After a three decade hiatus, coinage of this denomination resumed in 1838. The low mintage 1838 eagle is desirable as a first-year-of-issue and it is a short-lived two year type with large letters on the reverse and a distinctive curvature seen on the neck of Liberty. There are slightly over 100 known including four or so in Uncirculated but the demand for this issue always exceeds the supply of choice, problem-free pieces.

This lustrous russet-gold example shows fewer marks than usual and it has not been stripped and processed as have so many of the pieces in AU50 and AU53 holders. The eye appeal is excellent and this ranks as one of the nicer 1838 eagles which I have been able to offer in some time.

The last PCGS AU50 1838 eagle to sell at auction brought $22,325; it was in an old green holder and appeared to be an upgrade. A nice PCGS/CAC AU50 sold for $18,450 as Legend 12/13: 300 and an average quality non-CAC sold for $15,525 as Bowers and Merena 9/09: 1590.

This is a popular issue with multiple levels of demand.