Coin of the Week

ONLY ONE FINER D MINT HALF EAGLE HAS BEEN APPROVED BY CAC

All Dahlonega half eagles—regardless of date—are truly rare in MS64 and higher grades. As of August 2023, PCGS had graded a grand total of 15 coins (which represents around a dozen actual pieces) in MS64, but just three in MS64+ (including the coin offered here) and three in MS65 with not a single coin finer. Years can go by without a nice PCGS MS64 coming up for sale either at public auction or via private treaty, and any half eagle from Dahlonega in MS65 is going to be a six-figure coin.

This coin has been known to collectors since it first appeared in late 2011 as an MS64; see below for more pedigree information. It represents the ultimate in quality and eye appeal for a half eagle from this facility. The luster is fantastic with full mint frost on both sides and the strike is razor sharp with just a touch of weakness seen on the obverse denticles. There is a tiny shallow mint-made flaw in the lower left obverse field and a few barely noticeable marks on the obverse while the reverse is absolutely superb and it grades MS66 or finer on its own. The crowning touch is a layer of flashy orange-gold color which can be seen at the obverse periphery as well as on the upper portion of the reverse.

This is the third finest 1854-D half eagle. The two graded higher are as follows:

• NGC MS67★: Duke’s Creek Collection via Hancock and Harwell, ex Stack's 5/1995: 493 ($71,500), Ed Milas Collection, Stack's Auction ’84: 1346 ($19,800), Arthur Montgomery Collection, Hancock and Harwell, Stack's 10/1973: 2315, George Scanlon Collection, Stack's 12/1969. This coin has also been graded MS65 by PCGS. It is the plate coin in David Akers book on half eagles.

• NGC MS65: Goldberg 9/2008: 1465 ($57,500), ex Heritage 1/2004: 9031 ($52,900), Heritage 1/2003: 4785 ($62,100), Superior 3/2001: 819 ($34,500), Bowers and Merena 1019/99: 1054 ($36,800; as PCGS MS63), Harry Bass Collection, obtained via private treaty from Joe Flynn in 3/1978.

It should be noted that the NGC MS67★ is not likely to be for sale in the near future, while the NGC MS65 hasn’t been seen for 15 years and it was once in an MS63 holder.

CAC has been extremely tough when it comes to approving very high grade half eagles from Dahlonega. They currently show just four coins graded MS64 with stickers (1841-D, two 1853-D, and one 1854-D) along with a single coin in MS65. That coin, the famous Pogue/Bass/ Norweb coin, sold for $96,000 in 2015 and it is worth close to double that amount today.

In summary: if you wish to own a really high grade Dahlonega half eagle which is both PCGS and CAC, you have extremely limited choices. There is a very good comparable from March 2023, when DLRC sold a very nice PCGS/CAC MS64+ 1853-D for $86,500. There are just three other CAC approved MS64 or MS64+ Dahlonega half eagles besides the example I am offering here, and unless a small hoard of new high grade coins from this mint are discovered, the chances of you purchasing a comparable or even finer piece are basically slim and none.

Whether you are an avid Dahlonega specialist, a collector of Liberty Head half eagles, or you just want a great D mint half eagle for a type set or a seven-mint set, you must give this coin very serious consideration.

Ex Stack's Bowers 11/2011: 9510, where it sold for $49,450 as PCGS MS64.

This is the sole MS64 1854-D half eagle graded MS64 with CAC approval with none finer.

Superb Gem Proof 1906 Quarter Eagle

PROBABLE SECOND FINEST KNOWN PROOF OF THIS DATE

There are around 90-100 Proofs of this date known from an original mintage of 160 coins. There are some really nice pieces known with a number of 65CAMs and 66CAMs, but any piece grading PR67 is very rare. A single PR68 has been graded, but it has never appeared at auction and it is likely either an upgraded PR67 or one of the two NGC PR68CAM coins which crossed over to a PCGS holder.

This is the single finest Proof 1906 quarter eagle which I have ever seen or sold, and it is among the nicer Proofs of this type I can recall. The surfaces are toned to a rich natural orange-gold hue and are fully reflective with zero hairlines and virtually perfect fields. A tiny Mint-made copper spot near star eight on the obverse gives this coin a clear identifier.

This coin has a different PCGS serial number than when it appeared for sale at the referenced Legend 4/2023 sale (see below). I assume this was a (failed) attempt to turn this coin into a PR68 at PCGS.

If you are looking for a really special piece of Proof gold for your Box of 20, you can’t do much better than this amazing Superb Gem 1906 quarter eagle.

Ex Legend 4/2023: 383 where it sold for $43,475; Heritage 2022 ANA: 4023, where it sold for $36,000.

In total, CAC has approved 37 Proofs of this date. This includes 9 which have no designation from PCGS/NGC, and just a single DCAM which was graded PR66+ by CACG. Of the remaining 26 which were all designated as CAM, CAC showed seven coins in PR67 with an unknown number of these graded PR67+CAM. The single finest graded by PCGS is a PR68.

BD-8, R-2.

1807 is a numismatically significant year for half eagles as there is a transition made between the Robert Scot Bust Right design and the newer John Reich Bust Left revision. The reverse also was changed with the old Heraldic Eagle scrapped in favor of an entirely new design.

The 1807 Bust Left half eagle is a relatively common issue in grades through MS63. It is seen on occasion in properly graded MS64, but Gems are very rare. The finest known are a pair of Superb Gems from the Pogue Collection. The finer of the two (graded MS67+ by PCGS) realized $282,000, while the “lesser” (a PCGS MS67) brought $199,750.

This is an exceptional coin which shows as much originality as on any Bust Left half eagle in this grade which I have offered for sale. Both sides are bathed in deep natural orange-gold color which changes to a more reddish hue in the obverse fields and quite a bit more so in the reverse fields. The underlying luster is very bold with a deep frosty texture which seems to literally drip off the surfaces. The strike is incredibly sharp with every fine detail completely defined; even Liberty’s hair strands are fully separated. While I make no guarantees that this coin will upgrade, I view it as a solid MS63+ with better overall eye appeal than most examples of this date graded MS64.

