Encyclopedia of U.S. Gold Coins

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Encyclopedia of U.S. GOLD COINS 1795–1933 Circulating, Proof, Commemorative, and Pattern Issues

2ND EDITION

Jeff Garrett and Ron Guth Foreword by Dr. Richard Doty

Encyclopedia of U.S. Gold Coins 1795–1933 Circulating, Proof, Commemorative, and Pattern Issues 2ND EDITION

© 2008 Whitman Publishing, LLC 3101 Clairmont Road • Suite C • Atlanta GA 30329 National Numismatic Collection coin photographs © 2008 Smithsonian Institution The name of the Smithsonian Institution and the sunburst logo are registered trademarks of the Smithsonian Institution. indicates the coin pictured is a specimen from the National Numismatic Collection at the Smithsonian Institution. The WCG™ pricing grid used throughout this publication is patent pending. All rights reserved, including duplication of any kind and storage in electronic or visual retrieval systems. Permission is granted for writers to use a reasonable number of brief excerpts and quotations in printed reviews and articles, provided credit is given to the title of the work and the authors. Written permission from the publisher is required for other uses of text, photographs, illustrations, and other content, including in books and electronic or other media. Correspondence concerning this book may be directed to the publisher, at the address above. ISBN: 079482254-1 Printed in China Disclaimer: Expert opinion should be sought in any significant numismatic purchase. This book is presented as a guide only. No warranty or representation of any kind is made concerning the completeness of the information presented. The authors are professional numismatists who regularly buy, sell, and sometimes hold certain of the items discussed in this book. Caveat: The price estimates given are subject to variation and differences of opinion. Before making decisions to buy or sell, consult the latest information. Past performance of the rare coin market or any coin or series within that market is not necessarily an indication of future performance, as the future is unknown. Such factors as changing demand, popularity, grading interpretations, strength of the overall coin market, and economic conditions will continue to be influences.

For a complete catalog of numismatic reference books, supplies, and storage products, visit Whitman Publishing online at www.whitmanbooks.com. About the coin on the cover: The 1907 Ultra High Relief double eagle is widely considered the most beautiful coin ever struck. The result of an unprecedented collaboration between sculptor Augustus Saint-Gaudens and President Theodore Roosevelt, who wished to bring aesthetic distinction to America’s coinage, the $20 coin bears the full figure of Liberty on the obverse, and on the reverse a soaring eagle. For circulation, the magnificent design would be produced in greatly reduced relief, diminishing its dramatic impact. This exquisite Proof coin, one of only about 20 struck in extremely high relief, remains a testament to one of the most WCG™ remarkable artistic partnerships of the 20th century. OCG™

CONTENTS Foreword by Richard G. Doty Appreciation by David W. Akers About the Authors Preface U.S. Gold Coins: An Overview How to Use This Book $1 Gold Coins $2.50 Gold Coins $3 Gold Coins $4 Gold Coins $5 Gold Coins $10 Gold Coins $20 Gold Coins Commemorative Gold Coins Pattern Gold Coins Appendix A: Auction Records, Circulation-Strike Coins Appendix B: Auction Records, Proof Coins Appendix C: Certified Population Data, Circulation-Strike Coins Appendix D: Certified Population Data, Proof Coins Appendix E: Circulation-Strike Gold Coins in National Numismatic Collection Appendix F: Proof Gold Coins in National Numismatic Collection Credits and Acknowledgments Bibliography

FOREWORD BY RICHARD G. DOTY Over the years, I’ve been asked to write many introductions, forewords, and reviews of various numismatic publications. Their quality has ranged from the mediocre to the excellent. I generally decline connection with the former, on the theory that if you can’t say something positive it’s better to say nothing at all. In the case of the latter, my enthusiasm for the writing assignment (and the depth of my connection with it) tends to be a reflection of how I feel about the publication. My enthusiasm for Jeff Garrett’s and Ron Guth’s Encyclopedia of U.S. Gold Coins 1795–1933 is both deep and sincere. My connection with this book has been both lengthy and direct. Jeff and Ron started the “gold project” several years ago, and I was brought into it fairly early in the game. Much later in the process, I was asked to undertake light editorial work. I agreed to help out—but there really wasn’t all that much to do: these are accomplished writers with an easy, readable style. Considering my previous involvement, I was happy to write this foreword. I was also happy to do so because this is an epochal book. The only publication remotely comparable with the Encyclopedia of U.S. Gold Coins 1795–1933 is a six-volume compilation by David W. Akers, which appeared between 1975 and 1982. Published by Paramount, Akers’s works are valuable resources, especially for their magisterial coverage of auction appearances and grades. But they had the misfortune of appearing just prior to the beginning of a dramatic rise in the rescuing of early shipwrecks and their precious cargoes—American gold coins, especially those from Western mints. Inevitably, we have gathered much information from these finds which was simply unavailable to earlier scholars, including David Akers. Moreover, the photographs that appeared in Akers’s six volumes, while excellent, were also limited. So a gap remained, a space waiting to be filled. And now it is filled, with this new publication. You will learn a tremendous amount from this book. (I learned a tremendous amount, and I was already supposed to be an expert on United States coinage!) Jeff Garrett and Ron Guth have written a remarkably strong book, nothing less than the standard guide to United States gold coinage for the foreseeable future. They did so by tapping sources that had been partially or completely overlooked in the past. One of those sources was the Smithsonian Institution’s National Numismatic Collection. And that was how I made my acquaintance with the Garrett/Guth project, and with this book. The National Numismatic Collection (or NNC) contains one of the largest cabinets of United States gold coinage ever assembled. It embraces varieties and grades seldom, sometimes never, seen anywhere else. Its holdings of Proofs, especially early Proofs, are simply unrivaled. In common with the American Numismatic Society collection, the NNC has extensive runs of Proof gold coins from 1858 on. But it also contains material going all the way back to the early 1820s, those numismatic legends that everyone has heard about but few have ever seen. How we acquired all this material, the basis for so much of the Encyclopedia of U.S. Gold Coins 1795–1933, is an interesting story, one taking place in two separate and very different acts. Much of our American gold (including most of the very early Proof coins) was acquired in a slow, painstaking process lasting nearly a century. This is probably the best way to assemble a first-class collection: with the passage of time, persistent holes can be filled, elusive rarities acquired. But the painstaking creation of a world-class cabinet did not take place at the Smithsonian. Rather, it took place at the United States Mint in Philadelphia, and it began in the 1830s or even earlier. Prior to about 1850, we got most of our gold and silver for making American coins from foreign coins, monies that had come to this country as a result of international trade. These coins often came to the Mint, where they were melted down and recycled into new, United States coins. Some time during the early years of the 19th century, the practice developed of putting aside particularly nice examples of incoming coins, of creating a reference collection, or numismatic cabinet. This paralleled the practice of putting aside particular American issues, coins either struck as a matter of record or as a celebration of excellence. This became the Mint Collection, which numbered several thousand pieces by the first decades of the 20th century. During the 1920s, it was transferred from Philadelphia to Washington, and from a mint to a museum—the Smithsonian Institution. It is still here, and it served as one of the underpinnings of this new book. The Mint Collection and its transfer made up the first act. The second was far more dramatic and far more rapid, and while it did not result in many early rarities, it did add many later Proofs and business strikes, nicely complementing the Mint materials we had received earlier. This second act centered on the Josiah K. Lilly Bequest,

wherein more than six thousand pieces (all gold, because that was all Mr. Lilly collected) were donated to the Smithsonian in 1968. The collection had been amassed with great rapidity and modest discrimination, and it contained a number of problem coins and out-and-out fakes; but the American materials were solid, and, as I said a moment ago, they nicely rounded out what we had earlier received from the Mint. It is to the authors’ credit that, when they came to write a definitive book on American gold, they based a good deal of it on these two portions of the Smithsonian cabinet. The result of their careful examination of our holdings and others, and their encyclopedic knowledge and pursuit of auction records, is a lasting, and major, contribution to American numismatic research. Readers will find a treasure trove of information, attractively presented. The latest findings on hoards are included, as well as fascinating facts on grading, sales results, die and striking anomalies, and all the rest of the nuts and bolts that go towards creation of a full understanding of a complex and beautiful numismatic series. These two authors simply have a magisterial grasp on their subject, and they are able to share it fully with the reader. Tom Mulvaney’s splendid photographs make a unique contribution of their own. From personal experience, I know that gold is extremely difficult to capture. Tom is perhaps the best numismatic photographer we have. All in all, readers of the Encyclopedia of U.S. Gold Coins 1795–1933 are in for a treat. I’m honored to have been involved from the beginning. Richard G. Doty Senior Curator of Numismatics Smithsonian Institution National Museum of American History Behring Center Washington, DC

Exterior of Smithsonian Castle

AN APPRECIATION BY DAVID W. AKERS The field of United States gold coinage is arguably the most interesting and important in all of numismatics. Perhaps that is why it is so surprising that no comprehensive, single-volume, user-friendly book has ever before been written covering all the U.S. gold series from dollars to double eagles. Certainly, almost every numismatist, expert or beginner, would quickly agree that such a work has long been needed and desired, but actually writing one is a particularly daunting challenge for the author. Prior to the 1960s, when the late Walter Breen wrote his pioneering monographs, there was almost no reliable written information on U.S. gold coins available at all—just the Red Book, and auction catalog commentary (which typically only quoted the Red Book’s mintage figures, or else hyped whichever issue was being sold in that particular sale). Auction catalog hype often took the form of incorrect, even outrageous, claims of the rarity of some issues while overlooking or understating the rarity of others, simply due to a lack of correct information available to the cataloger. Breen’s monographs were the first steps along the path toward more reliable and accurate information, but, while definitely important and groundbreaking, they still fell considerably short of what was really needed. By the nature of a monograph, the commentary was generally too short, and focused more on die varieties than actual or relative rarity—and there were no photographs whatsoever. Also, Breen did not finish the project, never covering the subject of double eagles in his series. (He did, however, return to all the U.S. gold series in his justly famous U.S. coin encyclopedia, in the late 1970s.) Inspired by Breen’s iconic monographs, but realizing that much more in-depth information would be useful to a wider audience, I began the initial planning for a six-volume series on U.S. gold coins in 1970. The first two volumes, covering gold dollars and quarter eagles, were published in 1975. The series concluded seven years later with the volume on double eagles. When I started seriously working on the project in 1973, some of the greatest collections ever formed were still intact, including the Eliasberg, Garrett, Norweb, and Bass collections. All of these great collections were notable for their completeness and quality. Together with the National Numismatic Collection in the Smithsonian Institution, they afforded me the opportunity to obtain photographs of every known U.S. gold coin issue and include them in my six-volume series, many of them appearing in print for the first time. There was also included in each volume a great amount of information and rarity analysis that had not been previously known or published, and which proved to be useful to an entire generation of collectors and numismatists. However, with the passage of time, a tremendous amount of new information and insight has become available, and so it has been obvious for quite a while now that a new comprehensive work on U.S. gold coins was long overdue. The advent of grading services and their attendant populations reports, as well as such publications as The Official Red Book™ of Auction Records, the Internet, and high-resolution digital photography, have made it possible to create a book of much higher quality and accuracy than could have been realized—or even imagined—just a decade ago. Of course, technology alone could not make a reference work as outstanding and important as this one. It requires authors with tremendous knowledge, experience, and credibility, and, in my opinion, Jeff Garrett and Ron Guth have proven to be the perfect individuals for the task. Here, in a single volume, is the most accurate, up-to-date information available on every United States gold coin, including Proofs and circulation strikes as well as gold patterns and commemoratives. Accompanying this information about each issue is a superb, full-color photograph. The color photographs alone would make this encyclopedia a unique and indispensable reference work, since many of them are not available anywhere else and certainly not in a single volume. Fortunately for those of us who prize numismatic references, we are now living in the “golden age” of such books. Many wonderful, extremely useful books have been written in recent years on a wide variety of series and subjects that I enjoy referring to on a regular basis. Without a doubt, Jeff Garrett’s and Ron Guth’s new encyclopedia will now take its place with my “top shelf” favorites. In fact, it is not an exaggeration to say that it is destined to be the numismatic reference work I will reach for more often than just about any other, and I think it should be a part of every numismatic library. David W. Akers

Stuart, Florida

ABOUT THE AUTHORS

JEFF GARRETT is a Life Member of the American Numismatic Association. At the age of 17, he was offered a position (and, two years later, a partnership) at Florida Coin Exchange. Today he runs Mid-American Rare Coin Galleries (www.rarecoingallery.com), which he founded in 1984. He is also a co-owner of Sarasota Rare Coin Gallery. Jeff has handled nearly every United States rarity over the course of his career as a “dealer’s dealer.” During the ANA convention in 2003 he was one of the experts called upon to authenticate the long-lost 1913 Liberty Head nickel. In 2004 he handled one of the greatest gold collections ever assembled, the famed Duke’s Creek set of Georgia gold, which sold for nearly $4 million. Jeff has belonged to the Professional Numismatists Guild since 1982, and in 2005 he was elected president of the prestigious organization. In 2003 he was given the PNG’s Abe Kosoff Founder’s Award—its highest honor for work promoting the hobby and the organization. Although he spends most of his time buying and selling, Jeff enjoys research and the study of rare coins. In addition to other books coauthored with Ron Guth, he is coauthor of the “Red Book of Auction Records” series, and valuations editor of Whitman Publishing’s annual Guide Book of United States Coins. Jeff lives in Lexington, Kentucky, where he enjoys golf, travel, and spending time with his family: his wife, Mary Lynn; their daughter, Morgan; and their son, Ben.

RON GUTH has been actively involved in numismatics for nearly 40 years as a collector, dealer, researcher, and writer. He is the author of several award-winning numismatic books. His research has earned him the American Numismatic Association’s prestigious Wayte and Olga Raymond and Heath Literary awards, and the Numismatic Literary Guild’s 2002 Award for Extraordinary Merit. Ron is a Life Member of the American Numismatic Association and a member of the Rittenhouse Society. In 2003, he received the President’s Award from the ANA in recognition for his numerous contributions to numismatics. Ron currently serves as president of the Professional Coin Grading Service and is a licensed certified public accountant. He also deals in U.S. and world coins, specializing in Germany and the German States (www.germancoins.com). He and his wife Margaret have two daughters, Katie and Ali, and one son, Christian. They reside in La Jolla, California, where they enjoy hiking, biking, and going to the beach. ALSO BY THE AUTHORS: Jeff Garrett and Ron Guth are coauthors of The 100 Greatest U.S. Coins, winner of the Book of the Year award from the Numismatic Literary Guild and the Robert Friedberg Literary Award from the Professional Numismatists Guild. They are also coauthors of United States Coinage: A Study by Type.

PREFACE In the last three decades we have bought and sold thousands of United States gold coins. For many, many years the only real source of information on the subject has been the groundbreaking series of books on United States gold coins written by David Akers, which first appeared in 1975. Akers’s books were very important tools for us in the early parts of our careers. They are still relevant and have stood the test of time remarkably. Even today, the books have a prominent position in our libraries and are used with regularity. The past three decades have seen many changes in the world of numismatics. Today, most important coins are certified by a third-party grading company. The number of coins certified is closely monitored by the major thirdparty grading companies, and this information has become a very important tool in determining the rarity of United States coinage. The system is not perfect, but it is very useful information nonetheless. The Internet has also been a major influence on the rare coin market in recent years. More data and information can be found on the Internet than could have ever been imagined just a few years ago. This trend will probably continue for many years to come, and collectors will have access to a wealth of content that continues to grow daily. Many extremely important collections of United States gold coins have also been sold onto the market in the last three decades. These sales have provided collectors the opportunity to purchase many great coins that had been locked away in long-term collections for decades. The list of sales is very long, but includes such great holdings as those of Eliasberg, Bass, Norweb, Trompeter, Childs, and Pittman. These auction sales also provided a wealth of new information for collectors and researchers alike. We have undertaken to bring this new information to today’s collectors of United States gold coinage. When the project was first conceived, it became clear that one of the major obstacles would be to obtain photographs of every coin. The greatest collection of United States gold coins in the world resides at the Smithsonian Institute. We had done research in the National Numismatic Collection on several occasions, and were familiar with the vast holdings of the museum. Thankfully the staff of the Smithsonian provided us complete access to photograph and study this amazing collection. This encyclopedia could not have been done without their help and support. The Smithsonian gold collection has been carefully analyzed, and a complete census of the contents and condition of the United States issues is included in this book. This will provide collectors interesting and important information. We have also compiled auction data of gold coins that have sold in recent decades. The number of coins sold and the average grade have been determined for each issue. The same information is also provided for every coin that has been certified by the major grading companies in the last twenty years. Finally, the retail value of each coin is listed in various grades. Hopefully our efforts will bring a new level of understanding to the exciting pursuit of collecting United States gold coinage. Jeff Garrett Lexington, Kentucky Ron Guth La Jolla, California

U.S. GOLD COINS: AN OVERVIEW Discovering the Remarkable Qualities of Gold The story of American gold coins begins with gold itself. Gold was one of the first elements discovered by man, thanks to its distinctive, yellow color and metallic luster. Gold is a relatively inert metal, meaning that natural deposits enjoy a high level of purity. Gold is most commonly found mixed with quartz as veins and crystals, although other forms are known. Erosion of the earth creates what are known as placer deposits, where gold is exposed and concentrated in the form of dust, flakes, and nuggets. Placer deposits usually occur along the bed of a river, where the bright, yellow glint of gold caught the eye of early man. Man soon discovered the interesting and useful qualities of gold. Pure gold is soft, malleable (easily hammered into any shape), and ductile (easily pulled into wires or hammered thin). Pure gold does not rust or tarnish, thus it retains its natural beauty, luster, and color throughout the ages. And gold is rare, making it perfect as a store of value and a medium of exchange. Gold is used as money, in jewelry, as an electrical conductor, as a coating, and in innumerable other ways and fashions. The value of gold derives from its desirability, its utility, and the amount of effort required in obtaining and processing the natural ore. Although more and more gold is being mined every day, demand for the metal has kept pace. As of this writing, uncertainty about the U.S. dollar and the American economy has driven the price of gold to highs not seen since the early 1980s. However, it is important to understand that the volatility of the price of gold is not due to the supply but to the strength or weakness of the currency to which it is tied. The real purchasing power of gold coins has remained virtually identical throughout history (to illustrate, one can guesstimate that an ounce of gold purchased the same number of loaves of bread a thousand years ago as it does today). The same cannot be said of paper money, because paper money has no intrinsic value and can be reproduced with ease.

Gold stater of Philip II (359–336 B.C.) (shown enlarged ~2x)

Because pure gold is so soft, it is impractical for use as everyday money. Thus, certain other metals are alloyed with it to give it strength. The earliest American gold coins contained 91.6% gold and a mixture of copper and silver to make up the balance. If the silver content exceeded that of copper, the coin took on a greenish hue. If the copper content exceeded that of silver, the coin took on a more yellow appearance and, over time, would take on a reddish hue because of the oxidation of the copper. In 1834, the content of all American gold coins was changed to 90% gold, with copper and silver making up the additional 10%.

Planning a New Monetary System European expansion into the New World resulted in a jumble of colonies in the Americas, all of which were dependent on their mother countries for trade, commerce, goods and services, and money. Each colony had its own monetary system, usually dictated by royal decree. The right to coin money was awarded under a system of patents or private or public contracts. Often, the money of one colony was valued by a completely different set of standards in another colony, resulting in a mishmash of coins and values. Traveling from one colony to another was difficult enough, but converting (or even spending) money from another colony was extremely inconvenient and sometimes impossible. Silver and gold coins were scarce because they were often required as payment for goods imported from overseas. The dearth of natural ore sources in the colonies meant that “home-grown” gold simply did not exist. Thus, the colonists relied on imported coins that included the Spanish eight escudos (and its fractional counterparts), the Portuguese four escudos, and other foreign gold coins. As cumbersome and impractical as this system was, it

worked. However, the founders of the fledgling American republic knew they needed something better.

Early America’s coinage Silver and gold were scarce; more common were issues of copper.

Introducing the Players America’s monetary system grew out of a desire for an array of coins that was orderly, competitive with existing, international coinage systems, and flexible enough to cover most internal transactions. Several individuals were instrumental in the development of the system and its eventual implementation. America had a choice between using contractors to supply its coins or to make their own. These are the men who decided that a national coinage was a prestigious right of a sovereign nation, and that a national coinage would raise and cement America’s identity among the nations of the world.

Alexander Hamilton

The chief architect of the new monetary system was Alexander Hamilton (secretary of the Treasury from 1789 to 1795), who presented a report in 1791 outlining a coinage that included a copper half cent and cent, a silver dime and dollar, and a gold dollar and $10 piece. Hamilton’s report was the basis for the Mint Act of 1792, which provided for a national mint and expanded denominations. His sharp intellect and keen insight into financial matters led to a system of coins and money that has endured, with only minor changes and additions, for more than two centuries.

Thomas Jefferson

Thomas Jefferson was an active participant in the establishment of a U.S. Mint and was one of the first proponents of the adoption of a “dollar” coin in a decimal system. Jefferson argued that the new dollar would be easy to use and would match closely the Spanish 8-reales pieces then in circulation in America. Early on, Jefferson attempted unsuccessfully to hire an engraver for the proposed Mint.

George Washington

George Washington took a personal interest in the Mint. It was Washington who convinced the first director of the Mint, David Rittenhouse, to take the job. Washington’s addresses to the Congress included frequent mention of the Mint and its progress. Shunning monarchial trappings, Washington argued against placing his portrait on any U.S. coins, favoring instead an image “emblematic of liberty.” For those readers interested in further investigation, the authors recommend the following individuals, all of whom made important contributions to the early U.S. Mint: • David Rittenhouse—first director of the United States Mint. Rittenhouse was a prominent scientist and a personal friend of George Washington’s. • The Eckfeldt family—Adam Eckfeldt and his father provided contract services to the first Mint, even before its buildings were constructed. In 1796, Adam became an employee of the Mint, rising eventually to the position of chief coiner. In 1838, the U.S. Mint Cabinet was begun with coins that Eckfeldt had been setting aside for years. Other members of the Eckfeldt family served the Mint in a variety of different positions. • Henry Voigt (or Voight)—chief coiner from 1792 until his death in 1814. • Elias Boudinot—Mint director from 1795 to 1805. Earlier he was elected the first president of the Continental Congress.

Presenting the Designers The designs on American gold coins from 1795 to 1933 were created by the following individuals (in alphabetical order): • Charles Barber—$4 Stellas from 1879 to 1880. • Christian Gobrecht—quarter eagles from 1840 to 1907, half eagles from 1839 to 1908, eagles from 1838 to 1907. • William Kneass—quarter eagles from 1834 to 1839, half eagles from 1829 to 1838. • James Barton Longacre—gold dollars from 1849 to 1889 (all design types), $3 gold pieces from 1854 to 1889, double eagles from 1849 to 1907. • Bela Lyon Pratt—quarter eagles from 1908 to 1929, half eagles from 1908 to 1929. • John Reich—quarter eagles from 1808 to 1834, half eagles from 1807 to 1829. • Robert Scot—quarter eagles from 1796 to 1807, half eagles from 1795 to 1807, eagles from 1795 to 1804. • Augustus Saint-Gaudens—eagles from 1907 to 1933, double eagles from 1907 to 1933. Commemorative gold coin designs from 1903 to 1926 were created by the following individuals (in alphabetical order): • Robert Aitken—round and octagonal Panama-Pacific Exposition $50 gold pieces of 1915. • Charles Barber—Louisiana Purchase gold dollars of 1903, Lewis and Clark gold dollars of 1904 and 1905, obverse of Panama-Pacific Exposition $2.50 gold pieces of 1915, obverse of McKinley gold dollars of 1916 and 1917. • Laura Gardin Fraser—Grant gold dollars of 1922. • Charles Keck—Panama-Pacific Exposition gold dollars of 1915. • George Morgan—reverse of Panama-Pacific Exposition $2.50 gold pieces of 1915, reverse of McKinley gold dollars of 1916 and 1917.

• John R. Sinnock—Independence Sesquicentennial $2.50 gold pieces of 1926. A quick review of these two lists reveals that all of the designers were men except for one—Laura Gardin Fraser!

Implementing the New System In 1792, the Mint began preparations for a full-fledged coinage. Unfortunately, progress was slow, thanks to the inability of individuals to meet the stringent bond requirements for employees who handled precious metal. Thus, the first official U.S. gold coins did not appear until 1795, when only $5 half eagles and $10 eagles were struck. In 1796, $2.50 quarter eagles were added to the mix. The gold dollar first appeared in pattern (prototype) form in 1836, but none were made for circulation until 1849. The California Gold Rush, and the resulting deluge of gold bullion, led to the creation of the large $20 double eagle, first as a gold pattern in 1849, then in large quantities made for circulation beginning in 1850. The unusual $3 gold piece appeared in 1854, in response to the 3¢ price of a firstclass postage stamp. In 1877, a $50 denomination was proposed and a few pattern coins were struck in copper and gold, but none were made for circulation. The $50 denomination reappeared in 1915 in the form of octagonal and round commemorative coins made for sale at the Panama-Pacific Exposition in San Francisco. In 1879, Congress toyed with a $4 “international” coin, with a limited number of patterns struck (and restruck) in gold in 1879 and 1880.

The First Official U.S. Gold Coins $5 and $10 coins were first struck in 1795.

Discovering Gold in America Contrary to popular belief, the first significant discovery of gold in America was not in California in 1848, but in the lower Piedmont area of North Carolina in 1799. Conrad Reed, the son of a local farmer, found a 17-pound, yellowcolored rock that later turned out to be gold (after it served a three-year stint as a doorstop!). By the early 1830s the Bechtler family had established a private mint at Rutherford, North Carolina. Sufficient gold was found in the area to justify the opening of an official U.S. branch mint at Charlotte, North Carolina, in 1838. Around 1828, another gold rush began when gold was discovered in an obscure area of northern Georgia (once part of the Cherokee nation). By 1830, an average of 300 ounces of gold a day was being produced in the area. Private minters such as Templeton Reid and the Bechtler family produced their own coins from locally mined gold. In response, the U.S. Mint established a branch mint at nearby Dahlonega, Georgia, to convert the raw gold into standardized coins. However, the really big discovery of gold (and the one with which most schoolkids are familiar) occurred in 1848. John Marshall, a contractor, discovered gold at the site of a mill he was building on behalf of John Sutter. Despite instructions to keep the discovery a secret, word soon got out and prospectors and miners seeking their fortunes overran the area. Sutter himself decried the discovery, claiming that the lure of gold took all his employees and laborers, leaving his businesses in ruin. Thousands of Americans rushed to California in 1849 to try to make their fortunes. The influx of gold-seekers was immense, turning San Francisco from a sleepy hamlet to a bulging metropolis in only two years. Hundreds of millions of dollars’ worth of gold flowed through the city, passing from the miners to businesses, hotels, gambling establishments, and restaurants. Private minters turned the gold dust, flakes, and

nuggets into gold coins, often of questionable quality and fineness, thus providing a necessary medium of exchange. In response to the hue and cry for standardized coins of good quality, the U.S. government established an assay office at San Francisco, followed by an official U.S. mint in 1854. Circa 1859, a huge deposit of silver and gold ore, known as the Comstock Lode, was found near Virginia City, Nevada. The area produced more than 300 million dollars’ worth of gold and silver, some of which ended up going to a new mint at Carson City, Nevada. By 1863, silver and gold were so plentiful in the area around Denver, Colorado, that an assay office was established in that place. In 1906, the Denver operation became an official U.S. branch mint. Clearly, these discoveries of gold (and to a lesser degree, silver) impacted the history and economy of America in significant ways. Because of gold, populations shifted, fortunes were made, great cities sprang up, and mints created glittering yellow coins that served people back then and which entice collectors today.

Forty-Niners at Work

Branching Out From 1792 to 1838, the United States operated a single mint in Philadelphia, Pennsylvania. As America expanded westward, security and transportation issues forced the government to consider additional branch mints closer to the sources of natural ore. The discovery of gold in the Southeast sparked the opening of mints in Dahlonega (Georgia) and Charlotte (North Carolina) in 1838. Also in 1838, a mint was opened in New Orleans, Louisiana, to facilitate commerce in the new states and to convert the steady stream of world coins that were entering the city. In 1854, a branch mint was opened in San Francisco, California, to satisfy the tremendous demand for local coinage and to replace the sometimes fraudulent privately minted coins in circulation. In 1870, a branch mint was established at Carson City, Nevada, to handle the huge amounts of ore coming out of the Comstock Lode. Finally, in 1906, Denver, Colorado, became the site of another branch mint. Several of the mints fell victim to circumstances beyond their control. For instance, in 1861, Confederate forces seized the Charlotte, Dahlonega, and New Orleans mints. The first two mints were shut down as a result, never to reopen, but the New Orleans Mint was recaptured by federal troops and produced coins until 1909. The Carson City Mint died a slow death of attrition caused by a lack of sustaining appropriations. Others, like the main mint at Philadelphia and the branch mints at Denver and San Francisco, still strike coins today. The following is a list of U.S. mints that have produced gold coins for circulation: Philadelphia, Pennsylvania (1792 to Present)

The Philadelphia Mint was built in 1792 on the first piece of property purchased with federal money. From inauspicious beginnings, the Philadelphia Mint has become the largest and most important mint in the world. Certain of the Mint buildings sustained a fire in 1816. A new Mint building (on a separate site) was opened in 1833. In 1901, a third Mint building was opened (also on a separate site). Finally, in 1969, a fourth Mint building was built just a couple of blocks away from the site of the original 1792 buildings. Coins struck at the Philadelphia Mint prior to 1980 bear no mintmark; since 1980, the coins bear the letter P. The Philadelphia Mint produced copper, silver, and gold coins, usually of exceptional quality. The Philadelphia Mint was responsible for preparing dies for the branch mints. Proof coins were prepared and struck in a department at the Philadelphia Mint separate from the normal coining room. Dahlonega, Georgia (1838–1861) The Dahlonega Mint opened in 1838 to process locally mined gold. Output at this mint was always low, yet it continued to operate until 1861, when Confederate forces seized the building at the outset of the Civil War. In 1878, the Dahlonega Mint was destroyed by fire. Today, Price Memorial Hall of North Georgia College and State University sits on the original foundation of the Dahlonega Mint. The mintmark for Dahlonega is the letter D (the same as the Denver Mint, but the two mints never operated simultaneously). The Dahlonega Mint produced only gold coins, many of which were poorly made. New Orleans, Louisiana (1838–1909) The New Orleans Mint opened in 1838 to take advantage of the strategic port location and the economic importance of the city, as well as the availability of locally mined gold. In 1861, the mint’s operations were discontinued after it was seized by Confederate forces, who used the building as quarters for its troops. In 1862, Union forces recaptured the city, eventually reopening the building as a U.S. assay office. For a short time, the building was used as a federal prison. In 1879, coinage resumed and continued until 1909. Today, the building still stands on the northeastern edge of the French Quarter, serving as a branch of the Louisiana State Museum. The mintmark for New Orleans is the letter O. The New Orleans Mint produced both gold and silver coins, in varying mintages (rare to common), generally of good quality, but often softly struck. Charlotte, North Carolina (1838–1861) The Charlotte Mint opened in 1838 to process locally mined gold. In 1844, a substantial portion of this mint burned to the ground, preventing coinage in 1845. In 1861, Confederate forces seized the Charlotte Mint and shut it down, turning it into a hospital and headquarters during the Civil War. From 1867 to 1913, the building housed a U.S. assay office. The building was later moved and currently houses an art museum. The mintmark for Charlotte is the letter C. The Charlotte Mint produced only gold coins, usually of low mintage, not quite up to the standards of the Philadelphia Mint, but generally better than the coins produced at its sister facility in Dahlonega, Georgia. San Francisco, California (1854 to Present) The San Francisco Mint opened in 1854 to process the huge amounts of gold coming out of California’s streams and mines. In 1874, a new San Francisco mint opened, looking much like an ancient Greek temple. In 1906, a major earthquake destroyed most of San Francisco, but the mint building, known affectionately as the Granite Lady, survived relatively unscathed. In 1937, the Mint moved to a newer, more modern facility, which still operates today. The former mint building is now home to the American Money and Gold Rush Museum (AMGRM). (For more information about the museum and the ongoing renovations to the Granite Lady visit www.amgrm.com.) The mintmark for San Francisco is the letter S. The San Francisco Mint produced copper, silver, and gold coins, usually of excellent quality. Carson City, Nevada (1870–1893) The Carson City Mint began coinage operations in 1870, processing locally mined gold and silver. Coinage continued until 1893, when the building was converted to a U.S. assay office. After the mint closed in 1933, it fell into disrepair. In 1939, the State of Nevada purchased the building, performed renovations, and reopened it as the Nevada State Museum. The old Carson City Mint building still stands today. The mintmark for Carson City is the letters CC. The Carson City Mint produced silver and gold coins, often of low mintage, usually of good quality. Denver, Colorado (1906 to Present) The Denver Mint opened as a U.S. Assay Office in 1863 to help process locally mined ore. However, coinage did

not begin until 1906, after a new building had been completed. The Denver Mint remains in operation today. The mintmark for Denver is the letter D (the same as the Dahlonega mintmark, but the two mints never operated simultaneously). The Denver Mint produced copper, silver, and gold coins, usually of good quality.

Collecting American Gold Coins A collector’s decisions boil down to a matter of personal taste; there is no single “correct” way to collect coins. Here are some of the ways people focus on U.S. gold. Collecting Patterns Every coin begins as a concept. Be it a new denomination, design, size, shape, or alloy, the best way to present the concept or to test it is in a physical form. The physical form of a coin concept is known as a pattern. By their very nature, pattern coins are exceedingly rare, with most being unique. Pattern coins are produced in extremely limited quantities, especially in the intended metal. Gold patterns, because of their high intrinsic value, are the rarest and most desirable. Sometimes a pattern coin ends up going into production, but usually with modifications (a good example is the evolution of Augustus Saint-Gaudens’s design for the 1907 $20 gold pieces). Pattern collectors often focus on a single denomination, design type, date, or alloy. Thus a collector might decide to chase after all $3 gold piece patterns regardless of date or metal. Or, they may choose to pursue all aluminum versions of patterns for gold coins, regardless of denomination. The pattern section of this book illustrates the wonderful diversity of designs and concepts that have served as the foundation for the coins that ended up in circulation. Collecting Regular Issues Many collectors prefer coins that were made for circulation—coins that were actually used in everyday commerce. Unfortunately, gold coins are intrinsically expensive and the average collector can only afford to purchase one of each type. Date collecting is both difficult and prohibitively expensive, thus it is the rare collector who can afford to pursue this method. In addition, many circulation strikes simply do not exist in Mint State condition, thus the collector who seeks only high-grade examples will be disappointed in many instances. Nevertheless, there are numerous collecting methods that can be both satisfying and challenging. Here are a few: A denomination set of U.S. gold coins includes the following coins: $1, $2.50, $3, $5, $10, and $20. For most collectors, this is an easy, affordable set that illustrates the interesting array of denominations that have evolved over the years that gold coins were produced. Wealthy collectors might consider adding the $4 Stella (which is actually a pattern coin).

BY DENOMINATION:

From 1795 to 1933, America produced a number of different design types, most of which were some variation on a depiction of Miss Liberty (the Indian head designs of 1907 to 1933 were the exception). A design set includes, at the least, one of each major design type, regardless of denomination. At the most, a design set includes one of each major design type of every denomination. Unfortunately, a complete set of design types is very expensive, so collectors have created some interesting subsets. For instance, some collectors focus only on designs from the 20th century, or they may collect only design types on gold dollars. Other collectors focus on a single design type across all denominations (e.g., all Liberty Head issues from 1838 to 1907).

BY DESIGN TYPE:

BY DATE: Collecting coins this way is a throwback to the middle to late 1800s, when collectors focused on acquiring one coin from each date, but paid little or no attention to mintmarks. In recent years, date collecting has made a resurgence due to the high cost of gold coins. The benefits of choosing one coin of a given date can best be illustrated by example: in 1875, half eagles were made at the Philadelphia, Carson City, and San Francisco mints. The 1875 is an extremely rare and valuable coin, the 1875-CC is moderately rare and somewhat expensive, and the 1875-S is also scarce, but is the least expensive of the three. For the date collector, any one of the three coins will suffice. Since the date collector seeks to minimize costs, usually the least expensive coin is chosen.

Collecting every possible date and mintmark combination of gold coins is a daunting and expensive proposition, but one that can be extremely challenging and rewarding. Old-time collectors such as Waldo Newcomer, Louis Eliasberg Sr., and Harry W. Bass Jr. achieved remarkable levels of success in this area and their names are repeated throughout this volume. Today, increased competition and relatively higher prices make it nearly impossible to repeat their success. Nonetheless, the authors encourage collecting at all levels, including the very top.

BY DATE AND MINTMARK:

Collecting Proof Coins Proof coins are specially made pieces that are usually sold to collectors at a premium. Proof coins represent the pinnacle of the minter’s abilities; they are meant to be perfect in every respect. The blanks for Proof coins are polished to a mirror-like sheen. Inspectors examine the dies for imperfections, selecting only the very best for Proof coin production. Mint personnel, specially trained in the proofing process, prepare the dies, then place them in higher-capacity presses to ensure that every last detail is squeezed out of the dies. Often, multiple blows from the dies are required to bring up the fine relief on each coin. Proof coins are handled individually to prevent each from coming into contact with another coin. Existing records indicate that Proof gold coins were usually sold in complete denomination sets for the year, but varying mintages within a year indicate that it may have been possible for collectors to obtain Proof gold coins on an individual basis. Until modern times, the premium charged by the Mint to produce Proof coins was very reasonable, usually just a tiny percentage or fee over the face value. Unfortunately, the high face value of most gold coins prevented all but the wealthiest of collectors from obtaining them. The small Proof premium came back to haunt the coins later on. When times got tough, collectors often sold their collections or spent the coins at face value, including Proof gold coins. After all, for many decades, Proof gold coins weren’t worth much more than their denomination value, and collectors back then were unaware that their coins would eventually become some of the rarest and most sought-after pieces in the market. Proof coins can be found with a variety of finishes. Prior to 1828, the Mint lacked the technology to produce perfect coins, although it is apparent that some attempts were made. Pre-1828 “Proof” coins often have a semireflective sheen, the details are not always full, and there is often a lack of documentation suggesting that such coins were made. However, several of the pre-1828 gold coins are convincing in their characteristics. The authors prefer to call such examples “Specimen” coins, an appellation that points to their special qualities but which does not require strict adherence to a specific set of standards. The introduction of the “close” collar in 1828 created the opportunity to strike coins of exact diameters and superb details. Proofs began to exhibit the familiar characteristics of modern examples: near-perfect details, squared rims, mirrored surfaces, and (sometimes) frosted design elements. In 1902, the Mint shifted to a brilliant finish, with little or no cameo contrast. Beginning in 1907, new coinage designs ushered in a short period of completely new Proof finishes. The brilliant and cameo finishes of prior years went by the wayside, replaced by Proof surfaces that ranged from satiny to finely etched to a sandblast, matte texture. Sometimes, the proofing process was so subtle that experts disagree as to whether a particular coin is a Proof or not (for example, the 1907 $20 High Relief Proofs are recognized by NGC but not by PCGS). The differences between Satin Proofs, Roman Finish Proofs, and Matte Proofs are best learned by examining as many different coins as possible. The last Proof gold coins were struck in 1915. Collecting by Mintmark Collecting coins by their various mintmarks did not come into vogue until the 1890s, after the publication by Augustus Heaton of a treatise on mintmarks.

Mintmarks of the Branch Mints From left to right: Dahlonega, Charlotte, New Orleans, Carson City, Denver, and San Francisco.

Gold coins were produced at Philadelphia, Dahlonega, Charlotte, New Orleans, Carson City, Denver, and San Francisco. All of the mints (except Philadelphia) placed a mintmark (a letter or letters) on each of the coins to identify the source. For example, the New Orleans Mint placed a small letter O on each of its coins. Each mint seems to have had its own set of characteristics and quirks. Dahlonega coins are infamous for their poor strikes and general quality. Philadelphia appears to have produced the best coins of all the mints. Thus, a complete set of mintmarks includes coins of varying quality and even of varying color (because of differences in the metallic composition of local ores).

Telling Their Stories No history of American gold coins is complete without introducing some of the people who built great collections, promoted the collecting of gold coins, or contributed to our base of knowledge. These are the people whose names will appear repeatedly throughout this book: Walter Breen Walter Breen was a numismatic prodigy, prolific writer, and arguably one of the greatest numismatic researchers of all times. His works include monographs on individual gold denominations and varieties, many of which were the first such studies of their kind. For purposes of this book, Breen’s most important contributions were his Encyclopedia of United States and Colonial Proof Coins 1722–1989 and his magnum opus, Walter Breen’s Encyclopedia of United States and Colonial Coins. Although much of Breen’s work has been updated over the past decade or so, his influence on modern numismatic research continues to be felt. Louis Eliasberg Sr. Louis Eliasberg Sr. built the only complete collection of United States coins ever assembled, including every date and mintmark combination in every denomination of copper, silver, and gold coins. Many of his gold coins were purchased directly from the Mints in their year of issue (by the Clapp family); thus, the quality of many of his coins was extraordinary. The gold portion of his collection was sold in 1982, setting numerous price records. Highlights of the collection included the unique 1870-S $3 gold piece and the only collectible example of the 1822 half eagle. David Akers Between 1975 and 1982, David Akers published six volumes of his United States Gold Coins, An Analysis of Auction Records. Akers analyzed each date (plus most major varieties) of every denomination. By combining his intimate knowledge of gold coins, his extensive experience as a coin dealer, and a systematic survey of all important auction records, Akers created a reference work that remains relevant (and widely quoted) today. Waldo Newcomer Waldo Newcomer, a wealthy Baltimore banker and businessman, formed a phenomenal collection of U.S. coins in the early part of the 20th century. Newcomer was one of the first collectors to appreciate die varieties of United States coins, and his collection of half eagles was one of the finest ever assembled. Unfortunately, Newcomer sold his collection privately; thus, his name and collecting accomplishments have faded into history. Perhaps the frequent mention of his name in this volume will give him the recognition he deserves. Ed Trompeter Ed Trompeter assembled one of the finest collections of Proof U.S. gold coins, complete from 1860 to 1915. He had an eye for quality and the financial means to support his collecting goals; thus, many of his coins are unsurpassed in terms of beauty and eye appeal. His remarkable collection was sold at auction and through private treaty beginning in 1992. John M. Clapp From the 1880s to his death in 1906, J.M. Clapp was an aggressive collector of U.S. gold coins. Beginning in 1892, he began acquiring gold coins from each of the mints (perhaps with some inside help, as the quality of the coins was truly exceptional). Upon his death, the collection passed to his son, John H. Clapp, who became an equally enthusiastic collector. In 1942, Louis Eliasberg acquired the Clapp Collection for $100,000, a large sum of money at the time. The acquisition of the Clapp Collection gave Eliasberg the impetus to complete his collection of U.S. gold coins. Robert C.H. Brock When the Mint began selling Proof gold coins to the public in 1858, there were few takers. The high intrinsic value of the coins kept away all but the wealthiest collectors. One regular customer was Robert C.H. Brock, who purchased complete sets of Proof coins each year. Brock died in 1904, after which J.P. Morgan (the famous capitalist/banker) purchased his collection of proof coins. The Brock/Morgan coins now belong to the American Numismatic Society, where they are available for research purposes. King Farouk of Egypt

In 1936, Egyptian King Foaud’s son, Farouk, became ruler of Egypt at the tender age of 16 years. Farouk embraced a self-indulgent royal lifestyle and spent vast sums of money on passions that included automobiles, palaces, pornography, and coins. He became the ultimate customer for some of the most important U.S. gold coins. Farouk abdicated his throne in 1952 and his collection was sold in 1954. Significant coins were sometimes combined with common coins in large lots, and many of the best pieces sold for far less than the king had paid for them. A classic example was the 1907 Indian Head double eagle pattern. Farouk purchased the coin from dealers Abe Kosoff and Abner Kriesberg for slightly less than $10,000. When the coin appeared in the 1954 sale, it sold for approximately $3,400—to Abe Kosoff! Josiah K. Lilly Jr. Josiah K. Lilly Jr. was chairman of the board of the Eli Lilly pharmaceutical company until his death in 1966. Lilly collected rare books, art, antique firearms, and coins. In 1973, his collection of 6,113 U.S. and world gold coins was transferred to the Smithsonian Institution, where it was displayed prominently until the Hall of Money and Medals was closed in 2004. The Lilly Collection is replete with rarities, highlighted by an 1822 half eagle, a 1907 $20 Ultra High Relief double eagle, and many others. J.P. Morgan J.P. Morgan was one of the greatest capitalists/bankers in U.S. history. He restructured and consolidated the rail and steel industries in the late 1800s, forming the U.S. Steel company in 1901. Morgan used his considerable wealth to acquire art, books, and rare coins. His name is most often associated with gold coin because of his unsuccessful attempt to purchase the 1849 double eagle from the U.S. Mint, his vain attempts to purchase an 1822 half eagle, and his successful purchase of Robert C.H. Brock’s collection of Proof gold coins. The Brock/Morgan Proof gold coins are now in the collection of the American Numismatic Society. Harry W. Bass Jr. Harry Bass built one of the finest collections of U.S. gold coins ever assembled, focusing not only on condition but on completeness and die varieties, as well. Bass was a consummate researcher, who discovered numerous new varieties and interesting die characteristics (his copious notes form the basis for John Dannreuther’s book on early U.S. gold coin varieties and die states). Portions of the Bass Collection were sold in 1999 and 2000, setting numerous price records for individual coins. Bass’s core collection of gold types and his complete collection of $3 gold pieces remain on display at the headquarters of the American Numismatic Association. Colonel E.H.R. Green The Green pedigree appears frequently in numismatics. Thanks to a huge inheritance from his mother, Hetty Green (the “Witch of Wall Street”), Colonel Green indulged himself in numismatics, buying entire collections and extreme rarities (often in multiples). Green ended up with many of the coins from the Waldo Newcomer Collection, which, at the time, included the most complete collection of early half eagles by variety. Most of the Green coins were placed privately in other collections after his death. The appraised value of his collection was an astounding $1.2 million— in 1939! John Jay Pittman John Jay Pittman was a collector of modest means who built one of the finest collections of Proof coins ever assembled. Pittman gravitated to Proof coins because of their extreme rarity and the fact that collectors paid little attention to them during the time that he was active as a collector. He mortgaged his home to purchase coins from the Farouk sale in 1954, where he acquired some of his most important rarities. In 1997 and 1998, Pittman’s collection was sold by David Akers, realizing more than $30 million and one of the highest returns on investment achieved by any collector in history. John Wilkison The John Wilkison Collection of U.S. gold patterns was unsurpassed in terms of quality and level of completion. Through judicious trades and purchase, Wilkison was able to acquire 60% of the known population of gold patterns, including such rarities as the unique 1907 Indian Head double eagle. Wilkison re-assembled the complete set of unique gold 1872 Amazonian patterns, which had been broken up previously. In 1975, the Wilkison collection formed the basis for David Akers’s book United States Gold Patterns. Many of the coins used to illustrate the pattern section of the present book hail back to this wonderful collection.

Peering Into the Future The prospects for rare gold coinage are very bright in the near future. Thousands of new collectors have discovered the rich history of United States gold coins in recent years. The Internet and new publications have provided collectors with a wealth of information that was not available to past generations. Many extremely important collections have also been sold in the last 15 years that has provided individuals the opportunity to obtain coins that had been locked away for decades. These include the vast estates of Harry W. Bass Jr., John Jay Pittman, and many others. Certification and population reports have also had a major impact on the collecting of United States gold coins. In recent months the value of gold itself has been rising sharply. This will probably translate into many new collectors in coming years. There has never been a better time to explore the wonderful field of United States gold coinage.

HOW TO USE THIS BOOK Organization The Encyclopedia of U.S. Gold Coins 1795–1933 organizes federal gold issues by denominations ($1, $2.50, $3, $4, $5, $10, and $20), and chronologically (by dates/mintmarks/varieties within each denomination). Circulation strikes are studied first within each denomination, and then Proofs. The $20 gold coin section is followed by a similar study for commemoratives, and then for patterns. Each denomination begins with an overview that describes the history and designs of its coins. Specifications are provided, including weights, compositions, diameters, and edge styles. Each coin is pictured at actual size in the section overviews. Following each denomination overview, its coins are featured in individual studies with these elements:

Photographs: Each coin is pictured, obverse and reverse, at 1.25”. A note at the bottom of each page indicates the degree of enlargement or reduction. Double eagles are shown at actual size.

indicates the coin pictured is a specimen from the National Numismatic Collection of the Smithsonian Institution. Mintage: Each mintage quantity is based on U.S. Mint records and/or the research of the authors. In some cases, especially for patterns and early coins, mintage will be presented as an estimate or range. Finest Smithsonian Institution specimen: This indicates the grade of the coin in Smithsonian Institution’s National Numismatic Collection (or the highest grade, if the Smithsonian holds multiple specimens). Essay: Each coin is described in an essay on its history, rarity, physical characteristics, significant auction results, pedigree, and/or other details. Retail values: Each coin is retail-valued in multiple grades. In some cases (for example, if a coin’s existence is questioned, or if the only surviving specimen resides permanently in a museum), no dollar value will be given. Auction data, 2003–2007: This is a summary report of the coin’s auction activity from early 2003 through late 2007: the number of times that date or variety has been auctioned; the average grade of the coins auctioned; and the percentage of those coins that were in Mint State. Population summary: This is a summary report of the coins certified by the major third-party grading services (ANACS, NGC, and PCGS), using their data as available in early 2008: the number of coins certified; the average grade among those coins; and the percentage that were in Mint State. Appendix A is a chart of auction records for each circulation-strike coin (highest sale prices paid at auction, which include appropriate buyers’ fees). Appendix B provides similar records for each Proof coin. Appendix C expands on the population summary offered in the circulation-strike coin-by-coin studies. It provides certified population data: the number of coins graded by ANACS, NGC, and PCGS. Note that coins can be removed from their certified holders and resubmitted for grading (to the same or a different grading service). Therefore, a

particular coin submitted twice would count as two coins in this certified population data. Appendix D provides similar certified population data for each Proof coin. Appendix E (circulation-strike) and Appendix F (Proof) catalog the gold coins in the National Numismatic Collection, by date and grade.

