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.

United States Gold Coins with Multiple Levels of Demand

A trend that I have noted in recent years is that a subset of gold issues which have what I refer to as Multiple Levels of Demand (MLD). These are coins with more than one potential set of buyers competing for them. As an example, a coin such as an 1838-D half eagle is sought not only by Dahlonega specialists but by Classic Head half eagle collectors, first-year-of-issue collectors, one-year type collectors and collectors who just appreciate cool coins.

An 1844-D half eagle, in contrast, has a smaller pool of potential buyers which includes Dahlonega specialists and type collectors looking for a single nice half eagle for their set. MLD coins have increased significantly in value in the last five to ten years and this makes sense. Coin values are largely the result of a basic supply and demand relationship: the greater the demand, the more prices increase.

In this blog, let’s take a look at coins which are already stellar MLD’s and also at issues which might be the next wave of multiple level of demand coins.

GOLD DOLLARS:

If I had to choose the one single issue in this denomination which had the highest overall level of demand among collectors it would be hands-down the 1861-D. This scarce, low mintage issue is popular for a host of reasons: it is a coin with verifiable provenance from the Confederacy, it is the final issue from this mint (along with the similarly-dated half eagle) and the rarest gold dollar from any source. These facts (and others) have made it extremely popular and prices have soared as a result.

Other gold dollars which have a high degree of MLD include the Type Two issues: 1855-C, 1855-O, 1855-D and 1856-S. These four coins range from rare (1855-D) to relatively common (1855-O and 1856-S) but they have interesting stories attached to them and, in most cases, they are relatively affordable in circulated grades.

What are the gold dollars which are most likely to become MLD issues in the future? I would suggest that the 1849-C, 1849-D and 1849-O will due to their status as first-year-of-issue from their respective branch mints (side thought: this would make a great three coin set in AU for the collector of average means). I could see the 1870-S becoming an MLD due to it being the final year of issue from the SF mint for gold dollars, its low mintage and the sexiness of this date in general. The 1875, due to its mintage figure of just 400 business strikes, is another possibility as well.

QUARTER EAGLES:

As with many of the multiple level of demand coins, the list is dominated by Classic Head issues. The 1838-C and 1839-C have proven popular with collectors in the last decade as has the 1839-D. Of the three, the 1839-C tends to have the least MLD but this is partly due to the fact that many of the EF and AU examples which appear for sale are grossly overgraded and have problems. The 1838-C and 1839-D are both first year of issue with comparably low mintages and the latter is a one-year type.

A coin which is probably better classified as a Classic Rarity but which is also an MLD issue is the 1854-S. It has a tiny original mintage (246 pieces), very low survival rate and it is the first quarter eagle produced at the San Francisco mint. But this is already a solid six-figure coin and, thus, is not a realistic purchase for most collectors.

Other quarter eagles I regard as having a high MLD include the 1796 No Stars and the 1808; both are popular one-year types. The 1848 CAL is another obvious choice due to its status as a Gold Rush issue and as the first American commemorative issue.

What are the quarter eagles most likely to become MLD issues in the future?  I’d look at the four 1840 issues (P, C, D and O) as they would make a fun set to assemble, the 1845-O due to its status as the rarest issue of this denomination from New Orleans, and the rare Civil War issues from 1864 and 1865.

THREE DOLLAR GOLD PIECES:

I think there are really only two dates in this series right now that have MLD status: the 1854-O and the 1854-D and one of these (the 1854-O) has had a lot of its appeal ruined by blatant overgrading by the services.

The 1854-D is the clear MLD favorite right now. It is scarce in all grades but available enough to be a target for Dahlonega specialists, Three Dollar collectors, low mintage fans, and people who just like great coins with a real story to tell.

If I had to choose the dates most likely to have MLD status in the future, they would be the 1855-S (due to its status as the first Three Dollar from the San Francisco mint), the Civil War issues from 1861-1865 (all are collectible and could be turned into interesting subsets) and maybe the 1873 Closed 3 (very low mintage).

HALF EAGLES:

There are more issues of this denomination with high multiple levels of demand than nearly any other and this includes coins from the 18th, 19th and 20th century.

The first issue I’d place in the MLD category would be the 1795 Small Eagle. It’s available enough to be realistically obtainable by advanced collectors and it has a high “cool factor” as a first-year-of-issue with a great design.

Nearly any sub-$10,000 early half eagle has a high MLD factor, especially if the coin is choice and original. The reasons are obvious: old, gold, semi-affordable and very appealing from an aesthetic standpoint.

The 1838-C and 1838-D have oodles of demand due to their first-year and one-year type status. The 1839-C and 1839-D do as well but to a slightly lesser extent; both have, however, shown nice price increases in collector grades over the last decade.

The 1861-D certainly receives consideration as an issue with lots and lots of MLD and its counterpart the 1861-C has suddenly become quite popular as well. Both of these issues have demand that far exceeds the Southern branch mint box which other C and D half eagles are trapped within.

The 1870-CC, desirable as the first half eagle from this mint, is a coin with a high MLD. The same is true for the 1909-O as it is the only half eagle from New Orleans with the Indian Head design and it is a final year of issue. The 1929 Indian Head half eagle has become very popular in recent years due to its being the very last half eagle made.