Just one example of this date in CAC approved PCGS MS63 has ever sold. and it brought $24,150 in a July 2017 auction. The coin being offered here literally blows that coin away. It also compares very favorably with the PCGS/CAC which brought $49,938 in a July 2021 auction.

CAC has approved nine in this grade with seven finer (five in MS64 and two in MS65).

Superb Gem Proof Eagle

Until a few years ago, it was possible to buy a Gem Liberty Head double eagle for less than $100,000. That ship has long since sailed, and for most collectors of Proof gold, a Gem Proof $10 Liberty represents the largest-sized gold type which can be located in PR66 for less than $100,000.

In 1902, a total of 113 Proof $10s were made, and as per usual for Proofs of this era, around half of these exist today. All were struck in an all-brilliant finish, and any 1902 Proof $10 Liberty which showed strong contrast would immediately be suspect as to its originality.

What is unusual about this date is just how rare it is in Gem. A look back at auction sales for the last five years will support my observation: two NGC PR64s, a single PCGS PR64, an NGC PR61, one NGC PR53, and another PCGS PR53, and a yucky PCGS “PR Details.” The last Gem to be offered to collectors was an NGC PR67—which was not as nice as the currently offered coin. That example, sold in February 2013, set a record at auction at $61,688.

This is an absolutely superb example which is being offered for sale for the very first time. The obverse is nearly perfect and after closely studying it with a 5x glass, the only identifying mark I can see is a tiny dot in the lower left obverse field about midway between the second star and the throat. The reverse is even more devoid of marks with a teeny copper spot over the left side of the E in TEN being all that I was able to find.

If there is a single problem with this coin, it’s that it is produced in the all-brilliant type of this era which lacks the visual appeal of a coin from the mid-1890s which shows intense back and white contrast on certain early strikes. But I would much rather own a Superb Gem such as this 1902 than an 1895 in a lower grade and some hairlines.

PCGS shows two 1902 eagles graded PR66 with two finer: one in PR66+ and the other in PR67. CAC has approved two in this grade with a single coin finer: the PCGS PR67 which is clearly the finest known Proof of this date.

No PCGS PR66 1902 eagles have ever sold at auction, and the last PR65 in a PCGS holder was sold all the way back in January 2005.

There are not many comparables given the rarity of this issue in PR66. In August 2022, a PCGS/CAC PR66+ DCAM sold for $120,000, while a 1901 graded PR66 DCAM by PCGS but not approved by CAC sold for $78,000. And a PCGS PR66+ DCAM brought $111,000 in the 2022 FUN sale.

Whether you specialize in Proof gold, or you are putting together a very macho Box of 20, this 1902 $10 will fit nicely in your holdings.

Very Rare 1865 Quarter Eagle

During the Civil War, three of the all-time rarest quarter eagles were made at the Philadelphia mint. These are the very rare Proof-only 1863 with just 30 struck, the 1864 with a mintage of 2,824, and the underappreciated 1865 with only 1,520 pieces made for circulation.

Traditionally, the 1864 has been accorded a significant rarity premium in comparison to the 1865 but in my opinion, the difference in rarity between the two issues is slimmer than most people realize. There are 25-35 examples known of the 1864 with 2 in Uncirculated: a magnificent NGC MS67, and a sliderish PCGS MS61. For the 1865, we see a similar situation with one great example (PCGS MS63), followed by a PCGS MS61 which was upgraded from an AU58. For the 1865, there are 30-40 known in total. A quick drill down of grading statistics for both dates reveals even more similarities: PCGS shows a total of nine 1864 in all AU grades combined, while they have graded a total of 10 AU 1865 quarter eagles. CAC has approved five total of the 1864, led by three in AU58, while the 1865 shows four in total, with two in AU58 and none finer.

Despite these important similarities, the 1865 is valued at just $60,000 in AU58 according to the PCGS Price Guide, while the 1864 is given a value of $125,000 in this grade. I don’t think the 1864 is overvalued; rather I think the 1865 is a highly undervalued issue in properly graded AU58. To my way of thinking, if a nice AU58 1864 quarter eagle is a legitimate $100,000-125,000 coin (and I think it is), then a nice AU58 1865 should be worth around the same amount or just a smidge less.

This is one of just two CAC approved 1865 quarter eagles; the other is off the market and is owned by an advanced Liberty Head quarter eagle specialist from the Southern U.S. This specific example is extremely nice for the date and grade, and unlike nearly every other example of this date in an AU58 holder, it has never been cleaned or processed. The color is a pleasing medium yellow-gold and there is very little evidence of circulation; just some slight friction in the left obverse field.

Since 2017, there have been four APRs for this date. The two most recent sales were for $45,600, with one occurring in early 2021 (the coin was badly recolored), and the other in early 2020 (the coin was nice). The other two records were for $38,600 (I thought the coin was actually an Impaired Proof and not a business strike), and $37,600 (this coin had splotchy color). No CAC approved PCGS 1865 quarter eagle in any grade has ever sold at auction.

This piece is well within the Condition Census for the issue and with the other PCGS/CAC AU58 off the market (as well as the finest known PCGS MS63), you will not likely have another option to acquire a really sporty 1865 business strike quarter eagle such as this.

CAC has approved two in AU58 with none finer. A grand total of four have been approved in all grades (AU53, AU55, and two in AU58).

There were 75 Proof half eagles produced in 1894, but the survival rate is lower for this issue than for other Proof half eagles of this era. There appear to be no more than 20-25 known in total with a surprising number of these grading PR64 or below. Factoring all the appearance modifiers for Proof gold, there are likely no more than four or five Gems known which includes two PCGS PR65+ DCAMs (this and the Bob Simpson coin), a PCGS PR66+DCAM, and an NGC PR67 Ultra Cameo which could possibly be the same coin as the PCGS PR66+ DCAM. By every metric, this is a truly rare coin.