1 GOLD COINS: AN OVERVIEW Liberty Head (Type 1), 1849–1854 The gold dollar debuted as a new alternative to the silver dollar in 1849, following the discovery of gold in California. James B. Longacre, chief engraver of the Mint, designed the new coin. Constrained to a tiny 13 mm “canvas” of gold, Longacre created the master dies in May of 1849. One thousand coins were created on May 8. These are known today as the No L variety (the designer’s initials do not appear on the bust). The dies quickly cracked, and the designs for both the obverse and reverse were slightly redesigned. Several die variations exist for the 1849 gold dollar alone. Minting was by far the greatest at the Philadelphia Mint, and today these are the most common coins of the type. Type 1 gold dollars were also minted in Charlotte, Dahlonega, New Orleans, and San Francisco. The coins struck at the branch mints are much rarer, many with mintages of a few thousand. By far the rarest Type 1 gold dollar is the 1849-C Open Wreath: only five examples are known. Designed by James B. Longacre. The obverse features a female head (emblematic of Liberty) wearing a coronet, with the word LIBERTY inscribed on the headband. 13 stars at the periphery. The reverse shows the legend UNITED STATES OF AMERICA engraved at the perimeter. Inside is a wreath, in the center of which is the denomination 1 DOLLAR and the date. Edge: finely reeded. Standards: weight, 1.672 grams; composition, 90% gold / 10% copper; diameter, 13 mm.

(Above, top and middle) Liberty Head, Type 1; and (above, bottom) the rare 1849-C Open Wreath reverse.

Indian Princess Head, Small Head (Type 2), 1854–1856 Type 1 gold dollars were criticized for their extremely small size, and they were sometimes confused with the small silver coins then in circulation. Longacre produced a new design in 1854 that was enlarged to 15 mm. The obverse features a portrait of an Indian princess, very similar to that of the $3 gold coin that also debuted in 1854. To accommodate the larger diameter yet maintain the same weight, the coins were made slightly thinner. The relief of the design was unfortunately too high and resulted in many coins that were weakly struck. Excessively clashed dies are also very common to the issue. The vast majority of Type 2 gold dollars were struck at the Philadelphia Mint. A much smaller number of coins was minted in New Orleans, Dahlonega, and San Francisco. The Type 2 gold dollar has for years been one of the key coins in the so-called Twelve-Piece Gold Set, and it generally trades for a price that exceeds its true rarity. One of the greatest U.S. coins is the Proof Type 2 gold dollar. Very few examples are known in all grades. Designed by James B. Longacre. The obverse features an Indian princess wearing a feather headdress. The word LIBERTY is inscribed on her headband. The obverse border is inscribed with UNITED STATES OF AMERICA. The reverse is composed of a wreath of corn, cotton, tobacco, and wheat around the denomination 1 DOLLAR and the date. Edge: finely reeded. Standards: weight, 1.672 grams; composition, 90% gold / 10% copper; diameter, 15 mm.

Indian Princess Head, with Small Head.

Indian Princess Head, Large Head (Type 3), 1856–1889 Because of the many troubles the Mint experienced producing Type 2 gold dollars, the design was modified slightly by lowering the relief and making the portrait wider. These changes greatly improved the quality of most examples, but poorly made coins continued to come out of the branch mints, particularly Dahlonega and Charlotte. Scarce coins were minted in New Orleans and San Francisco. The most common coins of this type were produced by the Philadelphia Mint, with mintages much smaller at the branch mints. Many great rarities occur in this series. The lowest mintage issue is the 1875, with just 400 coins reported struck. The 1861 coinage at Dahlonega reportedly occurred after the Confederacy seized the Mint at the beginning of the Civil War. Although the later issues after 1874 have lower mintages, many were hoarded and can be found in amazingly high grade. Proof Type 3 gold dollars were struck continually from 1856 to 1889, many with tiny mintages of 10 to 20 coins. Some of the later-date issues were made in sufficient numbers to make them among the most affordable Proof U.S. gold coins. Designed by James B. Longacre. The obverse features a modified Indian princess design wearing a feather headdress. The word LIBERTY is inscribed on the headband. The obverse border is inscribed with UNITED STATES OF AMERICA. The reverse is composed of a wreath of corn, cotton, tobacco, and wheat around the denomination 1 DOLLAR and the date. Edge: finely reeded. Standards: weight, 1.672 grams; composition, 90% gold / 10% copper; diameter, 15 mm.

Indian Princess Head, with Large Head.

$1 – LIBERTY HEAD (TYPE 1) 1849, Open Wreath, Small Head, No L Mintage: Estimated 1,000+

Finest Smithsonian Institution specimen: MS-64

This scarce variety lacks the designer’s initial (L, for Longacre) on the truncation of the bust. Reportedly, only 1,000 examples were struck on May 8, 1849 before production was halted. Mint Director Robert Patterson felt the relief was too high and presumed this would lead to striking problems. Judging from the usual No L coins seen, this was a major overreaction. Many examples of this first issue were saved, since most specimens seen of this variety are in Mint State, and prooflike specimens are not uncommon. The Open Wreath, No L gold dollar is much more rare than the 1849 Open and Close Wreath With L varieties. One of the finest seen, an NGC MS-68 Star sold for $69,000 in early 2007.

1849, Open Wreath, Small or Large Head, With L Mintage: 688,567 (includes all varieties)

No specimen in Smithsonian Institution

The Open Wreath, With L gold dollars of this year are found in two major varieties, incorrectly named “Large Head” and “Small Head” (in 2007, researcher John Dannreuther discovered that the heads of all 1849 Gold Dollars are exactly the same size—the appearance of a difference comes from the placement of the denticles and stars on the different varieties). The Open Wreath, Small Head variety is the scarcer of the two. The 1849 Open Wreath gold dollars of both types are generally more difficult to find than the Close Wreath variety. Accurate rarity is rather difficult to determine as even today many price guides and population reports do not categorize each variety. Although a lone MS-69 example exists of the Open Wreath, superb examples are seen less often than of the scarcer No L variety. Examples are often seen partially prooflike, or striated.

1849, Close Wreath, Large Head Mintage: 688,567 (includes all varieties)

Finest Smithsonian Institution specimen: MS-64

The Close Wreath variety was the last struck in Philadelphia in 1849 and was struck from 1850 onward at all mints (“Close” refers to the position of the wreath tips relative to the 1 of the denomination). The Close Wreath variety is seen more frequently than the various Open Wreath varieties in circulated to choice condition. Gems, however, are seen much less frequently. As noted above, many price guides have not recognized the varieties. In the future, the different varieties of this year may become more important in understanding the development of gold dollars. The 1849 gold dollar will always be very popular as the first year the denomination was struck in gold.

1849-C, Close Wreath Mintage: 11,634

Finest Smithsonian Institution specimen: AU-55

With a tiny mintage that is just a fraction of the Philadelphia issue, the 1849-C Close Wreath variety can be considered quite scarce in any grade. High-grade examples are usually prooflike in appearance but can be difficult to grade due to convex obverse fields (giving the coins a bulged look that can be confused with damage). Low-grade pieces are the norm, with Mint State coins being very rare. Two sets of dies were sent in June of 1849 from the Philadelphia Mint to the Charlotte Mint. Just a handful of coins were struck with the Open Wreath design before the Close Wreath dies were put into use. The 1849-C Close Wreath design is scarce in all grades, but it is the only Charlotte-minted gold dollar for that year that is practical to collect.

1849-C, Open Wreath Mintage: Unknown and included as part of the 1849-C, Close Wreath

No specimen in Smithsonian Institution

The 1849-C Open Wreath is considered the “king” of all gold dollars and is one of the rarest U.S. gold coins. The Charlotte Mint was the only branch mint to receive the new Close Wreath dies in time to strike the 1849-dated coins, so probably just a handful of coins were struck in Charlotte with the Open Wreath dies. All other branch-mint issues are found with Open Wreath designs only. Waldo Newcomer discovered the variety sometime before 1933. That example was graded at one time by PCGS as AU-58. It is estimated that currently five are known to exist, the finest being an NGC MS-63 PL that surfaced and was sold at auction in 2004 for $690,000. Other known examples of the 1849-C, Open Wreath design grade from Fine to About Uncirculated. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1849-D Mintage: 21,588

Finest Smithsonian Institution specimen: AU-58

Although this date is the most common Type 1 gold dollar from the Dahlonega Mint, demand from type collectors has made it difficult to locate in any grade. The mintage is relatively small, but many were undoubtedly saved as first-year-of-issue souvenirs. Partial prooflike examples are sometimes seen, many with a distinctive green-gold color. The strike on the reverse is sometimes weak in the central portions. Despite a larger-than-expected survival rate, high-grade examples are very rare. Only a couple survive that could be classified as gems. Most coins that are seen are well worn, with the average coin being Very Fine or Extremely Fine. In early 2006, a Mint State example (PCGS MS-64) realized $50,600 at auction, setting a record price for the date.

1849-O Mintage: 215,000

Finest Smithsonian Institution specimen: MS-61

None of the Close Wreath dies were received in New Orleans in time for the coinage of 1849; thus, all known examples are of the Open Wreath variety. Most examples are well struck on the obverse but are usually weakly struck in the central portions of the reverse, sometimes very much so. High-grade coins often display partial prooflike surfaces. The 1849-O coin is not a great rarity in the lower states of preservation. Choice and gem coins are, however, seldom seen and quite desirable. The finest example the authors have seen was the gem Uncirculated coin that was part of the Eliasberg Collection. This is one of the more readily available New Orleans issues but is still quite popular as a first year of issue.

1850 Mintage: 481,953

Finest Smithsonian Institution specimen: AU-58

Despite a mintage of nearly 500,000 pieces, 1850 gold dollars are much scarcer in high grades than other Type 1 gold dollars struck at the Philadelphia Mint in the 1850s. Most examples seen are light yellow-gold in appearance, and striated surfaces are not uncommon. Average-grade coins of this date are just slightly more rare than common coins of the type. Several choice Mint State examples are known. One of the finest seen by the authors is the Eliasberg specimen, which resold for $44,000 in 1989. That magnificent coin once resided in the collections of John H. Clapp and Matthew Stickney. Another superb example resides in the personal collection of David Akers.

1850-C Mintage: 6,966

Finest Smithsonian Institution specimen: AU-50

The 1850-C issue is one of the rarest Charlotte Mint gold dollars. High-grade examples are almost never seen, and lower-grade coins are elusive. The production of the 1850-C gold dollar is generally poor, making grading difficult. The surfaces of this issue are often prooflike but with grainy or rough patches. The strike, on most seen by the authors, has been average, with some weakness on the obverse. Accurately graded examples of this date are very difficult to locate. Just a few choice coins have been graded over the years. Notable examples that have surfaced include the Eliasberg coin, the James A. Stack piece, and the coin that was part of the famous Elrod Collection.

1850-D Mintage: 8,382

Finest Smithsonian Institution specimen: AU-58

As a date, the 1850-D issue is far rarer than the 1849-D gold dollar. Relatively few have been graded Mint State, and the 1850-D coin is very scarce in any condition. The number of coins offered at auction is also less than one would expect. The average coin seen is Very Fine at best. This issue can easily be considered one of the rarest Type 1 gold dollars. Most 1850-D gold dollars are softly struck on the obverse, making grading a tricky affair. The finest example known of the date is the exceptional piece from the famed Duke’s Creek Collection. The coin was graded MS-64 by NGC and is the plate coin for this book.

1850-O Mintage: 14,000

Finest Smithsonian Institution specimen: AU-58

The 1850-O issue has by far the lowest mintage of any New Orleans gold dollar. This date is at least as rare as many Dahlonega and Charlotte issues and is very underrated at current price levels. High-grade coins of this issue are very rarely seen, and the finest graded examples to date have been two MS-64 specimens, one of which resided in the famous Harry W. Bass Jr. collection. Most 1850-O dollars are well struck, but they are sometimes found with light die rust on Liberty’s neck and jaw. In the 1906 Harlan P. Smith sale, the Chapman brothers noted that this date was the rarest New Orleans gold dollar, in their opinion—a very astute observation for the time. In early 2007, an NGC MS-64 example sold for $16,100.

1851

Mintage: 3,317,671

Finest Smithsonian Institution specimen: MS-65

Thanks to a high mintage, the 1851 gold dollar is a very common date. Mint production focused heavily on the production of gold dollars, whereas silver dollars were virtually ignored. NGC and PCGS have graded more than 4,000 examples of the 1851 gold dollar in all grades. Several superb gems are known, with the finest example being an NGC MS-69. As a type coin, low-grade Type 1 gold dollars of this date are easily located. Gem and better coins become increasingly difficult to locate and are quite desirable. Softly struck coins are often seen, but the luster on most pieces is above average for the type.

1851-C Mintage: 41,267

Finest Smithsonian Institution specimen: MS-62 PL

The 1851-C issue is the most common gold dollar (and the most common denomination) from the Charlotte Mint. Circulated examples are relatively easy to find, but the demand for branch-mint gold has steadily increased over the last few years. In Mint State condition, this date is the only Charlotte gold dollar that can be found with relative ease. Most 1851-C gold dollars are well struck, but it is not unusual to see coins with various planchet flaws or areas of weakness. Several examples of this date are known in gem condition, the finest graded to date being three MS-66 examples. In October 2006, an NGC MS-66 specimen sold at auction for $28,750.

1851-D Mintage: 9,882

Finest Smithsonian Institution specimen: MS-62

This date is the second most-common Type 1 gold dollar struck at the Dahlonega Mint. The term common must be kept in perspective, however, when one considers that more than three million gold dollars were struck at the Philadelphia Mint in 1851. Circulated examples are not exceptionally rare, but very few Mint State coins have been graded by either NGC or PCGS. The finest by far is the superb NGC MS-65 Duke’s Creek / Bareford specimen (the only example to have received that lofty grade). This fabulous piece sold for $7,500 in 1978 and is worth multiples more today! Many Dahlonega Mint coins of this date are boldly struck and have above-average surface quality. A number also exhibit heavy die clashing. The 1851-D is highly collectible as a type coin from this popular Southern mint.

1851-O Mintage: 290,000

Finest Smithsonian Institution specimen: MS-64

The 1851-O gold dollar is not extremely difficult to locate in circulated condition because of its relatively high mintage. Nevertheless, it is still much rarer than its Philadelphia counterpart. Mint State coins are increasingly difficult to locate in high grade. PCGS and NGC have graded three MS-66 examples (an increase of two examples since our first edition), one of which sold for $25,875 in December 2005. A small group (10 to 12) of MS-64 and MS-65 coins was discovered around 2001. Most of the high-grade coins seen have good luster and golden-yellow surfaces. Interestingly, several coins have been cataloged in the distant past as Proofs. Some 1851-O gold dollars are partially prooflike, but none would be considered a true Proof by modern numismatists.

1852

Mintage: 2,045,351

Finest Smithsonian Institution specimen: MS-65

With a mintage of more than two million coins, the 1852 gold dollar is one of the most common dates for the type. Only the 1851 and 1853 have a higher survival rate. The finest example known to the authors is the dazzling and nearly flawless MS-69 graded by PCGS in 1997. The coin is dripping with mint frost and makes for a magnificent, detailed study of the type. This amazing coin last sold in February of 2006 for $92,000 at public auction.

1852-C Mintage: 9,434

Finest Smithsonian Institution specimen: MS-60

With a mintage of fewer than 10,000 coins, the 1852-C gold dollar must be considered scarce in any condition. Just over 200 of these gold dollars have been certified in all grades. A number of Mint State examples are known, including a superb NGC MS-66 example that last sold in the Heritage Florida United Numismatists (FUN) Show sale in 2000. That coin is a radiant gem, but like most 1852-C gold dollars, it has an imperfection on the reverse at the LA of DOLLAR. The flaw at first appears to be a planchet imperfection, but it is obviously a die problem— probably caused by some foreign material adhering to the die. This mint-caused defect should not affect the value.

1852-D Mintage: 6,360

Finest Smithsonian Institution specimen: MS-60

This date should be considered rare in any condition. Population numbers suggest that it is very similar in rarity to the 1854-D gold dollar (a fact noted by David Akers long before population reports verified it). Very few Mint State examples have been graded by the services, and they are seldom offered for sale. The average coin seen is

Extremely Fine or About Uncirculated. The finest coin known of the date is the NGC MS-63 example from the Duke’s Creek collection sold in 2004. As a result of clashed or lapped dies, most examples feature defects on the obverse, particularly about the nose and forehead. Most coins also display die cracks on the reverse. The 1852-D gold dollar is a classic condition rarity, with no gem examples known to exist.

1852-O Mintage: 140,000

Finest Smithsonian Institution specimen: MS-60

In Mint State, the 1852-O is the third-rarest gold dollar struck at the New Orleans Mint (after the 1850-O and the 1855-O). Average Mint State examples are scarce but are offered with regularity. Choice and gem specimens are very rare, the finest being two NGC MS-66 examples, one of which sold at auction in July 2005 for $23,000. This date is regularly seen weakly struck, especially in the central portions. Many known examples of the 1852-O gold dollar are also found with obverse die cracks running from the portrait of Liberty into the rim. The 1852-O is a very scarce coin in higher grades and undervalued at current levels.

1853 Mintage: 4,076,051

Finest Smithsonian Institution specimen: MS-64

The 1853 is by far the most common U.S. gold dollar. Examples can be found with ease in nearly every grade. Thousand of examples have been graded in Mint State, and almost twice as many coins of this date have been graded as the next most populous issue. The 1853 gold dollar is perfect as a type coin for the series. A few nearly perfect coins exist of this date. These miniature jewels must have been part of a hoard or possibly coins set aside by

early collectors. PCGS has graded examples in MS-69, but none have appeared at auction since June of 2000.

1853-C Mintage: 11,515

Finest Smithsonian Institution specimen: AU-58

The 1853-C gold dollars were very poorly made, often exhibiting a weak strike, and with central portions on the reverse nearly always obscured near the date. Grading the 1853-C gold dollar can be a tricky business. A Mint State coin must be graded more by the luster than by details or apparent wear. Partial prooflike examples of this date are sometimes seen. Although the 1852-C and 1853-C are very similar in overall rarity, the 1853-C is much rarer in higher states of preservation. The finest graded to date is an NGC MS-65 example. There are two varieties known for the date, including one with the mintmark obviously repunched.

1853-D Mintage: 6,583

Finest Smithsonian Institution specimen: AU-58

The 1853-D gold dollar is of similar rarity to the 1853-C. Both are moderately rare in all grades, and exceptionally rare in Mint State. Many great collections that have been sold in the past could muster only a circulated example of the date. The quality of production for this issue is about par for a coin of the era from a Southern mint. Poor planchets and weakness of strike are not unusual. Light die scratching is also often seen on examples of the 1853-D. Incredibly, at least two superb examples of this coin are known, one of which was a prooflike gem graded MS-66 by NGC. They are from a hoard of gold coins discovered in Jackson, Tennessee, during construction of a parking lot.

1853-O Mintage: 290,000

Finest Smithsonian Institution specimen: AU-55

The 1853-O is the easiest New Orleans gold dollar to obtain in all grades, even though the mintage is the same as the 1851-O. Still, it is much rarer than coins from the Philadelphia Mint of the same era. Even though lower-grade coins are relatively readily available, gem examples of the date are quite rare. The finest example is a single NGC MS-67. Very few gems have sold at public auction over the last decade. The most recent gem was a PCGS MS-65 piece that sold in August 2007. This issue is usually well struck but occasionally has a grainy mint luster.

1854, Type 1 Mintage: 855,502

Finest Smithsonian Institution specimen: MS-64

With a mintage of nearly one million coins, the 1854 Type 1 gold dollar must be considered common and a good candidate as a type coin for the issue. More than 2,000 coins have been graded in Mint State by PCGS and NGC combined. Superb gems of the 1854 Type 1, however, are scarcer than those of 1851, 1852, and 1853. None have been graded above MS-67. It is interesting to note that twice as many of the more valuable 1854 Type 2 gold dollars as the 1854 Type 1 gold dollars have been certified. This is because of the high value of the Type 2 in all grades. Many of this issue are found with heavy die clashing. Only one gold dollar was reported to have been in the huge SS Central America hoard. It was an 1854.

1854-D Mintage: 2,935

Finest Smithsonian Institution specimen: MS-62

With a tiny mintage of only 2,935 coins, the 1854-D issue must be considered rare in any condition. It is a major rarity in higher states of preservation. When seen, this date is usually well worn, and harshly cleaned coins are not unusual. One example handled in the last few years by one of the authors (Jeff Garrett) was Mint State on the reverse and heavily polished on the obverse. Only two examples are known to survive in choice or better condition: the Auction ’81 example and a single coin graded MS-63 by NGC. The obverse of most 1854-D gold dollars is adequately struck, but the reverse is always weak about the wreath and the central portions. Diagnostic raised die lines always appear on the reverse to the left of the mintmark.

1854-S Mintage: 14,632

Finest Smithsonian Institution specimen: MS-62

Because of the dire need for circulating federal coinage, the San Francisco Mint opened in 1854. Its primary coinage at the time was the double eagle. The Mint produced a total of 364,866 coins that year, of which only 14,632 were gold dollars. The tiny gold coins must have been a relief to handle when compared to a pinch of gold dust or the privately issued fractional gold coins. The 1854-S coins, moderately scarce in all grades, were undoubtedly saved to some extent as examples of the first year of issue from the new facility. All coins of this date were struck in the Type 1 format and are the only coins of this type from the San Francisco Mint. Coins of gem quality for this date are very rare, with one of the finest being the superb coin that sold in the 1997 Pittman sale for $33,000.

1854, Type 2 Mintage: 783,943

Finest Smithsonian Institution specimen: MS-65

In the middle of 1854, it was decided that the gold dollar was too thick and too small for its weight. James B. Longacre redesigned it with an Indian Head motif similar to that of the three-dollar piece, simultaneously making the coin broader and thinner. This caused considerable trouble, and it became obvious that striking the coins would be difficult. In consequence, heavily die-clashed examples are frequently seen. The 1854 Type 2 gold dollar is common by most measures. This might seem unusual for such an expensive issue, but the demand by type collectors keeps prices much higher than would be the case otherwise. One of the finest examples of this date and type is the superb Eliasberg coin (now an NGC MS-68) that sold for $126,500 in July 2002.

$1 – INDIAN PRINCESS HEAD, SMALL HEAD (TYPE 2) 1855 Mintage: 758,269

Finest Smithsonian Institution specimen: MS-63

The 1855 Type 2 gold dollar has a mintage nearly identical to that of the 1854 Type 2, and is very close in overall rarity. However, as the population reports and auction records indicate, the 1855 is the slightly more rare of the two. The values for this and the 1854 gold dollar are based primarily on intense demand for the type. MS-67 is the highest certified grade for this date, one of which (PCGS MS-67) sold for $86,250 in January 2005. Many are seen softly struck, especially in the central portions of the reverse. Extensive die clashing is not unusual.

1855-C Mintage: 9,803

Finest Smithsonian Institution specimen: MS-61

The 1855-C gold dollar is most notable for the atrocious quality of the individual coins, nearly all of which are very poorly struck on flawed planchets. To make matters worse, many are seen struck from clashed dies. Proper grading of the 1855-C gold dollar can be very difficult. Surface preservation is the most important element when attempting to grade this issue. High-grade examples of the 1855-C are rarely seen, with well-worn pieces being the norm. The 1855-C gold dollar is very popular and is in great demand by rare date and type coin collectors as well. A very small number of Mint State examples is known to exist, but none have been graded higher than MS-62. One of the finest examples is the coin in the National Numismatic Collection of the Smithsonian Institution, pictured here.

1855-D Mintage: 1,811

Finest Smithsonian Institution specimen: AU Repaired

The 1855-D issue ranks as one of the most popular gold dollars. It is very rare, with probably fewer than a hundred coins surviving. Although the average coin is struck fairly well for a branch-mint issue, nearly every example is weak in the central portions of the reverse. The authors have seen coins with the date nearly obscured. Very few coins are found with a full date; these are very rare. Die clashing is evident on nearly every coin found. A few also exist that have been used for jewelry in the past. The 1855-D gold dollar is one of the classic rarities of the series and is very desirable in any grade. The finest known examples are two NGC MS-64 coins from the fabulous Duke’s Creek collection. One of these coins sold in January 2007 for $149,500.

1855-O Mintage: 55,000

Finest Smithsonian Institution specimen: AU-58

The 1855-O gold dollar is moderately rare, being the most common Type 2 from a branch mint. Although the 1855O can be found with some effort, remember that its mintage is less than 1/10 that of its Philadelphia counterpart. Interestingly, the current population reports reflect about the same ratio of known specimens from the two mints. The quality of striking for the issue is above average for a branch-mint coin of the era, but die clashing is commonly seen. The authors have also seen many that are curiously prooflike in appearance. Most coins are well circulated and the date becomes much rarer in the higher states of preservation. Currently, no examples have been certified above MS-64.

1856-S Mintage: 24,600

Finest Smithsonian Institution specimen: AU-50

The 1856-S gold dollar is very popular and is the only Type 2 design produced that year. It is much scarcer, as a date, than the 1855-O. The quality of strike for this issue is average, with most flaws appearing in the form of die clashing and die breaks. High-grade examples are very rare, with none certified above MS-64. Any 1856-S gold dollar above Extremely Fine must be considered scarce. One important variety seen for this year is the “Double S.” The first S was punched too high and to the right. About half of the coins seen are of this variety. Examples of this date have been hoarded in the past by a few dealers because of the low mintage, but most were circulated examples.

1856, Upright 5 Mintage: Part of 1,762,936

Finest Smithsonian Institution specimen: AU-55

With the Type 2 gold dollar proving a failure from a production standpoint, the design was modified in 1856 by enlarging and moving the head to allow the reverse devices to strike better. The result was an immediate improvement in strike quality, with Type 3 gold dollars showing much less evidence of the clashed dies and weak central portions than were seen on the previous type. Production of the type began with a relatively small number of coins being produced with a half-dime date logotype and an upright 5. These are much more rare than the Slant 5 variety, and only a few have been graded in gem Mint State. The population reports have not always recognized the variety, and the numbers reported may be skewed in favor of the Slant S.

$1 – INDIAN PRINCESS HEAD, LARGE HEAD (TYPE 3) 1856, Slant 5 Mintage: Part of 1,762,936

Finest Smithsonian Institution specimen: MS-62

The 1856, Slant 5 gold dollar is relatively common in all grades below choice Mint State, and most examples seen of the date are of the Slant 5 variety. As the mintage suggests, there are many survivors, but most are well worn. Although the 1856 Slant 5 gold dollar is by no means rare, it is much more difficult to locate in the higher states of preservation than many of its later-date counterparts. Relatively few gems are known, and even choice examples must be considered scarce. The price record for this date was set by a PCGS MS-67 when it sold at auction in March

2007 for $25,300. Another nearly perfect example is in the personal collection of gold expert David Akers.

1856-D Mintage: 1,460

Finest Smithsonian Institution specimen: EF-40

The 1856-D gold dollar is a popular rarity, with perhaps fewer than 100 examples known in all grades. This date is considered a key of the series and is always in great demand. Just a few examples have been graded Mint State by PCGS and NGC, and the finest example certified is a single NGC MS-63. On the other hand, a surprising number of coins have been graded About Uncirculated. The authors have seen many coins of this date that have been repaired in one way or another, thus caution should be used when purchasing a low-grade 1856-D gold dollar. Most examples seen of this date are weakly struck, but not quite as severely as Dahlonega Mint issues from other years. The U of UNITED is always softly struck or missing completely.

1857 Mintage: 774,789

Finest Smithsonian Institution specimen: MS-63

The 1857 gold dollar is somewhat common in most states of preservation and is similar in rarity to the 1856 Slant 5. Uncirculated coins are seen on a regular basis and are generally well struck. Gem examples of this date are much rarer than later dates of the gold dollar series. Just over four dozen examples of this date have been graded MS-65 or better by NGC and PCGS. Most of the gems that are known for this date come from a small hoard of 15 coins that was quickly dispersed in 1983. A spectacular MS-68 example has been graded by PCGS and is certainly the finest known survivor. An MS-67 example, also graded by PCGS, sold at auction in early 2006 for $18,975.

1857-C Mintage: 13,280

Finest Smithsonian Institution specimen: MS-60

No Type 3 gold dollars were produced at the Charlotte Mint until 1857, and the result turned out to be one of the most poorly made of all U.S. gold coins. The typical 1857-C gold dollar is weakly struck, with numerous planchet flaws. The authors have handled coins with tiny flakes of gold literally hanging off the surfaces. In addition to terrible production quality, most pieces seen are well worn. High-grade 1857-C gold dollars are very difficult to grade and rarely offered for sale. To grade an 1857-C gold dollar properly, one must consider overall surfaces and any remaining luster. High-grade 1857-C gold dollars are very rare, with just a few pieces having been graded Mint State by PCGS and NGC (the best being a trio of MS-62 examples).

1857-D Mintage: 3,533

Finest Smithsonian Institution specimen: AU-58

The 1857-D gold dollar is another scarce coin whose rarity is sometimes underestimated. Population reports indicate that fewer of this date survive than either the 1858-D or the 1859-D. The average coin for the date is weakly struck, some to the extreme. The strike is usually weakest on the reverse, particularly about the borders. Like the 1856-D, there are a surprising number of About Uncirculated examples on the population reports. Many of these may be duplicate submissions. The 1857-D is truly rare in Mint State. Very few have been graded as such, and the finest seen to date are eight certified examples at the MS-62 level. The coin pictured here is from the Duke’s Creek collection and is considered the finest known.

1857-S Mintage: 10,000

Finest Smithsonian Institution specimen: AU Cleaned

Although the mintage is considerably higher for the 1857-S gold dollar, the survival rate for the issue is on par with that of the much more expensive Dahlonega and Charlotte Mint coins. However, the strike for the issue is quite a bit better. In the lower states of preservation, the 1857-S is only moderately scarce. Circulated examples can be found without too much difficulty. Almost Uncirculated pieces are scarce but frequently offered at auction. In Mint State, the 1857-S becomes quite rare. Very few have been graded, and only one or two are of choice quality. The finest the authors have seen is the choice, prooflike Harry W. Bass Jr. example graded MS-63.

1858 Mintage: 117,995

No specimen in Smithsonian Institution

The 1858 gold dollar is more rare than either the 1856 or 1857 Philadelphia Mint issues, and as such, it is underrated at current price levels. Although this date is many times rarer than its later-date counterparts, it sells for only a small premium. Fully Mint State coins of this date are scarce, and relatively few gems have been graded. There are, interestingly enough, a few spectacular coins known for the date; the last to appear at auction was a PCGS MS-68 example that sold in 2007 for $48,300. The known gems may be from a small hoard that was dispersed years ago. One variety that is often seen shows double punching in the lower loop of the second 8.

1858-D Mintage: 3,477

Finest Smithsonian Institution specimen: AU-55

The quality of strike on the 1858-D gold dollar was a great improvement compared to those coins struck at the Dahlonega Mint in 1857. Even so, many (but not all) are weakly struck in the central portions, particularly in the 85 of the date. This is one of the more easily obtained Type 3 gold dollars produced at the Dahlonega Mint. About Uncirculated coins are offered at auction with regularity, but in Mint State, this date becomes quite rare. At least two gems are known, the finest being a superb coin that formed part of the Duke’s Creek collection and was graded MS66 by NGC. An NGC MS-65 example sold for $46,000 in February 1999, setting the price record for the date.

1858-S Mintage: 10,000

Finest Smithsonian Institution specimen: AU-58

As the limited mintage suggests, the 1858-S gold dollar is quite scarce in all grades. It is very similar in rarity to the 1857-S, which shares the same mintage. Reviewing auction data reveals that just a few Almost Uncirculated examples are offered each year. In Mint State, however, the 1858-S is a formidable rarity. Currently, only 20 Mint State examples have been certified by PCGS and NGC. The finest known is a PCGS MS-65 example that was part of the incomparable Harry W. Bass Jr. collection sold in 2000. That coin is a fully struck gem and is the finest anyone has seen by two points. The second-finest known example of the date was in an earlier sale of the Bass collection and is graded MS-63. Harry W. Bass Jr. clearly appreciated a rare coin when he was offered one!

1859 Mintage: 168,244

Finest Smithsonian Institution specimen: Unc Damaged

The 1859 gold dollar is a scarce coin only in the higher states of preservation, but it is still seen less frequently than many of the dates from the 1880s. Gems of this date are seldom seen, and just a few superb examples have been graded, the finest being a lone PCGS MS-68. Many 1859 gold dollars are weakly struck in the central portions, with die clashing a common occurrence. It is interesting to note that the finest Mint State coin of the date that Harry W. Bass Jr. could find graded only PCGS MS-62 when his collection was sold in 1999.

1859-C Mintage: 5,235

Finest Smithsonian Institution specimen: AU-58

This was the last year that gold dollars were minted at the Charlotte Mint, and the pride of quality workmanship was totally absent. The typical 1859-C gold dollar is poorly struck, with numerous and assorted planchet defects. The borders are unusually broad and are always weakly struck on some portion. With the lowest mintage of all gold dollars from the Charlotte Mint, the 1859-C is scarce in all grades. Mint State coins are very rare, with the finest being a trio at the MS-63 level, although this number may be inflated due to resubmissions. Grading poorly produced gold coins such as these can be difficult, as one must usually consider the remaining luster and the various planchet problems to arrive at a net grade.

1859-D Mintage: 4,952

Finest Smithsonian Institution specimen: AU-58

The 1859-D is probably the most readily found Type 3 gold dollar struck at the Dahlonega Mint, edging out the slightly rarer 1858-D in availability. The most commonly offered examples of this date seem to be About Uncirculated. Most display at least some weakness of strike, but not as poor as seen on other dates from this mint. The central portions of the 1859-D gold dollar are often very weak, with the 8 and 5 sometimes missing entirely. Mint State coins for the date are quite rare, especially near gem. To date, only one example has been graded MS-65 (NGC), with none finer. The auction record for this date was set in January 2005, when a PCGS MS-64 sold for $29,900.

1859-S Mintage: 15,000

Finest Smithsonian Institution specimen: AU-50

As the population reports clearly indicate, the 1859-S gold dollar is a very rare coin in Mint State, where only two have attained the grade of MS-64. Most are found well struck on above-average planchets. This date has long been overlooked for its true rarity. At the time of issue, the collecting of coins by mintmark was nonexistent. The small mintage was quickly circulated, with very few making it into collections. Conversely, About Uncirculated examples of this date are seen with some regularity. Because there are fewer collectors of S-mint coins, the 1859-D gold dollar is undervalued relative to its southern mint counterparts.

1860 Mintage: 36,514

No specimen in Smithsonian Institution

The 1860 gold dollar has the lowest mintage of any pre-1863 Philadelphia Mint gold issue and is many times rarer than the 1861 or 1862. Even circulated examples are scarce. Amazingly, the grading services have certified fewer coins of this date than of the much more highly acclaimed branch-mint Type 3 gold dollars. Gem examples are very rare. The finest to appear at auction in many years was a PCGS MS-67 coin that sold for $29,900 in March 2004. A gem Proof example of the date would probably be easier to locate than a superb business-strike coin. Most examples seen are well struck, with adequate luster. It is not unusual to see 1860 gold dollars that are heavily clashed, sometimes with a couple of the letters of LIBERTY visible in the reverse field. The date punch used for the 1860 gold dollar was the same as was used for three-cent silver coins and is very small.

1860-D Mintage: 1,566

Finest Smithsonian Institution specimen: EF-45

The 1860-D gold dollar has long been considered a great rarity. For a coin with such a tiny mintage, there are surprisingly numerous survivors. It is estimated that perhaps as many as 100 coins still remain. This date is one of the most poorly produced of all coins minted at the Dahlonega Mint. The planchets were of pitiful quality and the strike is very uneven. The U of UNITED is missing on every specimen of this date that the authors have seen. The N is also sometimes very weak or missing entirely. Most 1860-D gold dollars seen are circulated, and truly Mint State coins are very rare. The finest known example was once a part of the great Duke’s Creek collection, was graded MS-64 by NGC, and sold in January 2007 for $48,875.

1860-S Mintage: 13,000

Finest Smithsonian Institution specimen: AU-58

Coins from San Francisco do not carry the cachet of Southern gold coinage. Perhaps this will change someday and coins from the West Coast will finally have their day. The 1860-S issue has a very low survival rate and is as rare as many of the popular Dahlonega and Charlotte mint issues. Most seen are circulated and, as auction records indicate, are offered only rarely in the higher states of preservation. The 1860-S is a generally well-struck issue that is sometimes found with partially prooflike surfaces. The finest example for the date is a lone PCGS MS-65 piece (formerly an NGC MS-65). Just a few have attained the MS-64 designation, a couple of which have sold for more than $10,000 apiece since 2005. One interesting variety exists with the S mintmark struck over an inverted S.

1861 Mintage: 527,150

Finest Smithsonian Institution specimen: MS-64

The production of Philadelphia Mint gold dollars soared in 1861, making this date one of the truly common dates of the series. Hundreds have been graded, and there are probably thousands still in existence. Gems, however, are considerably scarcer than for the later-date counterparts of the series. Superb coins are even more rare, with just a few coins having been graded MS-67 by either PCGS or NGC. The 1861 gold dollar is also very desirable as an example of Civil War–era coinage. Most examples seen of this date are well struck but sometimes come from very heavily clashed dies. Occasionally, it is possible to distinguish a full outline of Liberty and even parts of the word LIBERTY on the reverse.

1861-D Mintage: Unknown

Finest Smithsonian Institution specimen: AU-58

The 1861-D is the second-rarest gold dollar. Only the uncollectible 1849-C Open Wreath issue surpasses this date in rarity. After the Confederacy took over the Dahlonega Mint in April 1861, rebel forces struck an estimated 1,000 or so coins using just the bullion on hand. The 1861-D is unique as the only coin struck exclusively by the Confederacy. Mint State coins are offered occasionally and a small number of choice coins survive. The finest graded to date is the Duke’s Creek example, NGC MS-65. This was a weakly struck issue, with the U of UNITED always missing. Beware of expertly repaired examples, as some were saved as souvenirs and used as jewelry. The price record of $149,500 belongs to the NGC MS-65 Duke’s Creek example, which crossed the auction block at the January 2008 FUN auction. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1862 Mintage: 1,361,355

Finest Smithsonian Institution specimen: MS-65

With a huge mintage of more than one million coins, the 1862 gold dollar is one of the most common dates of the series. PCGS and NGC have certified more of this date than any other Type 3 gold dollar. It is popular, however, as a type coin and as a tangible collectible from the Civil War era. In grades above MS-65, the date, though not extremely rare, is much tougher to acquire than many of its later-date counterparts. The finest graded to date has been a lone NGC MS-68 example. There are several interesting varieties known, one of which has a doubled date and another with a doubled obverse die.

1863 Mintage: 6,200

No specimen in Smithsonian Institution

The 1863 gold dollar is a very rare coin in any condition. With the exception of the extremely rare 1849-C Open Wreath, fewer examples of this date have been graded by NGC and PCGS than any other. The 1863 gold dollar was struck during the height of the Civil War, with a tiny mintage of only 6,200 pieces. Hard assets were often hoarded and melted during this time. Of the remaining survivors, most are either About Uncirculated or Mint State. On average, just a few coins of this date are offered at auction each year. Most seen are well struck, with a very small date that can, at first glance, appear to be 1868. The finest known example of the 1863 gold dollar is the superb PCGS MS-68 coin that was once part of the Virgil Brand collection.

1864 Mintage: 5,900

No specimen in Smithsonian Institution

The mintage for the 1864 gold dollar is slightly smaller than for the 1863. While rare, this date is found much more often than the elusive 1863. The most stunning aspect of this date is the survival of a small number of nearly perfect gems (in fact, this is one of the few dates in the entire series that has been certified in MS-69 condition). Coins of this period were often hoarded, and there was obviously at least one group that was perfectly preserved for more than 100 years. These survivors display blazing luster or full mint bloom and are considered some of the best Type 3 gold dollars known. A few of these were struck from heavily clashed dies. While there are a few gems in existence, this date is still elusive and a very popular issue.

1865 Mintage: 3,725

Finest Smithsonian Institution specimen: MS-64

The 1865 gold dollar is the last of the Civil War issues and touts one of the lowest mintages of the type. This date is very rare in all grades, ranking just below the 1863 in availability. The 1865 issue is similar to the 1864 in that several superb examples remain of the tiny mintage. The finest example certified to date is a single MS-68. It would be interesting to find out if the surviving gems of this date were saved along with the known gem 1864 gold dollars. Most of the known high-grade 1865 gold dollars are frosty and well struck. Some are also seen struck on clashed dies with the ghost of Liberty’s head seen on the reverse.

1866 Mintage: 7,100

Finest Smithsonian Institution specimen: MS-66

The mintage of gold dollars increased to 7,100 coins in 1866. Interestingly, survivorship for the date corresponds equally to what would be expected in relationship to the 1864 and 1865 gold dollars: about twice as many coins have been graded for this year as for the preceding years. Most of the known coins found for the year are in Mint State. As with the 1864 and 1865, there are a few superb gems known. Severely clashed dies are also common for the date. The 1866 gold dollars were often struck with fully mirrored prooflike surfaces and can be easily confused with Proofs. The authors have seen coins certified as Proof, though in their opinion these coins were actually business strikes. In early 2007, an NGC MS-68 example sold at auction for $23,000.

1867 Mintage: 5,200

Finest Smithsonian Institution specimen: MS-66

The 1867 gold dollar is rare in any condition, and only a few are offered for sale each year. The overall rarity of this date is almost identical to that of the 1864. As with most of the gold dollars struck at the Philadelphia Mint in this time period, most are Mint State or nearly so. Most coins seen are well struck but often show evidence of die clashing. Many are also very prooflike and sometimes difficult to distinguish from true Proofs of the year. Not as many superb examples are known for the 1867 as for previous years. The finest graded to date are a couple of MS67 examples, one of which sold at auction in 2004 for $25,300.

1868 Mintage: 10,500

Finest Smithsonian Institution specimen: AU-58

The 1868 gold dollar is a scarce coin, but not quite in the same category as the previous few years. Most of the coins that have been graded are in the mid-range of Uncirculated. A few superb examples have also been graded, including three MS-68s. As expected for a coin with such a low mintage, many of this date are seen with deeply prooflike surfaces. Some are so deeply mirrored that they could easily be confused with a Proof. All of the true Proofs that the authors have seen have a 180-degree rotation, giving the coins a medal turn when observing the reverse. One of the prooflike examples we have seen, an NGC MS-67, sold for $10,350 in August 2007.

1869 Mintage: 5,900

No specimen in Smithsonian Institution

Although the mintage drops from the previous year, these are actually somewhat more readily available than 1868 coins. Most of the known 1869s are at least Mint State, with an unusually high number of superb survivors. NGC and PCGS have graded several at the MS-68 level, one being offered at auction in 2004 (where it sold for $25,300). The 1869 gold dollar is a scarce coin that is not encountered very often at auction or on the bourse floor. Most of the known coins are well struck, and prooflike surfaces are the norm. The year 1869 witnessed the infamous stock market speculation by Jay Gould and James Fisk that resulted in Black Friday (September 24), when the markets collapsed.

1870 Mintage: 6,300

Finest Smithsonian Institution specimen: MS-65

Although the mintage for the 1870 is similar to that of the 1869, quite a few more have been certified, especially in the mid-ranges of Mint State. Several coins have also reached the superb level, with the finest being four MS-68s. A review of auction records indicates that only four or five coins of this date are offered for sale each year. It should be remembered that many years ago the collecting of Philadelphia Mint coinage was restricted to Proof examples. Mint State coins were saved by accident, rather than deliberately by collectors. The National Numismatic Collection at the Smithsonian is a great example of this phenomenon. The collection has a nearly complete set of Proof gold coinage but is sadly lacking in high-grade business-strike issues.

1870-S Mintage: 3,000

Finest Smithsonian Institution specimen: MS-63

The 1870-S is the last gold dollar struck at a branch mint. Like its silver cousins, the 1870-S is a very popular date and has long been recognized as a true rarity. Examples of the date realized more than $100 at the start of the 20th century, when common dates brought less than double face value. Unlike the Philadelphia Mint issues, most of the known examples are found in less than Mint State. Typical specimens are well struck and partially prooflike in appearance. The finest certified example is a single NGC MS-68. This date was popular as a keepsake, and many coins are known that have been removed from jewelry. Caution should be exercised when purchasing a circulated example—pay particular attention to the edge.

1871 Mintage: 3,900

Finest Smithsonian Institution specimen: MS-66

The 1871 gold dollar is another low-mintage issue that is well represented by Mint State examples. Most of the examples seen are in the mid-ranges of MS-60 to MS-63. Two spectacular gems have been certified at the MS-68 level by NGC. That being said, it is still a very scarce coin and is generally offered only a few times each year. The typical example of the 1871 gold dollar is found with partially prooflike surfaces, sometimes with enough reflectivity to be confused with a Proof. Many, but not all, coins of this date are weakly struck on the central portions of the obverse and reverse.

1872 Mintage: 3,500

No specimen in Smithsonian Institution

The 1872 gold dollar is a very scarce coin, as its low mintage of 3,500 coins would suggest. This date appears at auction sporadically, sometimes appearing only once a year. When the Harry W. Bass Jr. collection was sold, however, three coins were represented. A small number of amazing coins are known and, in May 2006, an NGC MS-69 example was auctioned for $24,725. Most of the known 1872 gold dollars are at least partially prooflike and may be easily mistaken for Proofs. Given the date’s scarcity, prices for the issue seem undervalued at current levels.

1873, Open 3 Mintage: 123,300

Finest Smithsonian Institution specimen: MS-64

The 1873, Open 3 is one of the most common dates for Type 3 gold dollars in average Mint State. Nearly 3,000 coins have been certified in all grades. In gem Mint State, however, the 1873 issue becomes quite scarce. Fewer of this date have been graded gem or superb than of the much lower-mintage years of the era. Most 1873 gold dollars are seen with mint frost but sometimes with partially mirrored surfaces. Some examples of the date are seen with a long die scratch running across the face of Liberty. Although there are very few gems of this date known, a lone PCGS MS-68 sits atop the condition rankings. Often, this date is seen with LIBERTY partially or completely missing.

1873, Close 3 Mintage: 1,800

No specimen in Smithsonian Institution

When the 1873, Close 3 design first appeared, the 3 was difficult to distinguish from an 8, necessitating new date punches. This variety remained unknown until about 1963 when “Mr. 1873,” Harry X Boosel, publicized the find in his study of 1873 coinage. The 1873, Close 3 is a very scarce coin in all grades and is, in fact, one of the rarest Type 3 gold dollars. Many coins of this date are deeply prooflike and are difficult to tell from true Proofs. A few are also seen with one side being prooflike and the other deeply mirrored. The finest certified examples of this date appear at the MS-66 level, one of which sold for $17,250 in August 2004.

1874 Mintage: 198,800

Finest Smithsonian Institution specimen: MS-64

The 1874 is one of the most common dates for gold dollars, with several thousand coins having been graded by PCGS and NGC. Gems, however, are quite scarce in proportion to the high mintage. Still, this is one of the most common dates in superb condition, as reflected in the existence of eight MS-68 certified examples. As with the 1873, Open 3 gold dollar, many are found with the word LIBERTY partially or completely missing—probably the result of die deterioration. In the early 1980s, one of the authors of this book (Garrett) handled a small hoard of about 50 pieces of this date, with most of the coins being in choice Mint State.

1875 Mintage: 400

Finest Smithsonian Institution specimen: MS-65

The 1875 gold dollar has one of the lowest mintages of the entire U.S. series. Many were saved, as probably 10% to 20% of the original mintage is still in existence. Every example of this date that is seen is fully prooflike with deeply mirrored surfaces. True Proofs of this date are very rare. Early numismatists were unaware of the diagnostics for the date. (Business-strike examples of the 1875 gold dollar have a tiny spine protruding from Liberty’s neck into the field.) Many of the early auction records are misleading for this reason. Mostly because of its tiny mintage, the 1875 gold dollar remains one of the most desirable dates. Harry Bass Jr. liked the date, and when his collection was sold, it contained three gem examples. An NGC MS-66 example sold for $33,350 in August 2007.

1876 Mintage: 3,200

No specimen in Smithsonian Institution

The 1876 issue is another very scarce coin, with a survival rate in line with its tiny mintage. Most of the coins offered in the last few years were choice Uncirculated, with only one or two gems being offered. The Harry Bass Jr. collection offered a stunning half-dozen pieces (Bass must have thought the coins important for his exhaustive die studies). As with most dates of this period, the typical coin is fully mirrored and sometimes easily confused with a true Proof. Many of the coins seen for the date are weakly struck on the high points of both the obverse and reverse. The finest certified examples are two at the MS-67 level, one a regular Mint State and the other a prooflike.

1877 Mintage: 3,900

Finest Smithsonian Institution specimen: AU-58

The 1877 gold dollar is another of the scarce dates of the 1870s. This is the first year that the population reports indicate a dramatic jump in the number of coins graded, indicating hoarding of the date by collectors and dealers. Although the 1877 gold dollar is a scarce and popular coin, there are probably a few hundred still in existence. A quick study of coins recently offered at auction reveals that most were well struck with at least partial-prooflike surfaces. The incredible Harry W. Bass Jr. collection contained a half-dozen examples. A few MS-68 examples are available, one of which (PCGS) sold for $16,100 in January 2005.

1878 Mintage: 3,000

Finest Smithsonian Institution specimen: MS-64

The mintage for the 1878 gold dollars dropped slightly from the previous year. As would be expected, the date is a bit scarcer than the 1877 in all grades. In gem Mint State, however, the 1878 issue is a much rarer coin, with a very small number of examples seen. When found, the 1878 gold dollar is usually in the mid-range of Uncirculated. This is the last date before gems become readily available. Most coins seen are well struck, and deceptive prooflike coins are again the norm. Although the Harry W. Bass Jr. collection offered three examples of this date, none was of gem quality. The finest certified example is a single NGC MS-67 that sold in 2005 for $7,763, in 2006 for $10,350, and in 2007 for $8,625 (demonstrating that coins sometimes go down in value).