Which half eagles have a good shot as showing high MLD in the next few years?  A few of my choices might surprise you. Due to its status as the only semi-affordable date of its type, the 1813 could have MLD. The same goes with the 1834 Crosslet 4 which is the key issue in the Classic Head half eagles; a set which is beginning to see appreciation by date collectors. The 1839-P is a neat, affordable one-year type coin which has lagged the market as has the first-year-of-issue 1840-O. The rare to very rare Civil War era half eagles from Philadelphia and San Francisco have new-found, widespread appeal and increased price levels to match.

EAGLES:

The first-year-of-issue 1795 has to be considered one of the most desirable eagles of any date or design. As with the similarly dated half eagle, it isn’t a really rare coin but it is an issue which “checks the boxes” for a host of collectors and has strong MLD as such. To a lesser extent, this is true with the 1799 as it is an 18th century-dated “big coin” which is still within reach of many advanced collector’s budgets.

The 1838 eagle has become exceptionally popular in recent years and it has soared in price. It is a first-year-of-issue with a low mintage and a very cool design which appeals to many different collectors. To an extent, the 1839 Head of 1838 has a degree of MLD but not as much as its earlier counterpart.

Many of the rare Civil War Liberty Head eagles have a high degree of appeal might they are probably not quite yet what I would consider MLD coins. An issue that clearly does have multiple levels of demand, though, is the 1870-CC which is desirable for a number of reasons. There are a few Indian Head eagles which have a strong MLD profile. The first is the 1907 Wire Edge, a coin of unparalleled beauty which has a great back story and which is rare but not impossibly so. The second is the rare and high valued 1933 which is the only American gold coin of this date which is legal to own.

I can think of numerous eagles which could have expanded levels of demand in the coming years. The key New Orleans issues, 1841-O, 1859-O, 1879-O and 1883-O, are beginning to show demand which exceeds the specialist community. The ultra-low mintage Philadelphia issues from 1873, 1876 and 1877 are becoming very popular as is the 1879-CC which has the lowest mintage of any Carson City gold coin.

DOUBLE EAGLES:

You can make a case that many Type One Liberty Head double eagles have some degree of MLD as they are pursued by general collectors, specialists and “double play” investors. If I had to select one specific Type One issue as having the most widespread appeal, my experience would suggest the 1861-S Paquet Reverse. The Philadelphia issues from the Civil War years (1861-1865) are quite popular as well.

The rarest Type Two double eagle is the 1870-CC but this doesn’t have the widespread appeal that the similarly dated half eagle and eagle do because it is very expensive and tends to be found with poor eye appeal.

You can also make a good case that virtually all Carson City doubles eagles, from both the Type Two and Type Three series, have multiple levels of demand. This is especially true with the more common dates in collector grades.

An obvious MLD issue is the 1907 High Relief. Yes, it’s probably overvalued but there are few American gold coins which have a higher level of demand from a more varied group of potential buyers.

Which double eagles have the potential to be added to this list in the coming years? Two which come to mind (and some observers might state that they already have MLD) are the 1861-O and 1879-O. The same probably holds true for the low mintage Philadelphia issues from 1881-1887 and 1891.

As coins become more expensive and harder to locate, buyers want an item which is special and which justifies what they are spending money on. Coins which have a nice design, a fascinating back-story, a very low mintage figure or some association with an historic event are the exact sort of piece(s) which people are now seeking and this is likely to continue in the coming years.

Do you want to purchase coins with multiple levels of demand? I specialize in such coins. Please contact me via email at dwn@ont.com and we can discuss how you can become a collector of these coins.

The Vasquez Rocks Collection: Dahlonega Gold Dollars

In the last blog in this multi-part series, I talked about the Philadelphia gold dollars in the Vasquez Rocks Collection. In this second installment, I'm going to focus on a group of coins that are near and dear to me: the Dahlonega gold dollars. The Dahlonega mint began production of gold dollars in 1849. They produced six Type One issues (from 1849 to 1854), a single Type Two (in 1855) and six issues that featured the Type Three design (from 1856 to the closing of the mint in 1861). For all three types, the estimated total mintage is fewer than 75,000 coins.

The individual who formed the Vasquez Rocks collection did something amazing: he formed a complete Uncirculated set of gold dollars from this mint. To the best of my knowledge, the only other collections that had a complete set of Dahlonega gold dollars in PCGS/NGC holders were Duke's Creek (sold by Heritage in April 2006) and Green Pond (sold by Heritage in January 2004 and assembled by me). This statement, of course, doesn't take into account older specialized gold dollar collections such as Ullmer, McNally, Miles and Pierce which were also complete in Uncirculated but which were formed before the days or third-party grading.

Before I get into specifics about the gold dollars in the Vasquez Rocks collection, here are a few interesting facts to ponder:

• Of the 13 coins in the set, ten have been graded by PCGS and three have been graded by NGC.

• The highest graded Dahlonega gold dollar in the set is an NGC MS64 (1853-D) and the lowest grade is a PCGS MS60 (1856-D).

• Two coins (the 1851-D and the 1858-D) have been awarded "plus" grade designations by PCGS.

• The average grade of a Dahlonega dollar in this set is 61.92; this figure is arrived at by giving the plus coins an extra half a point (i.e, 63+ is figured as 63.5)

• Coins in this set have pedigrees from such famous collections as Chestatee, Green Pond, and Pittman.

Now, let's get a bit more specific and discuss the coins, type by type.

I.  Type One

There are some outstanding Type One Dahlonega gold dollars in the Vasquez Rocks collection. A complete list is as follows:

• 1849-D, PCGS MS62

• 1850-D, NGC MS63

• 1851-D, PCGS MS63+

• 1852-D, PCGS MS61

• 1853-D, NGC MS64

• 1854-D, PCGS MS62, ex Pittman Collection

It's hard for me to pick a favorite coin from this group, but the piece that I like the best is the 1851-D in PCGS MS63+.