The coin itself is an absolute Gem with natural hazy gold color as seen on Proofs of this era which have not been conserved. This layer of color is not enough to keep the strong contrast between the frosted devise and the reflective fields from being readily apparent to the naked eye. There are a few tiny mint-made chips in the planchet in the left obverse field, as well as a pin-sized spot in the lower right obverse near the final star.

There are just three auction records for PCGS graded Proof 1894 half eagles since late 2007 and one of these was a PR63 (the other two were a PR64CAM which sold in 2019 and a PR64+CAM which sold in 2020). No Gem Proof 1894 half eagles graded by PCGS have ever sold, and the only coin numerically finer than the coin I am offering here was an NGC PR67★ Ultra Cameo which sold for $58,750 in October 2014 after having realized $63,450 in March 2014, and $86,250 in March 2008.

CAC has approved two in PR65 (both are PR65+) with the DCAM designation with a single coin finer (PR66+ DCAM). This service has also approved one in PR65CAM and two in PR66 CAM.

The 1838-D is likely the single most popular half eagle from Dahlonega due to its status as the very first coin struck at the newly-opened Dahlonega mint. It is also a one-year type, which employs the popular Classic Head design which was in use from 1834 through 1838. As a date, the 1838-D half eagle is hardly rare but virtually every nice example graded EF40 and finer is cherished by its present owner and, as a result, not a whole lot of choice, original pieces are available to collectors. Choice AU pieces with natural color and unmolested surfaces are rare, and the 1838-D is very rare in Uncirculated with an estimated 10 or so known with the finest known to me being a pair graded MS63 by PCGS.

One of the many highlights of the Auraria Collection was the PCGS/CAC MS62 1838-D half eagle which represented the single highest-graded example of this date which has been available since the non-CAC PCGS MS63 from Pogue IV which brought $94,000 in May 2016. The fresh-to-the-market MS62 coin was purchased by a collector who had, ironically, recently purchased a lovely PCGS AU58+ with CAC approval from Legend Numismatics via private treaty for $53,500.

As a condition to the sale of my PCGS/CAC MS62, I agreed to purchase this coin at its recent sales price, sight-seen. From what I know about the PCGS/CAC AU58+, it was purchased from a prominent dealer in South Texas who is quietly selling an outstanding collection of Liberty Head gold coinage.

The coin itself ranks as one of the very best circulated 1838-D half eagles I’ve ever seen or handled. I don’t always understand why or how PCGS assigns certain coins a “plus” designation, but I totally get why this coin is a 58+ and not “just” a 58. The color is exceptional with rich reddish-gold colors on both sides; the deepest hues are seen at the left side of the truncation on the obverse and at the value on the reverse. A good deal of luster can be seen on both sides and the strike is very sharp with all of the hair strands fully separated and complete definition seen on the feathers. There is an insignificant mark on the obverse rim at 2:00, and a shallow mark on the reverse midway between the bottom of the O in OF and the back of the eagle’s head. This piece is 100% original and it has never been tampered with. You can look at images of other 1838-D half eagles graded AU58 by both services and I doubt you’ll see one with the amount of eye appeal which this coin displays.

There is one other AU58+ example of this date graded by PCGS, but it is not CAC approved and it isn’t remotely as nice as the present coin; it brought $32,900 in March 2016. A single PCGS AU58 has sold at auction since October 2016 and it was a non-CAC coin which realized $31,725.

CAC has approved four in AU58 (including this one coin in 58+) with two finer (both MS62).

BD-1, R-5.

The Capped Head Left Large Diameter quarter eagle type was made for just five years: 1821, 1824, 1825, and 1826. The total mintage for the five years is a scant 17,042, and for the entire type there are likely around 300-350 known.

The 1824/1 quarter eagle is scarce in all grades with estimated 50-60 known. Around half grade EF45 and lower (this includes no grades), while 10 or so exist in Uncirculated. The finest known is the McCoy: 5537 coin which I sold in 2014 and which brought $91,063 in the Heritage January 2016 auction. The next finest is the Pogue: 2049 coin which sold for $70,500 in September 2015.

Unlike the majority of Capped Head Left quarter eagles, this piece is fully natural and it has never been brightened or enhanced. The strike is much better than average for this design with virtually no weakness seen at the centers. The luster is complete and this coin is unquestionably free of wear or friction on the high spots. The color is an attractive deep yellow gold with some deeper orange-gold seen; it is strongest on the reverse. There is a cluster of small marks seen in the upper right obverse field as well as some scuffs in the reverse fields. The overall eye appeal is well above average for the date and grade.

There are four auction records for an 1824/1 quarter eagle in PCGS MS61 since early 2000, with the most recent occurring in July 2014. This exact coin is the only CAC approved PCGS MS61, and it realized $40,250 in the Stack's Bowers 2012 ANA auction. No PCGS MS62 has ever sold at auction.

There are very few collectors specializing in early quarter eagles due the rarity of these coins and the extreme difficulty in locating choice examples of virtually every date struck between 1796 and 1834.

Ex Glen Eagle Collection via Douglas Winter Numismatics, Stack's Bowers 2012 ANA: 11654 ($40,250).

While not widely known outside of Liberty Head half eagle specialists, the 1859 is among the scarcest dates of this design struck in Philadelphia prior to the Civil War. Fewer than 125 are believed to exist in all grades with nothing in the Fairmont Hoard grading higher than PCGS/CAC AU58. This date is genuinely rare in Uncirculated with just four known to me.

The appearance of this coin is outstanding with an overall freshness which is so sought after by sophisticated collectors but which is so difficult to locate in this market. The surfaces boast attractive rich yellow-gold color with some slightly deeper shading seen at the reverse border. The strike is sharp save for a slight amount of weakness on the top of the curl beneath Liberty’s ear. There are a few very small abrasions in the lower obverse fields but I consider this coin to be very high end for the grade.