1879 Mintage: 3,000

No specimen in Smithsonian Institution

Starting with the year 1879, gold dollars were saved in significant quantities at the time of issue. Much has been written about the great speculative activity in gold dollars from the year 1879 on into the 1880s. It is not known exactly who the speculator was. The person, or persons, must have been intrigued by the extremely low mintages of these late-date gold dollars. At the same time, silver dollars were being struck by the millions. Of the original mintage of 3,000 gold coins, probably a quarter of them have survived. Most of the remaining 1879 gold dollars are at least Mint State, but fewer gems are known than in many of the later dates. The 1879 issue is typically prooflike but not as deeply mirrored as some of the preceding issues. The word LIBERTY is sometimes weak or missing. Around 1981, Kevin Lipton handled a group of approximately 200 superb-quality gold dollars. The dates were said to have ranged from 1879 to 1889.

1880 Mintage: 1,600

Finest Smithsonian Institution specimen: MS-66

Very few U.S. coins have the high survival rate of the 1880 gold dollar. Of an original mintage of just 1,600 coins (only the 1875 has a lower mintage among the Philadelphia issues), the major grading services have certified about 600 coins. Many more probably remain that have not made their way to encapsulation. Virgil Brand was said to have owned hundreds of this date. The date remains popular with today’s collectors as well. The low mintage figure is enticing for a coin that trades at only a small premium for the type. Nearly every gold dollar seen of this date is Mint State, with many gem and superb coins having been graded. One coin was given the coveted MS-69 grade by

PCGS.

1881 Mintage: 7,620

Finest Smithsonian Institution specimen: AU-58

The 1881 gold dollar is best known for the quality of the survivors. There are at least 100 examples of the date that have been graded superb MS-67 or better. More examples of this date than any other have reached the MS-69 level. It is obvious that 1881 gold dollars were saved in significant quantities at the time of issue. A famous hoard of 54 coins was sold to Paramount Rare Coins by Leon Lindheim. According to Akers’s book on gold dollars, “It included 46 circulation strikes and only 8 Proofs. All were purchased as Proofs.” From this quote, it is clear that many of this date are found with deep prooflike surfaces. In summary, the 1881 gold dollar should be considered a great type coin with an interesting background story. In recent years, certified MS-68 examples have sold at or near the $10,000 level.

1882 Mintage: 5,000

Finest Smithsonian Institution specimen: MS-64

When found, the 1882 gold dollar is usually Mint State, and likely a high grade at that, but with fewer superb examples seen than among the previous issues. Hoards of this date have been broken up over the years and quietly injected into the marketplace. In early 2006, a PCGS MS-68 example realized $14,950 at auction. The authors monitor the U.S. gold coin market very carefully, and it should be noted that it has been many years since any more small hoards have been uncovered. If this happened, the coins would be absorbed very quickly by eager collectors.

1883 Mintage: 10,800

No specimen in Smithsonian Institution

Despite a significant rise in the mintage figures for the year, the 1883 gold dollar is found at about the same regularity as the other issues of this period. Fewer superb examples are known for this date than for 1880 and 1881. Many of the known 1883 gold dollars are frosted with rich, coppery-red toning. The authors have seen several coins with large copper spots that could more accurately be labeled copper stains. Rim irregularities are also fairly common on this issue. As with nearly every date of the period, deceptive first strikes are sometimes offered as Proofs. When purchasing a Proof gold dollar of the 1870s or 1880s, have the coin checked by an expert, even if the coin is certified.

1884 Mintage: 5,230

Finest Smithsonian Institution specimen: MS-66 PL

The 1884 issue is another hoard date. Various references have been made in past literature to the discovery of groups of 20 to 100 coins. These hoards have all been well distributed over the years. Although this date is relatively easy to locate in high grades, it is somewhat scarcer at the superb level than are the 1880 through 1883 issues. Many 1884 dollars are found with irregular rims that can sometimes be quite a distraction. The year 1884 is the first in which the Proof mintages make a dramatic climb. It was reported that 1,006 coins were made in the Proof format. The business strike of 1884 can be one of the most difficult to distinguish from a true Proof.

1885 Mintage: 11,156

Finest Smithsonian Institution specimen: MS-66

Although the mintage for the 1885 increases dramatically from previous years, the number of coins available to collectors is somewhat smaller. (The interest of the speculators and hoarders may have waned at this point.) Most of the coins that have been certified for the date are in the choice to gem Uncirculated range. There are surprisingly few superb MS-67 or better coins graded. The 1885 gold dollars are also found with irregular rims. This issue normally trades at a very small premium over type prices, and given the low mintage, and the superior quality of this date, the 1885 is an excellent value.

1886 Mintage: 5,000

Finest Smithsonian Institution specimen: MS-64 PL

The 1886 gold dollar is seen less frequently than any other after 1879. Population data show that more of this date survive from MS-62 through MS-64 than for any of the previous issues from 1879 through 1884. The 1886 gold dollar is another issue with an unusually high mintage in Proof, with more than 1,000 coins struck in that format. Many business-strike 1886 gold dollars are deeply prooflike, and the exact status of the date can be extremely difficult to determine. On a number of occasions, the authors have seen dealers crack out a premium-quality Proof 1886 gold dollar, resubmit the coin for grading, and receive back an upgraded Mint State. Use caution when purchasing a Proof example of this date.

1887 Mintage: 7,500

No specimen in Smithsonian Institution

Despite a low mintage of just 7,500 coins, the 1887 gold dollar is one of the most common issues for the type. About 1,000 coins have been certified by PCGS and NGC. Most of these are Mint State, and it is doubtful whether the 1887 issues circulated to any extent (public demand—and the Mint’s attention—focused more on the production of silver dollars in 1887). As with nearly every gold dollar struck in the 1870s and 1880s, prooflike coins are the norm, and deceptive first strikes can easily be confused with Proofs for the year. Harry W. Bass Jr. really liked this date, and his collection contained seven examples when it was sold a few years ago.

1888 Mintage: 15,501

Finest Smithsonian Institution specimen: MS-62

In Mint State, the 1888 gold dollar is one of the most common dates of the denomination. PCGS and NGC have certified more than 1,400 examples of this date, most of them at the MS-64 and better levels. The finest examples include five at the MS-68 level, one of which sold for just over $10,000 in May 2007. Prooflike examples make up a small percentage of this date, with some examples presenting superb reflectivity that can sometimes trick collectors (and dealers) into calling them Proofs. Auction appearances are frequent and often include examples that are MS-66 or better.

1889 Mintage: 28,950

Finest Smithsonian Institution specimen: MS-68

1889 was the last year in which gold dollars were produced, creating demand for this date by collectors who wanted a souvenir of a bygone era. Though the mintage of the 1889 gold dollar is much smaller than that of the 1873 and 1874, the date can be found with ease in any grade. The 1889 gold dollar is simply one of the most common dates of the type. Small hoards of this date have turned up with regularity over the years. Author Jeff Garrett has handled groups of 10 or more on several occasions. The Brand estate was said to have contained more than 50 pieces. The typical 1889 gold dollar is frosty with copper and red colorations. There are fewer prooflike coins seen for this date than for any other date of the 1880s.

$1 – LIBERTY HEAD (TYPE 1), PROOF 1849, No L, Open Wreath, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-63 / PF-60

Over the past few decades, several 1849 gold dollars have been offered for sale at auction. To date, only one has been certified as Proof by the major grading services, an NGC PF-64 CAM example. Most 1849, No L gold dollars are prooflike. They can be easily confused with a true Proof. The authors have examined many so-called Proofs that were actually first-strike business strikes. The coins sold as a part of the Floyd Starr collection are good examples of this confusion, in the authors’ opinion. The one coin that is an indisputable Proof is the 1849 gold dollar in the

Smithsonian’s National Numismatic Collection. Although the reverse has been harshly cleaned, the coin is the most convincing Proof seen and was acquired in the year of issue.

1850, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Reportedly, a complete set of Proof coins, including gold, was struck in 1850. Since the 1970s, several 1850 Proof coins have surfaced, but none were gold. The origin of the silver coins that have surfaced was supposedly Europe. It is not known if these coins were a part of the aforementioned set. The only 1850 gold dollar that can lay claim to Proof status was last sold at auction in 1995. The coin is fully mirrored and extremely well struck. Unfortunately, the coin has been lightly burnished at one time; there are scattered lint marks that would lend credence to the possibility that die polish was used. In the past few years PCGS has certified the coin as PF-60. Another example is rumored to exist in a museum collection in France. Reliable sources report that the coin is indeed a choice Proof. Type 1 gold dollars are one of the rarest Proof type coins in U.S. coinage.

1854, Type 1, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The 1854 gold dollar is one of the most common dates in the business strike format. True Proofs, however, are extremely rare. There is currently only one example that can be confirmed by the authors. Contrary to information that has been previously published, the Smithsonian collection does not have one. The Harry W. Bass Jr. Collection, which is currently on display at the American Numismatic Association, contains the only known 1854 gold dollar in

Proof. Bass purchased the coin at auction in 1985 for the then-impressive sum of $68,750. A complete set of 1854 Proof coins was supposedly sent to the city fathers of Bremen, Germany, in exchange for a set of Bremen coins. It is not known what became of that set.

$1 – INDIAN PRINCESS HEAD, SMALL HEAD (TYPE 2), PROOF 1854, Type 2, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-60 Cleaned

The 1854 Type 2 gold dollar is a great rarity in Proof. Today, there are just four examples known. They are easily identifiable because they are struck from a unique Type 2 die. Two of the coins are permanent parts of museum collections. The American Numismatic Society (ANS) has the choice Proof that was donated to the museum by J.P. Morgan. The Smithsonian example is harshly cleaned and has been a part of the collection since issued. The only two in private hands are the Garrett coin and the Pittman example. Author Jeff Garrett had the pleasure of handling both of these pieces in the last decade. The coins now reside in private collections. John Jay Pittman considered his 1854 and 1855 Proof gold dollars the highlights of his collection. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1855, Type 2, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The Proof 1855 Type 2 gold dollar is a great and very popular rarity. Fewer than 10 examples are known. There is no mistaking a genuine Proof of this date with its business-strike counterpart. The known coins are fully mirrored, and most have deeply frosted devices. All known examples are also slightly weak on the 8 of the date. It is estimated that there are currently 8 to 10 examples known of the 1855 gold dollar in Proof. A partial list would include the following: Pittman, Clapp-Eliasberg-Trompeter, ANS collection, Starr, Bareford, and the Norman Stack type set. The most recent appearance of a gem Type 2 gold dollar in Proof was a PCGS PF-66 coin that sold for $373,750 in January 2008. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1856, Slant 5, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

All known 1856 gold dollars in Proof are the Slant 5 variety. The Upright 5 coin from the Starr collection that Breen believed to be Proof was actually a prooflike business strike. The 1856 gold dollar is very rare in Proof and nearly on par with the 1855 Type 2. However, the coin does not carry the type premium of a Type 2 gold dollar and thus sells for much less. The mintage is unknown, but it was probably about 10 to 15 coins. Today, there are fewer than 10 coins that can be accounted for. The Smithsonian collection contains a gem Proof example. This date is usually only offered when great collections are sold. Author Jeff Garrett handled the NGC PF-65 Riordan/Suwannee example in 2005 as part of a complete set of Type 3 gold dollars in Proof. A PCGS PF-65 example sold at auction for $63,250 in January 2007.

$1 – INDIAN PRINCESS HEAD, LARGE HEAD (TYPE 3), PROOF

1857, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1857 gold dollar is very rare and seldom offered. The mintage is unknown, but it may be somewhere in the 15 to 18 coin range. There are probably about a dozen coins still remaining. Proof coins were not sold in sets to collectors until 1858, and the mintage of coins prior to 1858 was very small. The Smithsonian example is a choice Proof. One of the finest examples ever offered of this date in Proof is the Harry W. Bass Jr. coin, a gem PCGS PF66 coin. The Riordan/Suwannee specimen was recently graded by NGC as PF-66. Of the very few that are known for the date, most are PF-63 or PF-64. Only a half-dozen examples have been offered at public auctions over the last decade, the last being an NGC PF-64 Cameo that sold for $13,800 in August 2007.

1858, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although a very rare coin, the Proof 1858 gold dollar is generally much more available than either the 1856 or 1857. The mintage is estimated to be around 25 or so coins. There are probably 15 to 20 coins still in collectors’ hands. The population reports for this date are skewed, in the authors’ opinion, and are far too high due to resubmissions. The great Virgil Brand collection contained three 1858 gold dollars in Proof, but even this feat was outdone by the voracious Harry W. Bass Jr., who owned four. The Riordan/Suwannee collection, sold in 2005, held a glittering NGC PF-66 coin. The Smithsonian example is a gem Proof. Most examples seen for the date are frosted on the devices to some degree.

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The mintage for the 1859 gold dollar in Proof increases sharply from the previous few years. Although the reported mintage for the date is 80 coins, many were probably melted. The collecting of Proof gold coinage was a costly endeavor in the 1850s and 1860s. Just a handful of serious collectors were active at the time. There are an estimated 15 to 20 of these coins known today. Several are included in permanent museum collections, such as those held in the collections of the ANS and the Smithsonian. One of the nicest coins offered was a part of the complete 1859 Proof set sold in the 1997 sale of the John Jay Pittman collection for $426,250. Not surprisingly, the Harry W. Bass Jr. collection featured two examples. Any Proof gold is desirable. A Proof gold coin struck in the 1850s is indeed special. Most coins of the date are usually frosted on the devices.

1860, Proof Mintage: 154

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the 1860 gold dollar is much higher than in previous years. However, it is interesting to note that about the same number of 1860 and 1859 coins have appeared at auction the last decade or so. The 1860 gold dollar is rarely offered in Proof. There are probably 25 to 30 coins still in collectors’ hands. The approach of the Civil War was no doubt a major distraction for anyone interested in the fledgling field of numismatics. Collectors today are lucky that any of these tiny jewels survived for their enjoyment. Again, the incredible Harry W. Bass Jr. collection contained multiple examples, a PCGS PF-65 coin and a PCGS PF-66 coin. An NGC PF-66 sold for $19,550 in January 2007.

1861, Proof Mintage: 349

Finest Smithsonian Institution specimen: PF-65 Cameo

The mintage figure for this date in Proof is very misleading. Although 349 coins were reportedly struck for the year in Proof, the great majority of them must have been melted. The date is about as rare as the 1862 gold dollar—a coin that had just a fraction of the 1861 mintage. Over the last decade, about a dozen coins have been offered for sale at auction. The survival of any coins from this era is remarkable, given that the Civil War was in full tilt at the time. The Smithsonian example is a full gem, and others are known at that level, with the finest graded to date being a phenomenal NGC PF-67 coin. This date is seen both with and without cameo devices. The PF-66 coin handled a few years ago by dealer Mike Bianca displayed the most intense Cameo the authors have seen. In November of 2006, a PCGS PF-65 sold for $14,375.

1862, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The mintage figure for 1862 gold dollars in Proof seems more in line with reality. The reported number of coins struck is 35, and there are probably fewer than 20 still in existence. As with the 1861 gold dollar, only 10 or so coins have been offered at auction over the past decade. This is another popular Civil War issue and, given the rarity, seems undervalued at current levels. The most recent auction appearance was a PCGS PF-65 that sold for $25,300 in May 2006. Several coins are a part of permanent collections, the Smithsonian example being a gem Proof. Minor lint marks from die polishing are quite common. Cameo devices are also not unusual. This coin marked the first year of the famous Proof-only obverse die, used from 1862 until 1873 and again in 1875 and 1876. The die is easily recognized by the polished-out feathers in the front of the headdress.

1863, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Surprisingly, the mintage for the gold dollars of 1863 is higher than for 1862. The reported mintage of 50 coins seems about right for this very scarce issue. The authors estimate that less than half of the original mintage is still known. The major grading services have graded about 25 coins, but that number almost certainly does not take into account multiple submissions of the same coin. Population reports occasionally have to be taken with a grain of salt. The Eliasberg coin was a radiant gem, but with a rather large lint mark in the obverse field. Both the Smithsonian and Riordan/Suwannee coins are fully gem Proofs. Just a few of the coins that were graded are gem Proofs, the majority being PF-64 or less. An amazing NGC PF-67 sold at auction for $34,500 in January 2007.

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1864 gold dollar is another popular Civil War issue that is both rare and seldom offered. The auction records for the last 10 years show that only five or six coins were sold. Although the population data reveal that about 20 coins were graded, many were undoubtedly resubmissions. The actual survival figure for the issue is probably under 20 coins. The Smithsonian collection has two examples for the date, both of which are gems (or nearly so). A few others are part of permanent cabinets. The Eliasberg collection lacked this date in Proof and so have many other collections. The Riordan/Suwannee example for the date is a radiant NGC PF-66 coin. Lint marks are common for the issue, and most pieces exhibit cameo devices.

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1865 gold dollar in Proof has one of the lowest mintages for the series. This low-mintage figure presents an interesting dilemma. The major grading services have reported grading about 25 coins. It is very doubtful that the survival rate is 100%. Either more specimens than have been reported were struck, or the population data is inaccurate because of resubmissions, or some of the coins graded were not actually Proof. Some business strike 1865 gold dollars are deeply prooflike and very deceptive in appearance. The Eliasberg coin was called a Proof, but according to Jeff Garrett’s notes, it was actually a gem business strike. There are probably fewer than 15 or so true Proofs known. Both the Smithsonian and Riordan/Suwannee coins are fully gem.

1866, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Like the 1865 gold dollars, the grading services have certified more 1866 coins than were actually reported minted. It is quite possible that several of the certified coins were really deeply mirrored business strikes. Caution should be used when purchasing gold dollars from this era. The Eliasberg coin was designated a Proof, but again Garrett’s notes indicate otherwise. True Proofs should be completely mirrored, with deep, orange-peel surfaces. The Smithsonian piece is a good example of what a true Proof should look like. True Proof 1866 gold dollars are very rare, and it is estimated that fewer than 20 still remain. Lint marks and cameo surfaces are the norm for the date. An amazing example of the date, an NGC PF-67 Ultra Cameo, sold for $34,500 in November 2006.

1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Cameo

Although the mintage is quite a bit higher than the previous couple of years, the 1867 gold dollar is actually much scarcer. Just four coins have crossed the auction block in the last decade. The population reports also reflect the coins’ true rarity. Of the few examples offered, most were less than gem in quality. The Trompeter coin was PF-63 at best, and the Riordan/Suwannee coin is only NGC PF-64. The finest example seen was the gem Proof coin sold as part of the John Jay Pittman collection. It is probable that there were unsold coins for the year that met their fate in the melting pot. True Proofs are deeply mirrored and will most likely have cameo devices.

1868, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

Reportedly, only 25 coins were struck for this year in the Proof format. This is one of the lowest mintages for the entire series. Again, the population data presents problems in determining the coins’ true rarity. Nearly 20 have been graded to date. The authors’ experience with coins of this date indicates that the mintage is correct and that the piece is indeed very rare in true Proof. The problem stems from the deeply mirrored business strikes that are often mistaken as Proofs. The authors have seen certified examples that, in their opinion, were not Proof. The Eliasberg coin was listed as Proof but would not qualify as such today. All the genuine Proofs that the authors have seen were struck with a medal alignment and appear rotated 180 degrees on the reverse.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1869 gold dollar is very rare and seldom offered in Proof. The mintage was a miniscule 25 pieces, of which only 15 or so still remain. Oddly, both the Harry W. Bass Jr. collection and the Smithsonian collections contained two each of this scarce issue. Additional examples include the Riordan/Suwannee and ANS coins. Most of the known coins are choice at best, with very few gems graded. On several examples of this date, seen by the authors, the reverse displayed raised die scratches that, at first, appeared to be deep hairlines. Given the coin’s rarity and the current price levels, this date is truly underrated. Every example seen is from the Proof-only dies used from 1862 through 1875 and early 1876.

1870, Proof Mintage: 35

No specimen in Smithsonian Institution

The 1870 gold dollar in Proof is one of the least-seen dates of the period. Just a few have been offered at auction the last 10 years or so. Although the Harry W. Bass Jr. collection contained two examples, one was an uncertified PF-60 coin. The John Jay Pittman example was also of poor quality. The finest seen recently was the Riordan/Suwannee NGC PF-66 coin, which is part of a complete set of Proof Type 3 gold dollars author Jeff Garrett handled in 2005. Proofs are sometimes seen with deeply mirrored surfaces that reveal raised lines, the result of heavy die polishing. With a very small mintage of only 35 coins, it is quite obvious that the 1870 gold dollar is very rare. It is doubtful half of the original mintage remains today.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64

The mintage for the 1871 gold dollar is slightly reduced from the previous year but is of about the same rarity. The date is very rare in true Proof and seldom offered. Only one or two coins have been offered at auction in the recent past. This date happens to be the highlight of the Riordan/Suwannee collection. That coin was recently graded PF-68 by NGC. The coin is a virtually perfect specimen. A few 1871 gold dollars are part of permanent collections, with the Smithsonian and ANS each having one example. The Proof examples were delivered on February 20, just days after 3,900 business strikes were produced (February 15, 1871). Most examples seen of the date are deeply mirrored with cameo contrasts.

1872, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-65 Cameo

More 1872 coins have been offered for sale than others of the series with mintages of under 50. The 1872 gold dollar is another date that appears to have a survival rate greater than the original mintage. When studying the rarity of any gold coin, the population data can be very misleading. It is very common for a rare coin to have been resubmitted multiple times in search of a higher grade. This can mean thousands of dollars on some coins, and dealers and collectors can be persistent. This is also another date where it is difficult to determine a business strike from a true Proof. Probably 20 or more coins remain. The Smithsonian has two examples, and the Riordan/Suwannee example is a stunning NGC PF-67 coin. In mid-2007 an NGC PF-67 Ultra Cameo coin sold at public auction for $29,900.

1873, Close 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1873, Close 3 gold dollar is one of the most rare Proofs of the era. That is a bold statement for a series of coins with a total mintage of just 606 pieces from 1862 to 1880. There are fewer than 15 coins that are estimated to have survived, and they are seldom offered for sale. The Harry W. Bass Jr. coin was graded only PCGS PF-62. Surely Bass made every effort to obtain a quality example. This date is one of the most deceptive when it comes to determining Proof status. There are several deeply prooflike business strikes that can be easily confused with Proofs. Every genuine Proof the authors have seen display tiny lint marks and planchet defects on both the obverse and reverse. All 1873 Proof gold dollars are Close 3. An NGC PF-67 Cameo sold at auction in January of 2007 for $27,600.

1874, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Cameo, LIB visible only

It is interesting that one of the most common dates of the dollar series in business strike is one of the rarest dates in Proof. The mintage for the year is a remarkable 20 coins. The date is extremely rare in Proof and one of the most difficult to locate. Only five coins have been offered at public auction in the last decade. Two of those auctioned off were in the fabulous Harry W. Bass Jr. collection. This is another date where caution must be exercised when purchasing. Deceptive first strikes can be a problem. The Smithsonian retains two examples. The most recent appearance of this rarity at auction was an NGC PF-66 Cameo that sold for $23,265 in August 2006.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1875 gold dollar is a classic rarity in both the Proof and business strike formats. Only 400 were made for circulation. The low mintage for the year makes the 1875 gold dollar one of the most desirable coins in the entire series. Although most, if not all, business-strike 1875 gold dollars are fully prooflike, there are die characteristics that make identification possible. A small thorn-like projection is found below the chin on all business strikes. The mintage for this date could possibly be an error, as it is estimated that more than 20 Proof 1875 gold dollars are known. The date is still a major rarity and very popular. Both the Harry W. Bass Jr. and the Riordan/Suwannee examples are gem PF-66 coins. None have appeared at auction in recent years.

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Although the 1876 gold dollar is a very rare coin in Proof, it is generally more available to collectors than coins from previous years. More 1876s were offered for sale at auction over the last decade than one would suppose for a coin with a tiny mintage of just 45. Both the Harry W. Bass Jr. collection and the Smithsonian collection featured two examples of the date in Proof. Business strikes for the year were struck in small numbers also, and many deceptive first strikes exist. True Proofs of the year are deeply mirrored and should display rich, orange-peel surfaces. The Riordan/Suwannee example, graded PF-66, is one of the finest seen at NGC. An NGC PF-66 Ultra Cameo sold in the 2006 FUN auction for $30,475.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The mintage of the 1877 gold dollar dropped substantially from the previous year. It is possible that there were still unsold Proofs of 1876 remaining. The date is very rare in any grade of true Proof. Most of the coins seen over the last few years have been less than gem Mint State in quality. The Smithsonian has only one example, and that one is in PF-63 condition. The finest example offered in recent memory was the superb John Jay Pittman coin. Harry W. Bass Jr. had only one. In almost any other series of U.S. coins, an issue of only 20 coins would constitute a major rarity. It is the authors’ opinion that all of the gold dollars of this era are extremely underrated. The year 1877 is also known as a key date for many other denominations. 2006 saw two examples cross the auction block, a PCGS PF-64 Cameo and an NGC PF-65 Ultra Cameo, the latter selling for $17,250 in May. An NGC PF-66 Ultra Cameo sold for $17,250 at the 2008 FUN show auction.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1878 gold dollar is another very popular issue with a miniscule mintage. Only 20 coins were struck in Proof for the year, and the date is only offered on rare occasions. Current price levels seem ridiculous for a coin with so small a mintage. Business strikes for the date can be fully prooflike and easily confused with a true Proof. One should insist on a coin with deeply mirrored fields and orange-peel surfaces. Light to heavy die lines are not uncommon for the issue—the result of die polishing. The Smithsonian example is a gem, as is the Riordan/Suwannee coin. A PCGS PF-65 Deep Cameo sold in February of 2007 for $16,675.

1879, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1879 gold dollar is a very rare coin in true Proof. This date, however, is one of the most deceptive when it comes to deeply mirrored business strikes. The authors have seen several coins that were very difficult to distinguish. True Proof examples will exhibit heavy die polishing on both the obverse and reverse. One of the finest examples seen was the Trompeter coin, which sold at auction in 1992 for $18,150. The Garrett coin, which was sold in 1979, was also superb, having been obtained directly from the Mint at the time of issue. More recently, a January 2007 sale included a PCGS PF-66 Deep Cameo that sold for $25,300. Of the original mintage of 30 coins, there are likely a dozen or more survivors. The Smithsonian retains two gem examples.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-64 Cameo

With a small mintage of only 36 coins, genuine Proof 1880 gold dollars are very rare. The problem is that business strikes and Proofs for this date are from the same dies. Gold dollars of this date fall into three categories. The first category is composed of the no-questions-asked Proof. The second category is full of blatant business strikes, and the third contains all of the coins upon which no one could ever agree. Auction records for the date must be taken with caution for obvious reasons. Breen’s take on this date is quite humorous and is recommended reading. The master himself must have been frustrated with this issue. One of the finest examples of the date seen in recent years was the John Jay Pittman NGC PF-67 coin. The last appearance of the date in the Proof format was an NGC PF-66 Cameo that sold for $16,100 in February 2007.

1881, Proof Mintage: 87

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As would be expected for a coin with a mintage of 87 coins, the 1881 gold dollar is very scarce in true Proof. The problem is the “true Proof” part. A collector in the 1950s and 1960s, named Leon Lindheim, became fascinated with this date and decided to accumulate as many Proof 1881 gold dollars as possible. When David Akers purchased Lindheim’s hoard in 1973, he had amassed 54 coins. Reportedly, only eight were actual Proof 1881 gold dollars. The number is still impressive, but it is obvious that many deceptive prooflike coins exist. According to Akers, true Proofs may be distinguished by a small, unfinished area in the die between the lower left part of the D in DOLLAR and the wreath. A superb example of this rarity, a PCGS Deep Cameo, sold at auction in March 2007 for $19,200.

1882, Proof Mintage: 125

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The demand from collectors must have increased greatly for Proof gold dollars starting in 1882. The mintage jumped sharply to 125 coins that year. The auction records note a marked increase as well, with about two dozen coins having been sold in the last decade. This date marks the first year that true Proof gold dollars are actually available without too much difficulty. As with dates from the entire series, collectors should look for coins with deep, orange-peel surfaces. The issue is also susceptible to irregular rims that can sometimes be a problem on coins of this date. The John Jay Pittman coin was purchased from a B.M. Douglas in 1957 for $26. It’s difficult to believe that such great coins were ever that affordable.

1883, Proof Mintage: 207

Finest Smithsonian Institution specimen: PF-65 Cameo

As in 1882, the mintage increased greatly for 1883 Proof gold dollars. The demand from collectors grew sharply in this era. The early evolution of coin collecting can be interesting to observe from the events of this period. The mintage for the 1883 gold dollar is about the same for the 1882 issue, and the date is seen with the same frequency. The records indicate that 40 were coined specifically for Proof sets. It is interesting that the mintage figures for every denomination vary for the year. Coins were produced simply based on demand. Gold dollars were undoubtedly the most popular, based on their lower face value. A double eagle in 1883 would have represented a sizeable investment. Many of this date are seen with a repunched 3 on the date. Recent auction records for the issue include an NGC PF-67 Ultra Cameo that sold for $29,900 in May 2007.

1884, Proof Mintage: 1,006

Finest Smithsonian Institution specimen: PF-65 Cameo

The mintage for Proof gold dollars soared in 1884 to more than 1,000 coins. The date is common only in comparison to the exceedingly rare early issues. Proof gold dollars are, however, a great type coin in their own right. They are the most affordable gold coins in the Proof format. It has been speculated that the mintage for this issue increased dramatically due to the demand for small gold coins in jewelry. That may be the case, but the authors have seen very few coins that appear to have been used in that fashion. Most, if not all, Proofs of this date are repunched on the 18 of the date. Probably the finest known example, an NGC PF-68 Cameo coin, sold in the 2006 FUN auction for $32,200.

1885, Proof Mintage: 1,105

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1885 issue is one of the most readily available gold dollars to locate in Proof. More representatives of this date have been offered at auction than any other. A high mintage figure, and the fact that many business-strike coins look deceptively like proofs, makes the date seem more common than it is. True Proofs can be very difficult to determine, and many top professionals cannot agree on some coins. Look for coins with very deep, mirrored, orange-peel surfaces. A few truly superb examples of this date have been certified by the services, the finest being two coins graded by NGC as PF-68. One of these sold at auction in July 2007 for $40,250, an impressive sum for such a diminutive coin.

1886, Proof Mintage: 1,016

Finest Smithsonian Institution specimen: PF-65 Cameo

The mintage for the gold dollars of this year remains in the 1,000+ range. The date can only be considered an excellent type coin in terms of rarity. A good number of coins cross the auction block on a yearly basis. Evidence exists that coins from this period were handled very carelessly by Mint employees. Impaired Proofs are not uncommon, and this is probably true. Walter Breen gives an interesting perspective on coin conservation in his discussion of this date in his Encyclopedia of U.S. and Colonial Proof Coins. He goes into great detail describing the proper manner in which to clean gold coins. The authors recommend leaving that job to professionals.

1887, Proof Mintage: 1,043

Finest Smithsonian Institution specimen: PF-65

Gold dollars must have been a very popular collector’s item in the late 1880s. The Mint again produced more than 1,000 coins. This is in a year in which only 710 Morgan silver dollars were struck in Proof. It seems odd that gold dollars were in more demand than silver dollars. The auction records indicate the date is readily available in most grades. The finest piece graded to date appears to be a single NGC PF-68 coin. An example in that grade sold for $30,188 in January 2007. As usual, the date is plagued by deceptive first strikes.

1888, Proof Mintage: 1,079

No specimen in Smithsonian Institution

The 1888 gold dollar is by no means a rare date in Proof. Virgil Brand is thought to have owned 10 examples at one time. Many have been sold at auction over the last decade; the finest example recently offered was a PCGS PF-67 coin. The most interesting aspect of this date is the deceptive first-strike business strikes that are commonly seen. The coin offered as a part of the John Jay Pittman collection appears, from the photograph, to be an unquestionable Proof. The coin is also struck from the obverse dies used on Proofs from 1862 to 1873, and again on other issues in the 1870s, with the feathers partially polished out in the headdress. Akers thought the coin to be a business strike, and his opinions carry a great deal of weight.

1889, Proof Mintage: 1,779

Finest Smithsonian Institution specimen: PF-66

Interest in Proof gold dollars in the 1880s must have started to wane by the time the 1889 production was complete. The year saw the largest mintage for Proof gold dollars, or any other Proof gold denomination for that matter. For some unknown reason, however, the survival of the date is much less than the lower mintage of 1888. Hoarding gold dollars had obviously peaked out by that time. It is the authors’ opinion that many of the Proofs for this year must have entered circulation or were melted. Proofs for the year are usually seen with partially polished-out feathers on the headdress of the obverse side. Cameo devices are also usually present. The most recent offering at auction of the issue in the Proof format was a PCGS PF-66 that sold for $1,500 in October 2006.

2.50 GOLD COINS: AN OVERVIEW Capped Bust to Right (1796–1807) The quarter eagle denomination debuted in 1796, and the first type appeared without any stars on the obverse, making it the only “star-less” early U.S. silver or gold coin. All examples of this type were struck at the Philadelphia Mint (the only mint at the time), and only in a limited quantity of 963 pieces. This type presents a real challenge to the type collector because of its great rarity. Nevertheless, a surprising number of high-grade circulated examples exist. Designed by Robert Scot. The design on the first quarter eagle followed that of the half eagle and eagle, but minus any stars on the obverse. The reverse featured a heraldic eagle patterned after the Great Seal of the United States. UNITED STATES OF AMERICA surrounds the eagle. Edge: reeded. Standards: weight, 4.37 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 20 mm.

Capped Bust to Right, No Stars on Obverse.

Later in 1796, 13 stars were added to the obverse of the quarter eagle. Mintages remained low, reaching a peak of 6,812 in 1807. All examples of this type were struck at Philadelphia, and no Proofs or presentation strikes were made. All “Stars on Obverse” quarter eagles are rare with the exception of 1807 and 1802. Surviving examples are distributed fairly evenly over the grade scale; thus, collectors have a wide variety of choices up through AU-58. For a price (usually a high one), there are always one or two Mint State pieces available on the market at any given moment. Designed by Robert Scot. Same designs as the preceding, but with 13 stars around the obverse. Edge: reeded. Standards: weight, 4.37 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 20 mm.

Capped Bust to Right, Stars on Obverse.

Artist depiction of the exterior of the Mint’s building in Philadelphia circa 1885.

Capped Bust to Left, Large Size (1808) The 1808 quarter eagle was a one-year type with a mintage of only 2,710 pieces, making it one of the rarest and most desirable of all U.S. coins. Either quarter eagles were very unpopular in the early 1800s, or the Mint had little interest in producing them. A look at the mintages of other 1808 coins gives a clear indication of priorities: half cents—400,000; large cents—1,007,000; half dollar—1,368,600; half eagle—55,578; and quarter eagle—2,710. Apparently, there was no great commercial need for the quarter eagle, because once the 1808s were released, none were struck again until 1821. Despite the low mintage, an unusually high percentage of surviving examples appear in About Uncirculated condition (specifically, AU-58). The rarity of this date and denomination may have been its salvation back in 1808. They might have been saved simply because they were such an unusual denomination. The high percentage of AU examples strongly suggests that, for whatever reason, these coins did not circulate freely. Designed by John Reich. Liberty’s cap no longer looks like a freedman’s cap, but just a loose bag with a headband. Liberty’s hair falls in curled tresses down the back of her neck. Thirteen stars are arranged with seven on the left and six on the right on the obverse; the date appears below the bust. The reverse features an eagle with its wings outstretched and raised, arrows and an olive branch in its talons. A scroll bearing the words E PLURIBUS UNUM hovers above the eagle’s head, and the denomination in the form “2½ D” appears beneath the eagle. UNITED STATES OF AMERICA arcs around the upper reverse. Edge: reeded. Standards: weight, 4.37 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 20 mm.

Capped Bust to Left, Large Size.

Capped Head to Left, Large Diameter (1821–1827) Coinage of the quarter eagle resumed in 1821 using new dies designed by John Reich. The new design featured a smaller head of Liberty, with sufficient space for the placement of stars above. All examples of this type were produced in Philadelphia. A small number of Proofs were made, perhaps to celebrate the resumption of the denomination. Mintages for this type (as with all early quarter eagles) were very low, all under 7,000 coins, reaching their lowest point in 1826, when only 760 examples were produced using an over-dated die. In fact, the presence of two over-dated dies in this type (1824/1 and 1826/5) suggest anticipated mintages that never materialized. As usual, the Mint’s attentions were focused elsewhere during the time of this type, especially on large cents and half dollars. For the collector seeking an example of the Capped Bust, Small Head quarter eagle, mintages are completely irrelevant. The lowest-mintage coin, 1826/5, is rarer than the highest-mintage, 1821, but not by much. In fact, the

1825, which has a lower mintage than the 1821, is by far the most “common” date of the type, by a factor greater than two. The 1825 has a nice distribution of grades throughout the scale, with spikes at the AU level and in MS-61. Why this date survived in such high numbers relative to the other dates is unknown, but the extra population helps keep the value of the type at a manageable level. This type ended with the introduction of the close collar in 1828. Designed by John Reich. While the head of Liberty resembles that on Classic Head half cents (1809–1836), the bust and head are shaped differently. The reverse is slightly modified version of the preceding. Edge: reeded. Standards: weight, 4.37 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 18.5 mm.

Capped Head to Left, Large Diameter.

Capped Head to Left, Reduced Diameter (1829–1834) In 1829, new machinery at the Mint enabled a more uniform quality in America’s coins. Specifically, coins could now be produced with consistent diameters. Earlier, this was not possible because blanks were allowed to spread out unchecked during the minting process. Thus, the pressure of the coining press or the thickness of the original planchet determined the eventual diameter of the coin. If the pressure varied from coin to coin, so would the diameter. The new technology consisted of a close collar, one that restricted the spread of the metal during striking. The close collar ensured uniform diameters and also did away with one step in the coining process. Previously, edge ornamentation or reeding (in the case of the quarter eagle) was imparted in a separate process prior to the actual striking of the coin. The close collar had grooves already cut into it, so when the coin was struck, the metal flowed into the grooves creating the reeding on the edge of the coin.

Capped Head to Left, Reduced Diameter.

Exterior of the New Orleans Mint circa 1858.

The Capped Head to Left, Reduced Diameter type was struck in very small numbers; the highest mintage for this type was 4,540 for the 1830. Many of this type were destroyed shortly after minting because of rising gold prices. Thus, survivors are very scarce, and difficult to locate in any condition. Very few original, unimpaired examples exist. Many have been cleaned or repaired. Ownership of this type is the mark of an advanced collection. Designed by John Reich. Same designs as the preceding except the border has been replaced with a circle of small beads within a raised rim. Edge: reeded. Standards: weight, 4.37 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 18.5 mm.

Classic Head, No Motto on Reverse (1834–1839) This type was a redesign brought on by the Coinage Act of 1834, which reduced the weights and purity of U.S. gold coins. The changes resulted from rising gold prices, which threatened to destroy all earlier U.S. gold coins—they were suddenly worth more than their face values. In fact, the rarity of most early American gold coins stems not from low mintages but from rampant melting. In 1834, engraver William Kneass’s version of Liberty was decidedly different from the preceding. His design appears simpler and less refined than the Capped Bust type, perhaps because of the thick, almost bumpy curls on Liberty’s now capless head. One thing missing from Kneass’s reverse was the scroll bearing the motto E PLURIBUS UNUM, which was considered a redundancy of the legend UNITED STATES OF AMERICA. With the new design, the quarter eagle finally gained the respect it had lacked ever since the denomination first appeared in 1796. The mintage of the 1834 coin soared over 100,000 and rose to more than half a million coins in 1836. Thereafter, mintages dropped dramatically, but they were still considerably higher than in any previous type. This was the first quarter eagle type to be produced at mints other than that of Philadelphia. In 1838, production began at the new facility at Charlotte (North Carolina), and in 1839, quarter eagles were produced at mints at Dahlonega (Georgia) and New Orleans (Louisiana). The coins struck at the branch mints are among the rarest of the type, with 1838-C showing the lowest mintage of only 7,880 coins. Interesting varieties include the Script 8 and Block 8 of 1836. Designed by William Kneass. For this type, Kneass used a different face of Liberty, here with a classic, almost perfectly straight nose. Kneass removed Liberty’s cap, revealing tight curls held in place with a headband bearing the word LIBERTY. Tresses fall down the side and back of her neck. Thirteen stars surround and the date appears below the bust. The reverse is a slightly modified version of the previous, but no longer with the scroll and motto. Edge: reeded. Standards: weight, 4.18 grams; composition, (1834–1837: 89.92% gold / 10.08% silver and copper; 1837–1839: 90% gold / 10% silver and copper); diameter, 18.2 mm.

Classic Head, No Motto on Reverse.

Early artist depiction of the Charlotte Mint.

Liberty Head (1840–1907) In 1840, Christian Gobrecht revised the design of the quarter eagle, following the pattern of his earlier makeovers of the eagle in 1838 and the half eagle in 1839. His head of Liberty proved to be the most popular and enduring of all the 19th-century designs—it appeared in various forms on half cents, large cents, and most gold coins, spanning up to 69 years (in the case of the $10 gold piece)! The Liberty Head quarter eagle was produced at the Philadelphia, San Francisco, Dahlonega, New Orleans, and Charlotte mints. Proofs were made of most years, although anything prior to 1862 is extremely rare. Production of coins for circulation remained fairly consistent at the Philadelphia Mint but was sporadic at the other mints. Mintages were generally low, especially at the Southern mints of Dahlonega and Charlotte. From time to time, Philadelphia produced large quantities of quarter eagles, especially in 1851, 1852, 1853, and 1861, when annual mintages climbed to more than one million coins. In 1848, the Philadelphia Mint received a small quantity of gold bullion, freshly discovered in California, which was converted into 1,389 quarter eagles, each of which was stamped with the abbreviation CAL. in the blank field above the eagle’s head. These remain one of the most sought-after quarter eagle dates. Because of the longevity of this series, one can expect a number of interesting rarities and varieties. This type does not disappoint. Rarities include the 1841 (possibly a Proof-only issue), the incredibly rare 1854-S, the Proofonly 1863, and the low-mintage 1875. Varieties include combinations of Small Dates, Large Dates, Crosslet 4s, and Plain 4s in 1843, and modified reverse designs beginning in 1859. Designed by Christian Gobrecht, who completely revised the head of Liberty, making it smaller, putting her hair up in a bun and braiding the hair around her forehead and temple. The reverse is very similar to the preceding, but the eagle appears to be more ornithologically correct. Edge: reeded. Standards: weight, 4.18 grams; composition, 90% gold / 10% silver and copper; diameter, 18 mm.

Liberty Head.

Indian Head (1908–1929) In 1908, Americans were treated to a completely new and unusual coin format: the incuse design of Bela Lyon Pratt. Normally, coin designs are raised above the flat field, but on incuse coins, the design is impressed into the metal and is lower than the field. Until Pratt’s design appeared on the quarter eagles and half eagles of 1908, no American coin had been produced with an incuse design. Pratt came to the attention of President Theodore Roosevelt through a mutual friend, Dr. William Bigelow, who shared the President’s desire to improve the artistry on American coinage. Major changes had already taken place on the eagle and double eagles in 1907, and, in 1908 attention shifted to the smaller-denomination gold coins.

Theodore Roosevelt.

Critics of the design feared that the recessed features would collect disease-bearing dirt, and that the coins would be unhealthy and become unsightly. In reality, the incuse coins gathered no more dirt than coins with raised relief, nor has any study shown incuse coins to be any more infectious than “normal” coins. Other concerns focused on the stackability of the coins (a non-issue, as it turned out) and the ease with which con men could simply carve the design into a blank piece of gold (a very difficult task that was rarely, if ever, tried). Indian Head quarter eagles were produced primarily at the Philadelphia Mint from 1908 to 1929, inclusive, with a gap from 1916 to 1924 (presumably because of World War I). The only other facility that produced this type was the Denver Mint, which struck coins in 1911, 1914, and 1925. The complete type is represented by 15 coins, only one of which, the 1911-D, can be considered anywhere near scarce. Designed by Bela Lyon Pratt. This new type is one of only two American coins with an entirely incuse design (the other is the Indian Head half eagle). The obverse features an Indian chief in ceremonial headdress, with the word LIBERTY above and the date below. Six stars appear on the left side, seven on the right. The reverse features an American eagle, majestically poised with his wings at his side. The eagle is perched atop a bundle of arrows with an olive branch entwined about it. UNITED STATES OF AMERICA appears above; E PLURIBUS UNUM (in smaller letters) appears to the left, and IN GOD WE TRUST (also in smaller letters) appears to the right of the eagle. The denomination 2½ DOLLARS appears at the base of the reverse. Edge: reeded. Standards: weight, 4.18 grams; composition, 90% gold / 10% silver and copper; diameter, 18 mm.

Indian Head.

$2.50 – CAPPED BUST TO RIGHT 1796, No Stars on Obverse Mintage: 963

Finest Smithsonian Institution specimen: MS-62

The year 1796 saw the birth of the very first quarter eagle. The absence of stars on the obverse of the earliest 1796 quarter eagle remains a mystery, especially since almost every other gold and silver denomination issued since 1794 bore obverse stars (the only exceptions are the 1794 copper half-dime and $1 patterns, both without stars on the obverse). Roughly a dozen Mint State examples are known, including a marvelous coin (from the famous Lorin Parmelee sale of 1890) at the MS-65 level that sold for $1,725,000 at the 2008 January FUN sale. In early 2006, the Parmelee example sold by private sale for $1,750,000. The most desirable examples are well struck, with full denticles and few, if any, adjustment marks. Several prooflike examples exist. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1796, Stars on Obverse Mintage: 432

Finest Smithsonian Institution specimen: MS-63

Later in 1796, stars were added to the obverse of the quarter eagle (eight on the left, eight on the right), each star representing one of the 16 states in the Union at the time. This subtype is somewhat rarer than the 1796, No Stars quarter eagle, yet it generally sells for much less in comparable grades. Most examples are in circulated condition, with a cluster at the About Uncirculated level that may represent some unreported resubmissions. Mint State examples are extremely rare; included among them is a single gem example, an NGC MS-65. This coin sold at public auction in January 2008 for $1,006,250. Late states of the dies show heavy lapping to remove clash marks. The Smithsonian has two examples: one is a nice MS-63 coin.

1797

Mintage: 427

Finest Smithsonian Institution specimen: AU-58

With a starting mintage of only 427 coins and a very low survival rate, the 1797 quarter eagle is an extremely rare and popular date, appearing at auction fewer than two times per year (on average). Most, if not all, examples show a vertical die crack on the right side of the obverse that connects the Y of LIBERTY with the 12th and 13th stars. Eventually, a whole section of the die broke off and one 1797 quarter eagle is known with a huge cud on the right side of the obverse. Mint State examples are extremely rare, but a number of high-grade circulated pieces exist around the About Uncirculated level. The finest known example, an NGC MS-64, is from the fabulous Floyd Starr Star collection. The coin sold in early 2005 for $276,000 at auction. The reverse die performed double duty when it was used later on a 1798/7 overdate dime.

1798 Mintage: 1,094

Finest Smithsonian Institution specimen: AU-58

The 1798 quarter eagle is comparable in rarity to the 1796, With Stars issue, yet it sells for a fraction of the price. Two varieties are known for this year: the Close Date (in which the 8 of the date is below the bust) and the Wide Date (in which the 8 is embedded in the bust). Of the two varieties, the Close Date variety is the rarest, by far. The reverse of the Wide Date 1798 quarter eagle was another workhorse die, also used to produce dimes from 1798 to 1800. Most 1798 quarter eagles are in circulated condition, usually no better than Extremely Fine or About Uncirculated. Mint State examples are extremely rare, led by a single MS-65 coin. Old auction records of Proofs appear to be exaggerated. The finest known example of the date was once a part of the Norman Stack type set of U.S. coins. That piece now resides in a prominent Texas collection.

1802, 2 Over 1 Mintage: 3,035

Finest Smithsonian Institution specimen: AU-58

The 1802 quarter eagle has the second-highest mintage of the Capped Bust to Right type, yet it still commands a slight premium over other dates of the type that have considerably lower mintages. All 3,000+ coins were produced with a single obverse and four reverse dies. Two of the reverse dies were used to strike dimes. The obverse has sometimes been called an 1802/1 overdate, but the attribution is tentative and the “1,” which is barely visible (even under magnification), may be just an artifact. Circulated examples are available up through AU-58, and even several dozen Mint State examples exist, including one or two in gem condition. One of these sold at public auction in February 2007 for $161,000.

1804, 13-Star Reverse Mintage: Unknown, included as part of the year’s mintage of 3,327

No specimen in Smithsonian Institution

This variety features 13 stars in an arc pattern on the reverse, the style used for the remainder of the type. This is one of the rarest and most underrated major varieties of all early U.S. gold coins. Fewer than a dozen examples are known to exist, possibly less, and only a few examples have been nice enough to be certified. The 1804, 13-Star Reverse is at least 20, if not 30, times as rare as the 1804, 14-Star Reverse issue. Even the Smithsonian does not have an example of this variety, and none has appeared at auction for several years. Surprisingly, most examples are well preserved, and a couple of nice About Uncirculated coins top the condition census. No Mint State examples are known of this great variety. At least one example is known that has been expertly repaired. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1804, 14-Star Reverse Mintage: Unknown, included as part of the year’s mintage of 3,327

Finest Smithsonian Institution specimen: AU-55

Most experts believe the reverse die used to strike this major variety was a leftover from 1798. This belief is supported by the obsolete use of 14 stars and the line pattern in which the stars were arranged. Obsolete though it may have been, this die struck not only 1804 quarter eagles, but 1804 dimes as well. This is the third most-common date of the series, with a fair number of choice Extremely Fine and About Uncirculated examples from which to choose. Uncirculated examples are very rare and limited to the MS-63 level. One of the finest examples seen in recent years has been a PCGS MS-63 coin that sold at auction in mid-2004 for $97,750.