The 1851-D is the second most common Type One gold dollar (after the 1849-D) and there are as many as 20 known in Uncirculated. However, it is very rare in MS63 as evidenced by the PCGS population of four (with only two better). The Vasquez Rocks coin is the only MS63+ currently graded by PCGS and it is a magnificent coin with a bold strike, rich yellow-gold color and delightful frosty luster. It would make a perfect type coin for the collector who is seeking a single higher grade Type One gold dollar from Dahlonega for his collection.

II.  Type Two

The Dahlonega mint produced Type Two gold dollars for just one year. The 1855-D had an original mintage of just 1,811 and there are fewer than 100 known, mostly in lower grades. This is the single rarest gold dollar from this mint in higher grades and there are exactly four known in Uncirculated.

The coin in the Vasquez Rocks collection is graded MS61 by PCGS and it is the fourth finest known 1855-D dollar. It is one of two Uncirculated 1855-D dollars that were once in the Green Pond collection and it has been off the market since early 2004 when it was acquired from the auction by the owner of the Vasquez Rocks collection for $46,000.

Only a small number of 1855-D dollars are known with sharp strikes and an even smaller number have a full date. The Vasquez Rocks coin is exceptionally well struck; so well struck, in fact, that PCGS has designated on the holder that it is a Full Date. Of the four Uncirculated 1855-D dollars, only one other (ex Duke's Creek/Bass) has a Full Date.

In addition to its exceptional strike, this 1855-D has great eye appeal for the issue with a good deal of luster seen on choice surfaces. Both sides have pleasing color and if you have seen many examples of this date, you'll know that it is seldom found with this degree of good looks!

III.  Type Three

The Type Three design was introduced in 1856 and the Dahlonega mint produced six issues before it was closed in 1861.

The Type Three D mint dollars in this collection are as follows:

• 1856-D, PCGS MS60, ex Chestatee collection

• 1857-D, PCGS MS61

• 1858-D, PCGS MS62+

• 1859-D, NGC MS62

• 1860-D, PCGS MS62, CAC approved

• 1861-D, PCGS MS61

Again, it is hard to focus on one coin, given how many outstanding pieces are in this set. I'm sure you expect me to focus on the 1861-D but I'm actually going to discuss the 1860-D, a coin that, to me, is clearly a highlight of this set.

Only 1,566 gold dollars were struck at the Dahlonega mint in 1860 and this is a rare issue in all grades. A dubious distinction held by this date is the fact that it is the worst struck gold dollar from this mint. The coin in the Vasquez Rocks collection, while showing the familiar weak U in UNITED, is among the best made examples of this date that I have seen. It is of just two graded MS62 by PCGS with a single coin better (an MS63 that should be deleted from the population report as it now appears as an NGC MS64). It is nice enough for the grade that it was approved by CAC and it is one of just two examples of this date in MS62 to have received a CAC sticker.

I am hoping that I will be able to keep the Dahlonega dollars from the Vasquez Rocks collection intact and they will be offered, at first, as a set. If no one purchases them intact, the coins will be broken up and, I assume, they will sell quickly.

For more information on the coins in this collection, please feel free to contact me by email at dwn@ont.com. I expect the full Vasquez Rocks collection to be available for sale in a few weeks.

The Vasquez Rocks Collection: Philadelphia Gold Dollars

I am proud to announce that I will soon begin selling the exceptional Vasquez Rocks Collection of gold dollars. This is one of the finest collection of these coins ever formed with virtually every piece grading MS60 or better and many Condition Census examples included. To get you ready for this epic sale, I'm going to produce a series of blogs that deal with the coins on a mint-by-mint basis and which discuss the highlights of the collection. First, let's look at the gold dollars made at the Philadelphia mint. Philadelphia gold dollars were struck without interruption from 1849 through 1889. Three distinct types are known and these are as follows:

• Type One, 1849-1854

• Type Two, 1854-1855

• Type Three, 1856-1889

Let's look take a brief overview of each of these three types and then discuss them relative to the Vasquez Rocks collection.

Type One gold dollars were made at the Philadelphia from the introduction of this denomination in 1849 until the changeover to the Type Two design in 1854 (in 1854, both the Type One and Type Two designs were produced). Type One Philadelphia gold dollars were made in great amounts and they tend to be common, even in higher grades. These issues are popular with type collectors as they tend to come very well struck and nicely produced. Some dates, notably the 1852 and 1853, exist in grades as high as MS68 or MS69(!) and only one, the 1850, is considered to be scarce in Gem.

The highlight of the Philadelphia Type One gold dollars in the Vasquez Rocks collection is a superb PCGS MS66 example of the 1849 Closed Wreath. It has a population of just three in this grade with one finer and the best graded at this service is an MS66+. The Vasquez Rocks coin, shown below, has a razor sharp strike and amazingly clean surfaces with nary a mark visible to the naked eye.

In 1854, the Mint made the decision to change to the Type Two or Small Indian Head design. This proved to be a disaster from a quality standpoint as the design was hard to strike. Many Type Two gold dollars are seen with poor design details at the centers and this is one of the hardest post-1838 United States gold types to locate in MS65 and above.

1854 and 1855 Type Two dollars from the Philadelphia mint are known. These are very common in circulated grades and available without much of a problem in the lower Uncirculated grades.