As I mentioned above, just four indisputably Uncirculated 1859 half eagles exist. These are as follows:

-PCGS MS64+: DL Hansen Collection; earlier from a Pennsylvania coin shop where it was purchased raw over the counter. It traded raw for $50,000 in August 2018.
-This example, a PCGS/CAC MS63 (also NGC/CAC MS63+): Douglas Winter Numismatics, ex Florida dealer, Southern California collector, Heritage 4/2015: 6217 ($21,150 as NGC/Gold CAC MS62), New Orleans Collection via Blanchard & Co., Stack's 5/1995: 514 ($17,600), Ed Milas Collection.
-NGC MS63PL: Heritage 5/2005: 8638 ($8,913), ex Heritage 2/2003: 8232 ($9,200).
-PCGS MS62: Heritage 5/2007: 3633 ($7,188), ex Heritage 6/2006: 3335 ($7,475), Heritage 7/2001: 1502 ($6,250) Bowers and Merena 10/1999: 1111 ($6,037), Harry Bass Collection.

The PCGS MS64 is likely off the market for the foreseeable future, while the PCGS MS62 was last seen with artificial color and some very detracting marks on the left obverse field.

No Motto Philadelphia half eagles have been overlooked by collectors for years and years but they finally seem to be gaining some traction. They remain wildly undervalued in comparison to their Southern branch mint counterparts.

This is a coin which is both conditionally rare and highly attractive and it is the sort of 19th century gold issue which is currently selling for stratospheric prices when available at auctions.

CAC has approved this one coin in MS63 with none finer. It is still the only 1859 $5.00 in any Uncirculated grade approved by CAC.

There were only 20 Proof 1874 quarter eagles struck, and it is likely that not more than eight or nine exist. The present example is easily the finest known with its only real competition among those pieces not impounded in museum collections being the NGC PR66 Ultra Cameo example, ex Amon Carter, which sold for $51,750 in Heritage’s 2011 FUN sale. The current PCGS population shows four examples designated as Proof (one impaired coin graded 55, a PR61, and two PR63; this likely represents no more than two or three distinct coins), plus two designated as Deep Cameo (a PR64+ and this PR65+).

This coin is not only rare; it is gorgeous with deep, totally natural orange-gold color covering highly reflective fields. It is carefully made, lacking the lintmarks or planchet issues seen on many proofs of this era and the contrast between the frosted devices and the mirror fields is extremely strong. About the only flaw I can detect on the surfaces is an extremely shallow area of roughness next to the right edge of the 4 in the date and a tiny hairline a few millimeters below the first T in STATES on the reverse.

Since 2000, only two distinct Proof 1874 quarter eagles have been offered for sale. The Stack’s 5/2015: 53 coin (graded PR64+DCAM by PCGS) was earlier graded PR64 by PCGS and it sold in May 2000 as Bass III: 236 (as a PR64). The Amon Carter coin (see above) was sold in 2011 and it was earlier sold (as an NGC PR65 Ultra Cameo) in Heritage’s 2008 ANA auction.

Compared to this, an 1863 Proof quarter eagle is common and this wonderful coin—which is the plate in PCGS Coinfacts for Deep Cameo 1874 Proof quarter eagles—will become a centerpiece of an important set of quarter eagles, a Box of 20 or a run of Proof gold rarities.

CAC has approved this one coin in PR65+ Deep Cameo with none finer. Only two 1874 Proof quarter eagles in Deep Cameo have been approved by CAC, and this represents the entire CAC population for Proof quarter eagles dated 1874.

The 1907 is numismatically significant as the final year of issue for the Liberty Head design which originated all the way back in 1838. Just 74 Proofs were made, which was the lowest production figure since 1898. Around four dozen or so are known; mostly in the 63 to 64 range and rarely with a Cameo designation as the 20th century Proofs of this design tend to be struck in a non-contrasted “all brilliant” finish.

This is a simply outstanding coin with the strongest contrast I can recall seeing on a Proof 1907 Liberty Head eagle. In fact, this piece looks more like an 1877 or an 1887 Proof $10 given the contrast and the depth of the mirrors. It has never been dipped or processed and both sides show rich lemon-gold color. The obverse is a full-blown Gem with just a few wispy lines near star 3 and an ultra-fine mark jutting downwards from Liberty’s chin. The reverse shows a contact mark beneath the left wing. The overall eye appeal is far above-average both for the date and the grade.

In their summer 2014 ANA auction, Stack’s Bowers sold an NGC PR64 CAM 1907 Liberty Head $10 for $29,375. The only record for a CAC approved 1907 eagle is the Stack’s Bowers 2021 ANA: 4241 graded PR65 CAM by PCGS which brought an incredible $84,000. No PCGS/CAC PR64 with any designation has traded publicly.

I have never handled a more appealing Proof 1907 Liberty Head $10 than this.

With the Cameo designation, CAC has approved two in this grade with four finer (two in 65 and two in 66).

A total of almost 600 Uncirculated double eagles dated 1889 have been graded by PCGS. This date is reasonably common in grades through MS62, but it scarce in MS63 with a current population of just 35, as well as two which grade MS63+. There hasn’t been a single 1889 $20 seen by PCGS which grades MS64 or finer until now.

This coin was recently discovered in Europe and through a contact, DWN was able to purchase it. The coin is clearly the nicest 1889 business strike we’ve seen or handled. Unlike virtually every Uncirculated example of this date, the surfaces are not riddled with abrasions and the luster is thick and creamy. Both sides show pleasing natural green-gold and rich orange-gold hues and the eye appeal is off the charts for this issue.

In their 2020 ANA sale, Heritage sold a PCGS/CAC MS63+ example for $19,800, but this coin showed an excessive number of mint-made copper spots.

The opportunity to own a no-questions-asked finest known business strike Liberty Head double eagle of any date is an extremely unusual occurrence.

The 1848-D/D half eagle is the single rarest half eagle from this mint. There are as few as a dozen known from the early die state in which the initial mintmark is clearly visible below the final incarnation of the D mintmark. To truly gauge the rarity of this issue, we can compare it to the famous 1861-D half eagle which is at least seven to eight times more plentiful in all grades and as much as five to six times less rare in Uncirculated.