1805 Mintage: 1,781

Finest Smithsonian Institution specimen: AU-55

Only a single pair of dies was used to produce quarter eagles in 1805. Later the die was annealed (softened), a 6 was punched over the 5, and more quarter eagles were struck. Such economies were common in the early days of the Philadelphia Mint, but it was quite unusual to reuse a die in this manner (most other overdates involve dies that had never been hardened or used to strike coins before). Most certified examples appear at the Extremely Fine and About Uncirculated level. The clustering of examples at the AU-58 level is most likely an overstatement due to resubmissions, because the rarity (and value) of Mint State examples is ample incentive to make the effort. A very choice uncertified example sold at auction in late 2005 for an impressive $275,000. That coin is considered to be a gem example by most experts.

1806, 6 Over 4, 8 Stars Left, 5 Right Mintage: 1,136

Finest Smithsonian Institution specimen: AU-58

An unused die from 1804, with stars in the obsolete configuration of eight left and five right, was brought up to date by punching a 6 over the 4. The rarity of this variety in comparison to the 1806/5 overdate is in proportion to the mintages: the 1806/4 overdate is about twice as common as the 1806/5 overdate. Most examples seen are in circulated condition, rarely above Extremely Fine, and are often weakly struck in the centers. Mint State examples are extremely rare and seldom appear above MS-62. Among the finest certified examples is a single MS-63 coin that realized more than $85,000 when it appeared at auction in 2006.

$2.50 – CAPPED BUST TO LEFT, LARGE SIZE 1806, 6 Over 5, 7 Stars Left, 6 Right Mintage: 480

Finest Smithsonian Institution specimen: AU-55

The 1806/5 overdate represents one of the rare instances when a die that had already been used to strike coins in one year was softened, overdated, rehardened, and then used to strike even more coins. Most other overdates occur on unused dies from previous years. The reverse of this variety was also used to strike quarter eagles in 1805, 1806, and 1807; later it was used as the reverse for the pattern 1807 dime. The two dozen (or so) examples that have been certified are in surprisingly nice condition, with none falling below the EF-45 level. Mint State examples are exceedingly rare, with a single MS-63 coin (which sold at auction for $195,500 in mid-2005) at the top of the

condition ladder.

1807 Mintage: 6,812

Finest Smithsonian Institution specimen: MS-64

In relative terms, this is the most “common” date of the type, thanks to a mintage that is more than twice as high as any other date in the series. As of this writing, 251 examples have been certified. Survivors are spread pretty evenly across the grading continuum, making them available to collectors in a wide range of prices. Several dozen Mint State examples are known, although not a single piece has graded above MS-65. The most recent price record for the date is a PCGS MS-62 that sold at auction for more than $43,000 in August 2006. The strike on the 1807 quarter eagle is generally above average, with less of the central striking weakness that often affects the earlier dates.

1808 Mintage: 2,710

Finest Smithsonian Institution specimen: AU-58

The 1808 quarter eagle enjoys heightened demand because it is the only date of its type, making it a “must-have” coin for anyone putting together a U.S. gold type set. The number of survivors is few, consistent with the low mintage. Population reports show an inordinate number of coins bunched together at the AU-58 level, but the population is no doubt inflated by attempts to gain the coveted Mint State designation. Uncirculated examples are extremely rare, and only a single gem specimen is known to exist. That coin is part of a prominent Texas collection, and traces its pedigree to the collections of Jimmy Hayes and J. Hewitt Judd. A choice example sold at auction in March 2007. The coin was graded MS-63 by PCGS and realized $425,000. An NGC MS-63 example sold at the

2008 FUN show auction for $322,000. This date usually comes with weak denticles on both sides. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

$2.50 – CAPPED HEAD TO LEFT, LARGE DIAMETER 1821 Mintage: 6,448

Finest Smithsonian Institution specimen: AU-55

Despite having the highest mintage of the new type, the 1821 quarter eagle is actually one of the more difficult dates to locate (in fact, only the 1826 and 1834 With Motto issues have lower populations). Several nice About Uncirculated examples are known, as well as some pieces in low-end Mint State condition. Finding examples below Extremely Fine is actually more difficult than locating an Uncirculated 1821 quarter eagle. At the top end, an MS-66 example is the finest known by a full three points. Recently, in January 2007, an NGC MS-62 sold for $37,375. Proof dies were later used to create coins for circulation; thus, many prooflike examples exist of this date, some of which have been called Proofs in the past. Most surviving pieces have a small depression on Liberty’s cheek, caused during striking.

1824, 4 Over 1 Mintage: 2,600

Finest Smithsonian Institution specimen: MS-60

All examples of this date are true overdates, in which an unused, leftover die from 1821 was converted by punching

a 4 over the 1. The number of survivors nearly matches the population of the much higher mintage 1821 quarter eagle, with similar grade distributions, although no super-gem example is known of this date (MS-64 condition seems to be the zenith in this case). Circulated examples, especially those below Very Fine, are almost unobtainable, indicating that most survivors came out of collections (an unusual characteristic of the entire type). The Smithsonian has only one example—a pleasing MS-60 coin. No Mint State examples have crossed the auction block in recent years.

1825 Mintage: 4,434

Finest Smithsonian Institution specimen: MS-63

This date has the second-highest mintage of the Open Collar subtype, yet it is the most common by far. Also, this is the easiest date to find in low grades, which seems to be quite a challenge for this subtype. Most survivors are in high grade, although many are softly struck in the center. A couple dozen Mint State examples are known, but most appear at the MS-60 and MS-61 level. Although a single MS-67 example has been certified and is now part of an amazing Texas collection, the finest example to appear at auction between 1993 and 2007 was an MS-64 coin that sold for $63,250 in May 2006. The Smithsonian has only one example—a lovely MS-63 specimen.

$2.50 – CAPPED HEAD TO LEFT, REDUCED DIAMETER 1826, 6 Over 6

Mintage: 760

Finest Smithsonian Institution specimen: MS-60

Traditionally, 1826 quarter eagles have been considered overdates, and that is the way they have been listed in standard reference books. However, the overdate may actually be nothing more than a repunched 6 (either way, it takes strong magnification to see anything). The mintage appears to be incorrect on the low side, as this date is not much rarer than other issues with much higher mintages, and it appears at auction as often as the 1827 issue. Only one or two Mint State examples are known, the finest of which is the Garrett-Bass coin (a coin that has been called everything from AU-55 to MS-65 prooflike). Unfortunately, no Mint State examples of this date appeared at auction between 1993 and 2006.

1827 Mintage: 2,800

Finest Smithsonian Institution specimen: MS-60

The year 1827 was the last in which open collars were used on quarter eagles. The new close collar—introduced on quarter eagles in 1829—actually imparted the edge reeding at the same time the coin was being struck. Some experts believe that the mintage for this year includes some of the 1826 quarter eagles, but the number of surviving 1827 examples is actually greater than that of the 1824 issue, which has only a slightly lower mintage. Several mid-range Uncirculated examples exist, topped off by an MS-65 piece at the high end. Fully struck examples are rare. The auction price record was set for the issue in August 2007 when the NGC MS-65 sold for $149,500.

1829 Mintage: 3,403

Finest Smithsonian Institution specimen: AU-55

In 1829, new technology came to the quarter eagle in the form of a close collar that provided for uniform diameters. Edge reeding was now added at the same time the coin was struck, not in a separate operation before the coin planchet entered the coining press. From 1829 to 1831, the quality of the strike improved and flat strikes became the exception. Most examples survived in excellent condition, usually in About Uncirculated to low-end Mint State levels. Gem examples are extremely rare and the finest known is a single MS-67 example that sold at auction in August 2006 for $316,250. The 1829 quarter eagle appears at auction an average of two to three times each year, but the average coin is seen in About Uncirculated condition.

1830 Mintage: 4,540

Finest Smithsonian Institution specimen: MS-64

The 1830 quarter eagle is one of the most readily available dates of this type, appearing at auction an average of four times a year over the past decade. Numerous Mint State examples exist, including a fair number of gem pieces. However, no 1830 quarter eagle has been certified above MS-65. The transition from Proof to circulation strike is not clear, thus some of the prooflike first strikes are often called Proofs. The overall strike of this date is excellent, a benefit of the close-collar technology. High-grade examples are the norm, with clusters at the AU-58, MS-62, and MS-63 levels. In February 2007, an NGC MS-64PL specimen sold at auction for $37,950. The Smithsonian has three examples, including an impressive MS-64 coin.

1831 Mintage: 4,520

Finest Smithsonian Institution specimen: MS-63

The 1831 quarter eagle is comparable in rarity (and in the number of surviving examples) to the 1830 issue, but the total number of Mint State 1831 examples is higher, as is the general quality. Business strikes appear at auction on the average of five per year. Most of the known examples are in excellent condition, suggesting that virtually all of the coins outside of collections were destroyed. In fact, since 1993, the only 1831 quarter eagles to appear at auction have been Extremely Fine or better. A PCGS MS-66 example crossed the auction block at the 2008 January FUN show auction. The finest examples of this date are a superb MS-67 example and the prooflike gem coin in Harry W. Bass Jr.’s core collection.

1832 Mintage: 4,400

Finest Smithsonian Institution specimen: AU-58

In 1832, the relief on Liberty’s head was made higher, resulting in generally weaker strikes and few fully struck examples. As usual for this type, the quality of survivors is generally high, and collectors have had several opportunities to purchase nice About Uncirculated and low-end Mint State examples over the years. The finest coins are a few at the MS-63 level, only one of which appeared at auction between 1993 and 2004. That piece sold for a bargain price of $11,500 in May 2000. In November 2004, a coin graded MS-62 set a record price for the date of $25,300.

$2.50 – CLASSIC HEAD, NO MOTTO ON REVERSE 1833

Mintage: 4,160

Finest Smithsonian Institution specimen: AU

Despite similar mintages, the 1833, Capped Head to Left, Reduced Diameter, quarter eagle is slightly rarer than the other dates of the Close Collar subtype, appearing at auction much less frequently than the 1830, 1831, and 1832 issues, and only slightly fewer times than the elusive 1829 quarter eagle. Only the 1834 issue exceeds the 1833 quarter eagle in rarity. Several dozen About Uncirculated examples are known, along with approximately 10 to 20 Mint State examples. The finest 1833 quarter eagle known is an amazing MS-67 coin, which has appeared at auction three times, selling for $115,000 in 1999, $69,000 in 2000 (a steal at that price), and finally for $124,998 in 2002.

1834, With Motto Mintage: 4,000

Finest Smithsonian Institution specimen: AU-50

The 1834 With Motto issue is the rarest date of the Close Collar subtype, despite a mintage that is nearly equal to every other date in the series. Clearly, the vast majority of the mintage was destroyed; perhaps this happened in 1834 when the weight of the quarter eagles was reduced and many of the old tenor gold coins were melted. Virtually all survivors are in high grade, and no examples have been certified below Extremely Fine. However, no coins have achieved a higher grade than MS-63 either. The finest auction appearance was an MS-62 coin in 1995, setting a record price of $50,600 for the date. The “bargain” appearance of this date was the EF-40 coin that sold for $10,062 in the 1998 FUN sale.

1834, No Motto Mintage: 112,234

Finest Smithsonian Institution specimen: MS-60 PL

The year 1834 saw dramatic changes: the design of the quarter eagle was altered, the weight was reduced after July 31, and the mintage shot up to more than 112,000 pieces (prior to 1834, the highest mintage of a quarter eagle was in 1807 and topped out at 6,812 coins). This is one of the most common dates of the type, even though the 1836 issue has a substantially higher mintage. Collectors can choose from a complete range of grades, including a significant number of Mint State examples. An auction record for this date was set in 2004 when an MS-65 coin sold for $41,400; in 2007 a new record was set at nearly twice that sum. The finest certified examples are three MS-66 coins, which may really represent only one coin, or possibly two survivors.

1835 Mintage: 131,402

Finest Smithsonian Institution specimen: MS-62

The 1835 quarter eagle has the third-highest mintage of the type, but this is actually one of the sleepers of the type. A look at the population reports shows that this date has a very low population number. Most likely, the mintage figure for this year includes some 1834-dated coins. Fully struck examples are rare. This date appears at auction an average of only four times per year, confirming its scarcity. Mint State examples are scarce, and none have been certified above the MS-65 level. The auction record for this date was set in January 2004, when an MS-65 example sold for $28,750.

1836, Script 8 Mintage: Unknown, included in the year’s mintage of 547,986

Finest Smithsonian Institution specimen: MS61

The 1836, Script 8 quarter eagle is also known as the “Head of 1835.” There were two different 8 punches used for the year. According to both auction records and population tallies, the Script 8 variety is about four times more common than the Block 8 variety. Combined, the two varieties comprise the largest mintage of the entire type. Mint State examples are relatively common, with MS-63 being the most frequently seen grade. Gems examples are exceedingly rare, and none have been graded above the MS-65 level. The auction record for this date is $25,300, paid for the Bass collection example in November 2000.

1836, Block 8 Mintage: Unknown, included in the year’s mintage of 547,986

No specimen in Smithsonian Institution

This coin is also called the “Head of 1837.” Although it is four times as rare as the Script 8 variety, the 1836, Block 8 quarter eagle can still be found with relative ease. Uncirculated examples are particularly elusive, but there are high-end condition examples known, including the marvelous MS-66 coin from the Bass collection, which set a record price of $36,800 when it appeared at auction in October 1999. This variety appears at auction fewer than three times a year and, since 11 examples came out of the Bass collection alone, we suspect that fewer and fewer examples will appear in the future.

1837 Mintage: 45,080

Finest Smithsonian Institution specimen: AU-58

Beginning in 1837, the number of quarter eagles struck at the Philadelphia Mint dropped dramatically to less than a 10th of the previous year. Fortunately, enough circulated specimens survive to satisfy most of the demand for this

date. Numerous Extremely Fine and About Uncirculated examples exist, with a fairly large number graded AU-58 (however, this population may be inflated because of attempts to achieve the important Mint State grade). Uncirculated examples are very rare and tend to settle at the lower end of the Mint State spectrum. Fully struck specimens are also rare, with most showing weakness on the high points at the centers. The finest example is a single MS-65 coin from the Bass collection that realized $37,950 in 1999.

1838 Mintage: 47,030

Finest Smithsonian Institution specimen: MS-68

The 1838 quarter eagle is slightly, but imperceptibly, more common than the 1837 issue. In Mint State the number of survivors is virtually equal to that of the 1837, but more 1838 examples survive in gem condition. In fact, the 1838 issue is the only date of the entire Classic Head type available in MS-67 grade. The shape of the head and hair was modified slightly in this year, and the stars are not as large as in previous years. The quality of the strike improved in 1838, which makes it easier for these coins to earn higher grades. The auction record for this date is $69,000, set in 1999 when Harry Bass’s phenomenal collection was sold. The finest example seen by the authors is the stunning MS-68 coin in the collection at the Smithsonian.

1838-C Mintage: 7,880

Finest Smithsonian Institution specimen: AU-58

This is the lowest mintage of the entire type and the only Classic Head quarter eagle with fewer than 10,000 coins struck. In 1838 the Charlotte Mint began operations, taking advantage of nearby sources of gold. A single pair of

dies was used to strike the first quarter eagles, and each coin shows crisp doubling of the mintmark, which at that time was on the obverse of the coins. Striking quality for this date is mixed, with many coins showing waviness on the cheek, presumably from dirt adhering to the dies. Mint State examples are extremely rare, topping out at the MS64 level. The auction record for this date was set in 1999, when an MS-63 coin sold for $40,250. Surprisingly, the one MS-64 example that has appeared on the market since then sold for less.

1839 Mintage: 27,021

Finest Smithsonian Institution specimen: AU-58

The 1839 quarter eagle is the sleeper rarity of the series. Although the mintage of this date is more than three times as high as that of the 1838-C issue, there have been fewer 1839 examples graded than of any other date. Certainly, fewer of the lower-grade pieces are submitted because their value is relatively low. However, the raw numbers are an indication that this date is much rarer than is generally perceived. All examples were struck from a defective punch, which, in the past, has been called an overdate (and sometimes certified as such). Mint State examples are extremely rare, and none has been graded finer than MS-63. The record price for this date was a bargain at $10,925, set when the Bass MS-62 specimen sold in 1999.

1839-C Mintage: 18,140

Finest Smithsonian Institution specimen: MS-60

The 1839-C quarter eagle has a low mintage and is quite scarce. This date enjoys intense demand from collectors assembling sets of gold coins from the Charlotte Mint and has always borne a substantial premium. Two obverse

dies were used this year, one with a defective 9 (traditionally called an overdate) and one with a clearly repunched 9. Mint State examples are exceedingly rare, led by a single MS-63 coin. However, that coin failed to meet the consignor’s reserve when it appeared at auction in 1999, so the price record for this date goes to the MS-62 coin that sold for slightly more than $40,000 in September 2006.

1839-D Mintage: 13,674

Finest Smithsonian Institution specimen: AU-55

Being the first quarter eagle from the Dahlonega Mint makes this issue extremely popular. Also, this is the only example of the Classic Head type from this desirable Southern mint. Although not as rare as the elusive 1838-C quarter eagle, the 1839-D issue is still a difficult date to locate. Most examples survive in circulated condition, but nice About Uncirculated examples can be found with a little luck and money. Uncirculated examples were once considered extreme rarities, but modern population reports indicate that at least two dozen Mint State examples are known, including three MS-64 examples. A record price of $37,950 was set by the Bass MS-63 coin in 1999 (more recently, in 2006, an MS-64 example went for more than $63,000). The last digit of the date on the 1839-D quarter eagle has been re-cut and appears to be an overdate, but this is incorrect. In fact, many references in the past refer to the issue as 1839/8. This should not be confused as a separate variety for the year.

$2.50 – LIBERTY HEAD 1839-O

Mintage: 17,781

Finest Smithsonian Institution specimen: MS-64

This was the first year of issue for quarter eagles at the New Orleans Mint. This issue must have been scooped up and held on to by the public, as this is one of the more common branch-mint dates in the series, despite a mintage below that of the 1839-C issue. Readily available in all circulated grades, the 1839-O quarter eagle can be found in nice About Uncirculated condition. Mint State examples remain relatively scarce, although several dozen have been certified. A few MS-64 coins represent the high end of graded examples for this date. At least four MS-64 coins have appeared on the market since 1993, reaching a high of $41,400 in February 2007. The best example of the two coins in the Smithsonian collection is a rock-solid MS-64 piece.

1840 Mintage: 18,859

Finest Smithsonian Institution specimen: AU-50

The year 1840 is the first year of issue for the Liberty Head quarter eagle designed by Christian Gobrecht. Today this date is quite popular for that reason. Surprisingly, these coins were not saved in significant quantities at the time of issue. Until 1997, the 1840 quarter eagle was virtually unknown in Mint State. David Akers noted in 1975, “I have never seen a strictly uncirculated piece or anything even close.” In 1997, a group of six choice Mint State coins appeared at auction. Later, the Harry W. Bass Jr. collection featured one of the finest examples known, a PCGS MS64. Only one Mint State example has appeared at auction since 2005. Most coins seen are poorly struck in the center, with light die breaks sometimes encountered.

1840-C

Mintage: 12,822

Finest Smithsonian Institution specimen: AU-58

The 1840-C Liberty Head quarter eagle is popular as the first Liberty Head gold coin from the Charlotte Mint. The 1840-C is scarce, but generally available in Extremely Fine and About Uncirculated. Most examples seen are well struck, and are among the sharpest from that mint. The mintmark is very small, and is the same one used on the 1841-C, 1842-C, and the 1843-C Small Date. Roughly a dozen Mint State coins are known, with the finest the authors have seen being the superb Harry W. Bass Jr. coin. The coin was sold as a PCGS MS-63 for a record $39,100 in 1999. Resubmissions might explain the unusually high number of eight coins graded MS-63 by NGC and PCGS.

1840-D Mintage: 3,532

Finest Smithsonian Institution specimen: AU-55

The 1840-D quarter eagle is one of the rarest dates from this mint, if not from the entire Liberty Head quarter eagle series. Nearly all examples are well worn. The strike on most coins of this date is very uneven. The reverse is usually much weaker than the obverse, making proper grading a tricky endeavor. Many, if not most, examples are also struck from shattered obverse and reverse dies. The die breaks radiate fully to the rims on both sides. The 1840D quarter eagle is a major condition rarity. Just a few Mint State coins have been graded. About Uncirculated coins are also very rare. The finest known example, a lone NGC MS-62 coin, was part of the Duke’s Creek collection sold in 2004.

1840-O

Mintage: 33,580

Finest Smithsonian Institution specimen: AU-55

A quick check of the auction records for this issue reveals that only a few coins on average are offered for sale each year. The exception was the sale of the Harry W. Bass Jr. collection that contained seven examples. Most of the Bass coins were Extremely Fine. His finest coin, however, was a PCGS MS-64 and is considered one of the finest known. This date is usually very softly struck, typical of coins from the New Orleans Mint during that era. There are two sizes of mintmarks, one of which is very small, and the other is normal in size. This date is seldom offered and must be considered rare in any grade. Mint State coins are very rare. The 1840-O Liberty Head quarter eagle is underrated in comparison to most Dahlonega and Charlotte issues.

1841-C Mintage: 10,281

Finest Smithsonian Institution specimen: MS-61

Most 1841-C Liberty Head quarter eagles seen are struck fairly well, except for the centers of the obverse. The date is scarce in any grade. There have been far fewer of the date sold at auction than the 1840-C quarter eagle. Just a few are offered for sale each year. An unusually high number of coins have been graded About Uncirculated by PCGS and NGC. This is probably explained by resubmissions, as the number of coins seen would not support such a high number. The finest the authors have seen was the John Jay Pittman coin that was sold raw but subsequently graded NGC MS-62. The coin was purchased by Pittman in 1956 for $52.50 and sold in 1998 for $41,250. The Byron Reed collection example is reportedly a choice MS-63 coin.

1841-D

Mintage: 4,164

Finest Smithsonian Institution specimen: AU-55

As with most of the early quarter eagles struck in the 1840s, the 1841-D is usually found well worn. With a small mintage of just 4,164 coins, the issue saw extensive circulation in most cases. Although most known examples are circulated, a few Mint State coins have survived. The finest of these are the PCGS MS-63 example from the Green Pond collection sold in 1998 and the NGC MS-63 coin from the Duke’s Creek collection. Most issues of the period are very poorly made, yet this date is usually seen well struck. It is not uncommon for the date to be found with extensive die breaks on both the obverse and reverse. High-grade examples are scarce and always in demand.

1842 Mintage: 2,823

Finest Smithsonian Institution specimen: AU-50

As the tiny mintage suggests, the 1842 Liberty Head quarter eagle is a major rarity in any grade. This quarter eagle is another date that was unknown in Mint State until a decade or so ago. In the last edition, only a single Uncirculated piece (PCGS MS-62) was known. Since then, NGC has graded an MS-60. The PCGS MS-62 sold at auction in 1999 for $31,050. A review of other auction records reveals that this date is seldom offered for sale in any grade. The Harry W. Bass Jr. collection, known for multiple examples of nearly every coin, contained just one piece. At one time, the date was considered extremely rare. Examples sold at auction for more than $100 in the early 1900s, an enormous price for the era. The 1842 quarter eagle is still very rare, much more so than many of the more popular Southern mint issues.

1842-C

Mintage: 6,729

Finest Smithsonian Institution specimen: EF-45

As the low mintage would indicate, the 1842-C Liberty Head quarter eagle is a rare coin in any grade. Most seen are well circulated and poorly struck, especially on the centers of the obverse. A small die break is evident on the reverse from the tip of the left wing into the rim. This is observed on every example we have seen. When offered for sale, the typical coin is usually well circulated, and coins with any luster remaining are seldom seen. The finest known example of this date is the former Stanley Elrod coin that both PCGS and NGC have graded MS-65 (a full two points finer than the next-best example). Only a few others have crossed the Mint State barrier, and those coins just barely make the grade. The Smithsonian coin is a modest Extremely Fine.

1842-D Mintage: 4,643

Finest Smithsonian Institution specimen: EF-45

The 1842-D Liberty Head quarter eagle is a very scarce coin in any grade. Only 4,643 coins were struck and experts believe that fewer than 100 coins survive in all grades. Extensively circulated and flawed coins are the norm, and this date ranks as one of the most difficult to locate in high grade. This date is usually found with a decent strike, but is sometimes seen with an area of roughness on the neck of Liberty. The first three digits of the date are repunched on most specimens. The finest example seen by the authors is the NGC MS-61 coin that was a part of the Duke’s Creek collection, which may be the MS-62 that now appears on the NGC Census.

1842-O Mintage: 19,800

Finest Smithsonian Institution specimen: AU-50

With just 19,800 coins struck, the 1842-O has one of the lowest mintages of any New Orleans quarter eagle. This date is scarce in any grade and is usually seen in the lower states of preservation. Until the last decade or so, the 1842-O quarter eagle was considered unknown in Mint State by many researchers. Now, the population data show that more than 20 coins have been graded Mint State, but it is the authors’ experience that this date is actually much rarer, suggesting that the high numbers probably represent multiple submissions of the same example. The date is often, but not always, seen very weakly struck in the central portions. The Smithsonian example is in lustrous About Uncirculated condition.

1843 Mintage: 100,546

Finest Smithsonian Institution specimen: MS-62

The mintage for Liberty Head quarter eagles soared in 1843. Circulated examples can be found without too much difficulty, but this date cannot be considered common. In Mint State, the 1843 quarter eagle becomes a true rarity. Fewer than 30 examples have been graded at that level, the finest at MS-64. The Harry W. Bass Jr. collection featured a PCGS MS-64 coin that Bass had notated as “best seen”; it holds the auction record of $12,650 for this date. Most high-grade examples are well struck. The date of the coin is interesting in that the last two digits are much larger than the first two.

1843-C, Small Date, Crosslet 4 Mintage: Unknown, included as part of the year’s total mintage of 26,064

Finest Smithsonian Institution specimen: MS-60

Based on die shipments, researchers estimate that the mintage for the Small Date, Crosslet 4 is 2,988 pieces, making this the rarer of the two varieties for the year and one of the rarest of all the Charlotte Mint quarter eagles. The 1843C Liberty Head quarter eagle features a characteristic die bulge that makes it instantly recognizable. In addition, all known examples are seen with a die break running from the tip of the bust to the rim. Most coins of this variety are also seen with a sharp wire rim on the obverse. The 1843-C, Small Date is rare in any grade, with only 75 to 100 coins known. Fewer than a dozen have been certified at the Mint State level, the finest being three in MS-62.

1843-C, Large Date, Plain 4 Mintage: Part of total mintage of 26,064

Finest Smithsonian Institution specimen: MS-60

Based on population data, it is clear that the 1843-C, Large Date, Plain 4, Liberty Head quarter eagle is much more available than the Small Date variety. Probably 150 to 200 examples are known for the date and variety. Most are well worn, and the date becomes increasingly rare in the higher states of preservation. The finest example is a single NGC MS-66 (presumably upgraded from the PCGS MS-65 that still shows up on the PCGS Population Report). The date is sharply recut. On the reverse, the mintmark is larger than on the Small Date, and it is doubled to the left. Most coins are weakly struck on the central portions of the obverse, sometimes severely so.

1843-D Mintage: 36,209

Finest Smithsonian Institution specimen: MS-60

With a mintage of 36,209 pieces, the 1843-D Liberty Head quarter eagle is the most generously produced quarter eagle from the Dahlonega Mint. All known examples feature a small date. The reverse is found with either a small

mintmark (the more common issue) or a large mintmark. The mintage for the year saw extensive circulation and well-worn coins are the ones most commonly seen. This date can be found with relative ease in grades up through About Uncirculated. Many consider this date the most likely option for a type coin from the Dahlonega Mint. Mint State 1843-D quarter eagles are quite rare, however, with barely more than a dozen coins at that level. The finest certified examples include three in MS-63.

1843-O, Small Date, Crosslet 4 Mintage: 288,002

Finest Smithsonian Institution specimen: AU-58

As the high mintage would suggest, the 1843-O, Small Date, Crosslet 4, Liberty Head quarter eagle is the most common issue of the denomination from the New Orleans Mint. A fair number of coins are known, mostly in the lower grades of preservation. Harry W. Bass Jr. must have really found this date an interesting study, as he owned 11 examples. The finest coin from the Bass menagerie was graded an astounding prooflike MS-64. The mintmark for the date is much larger than on previous issues from the New Orleans Mint. Although the 1843-O Small Date is relatively available in circulated grades, Mint State coins are quite scarce. At the time of the previous edition, none had been graded at the gem level; since then, an MS-66 has appeared on the NGC Census. At $19,550, the Bass PCGS MS-64 holds the price record for this major variety.

1843-O, Large Date, Plain 4 Mintage: 76,000

No specimen in Smithsonian Institution

The 1843-O, Large Date, Plain 4, Liberty Head quarter is much scarcer than the Small Date variety, with fewer

coins being offered at auction in all grades. Harry W. Bass Jr. had only seven examples of this variety, with the finest coin graded at MS-62. Author Jeff Garrett noted in his catalog that it was a premium-quality example and was deserving of a higher grade. Nearly every specimen seen of this date has a rough area of die rust on the neck of Liberty. Although many are weakly struck, a few examples remain that are relatively sharp. The Large Date variety is easily recognizable because the first digit of the date is much farther left and touches the point of the bust. The finest example offered in recent years was an NGC MS-63 coin that sold in 2007 for $15,525.

1844 Mintage: 6,784

Finest Smithsonian Institution specimen: EF-40

After a prodigious production in 1843 of more than 100,000 quarter eagles, the Philadelphia Mint reduced production to fewer than 7,000 pieces. As a result, the 1844 quarter eagle is rare in any grade, particularly so in Mint State. Only three Uncirculated examples have been sold at auction in the last decade. This date is nearly as rare as the more highly touted 1842 issue. The 1844 quarter eagle is another issue that was unknown in Mint State until a decade or so ago. Rare coin certification has brought to light many coins that were previously unknown or kept a secret for some reason. Today, the finest certified example is a single NGC MS-62.

1844-C Mintage: 11,622

Finest Smithsonian Institution specimen: EF-45

The most notable aspect of this date is the extremely poor quality of manufacture. Every coin seen is weakly struck, making grading a difficult task. The feather details on the reverse are always weak and appear worn even when the

coin has seen little or no circulation. As with the 1843-C Large Date and all years thereafter, the mintmark is much larger than used previously. The 1844-C Liberty Head quarter eagle is scarce in all grades and prohibitively rare in high grade. Just a few coins have reached the Mint State level. The finest certified example is a single PCGS MS-63. The auction price record belongs to an NGC MS-62 that sold in 2005 for $23,000.

1844-D Mintage: 17,332

Finest Smithsonian Institution specimen: MS-60

The 1844-D Liberty Head quarter eagle is one of the more readily available dates from the Dahlonega Mint. Circulated examples can be acquired with moderate diligence. This date is most often seen poorly struck in the central portions of the obverse, making it more difficult to grade. Some pieces are found surprisingly well struck and they should command a premium when offered. Nearly three dozen coins have been graded at the Mint State level by PCGS and NGC. This information is perhaps a bit misleading, as the higher numbers on the population reports are the result of resubmissions. The finest example known for the date is probably the fantastic Duke’s Creek coin that was graded a few years ago at the MS-63 level. Today, it competes with seven other coins at that level.

1845 Mintage: 91,051

Finest Smithsonian Institution specimen: AU-55

The mintage of quarter eagles was quite inconsistent at the Philadelphia Mint in the early 1840s. The year 1845 saw another big increase in mintage, making this date the most available P-mint issue of the decade. The 1845 Liberty Head quarter eagle can be located with relative ease in grades up to and including About Uncirculated. There are

several minor varieties for the year. Harry W. Bass Jr. found the date interesting enough to accumulate more than a dozen examples. Although the 1845 quarter eagle is the most readily available Philadelphia issue of the 1840s, it is still quite scarce in Mint State. The finest coin graded to date has been a single NGC MS-65 example that last sold at auction in 2006 for more than $14,000.

1845-D Mintage: 19,460

Finest Smithsonian Institution specimen: AU Rev. Damage

With a moderate mintage for both the Dahlonega Mint and the era, the 1845-D Liberty Head quarter eagle is offered for sale on a surprisingly regular basis. An average of five or six coins has been sold at auction each year for the last decade. Most of these have been in grades from Extremely Fine to About Uncirculated. The 1845-D quarter eagle is usually seen with a decent strike for this mint. Some are found with rather obvious die clashing, mostly visible on the reverse near the eagle’s neck. The 1845-D quarter eagle is a true rarity in Mint State. It is much rarer than the 1844-D, and until a few years ago, just a couple were thought to be known in Mint State. The finest survivor is the coin that passed from the Harry W. Bass Jr. collection into the Duke’s Creek collection of Dahlonega gold at a cost of $26,450.

1845-O Mintage: 4,000

Finest Smithsonian Institution specimen: EF Cleaned

At one time the 1845-O Liberty Head quarter eagle was considered a major rarity. The mintage was not recorded in the mint director’s annual report and the coin was not publicized until B. Max Mehl supposedly discovered the

issue. An 1845-O quarter eagle sold for more than $300 in the 1930s, a very large sum for the time. The 1845-O quarter eagle is scarce in all grades, but it is not as rare as might be expected from the low mintage. This date, however, is a major rarity in Mint State. PCGS and NGC have certified a small number of Uncirculated examples, the finest of which are two at the MS-63 level (the same coin?). No Mint State example has appeared at auction in the past decade. Some examples are seen with a die defect to the right of Liberty’s neck. The mintmark is large and the 18 of the date is boldly recut.

1846 Mintage: 21,598

Finest Smithsonian Institution specimen: AU-55

The 1846 Liberty Head quarter eagle is a low-profile date that is a real rarity in high grades. Just under 20 examples have been certified at the Mint State level, the finest of which is a single PCGS MS-63 example. That specimen last sold at auction in 2003 for $21,850, a surprisingly high figure for a Philadelphia Mint quarter eagle. This date is scarce in all grades, but it can be located with some effort in circulated condition. Most of the examples seen are well struck, and partially prooflike examples are not unusual. The last digit of the date is much bolder than the other numerals and is believed to be the same date logotype used on dimes of this year.

1846-C Mintage: 4,808

Finest Smithsonian Institution specimen: AU-55

A fire in July of 1844 closed the Charlotte Mint until 1846. Production was limited, and therefore, the 1846-C Liberty Head quarter eagle is rare in all grades. The mintage of 4,808 coins is one of the lowest for the series. One or

two high-grade coins are known; otherwise, most are well worn. On average, just a few examples are offered for sale in any given year. The Harry W. Bass Jr. coin sold for $62,100 in 1999 and was graded PCGS MS-64. In 2001, it sold again for $33,350, an inexplicable loss. The most interesting striking characteristic for the 1846-C quarter eagle is the die rust that is so clearly evident on the obverse. This can be seen even on well-worn coins. Coins from clashed dies are also common. Some may be seen with matte-like surfaces, probably the result of saltwater submersion.

1846-D Mintage: 19,303

Finest Smithsonian Institution specimen: AU-58

Like the 1845-D Liberty Head quarter eagle, the 1846-D issue is usually found in grades ranging from Very Fine to About Uncirculated. Coins of this date cross the auction block with regularity. However, Mint State examples are very rare. Fewer than 20 examples have been certified as Uncirculated, and this has mostly occurred in the last few years. The finest certified example is a single NGC MS-64 that the authors believe to be the former NGC MS-63 Duke’s Creek specimen. Harry W. Bass Jr. was fascinated with this date and is credited with the discovery of the “D over D” variety. When his collection was sold, it contained multiple 1846-D and 1846-D/D examples. The repunched mintmark variety is the rarer of the two types and is very elusive in Mint State. The Smithsonian example has been listed as Mint State in several references, but is actually About Uncirculated.

1846-O Mintage: 62,000

Finest Smithsonian Institution specimen: AU Rev. Scratch

The typical 1846-O quarter eagle is heavily circulated with a softness of strike typical of the New Orleans Mint in that era. A fairly large number of coins have been graded by PCGS and NGC in varying states of About Uncirculated, but in full Mint State this date is very rare. Not surprisingly, the largest concentration of known examples was in the Harry W. Bass Jr. collection that boasted 10 coins. The Pittman example sold in 1998, was subsequently graded MS-66 by NGC, and is the finest known by a full two points. The mintmark on all examples is large, and the last two digits of the date are tilted and very heavily impressed. On some coins the last two digits of the date are also repunched.

1847 Mintage: 29,814

Finest Smithsonian Institution specimen: AU-55

Two decades ago, the 1847 Liberty Head quarter eagle was considered only slightly better than a common date of the series. Standard catalogs of the time listed the date at a small premium. However, during the last 10 years or so, this issue has finally become appreciated for the rarity that it is. Low-grade examples are scarce, but the date becomes even more difficult to find in higher states of preservation. Just a few Mint State examples have been offered for sale at auction in the last decade. The numerals in the date appear outsized for the coin: the 7 is the largest and actually touches the denticles and the lower portions of the truncation. Most of the examples seen are weakly struck on the eagle’s left leg. There are several minor varieties, including one with the 18 of the date heavily repunched.

1847-C

Mintage: 23,226

Finest Smithsonian Institution specimen: MS-61

With the highest mintage of any Charlotte Mint quarter eagle, it is not surprising that the date is also one of the most available in the series. When assembling a type set of Southern branch-mint gold coins, the 1847-C Liberty Head quarter eagle will probably be chosen to represent the Charlotte quarter eagle. Although this issue is generally available, most of the coins seen are well worn. It should be remembered that most of these highly collectible coins do not often appear on the market. This date is usually well struck, with the exception of the eagle’s right leg. Harry W. Bass Jr. had a special interest in this issue, as he possessed five examples. The Smithsonian has four 1847-C quarter eagles. None have been certified above the MS-64 level.

1847-D Mintage: 15,784

Finest Smithsonian Institution specimen: AU-58

The 1847-D Liberty Head quarter eagle has a mintage that is slightly lower than in the preceding years from the Dahlonega Mint. This date, however, seems more common, and it is probably the date most likely to be represented in a type set of coins from this popular Southern mint. Most examples are well struck for the issue, and the date shows evidence of repunching at the base of the numerals. Although About Uncirculated coins can be found with moderate effort, Mint State coins are quite scarce. Two coins have reached the coveted gem MS-65 level. One example is from the fabulous Duke’s Creek collection. The other is the Harry W. Bass Jr. coin that was sold in 1999 as a PCGS MS-64 and then later appeared twice in 2004 as an NGC MS-65.

1847-O

Mintage: 124,000

Finest Smithsonian Institution specimen: AU-50

The 1847-O Liberty Head quarter eagle is one of the most poorly struck issues from the New Orleans Mint. Coins of this date are almost always very softly struck in the central portions of the obverse and reverse. The 1847-O quarter eagle is only moderately scarce in the lower grades up to About Uncirculated. In Mint State, this date is very rare and only occasionally offered for sale. There are a few varieties known for the issue, the most notable being those with a sharply recut date. Harry W. Bass Jr. was greatly interested in the issue, as he possessed at least 10 coins, the finest of which was graded PCGS MS-63. NGC has graded only a single 1847-O quarter eagle at the MS-65 level. The Smithsonian example is a modest About Uncirculated coin.

1848 Mintage: 6,500

Finest Smithsonian Institution specimen: AU-58

A careful review of auction data and population reports clearly indicates that the 1848 Liberty Head quarter eagle is a scarce issue. The popularity of the date remains tepid at best. It is far overshadowed by the ultra-popular CAL. Above Eagle variety for the year and the always-in-demand Southern issues. Interestingly, the 1848 quarter eagle is actually much rarer than the 1848 CAL. variety in Mint State. Just over two dozen coins have been graded in all states of Uncirculated, with the finest being a lone NGC MS-64. Of the few high-grade examples that do exist, many have partially striated, prooflike surfaces. The eagle’s left leg is often weak. For some unknown reason, the Harry W. Bass Jr. example sold for $23,000 in October of 1999 and then resold at auction one year later for only $14,950. The loss was probably an upgrade plan gone awry.

1848, CAL. Above Eagle

Mintage: 1,389

Finest Smithsonian Institution specimen: MS-65

On December 9, 1848, California’s military governor sent 230 ounces of gold to Philadelphia Mint director Robert Maskell Patterson, who was instructed to use some of the gold for specially marked quarter eagles. A total of 1,389 pieces were produced, all stamped with the abbreviation CAL. on the upper reverse, in commemoration of the important discovery in California. Many numismatists consider the 1848 CAL. quarter eagle the nation’s first commemorative coin. Because of the direct link to the California Gold Rush, it is a highly coveted issue. Some old catalogs list examples of the issue in Proof. Modern study has revealed that all were struck from the same dies, and those listed as Proof were actually prooflike examples. The finest certified examples are one PCGS MS-68 and one NGC MS-68. These may be the same coin. The NGC example sold for $345,000 at the January 2008 FUN show auction. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1848-C Mintage: 16,788

Finest Smithsonian Institution specimen: AU-58

A large number of the 1848-C Liberty Head quarter eagles were struck from bulged dies, and the quality of manufacture is quite poor. The coins are difficult to grade and actually appear to be damaged. The strike is particularly weak on the central portions of the obverse around the word LIBERTY. A small portion of the mintage was sharply struck, and these coins command a premium. The typical 1848-C quarter eagle grades Very Fine or Extremely Fine. Quite a few examples have been graded in various states of About Uncirculated, but true Mint State coins are very rare. The finest examples graded to date have been in MS-62 condition.

1848-D Mintage: 13,771

Finest Smithsonian Institution specimen: AU-55

The 1848-D Liberty Head quarter eagle is one of the more available dates from the Dahlonega Mint. Examples of the issue can be found in grades of Extremely Fine and About Uncirculated with a bit of patience. A half dozen or so coins are offered at auction each year. The 1848-D quarter eagle is usually found well struck, much sharper than many of the later issues from the mint. Die clashing is found quite often, primarily in the central portions of the obverse and reverse. Mint State examples of the date are rare, with MS-63 coins being the finest examples graded by the major services. The price record for this date was set in 1999, when a PCGS MS-63 sold for $28,750.

1849 Mintage: 23,294

Finest Smithsonian Institution specimen: AU-55

Even with the larger quantities of gold that came to the Philadelphia Mint by 1849, the mintage for this year was a modest 23,294 quarter eagles. This date is similar to that of the 1847 quarter eagle in that most representatives are found in low grade, with Mint State coins being quite rare. Just a few examples have been graded at the choice level, and these rarely come up for sale. In the higher grades, examples are sometimes seen with prooflike or striated surfaces. The finest 1849 quarter eagles offered in the last decade were graded MS-63, one of which sold at auction in 2007 for $10,465. There are several interesting varieties for the year, one of which is a recut date. Unlike earlier issues from the Philadelphia Mint, the date logotype is relatively small.

1849-C

Mintage: 10,220

Finest Smithsonian Institution specimen: MS-60

As the low mintage would suggest, the 1849-C issue is one of the scarcest dates in all grades for Charlotte Mint quarter eagles. High-grade examples are almost never seen. The population reports indicate a concentration of survivors in the Extremely Fine and About Uncirculated grades. Just a few coins have been certified Mint State, with the best being a single PCGS MS-64. The most valuable example was the Harry W. Bass Jr. coin, a PCGS MS62 that sold for $39,100 in 1999. The Smithsonian Institution collection includes an exceptional Mint State example. The date on 1849-C Liberty Head quarter eagle shows minor repunching on the 49. On the reverse, the mintmark is tucked tightly beneath the eagle and is the same on coins dated 1850 and 1851.

1849-D Mintage: 10,945

Finest Smithsonian Institution specimen: MS-60

The 1849-D Liberty Head quarter eagle is much rarer than the Dahlonega quarter eagle issues of 1846 through 1848. This date is usually seen in grades of Very Fine to Extremely Fine. Many surviving examples have been harshly cleaned or damaged in some way. On most examples, the reverse denticles are weak on one side. The date is extremely rare in full Mint State. Seventeen examples have been certified at that level, most in the last few years. The price record for the date is held by the Pittman example that sold in 1998 for in excess of $30,000. The coin was not certified at the time. The finest pieces graded for the issue have been a few at the MS-62 level, one of which is the Duke’s Creek specimen.

1850

Mintage: 252,923

Finest Smithsonian Institution specimen: AU-58

By 1850 the amount of gold making its way to the Philadelphia Mint was substantial. The mintage for the 1850 PMint quarter eagle is dramatically higher than in any previous year. Although this date is scarce in high grade, lower-grade coins are somewhat available. Most of the 1850 quarter eagles seen at auction range in grade from Very Fine to About Uncirculated. Choice examples are quite rare. With the exception of the phenomenal Harry W. Bass Jr. auction, which offered three MS-64 examples, this date is seldom seen in the higher grades of Mint State. The John J. Pittman example was offered uncertified as an About Uncirculated coin, but it is actually far nicer and currently holds the auction record for the date in Mint State.

1850-C Mintage: 9,148

Finest Smithsonian Institution specimen: AU-58

Like the 1849-C quarter eagle, the 1850-C is quite rare in Mint State. More examples, however, are seen in the lower states of preservation. Original coins with luster are very desirable. Most 1850-C quarter eagles are weakly struck, particularly on the central portions. The eagle’s left leg is usually very softly impressed. Many survivors of this date exhibit moderate die clashing on both the obverse and reverse. Harshly cleaned examples are also frequently encountered. The Smithsonian specimen is a pleasing About Uncirculated coin. The auction record for the date is a PCGS MS-61 coin that sold for a stunning $31,050 in 1999. Harry W. Bass Jr. owned at least four examples.

1850-D

Mintage: 12,148

Finest Smithsonian Institution specimen: AU-58

The 1850-D Liberty Head quarter eagle is quite a scarce coin, but examples of this elusive issue have been offered at auction with regularity for the last few years. Most surviving coins are in grades of Extremely Fine to About Uncirculated. Mint State 1850-D quarter eagles are very rare. The three major grading services have certified just over two dozen coins as Mint State. Most of these coins are at the MS-61 and MS-62 level and have been graded only recently. The Harry W. Bass Jr. example was offered as a PCGS AU-58 coin, but author Jeff Garrett’s notes indicate that the piece could grade at the MS-62 level. A single example has been graded MS-63 by NGC as the finest certified.

1850-O Mintage: 84,000

Finest Smithsonian Institution specimen: MS-63

The most interesting feature of the 1850-O quarter eagle is the extremely poor quality of the strike on most known examples. The central portions are usually very weak, to the point of looking mushy. Grading coins of this issue can be difficult, and one must use any remaining luster as the primary guide. This date is scarce in all grades, and just a few coins are offered for sale most years. Not surprisingly, the Harry W. Bass Jr. collection contained nine examples. This date is very rare in full Mint State, particularly in choice condition. The Bass collection featured two coins that were graded MS-63, but the Eliasberg example had a rim nick that kept that coin from being certified. The Smithsonian coin is a stunning choice MS-63 example, one of the finest known.

1851

Mintage: 1,372,748

Finest Smithsonian Institution specimen: MS-62

A staggering number of coins were produced in Philadelphia in 1851 compared with the branch-mint issues for the year, as gold from California flooded into the Philadelphia Mint. Low-grade examples of this date are relatively common. The 1851 quarter eagle is somewhat scarce in choice and gem condition. Fewer than 100 coins have been certified in MS-63 by the three grading services combined. For comparison, there have been nearly 2,000 quarter eagles from 1903 graded at that level, and yet the 1851 Liberty Head quarter eagle trades at a very small premium over that of the much more common later issues. The finest certified coin to date is a single PCGS MS-66; it sold as part of the Harry W. Bass Jr. collection in 2000 for $7,188 and again, nearly two years later, for a $632 profit.

1851-C Mintage: 14,923

Finest Smithsonian Institution specimen: EF-40

Most of the known 1851-C quarter eagles fall solidly in the Extremely Fine range. Mint State coins are scarce and seldom seen. The overall quality of this issue varies, and while some coins are well struck, others are poorly made. Several examples that author Jeff Garrett has seen were struck from severely clashed dies. The 1851-C quarter eagle is sometimes found with peculiar obverse die scratches across the face of Liberty; these can appear to be damage at first glance. The mintmark is tucked tightly beneath the eagle and can almost disappear under casual observation. Harry W. Bass Jr.’s PCGS MS-62 example holds the auction record, from way back in 1999, of $23,000.

1851-D Mintage: 11,264

Finest Smithsonian Institution specimen: AU-55

Most 1851-D quarter eagles are well struck for the era, particularly for a coin from the Dahlonega Mint. This date is usually offered in grades ranging from Very Fine to Extremely Fine. The 1851-D quarter eagle is scarce in all grades, with just three to six coins offered at auction each year. About Uncirculated coins are quite rare, especially in the higher range of that grade. The Smithsonian example is a pleasing AU-55. The 1851-D quarter eagle is a true rarity in Mint State, with only eight examples having been graded at that level by PCGS and NGC. The finest known example is the stunning Duke’s Creek collection coin that has recently been graded MS-65 by NGC. That coin is a radiant gem that was once part of the famed Eliasberg collection.

1851-O Mintage: 148,000

Finest Smithsonian Institution specimen: MS-60

With a mintage sharply higher than that of the previous year, the 1851-O quarter eagle is relatively common in grades short of Mint State. However, this date is quite rare in full Mint State and examples are seldom offered. The only exception in recent decades was the sale of the Harry W. Bass Jr. collection. His holdings constituted a minihoard, with 10 coins being offered over two years. These were promptly absorbed into the market and have rarely surfaced since. The finest specimen seen is a single MS-65 coin graded by NGC. The 1851-O is often seen with a sharply doubled date, including all four digits. These coins are among the most dramatic examples of repunching for the era. The strike for this date is average; some coins have weakness on the wing tips and centers.

1852 Mintage: 1,159,681

Finest Smithsonian Institution specimen: MS-63

With a mintage very similar to that of the 1851 quarter eagle, the 1852 is of nearly the same rarity across all grade levels. Like the 1851, the 1852 quarter eagle is relatively common in low grade, but it becomes increasingly rare in higher states of Uncirculated. The finest coin certified of this date is a single PCGS MS-66 example that last sold at auction in 1992 for $7,480. Most of the coins seen of this date are well struck, with the exception of the customary weakness on the eagle’s neck and leg. The Smithsonian contains multiple examples, the finest of which grades MS63.