The 1854-P Type Two dollar in the Vasquez Rocks Collection grades MS61 while the 1855-P Type Two grades MS62. Both have been encapsulated by PCGS.

The Type Three coins begin in 1856 and extend through the end of this denomination in 1889. The Type Three dollars are a fascinating series to collect. While there are no real rarities, many dates are very scarce to rare in higher grades. The key dates are the 1863 and the 1875.

There are a number of highlights among the Philadelphia Type Three dollars in the Vasquez Rocks Collection. A few of the coins that I especially like are as follows:

• 1856 Slanting 5 PCGS MS66+. One of six graded in MS66 (with two in MS66+) and only four finer.

• 1857 PCGS MS67.  One of six graded in MS67 with just a single coin finer.

• 1859 PCGS MS66+. One of seven graded in MS66 (and the only one in 66+) with five finer.

• 1863 PCGS MS65. One of five graded as such with just two finer. The rarest gold dollar from this mint.

• 1867 PCGS MS66.  One of three graded as such with one better.

• 1868 PCGS MS68.  One of two graded as such with one better.

• 1875 PCGS MS65. One of seven graded with three finer. Only 400 business strikes produced.

• 1886 PCGS MS67.  One of five graded as such with none finer.

The Type Three coin I'd like to focus on for a minute is the 1875, graded MS65 by PCGS. This is a legendary date for US gold collectors with many of the Philadelphia issues having absurdly low mintages. The 1875-P gold dollar has a tiny mintage of just 400 business strikes and it has been recognized as a key issue for well over a century.

The Vasquez Rocks coin is housed in an old green label PCGS holder and it has dazzling fully Prooflike fields on the obverse and reverse that make it resemble a Proof. It shows the diagnostic thorn-like projection extending down from Liberty's chin that is seen only on business strikes. The coin in this set, which is shown below, is one of the few true Gems that I have seen and it is clearly the nicest that has come onto the market since the  Heritage 2/10: 1427 coin, graded MS66 by PCGS, that brought  $109,250 in furious bidding.

The Vasquez Rocks Collection includes many coins that are fresh to the market and it was begun back in the 1980's when superb quality Philadelphia gold dollars were more available than they are today. There are numerous wonderful Gems included and the selection of Type One, Type two and Type Three Philadelphia issues should prove very tempting for the date or type collector.

For more information on the Vasquez Rocks Collection, please contact me via email at dwn@ont.com. I will be sending out notices by email to preferred DWN clients by email, and I anticipate that the collection will become available in around three weeks.

2011 Heat Index: What's Hot and What's Not

A popular feature of the www.raregoldcoins.com blog is the "what's hot and what's not" article that I write at the end of every year. As its the very end of what's been an interesting and active year, let's take a look at what was in demand in 2011 and what you, literally, couldn't give away. We'll look at a number of areas in the market and determine a "heat index" based on my personal experience in the 2011 coin market. 1. Gold Dollars. This was a mixed market area but overall it was fairly strong and in some cases it was very strong. The segments of the gold dollar market that were strongest were superb, one-of-a-kind Type One and Type Three issues (especially "wonder coins" graded MS68 and MS69) and very high quality Dahlonega issues (especially better dates such as the 1855-D, 1856-D, 1860-D and 1861-D). Areas that remained flat or trended downwards in 2011 include mid-level Uncirculated New Orleans pieces and San Francisco issues. The weakest segments of the gold dollar market included Gem common date Type Two issues and MS65 through MS67 common dates from the 1880's.

2. Quarter Eagles. Early quarter eagles were a strong area in the market. This was especially true for attractive, original coins in the EF40 to MS63 range that were priced at $50,000 and below. A few nice 1796 No Stars quarter eagles sold in 2011 and these generally saw prices that were higher than in the previous couple of years. Early quarter eagles priced at $100,000 and up remained hard to sell, unless they were either very rare or very nice or, ideally, a combination of the two.

The Liberty Head series saw mixed results in 2011. Nice circulated Dahlonega pieces were good sellers and even Charlotte coins, at least those in the $2,000-5,000 range, sold well if they possessed good eye appeal. The very high end of the market was strong. Ultra rare issues such as the 1841, 1854-S and 1863 all saw strong price increases in 2011. The surprise "trendy date" of the year was the 1864 which, in a short period of time, saw explosive price growth as collectors realized how rare it was.

Most quarter eagles dated 1870 and later remained hard to sell, even those with low mintages. There were a few exceptions (the low mintage 1875 became popular in 2011) but this seems like an area in the market that offers good growth potential for collectors with a budget of $1,000-5,000 per coin.

3. Three Dollars. After a rough patch of five or so years, the Three Dollar market showed more strength than I can remember. Buyers were fussy and coins that were not high end were hard to sell. The most popular dates included the 1854-D, 1855-S, 1861-1864 and the low mintage issues from the 1880's. Dates that were hard to sell included the 1854-O, 1865 and 1877. The rare Proof-only 1875 was a good seller while the not-as-rare Proof 1876 was harder to sell.

Prices on better dates in MS63 to MS65 have dropped to levels that make them prime for a promotion in the coming years. There are enough nice to very nice coins available (not factoring in common issues such as the 1854, 1874, 1878 and 1889) that I would not be surprised to see prices for nice coins rise.