This example is from a very early die state with both mintmarks plainly visible to the naked eye. There are later die state 1848-D/D half eagles which don’t show the first mintmark punch. and these are not given a premium by collectors. The 1848-D/D is recognized by both PCGS and NGC and it is regarded as a standalone issue which is included alongside the 1846-D/D in the Dahlonega half eagle set.

This example is accurately graded with no sign of wear on the high spots. There is strong luster on both sides with bright yellow-gold color. The strike is exceptional both for the date and for this specific variety; the 1848-D is the most difficult half eagle from this mint to locate with a sharp strike. There is a small mint-made chip in the planchet on the obverse in the lower left field near stars one and two. and there is also a small, curving line on the reverse beneath the lowest arrow head.

There are exactly two Uncirculated 1848-D/D half eagles known and these are as follows:

-This coin, from the Lucas Collection and obtained from DWN via private treaty sale in 2018; earlier from a Southern collection and purchased from DWN, Heritage 5/2008: 3232 where it sold for $29,900

-PCGS/SSCA #2 MS61, from the second group of coins from the S.S. Central America and sold to a Georgia dealer for $42,500 in 2018 by DWN

The 1848-D/D is very rare even in AU grades with 5 graded AU55 by PCGS and 4 in AU58 (these figures are inflated by resubmissions). In July 2018, Heritage sold a PCGS AU55 for $18,000.

This coin is extremely important on a number of levels. It is the finest known example of the single rarest Dahlonega half eagle, and it is population 1/0 at both services combined.

Condition Census; BD-1, High R-5. Wide Large Date, variety not designated by PCGS.

There are three die varieties known for this issue with two distinct types: the Small Date and the Large Date. Both were extensively melted and are rare with the Large Date being slightly more available. It is estimated that three dozen or so are known with most in the AU55 to MS61 range. There are possibly as five or six in the MS62 to MS63 range, and another three or so in MS64 with the finest being the PCGS MS64+ Pogue coin which I sold to a Midwestern collector earlier in the year.

This remarkable coin is housed in an old green label holder, and in my strong opinion it grades at least a full MS64 if not MS64+. It is very frosty with completely natural surfaces which show pleasing rich golden color. A few tiny ticks in the fields can be seen with light magnification but the appearance of this coin is fantastic.

I sold this coin to an Eastern collector well over a decade ago and as far as I know it has never appeared at auction. I struggled with the idea of regrading it at PCGS where I felt it would easily upgrade, but I love the current appearance in the small, old holder.

No MS63 1833 Large Date half eagle has ever appeared at auction. A nice PCGS MS64 realized $115,000 back in April 2006 (as Heritage 4/06: 2635) while the aforementioned Pogue IV: 4045 brought $129,250.

This coin is important both as a type example and for collectors who have taken on the challenge of assembling a set of Fat Head half eagles.

For the variety, CAC has approved two 1833 Large Date half eagles in MS63 with none finer. They have also approved one MS63 and one MS64 1833 Small Date.

For most Proof gold collectors, the purchase of a double eagle is not likely due to price prohibitions, leaving the Liberty Head eagle the best candidate for a large-sized coin for their Proof holdings.

The 1895 is not as common a date in the Proof Liberty eagle series as one might think. Only 56 struck were struck and the survival rate is around 50% - meaning that two dozen or so are known. These are mostly in the PR63 to PR65 range and not often with full Deep Cameo contrast.

This lovely borderline Gem shows the exceptional black and white appearance that one hopes to see on a Proof gold coin certified as Deep Cameo. The Mint was at the top of its game when it came to producing Proof gold during the mid-1890’s and this piece has thick, unbroken frost on the devices which is nicely contrasted by watery, reflective fields. When this coin is tilted towards a light source and examined with 5x magnification, it is possible to see a few wispy hairlines but there are no marks of note or mint-caused flaws.

PCGS has graded three 1895 eagles in PR64DCAM with two in PR65, one in PR65+, and two in PR66. CAC has approved four examples of this date in DCAM: two in PR64 and two in PR66. I believe that all of these figures are slightly inflated by resubmissions.

No PCGS PR64 DCAM and have sold at auction. An NGC PR65 Ultra Cameo realized $44,650 in the 2017 ANA auction; it wasn’t approved by CAC.

BD-1, Rarity-5.
        
The 1826 is one of the great “melt rarity” issues among the Capped Bust Large Planchet half eagle type. There are fewer than 50 known and this date is most similar to the 1827 in terms of its overall rarity. This date saw little circulation and most of the survivors are Uncirculated coins priced in the low-to-mid six figures and thus out of reach but for a handful of wealthy collectors.
        
This fresh-to-the-market example represented probably the nicest “affordable” 1826 half eagle which exists. The obverse is, in my opinion, fully Uncirculated and it grades a full MS61 if not finer. The reverse is a trifle less choice with signs of wear in the fields and a few hairlines above and below the head of the eagle. Both sides are very frosty and show pleasing natural green-gold hues which deepen to rich reddish-orange towards the borders. The strike is typical for the issue with flatness at the curls below and above Liberty’s ear; these shouldn’t be confused with wear.
        
There are just three auction records for this date in circulated grades going back to 1991. The most recent comparable is a PCGS AU55 which sold for $32,900 in the Stacks Bowers March 2017 auction. An NGC MS61 with limited eye appeal brought $47,000 in Heritage’s April 2014 sale.
        
The PCGS Price Guide for this issue in AU58+ suggests a value of $47,500. The PCGS population is four in AU58 (with just this one coin in 58+) with eight finer.
        
This made a fantastic addition to a type set which values rarity over condition.

Simpson-Hansen Pedigree

The 1873 Closed 3 is the key issue among business strike Three Dollar gold pieces from Philadelphia. An unknown number (likely fewer than 500) were made and around 100 are known, mostly in lightly circulated grades. In MS62 and higher, this date is very rare with the finest offered in recent years being the Pogue III: 3115 coin, graded MS64, which brought $51,700.

