CHOICE AND IN-DEMAND PCGS/CAC EF40 1838 EAGLE

After production of this denomination was suspended in 1804, the $10 gold piece was resurrected in 1838 with Gobrecht's first variation of the Liberty Head design.  The so-called Covered Ear type was produced for just two years and the 1838 has fewer than 100 survivors from an original mintage of 7,200. The 1838 eagle is almost impossible to locate in pleasing, properly graded EF grades and many coins in such holders have been repeatedly brightened.

This is an absolutely choice example for the grade with nice natural russet color and impeccable surfaces which lack all but the faintest contact marks. If you are familiar with this specific issue, you know just how rare it is with this degree of eye appeal.

There are five APR's for PCGS EF40 1838 Eagles since 2006 and none are for CAC approved coins. The most recent record is Heritage 2015 ANA: 6220 which sold for $7,638. A CAC approved PCGS EF45 just sold for $14,100 as Heritage 6/17: 3840.

This is definitively the finest available quality for this date at less than $9,500 and I believe that the 1838 remains an undervalued issue as its price levels tend to be dragged down by sales of decidedly below-average examples.

CAC has approved 3 in this grade with 5 finer.

FROM THE RYK "DOG" COLLECTION.