4. Half Eagles. The market for early half eagles was very quality conscious in 2011. As an example, a common date early five such as an 1803/2 in AU55 to AU58 was worth 5-10% more if it were CAC-quality as opposed to the typical washed-out, unappealing example. The grade range that really began to see price separation due to quality was MS63 to MS64. There are early half eagles in MS63 holders that are hard to sell at $25,000; the exact same issue in the same grade with a CAC sticker and real eye appeal can be an easy sale at $30,000+.

The market for very rare early half eagles was hard to gauge in 2011 due to so few pieces trading. But in the Heritage 2012 FUN sale there is a superb date run of rare half eagles including an 1819, 1821, 1825/1, 1826, 1828, 1828/7 and both varieties of 1829. I expect these coins to bring record prices and the "heat" that they generate is likely to spread to the rare but more more obtainable dates of this era.

The Liberty Head half eagle market was generally good in 2011. The areas that were strongest include collector quality Dahlonega pieces, rare Civil War dates and high quality New Orleans issues. Areas that began to show some tentative strength included No Motto Philadelphia issues in AU and Mint State grades and rare but formerly unpopular low-mintage dates from the 1860's and 1870's. The market for Carson City half eagles in 2011 was mixed. There were not many nice coins on the market and the better dates that did sell only brought solid prices if they were very choice.

5. Eagles. While not everyone realizes this, eagles were probably the strongest denomination in the gold coin market in 2011. Nearly all areas were as stronger or stronger than in 2010 with the exception of early eagles (1795-1804) which remained off their market highs of a few years ago. But this statement needs to be clarified. Most of the early eagles that are offered for sale are very low end for the grade. Nice early eagles sell for 10-20% premiums over their low-end counterparts.

The Liberty Head eagle series came into its own in 2009 and since then, prices have been strong for choice examples of rare and low mintage dates. In my opinion, prices of rare, low mintages issues such as the 1863, 1864, 1865, 1872, 1873, 1876 and 1877 are still very low in comparison to less rare but more popular double eagles from this era.

The Carson City eagle market was similar to that described above for the half eagles. If a coin was choice and rare, it sold for a strong price. If it were just so-so, the price ranged from decent to slightly above average. But if a real "pig" was offered (and some of the CC eagles in holders are grossly overgraded) it might bring a distortingly low price. Collectors are urged to work closely with an informed specialist and to learn how to distinguish a choice, original piece from an overgraded low-end example.

6. Double Eagles. For the last five years, the Liberty Head double eagle market has seen an inexorable march upwards in price. In the second half of 2011, this area of the market seemed to weaken a bit, probably due as much to the steep rise in bullion prices as a natural correction.

The always-popular Type One market softened a bit but remained strong. CAC approved coins brought good premiums, especially for issues like the rarer New Orleans mint coins where eye appeal was a real concern. Premiums for rare shipwreck coins remained very strong in 2011. If an S.S. Central America, Brother Jonathan or S.S. Republic coin that had a population of just a few coins was available at auction it brought many multiples of a non-shipwreck coin's price.

The Type Two market was a bit stronger than in the last past few years. The market for common dates in MS62 through MS64 dropped rather significantly but scarcer dates (such as the 1868, 1869, 1870 and 1871) rose in AU and Uncirculated.

The bullion-related Type Three issues and the condition rarity market declined in 2011 but the market for truly rare issues (1881-1886 and 1891 Philadelphia) was strong.

7. Proof Gold. This was a strong area of the market in 2011 and part of the reason was a greater supply of choice coins than in recent memory. Strong prices were seen at the Heritage 2011 FUN sale where the Henry Miller collection, which contained dozens of superb rare date Proofs, brought very strong prices. Coins that were in demand include very low mintage issues and virtually all pre-1880 half eagles, eagles and, especially double eagles.

8. 20th Century Gold. The various 20th century series saw a mixed year in 2011. Common date generic issues saw significant shrinking in premiums over spot and in some series, coins were trading for tiny premiums.

A series that was stagnant in 2011 but which is primed for attention is the St. Gaudens double eagle. The upcoming sale of the Dr. Steve Duckor collection, to be sold by Heritage next week in their FUN auction, includes many very choice, very rare issues which are likely to bring record prices. This may not necessarily impact lower quality examples of these dates but it will clearly bring a lot of attention to a series that has been flat since the Morse Collection sale of 2005.

A series that seemed to be quietly attracting collector and investor attention in 2011 was the Indian Head eagle. I only handled a few interesting Indian Head eagles in 2011 but the coins I did own sold quickly and generally to smart dealers.

All in all, I look at 2011 as being a good year for the rare gold coin market. Not a great year but certainly a stronger one than 2009 or 2010. It was a year that rarity and originality became more in vogue. It was a year that soaring bullion prices were a big story during the first three-quarters. My firm DWN had an excellent year in 2011 and I am personally excited about the coming year and what it will bring.

Coins I Never See With Good Eye Appeal Part One: Gold Dollars

As I was viewing auctions lots for Heritage's 2012 FUN sale in Dallas the other day, I got to thinking about a topic that I think most gold coin collectors will find interesting: which issues are really hard to find with good eye appeal. I've decided to begin a multi-part study of this and the first featured series is gold dollars. Eye appeal is a combination of factors that makes a coin visually pleasing. These factors include strike, luster, color and surface preservation. For some collectors, original color is the key component; for others it is a sharp strike. But no matter which component is deemed most important, most sophisticated collectors will be able to agree if a coin has good overall eye appeal or not.