This example, which is formidably pedigreed to the collections of Bob Simpson and Dell Loy Hansen, is a Condition Census piece with just four graded finer by PCGS. The coin is almost fully prooflike but it is an obvious business strike as evidenced by the non-square edges and the weakness of strike on the curls below IB in LIBERTY. The surfaces are far less “busy” than on others seen in this grade. Both sides show rich orange-gold color and the overall eye appeal is decidedly above-average for the date and grade.

The most recent APR for this date in PCGS MS62 (and the only record since March 2005) is $31,725 for Legend 5/16: 400 which doesn’t appear to be this coin. In August 2017, an NGC MS62PL sold for $28,200 in the Heritage ANA auction.

PCGS has a population of just one coin in MS62 with four higher (two each in MS63 and MS64). The PCGS Price Guide shows a suggested value of $36,000 for this date/variety in MS62.

A Condition Census example of a truly rare coin with a wonderful pedigree to boot.

Ex DLRC 4/18 sale at $28,055; from the D.L. Hansen and Bob Simpson collections.

BD-1, High R-4.

In American numismatics, the date 1804 is magical and quarter eagles, half eagles, and eagles with this date were produced. The 1804 half eagle is the most available of these three and it can be found in the higher AU and lower Uncirculated grades but seldom with natural color and choice surfaces.
        
This example came from a small antique auction in New England, along with some other coins, and was consigned from an old estate. The color is deep and extremely attractive with rich green-gold hues covering unmolested, frosty surfaces. The strike is sharp and this is a reasonably early die state of this die variety with a thin crack from the rim at 6:00 up through the 0 in the date and into the hair. This is one of the nicest AU55 examples of the Heraldic Eagle type I ever offered for sale.
        
Two CAC approved PCGS AU55 1804 Small 8 half eagles were sold at auction in the last two years and these brought $13,513 in January 2017 and $14,625 in June 2016. This coin is far, far nicer.
        
PCGS has graded 38 in AU55 with 100 finer while CAC has approved just five in this grade with 28 finer.

Every series has its share of overlooked/undervalued issues; even something which is as categorically rare as With Motto Proof Liberty Head half eagles. Despite a reasonably generous mintage of 48 coins, the 1884 is an underrated rarity which is actually on a par with such pricier and more highly regarded Proofs such as the 1872, 1874, 1877 and 1879. I have seen estimates that as many as 25-30 Proof 1884 half eagles exist but this number seems very high considering that just three different pieces have sold at auction since 2000. I believe that the actual number is more likely somewhere on order of 10-12.
        
This is a very choice, undipped piece which would grade PR65DCAM (or higher) were it not for a shallow scrape in the left obverse field that is the result of clumsy handling (not me!!) It is housed in an older PCGS holder and the eye appeal is excellent with strong contrast between the devices and the fields.
        
No PR64 1884 half eagle with any sort of designation has sold at auction since August 1999 when the Childs coin brought $32,900. I bought the Trompeter/Garrett coin, graded PR65 Ultra Cameo by NGC and approved by CAC, for $49,350 in the Heritage 2015 ANA sale. The finest known, graded PR66 Ultra Cameo, sold for a rousing $90,000 in January 2018.
        
As I researched this coin, I learned not only how rare it was but it also has a very special pedigree (see below).
        
PCGS has graded two Proof 1884 half eagles in Proof 64 (plus a PR64+ which is likely an upgrade of one of these two coins) with two finer. CAC has approved two with one finer.
        
Ex Eliasberg (10/82): 563 at $8,250; earlier from the Clapp collection.

The 1856-O quarter eagle is among the most overlooked gold issues from the New Orleans mint. I rank it as the fourth rarest of 14 quarter eagles from this facility but it is the second rarest issue in higher grades, trailing only the 1845-O. To the best of my knowledge, there are just four to six Uncirculated 1856-O quarter eagles known with the finest of these grading MS62. A listing of the finest known to me is as follows:

-PCGS MS62CAC: Heritage 1/17: 5812 ($35,250), ex Heritage 7/12: 4722 ($43,125).

-The coin offered here. NGC MS62CAC: Douglas Winter Numismatics, 12/17.

-PCGS MS62: New England collection via Douglas Winter Numismatics, ex Bowers and Merena 6/01: 1210 ($19,550), Heritage 4/01: 3407 ($10,000).

As of the end of 2017, PCGS had graded 3 in Uncirculated while NGC had graded 14 (this figure is severely inflated in MS60 and MS61 due to resubmissions). PCGS had graded 2 in MS62 and NGC showed 3 in this grade; neither service had graded a coin finer.
        
This newly-graded coin was fresh to the market and it had not been offered to collectors for well over a decade. It is one of the most cosmetically appealing examples of this date which I have seen and it shows exceptional frosty mint luster below natural medium russet and lime hues. This is an issue which is seldom seen with natural surfaces (even in grades down to AU55) and this wonderful example has a really exceptional appearance for the date.

Superbly toned; BD-3, R-5.

There are no less than nine die varieties for this year and these are neatly divided into three major types, as follows:

-Square Base 2, Large Letters (BD-1, BD-2, BD-3, BD-4). Scarce.

-Rare. Curved Base 2, Large Letters (BD-5, BD-7, BD-9).

-Very rare. Curved Base 2, Small Letters (BD-6, BD-8).

Viewed as a date the 1820 is rare, but in the Capped Bust Large Planchet half eagle series it takes a back seat to a long run of major rarities. It is comparable in overall rarity to the 1814/3 and the 1823 and it is harder to find than the 1813 and the 1818.

The 1820 Square Base 2 is the most available of the three types of half eagles made during this year. There are around 100 known with maybe half of these grading in the AU55 to MS62 range. This variety becomes rare in MS63 to MS64, and the single finest known is graded MS65+ by PCGS.

This piece is immediately notable for its dramatic rich natural fiery orange-gold color which gives both sides a warm glow which can best be appreciated when the surfaces enter a light source. This coin has never been dipped or processed and its surfaces are extremely frosty. I believe this coin should have been graded MS63+ on account of its superior eye appeal and was disappointed that PCGS didn’t agree with me. There are a few scuffs seen in the obverse fields; the reverse is a full MS65 on its own.

