RARE AND IMPORTANT HIGH GRADE 1850-O

The 1850-O is numismatically significant as the first double eagle to be made at the New Orleans mint. This issue is not scarce in terms of its overall rarity but it is legitimately rare in higher grades; in this case being properly graded AU55 and higher. Very, very few of the examples in AU55 holders are worthy of CAC approval and this is verifiable by the low population of CAC coins in AU55 and higher grades.

This piece is far cleaner than normal for the date and it lacks the copious abrasion seen on over 95% of all 1850-O double eagles. It is very lustrous and it shows pleasing medium orange-gold color. Many 1850-O double eagles are weakly struck but this coin is very sharply impressed with full radial lines in the stars and individually defined strands of hair.

Only one PCGS AU55 1850-O double eagle has been sold at auction since 2009 and it was a non-CAC piece which realized $26,488 in late 2014. The Newman V: 3336 coin, sold by Heritage in November 2014 for $28,200, was graded AU55 by NGC and approved by CAC.

It is nearly impossible to locate a properly graded AU58 and higher example of this date and the $50,000 or so that it would take to buy a PCGS AU58 with CAC approval (good luck finding one!) is likely an overbuy for most collectors.

CAC has approved four in this grade with just two finer (AU58 and MS61).

From the Palos Verdes Collection, Part One.

For more information on this date, click here.