The concept of eye appeal doesn't necessarily go hand in hand with rarity. You can have a rare or very rare coin that, when available, tends to come with good overall eye appeal (an example of this would be an 1828 half eagle). Or, you can have a coin that is merely scarce but which, for a variety of factors, is seldom seen with good eye appeal (an example of this is a 1796 eagle).

Let's take a look at some of the gold dollars that, in my experience, are very difficult to find with good appeal.

In the Type One issues (produced from 1849 through 1854) there are a number of coins that are seldom seen with good eye appeal. The first that comes to mind is the 1852-D. Due to die clashing, this issue is frequently seen with multiple clashmarks that develop into a very "busy" area in the left obverse field. In addition to this phenomenon of strike, most 1852-D gold dollars have been cleaned or processed. I can't recall having owned more than a handful of 1852-D dollars that were cosmetically appealing.

Another Dahlonega issue that is very hard to locate with good eye appeal is the 1854-D. In the case of this issue it is not so much strike as it seems that nearly all known examples have been cleaned or dipped. I would be surprised if as many as ten nice examples were known and I have seen just a few in the last decade.

The Charlotte and New Orleans Type One gold dollars are easier to locate with good eye appeal than their counterparts from Dahlonega. The hardest Type One dollar to locate from Charlotte with good eye appeal is the 1850-C. While relatively well struck and well made, it seems that nearly every piece that I see offered either has inferior luster, "chewy" surfaces and poor color from having been recently cleaned or dipped.

The New Orleans Type One dollars tend to be well made and boldly detailed. Locating examples of virtually all the dates isn't a problem although finding a choice, orignal 1850-O with very good eye appeal can be somewhat of a challenge.

While issued only from 1854 to 1856, the Type Two issues tend to be hard to locate with good eye appeal. This is more true for the branch mint pieces than for the Philadelphia coins.

The 1855-D is the rarest Type Two gold dollar from a rarity standpoint but I have actually seen more nice 1855-D dollars in all grades than I have the 1855-C. The 1855-C is typically found with numerous planchet imperfections, poor strike and bright surfaces from dipping. In the Heritage sale, I saw a nice PCGS AU58 example (which was, in fact, sort of the impetus for the theme of this series of blogs...) and it got me to to thinking how long its been since I'd seen a nice, crisp, wholesome example. I'm not certain I have the exact answer but I do know that the 1855-C dollar in any grade with truly good eye appeal is a rare coin indeed.

The Philadelphia coins of the final type of this denomination (known to collectors as the Type Three) are generally seen with good eye appeal. There are a few issues, though, that can prove to be tricky to find as such.

The 1863 is an issue that was melted extensively. When found in circulated grades, survivors almost always seem to have poor eye appeal. There are a small number of really superb pieces known (around a half dozen Gems that grade MS65 to MS67) but these are off the market in tightly held collections.

While not as well known or as highly valued as the 1863, the 1865 is another issue that is not readily encountered with good eye appeal. As with many of the smaller denomination gold issues of this era, the 1865 typically comes either really nice or really wretched and coins that fall into the latter category seem to be what's available to collectors these days.

The 1875 is a date that most collectors believe is very rare and, from the standpoint of availability (or lack of it) I couldn't argue. But this is an issue that tends to have good eye appeal when it is available. Due to its low mintage figure of just 400 business strikes, all 1875 dollars are seen with prooflike surfaces. If an 1875 dollar hasn't been harshly cleaned or mishandled, it will have great eye appeal due to the depth of its reflectiveness and bold details.

The hardest Type Three issues to find with good eye appeal are, as one would expect, the coins from Charlotte and Dahlonega.

Only two Charlotte gold dollars were struck during this era (the 1857-C and the 1859-C) but both are hard to find with good eye appeal. This is especially true for the former as this is an issue that is typically seen with planchet waviness, roughness as made and really bad overall eye appeal. I recently sold an NGC AU58 with CAC approval to a collector and, as I told him, it was just about the only really attractive example of this issue that I could recall having seen.

Nearly all of the Type Three gold dollars from Dahlonega are hard to find with good eye appeal but I think the two that are the hardest are the 1857-D and the 1860-D. The former is hard to find due to a combination of quirky strike and hard commercial use. The latter is a much scarcer coin but it is almost always found softly struck and with poor, unnatural coloration.

The San Francisco Type Three issues are short-lived but do not lack for difficultly to locate with good eye appeal. I personally find the 1857-S and 1858-S to be the two hardest dates to find with good eye appeal. Both are typically found with a fair amount of wear and seldom show good color. I haven't seen or handled a nice Uncirculated example of either date in years.

Unlike other series, there are no impossible coins to find in the gold dollar denomination (not counting, of course, the excessively rare 1849-C Open Wreath), there are a number of specific issues that are extremely hard to find with good eye appeal. I'd say that the five toughest to find, in chronological order, are as follows:

-1850-D -1852-D -1854-D -1857-C -1860-D

The next article in this series will focus on Liberty Head quarter eagles. Pre-1834 and Classic Head issues will be covered in another article that focuses on early gold in all denominations.

Any questions about eye appeal and gold dollars? I can be reached via email at dwn@ont.com

Are Gem Type Two Gold Dollars Underpriced or Overpriced?

