The 1861-D is the most historically and numismatically significant half eagle produced at the Dahlonega mint. It isthe second rarest Dahlonega half eagle, trailing the 1842-D Large Date but it is, by far, the most popular and in-demand. A total of 1,597 were made of which fewer than 100 are known today. This date is usually seen in the EF45 to AU55 grade range but there are a few more known in Uncirculated than one might expect, probably due to some being saved as souvenirs.

This example has been off the market for a number of years and when I purchased it, it was housed in an NGC AU58 holder. I subsequently “downcrossed” it to PCGS AU55 but I could easily have seen it residing in a PCGS 58 holder. It is very lustrous and shows almost nothing in the way of actual wear but it is a bit abraded in the obverse fields. There are some marks on both sides and the color is a nice light to medium orange-gold with rose overtones. As I just stated, there is a considerable amount of luster. The strike is typical for the issue and is caused by a slight misalignment of the dies; this has weakened the stars (especially four through eight) and the hair detail near the coronet.

The last 1861-D half eagle to sell at auction was a PCGS EF40, offered as Heritage 9/12: 4934, that realized $41,125. The last AU55 to sell was an NGC coin, Heritage 8/11: 7556, which brought $48,875. I was recently offered an NGC AU58 with CAC approval for $67,500 by a knowledgable wholesale dealer. In my opinion, the coin that I am offering hear is easily the nicest to have hit the market in the last two or three years.

Along with the 1861-D gold dollar, this is considered the single most desirable Southern gold coin ever struck. It is one of the few issues that has a multi-tiered level of demand; in other words, the buyer of this coin very possibly will never buy another Dahlonega piece but he will be attracted by the rarity and, above all, the historic nature of this issue.