Goldberg 1/14: 1776, graded MS63 by PCGS and approved by CAC, sold for a very strong $49,350 and it was comparable in quality and appearance to the present example. Stacks Bowers 3/17: 2328, graded MS63+ by PCGS and approved by CAC, sold for $56,400.

This would make a perfect type coin for the collector seeking a single “Fat Head” half eagle for an advanced early gold type set. It is among the most aesthetically appealing early half eagles which I have had the pleasure of offering.

CAC has approved five in this grade with seven finer.

BD-8, R-2.

The 1807 Bust Left is numismatically significant as it is a transitional issue and it is the first Capped Bust Left half eagle produced; this type would continue through 1812. As a date, the 1807 Bust Left is comparatively common and it is seen even in the lower Uncirculated grades with some regularity. It is rare in properly graded MS63 to MS64 and very rare in Gem. The two finest known were in the Pogue collection and were graded MS67 and MS67+; they sold for $199,750 and $282,000, respectively.
 

This coin was off the market for more than a decade. I re-submitted it to PCGS in the hope of it grading MS64+ and I still think it is better than your typical run-of-the-mill MS64. It has never been dipped or processed and it is notable for its luster; if ever an early five could be called a "luster bomb" it's this coin! The strike is exceptionally bold with the fine hair and feather detail up and bold and the only marks visible with light magnification are a few minor scuffs in the left obverse field.

The most recent APR for a PCGS/CAC MS64 1807 Bust Left half eagle is Goldberg 6/16: 1438 which realized $45,825. In the 2014 FUN auction, Heritage sold a non-CAC PCGS MS64+ for a very strong $64,625.

CAC has approved six in this grade with just one finer (MS65).

The 1854-D Three Dollar gold piece is an iconic issue whose popularity and numismatic significance transcends nearly any coin from the Dahlonega mint. It is the only Three Dollar gold piece from this facility, and a scant 1,120 were made of which an estimated 125 or so exist; this figure includes numerous pieces which are damaged or which, while gradable, are severely lacking in cosmetic appeal.

I believe that no other dealer has handled as many different 1854-D Threes as I have, and this includes many coins in the higher AU grades. This example compares favorably to any 1854-D I have seen in the last few years and it is well-made and lustrous with splashes of medium orange-gold color seen at the upper obverse and the central reverse. The strike is better than average for the issue with a bit more than half of the obverse denticles clear and a very strong reverse. The surfaces are very clean with no significant marks. This is an early die state with the familiar clashmark at the throat barely visible and only minor clashes seen at the central reverse.

Since the summer of 2012, only two PCGS AU55 1854-D Three Dollar gold pieces have been offered at auction. Recently, a non-CAC piece realized $48,175 as Goldberg 9/17: 1130. In the January 2013 FUN sale, a CAC piece with splotchy color sold for $47,000 as Lot 5829 in the Heritage sale. Records of over $40,000 exist for slabbed AU55 1854-D Threes as far back as October 2006.

Owning an 1854-D Three Dollar gold piece is a dream for many collectors and, in my opinion, the best value grade for this issue is AU55 to AU58.

CAC has approved six in this grade with five finer.

Rare and Important.

In 1839, there were two distinct types of Liberty Head $10 made: the Type of 1838 which features large letters on the reverse and the Type of 1840 with small letters. The former is by far the more available and its occasional availability in Uncirculated (there are around 10 or so known) makes it very popular with type collectors.

This piece is fresh to the market and it represents a truly “new” coin unlike other MS61’s of this type which display clear evidence of wear. It is boldly detailed save for stars six through nine which (as usual) are weak at the radials. The surfaces are very clean and frosty with pleasing natural yellow-gold color which changes to green in the fields.

The last PCGS MS61 1839 Type of 1838 $10 to sell at auction brought $25,300 all the way back in October 2010. A very low-end NGC MS61 realized $23,500 as Goldberg 9/17: 1228.

High-grade examples of this coveted two-year type are almost never offered for sale and the last example graded higher than MS61 by PCGS (an MS63) was last offered at auction in 1999. An extremely important early date Liberty Head eagle!

BD-2, High R-5.

The 1799 is the most available date of this type but it is always more highly sought-after than the 1800, 1801 and 1803 as a type coin due to its status as an 18th century issue. There are nine different die varieties of which only one doesn’t show small-sized stars on the obverse. BD-2 is a somewhat scarcer variety with an estimated 35-45 thought to exist.

The advent of CAC has clearly shown that Heraldic Eagle ten dollar gold pieces are extremely difficult to locate with choice surfaces and nice original coloration. As a date, PCGS and NGC have combined to grade 80 1799 eagles in AU50 (65 by PCGS and 15 by NGC) yet the present example is the single example in this grade approved by CAC. Even factoring in for resubmissions, this is a tiny percentage and the relatively similar numbers are seen with coins graded AU53 and AU55.

This coin has been off the market for many years and it comes from a specialist’s collection. It is very boldly detailed on a high quality planchet and this is despite the fact that there is a noticeable obverse die crack from the rim outside of the L in LIBERTY down into the cap. Both sides show attractive rich natural coppery-orange color which deepens at the borders. There is a small circular toning spot in the middle of the left obverse field and a larger splash of color on PLUR in the motto on the reverse. The surfaces are uncommonly clean with no detracting marks and this is about as pleasing a coin for the grade as you are likely to locate.

The only comparable 1799 Small Stars Obverse $10 to sell at auction in recent years was Heritage 2017 ANA: 4153 which wasn’t approved by CAC yet still realized $21,150. No CAC approved PCGS AU50 1799 Large Stars $10 has sold at auction and the last two pieces to cross the block brought $14,688 in June 2016 and $17,625 in January 2016.

The demand for PCGS/CAC 1799 eagles in AU grades is extremely high and this is the first relatively affordable example I have been able to offer in a number of years.