I recently bought and sold a coin that I hadn't handled in quite a few years: a Gem Type Two gold dollar. For those of us of a certain age, this is an exciting coin and one that got me to thinking: is this a type that is underpriced or overpriced? My thoughts on this subject follow. Back in the 1980's, my mentor in the rare coin business, Paul Nugget, told me an interesting story about Type Two gold dollars. He said that in the 1970's, Type Two gold dollars were essentially unknown in Gem Uncirculated and were very hard to locate even in what, today, would represent the MS63 to MS64 grade range. I have always found it curious that this once-rare type became so much more available in the ensuing years; a subplot to this story that I'll touch on in a moment.

For those of you who are wondering "what is a Type Two gold dollar," it is a short-lived design type of gold dollar that was introduced in 1854 and replaced in 1856. It features a small Indian Princess portrait on the obverse and it is a type that is notorious for strike-related problems such as clashmarks and weakness at the centers as a result of a flawed design that made it nearly impossible to fully strike up.

The two issues of this design that are seen most often are the 1854 and 1855 Philadelphia dollars. When people refer to "Type Two dollars" as a specific type coin, it is likely that they are speaking about one of these. Type Two dollars were also made, for one year only, in Dahlonega (1855-D), Charlotte (1855-C), New Orleans (1855-O) and San Francisco (1856-S). The branch mint issues are scarce to rare and remain very popular with collectors.

When collecting gold coins by type was in its heyday, the Type Two dollar was the single rarest and most expensive member of the twelve-piece type set. I can remember Type Two gold dollars in MS65 trading for over $50,000; in some cases as much as $55,000 to $60,000.

Today, the same coin is worth $30,000 at most (if the coin is really nice, in a PCGS holder and CAC approved) and more likely around $27,500.

What happened?

As far as I can tell, there were at least four things that occurred, all of which conspired to really hurt this market. The first is gradeflation. When Type Two gold dollars were worth $50,000+, they were superb coins. Today, I see many (if not most) Type Two gold dollars graded MS65 and I go "meh..." The coins range from not-so-nice to decent but very few are what I feel are Gems. This lessening of standards has clearly hurt the market for this type.

The second factor is a change in collector taste. In the 1980's and 1990's, many rare coin firms encouraged new collectors and investors to assemble twelve coin gold type sets. When these sets were in vogue, the Type Two dollar was the key issue. But these firms have stopped selling Gem U.S. gold for type sets and the whole concept has, for all intents and purposes, fallen off the map. When no one is collecting gold type sets, the demand for Gem Type Two gold dollars drops appreciably.

The third factor is an inversion of the classic supply and demand ratio for these coins. A decade ago, there were always people looking for Type Two gold dollars in Gem for their sets but very few coins around. Today, there are few people looking for them but a reasonably large supply. As I write this article, PCGS and NGC have combined to grade 149 Type Two gold dollars in MS65. Even factoring in resubmissions, it is still likely that as many as 90-110 Gem Type Two gold dollars have been graded, not to mention another 37 combined by PCGS and NGC in MS66. Clearly there are not 100 collectors who want Gem Type Two gold dollars.

(Interestingly, the level of demand for branch mint Type Two gold dollars has soared in the last decade. By virtue of being scarce, interesting and numismatically significant due to theit status as one-year types, coins like 1855-C and 1855-D dollars have risen in value--dramatically in the case of the latter--and are far more in demand than high grade examples from the Philadelphia mint).

I think there is one more factor that has hurt the value of this type: its small size. Let's face it, coin collectors are not getting any younger and the typical demographic of collectors who can afford a $30,000 Type Two gold dollar is over 55 and unable to see a coin this small without strong magnification.

Before closing, I'd like to address one point I raised earlier in this article. I mentioned that there is an aura of mystery around Gem Type Two gold dollars. How did a type that was virtually unknown in Gem thirty years ago become a coin that is featured for sale in every major auction these days? Part of it is certainly gradeflation but I think the answer is deeper than this. I don't know for certain but I think there is/was a hoard of high quality Type Two dollars that was quietly and brilliantly released into the market, a few at a time, for years. I don't know the specifics about it but how else can you explain a coin going from virtually unknown to nearly ubiquitous?

So what's my conclusion? Are Gem Type Two gold dollar undervalued or overvalued? Given the current state of the market, I'd have to pick overvalued. At $30,000 or so for a real Gem, they just don't seem like a good buy to me. At $15,000 for an MS65 I am certainly a buyer and maybe even at $20,000 for the right coin. But at $30,000 I'd rather have a nice, well struck 1855-D dollar in Choice AU or a properly graded MS63 1855-O dollar.

How Much Do You Have to Pay to Play?

I get calls from potential new gold coin collectors nearly every day. Some of them have spent a good deal of time researching the gold coin market and have a good idea what the coins that they may be buying will cost. Others have no clue and are almost charmingly naive about what they can buy given their budget. This leads me to the topic of today's blog: how much does a collector realistically have to commit per coin to put together a nice collection of rare gold coins? I've stressed in numerous articles and blogs the importance of specializing when it comes to coin collecting. Collections that are all over the map tend to have "issues" (putting it nicely) and having a greater in-depth focus makes for a better, more productive collector. But a collector's chosen specialty needs to be in sync with his budget.

If a collector calls me and tells me he wants to put together a set of Indian Head eagles on a budget of $1,000-2,000 per coin, my first reaction is that he's not going to get far. Only a few coins in this series can be purchased in this price range and these tend to be either the generic issues like the 1926 and 1932 or relatively lower grade (Extremely Fine and About Uncirculated) versions of the slightly better dates.

This doesn't mean that a collector with a $1,000-2,000 budget can't play in the rare date gold coin market, there are some reasonably interesting coins available.