1852-C Mintage: 9,772

Finest Smithsonian Institution specimen: AU-58

The mintage for this year suggests that the 1852-C quarter eagle is a scarce issue. That is surely the case, as just a few examples are offered for sale each year. Most of the known survivors are in the Extremely Fine to About Uncirculated range. Mint State coins are very rare, and when available, are usually on the low end of the scale. The finest example known at this point appears to be the Harry W. Bass Jr. PCGS MS-63 that sold in 1999 for $26,450. Bass had a keen eye for quality, and when offered the opportunity he would purchase a coin to upgrade a date that he already possessed. This date is found with the usual maladies common to Charlotte Mint gold coinage: weak strike, clashed dies, and rough planchets.

1852-D Mintage: 4,078

Finest Smithsonian Institution specimen: AU-58

The mintage for the 1852-D quarter eagle is substantially lower than in previous years from the Dahlonega Mint.

Examples are truly rare in all grades, with the average coin being in Very Fine or Extremely Fine condition. A few MS-62 examples have been offered in the last couple of years, but this seems to be an exception. For many years there were very few nice collections of Southern gold offered for sale. The last decade has seen the dispersal of several great collections, the Harry W. Bass Jr. collection being one of the most complete. The selling-off of great collections has provided collectors with unique opportunities to acquire coins that are seldom available. The finest known example of this date is the NGC MS-64 example from the great Duke’s Creek collection of Dahlonega gold.

1852-O Mintage: 140,000

Finest Smithsonian Institution specimen: MS-60

Although the mintage for this date is somewhat high, locating an example in any grade can be difficult. Surprisingly few 1852-O quarter eagles are offered at auction each year. The mintage for this issue is much higher than that of the Dahlonega and Charlotte Mint issues, but in Mint State the coins are of similar rarity. The finest coins certified thus far only achieved a rating of MS-63, and there have only been a few of those (the last having appeared for sale in May 2007). The Harry W. Bass Jr. collection contained only one Mint State example. This date can be softly struck on the wing tips and in the central portions. There are two distinct varieties of this date: one is seen with a normal mintmark, and the other shows a very large or heavy O.

1853 Mintage: 1,404,668

Finest Smithsonian Institution specimen: MS-63

Due to the abundance of gold flowing from California to the Philadelphia Mint, the 1853 quarter eagle has the

highest mintage for this denomination. The mintage at the Dahlonega Mint for the same year looks like a rounding error in comparison. In low grades, the 1853 quarter eagle is easily obtained. Choice examples, however, are surprisingly scarce. The date is by no means common in MS-64 and MS-65 condition. Just a single coin has been graded MS-66 (PCGS). It appeared at auction in 2003 and sold for $6,900. This date was found in several small groups of gold coins that surfaced in the last few decades, including the Jackson, Tennessee, hoard.

1853-D Mintage: 3,178

Finest Smithsonian Institution specimen: AU-58

As the tiny mintage suggests, the 1853-D quarter eagle must be considered rare in any grade. Perhaps fewer than 100 coins still survive in all grades. Population data indicate that most 1853-D quarter eagles fall in the Extremely Fine grade range. This issue is usually weak in some portions of the surface, with the denticles often very softly impressed. A few coins of the date exhibit deep prooflike surfaces, an unusual quality for a coin from the Dahlonega Mint. The Harry W. Bass Jr. coin (sold in October 1999) is the best example of a prooflike 1853-D quarter eagle that the authors have seen. The finest example seen for the date is the Duke’s Creek NGC MS-62 coin that was sold by Mid-American Rare Coin Auctions in 1985 as part of the Jasper Robinson collection for the then princely sum of $18,150.

1854 Mintage: 596,258

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1854 Liberty Head quarter eagle fell from the previous few years at the Philadelphia Mint but

was still substantial. Consequently, this date is somewhat common in circulated condition. Mint State coins become increasingly rare with each grade level and just over a dozen coins have been graded at the gem level. Auction records are deceptive: they give the impression that only high-grade coins are available. In reality, lower-grade coins never make the cut for the auction companies and never become part of a qualifying lot. The finest example certified thus far is a single NGC MS-68.

1854-C Mintage: 7,295

Finest Smithsonian Institution specimen: MS-60

The 1854-C quarter eagle is a scarce and popular coin in all grades. Most survivors are well circulated, and Mint State examples are very rare. Coins of this date are frequently found harshly cleaned or damaged. A pleasing 1854-C quarter eagle is quite the prize. Most surviving specimens are softly struck in the center, especially on the eagle’s left wing and about the shield. On the reverse a small die break runs from the fraction bar into the rim. The Smithsonian example is a pleasing Uncirculated coin and is among the finest known. The finest example that the authors have seen was a coin sold by Mid-American Rare Coin Auctions in 1985. It was from the famous Jasper Robinson collection and was later graded by NGC as MS-62.

1854-D Mintage: 1,760

Finest Smithsonian Institution specimen: AU-58

Very few quarter eagles were made at the Dahlonega Mint in 1854, and most of these were poorly produced. This date is always weakly struck in at least some portions of the obverse and reverse. The denticles are weak or missing

on most examples. An area of raised die lines to the left of the date appears on all coins the authors have seen. The 1854-D quarter eagle is often seen well worn or damaged in some way. Because of the extremely low mintage, this date is one of the most popular for the series. The finest known example was a part of the great Duke’s Creek collection. That coin first appeared in 1996 at auction and was very conservatively graded by PCGS as MS-62. The coin was recently regraded at the MS-64 level by NGC. The Smithsonian’s coin is one of the finest seen, at the AU58 level.

1854-O Mintage: 153,000

Finest Smithsonian Institution specimen: MS-62

In lower grades, the 1854-O quarter eagle is fairly easy to locate. Not so long ago, this date was considered little more than a common issue. The population data indicate that About Uncirculated examples are rather plentiful. In Mint State, the 1854-O quarter eagle is a rare coin. The finest example was graded at the MS-64 level and last sold in the Harry W. Bass Jr. sale in 1999. It has been reported that this date was represented in the Jackson, Tennessee, hoard of gold coins found in 1985. One of the most memorable features of this issue is the weakness of strike in the central portions of the date. Many examples are found with this anomaly; otherwise, the date is usually well struck. A few prooflike examples are known.

1854-S Mintage: 246

Finest Smithsonian Institution specimen: EF-45

The 1854-S Liberty Head quarter eagle is one of the rarest regular-issue U.S. coins ever produced. Only 246 quarter

eagles were struck in 1854, and today fewer than a dozen are known to have survived in all grades. The date was unknown in numismatic circles until 1910, when Edgar Adams discovered a surviving specimen. Most pieces are heavily worn or damaged. The Harry W. Bass Jr. About Uncirculated coin ranks as one of the finest known. The Smithsonian example grades Extremely Fine and is also among the finest survivors. In the last decade, the1854-S quarter eagle has appeared at auction nine times (some of which were reappearances of the same coin). Prices ranged from $31,050 for a Very Good example in 2000, to $178,250 for Bass’s About Uncirculated specimen in 2004. The price record for this date was set in February 2007, when a PCGS EF-45 example sold for $345,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1855 Mintage: 235,480

Finest Smithsonian Institution specimen: MS-61

The 1855 quarter eagle is seen much less often than the Philadelphia quarter eagles from 1851 to 1854. Circulated examples may be found with little effort. In higher grade levels of Uncirculated, this date becomes increasingly scarce. Choice and gem examples are seldom seen. Since the first edition, a PCGS MS-66 has appeared on the market, becoming the finest certified example (that coin sold for a new record price of $18,400 in 2005). The treasure from the SS Central America contained an About Uncirculated example that was sold by Christie’s auction house in 2000. This date is generally well struck, with the exception of weakness on the eagle’s left leg.

1855-C Mintage: 3,677

Finest Smithsonian Institution specimen: AU-58

The 1855-C quarter eagle boasts the lowest mintage of any quarter eagle from the Charlotte Mint (the mintage figure for the 1843-C Small Date doesn’t count, since it’s an estimate). The strike quality for this year was atrocious. Most specimens are weakly struck on flawed planchets. Scattered die chips are a hallmark for the issue. Every coin examined has a small rim cud on the reverse below the denomination. Any 1855-C quarter eagle is very rare, and the date only appears at auction a few times each year. Most examples seen are in the Extremely Fine to About Uncirculated range. Mint State coins are extremely rare. The finest coin ever offered and, hands down, the best known, was the phenomenal Harry W. Bass Jr. example, graded MS-64 by PCGS.

1855-D Mintage: 1,123

Finest Smithsonian Institution specimen: MS-62

The 1855-D Liberty Head issue is one of the rarest quarter eagles from the Dahlonega Mint. This date is usually seen poorly struck, with the customary weakness in the central portions of the obverse and reverse. The denticles are very weak and are only partially visible on most specimens. Most of the coins graded in the last few years have been in the Extremely Fine to About Uncirculated grade ranges. Just six coins have been certified at the Mint State level. Surprisingly, the finest known example resides in the Smithsonian (author Jeff Garrett graded that coin at the MS-62 level). The price record for this date belongs to an NGC MS-61 example that sold for $54,625 in 2006.

1856 Mintage: 384,240

Finest Smithsonian Institution specimen: MS-64

The size of the date on 1856 quarter eagles is much smaller than on previous issues from the Philadelphia Mint. Like

the 1855 quarter eagle, the 1856 is unremarkable in circulated condition but becomes quite scarce in higher grades. Choice and gem examples are far rarer than later dates for this denomination. The Smithsonian example is a lustrous specimen that would probably rate as MS-64 by current standards. The Harry W. Bass Jr. collection contained an example at the MS-66 level that sold in 1999 for $8,625. The finest example certified to date is a single PCGS MS67 (the Bass coin revisited?). This date is usually well struck, and examples with moderate die scratches are sometimes seen.

1856-C Mintage: 7,913

Finest Smithsonian Institution specimen: MS-62

The quality of strike for the 1856-C quarter eagle is one of the worst for the entire series from the Charlotte Mint. The coins were struck on very rough planchets and are usually weak in the central portions of the obverse. The surfaces usually appear granular and exhibit poor eye appeal. The date appears undersized because the punches used were quite small. Just a few Mint State coins are known, with one of the finest being the Smithsonian example. Only seven Mint State examples have appeared at auction since 1998, the finest being a PCGS MS-62 example that sold for $20,700 in 1998.

1856-D Mintage: 874

Finest Smithsonian Institution specimen: MS-60

The 1856-D quarter eagle is one of the very few U.S. coins with a mintage of fewer than 1,000 pieces. As such, the date is extremely desirable in all grades. It is also the rarest quarter eagle from the Dahlonega Mint. Unfortunately,

the 1856-D quarter eagle is one of the most poorly made U.S. gold coins. The coins have a very crude look and often exhibit planchet flaws. Just six coins have been graded at the Mint State level by PCGS and NGC. Most of those were graded in the last few years using slightly more liberal standards than in the past. The price record for a Mint State coin was realized in April 2006 when an NGC MS-61 example sold for $71,875. The Smithsonian contains an outstanding coin that could grade Mint State.

1856-O Mintage: 21,100

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1856-O quarter eagle is much smaller than for the previous issue of the denomination from the New Orleans Mint. As expected, this date is correspondingly much rarer, particularly in Mint State, where it is almost never seen. The finest certified examples are three at the MS-62 level. The coin in the Smithsonian also grades MS-62 and is a stand-out for the date. The rarity of the 1856-O quarter eagle compares very favorably to that of its Southern mint counterparts. The popularity of New Orleans gold has not reached that of the Dahlonega and Charlotte issues, but with more information available, that may someday change. Most 1856-O quarter eagles are struck in typical form for the New Orleans Mint and the era.

1856-S Mintage: 72,120

Finest Smithsonian Institution specimen: AU-58

The 1856-S quarter eagle is the first truly collectible quarter eagle from the San Francisco Mint. With a moderate mintage of 72,120 pieces, this issue is fairly available in the lower grades up to the About Uncirculated level. Most

of those offered for auction in the last decade have fallen in that range. In comparison to coins from the other branch mints of the era, the 1856-S quarter eagle is remarkably well produced. Most examples seen are well struck, with the only weakness being on the eagle’s left leg. The Harry W. Bass Jr. collection contained six examples, with the finest grading MS-65. That coin was considered the finest known until an amazing one was discovered in the treasure of the SS Central America—an MS-67 example that sold at auction in 2000 for $46,000.

1857 Mintage: 214,130

Finest Smithsonian Institution specimen: MS-63

The 1857 quarter eagle is a bit scarcer than the 1855 and 1856. In circulated condition, this date can be found for a small premium over common dates for the type. A collector interested in a circulated Liberty Head quarter eagle would be well advised to look for one of the early dates of the series. Uncirculated examples of the 1857 quarter eagle become scarce starting at the MS-60 level. Choice and gem coins are offered very infrequently. The definitive example of this date is the Harry W. Bass Jr. PCGS MS-67 example. Jeff Garrett’s catalog notes for this coin simply stated, “Monster.” This radiant gem sold in 1999 for $25,300. The date is usually seen well struck, and light die clashing is common for the issue.

1857-D Mintage: 2,364

Finest Smithsonian Institution specimen: AU-55

Following on the heels of the very poorly made 1856-D quarter eagle, the 1857-D is a surprisingly well-made issue. Most of the known examples are very well struck for the era. It is interesting that the quality of production at the

Dahlonega Mint varied greatly, not only by year but also by denomination. While the 1857-D quarter eagle and half eagle are well struck, the gold dollars from 1857 are very poorly made. As the low mintage of only 2,364 coins would suggest, the 1857-D quarter eagle is a very scarce coin in all grades. Most of the coins offered in recent years have been graded from About Uncirculated to MS-60. Most of the Mint State coins have been graded in recent years. The population reports are inflated, and probably skewed somewhat toward the high end, by resubmissions.

1857-O Mintage: 34,000

Finest Smithsonian Institution specimen: AU-58

The year 1857 marked the last year for the production of Liberty Head quarter eagles at the New Orleans Mint. The mintage was a modest 34,000 coins and most encountered circulation, where they saw heavy use. The collecting of coins by mintmark was virtually unknown at the time, and it is miracle that any survived at all in Mint State. The 1857-O quarter eagle is scarce in About Uncirculated levels and quite rare in full Mint State condition. The finest pieces graded to date are limited to just a few at the MS-64 level. This issue is usually seen well struck, and a few representatives are deeply prooflike. It is reported that a quantity of the date was found among the gold coins in the Jackson, Tennessee, hoard. Many of the coins from that group were mishandled, and the actual quality of the pieces remains unknown.

1857-S Mintage: 69,200

Finest Smithsonian Institution specimen: VF-25

Although the mintage for the 1857-S quarter eagle is very similar to that of the 1856-S, the 1857-S is rarer. Just a

couple dozen have been sold at auction in all grades over the last decade. Most of those sold have been in some state of About Uncirculated. The Harry W. Bass Jr. collection contained multiple examples, which account for many of the coins that have been available in the last few years. Only a dozen or so true Mint State survivors are known today. This date is usually well struck, with light die clashing sometimes evident. Most of the coins seen are well worn, and it is quite obvious the issue saw extensive circulation in the bustling days of the gold rush. The finest certified example is a single PCGS MS-64.

1858 Mintage: 47,377

Finest Smithsonian Institution specimen: AU-50

The mintage of quarter eagles dropped significantly in 1858 at the Philadelphia Mint. As a result, Philadelphia quarter eagles from 1858 and 1859 are much rarer in all grades than those of the earlier 1850s. Mint State 1858 specimens are scarce in all levels of preservation. Choice and gem examples are very rare and unpriced in some of the current guides. The auction record for this date is from the sale of the John Jay Pittman collection in 1998, where a near-gem example sold for $8,800. Pittman purchased the coin in 1954 for the very reasonable sum of $14! Many of the coins seen of this date are satiny with considerable die striations present. By far the finest example seen by Jeff Garrett is a superb MS-66 coin that resides in the collection of the American Numismatic Society.

1858-C Mintage: 9,056

Finest Smithsonian Institution specimen: AU-55

The 1858-C quarter eagle is scarce but much more available than the 1854 to 1856 Charlotte Mint issues. The

quality of strike improved greatly in this year. Planchet roughness was still a problem and imperfectly made coins of the date are still the norm. This date is also known with what appears to be rather severe planchet adjustment marks on the central portions of the obverse. Quite a few Mint State coins have been graded, one of the finest being a PCGS MS-63 that was last offered at auction in March 2004, when it sold for $27,600. The Smithsonian example is a pleasant About Uncirculated.

1859, Old Reverse Mintage: Part of 39,364

No specimen in Smithsonian Institution

Although a new reverse hub was introduced in 1859 for the Philadelphia quarter eagles, the old-style hub, first used in 1840, was still employed on occasion through 1861. This variety was unrecognized until the 1960s. The 1859, Old Reverse quarter eagle is now considered a scarce variety in all grades, particularly in choice condition. This date is seldom offered at auction in Mint State. Two of the finest examples known for the variety were offered in the same auction sale in 2002. Both were graded MS-64 and realized $7,188 and $9,775, respectively. The 1859, Old Reverse, Liberty Head quarter eagle is one of the varieties than can still be cherrypicked with a little luck and diligence.

1859, New Reverse Mintage: Part of 39,364

Finest Smithsonian Institution specimen: AU Cleaned

In 1859 the Philadelphia Mint updated its reverse dies with a new hub. The reverse letters and arrowheads are much smaller and more widely spaced than on the issues from 1840 to 1858 and some from 1859, 1860, and 1861. The

1859 Liberty Head quarter eagle has the lowest mintage of any Philadelphia Mint quarter eagle of the 1850s. This date is scarce in all levels of Mint State and is almost never seen in gem condition. The finest example the authors have seen is a superb gem, NGC MS-67 coin that sold in 1998 for $21,850. The coin was virtually perfect and is certainly the finest known.

1859-D Mintage: 2,244

Finest Smithsonian Institution specimen: AU Cleaned

The 1859-D quarter eagle is the last issue for the denomination from the Dahlonega Mint. The low mintage of 2,244 and the status of being the last year of issue for the mint make this a very popular coin. As a brief study of the population reports reveals, there are an unusually large number of About Uncirculated examples and relatively few Mint State coins. The Duke’s Creek specimen may be the finest known example of the date. The finest specimens graded to date have been at the MS-62 level. Most of the coins seen of this date are well struck for the era and mint. The authors have seen a few partially prooflike examples as well. The price record for this date is from 2006, when an NGC MS-62 example sold for $37,375.

1859-S Mintage: 15,200

Finest Smithsonian Institution specimen: EF-45

The mintage for the 1859-S quarter eagle drops considerably from the two previous San Francisco Mint quarter eagle issues. The frequency of appearance at auction and the population data indicate that the 1859-S is of similar rarity to the 1857-S quarter eagle. The Harry W. Bass Jr. collection offered six examples, but none of Mint State

quality. Just a few examples have been graded in the higher ranges of Mint State. One of the finest, a PCGS MS-63 coin, sold at auction in 2007 for $17,250. This issue was well circulated and heavily worn coins are normally encountered. The 1859-S quarter eagle was struck with the old-style reverse hub that features large letters and heavier arrows. The mintmark is also found partially filled on many examples.

1860, Old Reverse Mintage: Part of 22,563

No specimen in Smithsonian Institution

While the reverse dies for the Philadelphia quarter eagles were restyled in 1859 with smaller and more widely spaced letters, the old-style hubs that were first used in 1840, were actually used to make a small number of 1860 Liberty Head quarter eagles. This variety first surfaced in the early 1990s. It is very surprising that such a major variety would go unnoticed for so long. This oversight is very encouraging for those who spend many wishful hours looking for the next numismatic discovery. The 1860, Old Reverse quarter eagle was initially thought to be very rare, but more survivors have been discovered with time. The finest example graded to date has been a PCGS MS-64 that last sold at auction in 2004 for $11,788.

1860, New Reverse Mintage: Part of 22,563

Finest Smithsonian Institution specimen: AU-58

The vast majority of 1860 quarter eagles are from the new reverse hub first adopted in 1859. The reverse letters and arrowheads are much smaller and more widely spaced than on the issues from 1840 to 1858. With the American Civil War looming, there was little attention paid to saving gold coins of the era. The 1860 Liberty Head quarter

eagle is very rare in full Mint State. Only a very small number of coins have been graded at the MS-65 or better level. This date is usually well struck, and partially prooflike examples are sometimes seen.

1860-C Mintage: 7,469

Finest Smithsonian Institution specimen: AU-58

The 1860-C quarter eagle is the last issue from the Charlotte Mint and is quite popular. It is always seen weakly struck on rough planchets. Only a few coins of this date are offered for sale each year, most of which are in About Uncirculated condition at best. When David Akers wrote his book on quarter eagles, he reported only one Mint State coin. Years later Doug Winter estimated three in that grade. Now, PCGS reports three MS-61s and NGC reports 12 coins in a range of grades from MS-60 to MS-63. The population reports make this coin seem less rare than it really is. With grade inflation and resubmissions, the true scarcity of the date can easily be underestimated. The price record for this date is $23,000, set by an NGC MS-62 in 2005.

1860-S Mintage: 35,600

Finest Smithsonian Institution specimen: MS-61

A review of the auction data for the last decade clearly illustrates the true rarity of the 1860-S quarter eagle. Only 26 examples have been offered since 1999; four of those were in the auctions of the Harry W. Bass Jr. collection. The finest example of this date is a single PCGS MS-64. The Smithsonian specimen, still “raw,” would probably grade at the MS-63 level and is one of the finest in existence. This date saw extensive circulation and most examples that are seen today are heavily worn. The 1860-S quarter eagle is truly underrated when compared to the coins of this era

from the Southern mints.

1861, Old Reverse Mintage: Part of 1,283,788

No specimen in Smithsonian Institution

Interestingly, the old-style reverse hub that was used beginning in 1840, was again employed (here for the last time) on some Philadelphia quarter eagles dated 1861. This variety was not known until about 1976. The 1861 Old Reverse quarter eagle is very rare in any grade and is many times rarer than the 1861 New Reverse. Amazingly, a few gems of the date have survived, one of which sold at auction in 2004 for $14,999. Most of the coins seen of this date and variety are well struck, with the exception of the usual weakness on the eagle’s left leg. Mild to moderate die clashing is also present on many of the examples seen by the authors.

1861, New Reverse Mintage: Part of 1,283,788

Finest Smithsonian Institution specimen: MS-63

The production of quarter eagles in 1861 is staggering in comparison to other dates of the era. The 1861 quarter eagle has the third-highest mintage for the entire denomination. Although this date can be found readily from circulated levels up to the lower Uncirculated grades, choice examples are quite scarce. This date is also quite popular as a memento of the Civil War years. The 1861 quarter eagle trades for a relatively small premium over other quarter eagle dates that are much more common. As a type coin, this issue would be an excellent choice. Most are well struck, although some have moderate-to-severe die clashing.

1861-S Mintage: 24,000

Finest Smithsonian Institution specimen: AU-58

The 1861-S quarter eagle is another issue with a moderately low mintage that was heavily circulated and has few survivors. This date is usually seen heavily worn and becomes increasingly rare in higher grades. Although several coins of this date have been certified by the major grading services as Mint State, not a single certified example has sold at auction in the last decade. The Smithsonian specimen is a remarkable Mint State coin and is one of the finest known. The 1861-S quarter eagle does not garner much attention, but can be extremely difficult to locate in any grade. The price of this and other San Francisco issues have made great progress over the years but the market value and desirability still lags considerably in comparison to the popular branch-mint issues of Dahlonega, Charlotte, and New Orleans.

1862 Mintage: 98,543

Finest Smithsonian Institution specimen: AU-50

The mintage of the 1862 quarter eagle dropped considerably at the Philadelphia Mint from the previous year. Even with a rather substantial production of nearly 100,000 coins, this date is scarce in all grades. The 1862 quarter eagle is many, many times rarer than the 1861. Gold coinage after the start of the Civil War did not circulate with regularity, and many great rarities were produced during this era. Most of the examples seen of this date are well struck, some with die clashing visible on one or both sides. Of the few high-grade coins seen, many are found with lightly striated surfaces. No gem examples of the date have yet been certified by PCGS or NGC. The finest examples are half a dozen MS-64s, one of which sold at auction in 2000 for $10,925.

1862, 2 Over 1 Mintage: Part of 98,543

Finest Smithsonian Institution specimen: AU Cleaned

The biggest debate about the 1862/1 quarter eagle is not about its rarity. Unlike the 1942/1 Mercury dime, the undertype on the 1862 quarter eagle is unclear. There is definitely something under the last digit of the date, but it is much less obvious that it is a 1. The area of roughness could be an inverted 2 that was first punched into the die and then repunched. Regardless of the debate of this coin’s true status as an overdate, it is listed as such in most major publications and is sought after by many collectors. A review of the population data indicates that this issue is rare in all grades, with MS-62 examples being the finest certified. This variety was not discovered until the 1960s (reportedly by Aubrey Bebee); the Smithsonian contains an About Uncirculated example.

1862-S Mintage: 8,000

Finest Smithsonian Institution specimen: AU-50

The 1862-S quarter eagle was struck in far fewer numbers than coins of previous years at the San Francisco Mint. This date is very rare in any grade and extremely rare in Mint State. Most 1862-S quarter eagles are well worn or damaged. Only four coins have been certified by PCGS and NGC at the Mint State level. The incredible PCGS MS62 coin that sold as part of the Harry W. Bass Jr. collection is probably the finest known. Jeff Garrett’s notes indicate that the piece was exceptionally nice for the grade, and could easily attain a higher designation. The Bass

coin was also prooflike, and probably an early impression. The Smithsonian example is About Uncirculated and is among the finest survivors for the date.

1863-S Mintage: 10,800

Finest Smithsonian Institution specimen: AU-53

The 1863-S quarter eagle is another very rare and generally under-appreciated date. Only 10,800 coins were struck, and most of these saw immediate, heavy circulation. With the exception of double eagles, the year 1863 saw low mintages and low survival rates for all denomination of U.S. gold coins. The 1863-S quarter eagle is a major rarity in Mint State. Only two such examples have been offered at auction in the past dozen years. The finest specimen to cross the auction block appeared in 2006, when a PCGS MS-64 sold for $50,600.

1864 Mintage: 2,824

Finest Smithsonian Institution specimen: AU-55

With the Civil War raging and the payment of specie still suspended in the North, the mintage for quarter eagles plunged in 1864. Only 2,824 coins were struck, and today this date must be considered one of the great rarities of the entire quarter eagle series. Very few coins survived, and this date has one of the lowest appearance records of all Liberty Head gold coins. Just over a dozen examples of the date have been graded in the last two decades by the major certification services—in all grades. The Harry W. Bass Jr. collection, which usually contained multiple examples of nearly every issue, had just a single circulated coin. The 1864 quarter eagle was long thought by most numismatic scholars to be unknown in Mint State. A few survivors have slipped into that category in the last decade,

but just barely. The lone exception is the mind-blowing example that lay undiscovered for more than a century in the Byron Reed collection. That coin currently grades NGC MS-67 and was sold in 1996 for $132,000.

1865 Mintage: 1,520

Finest Smithsonian Institution specimen: AU-50

The 1865 quarter eagle touts one of the lowest mintages for the Liberty Head series. This date is very rare in all grades, and just one example has attained Mint State status (PCGS MS-63). Although the 1865 quarter eagle has a lower mintage than the 1864, more examples of the 1865 quarter eagle have been graded and sold at auction in the last two decades. This is not a slight on the 1865 quarter eagle, but rather an illustration of the rarity of the 1864. The true scarcity of this and other very rare Philadelphia Mint gold coins is sometimes lost because of the focus most collectors give to the popular branch-mint issues. The 1865 quarter eagle is much rarer than some of the more sought-after Southern gold rarities.

1865-S Mintage: 23,376

Finest Smithsonian Institution specimen: AU-50

The 1865-S quarter eagle appears at auction more seldom than most of the quarter eagles from this decade. This is partially explained by the fact that most of the known survivors of the date are well worn and are not deemed worthy of auction. This date can be located with moderate effort in low grade, but it becomes a true challenge in high grade. Most of the surviving high-grade 1865-S gold coins are double eagles from the shipwrecks of the SS Brother Jonathan and SS Republic. There were no quarter eagles, however, found on either of those wrecks. The finest-

known example of the date hails from the collection of Harry W. Bass Jr. and was graded MS-64 by PCGS in 1999. Most 1865-S quarter eagles are softly struck in the central portions of the obverse and reverse.

1866 Mintage: 3,080

Finest Smithsonian Institution specimen: EF-45

As the low mintage would suggest, the 1866 quarter eagle is a scarce coin in any grade. It is not, however, on a par with the rarity of the 1864 or 1865 quarter eagles. Quite a few more coins of this date have been offered at auction in the last decade than either the 1864 or 1865 issues. The 1866 quarter eagle is very rare in Mint State, with very few coins having attained that status. This date was virtually unknown in Uncirculated condition before the last several years. A few coins have since surfaced, but they are rarely offered. This date is often softly struck in the central portions of the obverse and reverse, sometimes severely so. The 1866 quarter eagle is sometimes seen with heavily striated surfaces.

1866-S Mintage: 38,960

Finest Smithsonian Institution specimen: EF-45

The 1866-S quarter eagle is slightly more common than the few preceding issues from the San Francisco Mint. Most examples are in very low grade, a sign that the issue was used extensively in commerce. It is known that paper money was rare on the West Coast of the United States at the time, and gold was the preferred method of trade. Harry W. Bass Jr. was fascinated with this date, as his collection contained nine examples when it was sold in 1999 and 2000. Just a few specimens of the 1866-S quarter eagle have been graded in Mint State, most in the last few

years. Finding a high-grade example is a challenge, as only one or two coins are offered each year in grades above Extremely Fine.

1867 Mintage: 3,200

Finest Smithsonian Institution specimen: AU-55

The 1867 quarter eagle is scarce, if not truly rare, in all grades. Most of the examples seen are circulated to some degree, and this date is very rare in full Mint State. The finest example certified to date has been a single PCGS MS65 example that last traded at auction in 1999 for $24,150. The 1867 quarter eagle is not as rare as the 1864 and 1865 issues, but it is a bit more difficult to locate than the 1866 quarter eagle. Traditionally, the Philadelphia Mint issues have never been as popular as the Southern branch-mint issues. Maybe someday a wealthy collector from Pennsylvania will attempt a high-grade collection of gold coinage from that city, and the true rarity of coins from this mint will be revealed. Most of the high-grade examples seen have at least partially prooflike surfaces.

1867-S Mintage: 28,000

Finest Smithsonian Institution specimen: AU-55

The population of the 1867-S quarter eagle mimics that of the 1866-S; that is, most are worn and high-grade examples are extremely rare. Like a majority of the San Francisco quarter eagles of this period, this issue circulated extensively. Most, but not all, of the known examples of this date are softly struck in the central portions. Light-tomoderate die clashing is not unusual for the date. A single example has been graded at the MS-64 level (by PCGS) and last sold at auction for $12,650 in 2001. The Harry W. Bass Jr. collection featured multiple specimens, the finest

of which graded MS-63. As with other S-Mint quarter eagles since 1860, the reverse is of the old style with large letters and a boldly impressed eagle.

1868 Mintage: 3,600

Finest Smithsonian Institution specimen: AU-55

The 1868 quarter eagle was produced in about the same quantity as coins of the preceding few years at the Philadelphia Mint. The 1868 quarter eagle is scarce in all grades, but it can be found in About Uncirculated condition with a little luck and patience. Mint State examples of the date can be located, but only in the lower states of preservation. There are no gem examples known for the date, and just a couple of choice pieces have been graded. Nearly every 1868 quarter eagle seen by Jeff Garrett has displayed deeply prooflike surfaces and can sometimes be confused with Proof issues for the year. The finest coin graded to date is the wonderful Harry W. Bass Jr. example that was graded PCGS MS-64 and sold at auction in 1999 for $11,500. Today, that sum seems to be a very reasonable price for the finest-known example of a U.S. gold coin.

1868-S Mintage: 34,000

Finest Smithsonian Institution specimen: MS-60

As a date, the 1868-S quarter eagle is slightly more available than previous quarter eagles of the 1860s from the San Francisco Mint. This issue is almost always seen well worn or damaged. Extremely Fine and About Uncirculated coins can be found with some effort. In Mint State, there are probably fewer than two dozen coins remaining, and they are seldom offered for sale. The finest known example of the date is a PCGS MS-64 coin that last crossed the

auction block for $13,800 in 2004. The Smithsonian example is Mint State and solidly within the condition census for this date.

1869 Mintage: 4,320

Finest Smithsonian Institution specimen: MS-63 PL

The 1869 quarter eagle is not as highly touted as the Philadelphia Mint quarter eagles from 1864 to 1868. It is, however, a very scarce coin, particularly in Mint State. Just two dozen coins have been graded at that level, the finest appearing at the MS-63 level. Nearly every example of this date seen by Jeff Garrett has had partial to full prooflike surfaces. Circulation-strike examples can sometimes be confused with Proofs of the year, but on circulation strikes the date is large and placed very high, nearly to the bottom of the bust. Proof examples were struck with the date low in the die. The Smithsonian contains one of the finest-known examples for the date, a choice MS-63 coin.

1869-S Mintage: 29,500

Finest Smithsonian Institution specimen: AU-55

Quarter eagles from the San Francisco Mint of this era all share common themes—they are usually found well worn and are rare in high grade. The 1869-S is no exception, as most of the coins found for this year are relatively low grade. High-grade examples are a bit more available than those of previous years. Remarkably, two coins have been certified at the MS-66 level by PCGS, one of which sold at auction for $29,900 in 2007. Past observations of this date offer interesting insights. Walter Breen wrote: “extremely rare in AU.” To date, the grading services have

certified more than 100 coins in various states of About Uncirculated. Either Breen was a very conservative grader, a large number of coins have surfaced since 1986, or the grading standards have changed over the decades.

1870 Mintage: 4,520

Finest Smithsonian Institution specimen: AU-55

Although the mintage for the 1870 quarter eagle is very similar to that of the 1869, the 1870 is a bit more difficult to locate in all grades. The 1870 quarter eagle must also be considered a major condition rarity in Mint State. Fewer than two dozen have been certified in Mint State, and this does not take into account resubmissions. The finest example seen by far is the lone gem example that was part of the Harry W. Bass Jr. collection. That coin was graded MS-65 by PCGS and sold for $19,550 in 1999. The same coin was later resold for a loss in 2003 for $17,825. This seems odd for a coin that is the finest known by two full points. The 1870 quarter eagle is usually seen in some state of About Uncirculated, and most of the survivors are at least partially prooflike.

1870-S Mintage: 16,000

Finest Smithsonian Institution specimen: EF-45

As the lower mintage suggests, the 1870-S quarter eagle is actually quite a bit rarer than the previous few issues of this denomination from the San Francisco Mint. The 1870-S quarter eagle is also usually found softly struck, but not always. The Harry W. Bass Jr. example was well struck and is one of the finest specimens known to exist. Jeff Garrett’s notes for this coin indicated that the MS-62 grade assigned to the piece was actually conservative. The data in the population reports must be considered carefully, because they usually do not reflect multiple submissions,

which can be misleading. The 1870-S quarter eagle is very rare in Mint State and is unavailable above MS-64.

1871 Mintage: 5,320

Finest Smithsonian Institution specimen: EF-45

The 1871 quarter eagle is another of the scarce, low-mintage issues from the Philadelphia Mint struck from 1864 through 1872. Most examples of the 1871 quarter eagle are graded About Uncirculated. This date becomes quite rare in Mint State, with a lone PCGS MS-65 example being the finest known. That coin was sold in 1999 for $18,400 as a part of the Walter H. Childs collection. The Childs collection had been off the market for generations and was impressive for the extraordinary quality of the offerings (Childs also held the finest known 1804 Class I silver dollar). The PCGS MS-65 example set a new record in 2007 when it sold for $27,025. Most of the 1871 quarter eagles are well struck and fully prooflike—not a surprising situation for a low-mintage issue.

1871-S Mintage: 22,000

Finest Smithsonian Institution specimen: AU-58

The overall rarity of the 1871-S quarter eagle is similar to that of the other early quarter eagles from the San Francisco Mint. In Mint State, however, this date is surprisingly easier to obtain. The high population of choice examples and the frequency of high-grade auction offerings suggest that a small group of this date may have survived intact at one time. (If so, it has long since been dispersed.) Four examples that were certified as MS-65 have been offered at auction since 2002 (one a reappearance). This date is usually found softly struck in the central portions.

1872 Mintage: 3,000

Finest Smithsonian Institution specimen: AU-58

The mintage for the 1872 quarter eagle drops substantially from the previous few issues of the Philadelphia Mint. Not surprisingly, this date is somewhat more difficult to locate in most grades. The average example offered for sale grades at the About Uncirculated level. Mint State examples are very rare, with just a few coins at the choice level. The 1872 quarter eagle is a low-mintage issue that is always in demand. Branch-mint issues of similar rarity bring far higher prices, and it is probably only a matter of time before the scarce issues of Philadelphia are more fully appreciated. Nearly all of the 1872 quarter eagles seen by the authors have been at least partially prooflike and well struck.

1872-S Mintage: 18,000

Finest Smithsonian Institution specimen: AU-58

The 1872-S quarter eagle is comparable to the 1871-S issue in overall rarity, but without a small group of high-grade survivors. Just five coins have been graded at the MS-64 level, and this number may be misleading due to resubmissions. The Harry W. Bass Jr. collection featured four coins of this date, none of which was certified. One of the Bass coins, listed in the catalog as AU-53, was graded by Jeff Garrett as MS-63 plus. That coin sold for $4,255, confirming his assessment. The Smithsonian example is a solid Mint State coin and is one of the finest remaining for the date. The 1872-S quarter eagle is usually softly struck, with light die clashing evident.

1873, Close 3 Mintage: 55,200

Finest Smithsonian Institution specimen: MS-61

The 1873 quarter eagle is found with two variations of the last digit of the date, the Open 3 and the Close 3. The 3 on the Close 3 variety resembles closely the date on an 1878 quarter eagle. The rarity of these two varieties has been debated over the years. Twenty years ago collectors and researchers did not have the information that is available today for study. Population reports and auction data clearly indicate that the two varieties are very similar in rarity. The mintage for the 1873 quarter eagle is vastly higher than in previous years from the Philadelphia Mint. As would be expected, this date is not nearly as rare as those earlier, highly desirable issues. However, both varieties of the 1873 quarter eagle are scarcer than current price guides would indicate. In fact, 1873 quarter eagles are much rarer than later dates in the series.

1873, Open 3 Mintage: 122,800

Finest Smithsonian Institution specimen: MS-61

As stated in the text for the 1873 Close 3 quarter eagle, the data indicate that the rarity for the two issues is very similar. Both coins are readily available in grades up to choice Uncirculated. Gem examples of both issues are quite scarce and seldom offered. Most of the examples seen of this date and variety are frosty in appearance. Light die clashing is quite common. Mint State examples trade for a relatively modest premium compared to the later dates for the series, yet they are many, many times rarer and represent an excellent value. The Open 3 variety can sometimes be difficult to determine. The last digit of the date, the 3, is not very open but is merely more open than that of the Close 3 quarter eagle, which resembles an 8.

1873-S Mintage: 27,000

Finest Smithsonian Institution specimen: AU-50

Although the mintage and overall rarity of the 1873-S quarter eagle is very similar to the other S-Mint quarter eagles of the era, very few Mint State coins of this date have been offered at auction in the last few years. The Harry W. Bass Jr. collection featured four examples, none of which was Mint State. In the 1990s, a client of Mid-American Rare Coins was working on a complete set of Liberty Head gold coins, and the 1873-S quarter eagle was one of the last two dozen issues on his want list. Like many San Francisco Mint coins of this period, this date is much more difficult to locate than one would think.

1874 Mintage: 3,920

Finest Smithsonian Institution specimen: AU-55

The mintage for Philadelphia Mint quarter eagles dropped dramatically from the levels of the previous year. Just 3,920 coins were struck, and this date is quite scarce in all grades. Choice and gem examples are very rare, with just a few coins known in the highest grades. Most 1874 quarter eagles offered for sale are About Uncirculated and at least partially prooflike. Mint State examples of this date trade for extremely low prices relative to the rarity of the issue. A quick review of the population and auction data clearly indicates that this issue is undervalued at current levels.

1875 Mintage: 400

Finest Smithsonian Institution specimen: AU-50

The 1875 quarter eagle issue represents one of the lowest mintages of any U.S. gold coin. With a tiny production of only 400 coins, this date also ranks as one of the most desirable in the series. There are probably only 50 circulation strikes still in existence. Most of the coins seen are in grades of Extremely Fine or About Uncirculated. Mint State coins are very rare and seldom offered. Because of the very low mintage, all circulation-strike 1875 quarter eagles are deeply prooflike, with surfaces very similar to that of a Proof. Circulation-strike examples are easily identified by the position of the date. On Proofs, the date is high, with the 5 nearly touching the truncation, as opposed to the circulation-strike coins, on which the date is much lower. The price record for this date is $25,300, realized in 1999 by a PCGS MS-64 example that no longer appears on the population reports.

1875-S Mintage: 11,600

Finest Smithsonian Institution specimen: MS-60

As the low mintage suggests, the 1875-S quarter eagle is a very scarce coin in any grade. Most of the coins seen of this date are well worn and never end up on the population reports of the major grading services. There is also extra demand for this date because of the rarity of the 1875 Philadelphia quarter eagle. Many 1875-S quarter eagles are weakly struck, but that is not always the case. With some effort, this date can be found in grades up to, and including, About Uncirculated. The 1875-S quarter eagle rarely appears in Mint State at auction or private treaty. The best examples grade MS-65; one appeared at auction in the 2001 ANA sale, where it fetched $13,225.

1876 Mintage: 4,176

No specimen in Smithsonian Institution

When David Akers conducted his research on the subject of Liberty Head quarter eagles in the mid-1970s, his findings for the 1876 Philadelphia issue were quite surprising. Just one Mint State example had been sold at auction in several decades. Today, perhaps a dozen or so coins have been designated at that level. Over the years some specimens have been discovered in Mint State while others have reached the grade through grade inflation. Most of the survivors seen of the date are in About Uncirculated condition. Coinage for the year was meager at best, and the coin is quite popular due to its low mintage. The finest example Jeff Garrett has seen was a raw example sold in 1997 for $14,850, which was at least a gem MS-65 coin. The date is sometimes seen prooflike and softly struck. Circulation-strike examples display a small raised area on the neck of Liberty.

1876-S Mintage: 5,000

Finest Smithsonian Institution specimen: AU-58

The mintage for the 1876-S Liberty Head quarter eagle is the second lowest of all the dates from the San Francisco Mint. This date also marked the last year in which the old-style hub (with the large letters and deeply impressed eagle) was used for the reverse. A mint-made die defect can be found on the jaw of Liberty on all known specimens. (This defect is also seen on Philadelphia Mint quarter eagles.) The 1876-S issue is scarce in any grade and quite rare in Mint State. The finest grade attained by this issue is MS-63, with four coins so designated by PCGS and NGC. A PCGS MS-63 example sold for $8,912 in 2001, a seeming bargain for one of the finest examples known.

1877 Mintage: 1,632

Finest Smithsonian Institution specimen: AU-55

The 1877 quarter eagle has one of the lowest mintages of the series. For that reason this date is very popular and is always in demand. For a coin with such a very low mintage, the 1877 quarter eagle appears at auction with regularity, but mostly in various states of About Uncirculated. A study of auction records reveals that this date is quite rare in Mint State and very much so in choice and gem condition. As would be expected for a low-mintage issue, most examples seen have at least some prooflike surfaces. Current prices for a coin with such a low mintage and survival rate seem very undervalued in relation to many of the popular branch-mint issues.

1877-S Mintage: 35,400

Finest Smithsonian Institution specimen: MS-60

This and the 1878-S quarter eagle are the only two San Francisco Mint issues that feature the modified reverse hub that was used on Philadelphia Mint quarter eagles beginning in 1859. On these coins, the lettering is smaller and the eagle appears more petite. The mintmark is also much smaller, being nearly half the size of the earlier issues. The 1877-S quarter eagle is generally more available than coins of previous years, but is scarce in Mint State. Just a few coins have been graded at the MS-65 level, the last of which sold at auction in 2003 for $7,763.

1878 Mintage: 286,240

Finest Smithsonian Institution specimen: MS-63

The mintage of quarter eagles jumped dramatically in 1878 at both the Philadelphia and San Francisco Mints. The need for coinage was surely great after a series of low production years. The 1878 quarter eagle is one of the more common dates of the series in grades up to gem Uncirculated. Although the 1878 quarter eagle is sometimes categorized as a common date, gem and superb examples are many times rarer than the later date issues. The finest known examples of this date are two MS-67 coins that may actually be one and the same coin. Most examples of this date are frosty and generally well struck.

1878-S Mintage: 178,000

Finest Smithsonian Institution specimen: MS-60

The mintage for the 1878-S quarter eagle jumps dramatically from the previous year’s production of quarter eagles. In grades up to choice Uncirculated, this date sells for a relatively small premium. The reverse features the new style with much smaller letters and modified claws, arrows, and wings. Although the 1878-S quarter eagle is not a great rarity, it is difficult to locate in gem condition, and only a few examples have been graded at that level. The finest certified example is a single NGC MS-66 coin. The best example to appear at auction in the last decade is an NGC MS-65 that sold for $9,487 in early 2008.

1879 Mintage: 88,960

Finest Smithsonian Institution specimen: AU-55

The 1879 quarter eagle is moderately scarce in all grades. The mintage is greatly reduced from the previous year, and there seem to be fewer survivors overall. The 1879 quarter eagle is surprisingly rare in choice and gem condition. Over the last decade only three coins have crossed the auction block in MS-65 or better. Most of the coins offered for sale fall in the Extremely Fine to About Uncirculated grade ranges. Most are well struck, and light die clashing is common. Prooflike surfaces are also seen on many examples of this date.

1879-S Mintage: 43,500

Finest Smithsonian Institution specimen: AU-55

The mintage for the 1879-S quarter eagle drops substantially from the previous year, and this date is much more difficult to locate in higher states of preservation. This issue, like so many others from this mint and era, circulated heavily and few nice examples were saved by collectors. The 1879-S quarter eagles were the last gold coins of this denomination struck at the San Francisco Mint. They feature the new-style reverse that began on the San Francisco quarter eagles in 1877. Of the few choice examples of this date, many display partially or fully prooflike surfaces. The finest offered at auction in the last decade was the PCGS MS-63 example in the sale of the Harry W. Bass Jr. collection.

1880 Mintage: 2,960

Finest Smithsonian Institution specimen: AU-58

The 1880 quarter eagle begins a run of very low-mintage dates. The demand for small gold coins in this era must have been at an all-time low, because the mintages of gold dollars and quarter eagles were miniscule in comparison to the higher-denomination issues. As a date, the 1880 quarter eagle is scarce in all grades. Gem examples are very rare and only one example has attained the grade of MS-66 (NGC). Similarly, only one example has been offered at auction in the last decade in MS-65. Most examples of this date are well struck with prooflike surfaces. Scattered copper stains are also noted on many of the auction offerings for this issue.

1881 Mintage: 640

Finest Smithsonian Institution specimen: AU Polished

With a tiny mintage of only 640 coins, the 1881 quarter eagle is one of the most popular and sought-after dates in the series. Any U.S. coin with a mintage of fewer than 1,000 is always in demand. Of the small number of quarter eagles produced, most entered circulation, with the average survivor being in only Extremely Fine to About Uncirculated condition. Mint State coins are very rare. Very few examples of this issue have been sold at auction or private treaty in the last decade. Dave Akers noted in his work on the subject that he had never seen an Uncirculated example. A few coins have surfaced in the last few decades. Akers himself reported selling a PCGS MS-65 example at the Baltimore ANA Convention in 1993. This date is always seen fully prooflike. Impaired Proofs are sometimes offered as the more rare circulation-strike issue.

1882 Mintage: 4,000

Finest Smithsonian Institution specimen: MS-60

The 1882 quarter eagle touts an impressively low mintage of only 4,000 coins. Finding an Uncirculated example of this date is not too difficult, since many of the known coins are high grade. Because of the low mintage, many 1882 quarter eagles are also deeply mirrored, prooflike examples. Early auction records for the date in Proof are probably misleading since some early-strike, prooflike coins may have been inadvertently offered as Proofs. The MS-64 example sold as part of the Harry W. Bass Jr. collection was deeply prooflike, with fully reflective surfaces. The Smithsonian’s example is an average MS-60 coin. Most of the Smithsonian gold coins from the Philadelphia Mint are choice Proofs, since less emphasis was given to the circulation-strike issues.

1883 Mintage: 1,920

Finest Smithsonian Institution specimen: AU Polished

This date is another in a series of very low-production issues. With so few coins made for the nation’s commerce, one wonders why they were struck at all. Was there a fondness for the denomination, or was it simply a matter of tradition being followed? The 1883 quarter eagle is a very rare coin in all grades. Choice and gem examples are virtually unknown. The Harry W. Bass Jr. collection, which contained multiple examples of many great rarities, held two About Uncirculated specimens for this year. As usual for these low-mintage issues, most 1883 quarter eagles are seen with deeply reflective, prooflike surfaces.

1884 Mintage: 1,950

Finest Smithsonian Institution specimen: MS-61

Although the 1884 quarter eagle has a mintage that is very similar to that of the 1883 quarter eagle, it is not quite as rare. More 1884 than 1883 quarter eagles have been certified by PCGS and NGC, and the 1884 has appeared more frequently at auction in high grade. Most 1884 examples are in About Uncirculated condition. The finest examples certified to date have been at the MS-65 level, one of which sold at auction in 2004 for $10,350. That coin was designated as prooflike by NGC. The circulation-strike 1884 quarter eagle is another of the issues that has been confused, in the past, with the much rarer true Proofs.

1885 Mintage: 800

No specimen in Smithsonian Institution

With a mintage of fewer than 1,000 coins, the 1885 is one of the most popular issues of the entire quarter eagle series. There are very few coins in the entire U.S. series with such a low mintage. Most of the surviving pieces can be considered mega-rarities. Even so, the 1885 quarter eagle is rare but can still be found by the aggressive collector. For example, more representatives of this date have been offered at auction than those of the higher-mintage issues of the previous few years. The Bass MS-65 example is one of the finest known, and was sold at auction in 1999 for $13,800. That coin was noted as being fully prooflike, with deeply mirrored surfaces, which seems to be typical of most 1885 quarter eagles seen by the authors.