The 1873-CC double eagle compares favorably to the 1872-CC in terms of overall rarity. In Uncirculated, the 1872-CC is slightly rarer. My best estimate is that there are around a dozen properly graded Uncirculated 1873-CC double eagles with nearly all in the MS60 to MS61 range. The finest is a single PCGS MS63 which has been off the market for a decade.

I purchased this coin in a very old NGC MS60 holder and spent months (and a ton in grading fees!) trying to get it into an MS61 holder. I still believe this coin is a full MS61 and I base this on having owned a number of other 1873-CC double eagles graded MS60 and MS61 by PCGS.

This coin has great overall eye appeal with blazing mint luster seen on both the obverse and the reverse. This date is usually dull and the majority of the higher grade pieces known have been repatriated from overseas where they were dulled by long-term vault storage. Both sides are light rose at the centers and are contrasted by vibrant natural golden-orange hues towards the borders. For the grade, the surfaces are less abraded than one would expect, with the majority of the marks concentrated in the lower left obverse field. Two light copper spots at the base of Liberty’s neck serve as quick identification.

There has not been a PCGS MS60 1873-CC double eagle which has sold at auction since all the way back in April 1999, while the last NGC MS60 sold at auction in June 2004. The most recent APR for a PCGS MS61 is Heritage 2/14: 5420 which sold for $61,717, but had a number of detracting mint-made black grease spots on the obverse.

If you are assembling a world-class set of Carson City double eagles, it is likely that the 1873-CC represents a hole which you would like to fill with a nice Uncirculated coin. Given the rarity of this issue in Mint State (they seem to come available—in PCGS holders—around once or twice every decade or so) the opportunity which this nice, fresh example represents is likely to cause a commotion.

In 1906, the mintage of Proof Liberty Head double eagles was 94. The survival rate is higher for this issue than for the 1899 (see above) with slightly more than half known, mostly in the PR63 to P65 range. This issue was made in an “all brilliant” finish which means that the contrast seen on dates like the 1899 are not found on the 1906.

This piece has very pleasing dusky russet toning; no doubt from years of storage in the old coin envelope which it resided in (see below). This color covers some old hairlines-mostly on the obverse—and it is somewhat more intense on the obverse than on the reverse. A small copper spot on the lower reverse is mint-made and it helps to quickly identify the coin. I can’t recall having seen a Proof $20 Liberty Head double eagle in this grade range with more distinctive overall eye appeal than this.

This is the only example of this date ever graded PR63+ by either service. The last 1906 double eagle graded PR63 to sell at auction was all the way back in 2004. The most relevant APR is Heritage 2017 ANA: 4219, graded PR64 by NGC/CAC, which brought $42,300.

CAC has approved two non-cameo 1906 double eagles in PR63/63+ with three finer.

This coin is accompanied by an old coin envelope that states it was purchased in 1954 as a “Perfect Brill. Proof” at $300.

With the exception of the 1844-O, every single No Motto half eagle from New Orleans is very rare (or unknown) in MS63 and higher. PCGS has graded just seven different non-1844-O half eagles in MS63 or MS63+ as well as two in MS64 and a single coin (an 1843-O Small Letters) in MS65. Virtually all of these are off the market in important specialized collections.

Viewed as a date, the 1843-O Large Letters is a median rarity in the No Motto New Orleans subset. It is rare in higher grades with around a dozen extant in Uncirculated; mostly in the MS61 to MS63 range. I have handled just one finer than this superb, fresh-to-the-market example; a PCGS/CAC MS64 from the same source as this with similar scintillating color. I sold that piece to a collector for $32,500.

Speaking of color, the hues on this coin are just breathtaking with bright yellow-gold centers framed by splashes of intense crimson and burnt-orange towards the edges. There are probably just a few too many obverse ticks in the left field to call this a 64 but PCGS was right to give this a “plus” grade on account of its great eye appeal. If this were a common date Morgan dollar, it would command a huge premium due to its color.

A quick tangent: when are gold coins with spectacular natural color going to be treated like silver coins with great color? Certain series like silver commemoratives and Morgans already have toning enthusiasts who will gladly pay gigantic premiums for color. Gold coins with superb natural color are far rarer than their silver counterparts yet the premium accorded to such pieces is minimal in comparison.

This is the only 1843-O Large Letters half eagle to grade MS63 or MS63+ at PCGS with one finer (an MS64). CAC has approved one in MS63/63+ with four finer (all MS64). The PCGS Price Guide suggests a value of $31,000 in MS63+.

Here is a coin which will be of great interest to New Orleans gold coin specialists but which would make an ideal high grade No Motto Liberty Head half eagle.

BD-4, High R-4.

1797 is a transitional year for the ten dollar denomination as there are two distinct types: the rare Small Eagle (3,615 or fewer struck) and the more available Large Eagle (10,940 struck).

The 1797 Large Eagle ten dollar gold piece is very popular as a first-year of issue. It is one of just three years prior to the 19th century in which this new design was made; the 1798 eagles are very rare while the 1799 is rather common.

There are a few dozen Uncirculated 1797 Large Eagle tens known with most in the MS60 to MS62 range. However, most seen are “rubby” and probably could just as well have been graded AU58. In grades above MS62, this issue is nearly impossible to locate and I have never seen one finer than MS63.

The present example is fresh-to-the-market. It is well-struck and fully lustrous with absolutely no friction on the high spots or luster breaks in the field. And, this piece is not “washed out” from having been overdipped as are many examples of this design. The color is a vibrant yellow-gold with a splash of russet at 12:00 on the obverse. Examination with a 5x glass shows some scuffs consistent with the grade but none of the often-seen adjustment marks.

Only one PCGS MS61 example of this date/variety has sold at auction since 2010 and it was a low-end non-CAC piece which brought $42,888 as Heritage 10/15: 3543. In the Stack’s Bowers 11/15 auction, the ex: Newman NGC MS61 realized $47,000 and while cosmetically appealing, some observers felt it was enthusiastically graded.

This is an important early date Eagle and it represents a rare opportunity for the advanced collector to own a visually impressive 18th century ten dollar gold piece at a realistic price point.

CAC has approved two in this grade with four finer.