. The luster tends to be dull and grainy and most are worn to the point that little—if any—natural mint luster is present. The natural color is a medium to deep orange-gold. As one might expect, this is an incredibly hard issue to find with original color and surfaces and I doubt if more than three or four original pieces remain.
As I mentioned above, there is one truly remarkable 1864-S half eagle known. This piece is graded MS65 by PCGS and I think the grade is extremely conservative as the coin is virtually “as struck.” This coin first surfaced in 1956 when it sold in the Melish sale for a whopping $70. It was purchased by the Norwebs and it remained in their collection until 1987 when it was purchased at auction by Harry Bass for $110,000. It was last sold in 1999 when it realized what I thought was, at the time, a very reasonable $176,000 in the Bass II auction. It was purchased by a Southern collector who, to the best of my knowledge, does not own any other San Francisco Liberty Head half eagles and, for that matter, may not have more than a handful of Liberty Head gold coins from any mint in his holdings. To his credit, he realized what a great coin this Gem 1864-S half eagle was and he was determined to purchase it, whatever it took.
In looking back at my Bass II catalog, I noted that my reaction when I saw the coin for a second time (in 1999) was “world’s coolest San Francisco gold coin.” This half eagle is certainly not worth anything close to an 1854-S but it is probably my single favorite San Francisco gold coin of any date or denomination. It is the only known Uncirculated example of an extremely rare issue and it just happens to be a Gem. One has to wonder how it survived. My guess is that it was an assay coin that was sent to Philadelphia and kept by someone there as a souvenir.
Despite the extreme rarity of this date, it is still relatively affordable. The last example to sell at auction was a decent PCGS EF45 which brought $19,550 when Heritage auctioned it as Lot 3489 in their 2006 FUN sale. Coin World Trends for an AU50 is $45,000 which, again, seems pretty reasonable when one considers that only six examples have been slabbed in AU50 or better between the two services combined.