1886 Mintage: 4,000

Finest Smithsonian Institution specimen: AU-55

In a decade of low-mintage issues, the 1886 quarter eagle is no exception. Just 4,000 coins were reported struck for the year. Most examples are seen in grades between About Uncirculated and MS-61. The typical example is at least partially prooflike, with scattered marks from light circulation. Surprisingly few examples of this date are found in choice or gem condition. The finest example by far is an MS-67 coin that last sold at auction in 2000 for $12,650. Deeply mirrored coins with light marks are sometimes confused with true Proofs.

1887 Mintage: 6,160

No specimen in Smithsonian Institution

The 1887 quarter eagle is a scarce coin in all grades. This date becomes increasingly elusive in the higher states of preservation. The finest certified example is a single NGC MS-66, but nothing better than an MS-64 has appeared at auction over the last decade. Many of these scarce, circulation-strike Philadelphia Mint issues are under appreciated. Early collectors of American coinage ignored the circulation-strike issues, preferring Proof examples instead. Illustrating this preference, the Smithsonian has inferior specimens of many circulation-strike Philadelphia issues, but (in many cases) has multiple Proof examples. Recent advances in auction records and population data have revealed the true rarity of many of these coins.

1888 Mintage: 16,001

Finest Smithsonian Institution specimen: MS-63

The mintage for the 1888 quarter eagle jumps substantially from previous years. Not surprisingly, this date is seen more often in grades up to choice and gem Uncirculated than in previous years. Even so, gem Uncirculated examples of this date are quite rare. Average examples of the 1888 quarter eagle usually trade for small premiums over the more common dates of this series, yet they are many times rarer. In contrast to most of the other quarter eagles from this decade, the majority of 1888s come fully frosted. The Smithsonian example is on the higher end of the condition census, being a lustrous MS-64 specimen.

1889 Mintage: 17,600

Finest Smithsonian Institution specimen: MS-60

As with many of the quarter eagles from this era, the 1889 is scarce and trades for a very small premium over prices for common dates in the series. This date is usually found in average Uncirculated condition, with choice and gem coins being quite rare. Only two superb examples have been graded over the years. Most of the coins found of this date are fully frosted, with none of the prooflike surfaces found on the early and middle dates of the decade. The center portions of both the obverse and reverse are sometimes seen weakly struck. Light to moderate die clashing is also common for this date.

1890 Mintage: 8,720

No specimen in Smithsonian Institution

For some reason the mintage of the 1890 Head quarter eagle dropped by more than 50% from the previous year. Thus, this date is a bit rarer than either the 1888 or 1889 issues. The average 1890 quarter eagle survives in relatively high grade and most of the coins seen today are in the lower states of About Uncirculated. A few gem examples are known for this date, with the finest being an uncertified coin that sold in 1999 for $14,950. The population data report one NGC coin at the MS-67 level. Some, if not all, examples have a small die scratch in the left area of the shield on the reverse. Partially prooflike surfaces are also common for this issue.

1891 Mintage: 10,960

Finest Smithsonian Institution specimen: MS-61

The 1891 quarter eagle is a scarce, low-mintage date. In grades up to gem Uncirculated, the 1891 commands little or no premium over more common dates. This is difficult to understand, as the 1891 quarter eagle is many times rarer than any of the later-date issues. Gem examples are very rare, with just a few graded at that level. The last gem example sold at auction in 2006 for $5,750. This date is usually well struck and often exhibits the same prooflike surfaces seen on many of the issues from the 1880s. Some examples Jeff Garrett has seen show doubling on the lettering of AMERICA.

1892 Mintage: 2,440

No specimen in Smithsonian Institution

The 1892 quarter eagle has the lowest mintage since 1885. Only 2,440 coins were struck, and the date is very popular as a result. Although the mintage is much lower than for the previous few years, more high-grade examples survive for this date, perhaps because of hoarding. The low mintage may have been an enticement to put some of these coins away at the time of issue. Several superb gem examples are known, including a wonderful NGC MS-68 coin that last traded at auction in 1999 for $21,850. Most 1892 quarter eagles are frosty. Light copper stains can sometimes be an issue.

1893 Mintage: 30,000

No specimen in Smithsonian Institution

The mintage for the 1893 quarter eagle jumps dramatically from the previous year. This date is somewhat scarce in all grades but can be found in Mint State with relative ease. Gem examples are quite rare, many times rarer than any of the later-date issues. The finest certified 1893 quarter eagles are a pair of NGC MS-67 examples, one of which sold for $10,925 in 1999 and sold later at a loss. It is uncommon for a gem, finest-known coin to sell for a substantial loss and the authors suspect auction fever as the explanation for the hefty sale price in 1999. This date is usually well struck, with light copper stains often seen.

1894 Mintage: 4,000

No specimen in Smithsonian Institution

The 1894 quarter eagle is a moderately scarce date in all grades, boasting a nice, low mintage of only 4,000 coins. Among the finest graded examples of this date is a single NGC MS-68 coin that carries a roller-coaster history. It first appeared as a PCGS MS-67, and sold at auction in 1998 for $20,700. In 1999, it reappeared at auction, this time graded NGC MS-68 and selling for $26,950. Three years later, the same coin took a big hit and sold at auction for only $12,075. The coin has since recovered its former glory and value, selling in 2005 for $26,450.

1895 Mintage: 6,000

No specimen in Smithsonian Institution

The year 1895 marked the last time that mintages of quarter eagles fell below 10,000 coins. This date is moderately scarce in all grades, yet it trades for just a very small premium above the common type price. Choice and gem examples become increasingly rare, particularly at the superb level. The auction record set for this date is for an NGC MS-67 example, sold in 1998 for $12,650. Most 1895 quarter eagles are well struck, with the exception of some coins that are incompletely struck at the denticles. The Smithsonian lacks a circulation-strike example of this date.

1896 Mintage: 19,070

No specimen in Smithsonian Institution

The 1896 quarter eagle is very scarce in all grades, but it can be purchased in most cases as a common type coin. High-grade examples can be found with some patience, and the issue would be an ideal choice as a type coin. The price record for this date was set in 2004, when a PCGS MS-67 example sold for $8,050. Most 1896 quarter eagles are well struck, with the exception of coins that show incompletely struck borders. The Smithsonian lacks a circulation-strike example of this date.

1897

Mintage: 29,768

No specimen in Smithsonian Institution

The mintage for the 1897 quarter eagle is a moderately low 29,904 coins (including 136 Proofs). Although this issue is not exceedingly rare, it is still seen less often than the quarter eagles of 1900 to 1907. In 1998, an amazingly perfect example of this date sold for $17,825. Author Jeff Garrett considers that coin to be one of the finest Liberty Head quarter eagles in existence. Early collectors ignored the circulation-strike issues from the Philadelphia Mint, focusing their energies instead on Proof coinage. The Smithsonian lacks a circulation-strike example of this date.

1898 Mintage: 24,000

No specimen in Smithsonian Institution

The 1898 quarter eagle is very similar in mintage and rarity to the 1897. Although somewhat scarce, this date can be found in most grades up to gem Uncirculated. Usually the 1898 quarter eagle is sold very close to the common type price. Most examples are well struck, with scattered copper stains being the most common flaw. An unusual number of Mint State examples have been offered at auction in the last decade or so indicating that a small hoard may have existed at one time.

1899 Mintage: 27,200

Finest Smithsonian Institution specimen: MS-60

The last quarter eagle of the 19th century is almost identical in rarity to that of 1898. Both dates have very similar population numbers. Also, the 1899 is the last of the slightly more scarce Philadelphia Mint quarter eagles. Although about a dozen superb MS-67 examples have been graded to date, none of those coins has appeared at auction in the

last decade. The Smithsonian example is a very average Mint State piece.

1900 Mintage: 67,000

No specimen in Smithsonian Institution

Beginning in 1900, the circulation-strike quarter eagles become increasingly more common. As a date, the 1900 quarter eagle may be slightly less available than the later dates of the series, but it is still considered a common issue. Most of the coins seen of this date are well struck, but some are found with rather serious copper stains. This date is somewhat popular as the first coin of the new century. The finest certified example is a single NGC MS-68.

1901 Mintage: 91,100

Finest Smithsonian Institution specimen: MS-61

The 1901 quarter eagle is a common date for the type. Many, many examples of this date, as well as plenty of the coins from 1900 to 1907, survive in Mint State condition. The authors estimate that many thousand coins of this date survive in all grades. Among the finest graded specimens of this date is an example in MS-68 that sold at auction in 2005 for $14,375. Most 1901 quarter eagles exhibit blazing luster, with scattered copper stains the only significant problem.

1902 Mintage: 133,540

Finest Smithsonian Institution specimen: MS-62

The 1902 quarter eagle is common in all grades and can be found with ease. Scattered copper stains are common, but the average example is well struck. This issue is perfect for type purposes because of the quality of most of the coins seen. Although the 1902 quarter eagle is common, the Smithsonian’s example is only an average Mint State coin. At the top of the condition ladder sit four NGC MS-68s.

1903 Mintage: 201,060

Finest Smithsonian Institution specimen: MS-65

The 1903 quarter eagle is one of the most common dates of the series. This date can be found with very little effort in all grades up to superb Uncirculated. The recent popularity of type coins has pulled many superb United States coins off the market, making it difficult (and more expensive) to locate high-end 1903 quarter eagles. The Smithsonian has a gem, circulation-strike example of this date.

1904 Mintage: 160,790

No specimen in Smithsonian Institution

The 1904 quarter eagle is one of the most common dates of the series. If one were to purchase an accumulation of common date Liberty Head quarter eagles, several of the coins would probably be dated 1904. Author Jeff Garrett has handled hundreds of this date in Uncirculated condition over the years. Many of the coins seen have scattered copper stains, some severe. This date is sometimes seen with partial or deep prooflike surfaces. The recent auction record for an example of the date is a PCGS MS-68, which sold for an impressive $27,600 in early 2008.

1905 Mintage: 217,800

Finest Smithsonian Institution specimen: MS-64

The 1905 quarter eagle is a very common date. Thousands have been graded in Mint State by the major certification services. Very little effort is needed to acquire a gem because so many are available in the marketplace. Most coins found of this date are well struck, although some are seen with weak borders. Copper stains are also commonplace for this year.

1906 Mintage: 176,330

Finest Smithsonian Institution specimen: MS-63

The 1906 quarter eagle is common in all grades and an MS-67 can be purchased with only a bit of diligent pursuit. (A superb eagle or double eagle is nearly impossible to locate in similar condition and would cost a small fortune to obtain.) Most of the coins seen of this date are well struck, with copper stains sometimes present. According to the population reports, the most common grades for this date range from MS-62 to MS-64.

$2.50 – INDIAN HEAD 1907 Mintage: 336,294

Finest Smithsonian Institution specimen: MS-65

The 1907 quarter eagle is officially the most common date of the series. More examples of this date have been graded in Mint State than any other. This date can be found in all grades from Very Fine to several examples in MS68. The 1907 quarter eagle is slightly more popular than others because it is the last year of issue for the type. Quarter eagles were popular gifts at the time of issue. Author Jeff Garrett has purchased many coins over the years that were housed in original gift envelopes from the early part of the 20th century.

1908 Mintage: 565,057

Finest Smithsonian Institution specimen: MS-63

A new type of quarter eagle, designed by Bela Lyon Pratt, first appeared in 1908. The Indian head design was unique, because the features of the coin were incuse rather than raised. Although many examples were saved as the first of their kind, most survivors lack definition on the upper portion of the eagle’s wing, a result of the dies not being prepared properly. The 1908 quarter eagle is available in all grades, including gem condition, and specimens can even be located in MS-66. The color of the 1908 quarter eagles is slightly yellower than in later years.

1909 Mintage: 441,899

Finest Smithsonian Institution specimen: MS-63

The 1909 quarter eagle is more sharply and completely struck than that of 1908. Most examples have good eye appeal and are quite lustrous. In gem grades this date is readily available, and it falls near the middle of the series in terms of rarity. This issue is readily available in choice or lower grades, and most examples display an attractive medium yellow-gold color. PCGS and NGC have graded 31 examples in MS-66, one of which (PCGS MS-66) set a record price of $17,250 in 2007.

1910 Mintage: 492,682

Finest Smithsonian Institution specimen: MS-63

The 1910 quarter eagle is very similar to the 1909 issue in color, strike, and luster. Some of the later die states show minor weakness near the rims. Although the mintage is higher than for the 1909 issue, the 1910 coins are scarcer in gem grades. In fact, this is one of the more elusive dates for the Indian Head quarter eagles in gem condition, with only 14 MS-66 examples certified by PCGS and NGC. MS-65 examples consistently bring prices surpassing $8,000, with one breaking into the five-figure range in 2006.

1911 Mintage: 704,191

Finest Smithsonian Institution specimen: MS-63

The year 1911 brought some changes in the planchets used for coinage. For this year the surfaces of the Indian Head quarter eagles are slightly granular in appearance, and the striking quality lacks the desired fullness on the eagle’s wingtip and occasionally on the feather tips of the headdress. Rarely does this date show a full strike on both the obverse and reverse. In terms of rarity, this issue is readily available in MS-63 or below, but examples become rare in higher grades, particularly so for the gem MS-65 level. The 1911 quarter eagle is virtually on par with, or slightly scarcer in gem condition than, the 1910 quarter eagle.

1911-D Mintage: 55,680

Finest Smithsonian Institution specimen: MS-61

The 1911-D quarter eagle is the key to the series in every grade. It boasts not only the lowest mintage (by far), but few examples were saved at the time of issue. Most of the survivors are in lower Mint State grades, and even those often show areas of minor friction on the Indian’s cheek. A half-dozen coins are recorded at the MS-66 level, but to date none has been graded MS-67 by any of the major services. All specimens show a pronounced wire rim on the upper right obverse, a feature diagnostic of this date and mint. A small number of examples are known with a very weak D mintmark, but most of these are lightly circulated.

1912 Mintage: 616,197

Finest Smithsonian Institution specimen: MS-63

The 1912 quarter eagle is a fairly common issue that can be obtained readily in most lower Mint State grades, but this is not the case for coins in MS-64 or higher grades. Purchasing a gem MS-65 example will certainly take patience, as perhaps only a couple are offered during any given year. Generally not appreciated for its true rarity, the 1912 quarter eagle is one of the key dates to the series. It is regarded as the third- or fourth-scarcest issue to find in gem grades by specialists, falling just behind the 1911-D and 1914-D issues for availability. This fact has been borne out by the PCGS Population Reports and NGC Census data. Most examples are well struck on the devices, with average luster in the fields.

1913 Mintage: 722,165

Finest Smithsonian Institution specimen: MS-64

The world seemed a relatively peaceful place in 1913, and production of Indian Head quarter eagles continued without a hitch. Most survivors show ample luster and strong strikes from the dies. The planchets continue to have a slightly granular appearance as frequently seen on coins of this series. In MS-65, the 1913 quarter eagle is solidly in the middle of the range of 15 different dates, while coins grading MS-64 or below are generally available for the market price. The finest examples certified are graded MS-66; a total of six coins have been reported at this level by the two of the three primary grading services.

1914 Mintage: 240,117

Finest Smithsonian Institution specimen: MS-63

The 1914 quarter eagle has the second-lowest mintage for the entire series. It is a condition rarity in gem grades, and easily ranks as one of the top-four dates in MS-65 or better. Even in lower Mint State grades, this coin is a challenge, with fewer coins reported than almost any other issue besides the 1911-D. A significant number of the certified examples show evidence of light to moderate circulation, and these were not saved in large numbers at the time of coinage. The devices are sharp and the surfaces show strong luster when compared with other years. This date was long considered the second-rarest issue to obtain in gem grades, but subsequent PCGS Population Reports and NGC Census data indicate that the 1914 has been nudged out of second position by its brother, the 1914-D in gem grades.

1914-D Mintage: 448,000

Finest Smithsonian Institution specimen: MS-64

Like the 1914 Philadelphia issue, the 1914-D Indian Head quarter eagles were not saved at the time of issue. Most are well struck except for a portion of the eagle’s leg and upper edge of the wing, and the obverse feathers frequently lack full definition. In Mint State, most examples show good luster and strong eye appeal. In grades from MS-60 to MS-64, this date is available, but obtaining a full gem MS-65 coin is a major challenge. The combined PCGS Population Report and NGC Census data confirm that the 1914-D quarter eagle is the second-rarest date in grades of MS-65 or finer. A superb gem example graded by NGC as an MS-67 ranks as the finest known by a full two points. The price record for this date, however, belongs to the PCGS MS-65 example that sold for $43,700 in 2006.

1915 Mintage: 606,100

Finest Smithsonian Institution specimen: MS-64

As World War I continued to drag on through 1915, coinage of Indian Head quarter eagles remained stable throughout the year. Most examples display better-than-average luster and surfaces, and this date is generally obtainable in all grades up to MS-64. In gem MS-65 grades, this date is a moderate challenge but can be found with reasonable patience. The 1915 quarter eagle is roughly on par with the 1909 issue in gem MS-65 condition, but decidedly scarcer than the common 1908 issue. Coinage of this denomination halted for a full decade at the close of 1915. Gold hoarding disrupted demand until 1918 because of World War I, and then the sharp recession of 1920 to 1921 kept demand low for the quarter eagle.

1925-D Mintage: 578,000

Finest Smithsonian Institution specimen: MS-63

The Denver Mint was called back into action in 1925 to strike more Indian Head quarter eagles. Demand must have finally picked up from banks and merchants, thus warranting further coinage of the denomination. During the prior decade, most of the gold coinage came in the form of larger denominations to be used for international payments and transactions. Many 1925-D Indian Head quarter eagles were saved, and this is the most common date in all grades. Even gem MS-65 coins can be obtained with little patience if one is willing to pay the current market price. The striking quality varies from coin to coin, and it is likely that the Denver Mint was not working with the most perfect equipment and dies. In some cases the rims are poorly defined, and on others the entire coin is bold. Most are very lustrous and attractive to the eye.

1926 Mintage: 446,000

Finest Smithsonian Institution specimen: MS-64

The 1926 quarter eagle is one of the most plentiful dates of the entire series. Even in full gem MS-65 grades, examples can be obtained with minimal patience. Most are sharply impressed by the dies, and the color and luster is consistent with prior and subsequent dates. This date is second only to the plentiful 1908 in certified MS-66 grades, but to date, no MS-67 examples have been certified by NGC, ANACS, or PCGS. This date is recommended for type collectors, since it commands no premium at all.

1927 Mintage: 388,0000

Finest Smithsonian Institution specimen: MS-65

The 1927 quarter eagle is similar to the 1925-D and 1926 in terms of being generally available in any grade from gem MS-65 and below. Most are found sharply struck and quite lustrous. Certainly, this is one of the more attractive dates from this popular series and would rate as the fourth most plentiful issue in gem MS-65 grades or lower, coming in behind the 1925-D, 1926, and 1908. If one desires the lofty (and current top) grade of MS-66, substantial patience will likely be required as a few years often pass between offerings of this condition rarity. PCGS and NGC have certified only 25 pieces at the MS-66 level, with none seen finer.

1928 Mintage: 416,000

Finest Smithsonian Institution specimen: MS-64

The 1928 quarter eagles are slightly scarcer than the 1927 issue. These are generally available in grades up to and including MS-65. A review of the PCGS Population Report and the NGC Census will confirm that the 1928 quarter eagle is available in sufficient quantities for most collectors to obtain an example. Striking quality varies, but generally these coins are sharply struck and frosty. A few examples show peripheral striking weakness. The 1928 is decidedly more common than the final year of issue, despite the higher mintage of the 1929. The price record for this date was set by a PCGS MS-66 that sold for $10,925 in 2005.

$2.50 – INDIAN HEAD, PROOF 1929 Mintage: 532,000

Finest Smithsonian Institution specimen: MS-64

The year 1929 was the last for the Indian Head quarter eagle. Most examples are lustrous and show a decent strike, but as seen on quarter eagles of prior years, some coins show a peripheral weakness that was probably caused by die deterioration. Despite the generous mintage and the large numbers that were saved as the last of their kind, this date is surprisingly difficult to find in MS-66 and better grades. PCGS has graded a single coin as high as MS-67, and both NGC and PCGS have graded a total of three others as MS-66, making either grade virtually unobtainable. In 2007, an NGC MS-66 example sold at auction for $23,000, indicating the high demand for quality examples of this date.

1821, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-60 Light Cleaning

This was the first year that Proof quarter eagles were produced, all of which are extreme rarities. Many Proofs (and some of the circulation strikes) feature a depression on Liberty’s cheek, presumably caused by something that adhered to the dies, and then later fell off. Since 1993, only a single Proof 1821 quarter eagle has appeared at auction, selling first for $74,250 in 1994, and then for $207,000 when it reappeared in 2005 (not a bad investment) and finally for $241,500 in January 2007. Six Proofs have been certified, a figure that is sure to contain

resubmissions. The finest certified example is a PF-65 Cameo coin. The example in the Smithsonian is a lightly cleaned PF-60 specimen from a partially mirrored, slightly pitted planchet.

1824, 4 Over 1, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Cameo

True Proofs are exceedingly rare, although there are a handful of one-sided Proofs that show a well-struck, fully mirrored obverse combined with an uncirculated reverse (the Bass coin being a notable example). No Proofs have been certified, and no examples have made an auction appearance since 1993. In fact, to the authors’ knowledge, the only true Proof 1824 quarter eagle is the delightful PF-65 Cameo coin in the National Numismatic Collection, presumably obtained by Mint employee Adam Eckfeldt in the year of issue. Old auction citations from the late 1800s and early to mid-1900s should be taken with skepticism until the coins can be found and reevaluated.

$2.50 – CAPPED HEAD TO LEFT, LARGE DIAMETER, PROOF 1825, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Specimen

This is a date that probably does not exist in Proof, despite citations that claim otherwise. The “Proof” in the Smithsonian is really a prooflike MS-66 coin that appears to have been prepared under special circumstances, but which still falls short of the requirements for a true Proof. The Eliasberg coin is, in author Jeff Garrett’s opinion, a

questionable Proof that appears to have been polished. In fairness, pre-1828 Proofs should be judged differently than later dates, but a side-by-side comparison of the 1824 and 1825 quarter eagle “Proofs” in the Smithsonian shows that the 1824 example is a much more convincing coin than the 1825 piece. Interestingly, the 1825 half eagle in the Smithsonian is an amazing PF-67 coin!

1826, 6 Over 6, Proof No specimen in Smithsonian Institution Proofs have been reported, but as yet no example has been certified by today’s stricter standards. No 1826/6 overdate Proofs have appeared at auction in the past dozen years. Old auction citations should be discounted, (for instance, the “gem” coin from a 1959 sale has never reappeared on the market, causing some doubt as to its Proof status). Neither of the 1826 quarter eagles in the Smithsonian is a Proof, and the finest of the pair grades only MS60. However, just to keep hope alive for the existence of a Proof 1826 quarter eagle, there is the stunning 1826/6 PF67 half eagle in the National Numismatic Collection at the Smithsonian.

1827, Proof No specimen in Smithsonian Institution No full Proof 1827 quarter eagles are known to exist. The lone citation for a Proof turned out to be a one-sided Proof, with a highly mirrored obverse and a frosty reverse. No examples have been certified, nor have any appeared at auction in recent decades. The two 1827 quarter eagles in the Smithsonian grade MS-60 and AU-55, with no claims to Proof status. It is almost certain that Proofs were made, but the mintage was extremely low and the chances of an example showing up at this late date is extremely small.

1829, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65

This was the first year that convincing Proofs were made, thanks to the innovative close collar technology. In the authors’ opinion, claims that as many as 10 Proofs were made of this date are overstated, as no examples have been certified or appeared at auction in recent memory. The example in the Smithsonian is a glittering gem Proof. The coin in the Bass core collection is in gem condition and has been called a presentation strike; it is not an obvious Proof. Similarly, the Eliasberg coin was called a Proof, but one of the authors (Jeff Garrett) examined the coin and put a question mark by the grade. Early Proof gold coins are always elusive, making it difficult to compare coins side by side to determine Proof status. The Smithsonian collection has proved to be an important source of unquestioned Proof examples that can be used for the study of early U.S. gold coinage.

1830, Proof No specimen in Smithsonian Institution Proofs of 1830 are extremely rare, many are impaired, and there are no certified examples. This is another of those dates that is represented by a number of prooflike early strikes that have been offered in the past as Proofs. Particularly telling is the fact that none of the three examples in the Smithsonian is a Proof, despite published claims to the contrary. The Bass core-collection example is a frosty gem coin. Supposedly, the Byron Reed collection contains a Proof, but this has not been verified, and the duplicate that was sold at auction was only in Extremely Fine condition.

1831, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

Proofs of this date are extremely rare, but a few examples are convincing enough to have been certified by the major grading services. Of the seven Proofs that have been certified thus far, the finest are three PF-66 coins that may actually be the same example! Since 1993, only three Proofs have appeared at auction (two of which were the PF-64 Cameo coin from the Pittman collection). The example in the Smithsonian is a Deep Cameo coin and may be the finest Proof known of this date. Again, questionable Proofs exist. One of the authors (Jeff Garrett) thought the Eliasberg “Proof” was a prooflike circulation strike. Likewise, the coin in the Bass core collection has been called a Proof, but it is not a convincing one. An NCG PF-64 Cameo coin sold at auction in early 2006 for $148,350.

1832, Proof

Mintage: Unknown

No specimen in Smithsonian Institution

This is another date where fantasy and reality diverge, where true Proofs and prooflike early strikes are difficult to tell apart. Because of the extreme rarity of Proofs of this date, there is intense pressure to elevate prooflike examples to full Proof status. Significantly, there is no Proof 1832 quarter eagle in the Smithsonian (nor is there a Proof half eagle, for that matter). No Proofs have been certified of this date, nor have any examples appeared at auction in recent decades. On the other hand, the Bass core collection example is believed to be a true Proof. Apart from some ancient auction citations that are unverified, there is no more information about other true or unimpaired Proofs of this date.

1833, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Only a very few Proofs are known of this date, but the quality of the survivors is extraordinary. The monster PF-67 Cameo example from the Eliasberg collection sold for a strong $50,600 in 1982 and is worth many times more today. Other Proofs include the gem Cameo coin in the Smithsonian and the lovely Proof piece in the Bass core collection. Two examples of this date have been certified, both at the PF-66 level; one is designated as being a Cameo, but we strongly suspect that they are the same coin. No examples have appeared in any of the auctions over the past dozen years.

1834, With Motto, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

This date is a classic rarity whether as a circulation strike or as a Proof. In fact, we have seen claims that all of the known 1834 With Motto quarter eagles started out as Proofs, and that all of the coins struck for circulation were destroyed at the Mint. If this were true, then the 15 to 20 survivors of this date suggest a Proof mintage of more than two dozen pieces, which is impossibly high compared to other dates in this series. No Proofs have been certified or appeared at auction in the past dozen years. The finest Proof 1834 With Motto quarter eagle is the PF-64 Deep Cameo coin in the Smithsonian. (Interestingly, that coin has a somewhat satiny texture on the reverse but is a convincing Proof).

$2.50 – CLASSIC HEAD, NO MOTTO ON REVERSE, PROOF 1834, No Motto, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Normally, Proof gold coins were struck at the beginning of each year, but the need for presentation sets of U.S. Proof coins late in 1834 forced a resumption of Proof coinage. In the meantime, the weight of the quarter eagle had been reduced and the design changed to the Classic Head. Thus, the quarter eagle in the King of Siam Proof set is of this later type. Roughly eight to 10 Proofs are known, but the population reports show 17 examples! The finest example is an NGC PF-66 Cameo coin. The auction record for this date is $176,000 realized by the Pittman piece back in 1998. The example in the Smithsonian appears to be a poorly made PF-64 coin, with a dull patch at the top of the obverse. Bass did not own a Proof of this date.

1835, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64

The 1835 Classic Head quarter eagle in Proof has only four known survivors. The National Numismatic Collection at the Smithsonian contains a PF-64 example. The Eliasberg gem Proof went to Harry Bass and is now on display at the ANA headquarters. The Pittman coin (sold in 1998 for a record $176,000) was called “very choice.” The fourth example was last seen in the 1954 Stack’s sale of the Davis-Graves collection. PCGS has certified only one example (PF-65), as has NGC (PF-65 Cameo)—this is probably the same coin and is most likely the Pittman piece. At least two of the coins have a small, struck-through defect seen on the obverse.

1836, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

Only five or six Proof 1836 Classic Head quarter eagles are known. Like the 1835 Proofs, these are somewhat weakly struck on the central high points, but they are true Proofs in every other sense of the word. The Smithsonian contains a gem Deep Cameo PF-66 coin. Pittman’s piece was considered “nearly choice.” Bass’s Proof is now in a PCGS PF-65 Cameo holder (that coin sold at auction in 2005 for $247,500.) Colonel E.H.R. Green’s Proof sold in Stack’s 55th Anniversary sale; its current whereabouts are unknown. The fifth example wasn’t discovered until recently when Brian Hendelson purchased a complete 1836 Proof set pedigreed all the way back to the year of issue. Another example, an NGC PF-66 Cameo coin, set a record price of $253,000 in the 2007 sale of the Loewinger collection. These citations may include duplication. The Hendelson coin, the Smithsonian piece, and the example sold in 2003 are the “Head of 35” variety.

1837, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-63 Obv. Damage

The 1837 Proof Classic Head quarter eagle is one of the rarest of all Proof gold coins, represented by only two examples (only one of which is available to collectors). The Proof coin in the Smithsonian would probably grade PF-64 were it not for heavy rim damage on the right side of the obverse. The second Proof 1837 quarter eagle is the PCGS PF-66 Cameo coin from the Bass and Eliasberg collections (pedigreed all the way back to the 1890 Parmelee sale). This example brought $161,000 in 2000. Later the example was upgraded and resold in 2003, when it realized a record $241,500. A third example has been rumored, but its existence has never been verified.

1838, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Most reference books cite the 1838 Classic Head quarter eagle as being unknown in Proof. However, a single Proof exists in Harry Bass’s core collection now on display at the headquarters of the American Numismatic Association. Bass purchased the coin from the Goliad Corporation in 1993—the prior pedigree is unknown. Even the Smithsonian lacks a Proof example of this date (its best 1838 quarter eagle is a stunning MS-68 circulation strike). Other Proofs may exist undiscovered in collections, as multiple Proofs were made (or are known) of other denominations from this year.

1839, Proof

Mintage: Unknown

No specimen in Smithsonian Institution

The 1839 quarter eagle was unknown in Proof until the 1980s. Today, three Proofs are reported to exist; however, the only one to appear on the market is the PF-62 example that sold in 2006 for $136,679. This coin appears to be the same one listed three times (!) in the population reports (PCGS shows two PF-62 coins and, in a curious twist, NGC calls it a Specimen-62). The second example was part of an 1839 Proof set uncovered by New England Rare Coin Galleries. The authors are unaware of the whereabouts of the third reported Proof. Even the Smithsonian lacks a Proof 1839 quarter eagle; in fact, the only 1839 Proof gold coin in its collection is a $10 eagle.

$2.50 – LIBERTY HEAD, PROOF 1840, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

As would be expected, the 1840 Liberty Head quarter eagle is a very rare coin in Proof. The authors have only seen one example that is unquestionably a Proof. The Smithsonian example is a glittering gem piece, and its Proof status is above reproach. The numismatic community is very fortunate that individuals in the early years of the nation chose examples of our gold coinage in Proof. It is even more fortunate that the coins were saved and preserved for future generations. PCGS has encapsulated one example of the date as PF-50. The coin does have mirror surfaces remaining in the devices, but the Proof status of the coin is difficult to determine with certainty. Researchers have mentioned one or two other examples, but the location or existence of these pieces is unknown today.

1841, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1841 Liberty Head quarter eagle—the “Little Princess”—is a legendary rarity. It is generally thought that only Proof quarter eagles were produced in 1841; circulated examples are said to exist, but these are probably mishandled Proofs that entered circulation. Author Jeff Garrett has yet to see an example with any hint of circulation-strike surfaces remaining, though it is possible that an example could surface that would convince the authors otherwise. For many years it was assumed that only a few surviving pieces were known, and in 1930 one sold for a stunning $3,000. More 1841 quarter eagles surfaced, however, and by 1940 an example sold for only $605 at auction. Today, it is believed that 15 to 18 examples are known in all grades. The Smithsonian holds two examples: a gem coin from the original Mint collection, and a PF-55 coin that was a part of the Lilly collection. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1842, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1842 Liberty Head quarter eagle is extremely rare in the Proof format. The only example the authors have seen is the gem Proof that is a part of the Smithsonian collection; a coin that was originally from the Mint Cabinet. There have been no auction records in recent decades, and Dave Akers’s study of auction records from 1921 to 1975 listed none as well. The major grading services have not certified any 1842 quarter eagles as Proof either. As stated earlier in this book, the 1842 quarter eagle is a very rare coin in any grade. If a Proof example were to surface, it would undoubtedly be declared a major rarity, and rightly so.

1843, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Cameo

Although the 1843 Liberty Head quarter eagle is a very rare coin in Proof, there are a few pieces in private hands. The Smithsonian example that was originally from the Mint Cabinet is a gem Cameo specimen. The major certification services have encapsulated seven examples. This may include duplicates, and the number may not be a true reflection of existent coins. An example of the date in Proof surfaced in a Connecticut estate sale in 2002. The coin sold for $66,125. There have also been two complete 1843 Proof sets, which were housed in the original box of issue, and were part of the John Jay Pittman and Amon Carter collections. The sets contained 10 coins each with a total face value of $19.41 and 1/2 cents. The reason for the sets to have been issued is unknown. There are probably a total of five known Proof 1843 quarter eagles.

1844, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1844 Liberty Head quarter eagle is incredibly rare in Proof. Only two examples can be accounted for with certainty. One example is in the Smithsonian collection and was originally from the Mint Cabinet collection. The coin is a beautiful gem, with cameo devices. It is remarkable that the gold coins in the Mint collection remained intact and preserved in such fabulous condition. The silver coins of the same era were not so lucky. Most were polished at some point and retain little of their reflective surfaces. The other surviving example is from the original complete Proof set that was sold as part of the John Jay Pittman collection. One coin has been certified by the grading services, and it is mostly likely the Pittman specimen. Pittman purchased the 1844 quarter eagle in 1948 for $140. Time machine, anyone?

1845, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

There are probably only four or five examples of the Proof 1845 Liberty Head quarter eagle known. The Smithsonian specimen, which has been a part the National Numismatic Collection since the time of issue, is superb. The coin is fully mirrored, with deep cameo devices. The quality of workmanship is remarkable. The John Jay Pittman collection contained a complete 1845 Proof set, including the quarter eagle. Pittman purchased the quarter eagle in 1948 for $160. The Ed Trompeter collection featured an example that had been discovered in Europe during the 1970s. One other example is part of a three-piece gold set that has surfaced in recent years. An example sold in 2004 that had been graded PF-66 for $92,000.

1846, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

Although the silver Proof coins of 1846 were struck in greater numbers than the previous few years, this does not appear to be the case with the gold coins. There are only four or five examples known of the 1846 Liberty Head quarter eagle in Proof. Two Proofs are part of permanent museum collections. The Smithsonian and ANS collections both contain examples of the date in Proof. The Smithsonian coin is superb. The John Jay Pittman collection featured a complete 1846 Proof set, including the gold coinage, and was sold at auction in 1998. The Eliasberg collection also contained an example, and it is reasonable to assume that one of the three coins that have been graded by the major grading services is the Eliasberg specimen. One other example may exist.

1847, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

As far as can be determined, the 1847 Liberty Head quarter eagle is unique in the Proof format. None has been graded by the major grading services in the last two decades, and there have been no auction records of a Proof 1847 quarter eagle that the authors can find. The lone example is in the Smithsonian collection and was originally a part of the Mint Cabinet. The coin is a beautiful gem specimen, with deeply mirrored surfaces and cameo devices. The quality of the Proof gold coins in the Smithsonian from this era is incredible. The early Proof gold coins in the collection are the best in the world and could not be duplicated for any sum. They are indeed national treasures.

1848, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65

It appears that only three examples of the 1848 Liberty Head quarter eagle are known in Proof, one of which is permanently a part of the Smithsonian collection. The Smithsonian specimen is probably the finest of the three surviving pieces, but interestingly it lacks the cameo devices seen on the Proof quarter eagles from previous years. One other example is the coin that John Jay Pittman purchased in 1956 for $255. It was sold as part of his estate in 1998 for $99,000, and was offered for sale again at auction in mid-2007, selling this time for $89,000. The final example has been in the collections of Ed Trompeter, Dr. Elias Rand, Fred Davies, F.C.C. Boyd, and William Woodin. All three of the known Proof 1848 quarter eagles display a small die chip on the neck of Liberty. This is not seen on circulation strikes for the year.

1850, Proof Mintage: Unknown

No specimen in Smithsonian Institution

It is probable that only one or two 1850 Proof Liberty Head quarter eagles exist. The only example that the authors are certain about is the specimen that Marc Emory of Heritage Rare Coins discovered in Europe during the early 1980s. The coin is deeply mirrored, and its Proof status is unquestioned. It was originally graded PF-62 by NGC. Several different appearances may all be from the same coin. It has been rumored that a complete set of Proof 1850 gold coins resides in a European museum collection; at least one reliable dealer claims to have seen these coins. In summary, the 1850 quarter eagle is a major rarity in Proof.

1854, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Currently, only one example of the Proof 1854 Liberty Head quarter eagle is known to exist. The coin was originally offered in the 1976 ANA sale. Its provenance before that is unknown. Supposedly, a complete set of 1854 Proof U.S. gold was presented to the city of Bremen, Germany, at the time of issue. It is not known if that set still remains intact. The only known Proof 1854 quarter eagle was sold at the 1976 ANA sale to Harry W. Bass for the bargain price of $8,000. Today the coin resides in the Harry W. Bass Jr. collection of U.S. gold coins currently on loan to the American Numismatic Association.

1856, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1856 Liberty Head quarter eagle is extremely rare in the Proof format. It is estimated that only three or four coins are known to exist. The major grading services have certified five or six examples, but this probably includes resubmissions and is not a true reflection of known examples. The Smithsonian specimen, which is originally from the Mint Cabinet, is a Deep Cameo gem coin. The Eliasberg example is also in gem condition, and was last sold at public auction in 2002 for $66,700. Another example sold in 1991 was incorrectly identified as being the Eliasberg specimen but was apparently from the Ulmer collection.

1857, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

The Smithsonian example of the Proof 1857 Liberty Head quarter eagle is a stunning gem specimen. The coin has deep cameo devices and fully mirrored surfaces. Walter Breen speculated that an example was rumored to exist that may have been traded out of the Mint Cabinet. Luckily, his suspicion was incorrect, and the coin remains a part of the National Numismatic Collection. The only other example the authors have seen is the Ed Trompeter specimen, which sold in 1992 for $88,000. Only one example has been graded by the major services, and it is probably that coin. It is possible that the Trompeter coin is the example noted by Breen as having been in the collections of Woodin, Brand, and Thomas Gaskill. No 1857 Proof quarter eagles have appeared at auction in recent years.

1858, Proof

Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The year 1858 is generally considered the beginning of Proof coins being collected as sets. The 1858 silver sets are rare but seen on occasion. The gold coins are very rare, and there are only five or six examples of the 1858 Liberty Head quarter eagle known in Proof. The Smithsonian example is a choice Proof, with very light hairlines. Other examples include the American Numismatic Society collection coin donated by J.P. Morgan (unverified by the authors), the Eliasberg specimen, and the Ed Trompeter coin that traces its pedigree to the famous collection of Ten Eyck. A superb example appeared at auction in the 2007 sale of the Dr. Robert Loewinger collection. The coin, an NGC PF-66 Cameo, sold for $97,750.

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-64 Deep Cameo, Old Reverse

The reported mintage of 80 coins for the 1859 Liberty Head quarter eagle is not a true reflection of the rarity of this issue. Most of the coins must have been melted, as there are fewer than a dozen known examples of the date in Proof. The Smithsonian specimen is of choice quality, with deep cameo devices. The ANS collection contains an example, and there are at least two known 1859 Proof sets, complete with gold coinage. The Harry W. Bass example is one of the finest known for the date and was graded PF-66 by PCGS. Nearly all of the Proof 1859 quarter eagles were struck with the Old Reverse style. The Byron Reed example was struck with the New Reverse and is possibly unique. The coin sold for $25,300 in 1996, an incredible bargain in retrospect.

1860, Proof

Mintage: 112

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage figure of 112 coins is very misleading as to the true rarity of the 1860 Liberty Head quarter eagle in Proof. The date is just as rare as other issues from the 1860s, with only 30 to 50 coins struck. If 112 examples of the date were actually produced, most were either melted as unsold or entered circulation. The 1860 quarter eagle is rarely offered at public auction, and just a few of them have sold in the last decade, the finest being the PF-66 Harry W. Bass example sold in 2000 for $34,500. Examples also reside in the museum collections of the Smithsonian Institution and the ANS. All of the Proof 1860 quarter eagles are seen with the New Reverse. Also interesting is the position of the date, which slants down sharply to the right on Proofs of the year.

1861, Proof Mintage: 90

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1861 Liberty Head quarter eagles in Proof were all struck with the New Reverse. None are known with the Old Reverse style. The accepted mintage for the date is 90 coins. In most cases, this would be a small number, but in reality, most of the Proof 1861 quarter eagles must have been melted or spent shortly after production. The date is very rare, and only a couple of coins have appeared at auction in the last 15 years. There are probably only 10 to 12 coins known. Most of the survivors are lightly hairlined, as is the case with both the Smithsonian and Harry W. Bass examples. The finest specimen the authors have seen was the wonderful gem coin that was a part of the John J. Pittman collection. The coin sold for $44,000 and is probably one of the PF-66 coins that have been graded. Pittman paid $950 for the coin in 1962.

1862, Proof

Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The reported and accepted mintage of just 35 coins is probably accurate for this rare issue. Although the mintage is much lower for the 1862 Proof Liberty Head quarter eagle, it is not as rare as the higher-mintage 1861 Proof quarter eagle. The population reports indicate that as many as 32 coins have been graded. This number is most likely inflated by resubmissions. There are probably fewer than 15 coins of the date in Proof, including examples in the permanent collections of the Smithsonian and the ANS. The 1862 quarter eagle is just as rare as the famous 1863 quarter eagle, but it has been overshadowed by the latter date as it was a Proof-only issue. A gem example (NGC PF-65) of the date sold for $46,000 in February 2007.

1863, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1863 Liberty Head quarter eagle is a legendary rarity. In 1863, quarter eagles were only struck in the Proof format, and no circulation-strike coins are found of the date. Very few U.S. coins have a total mintage of only 30 coins; therefore, the issue is very popular and trades for substantial sums when offered for sale. It is the authors’ estimate that there are 15 to 20 coins known in all grades. The rarity of this issue was recognized early in the history of numismatics, and examples were saved in various states of preservation. Several examples of the 1863 quarter eagle are known that have been polished or otherwise damaged. The Smithsonian collection contains two examples, one from the Lilly collection and the other specimen is from the original Mint collection. Recent auction records for the date include an NGC PF-66 that sold for $149,500 in 2007. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage of the Proof 1864 Liberty Head quarter eagle is higher than the previous year’s mintage, it is actually just as rare as the popular 1863 issue. The reported mintage is just 50 coins, but that probably includes coins that were melted or entered circulation shortly after production. Today, there are only 12 to 18 coins known in all grades. The population numbers for this issue are much exaggerated, and it is nearly certain that they include multiple resubmissions of the same coin. There is also added date pressure for the issue because the circulationstrike coins for the year are very rare. The finest example seen in recent years is the PCGS PF-66 Harry W. Bass example that sold for $27,600 in 2000. That coin would sell for much more today!

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The tiny mintage of only 25 Proofs of the 1865 Liberty Head quarter eagle is reason enough to love this issue. There are probably fewer than 15 coins in private hands today. The population number of more than 30 coins is obviously in error and includes multiple resubmissions. A single dealer in recent months turned in thousands of PCGS and NGC grading tags that had been saved for years. Many individuals are very delinquent in returning the tags, which would help to keep the population data accurate. Because of the discrepancy in population data, further study is sometimes required to ascertain a coin’s true rarity. The Smithsonian example is of choice quality and is interesting because it was struck with a medal turn, otherwise known as a rotated reverse.

1866, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

As the mintage of only 30 coins would suggest, the 1866 quarter eagle is very rare in Proof. Of the original mintage, there were at least a few examples that went unsold and ended up in the melting pots. It makes one cringe to think of such a scene, but luckily several specimens have survived for today’s collectors. Currently, there are several dozen coins known in all grades. These include a few coins that reside in museum collections, such as the Smithsonian and the American Numismatic Society. Again, the population numbers are inflated by resubmissions. This issue is seldom offered for sale, as fewer than 10 examples have been seen at auction in the last decade.

1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-65 Cameo

The rarity of the 1867 Proof Liberty Head quarter eagle is quite a fascinating study. The reported mintage is only 50 coins, and it is nearly certain that many went unsold and never entered the collectors’ market. There are no more than 15 coins of the date known in Proof, including examples in various permanent collections. The population reports of the major grading services list 43 coins as having been graded to date. Yet, in the last 15 years, fewer than 10 certified examples have appeared at auction, the most recent being a superb PCGS PF-67 Cameo that sold in August 2007 for $63,250. The issue is also made more desirable by the rarity of the circulation strikes for the year. An opportunity to acquire the date in Proof rarely occurs.

1868, Proof

Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage for the Proof 1868 Liberty Head quarter eagle is among the lowest for the decade. Not surprisingly, these coin are very rare, with only 12 to 15 examples still remaining of the tiny mintage. Again, the population data undoubtedly includes coins that were resubmitted and the information not relayed to the grading services. The date rarely shows up at auction, and there have been only four or five coins offered in the last 15 years. An NGC PF-65 Cameo crossed the block in May 2006 for $33,350. The date is rarer than the much-celebrated 1863 Proof quarter eagle. The availability of affordable circulation-strike coins for the year lowers demand somewhat.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1869 Liberty Head quarter eagle in Proof is one those interesting issues that have a reported population number that is higher than the reported mintage. It is probably the clearest example of the data being misleading as to the true rarity of an issue. It is estimated that only 15 to 20 examples remain of the date. The Proof 1869 quarter eagle is slightly more common than other issues from the decade with higher mintages. A dozen examples have been offered at auction in the last 15 years. Several surviving pieces are impaired, however, and at least two coins are in permanent museum collections.

1870, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1870 Liberty Head quarter eagle is a very elusive issue. The original mintage was just 35 coins, but many were probably unsold and never entered the collectors’ market. The number of individuals who collected Proof U.S. gold coins in 1870 was most assuredly very tiny. Financial hardship in later years probably resulted in some coins of this era entering circulation. The Proof 1870 Liberty Head quarter eagle has one of the lowest numbers of known survivors from this time period, probably only 10 to 12 coins still exist. Just two examples have been sold at auction in the last decade, one of which was an impaired PF-60 coin.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the 1871 Liberty Head quarter eagle is about par for the time period. The date is very rare in Proof, and there are probably fewer than a dozen examples known. Anyone who has tried to collect Proof gold coins by date can attest to the fact that many Proof issues from the 1870s and 1880s are very rarely available for purchase. Most of the coins are in strong hands, and it is usually only when there is an auction of a well-known collection that the opportunity for buying an example presents itself. When the first edition of this book was written in 2004, the last three examples of a Proof 1871 quarter eagle to appear at auction were from the collections of Byron Reed, John J. Pittman, and Harry W. Bass Jr.

1872, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

Although the 1872 Liberty Head quarter eagle is very rare in Proof, it is seen somewhat more often than some of the

other dates in the 1870s. There are probably 12 to 18 coins known in all grades. This includes examples in the collections of the Smithsonian and the American Numismatic Society. Most of the Proof 1872 quarter eagles that survive are in the mid-range of Proof quality. The finest example seen by the authors was the superb coin that was sold as part of the John J. Pittman collection in 1998 for $38,500. The coin displayed a tiny planchet imperfection to the right of the D in the denomination; otherwise, it is nearly flawless.

1873, Close 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

Circulation-strike 1873 Liberty Head quarter eagles are seen with both Close 3 and Open 3 dates. However, this is not true for Proof 1873 quarter eagles, which are only seen as the Close 3 variety. The mintage is a miniscule 25 coins. The date has one of the lowest mintages of all Proof Liberty Head quarter eagles, and yet, it is seen more often than some of the other higher-mintage dates. The population reports state that 30 coins have been graded. As stated before, this information includes resubmissions and is not an accurate reflection of the issue’s true rarity. Although a fair number of Proof 1873 quarter eagles have appeared at auction in the last several years, many of these coins were impaired examples.

1874, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1874 quarter eagle is one of the authors’ favorite dates in the Liberty Head quarter eagle series. The mintage of only 20 coins is stunningly small, and there are probably only about 10 examples that have survived.

Only two coins have been sold at auction in recent years, with one of those grading only PF-60. The Harry W. Bass example was a choice PCGS PF-64 coin and sold for $16,100 in 2000. Two other coins are in the museum collections of the Smithsonian and the ANS. The Proof 1874 quarter eagle is usually only available when great collections are sold.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Cameo

The year 1875 is the most popular date for Liberty Head quarter eagles produced after 1870. The date is very rare in both the circulation-strike and Proof formats. Only 400 circulation-strike examples were minted along with just 20 Proofs. The grading services have certified more than 30 examples, but it is obvious that this includes rampant resubmissions. There are probably just 10 to 12 true Proofs known. An NGC PF-66 star sold for $92,000 in August 2007. Proof 1875 quarter eagles can be readily identified by the position of the date, which is high, with the 5 nearly touching the bust. Quality examples are also found in the collections of the Smithsonian and the ANS. It has been reported that many of the Proof coins in the cabinet of the Smithsonian have been cleaned. That is the case with most of the copper and silver coins. The gold coins, however, are original and of very high quality.

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

Although the Proof 1876 Liberty Head quarter eagle is considered to be rare, it is more available than most of the other dates of the 1870s. The grading services have certified numerous examples, but this includes resubmissions.