The collector with a $1,000-2,000 budget needs to make one immediate decision: does he care more about comparatively high grade than rarity?

If the collector with this budget is grade-oriented, there are a number of options that he can pursue.

One nice set that comes to mind are Philadelphia gold dollars struck from 1877 through 1889. This set consists of 13 coins and all of them can be found in MS63 for less than $1,500 per coin. And, if the collector in question wants to step up to MS64 examples, all the dates in this set can be found for less than $2,000.

Once this set is completed, the collector can focus on many other of the gold dollars from Philadelphia. All of the Type One issues from 1849 through 1854 can be had in MS63 for less than $1,500. And many of the Type Three issues from the mid-1850's, 1860's and early 1870's are very affordable in MS60 to MS63 grades.

If the collector on a fairly tight budget is more rarity oriented, the Liberty Head quarter eagle series offers a number of potentially interesting options. Most of the Philadelphia issues from the 1840's are scarce, and nearly all can be obtained in the lower to mid-AU grades for $1,000-1,500.

Many of the Civil War era quarter eagles--from both the Philadelphia and San Francisco mints--offer a great amount of bang for not a lot of buck. Let me pick a random example to illustrate my point. The 1867 quarter eagle has an original mintage of just 3,200 business strikes and it is likely that fewer than 125-150 are known. Yet, when available, a nice AU55 example of this date should cost $1,500-1,750.

The low mintage quarter eagles from 1880 to 1894 are intriguing. With the exception of the ultra low mintage 1881 and 1885, most of these dates can be obtained in the AU55 to MS62 for under $2,000.

There are a number of interesting half eagles that can be purchased for less than $2,000 per coin. This includes many of the No Motto Philadelphia coins in About Uncirculated and a number of the New Orleans issues as well. This includes some interesting dates, such as the 1843-O Small Letters and Large Letters, 1845-O, 1846-O and 1851-O in Extremely Fine.

Speaking of New Orleans coins, is it possible to have a budget of $1,000 to $2,000 per transaction and still purchase the popular Charlotte and Dahlonega issues? The answer is a qualified yes. I regularly handle common date C+D gold coins grading VF35 to EF45 that are priced from around $1,750 to $2,500. You aren't necessarily going to get a coin that is a candidate for beauty-prize winner at the price/grade level but you'd be surprised at the interesting lower grade issues that come available from time to time.

What about larger size coins?

At the $1,000-2,000 it is possible to buy as many as twenty to thirty different No Motto eagles in the EF40 to AU55 range. Most of these will be Philadelphia coins but there are many New Orleans eagles that can be found in EF grades for around $1,500 to $2,000.

Your dollars are going to go much further in the eagle denomination if you stick with the With Motto coins. The issues struck from 1878 to 1907 are readily available in the $1,000 to $2,000 range and you can find many of the more common dates in MS63 for $1,500-2,000. Given the fact that eagles have nearly half an ounce of gold and thus melt for around $700-800, that you can buy reasonably interesting coins for $1,000 seems like great value to me.

Since a Liberty Head double eagle has a basal value of nearly $1,500 worth of gold, your $1,000 bill isn't going to do much damage in this denomination. But if you can swing a $2,000 purchase, you'd be surprised at what you can find. Case in point: I recently sold a lovely PCGS EF45 1858-S double eagle with a CAC sticker for around $2,000. This coin isn't a great rarity but it isn't easy to find, its over 150 years old and it has a great association with the Old West.

I'm a big advocate of having a smaller collection of cool coins as opposed to a large collection of widgets. To me, the rare gold market's "sweet spot" is around $2,500 to $7,500 per coin. In this range you can start to purchase some really interesting pieces, both in terms of grade and rarity.

At this level you won't find much in the way of early gold. But you will be able to buy nice quality Classic Head quarter eagles and half eagles including some of the mintmarked coins.

There are some great values in the Charlotte and Dahlonega market in this price range. For $3,000 to $5,000 you can buy really nice half eagles in About Uncirculated from either mint and this includes some better dates from both the 1840's and the 1850's. You won't be able to buy the keys like the 1842-D Large Date or 1861-D half eagles but there are not many other dates you won't be able to afford in the price range.

Even if have around $7,500 per coin to spend, you'll probably find Proof gold to be well out of your range. But how about nice Uncirculated No Motto half eagles or eagles in the MS61 to MS62 range for around $5,000 per coin? These still exist and the quality of tends to be well superior to comparably graded C+D mint issues.

At the $5,000 price point, you can purchase some really interesting Liberty Head double eagles. Want some examples? Some of the coins that I've personally sold for five grand or so in the last 45 days include a trio of nice EF45 1851-O's, an 1855 in AU58, an 1856 in AU55, an 1864 in AU55, and an 1865 in AU58. All of these were approved by CAC, all had good eye appeal and all are "out of the ordinary" dates in above-average grades.

There is so much more to select from at the $5,000 to $7,500...the list could go on and on. Better date Three Dollar gold pieces or common dates in nice MS63 to MS64. Rare, seldom-seen San Francisco issues of all denominations. Nice common date Carson City double eagles in About Uncirculated.

New collectors are often intimidated by the better date United States gold coin market and they don't need to be. There are a tremendous amount of interesting coins out there at $7,500 or $5,000 or even $2,000.

Do you have questions about how much you have to pay to play in the rare gold market? Feel free to ask me via email at dwn@ont.com or leave your comments below.

How Many High Grade Dahlonega Gold Dollars Exist?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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