Most of the coins seen are in PF-63 or PF-64 condition. The Smithsonian collection contains two examples, one coin from the original Mint collection and the other example from the Lilly collection, donated to the museum in the 1960s. The finest coin to appear at auction in the last several years was the NGC PF-65 Cameo that sold for $57,500 in August 2006. The 1876 quarter eagle is also popular due to the rarity of the circulation-strike issues for the year.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Cameo

The Proof 1877 Liberty Head quarter eagle is very rare and seldom offered for sale. It is one of the rarest Proof quarter eagles from the 1870s. There are probably just 10 to 12 examples known. Population data includes resubmissions and are not an accurate reflection of the number of certified coins. Surprisingly, there are a few stunningly superb examples of the date that have survived. The finest specimen sold in recent years was an NGC PF-67 coin, which brought $39,100 in 1998. The coin later reappeared at auction for $40,250 in January 2007. The John Jay Pittman example was graded choice Proof and sold for $28,600 in 1998. Pittman purchased the coin in 1956 for $130.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

There are very few coins with an original mintage figure of just 20 coins. The Proof 1878 Liberty Head quarter eagle is another favorite date of the series, with just about 10 examples known today. Two examples are in the museum collections of the Smithsonian and the ANS. The chance to purchase this date in Proof rarely occurs. The last

examples offered at auction were from the collections of Byron Reed, John Jay Pittman, and Harry W. Bass. The Pittman coin sold for $29,700 in 1998. Pittman purchased the coin from New Netherlands Coin Co. in 1948 for $55. Pittman was famous for purchasing less-famous, but very rare, coins when others did not appreciate them.

1879, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

As the mintage of only 30 would suggest, the Proof 1879 Liberty Head quarter eagle is very rare in all grades. It is, however, slightly more available than other dates of the 1870s. There are probably 15 or so examples known. The finest example seen is an NGC PF-67 coin. In recent years there have been a few PF-64 examples that have sold at auction for less than $10,000. In the summer of 2006 a PCGS PF-65 Deep Cameo sold for $31,625. Most of the coins seen for the date have cameo devices with deeply mirrored fields.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The Proof quarter eagles from the 1880s continue the trend of low mintages and have even fewer survivors. The Proof 1880 Liberty Head quarter eagle is very rare, but not as rare as most of the dates from the previous decade. When the date is offered for sale it is usually when great collections are sold. Recent auction appearances have been from the collections of Byron Reed, John Jay Pittman, Walter H. Childs, and Harry W. Bass. The Pittman coin sold for $26,400 in 1998; it was purchased by Pittman in 1956 for only $120. The Smithsonian example is a gem coin with deep cameo devices. The ANS collection also contains an example.

1881, Proof Mintage: 51

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1881 Liberty Head quarter eagle is a popular coin due to the low net mintage for both the circulation strikes and Proof issues. There are very few examples of the date known in all grades. In total, there are probably 20 or so examples of the 1881 quarter eagle remaining in Proof. Many of these, however, have been impaired. Several gems examples exist, the last being a PCGS PF-66 that sold in 2007 for $53,475. The Smithsonian coin is from the original Mint collection of Proof coinage and is of choice quality.

1882, Proof Mintage: 67

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1882 Liberty Head quarter eagle is very rare in Proof, but as the increased mintage would suggest, it is not as rare as those of the 1870s. Of the original mintage of 67 coins, there are probably about 25 to 30 that have survived. There are also quite a few deeply prooflike circulation strikes, which in the past may have been confused with true Proofs. Several impaired examples are also known of the date. Most of the Proof 1882 quarter eagles seen have deeply mirrored fields and frosted cameo devices. None have appeared at public auction in recent years.

1883, Proof Mintage: 82

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As the mintage of only 82 would suggest, the Proof 1883 Liberty Head quarter eagle is a rare coin. There are probably 30 to 40 examples known in all grades. Most of the coins seen have cameo devices and deeply mirrored fields. There are several deep prooflike circulation strikes, which in the past have been confused with true Proofs. This was before the certification services took much of the risk out of coin grading and authentication. However, grading services are not perfect, as the authors have seen very deceptive prooflike examples that have been certified as Proof. The help of an expert is always recommended when purchasing very expensive coins.

1884, Proof Mintage: 73

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1884 Liberty Head quarter eagle is quite rare in the Proof format. There are probably 30 to 40 examples known in all grades. Most of the coins seen have deeply mirrored surfaces with cameo devices. Many of the coins from this time period also have scattered lint marks. These are usually very minor and do not affect the value of the coins. Harry W. Bass liked the Proof 1884 quarter eagle, as his estate contained three examples. The John Jay Pittman example is one of the finest seen in recent decades and sold for $28,600 in 1998.

1885, Proof Mintage: 87

Finest Smithsonian Institution specimen: PF-65 Cameo

The Proof 1885 Liberty Head quarter eagle is a scarce issue, as would be expected for a coin with mintage of only 87 coins. There is also added date pressure due to the rarity of the circulation strikes for the year. For some reason an unusual number of Proof 1885 quarter eagles entered circulation. There are quite a few impaired Proof examples known. One of the finest examples seen by the authors in recent years was the Walter H. Childs coin, which sold for $26,450 in 1999. The finest specimen graded to date has been a single PF-68 coin, certified by NGC. That coin appeared at auction in the 2007 Sale of the Dr. Robert Loewinger collection, bringing $31,050. The Smithsonian contains two examples of the date in gem Proof format.

1886, Proof Mintage: 88

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

This date is scarce in Proof format, with perhaps 30 to 40 examples known in all grades. There are also circulationstrike examples that have been described as Proof in the past. The Eliasberg collection contained nearly every other date of the era but lacked this date in Proof. The Eliasberg 1886 Liberty Head quarter eagle is a deeply prooflike circulation-strike example, which was probably originally purchased as a Proof. A gem example of the date (PCGS PF-66) sold for $31,625 in May 2006.

1887, Proof Mintage: 122

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

This is the first Proof issue since 1860 with a mintage of more than 100 coins. As with the 1860 Liberty Head quarter eagle, many of the coins of the 1887 issue have not survived. There are probably only 40 to 50 coins remaining. Fully prooflike circulation-strike examples are also sometimes confused with true Proofs, especially impaired examples. As is common for Proof coins of the era, minor lint marks from polishing of the dies is quite common. These are usually very minor and should not affect the value. A PCGS PF-65 Deep Cameo example was sold as part of the Dr. Robert Loewinger collection in 2007 for $27,600. The Smithsonian contains two examples of the date in the Proof format.

1888, Proof Mintage: 97

Finest Smithsonian Institution specimen: PF-64

Just 97 examples of the 1888 Liberty Head quarter eagle were struck in Proof. The number of survivors is a bit higher than would be expected, with 40 to 50 coins known in all grades. The number of coins certified is quite high, but includes resubmissions. Several impaired pieces are also known for the date. The finest example to appear at auction in recent years is a PCGS PF-66 coin that sold for $15,238 in 2003 (cheap by today’s standards). Examples of the date are also included in the collections of the Smithsonian and the ANS.

1889, Proof Mintage: 48

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage for the Proof 1889 Liberty Head quarter eagle is much lower than in the last few years of the series. Not surprisingly, there are also fewer coins known of the date in Proof. The reason for the low mintage is unknown, but the very next year it increased to a more normal production number. Most of the coins sold in recent years have been from famous collections, including Bass, Childs, Reed, and Pittman. A gem example of the date, a PCGS PF66 Deep Cameo sold for $27,600 in May 2007. The example was probably the reappearance of one of the abovecited examples.

1890, Proof Mintage: 93

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the quarter eagle increased again in 1890 to the levels of production seen in the late 1880s. The demand for Proof gold coinage must have increased about this time as well because the number of surviving examples is dramatic. There are probably more than 50 specimens of the 1890 Liberty Head quarter eagle known. This includes two choice examples in the Smithsonian. The number of superb examples known is also significant. The finest known to date is an NGC PF-68 coin that sold as part of an original 1890 gold Proof set. Recent auction records include a PCGS PF-65 Deep Cameo that sold for $19,550 in January 2007.

1891, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage for the 1891 Liberty Head quarter eagle is not much lower than the 1890 issue, it is quite a bit rarer. There are only 30 to 40 coins of the date that have survived in Proof. There have also been fewer examples that have appeared at auction in the last decade. Most have been from the sale of famous collectors. There are also quite a few examples that have been impaired. Caution should be used when buying an uncertified example, as there are some very deceptive prooflike circulation-strike pieces known. None have crossed the auction block in the last few years.

1892, Proof Mintage: 105

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage for the Proof 1892 Liberty Head quarter eagle is about average for the decade. Almost half of the original mintage is probably still in private hands. The Smithsonian contains two choice examples, and another is in the permanent collection of the ANS. Of the coins of this date sold at auction in the last several years, many were impaired or damaged. The circulation-strike example of the 1892 quarter eagle is quite scarce as well, adding date pressure to the issue. The authors have seen many deceptive prooflike examples of this date.

1893, Proof Mintage: 106

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the 1893 Liberty Head quarter eagle in Proof is about average for the last few years, and the number of survivors is also about the same. There are two examples in the Smithsonian and another in the collection of the ANS. Although a few superb examples have been graded at the PF-67 level, none has appeared at auction in the last several years. One of the finest examples sold in recent years, from the collection of John J. Pittman, was described as a very choice Proof coin and realized $15,950 in 1998. Pittman had purchased the coin in 1958 (author Jeff Garrett’s birth year) for only $52.50. More recently an NGC PF-67 sold at auction for $37,375 in August 2007.

1894, Proof Mintage: 122

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage increases slightly from the previous year for the Proof 1894 Liberty Head quarter eagle. The number of coins known is also larger, with perhaps 50 to 70 coins in all grades. The Smithsonian contains two examples. Although there are quite a few superb examples of the date known, there are also a surprising number of impaired coins seen for the date. About 25% of the coins seen at auction have been mishandled. For some reason, many of the Proof 1894 quarter eagles entered circulation briefly. A gem example of the date (NGC PF-66 Ultra Cameo) sold for $20,700 in January 2007.

1895, Proof Mintage: 119

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

With a mintage figure that is very close to that of the previous year, it is not surprising that the rarity of the Proof 1895 Liberty Head quarter eagle is about the same. Although the certification services have reported grading more than 100 examples, there are only 50 to 70 coins known of the date in Proof. The number of examples certified includes multiple resubmissions of the same coin. A single coin dealer turned in thousands of NGC and PCGS tags in the last year or so, and it is probable that many Proof coins were represented. The Smithsonian contains two examples of the issue in Proof. Most recently, an NGC PF-66 Ultra Cameo sold for $25,300 in August 2006.

1896, Proof Mintage: 132

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Although the major grading services report that more than 100 examples of the 1896 Liberty Head quarter eagle have been graded, there are probably only 65 to 80 examples known. The number of coins that have appeared at auction is also larger than in previous years. A few truly superb examples are known, and three have been graded at the PF-68 level. The finest coin the authors have seen of this issue was the amazing John J. Pittman example that sold for $46,750 in 1998. Another superb example sold at auction in May 2006. The coin was graded PF-67 Ultra Cameo by NGC and realized $36,800. The Smithsonian has three examples of the date in Proof.

1897, Proof Mintage: 136

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Starting in 1896, Proof quarter eagles are mostly traded based on quality as a type coin. The issues from the late 1890s are very desirable due to the quality of the production. Many examples are seen with cameo or deep cameo devices. The surfaces of the Proofs are sometimes glittering with deeply mirrored fields. Proof gold dollars and quarter eagles can usually be found in the best condition of all denominations. The half eagles through double eagles are usually not seen in the same high state of preservation. Several nearly perfect examples of the 1897 Liberty Head quarter eagle are known. One of the finest examples seen was in the sale of the John Jay Pittman collection. An NGC PF-67 Ultra Cameo sold for $52,900 in January 2008.

1898, Proof Mintage: 165

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1898 Liberty Head quarter eagle is usually sold as a type coin. Of the original mintage of 165 coins, there are probably at least 100 examples known. Although many surviving examples have been impaired, there are several coins that are nearly perfect. A single 1898 quarter eagle has the distinction of receiving a PF-69 grade, making it the highest-graded Proof gold coin in the 19th century. Also among the finest examples seen is the John Jay Pittman coin that sold for $46,750 in 1998. That coin was sold uncertified, and it is very possible that it was later graded PF69. Pittman purchased the coin in 1956 for $54. That is nearly 1,000 times the original purchase price!

1899, Proof Mintage: 150

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The certification services have graded more than 250 examples of the 1899 Liberty Head quarter eagle in Proof. Obviously, this includes rampant resubmissions. There are probably around 100 examples of the date known in Proof. Most are seen with cameo or deep cameo devices. The issue trades as a type coin and can sometimes be found in amazing condition. One of these amazing gems, a PCGS PF-68 Deep Cameo sold at auction in August 2007 for $74,750. Two of the finest examples the authors have seen were from the collections of Walter H. Childs and John J. Pittman. The Smithsonian contains two examples.

1900, Proof Mintage: 205

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1900 Liberty Head quarter eagle is one of the most common Proof issues of the Liberty Head series. It seems odd to call any coin with a mintage of only 205 coins common. Today, there are more than 100 coins known, many in superb condition. Proof gold coinage is very desirable, and the opportunity to purchase a quality example should always be considered carefully. Most of the coins seen of the date have cameo or deep cameo devices. Many examples seen are also impaired, as Proof gold coinage had a way of finding its way into circulation during hard times. A superb NGC PF-68 Ultra Cameo sold at auction in January 2007 for the princely sum of $41,400.

1901, Proof Mintage: 223

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1901 quarter eagle has the highest mintage of any Proof Liberty Head quarter eagle. As a result, the date is seen quite often at auction and on the bourse floor. Quality examples can be had with a little patience. There are several superb examples known, one at the PF-69 level. At the other end of the scale, there are quite a few impaired examples known. The Smithsonian contains two examples, both at the gem level.

1902, Proof Mintage: 193

Finest Smithsonian Institution specimen: PF-64

Although the mintage for the 1902 Liberty Head quarter eagle is on the high end of the scale for the type, most of the coins seen are less than superb. Starting in 1902 through 1907, most of the Proof Liberty Head quarter eagles seen do not have cameo devices. There are a few exceptions, but they are rare. The Smithsonian contains two examples, neither of which is in gem condition.

1903, Proof Mintage: 197

Finest Smithsonian Institution specimen: PF-64

The Proof 1903 Liberty Head quarter eagle must be considered common for the type. There are more than 100 coins known of the date in Proof. Most are in the PF-63 to PF-65 range. For some reason there are fewer examples of this date that have survived in superb condition than in previous years. Most of the coins seen do not have cameo or deep cameo devices. The John J. Pittman coin sold for $14,300 in 1998. Pittman purchased the coin from New Netherlands Coin Company in 1952 for $24.

1904, Proof Mintage: 170

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1904 Proof Liberty Head quarter eagle is the rarest issue from 1900 to 1907. The date has the lowest population numbers and the fewest number of coins to have appeared at auction from that time period. Most of the coins seen are at the choice or gem level. Recently an NGC PF-68 Cameo sold at public auction for slightly more than $44,000. As with the other dates after 1901, very few examples are seen with cameo devices. Quite a few of the issue also entered circulation, and it is not uncommon to see impaired examples offered.

1905, Proof Mintage: 144

Finest Smithsonian Institution specimen: PF-64

The mintage for Proof 1905 Liberty Head quarter eagles is a bit lower than in previous years. The number of coins offered at auction is about the same as the most common issues from 1901 to 1907. The coins seen range in condition from heavily impaired to superb. The Smithsonian example is average and only of choice quality. Most of the coins of the year do not have cameo devices. The auction record for the issue was an NGC PF-67 that crossed the blocks in August 2006 for a little more than $26,000.

1906, Proof Mintage: 160

Finest Smithsonian Institution specimen: PF-65 Cameo

The major grading services have reported certifying nearly 400 examples of the 1906 Liberty Head quarter eagle in Proof. Obviously, this includes many resubmissions. The date is, however, common for the type in Proof. An example can be found with a few months’ effort and a little cash. Proof gold coinage can be an incredible bargain at today’s prices. An NGC PF-67 Cameo sold for just $28,750 in August 2006. Coins of the Proof format are all rare, and represent the finest of the coining process.

1907, Proof Mintage: 154

No specimen in Smithsonian Institution

The 1907 quarter eagle is the last year of the Liberty Head type, making it very popular for that reason. There are probably about 100 examples of the issue known in all grades. Many of the survivors may have been saved because of the discontinuance of the series, as there are several superb examples in existence, the most recent to have sold at auction being a PCGS PF-67 Cameo fetching $29,325 in August 2006. It is very interesting to note that the Proof 1907 quarter eagle is one of the few Proof gold coins from 1858 to 1915 not found in the Smithsonian Institution’s cabinet.

1908, Matte Proof Mintage: 236

Finest Smithsonian Institution specimen: PF-66

This issue was struck using the heavy matte texture by the Philadelphia Mint. The 1908 date is actually the most available of the Indian Head quarter eagles in Proof. Many were purchased as the first of their kind, and often are found in choice to superb gem grades. The matte texture proved unpopular with collectors, and orders fell substantially for the 1909 Proofs that followed. Today, these Matte Proofs are highly coveted by collectors and are generally offered only two to four times a year. The finest sold in recent years has been an NGC PF-67 that sold for $29,900 in January 2007. For the type collector, the 1908 Proof makes a perfect choice in terms of availability, quality, and being the first year of issue.

1909, Roman Finish Proof Mintage: 136

Finest Smithsonian Institution specimen: PF-64

The Philadelphia Mint modified the unpopular Matte Proof finish used on the 1908 Indian Head quarter eagles to something called the Roman Finish. These Proofs tend to be lighter yellow in color and more reflective than the matte surfaces used in 1908. Therefore, these coins fall somewhere between a Matte Proof and a reflective mirrored Proof (seen in prior years on the Liberty Head gold series). This is far and away the most difficult issue to find in PF-64 or higher grades. For the collector, this is one of the three most difficult Proof issues to obtain in any grade, and perhaps it is the rarest overall, as the combined PCGS Population Reports and NGC Census show the 1909 quarter eagle to have the fewest Proofs graded of any date in the series, with a total of 70 coins seen. A superb NGC PF-67 sold for $57,500 in the Dr. Robert Loewinger collection offering of January 2007.

1910, Roman Finish Proof Mintage: 682

Finest Smithsonian Institution specimen: PF-65

The reported mintage of 682 pieces in Proof does not reflect the true rarity of this date. Either two-thirds of these coins were melted by the Mint as unsold, but not removed from the reported mintage, or the reported mintage is simply incorrect. The number of coins graded by PCGS and NGC over the past 19 years reflects that approximately 200 examples were released. The total Proofs graded for the 1909 issue is 109 coins, the 1910 issue is 222 coins and the 1911 issue is 229 coins. The 1910 Proofs were struck in the “Roman Gold” finish as seen in 1909, a lighter yellow gold with more reflective surfaces than seen on the Matte Proofs of 1908. The Dr. Robert Loewinger collection contained an NGC PF-67 that sold for $38,813 in January 2007.

1910, Matte Proof Mintage: Unknown

No specimen in Smithsonian Institution

One 1910 quarter eagle has been graded with the Matte Proof finish, that coin being a part of a unique 1910 matte set of gold. Obviously there was continued tinkering by the Philadelphia Mint on the Proof gold of this period. Others may exist, but they have not surfaced.

1911, Matte Proof Mintage: 191

Finest Smithsonian Institution specimen: PF-65

The 1911 Indian Head quarter eagle Proofs were struck in a darker matte finish similar to that of the 1908 Proofs but with a texture that shows less granularity. The final result of this different matte finish shows a slightly darker color than seen on previous issues. This Proof date ties as the second most plentiful issue with the 1910 Proofs, but both of these dates are scarcer than the 1908 Proofs. This date has the largest population of gem condition or finer pieces, and if a PF-66 or even PF-67 coin is desired, this date is the most obtainable of the series. For the collector who desires a single gem Proof Indian Head quarter eagle, this date would be the best choice for availability. The superlative Dr. Robert Loewinger collection contained an NGC PF-68 that realized $48,750 in January 2007.

1912, Matte Proof Mintage: 197

Finest Smithsonian Institution specimen: PF-65

Once again the Philadelphia Mint changed the texture and finish on the Proofs. The 1912 Indian Head quarter eagles show a fine sandblast texture that reflects the light with reflective microscopic facets. This date is one of the scarcest of the Proof issues; it is nearly tied in overall rarity with the 1913 and 1915 Proofs according to the population data. Comparing the various Proofs and finishes requires several coins, at least one of each date, as the Philadelphia Mint seems to have changed the exact finish quality and surface texture nearly every year these Proofs were issued. Each style is beautiful in its own right, but the 1912 issue stands out as one of the more reflective and attractive coins in this finish. The finest seen by the authors has been the Dr. Robert Loewinger example graded NGC PF-68 that sold for $50,313 in January 2007.

1913, Matte Proof Mintage: 165

Finest Smithsonian Institution specimen: PF-65

These were struck in the same finish and style as the 1912 Proofs, a fine sandblast texture with reflective microscopic facets. In terms of rarity, the 1912 and 1913 Proofs are about equal despite the lower mintage of the 1913 issue, and the 1915 quarter eagle Proof is slightly scarcer than either. As a date, the 1913 Indian Head quarter eagle in Proof is considered rare, with a combined total of 83 coins reported from PCGS and NGC together. This is relevant considering the rarest issue—the 1909 quarter eagle—which shows a total of 109 coins graded between the two services. The average Proof grade would be somewhere around the gem PF-65 range, reflecting how carefully these coins were preserved since the time of issue. The Dr. Robert Loewinger example ranks as one of the best seen

at PF-67. It sold for $34,500 in January 2007.

1914, Matte Proof Mintage: 142

Finest Smithsonian Institution specimen: PF-65

The Philadelphia Mint again revised the Matte Proof process for 1914 quarter eagles, using a darker, coarser sandblast finish than seen on the 1912 to 1913 issues. The microscopic facets are larger than seen in prior years, and thus the reflectivity is less noticeable. Despite the lower mintage, this date is more available than the two previous issues, but is not as plentiful as the 1910 or 1911 Proof strikings. This date is more difficult to find than one might expect in gem PF-65 or finer grades, and PCGS-graded coins are particularly scarce. However, more examples are generally available in PF-65 or finer graded by NGC. This may partially reflect the variation in Proof finishes and the many variables used in grading coins. An NGC PF-67 was represented in the Dr. Robert Loewinger collection and sold for $32,200 in January 2007.

1915, Matte Proof Mintage: 100

Finest Smithsonian Institution specimen: MS-65

This is the final year of Proofs issued for this series. Collector demand had fallen in most years, and Proof gold coinage was halted in 1916 for regular-issue gold denominations (a few McKinley commemorative gold dollars were struck in Proof in 1916). The 1915 Indian Head quarter eagles were struck in the identical finish as the 1914 issue, employing the darker and coarser finish to the coins. Today, the major grading services tally 104 pieces in Proof of this date, which compares favorably with the 1909 Indian Head quarter eagle (which has just 109 pieces

graded) and may now be considered the rarest issue of the Proof series. Regardless, the 1915 quarter eagle Proof has always commanded attention, with a tiny mintage of just 100 pieces. Also being the final year of issue, precious few of these coins remain in gem grades to satisfy collector demand. The extraordinary Dr. Robert Loewinger example graded PF-67 and realized the impressive sum of $74,750 in January 2007.

3 GOLD COINS: AN OVERVIEW Indian Princess Head (1854–1889) Introduced in 1854, the $3 gold coin’s primary purpose was to facilitate the purchase of sheets of 100 postage stamps—in other words, it was the rich man’s three-cent piece. Today, their “numismatic purpose” often is to complete sets of gold type coins, particularly the 12-piece sets that contain the three types of gold dollar types: the Liberty Head $2.50, $5, $10, and $20 coins; the Indian Head $2.50, $5, and $10 coins; the Saint-Gaudens $20 coin; and the Indian Princess Head $3 coin. Because they are one of the most valuable coins in the set, the $3 piece is usually the last one needed or added. The design features Liberty wearing an Indian headdress with a headband bearing the word LIBERTY. This design also appeared in a modified form on the Type 2 gold dollar (1854–1856) and the Indian Head cent (1859– 1909)—all three designs by the same artists, James Barton Longacre. In the colonial era and the early 1800s, America was often represented in art by a female Indian, so Longacre’s design was certainly in keeping with art history.

The obverse of the $3 coin features a head of Liberty wearing an Indian headdress. The reverse is a wreath made of agricultural products, including corn and wheat, tied at the bottom in a ribbon and bow.

James Longacre in a watercolor self-portrait, circa 1845. His engraving tools can be seen in the foreground.

Three-dollar gold pieces were produced at the Philadelphia, Dahlonega (Georgia), New Orleans, and San Francisco mints (albeit intermittently at the latter three). Mintages were high only in the first year (1854) and in 1878. In most cases the mintages were tiny, usually below 10,000 coins (and often below 5,000). Proof examples

were struck in every year of the series, but from 1854 through 1858, the number of survivors is extremely small. In 1875 and 1876, only Proofs were struck. Assembling a complete set of this denomination would be simply a matter of money were it not for one roadblock: the 1870-S. Only one example is known to exist—it is currently on display at the American Numismatic Association’s headquarters in Colorado Springs, as part of the Harry W. Bass Jr. Collection. A second example is rumored to exist in the cornerstone of the old San Francisco Mint, but since no one has been able to find the precise location of the cornerstone, we may never confirm the existence of another 1870-S $3 piece until and unless the historic building is torn down. The $3 gold series ended in 1889 when postal rates rose. These coins are common as a type and in Mint State, but demand is very high for the denomination. Most common issue for the type is 1878. Mint State examples are easily located up through MS-65, become scarce in MS66, and extremely rare in MS-67. Proof-64 is the most frequently seen Proof level, with PF-65 examples becoming scarce. In PF-66, this type is very rare and anything finer is a tremendous prize. Q. David Bowers offers this about the $3 gold piece: Overview of the Denomination Gold coins of the $3 denomination were authorized by the Coinage Act of February 21, 1853, the same piece of legislation that reduced the weight of certain silver coins (resulting in arrows being added to the dates). The logic for having a $3 piece escapes most numismatic students today, for the $2.50 quarter eagle, of nearly the same value, was already well established in circulation. It could have been that the owner of a $3 piece could have purchased a sheet of 100 three-cent stamps without requiring change, or could go to a bank and easily obtain 100 silver trimes, but this is a stretch in reasoning. However, production went forward, and in the first year, 1854, 138,618 were made at the Philadelphia Mint—which would forever stand as the highest production in the series. Afterward, mintages declined, and in 1889 the denomination was abolished (along with the nickel three-cent and the gold dollar). Coins of this denomination circulated in the East and Midwest until 1861, after which they disappeared forever, although small quantities continued to be made, with 1874 and 1878 registering significantly greater amounts as it was anticipated that these and other gold coins would soon go into circulation. On the West Coast, $3 pieces were used continuously, but it is likely that after the 1860s they were not often seen. Most popular in the West were the San Francisco issues from 1855 through 1860. A Coin for Your Type Set

Although many different dates are available at reasonable prices, most numismatists either opt to acquire a circulated or Mint State 1854 (significant as the first year of issue; also, in this year the word DOLLARS is in smaller letters than on later issues) or a Mint State coin from the low mintage era 1879–1889. Although the mintages of these later pieces were low, they were popularly saved at the time, and many more exist than might otherwise be the case. Differences can be dramatic and also illogical to the uninitiated. As an example, I estimate that of the 1857 $3, of which 20,891 were minted, only about 10 to 15 choice and gem coins exist today, and even that estimate may be on the high side. On the other hand, for 1886, of which only 1,000 were struck (!), I estimate that at least 100 are in numismatic hands. Beyond a Type Set

Collecting $3 pieces by date and mint would at first seem to be a daunting challenge, but on closer view it is eminently achievable except for a handful of pieces. The 1870-S is unique (in the Harry W. Bass Jr. Collection on loan to the American Numismatic Association), the 1875 and 1876 were made only in Proof format to the extent of 20 and 45 pieces respectively, and the 1873 is quite rare. Beyond that, examples of coins in grades such as EF and AU are available, including some varieties with very low mintages. Choice examples can be elusive, this being particularly true of mintmarked issues of the 1854 to 1860 years. Generally, Mint State Philadelphia pieces are rare after 1855, but then come on the market with frequency for 1861 and later, with dates in the 1860s being scarcer than later issues. The years 1878 and 1879 were made in greater quantities, with the 1878 in particular being easy to find today, although examples usually are quite bagmarked. The low-mintage $3 pieces of 1879 through 1889 were popular at the time of issue, many were saved, and today Uncirculated pieces exist to a greater extent than would normally be the case. Designed by James B. Longacre. The obverse features a head of Liberty wearing an Indian headdress. The word LIBERTY appears on the band that wraps around her head. The words UNITED STATES OF AMERICA surround Liberty’s head. The reverse is a wreath made of agricultural products, including corn and wheat, tied at the bottom in a ribbon and bow. Inside the wreath is the denomination 3 DOLLARS and the date. Edge: reeded. Standards: weight, 5.015 grams; composition, 90% gold / 10% copper; diameter, 20.5 mm.

Original sketches by James Longacre. Each of these sketches of Lady Liberty appeared on United States coins.

$3 – INDIAN PRINCESS HEAD 1854 Mintage: 138,618

Finest Smithsonian Institution specimen: MS-63

The first $3 gold pieces were struck in 1854. The mintage for the first year was a healthy 138,000-plus coins, setting a benchmark for the entire series. In fact, demand for the denomination dropped off dramatically in subsequent years, and mintages never again exceeded 100,000 coins. Many 1854 “threes” are known in Mint State, including some remarkable gems. The typical Mint State example has frosty surfaces, although a few prooflike examples are known. The finest certified specimen is a single PCGS MS-68, but the price record remains with a PCGS MS-67 that sold for $132,000 in 1990. A dozen examples are in the Smithsonian, the best of which is an MS-63 coin.

1854-D Mintage: 1,120

Finest Smithsonian Institution specimen: AU-55

This was the only $3 gold piece struck at the Dahlonega Mint, which was established in 1838 to turn locally mined gold into coins. In general, the quality of the coins struck at this Georgia mint was miserable, due in part to poorly prepared dies and in greater part to an almost complete inattention to quality control. The 1854-D issue is no exception. Virtually all examples are poorly struck on dull, lackluster planchets. Most examples show weakness in the denticles on both sides. Mint State 1854-Ds are extremely rare, led by a pair of MS-62 coins. Auction records go as high as $149,500 for an NGC MS-62 that sold in April 2006. Even the sole 1854-D coin in the Smithsonian is “only” an AU-55. Amazingly, more than 10% of the original mintage has been certified!

1854-O Mintage: 24,000

Finest Smithsonian Institution specimen: AU-55

The New Orleans Mint produced $3 gold pieces for only one year—1854. Despite a low mintage, the 1854-O is relatively easy to obtain in most grades, except Mint State. More than a dozen Uncirculated examples have been certified, the finest of which grades MS-63 (NGC). That coin sold privately in 2007 for more than $100,000. Striking quality for this date is generally good, although the original details were weakly impressed into the dies. The finest example known is a prooflike gem that has eluded the certification services and auction for the past dozen years. The Smithsonian has three specimens, although none grade better than AU-55.

1855 Mintage: 50,555

Finest Smithsonian Institution specimen: AU-58

Apparently, demand for the $3 denomination dropped off dramatically in 1855, as the mintage for this year was less than half that of 1854. Even so, this date is easy to obtain and can be found with little difficulty in grades up to (and through) MS-63. The MS-64 examples are scarce and gems are extremely rare, although there are two MS-66 coins. The auction-price record of $32,000 was set in 2005 by Richard Jewell’s PCGS MS-65 example (formerly the Browning / Dallas Bank collection coin). Most examples are well struck, often with die-polishing lines, rarely with prooflike surfaces. The Jewell coin was described as having “the pillowy appearance so prized by collectors.”

1855-S Mintage: 6,600

Finest Smithsonian Institution specimen: AU-50

The 1855-S $3 gold piece was the first of a few dates struck at the San Francisco Mint. However, the low mintage indicates that there was very little demand for the denomination in 1855, particularly out West. Although the 1855-S issue is truly a scarce date, its rarity has been overestimated in the past, at least in circulated grades. The challenge is finding an 1855-S specimen in nice condition. In Mint State, the 1855-S issue is extremely rare, with only a handful of examples known, and none certified better than a single MS-63 coin. Striking qualities are generally good, but this date is not known for its eye appeal. The price record of $35,750 was set by John Jay Pittman’s About Uncirculated coin in 1998. The finest example that has been reported is the gem coin that is now a part of the Harry W. Bass Jr. reference collection. The coin was obtained from Fred Sweeny in 1972.

1856 Mintage: 26,010

Finest Smithsonian Institution specimen: AU-58

Although the 1856 is a relatively common coin by $3 gold-piece standards, it does not appear at auction very frequently, so collectors are forced to find nice ones at shows and on fixed price lists. Circulated examples are very common, but Mint State examples are quite scarce. Like most of the coins from the Philadelphia Mint, this one comes well struck with exemplary physical characteristics. However, some coins show weakness on the wreath bow and on the U of UNITED. The finest certified example is a single NGC MS-65 coin, which may be the former PCGS MS-65 piece (which no longer appears on PCGS’s population report); that same PCGS MS-65 example set an auction-price record of $20,700 in 1998, and the NGC MS-65 broke that record in 2006 when it sold for $37,375.

1856-S Mintage: 34,500

Finest Smithsonian Institution specimen: AU-55

Easy to obtain in circulated grades, the 1856-S becomes a real rarity in Mint State, with just over two dozen coins certified in Uncirculated condition. The striking quality is good, but the majority suffers from marks and abrasions that resulted from circulation times of varying lengths. Most Mint State examples are frosty, but a few prooflike or semi-prooflike examples are known. The best specimens are four certified as MS-64, one of which sold for $43,700 in 2005. The Smithsonian has five coins, the best of which is only AU-55. Collectors recognize three different sizes of the mintmarks: Large (very rare), Medium (common), and Small (rare).

1857 Mintage: 20,891

Finest Smithsonian Institution specimen: AU Cleaned

The mintage of the 1857 $3 gold piece was fairly typical for dates in the 1850s, making it one of the more “common” of the series—but for any other series, this would be a rarity. Circulated coins are fairly easy to obtain, but Mint State examples become quite scarce, especially above MS-63. The finest coin that has been certified is a single MS-66. The Smithsonian has two 1857 examples, the best of which is only a cleaned About Uncirculated. Die striations are common to this date, though they can range from light to heavy. Likewise, die clashing can range from light to heavy, with some coins showing nearly complete “ghosts” of Liberty’s head on the reverse. This date appears at auction about four times a year. In 1998 an NGC MS-65 example set the auction-price record of $28,750.

1857-S Mintage: 14,000

Finest Smithsonian Institution specimen: AU-50

The 1857-S $3 gold piece is scarce in all circulated grades and virtually unobtainable in Mint State. In 1857 collecting by mintmarks had not yet caught on, and collectors opted for the easier-to-obtain Philadelphia Mint coins, usually Proofs. Unfortunately, this meant that nearly the entire issue circulated (and circulated heavily). Finding mark-free, barely worn examples is a real challenge. The rarity of these coins in Mint State is evident in the population reports. For example, PCGS has graded only two Mint State examples, an MS-62 and an MS-64, and NGC has graded only three coins, the best being an MS-62. ANACS has had numerous submissions, but none have been graded Mint State. Even the auction records are sparse, with the price record of an impressive $57,500 being realized for the finest example, a PCGS MS-62 that sold in August 2007.

1858 Mintage: 2,133

Finest Smithsonian Institution specimen: AU-50

With its monstrously low mintage, the 1858 $3 gold piece is one of the rarest and most popular dates in the series. However, other “more common” dates in the 1850s (such as the 1854-O and 1857-S) are considerably rarer in Mint State. Still, by Philadelphia Mint standards, surprisingly few Uncirculated examples were put aside by collectors. Even the best example (and the only circulation strike) at the Smithsonian is a mere AU-50. The finest 1858 $3 gold piece is a single PCGS MS-65 coin, which has yet to appear at auction. The auction-price record was shattered in 2005, when Richard Jewell’s PCGS MS-64 sold for $27,600 (nearly double the previous price record); a new record was set in 2007, when a PCGS MS-64 brought $35,650 at auction. A gem MS-65 example is in the collection of the

American Numismatic Society.

1859 Mintage: 15,558

Finest Smithsonian Institution specimen: MS-62

Although semi-scarce as a date, the surviving 1859 $3 gold pieces are well distributed across the grading spectrum, including Mint State levels up to MS-64. More than 500 examples have been certified by PCGS and NGC combined; the finest graded example is a single NGC MS-67, which also received NGC’s “star” designation for exceptional eye appeal. These coins are sometimes weakly struck on the 8 and the 5 of the date and on the wreath bow; these two areas are opposite high points on the obverse. Many of the earliest strikes show die striations, while later strikes show clash marks. The top price for this date was set in 1998, when an NGC MS-66 example sold for $24,150.

1860 Mintage: 7,036

Finest Smithsonian Institution specimen: AU-50

Scarce in all grades, the 1860 $3 gold piece is a tough coin to find in Mint State, slightly more so than the 1859. This date usually comes well struck and frosty. Despite the low mintage, it is rarely found prooflike because the Proofs were struck after the circulation strikes (an unusual situation for any Proof coin, gold or otherwise). High-grade examples are extremely rare, although four have been graded at the MS-67 level. Mint State specimens tend to be frosty and well struck. The Smithsonian has only one coin, an AU-50, in addition to the usual Proof. The price record of $74,750 was set in 2004 by a PCGS MS-67 example.

1860-S Mintage: 7,000

Finest Smithsonian Institution specimen: EF-45

This was the last year (at least officially) of the S-Mint $3 gold pieces and is the second-rarest coin of the group (1855-S, 1856-S, 1857-S, and 1870-S). As with the other S-Mint issues, very few were put aside by collectors, resulting in a dearth of Mint State examples today. Even circulated pieces are rare, and most of those fall below the AU-50 level. PCGS reports three Mint State coins, which may be an inflated figure. The finest uncertified example is the gem Clapp-Eliasberg-Bass coin, now on display at the American Numismatic Association headquarters in Colorado Springs, but it will probably never be for sale to collectors. Thus, the auction record belongs to the NGC MS-61 coin that sold for $32,200 in 2006—a bargain considering the rarity of such a piece.

1861 Mintage: 5,959

Finest Smithsonian Institution specimen: MS-60

The 1861 issue is a popular date, struck while the nation was focusing its attention on the Civil War. Although scarce, the $3 gold piece of 1861 is the third most available $3 gold piece of the 1860s, exceeded only by the 1860 and 1868. Mint State examples are likewise rare, with a small cluster around the MS-62 to MS-64 grades. Gem examples are exceedingly rare, topped by a single NGC MS-67 coin. Most examples show die striations; on later states, clash marks appear where the dies slammed into each other. The 1861 issue appears at auction roughly three to four times per year, and the auction-price record was set in 2005 when a PCGS MS-66 example sold for $46,000.

1862 Mintage: 5,750

Finest Smithsonian Institution specimen: EF-45

The 1862 $3 gold piece is similar in rarity to the 1861 issue, but slightly scarcer in terms of the number of coins that have been certified to date. Likewise, the population distribution is similar, (although the top grade for this date is only MS-66, where a handful of coins exist). Heavy die striations are typical and usually appear as vertical “lines” on both sides. Clash marks are also common on this date. Auction appearances are infrequent, on the average of three times per year, but several nice Mint State examples have been sold over the past dozen years. The auctionprice record of $36,800 was set in 2005 by Richard Jewell’s PCGS MS-66 coin.

1863 Mintage: 5,000

Finest Smithsonian Institution specimen: AU-58

This is a great Civil War date, with a low mintage of an even 5,000 coins. The 1863 $3 gold piece is slightly rarer than the 1861 and nearly on par with the 1862. However, of the trio, the 1863 issue is notable for several stunning examples, including a single NGC MS-68 that sold for $80,500 in 1999. In circulated grades, the 1863 date is fairly easy to obtain through AU-55. Most Mint State examples feature bright luster, rarely with any prooflike tendencies. Clash marks are the rule for this date (even the MS-68 mentioned above showed heavy die clashing), as are striations on early die states. Auction appearances are sparse, usually an average of four coins per year.

1864 Mintage: 2,630

Finest Smithsonian Institution specimen: AU-50

In 1864 the mintage of the $3 gold piece declined by nearly 50% to fewer than 3,000 coins. However, the survival rate for this date is surprisingly close to that of the preceding year, indicating that the public hoarded a high percentage of the mintage because of the Civil War. Likewise, collectors saved the 1863 and 1864 “threes” in similar numbers, as the two dates have close distributions across the Mint State grades. Most examples are well struck with light die striations. Luster ranges from satiny to prooflike, with some of the latter mimicking Proofs. The best certified example is a PCGS MS-67, but the price record belongs to Richard Jewell’s PCGS MS-66 that sold in 2005 for $36,800.

1865 Mintage: 1,140

Finest Smithsonian Institution specimen: AU-58

The mintage for the 1865 $3 gold piece dropped to little more than 1,000 pieces, making it one of the rarest of the series. In fact, in terms of the number certified, only the 1877 and the 1873 Close 3 are rarer, and not by much. Mint State examples are extremely rare and led by a single NGC MS-67. Most are prooflike or semi-prooflike, often with die-polishing lines mixed in. Auction appearances are infrequent, at the rate of around three per year. The price record of $57,500 was set in 2005 by the aforementioned NGC MS-67 coin that was part of the sale of the Richard Jewell collection. Locating any 1865 $3 gold piece, especially a nice one, is a real challenge.

1866 Mintage: 4,000

Finest Smithsonian Institution specimen: EF-45

After the Civil War ended, the mintage of the 1866 $3 gold piece returned to a level that was respectable for the series, but still scarce by any other standard. Collectors saved a fair number of Mint State examples, most of which are in the MS-60 to MS-62 range. Most examples seen are frosted and with die clashing possible. Gems are extremely rare and the best are a pair of MS-66s. Surprisingly, the price record was set by Byron Reed’s About Uncirculated example (obviously undergraded) that sold for $38,500 in 1996. The Smithsonian has only one specimen—a single EF-45.

1867 Mintage: 2,600

Finest Smithsonian Institution specimen: AU-55

The 1867 $3 gold piece is an underrated date compared to the 1864 and 1869. The three issues have similar mintages, but the 1867 appears in far fewer numbers (both in circulated and Uncirculated grades). In fact, the 1867 shows up at auction an average of only thrice a year, one of the lowest averages of the entire denomination. Mint State examples are extremely rare, led by two PCGS MS-67 pieces, one of which sold in the Boys Town sale in 1990 for $100,000. No recent sales have come anywhere close to that figure. Due to the low mintage of the issue, many coins are prooflike (some deceptively so), but virtually all show die-polishing lines to some degree.

1868 Mintage: 4,850

Finest Smithsonian Institution specimen: AU-55

The 1868 $3 gold piece has one of the highest survival rates of the series, which is a good thing for a coin with such a low mintage. Prooflike examples appear with greater frequency than with other dates in the 1860s; in fact, the finest certified example is a prooflike NGC MS-67. A fair number of these coins exist in Mint State, mostly in the MS-62 area, along with more than a dozen coins graded MS-64. Gems are extremely rare; an auction record in 2005 indicates that Richard Jewell’s prooflike NGC MS-67 coin (mentioned above) sold for $46,575. It is easy to differentiate Proof and Mint State examples of this date: on Proofs, the reverse die is rotated 180 degrees, in the fashion of most medals—but unlike most coins.

1869 Mintage: 2,500

Finest Smithsonian Institution specimen: AU-55

Thanks to a low mintage, the 1869 $3 gold piece is a real challenge for the date collector. Although not as rare as other dates with similar mintages (such as 1858, 1864, and 1867), the 1869 issue is comparable in rarity to more famous dates like the 1855-S, the 1871, and the 1886. Mint State examples are particularly rare and virtually nonexistent above MS-64. The best example certified is a single PCGS MS-65 coin, which set the auction-price record in 1999 when it sold for $29,900. The term 1869/8 overdate appears to be a misnomer and has been debunked in other denominations as well. Many of the coins that have appeared at auction have been described as “prooflike” or “easily mistaken for a Proof.”

1870 Mintage: 3,500

Finest Smithsonian Institution specimen: AU-58

The 1870 $3 gold piece has a higher mintage than the 1869, but is nearly as rare across the board. In fact, the 1870 issue is rarer in gem Mint State, as no MS-65 examples have been certified by PCGS, NGC, or ANACS. Harry Bass’s best circulation strike, a PCGS MS-64, set a price record of $16,100 when it sold in 1999. A PCGS MS-64 later sold in 2005 for $19,550. Although circulation strikes and Proofs were struck from different dies, many prooflike examples exist. The Smithsonian has only one, an AU-58, alongside the usual Proof. Die-polishing lines are sometimes seen, as are light clash marks. Eventually, the top of the reverse die sank, leaving a bulge where the top of the wreath comes together.

1870-S Mintage: Not Reported

No specimen in Smithsonian Institution

The 1870-S $3 gold piece is one of the greatest rarities in all of American numismatics, represented today by one example, which is on display at the headquarters of the American Numismatic Association as part of the Bass collection. Bass paid a record price of $687,500 when he purchased the coin in 1982, and we can only speculate what it would bring in today’s market, where million-dollar coins are now commonplace. A second example is rumored to exist in the cornerstone of the San Francisco Mint, but the cornerstone has never been located, despite recent attempts to find it. Curiously, when Waldo Newcomer owned the 1870-S coin, which is worn and may have been in jewelry, he called it “Uncirculated”—he was certainly astute enough to have known the difference! Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1871 Mintage: 1,300

Finest Smithsonian Institution specimen: AU-58

In 1871, the mintage of the $3 gold piece dropped by more than two-thirds to levels not seen since 1854 and 1865. However, vigilant collectors saved them at the same rate as in previous years. In fact, the 1870 issue is more plentiful in Mint State than are the more “common” issues of 1869 and 1870. The finest example known is a single PCGS MS-67, formerly the stunning PCGS MS-66 coin that once belonged to Harry Bass, and that set an auction record of $41,400 when it sold in 1999. The term prooflike is commonly used to describe this date, but die polishing is rarely mentioned. Apparently, die wear or lighter pressures caused weakness at the 1 and 8 of the date on some examples.

1872 Mintage: 2,000

Finest Smithsonian Institution specimen: AU-55

The 1872 $3 gold piece is a very rare, low-mintage date, but a cluster of AU-58 coins and a dearth of date collectors have kept prices at reasonable levels. Mint State examples are very rare, but no more so than other dates of the pre1874 era. Prooflike examples are the rule, although many show fine polishing lines that resulted from the preparation of the dies. Occasionally, coins will be seen with blunt strikes on the top of the feathers and on the knot of the bow on the wreath. The finest example is a single PCGS MS-65, which has yet to appear at auction. Thus, the record for this date is a mere $13,225 paid for an NGC MS-64 in 1998.

1873, Close 3 Mintage: Unknown

Finest Smithsonian Institution specimen: AU-55

Mint records are silent on the striking of any 1873 $3 gold pieces for circulation; in fact, they report only 25 Proofs (with no note of the style of the 3). Later writers have suggested mintages from 100 to 1,000 coins, which were struck in 1873, perhaps as late as 1879. What we do know is that more than 100 examples have been certified by PCGS and NGC combined, and that the finest certified examples are three MS-64s, one of which sold in 2005 for $48,875. Most examples are prooflike and some have been sold as circulated Proofs to take advantage of the miniscule Proof mintage. The authors believe the mystery of the 1873 $3 gold pieces remains to be solved.

1874 Mintage: 41,800

Finest Smithsonian Institution specimen: AU-55

The 1874 issue is the third most common date of the type, well behind the 1878, and almost as common as the 1854. Much of the reason for the higher mintage was the destruction and recoinage of old gold coins, mandated in the Mint Act of 1873. Mint State examples, which are usually frosty and rarely prooflike, can be found with relative ease up through MS-64, but MS-65 specimens are very rare. The finest examples appear to be a handful of coins at the MS66 level. The Smithsonian has nine 1874s, but their best example is only AU-55 (as they built their collection, they opted for Proofs rather than Mint State examples). Richard Jewell’s PCGS MS-66 coin set the auction-price record of $19,500 in 2005.

1877 Mintage: 1,468

Finest Smithsonian Institution specimen: AU-58 PL

This issue is one of the authors’ favorites of the series. In an odd twist of events, the 1877 turns out, overall, to be the rarest of the collectible $3 gold pieces—rarer than the 1854-D, and rarer even than the 1873. For some reason, collectors paid little attention to this date, as very few Mint State examples have survived. Even circulated examples are difficult to locate. Because of the low mintage, most, if not all, are prooflike. Auction appearances occur approximately three times a year, which is a low frequency compared to other dates. The finest example is a glittering prooflike gem coin from the Bass collection, graded PCGS MS-64, that sold for $32,200 in 1999.

1878 Mintage: 82,304

Finest Smithsonian Institution specimen: MS-61

The 1878 $3 gold piece is the most common date of the series, by far. More than 8,000 examples have been certified by ANACS, PCGS, and NGC combined, more than double that of 1854 and 1874. Uncirculated specimens are very common, even through MS-65. In MS-66, the population begins to drop off and the finest examples stop at MS-67. The 1878 issue usually features a rich, coruscating luster and good to great eye appeal. Prooflike examples are relatively rare. The Smithsonian has a full dozen examples, the best of which is only MS-61. The auction record for this date was set in 2005, when an NGC MS-67 star coin sold for more than $54,000.

1879 Mintage: 3,000

Finest Smithsonian Institution specimen: MS-61 PL

Despite its low mintage, the 1879 issue is represented today by a relatively large number of Mint State examples. Collectors and dealers were responsible for preserving a high percentage of the mintage, and mini-hoards were dispersed slowly throughout the first half of the 20th century. The typical Mint State specimen is prooflike and falls in the MS-63 to MS-64 range, with gems becoming very scarce. The best example is a wonderful PCGS MS-67 (finest by a point) that sold for $59,800 in 2005. For many of the dates in the 1870s and 1880s, the challenge is to separate Proofs from prooflike circulation strikes. In many cases, the differences are so subtle that die characteristics are required to tell the difference.

1880 Mintage: 1,000

Finest Smithsonian Institution specimen: MS-64

The 1880 $3 gold piece has one of the lowest mintages of the entire series, but the survival rate mirrors that of many of the other dates from that decade. Most survivors are in Mint State, having been saved by collectors and dealers who recognized the rarity of the date as soon as the coins were struck. The most “common” grade is MS-64; anything better is extremely rare. Prooflike surfaces are the rule, and there is sometimes considerable confusion about whether a particular coin is a Proof or a prooflike circulation strike (curiously, the error almost always is in favor of the more expensive version). The finest certified example is a single NGC MS-67, but it was a PCGS MS66 from the Bass collection that set the auction record of $29,900 in 1999.

1881 Mintage: 500

Finest Smithsonian Institution specimen: MS-61

This date has the lowest reported mintage of any circulation-strike $3 gold piece; the exceptions are the unreported $3 gold pieces of 1870-S and 1873. Survival rates are correspondingly low, and Mint State examples are very rare. The puny mintage means that most, if not all, examples are prooflike—some of those have been offered as Proofs in the past. Above MS-64, there is only one example—a PCGS MS-66. Auction appearances are about on par with the 1880 issue, at a rate of about five per year, but the price record is held by an NGC MS-64 that sold for $18,400 in 2007. The debate over whether a coin is Proof or prooflike affects this date as well.

1882 Mintage: 1,500

Finest Smithsonian Institution specimen: AU-58

The 1882 $3 gold piece is another example of a low-mintage date represented by a relatively high number of survivors, indicating a lot of interest in the date from its inception. Mint State examples are almost common, as are a cluster of coins at the AU-55 and AU-58 levels, but what would be called “common” in the $3 gold series is rare in any other. The Proof/prooflike debate is made simple here because the circulation strikes show a repunched or defective 2 that is not evident on Proofs. The best certified examples are a pair of PCGS MS-67s (quite possibly the same coin). At auction, the highest price realized by an 1882 $3 piece was in 2005, when Richard Jewell’s PCGS MS-67 sold for a whopping $72,450.

1883 Mintage: 900

Finest Smithsonian Institution specimen: MS-63

Because of its very low mintage, the 1883 issue is an extremely popular date. However, a high percentage of the original mintage has survived today, thanks to collector and dealer hoards. Not surprisingly, almost a fourth of the mintage has been certified by PCGS and NGC combined. Luster ranges from frosty, with patches of prooflike brilliance, to fully prooflike, leading to the situation where, in the past, many 1883 circulation strikes have been confused with—and offered as—Proofs. Mint State 1883s are almost as “common” as the 1882 coins, and fall into the same MS-63 to MS-64 range. Gems are extremely rare, and the finest of the 1883 issues are a pair of PCGS MS66s, one of which set the auction-price record in June 2007, when it sold for $34,500.

1884 Mintage: 1,000

No specimen in Smithsonian Institution

The 1884 $3 gold piece continues the run of low-mintage dates that characterizes the waning years of this denomination. However, for some inexplicable reason, this date was not saved or hoarded to the same degree as the others around it. For example, the number of surviving coins matches that of the 1881 issue, which has a mintage equal to exactly half of the 1884 issue. Fortunately, many more Mint State examples survive of the 1884 issue. Those examples that we see today range from frosty to fully prooflike, with many deceptive first strikes that look like Proofs. Gems are extremely rare, led by three in MS-67. Auction appearances average about three per year. Surprisingly, the Smithsonian has no circulation-strike examples, which means that even Josiah K. Lilly had none. The price record belongs to Richard Jewell’s PCGS MS-65, which sold for $25,300 in 2005—a record that was tied

in 2006 at Stack’s May Sale.

1885 Mintage: 801

Finest Smithsonian Institution specimen: AU-58

The 1885 issue follows the pattern typical of $3 gold pieces from the 1880s—a low mintage, reasonably high survival rate, paucity of coins at the gem level, and lots of prooflike examples. According to Breen, the same obverse die was used to strike Proofs and circulation strikes, which means that the earliest coins from the dies share the lightly pebbled, “orangepeel” surfaces that characterize Proofs. Fortunately, die differences on the reverse can be used to tell them apart. Gem 1885 coins are rare, but not as difficult to find as 1882 or 1883 examples. PCGS reports a single MS-67 specimen as the finest example certified of the date. However, the auction-price record of $32,570 was set by a PCGS MS-65 in late 2006.

1886 Mintage: 1,000

No specimen in Smithsonian Institution

While not the rarest date of the 1880s, the 1886 $3 gold piece is one of the rarest dates in gem condition. In fact, the only example that has been certified better than MS-64 is a single prooflike NGC MS-65 coin. Circulation strikes were made from a set of Proof dies, making it nearly impossible to tell the two apart. As a result, the Proof/prooflike debate rages on this date, as the price differential can be significant. Auction appearances average about four to five per year, but have increased in recent years because higher prices have brought more coins to the market. The auction-price record was set in 2003, when the aforementioned NGC MS-65 prooflike sold for $32,200. This is also

one of the few gold coins of any date that the Smithsonian lacks as a circulation strike.

1887 Mintage: 6,000

Finest Smithsonian Institution specimen: MS-62

Despite having the highest mintage of any $3 gold piece of the 1880s, the 1887 issue is much rarer than the lowermintage 1888 and even the 1889. Anecdotal information suggests that at least some, if not many, of the coins were destroyed before they left the Mint. This date barely circulated, as anything below About Uncirculated can be considered very rare. The typical Mint State example is MS-64. Gems are rare but can be found with relative ease. The finest certified example is a single NGC MS-67, but the price record goes to a PCGS MS-65 that sold in 1998 for $32,200. Some circulation strikes show doubling on the RICA of AMERICA.

1888 Mintage: 5,000

Finest Smithsonian Institution specimen: MS-64

The 1888 $3 gold piece is one of the most common dates in the series, despite a mintage that ranks among the lowest. Only 1854, 1874, and 1878 issues are more common. Mint State examples are plentiful and usually appear in the MS-63 to MS-65 range. MS-66 examples become quite scarce, and this is one of only a dozen dates that can be found in MS-67 or better. Richard Jewell owned one of the two PCGS MS-67 coins, and when his collection was sold in 2005, his 1888 specimen realized $66,700 after active bidding. This date sometimes comes weakly struck, and the luster ranges from prooflike to frosty and satiny. The Smithsonian has two examples, the finest of which is an MS-64.

1889 Mintage: 2,300

Finest Smithsonian Institution specimen: MS-61

In this, the last year of the $3 denomination, the mintage fell to 2,300 coins. However, a high percentage of the coins survived, mostly in Mint State, reflective of the increase in the number of collectors in America and the demand for this series. MS-63 and MS-64 examples are fairly plentiful by $3 gold standards, but gems are rare. The finest certified examples are a pair of PCGS MS-67 coins, one of which (owned by Richard Jewell) sold for $62,000 in 2005, setting a new record for the date. The $3 gold piece was not the only denomination to fall in 1889—the related three-cent nickel was phased out as well.

Commentary on $3 Proof Coinage Proof $3 gold pieces are, in general, extremely rare. From 1854 to 1858, the rarity of Proofs can be attributed to three factors: (1) the lack of a standardized mechanism for offering the coins to the general public, (2) the sparse number of collectors, and (3) the high face value of gold coins relative to personal incomes. In 1857, the collector population expanded, thanks to the introduction of the new Flying Eagle small cents. By 1859, demand for Proof coins had grown to the point that the Mint established rules, regulations, and pricing so that collectors could apply directly for individual coins, partial sets, or complete sets of Proof coins. Usually, the Mint struck Proof coins in anticipation of the next year’s sales—which sometimes never materialized. Thus, reported mintages indicate the number of Proofs made, not actually sold. In some cases, unsold Proofs were destroyed, but their numbers were not taken from the original mintage, leaving modern numismatists to guess at the number of survivors. In other cases, such as with the 1865 and 1873 issues, Proofs were restruck at a later date to supply collector demand, and these

numbers were not added to the original mintage. In two years, 1875 and 1876, only Proof $3 gold pieces were struck. Proof finishes range from uniformly brilliant, to splotchy cameo, to full cameo, to deep cameo. Lint marks are frequently encountered. Proofs in some years are difficult to tell apart from prooflike circulation strikes. This is especially true when the same dies that were used to strike Proofs were subsequently used to strike coins for circulation. Proof examples are, as they always have been, in very high demand.

$3 – INDIAN PRINCESS HEAD, PROOF 1854, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-63 Cameo

The mintage of 15 Proofs for the 1854 $3 gold piece has been presented as gospel for many years in the literature, but it is most likely on the low side. Two different reverse dies were used to strike Proofs, which is an unusual situation for such a small mintage and points to a higher mintage. PCGS and NGC have graded 13 of these Proofs, which is much too high a survival rate for such a low mintage, not to mention the fact that there are “raw” Proofs on the market that have not yet been certified or that can’t be certified for various reasons. The price record belongs to the PCGS PF-63 Cameo that sold in 2005 for $89,700. The finest certified example is a single PCGS PF-64 Cameo, but the best example may be the gem Proof retained by the Bass collection. The Smithsonian’s is a PF-63 Cameo. The most recent auction appearance of this date was in early 2007 when an example from the famed Dr. Robert Loewinger collection grading PCGS PF-63 Cameo sold for $74,750.

1855, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The 1855 $3 gold piece is exceedingly rare in Proof condition, with only four or five examples known at present. Even the Smithsonian, which typically received Proofs of every denomination each year, does not own one. PCGS has graded four examples, the finest of which is a PF-65 Deep Cameo, while NGC has graded none. At one time Bass had two examples; he kept the best and sold his duplicate, originally from the Eliasberg collection, for $62,100 in 2000. In 2003, that same coin reappeared as a PCGS PF-64 Cameo and sold for $75,900, setting the record for the date. The PCGS PF-64 Trompeter coin disappeared under mysterious circumstances in 2003 and has not been seen since (this coin is distinct because of the lint mark connecting the final S of STATES to the rim). That leaves no collectible examples of the 1855 Proof $3 gold pieces on the market!

1855-S, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Only one Proof example of the 1855-S $3 gold piece is positively known to exist. The coin first surfaced at the 1984 ANA Convention, and was purchased from San Francisco area coin dealer David Stagg by author Jeff Garrett. Apparently, the San Francisco Mint created some special coins in its first two years of operation, including Proof quarter dollars, half dollars, double eagles, and, of course, $3 gold pieces. One 1855-S three-dollar Proof coin has been graded PF-64 Cameo by NGC. Reportedly, a Proof example was sent to the Mint Cabinet; if the coin was sent, it no longer exists in the Smithsonian collection. This is a supremely rare Proof that any serious collector would love to own.

1856, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Fewer than a dozen 1856 $3 gold pieces are known in Proof condition, with the true number being closer to eight. Some, if not all, show traces of a small DOLLARS beneath a larger version. Apparently, this die was left over from 1854 and modified to conform to the newer large DOLLARS variety. PCGS and NGC have graded eight examples, but we know for a fact that there is some duplication. Likewise, the number of auction appearances (five) over the past decade includes three sales of the same coin. There is a specimen in the Bass core collection. Collectors have few examples available to fight over. The finest example is an NGC PF-65 Cameo, but a PCGS PF-65 that sold in 2002 for $66,700 holds the price record.

1857, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1857 $3 gold piece appears to be as rare as the 1854 and 1856 issues, but not quite as rare as the 1855. Most specimens are described as Cameo, but lint marks are commonly mentioned, and the neck has a hollow appearance caused by the repolishing of the die. PCGS and NGC have graded a combined total of five examples, the finest of which is a PCGS PF-65. The Smithsonian has a Deep Cameo PF-64, obtained from the Philadelphia Mint in the year of issue. Many famous collectors have owned Proof examples of this date, including Parmelee, Garrett, Bass, Eliasberg, Trompeter, and Michael Keston, to name a few. There have only been three auction appearances over the past 10 years, led by a PCGS PF-64 example that sold for $43,125 in 2004. That same coin would bring considerably more today.

1858, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Perhaps as many as 10 to 12 Proof 1858 $3 gold pieces are known, but many are locked up in institutional or private collections, so they rarely appear on the market. For example, Harry Bass had a gem example, the Smithsonian owns a Deep Cameo PF-64 coin, and the American Numismatic Society has an example. Since 1994, only four 1858 Proofs have appeared at auction, led by an NCS PF-60 with altered surfaces that sold for $40,250 in 2006, and so far this is the last time an example has been up for sale. This coin has the look of a gem example, but was probably polished by some method. Most specimens show cameo contrast to varying degrees, and lint marks are the norm. One example seen by the authors is a true Proof, but it has been very expertly polished and is not certified. The

major services have graded seven examples, none higher than PF-65. This includes multiple resubmissions of the same coin, as there are certainly less than seven certified examples known.

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-62 Cameo

The mintage figures for Proof $3 gold pieces in 1859, 1860, and 1861 are the number of coins struck, not actually sold. In all three cases, an unknown number of unsold Proofs was left over and most likely destroyed. The number of survivors of each date supports a true mintage figure of about three dozen coins (which is the approximate mintage for 1862 and 1863). In 1859, the Mint began offering Proof coins to the general public, so it is only reasonable to assume they struck coins in anticipation of sales. Unfortunately, actual sales seem to have fallen short of expectations. The finest certified example is an NGC PF-67 Cameo, but the price record belongs to an NGC PF65 Ultra Cameo that sold in 2007 for $60,375. The Smithsonian’s example is a PF-62 Cameo.

1860, Proof Mintage: 119

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1860 issue, like the 1859, has a mintage figure that fails to account for unsold Proofs that were later destroyed. Although PCGS, NGC, and ANACS report 24 certified examples, this date appears at auction less than once a year. The true mintage is probably somewhere between 40 and 60 Proofs. Most examples show strong cameo contrast, but lint marks and planchet “flakes” are often mentioned, such as with the Trompeter Proof. Harry Bass’s coin was a gem Proof, and the Smithsonian’s piece is a Cameo PF-64. The finest certified examples are a pair of NGC PF-66

Cameos. The auction-price record for the issue was smashed in May 2006, when a PCGS PF-65 sold for an astounding $82,800.

1861, Proof Mintage: 113

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1861 $3 gold piece is a very rare date as a Proof; it is certainly much rarer than the mintage of 113 coins suggests. The real picture of rarity is painted by the number of coins certified (11) and by the number of auction appearances over the past 12 years (four). Based on this evidence, the true mintage is most likely around 15 to 30 pieces, which represents the number of pieces actually sold to collectors. Apparently, demand for Proof gold coins declined due to the Civil War, which began raging in this year. The Smithsonian has a Deep Cameo PF-64 coin. The best certified examples are two NGC PF-66 Cameos, but the auction record goes to an NGC PF-66 that sold for $57,500 in 2004. Auction appearances are very infrequent, at the rate of one every three or four years.

1862, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1862, mint officials seem to have learned a lesson from previous years, when Proofs remained unsold, and decided to make fewer Proofs (based on the demand of prior years) instead of making a larger number and hoping for sales that never materialized. Thus, the numbers of certified examples and auction appearances mimic very closely those of 1860 and 1861 (which have much higher reported mintages). Auction descriptions make frequent mention of cameo contrast, heavily frosted devices, and brilliant fields. In the last dozen years, only nine examples

have appeared at auction, led by a PCGS PF-65 Deep Cameo coin that sold in 2006 for $69,000. The finest certified examples are PF-65 Ultra Cameo.

1863, Proof Mintage: 39

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage of 1863 Proof $3 gold pieces is only slightly higher than that of the 1862, it seems that the survival rate for this date is higher, at least according to the census reports provided by PCGS and NGC. On the other hand, the 1863 $3 gold piece has appeared at auction fewer times than the 1862, so either the certified census is overstated or the known examples are in strong hands. Deep Cameos are the rule for this date, and the finest certified example is an NGC PF-67 Ultra Cameo, with NGC’s “star” designation for exceptional eye appeal. The Smithsonian has a Deep Cameo PF-64, and the Bass Proof is a gem. In 2005 an NGC PF-66 Ultra Cameo sold for $73,600.

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In the midst of the Civil War, the Philadelphia Mint dutifully churned out $3 gold pieces for circulation and another 50 Proof pieces for collectors. Today, it is hard to tell how many Proofs have survived. A total of 36 examples have been certified by PCGS and NGC combined, which implies that virtually all must still exist. However, only nine Proofs have appeared at auction in the past dozen years, indicating that very few have survived. Are the population reports riddled with resubmissions, or are most Proofs traded outside auctions? The authors suspect the former.

Cameos and Deep Cameos are the rule for this issue, and several of the survivors are in remarkably nice condition, including the gem Proof in the Bass collection. The Smithsonian has a single PF-64 Deep Cameo. The finest certified example is an NGC PF-66 Cameo, which also holds the price record, having sold at auction in early 2006 for $64,4000.

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1865 Proof issue appears to include four variants: obverse of 1865 / reverse of 1865 (earlier used to make circulation strikes); obverse of 1864 / heavy date reverse; obverse of 1867-8 / heavy date reverse; and obverse of 1872 / reverse with date slanting up to right (so-called restrike—see the next coin for further explanation). As a result of these variations, the number of Proofs known today indicates a mintage much higher than the 25 reported by mint officials. The major grading firms have certified 21 “originals” and one “restrike,” indicating an impossibly high survival rate. Thus, we can only conclude that some restriking occurred to satisfy collector demand, which seemed to hover at around 30 to 35 coins each year. Cameo Proofs are the rule, and the finest certified example is an NGC PF-67 Cameo. The auction record was set in 2004 when an NGC PF-66 sold for $60,375.

1865, Proof, Restrike Restrike Mintage: 5

Restrike, no specimen in Smithsonian Institution

Sometime around 1873, the Mint restruck a small number of 1865 $3 gold pieces using an obverse die of 1872 and a newly created reverse with the date slanting up to the right (Judd 440). Versions were also made in copper (Judd

441) as special treats for interested collectors. Only two examples are known: one in the Bass core collection and another from a 1999 Heritage auction. There are no examples in the Smithsonian, and there have been no other auction appearances in the past dozen years. PCGS has certified one example, presumably the Heritage piece, as a PF-63 Deep Cameo. Restrikes using different dies are known in copper, copper-nickel, and nickel.

1866, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1866, a mere 30 Proof $3 gold pieces were made, not so many that collector demand was exceeded, and just enough so that restriking was unnecessary. Although the characteristics of Proofs are pretty apparent, David Akers provided a helpful clue: on Proofs only, the top of the last 6 of the date is filled in. Breen claims that two different obverse dies were used to strike Proofs of this date. Cameo finishes are the rule, and most show full to deep contrast between the frosted devices and the brilliant fields. The Smithsonian has a Deep Cameo PF-64. Surprisingly, no examples have been certified higher than PF-65 by either PCGS or NGC. In 1999, a PCGS PF-65 example set the auction-price record of $30,800.

1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage of 50 Proofs of this date may be the official tally, but the actual number of Proofs sold to collectors was probably closer to 25 to 35 coins, which seemed to be a fairly consistent level of demand from 1859 on. Proofs were struck from two different die pairs, but this does not necessarily mean that one version is an original and the other a

restrike, despite the tiny mintage. As usual for this period, Cameo Proofs are the rule, and a couple of exceptional examples exist—most notably an NGC PF-67 Cameo coin that set a record price of $81,700 in 1998. Harry Bass had a gem Proof, and the one in the Smithsonian is a PF-64 Cameo example.

1868, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1868, 25 Proof $3 gold pieces were struck from a single pair of dies. No restrikes were made; however, at least four (and possibly more) Proofs were struck in aluminum. Most, if not all, of the Proofs feature a medal turn instead of the normal coin turn—this idiosyncrasy occurs even on the aluminum strikes. Again, Cameo finishes are the rule. The major services have graded 17 examples, some of which may be double counts of resubmissions, among the finest being an NGC PF-66 Ultra Cameo. Auction appearances are very infrequent, averaging once every two years. The auction record of $32,775 was set in 2000 by a PCGS PF-65 coin. The example in the Smithsonian is a Deep Cameo PF-64 specimen.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1868 and 1869 $3 gold pieces have identical mintages, reflective of the collector demand at the time. The two dates are of similar rarity, but more gems are known of the 1869 issue. As expected, all of the known survivors display cameo contrast (the non-Cameos listed in the population reports were graded before the services began

adding that designation). The Proof dies were also used to strike examples in copper, aluminum, and nickel. While these are commonly called die trials, they are actually coins that were specially made as rarities for sale to collectors. The finest example is a single NGC MS-66 (with a star designation), and this very same coin fetched $50,600 in July 2003. The price record for the issue belongs to a PCGS PF-65 Ultra Cameo that sold for $74,750 in February 2007.

1870, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Cameo

In 1870, the mintage of Proof $3 gold pieces jumped slightly, a fact that is reflected in a similar increase in the population of certified examples. Proofs have a full leaf to the left of the date. The dies were repolished before circulation strikes were made, which obliterated much of the leaf and created a number of deceptive prooflike examples. Again, off-metal strikes were made in copper, aluminum, and nickel. None have been certified higher than PF-65, and the auction record belongs to an NGC PF-64 that sold for $28,750 in 1998. The Proof in the Smithsonian is a lovely PF-64 Cameo.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

With only 30 Proofs, the 1871 $3 gold piece is a very rare coin, yet more than half the population of survivors has been certified (if one assumes no resubmissions, which is unlikely). The finest certified example is a single PCGS

PF-65 Cameo. Proofs can be told apart from prooflike circulation strikes by the position of the date: on Proofs, the date is high, but on circulation strikes, the date is very low and almost touches the ribbon. High-grade pieces are difficult to find. The auction record for the date is only $19,550 for an NGC PF-63, which seems like a bargain compared to the coin’s rarity. Just as in the previous year, off-metal strikes were made in copper, aluminum, and nickel.

1872, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage of only 30 Proofs for this day may be incorrect, as 31 have been certified by PCGS and NGC combined, and ANACS has also graded two of these Proofs. There are also several raw Proofs that must be considered in terms of population; these coins are in institutions or have never seen the inside of a grading room. Akers commented on how deceptively prooflike first strikes can be; however, Proofs can be differentiated from their circulated counterparts by the position of the date, which is lower than on circulation strikes, making it easy to tell them apart. Off-metal strikes were also made in copper and aluminum, but no longer in nickel. The finest certified example is a single NGC PF-66 Cameo, which sold in January 1998 for $46,000. The Smithsonian has a Deep Cameo PF-64.

1873, Open 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

All original Proof 1873 $3 gold coins are of the Open 3 variety. With a certified population already exceeding the reported mintage of 25 Proofs, it is evident that this date was restruck. In fact, Walter Breen indicates that those made from rusted reverse dies are restrikes that are much rarer than the earlier versions. However, a debate rages over whether the additional 1873 Proofs were struck in 1873 or later that decade. No off-metal versions were made with an Open 3, which may have some significance. Only a few gem examples exist, and the auction record of $161,000 goes to the PCGS PF-65 Deep Cameo coin that sold in February 2007. The Smithsonian has a lovely Cameo PF-64 example.

1873, Close 3, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The 1873 Close 3 is an amazingly rare coin in both of the versions in which it is found: (1) early versions with unusual rounded fields that curve up to the rims, like a bowl or a dish, and (2) later versions with a convex obverse and a concave reverse. The cataloger of the Trompeter example explained that the bowing of the coin was caused when it was run through an edge-reeding machine! The appearance of both versions is so unusual and so out of character with other Proofs of the period that the authors believe it is highly unlikely that they were made anywhere near their stated date. The Smithsonian does not have one of these, which may or may not be significant, since it has an Open 3 Proof. Only four examples have been graded, all by PCGS, two of which are PF-65 coins. The auction record is $36,800, set in 2005 by a PCGS PF-61 piece.

1874, Proof

Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The authors have no faith in the mintage figure for this date, as nearly 30 examples have been certified by ANACS, PCGS, and NGC. Even accounting for multiple resubmissions, the survival rate is simply too high to support a mintage of only 20 Proofs. A comparison of the 1874 and the 1875 issues reveals that the mintages are identical, and that great value lies in an extra certification point, though currently there are only 14 examples certified. Cameo examples are often seen, but this date is known more for the graininess in the planchet that surrounds Liberty on the obverse, creating a halo effect that is sometimes described as an “aura.” The best certified examples stop at the PF65 level, and the price record was set recently by the Bass-Jewell example that sold for $46,000 in 2005. The example in the Smithsonian is a lovely Deep Cameo PF-64 coin.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Cameo

Because it is a Proof-only date, the 1875 $3 gold piece is one of the most desirable and valuable of the series. The mintage of 20 Proofs is on the low side, thanks to some extra striking that went on at a later date in secrecy. Only 17 examples have been certified by the major services, none above PF-65. This date is found with heavy Cameos, and there is a “halo effect” on the obverse that is also seen on the 1874. None has been graded finer than PF-65. Auction appearances are infrequent, usually accompanied by wordy descriptions and high prices. The auction record for this date is the sale in late 2007 of a PCGS Deep Cameo coin for $253,000. The Smithsonian’s is a Cameo PF-64 example. Copper and aluminum versions were also made, some of which have been gold plated to pass as the more expensive gold versions. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage of the 1876 Proof $3 gold pieces was completed at two different times. The first coins, totaling 20, came on February 19, and then 25 more pieces were minted on June 13. An unknown number of additional Proofs were made at an unknown date from a different obverse die. Off-metal Proofs were also struck in copper (Judd 1482) and aluminum (Judd 1483). No circulation strikes were made this year, so there is considerable collector demand for this date, pushing the price higher than normal for a Proof of relatively average rarity. Cameos and Deep Cameos are common, if not the rule, and a small number of gem examples are known, led by three certified examples at the PF-66 level. The Smithsonian has two examples, the best being a Deep Cameo PF-64. The auctionprice record was set in October 2005, when a PCGS PF-66 Deep Cameo sold for $143,750.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1877 $3 gold coins were minted in two batches: the first 10 on February 24 and another 10 on May 31, all from the same die pair. Later versions show evidence of die rust on the obverse. Proofs have a very low date compared to the nearly centered date on circulation strikes. This diagnostic difference is sometimes required to tell Proofs from deceptive first strikes. Bowers/Winter claim a second obverse die and possible restriking. This date rarely appears at auction and it is lucky to see one coin for sale in a year. None has been certified finer than PF-65, but many of the certified examples are Cameos or Deep Cameos. The Smithsonian has only one example, a Deep Cameo PF-64, purchased from the Mint as part of a complete Proof set in 1877. The auction record of $43,125 was set in October 2001. No off-metal strikes were made in 1877, nor were any made again until 1884.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

All 20 of the 1878 Proof $3 gold pieces were struck early in the year and delivered on February 9, which was when the Smithsonian obtained its Deep Cameo PF-64 as part of a complete Proof set of the year. The obverse was a leftover die from the prior year; thus, it shows the rust that started in 1877 (a useful diagnostic tool for distinguishing Proofs from circulation strikes). As usual, Cameos are the rule and the finest certified example is a PCGS PF-66 Deep Cameo. This date appears at auction infrequently, usually at the rate of once every two or three years. There is no evidence of restriking, but the certified population is sufficiently high (17) to warrant suspicion. At the top level, PCGS has certified a PF-66 Deep Cameo, but the auction record goes to an NGC PF-65 Ultra Cameo that sold in 2005 for $48,300.

1879, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-65 Cameo

Conflicting reports cloud the picture of how many Proofs were actually struck of this date, but the oft-stated number of 30 appears to be reasonable. This was a reuse of the 1877 to 1878 obverse die, with the same rust pits. This alone is diagnostic for the Proofs, but an additional feature is a rough area in the lower part of the 9 (on circulation strikes, the 9 is clear). The Smithsonian obtained its PF-65 Cameo from the Mint in January 1879 as part of a complete Proof set—for just a tiny premium over the face value. This date is every bit as rare as the 1878 Proof and appears at auction just as infrequently. The best certified example is an NGC PF-67 Ultra Cameo that crossed the auction block in March 2007 for an impressive $80,500.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for this date breaks down to 20 in February and an additional 16 in September. Again, the rusted obverse from the previous three years was used, but this was the last use. On Proofs, the date slopes slightly up from left to right; on circulation strikes, the date appears level. The “halo” effect that is sometimes seen in the obverse fields on many of the dates in the late 1870s and throughout the 1880s is caused by a natural micro-porosity in the planchets. The halo or aura should not affect the price or desirability of these rare Proofs. The high number of certified examples (39) suggests restriking or a lot of resubmissions. An NGC PF-67 Ultra Cameo specimen is the finest graded. The coin sold for $77,625 in May 2007.

1881, Proof Mintage: 54

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

In 1881, the Mint increased the number of gold Proof sets that it struck early in the year to 40, perhaps due to (or in anticipation of) increased collector demand. Their prescience was accurate and on March 26, they needed 10 more, and then 4 more in the last quarter of the year. A new obverse die was used, so the reverse must be examined to distinguish Proofs from circulation strikes. On Proofs, the date slopes up slightly to the right, and the digits are almost directly below the letters of DOLLAR. On circulation strikes, the date is level and the digits line up between the letters of DOLLAR. PCGS, ANACS, and NGC have certified nearly 80 examples, suggesting restriking, resubmissions, or both. The finest certified example, an NGC PF-67 Cameo, set the auction record of $43,700 in

May 2003.

1882, Proof Mintage: 76

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Proof 1882 $3 gold pieces were made at various times during the year, beginning with 25 in February, when the Smithsonian obtained one of their two Proofs for face value! The obverse die was the leftover 1881 obverse. The reverse die can be used to differentiate Proofs from circulation strikes—Proofs have a normal 2, whereas circulation strikes have a defective 2 that may have been caused by repunching. The higher mintage makes this date more available and affordable than Proofs of prior years, so it is a good candidate for type purposes. The finest certified example is a single NGC PF-67. The auction-price record was set in 2006 by a very choice Proof that realized $21,850.

1883, Proof Mintage: 89

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The elevated mintage for this date indicates increased collector demand for Proofs. Apparently, most of the mintage was saved, as nearly 100 Proofs have been certified by ANACS, PCGS, and NGC (as of this writing), with the difference due to resubmissions. On Proofs, the tips of the wreath are clearly separated; on circulation strikes the tips are connected. The Smithsonian has one example, a PF-64 Deep Cameo that it purchased in February of 1883 for face value. There are a handful of very choice examples that include more than a dozen PF-66s and a single NGC PF-67, most of which have Cameo or Deep Cameo designations. This date appears at auction roughly three times

per year. The auction record was set in 1999, when the aforementioned NGC PF-67 Cameo sold for $51,750.

1884, Proof Mintage: 106

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As in the preceding year, increased collector demand resulted in a mintage of 106 Proofs, a quantity not seen since more than 20 years earlier. On Proofs, the RICA of AMERICA has extra outlines from recutting; on circulation strikes, none of the outlining is visible. The best example is a single NGC PF-68 Cameo, which may or may not be the same PF-68 that set the auction-price record of $63,250 in March 2000. At least two off-metal strikes (Judd 1735) were made in copper from Proof dies; Breen claims they were made clandestinely.

1885, Proof Mintage: 109

Finest Smithsonian Institution specimen: PF-64 Cameo

This is a relatively common Proof by $3 standards, and either the entire mintage has survived, or there is a plethora of resubmissions at the grading services, which include about 125 certified examples in their census reports. Proofs and circulation strikes are often confused, but the following diagnostics help: Proofs have noticeable recutting on the 3, whereas circulation strikes do not. The Smithsonian has a PF-64 Cameo that was purchased from the Mint early in the year as part of a complete Proof set. Three PF-67 examples have been certified, but none have appeared at auction, leaving the price record of $36,800 to a PCGS PF-65 coin that was sold in 1998. Judd 1753 represents an aluminum striking from Proof dies.

1886, Proof Mintage: 142

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

To strike Proofs this year the Mint used two reverse dies, one of which Walter Breen claims was also used to make circulation strikes. Thus, there are no clear diagnostics for separating Proofs from coins made for circulation; however, Akers notes that the two versions can be separated based on their appearance alone. Thanks to the high mintage, auction appearances are frequent, on the average of three to four per year. The Smithsonian has a Deep Cameo PF-64. The best certified examples are nine pieces at the PF-66 level, some being Cameos, but none finer. In September 2006 a PCGS PF-65 Deep Cameo set the auction price record for the issue at $35,650.

1887, Proof Mintage: 160

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1887 issue has the second-highest Proof mintage of the series. A very high percentage of coins have survived, according to the certification services. Walter Breen notes that some examples are known with the dies aligned 180 degrees from normal, and David Akers lists some rare Proofs that were struck that way, then struck again with the dies in normal alignment, the result being some fabulous undertypes. More than 150 examples have been certified by the major grading services, numbers doubtless bloated by resubmissions. The best certified examples are four NGC PF-67 coins, one of which sold at auction for $63,250 in January 2008. The Smithsonian has a Deep Cameo PF-65. This date frequently comes with a halo effect, sometimes referred to as a deep or sharp contrast, on the obverse.

1888, Proof Mintage: 291

Finest Smithsonian Institution specimen: PF-64 Cameo

This date has the highest Proof mintage of any $3 gold piece. David Akers speculated more than one die pair was used for this year and, in answer, Walter Breen lists two, one of which was also used to coin circulation strikes. However, the quality of Proofs for this year was sufficiently different from that of the circulation strikes, so little confusion occurs. A single NGC PF-67 Cameo coin is among the best certified examples, but the price record of $60,375 belongs to an NGC PF-67 coin that was sold in January 2006. The Smithsonian has one Proof, a PF-64 Cameo example, obtained in the year of issue.

1889, Proof Mintage: 129

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Either the collectors had no clue that this was the last year of the denomination, or they did not care, as the Proof mintage for this year dropped quite dramatically. Even the Mint Cabinet, which usually obtained complete Proof sets early in the year, waited until October to finally get its example (a Deep Cameo PF-64). Claims have been made that this is either a great rarity or an underrated Proof, but the population reports indicate that virtually the entire mintage has survived, and that it is no rarer than other dates with similar mintages. The best examples are several PF-66 coins, one of which set the price record of $34,500 in May 1999.

4 GOLD COINS: AN OVERVIEW Stella (1879–1880) Beginning in the 1870s, several countries advocated the establishment of a universal coinage that would translate easily across international currencies. A few efforts were made in the United States early in the decade, leading to coins such as the 1874 Bickford $10 patterns, but the most serious attempts came in 1879. That year, the Honorable John A. Kasson (U.S. politician and ambassador, at that time envoy extraordinary and minister plenipotentiary to Austria-Hungary) proposed a $4 gold coin with a metallic content stated in the metric system, making it easier for Europeans to use. Per Kasson’s proposal, this new coin would approximate in value the Spanish 20-peseta, Dutch 8florin, Austrian 8-florin, Italian 20-lire, and French 20-franc pieces, among other denominations. The purpose of the $4 gold coin was to facilitate international trade and travel for Americans—the same motivation behind the 1874 Bickford eagle and other gold patterns. Congress had enough interest in Kasson’s suggestion to order the Mint to produce a limited run of the $4 gold pieces so that congressmen could review the coins. Soon thereafter, Chief Engraver Charles E. Barber prepared an obverse design that depicted a portrait of Liberty facing left with long, flowing hair. Meanwhile, George Morgan created a motif featuring a portrait with the hair coiled up in a bun. Denominated as ONE STELLA (so named after the large star on the reverse), the $4 gold pieces were minted in both 1879 and 1880 in a variety of metals, including gold, copper, and aluminum. Q. David Bowers, in his Guide Book of United States Type Coins, describes some reasons for the failure of the Stella: [L]ogic dictated that the familiar $20 pieces were more convenient for international trade, easier to count, and were already in place. Besides, although the $4 Stella was set as being worth four American dollars, it still was not of the same value as even a single other current variety of European gold coin, and change would have to be made in transactions, just as it would have to be made for the standard $5 half eagle.

The 1879 Flowing Hair Stella is the most “common” of the four known varieties, as this was the version produced for Congress. Although 425 pieces were supposedly struck, it is possible that as many as 725 were minted in total. According to one numismatic legend, some congressmen gave their Stellas as gifts to wives and mistresses; if true, this would explain the large number of ex-jewelry specimens known today.

Flowing Hair.

The three other varieties (the 1879 Coiled Hair, 1880 Flowing Hair, and 1880 Coiled Hair) are all significantly more rare. More from Bowers on the coins of this interesting experimental denomination: By any evaluation these are patterns, not regular coins, and are in the purview of specialists in the pattern series. However, the wide availability of the 1879 Flowing Hair has made it a stock-in-trade item for coin sales and auctions for more than a century, with the majority of buyers being collectors of regular coins, not pattern specialists. Furthermore, the curious $4 patterns have been neatly adopted into nearly all books that list regular coins but not patterns (or just a few patterns, such as the 1856 Flying Eagle cent and the 1859 transitional half dime, as examples). The old Wayte Raymond Standard Catalogue (1934 to 1958 publication run) and the Guide Book of United States Coins followed suit.

Coiled Hair.

In October 2005, a collection of 11 Stella patterns was displayed at the Whitman Coin and Collectibles Atlanta Expo. In addition to gold, there were several examples in aluminum, copper, and white metal. Most were of varieties with only four to six known in existence, and at the time each was valued between $55,000 and $500,000—a remarkable assemblage, and a rare opportunity for the average collector to examine these beautiful coins up close. Designed by Charles Barber (Flowing Hair) and George Morgan (Coiled Hair). The Flowing Hair version features a portrait of Liberty with loose, fluid locks of hair. At the edge, the inscription 6 G 3 S 7 G R A M S is found, indicating the weights and standards of the coin. On the reverse, the eponymous star is located in the center containing the words ONE STELLA 400 CENTS. Circumscribing the star are the words E PLURIBUS UNUM DEO EST GLORIA further encircled by UNITED STATES OF AMERICA FOUR DOL. The Coiled Hair version features a head of Liberty with braided hair, wearing a coronet. The word LIBERTY is inscribed on the headband. Edge: reeded. Standards for gold Stellas: weight, 7 grams; composition, ~85.7% gold / 4.2% silver / 10% copper; diameter, 22 mm.

$4, STELLA 1879, Flowing Hair Mintage: Estimate of 425

Finest Smithsonian Institution specimen: PF-66

The $4 gold coin was produced as a potential international trade coin. Charles Barber created the Flowing Hair design, and around 425 coins were struck so that congressmen could review them. The idea failed, and the Stella was never minted for circulation. Many examples were kept as pocket pieces, as there are numerous coins seen today with a great deal of wear or damage. The exact mintage for the issue is unknown. It has been speculated that around 15 coins were struck in 1879, these being so-called originals. The surfaces of these examples are deeply mirrored, and lack die striations. A much larger number of coins were reportedly struck later, possibly in 1880. These later coins are seen with lightly striated surfaces and with considerable mint frost for a Proof issue. The $4 gold Stella is one of the most desirable U.S. gold coins. The auction record for the issue is an NGC PF-67 that sold for $402,500 in 2006. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1879, Coiled Hair Mintage: Estimate of 15

Finest Smithsonian Institution specimen: PF-66

The $4 gold Stella was also produced in 1879 with a Coiled Hair design by Charles Barber. These were struck in much smaller numbers, probably only 15 coins. Today, there are about a dozen examples known in all grades. The gold Stella was a failed pattern, and none were struck for general circulation. The Coiled Hair $4 gold Stella is considered one of the great prizes of U.S. coinage. Examples are usually offered only when important collections cross the auction block. Most of the known specimens of the issue are gem Proof. A few slightly impaired coins are known. The Smithsonian example is superb. One of the finest pieces known was sold at auction in early 2005 for $655,500. The coin has been certified by NGC as PF-67. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1880 Flowing Hair Mintage: Estimate of 25

Finest Smithsonian Institution specimen: PF-65

The $4 gold Stella was also produced in 1880. While the 1879 issue was struck in quantity as consideration for the new denomination, 1880 production was probably made primarily for favored collectors. The Flowing Hair design is by Charles Barber. The 1880, Flowing Hair Stella is very rare, and it is estimated that 15 to 20 coins are known. The coin that is part of the Smithsonian collection is fully gem, and ranks as one of the finest $4 specimens seen by the authors. Although the 1880, Flowing Hair Stella is of about the same rarity as the Coiled Hair issues, the demand for the type is less, and the issue brings considerably less in the market. An NGC PF-65 sold at auction in late 2006 for $287,500. Most of the coins seen for this issue are of gem quality. A few slightly impaired examples are known. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1880, Coiled Hair Mintage: Estimate of 15

Finest Smithsonian Institution specimen: PF-64

The Coiled Hair design by Charles Barber is among the most desirable of all U.S. coins. Although this and the other Stella issues are all technically patterns, they are also collected by numismatists in general, so the demand for the 1880, Coiled Hair issue is tremendous. Of the mere 15 coins estimated to have been produced, only 10 to 12 examples are known. Most of the coins seen are choice Proof, but a few pieces are slightly impaired. The Smithsonian example is a choice specimen. One of the finest coins known for the issue sold in early 2005 for $977,500. Today, a gem 1880, Coiled Hair Stella is a million-dollar plus coin. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

5 GOLD COINS: AN OVERVIEW Capped Bust to Right, Small Eagle (1795–1798) Half eagles appeared in 1795, two years after the first American copper coins and one year after the first silver coins. Much of the delay in the appearance of the $5 denomination can be attributed to a lack of gold bullion being deposited at the Mint, but we also know that some of the Mint officials had difficulty obtaining performance bonds allowing them to handle precious metals. The first type shows a liberty cap—carried on a pole on the half cents and large cents—planted firmly on Liberty’s head. A long strand of hair wraps unnaturally around the cap, creating the false impression of a turban (this design is sometimes called the Turban Head). The reverse features a scrawny eagle perched atop a palm branch, holding a wreath in its beak. The same designs were used on the first $10 gold pieces, which also debuted in 1795. Only the Philadelphia Mint produced this type. No Proofs or presentations strikes were made. Mintages for this type are very low, and survivors of any date are very scarce, making it one of the most desirable and valuable of all early types.

Capped Bust to Right, Small Eagle.

Because the dies were hand-made, numerous varieties exist.

The liberty cap has appeared frequently on American coinage, but it dates back at least to ancient Rome, where it was bestowed upon freed slaves. Also known as a phrygian cap, it has been used as a symbol for freedom since that time. In France, it was adopted by the revolution; when the angry mob invaded the palace of King Louis XVI, they forced him to don a liberty

cap, as shown in this French political cartoon of the 1790s. Designed by Robert Scot. The obverse features a head of Liberty facing right, wearing not a turban, but a stylized freedman’s cap (the turban confusion probably came about by the long lock of hair that wraps unnaturally around the cap). The word LIBERTY appears above and to the right of her head. Either 15 or 16 stars are arranged on either side of Liberty’s head and the date appears at the base of the obverse. The reverse shows a wan-looking eagle perched on a palm branch, its wings outstretched, holding a wreath of an olive branch in its beak. The words UNITED STATES OF AMERICA arc around the top of the reverse. Edge: reeded. Standards: weight, 8.75 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 25 mm.

Capped Bust to Right, Heraldic Eagle (1795–1807) In 1797, Robert Scot created a heraldic reverse design for the half eagle and eagle, a theme that would eventually be echoed on all U.S. coins except for the half cent and cent. (Coins of this type dated 1795 are thought to have been struck in 1798.) Scot’s Heraldic Eagle reverse borrowed heavily from the Great Seal of the United States, which was affixed to all official government documents.

Capped Bust to Right, Heraldic Eagle.

The success of the half eagle depended on the quantity of gold bullion deposited at the Mint. Because only small amounts of gold were received by the Mint in its early years, quantities struck for this type are generally low. However, mintages trended upward as the years passed. Coins were struck in every year except 1801, when all of the gold deposits were used to strike $10 coins. The 1795-dated Heraldic Eagle half eagle was actually struck later, using an odd combination of a leftover 1795 obverse and a reverse of the new type. Most likely, this odd “mule” was struck in 1798, at the same time as the 1798 Small Eagle–reverse half eagle. This type is replete with interesting varieties, including some overdates (1797/5, 1802/1, and 1803/2). In 1797, obverses can be found with either 15 or 16 Stars (this number was lowered to 13 stars beginning in 1798). In 1798, obverses come with either a large or a small 8 in the date and, on the reverse, either 13 or 14 stars float above the eagle’s head. As with most early American gold and silver coins, this type often has problems with adjustment marks and/or weak or uneven strikes. Buyers should also beware of cleaned and/or repaired examples. All examples of this type were struck at the Philadelphia Mint (the only coinage facility existing at the time). No Proofs were made, but one 1795 eagle with a Heraldic Eagle reverse has been certified as a Specimen. Designed by Robert Scot. Same obverse design as the previous. The reverse features a heraldic eagle, patterned after the Great Seal of the United States. UNITED STATES OF AMERICA surrounds the eagle. Edge: reeded. Standards: weight, 8.75 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 25 mm.

Capped Bust to Left (1807–1812) John Reich began working at the U.S. Mint in 1807 as an assistant to the engraver, Robert Scot. Reich’s first efforts designing American coins occurred that same year, when his Capped Bust motif appeared on the half dollar and half eagle. The half eagle turned out to be the most important gold denomination in the early 1800s. In fact, from 1809 to 1820, inclusive, it was the only gold denomination produced in the country. As such, there were no breaks in the Capped Bust series, a rare occurrence in any type outside of large cents or half dollars. Mintages were high for the period, reaching a zenith of more than 100,000 coins in 1810. Even the lowest-mintage date (1809) was represented by more than 33,000 coins. Unfortunately for collectors, many examples of this type were destroyed during the frequent periods when their metal value exceeded their face value.

Capped Bust to Left.

This type contains two overdates: 1808/7 and 1809/8. In 1810, the date is either Large or Small, and the 5 in the denomination is found either Tall, Small, or Large (the rarest combination is the 1810 Large Date, Small 5). The 1811 coin is also found with Small or Large 5 numerals in the denomination. In general, this type is better made than it predecessors, although weak strikes are sometimes a problem. Adjustment marks are sometimes seen, but they are usually minor due to the better strikes. No Proof examples were made of this type. All coins of this type were struck at the Philadelphia Mint.

The American revolutionaries admired their French counterparts and embraced many of the aims of the French Revolution. The colonists adopted the brimless, conical French liberty cap as a symbol of their struggle against Great Britain, and the cap long remained a common emblem, as shown in the Civil War–era lithograph “Arms of the United States of America.” Although it is not widely used today, the liberty cap has been a central part of the design on the seal of the U.S. Senate since 1885. Designed by John Reich. The Capped Bust design appeared on only one other denomination—the quarter eagle of 1808. Liberty’s cap looks no longer like a freedman’s cap, but just a loose bag with a headband. Her hair is nicely done and falls in curled tresses down the back of her neck. Thirteen stars are arranged with seven on the left and six on the right on the obverse; the date appears below the bust. The reverse features an eagle with its wings outstretched and raised, with arrows and an olive branch in its talons. A scroll bearing the words E PLURIBUS UNUM hovers above the eagle’s head and the denomination in the form “5 D.” appears beneath the eagle. UNITED STATES OF AMERICA arcs around the upper reverse. Edge: reeded. Standards: weight, 8.75 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 25 mm.

Capped Head to Left, Large Diameter (1813–1829)

The Capped Head to Left, Large Diameter type, issued from 1813 to 1829, contains some of the greatest rarities in American numismatics—coins such as the 1815 half eagle, the 1822 (three known), the 1825/4 (two known), and the 1829 Large Date. Most of the dates in this series have low mintages, usually below 50,000 coins. The 1820 half eagle has the highest mintage (263,806 coins), and the 1815 has the lowest (635 coins). Some dates, such as 1819, have a reasonably high mintage (51,723 coins) but remain extremely rare today. The rarity of many of the dates cannot be attributed to attrition alone—clearly, vast majorities of many dates were destroyed en masse.

Capped Head to Left, Large Diameter.

Nevertheless, the collector of average means still has many opportunities to own this type. The most affordable dates include 1813, 1814, 1818, and 1820. Even the 1823 half eagle, with a mintage of only 14,485 pieces, is within reach of most collectors. Several interesting varieties exist to entice the collector. Overdates include the 1814/3, the 1825/1, the 1825/4, and the 1828/7. In 1818, one variety includes STATES OF jammed together as one word; another 1818 variety shows the denomination as 5D over 50 (a similar situation occurs in 1819). In 1820, the 2 of the date is found with either a curved base or a flat, straight base. The Philadelphia Mint was the sole producer of coins of this type. A tiny number of Proof examples were produced, all of which are extremely valuable rarities. One of the finest Proof examples known to the author is the superb 1828 in the National Numismatic Collection at the Smithsonian Institution. Designed by John Reich. The Capped Head design was only used on half eagles beginning in 1813 and the quarter eagle in 1821. While it resembles the head of Liberty on the Classic Head half cents (1809–1836), the bust and head are shaped differently. The reverse is a slightly modified version of the preceding. Edge: reeded. Standards: weight, 8.75 grams; composition, 91.67% gold/8.33% silver and copper; diameter, 25 mm (reduced to 23.8 mm in 1829).

Capped Head to Left, Reduced Diameter (1829–1834) In 1829, the design on the Capped Head half eagle was modified slightly by William Kneass to accommodate new machinery at the Mint. Half eagles were being struck using a close collar that produced coins of uniform diameter. The borders now consisted of circles of beads within a raised rim. The major design elements remained the same, but the stars, lettering, and dates became smaller.

Capped Head to Left, Reduced Diameter.

Rarities in this series include the 1829 Small Date (compared to the earlier Large Date, Large Diameter coin of that year) and the 1832 with only 12 stars on the obverse (an engraver’s gaffe). In 1834, varieties appear with either a Plain or Crosslet 4 in the date. All examples of this type were produced at the Philadelphia Mint. Mintages were

relatively high (most greater than 125,000 coins), but survivors are very rare. A tiny handful of Proofs were made, but they seldom appear on the market and are extremely valuable. Designed by John Reich. Same designs as the preceding except the border has been replaced with a circle of small beads within a raised rim. Edge: reeded. Standards: weight, 8.75 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 23.8 mm.

Classic Head (1834–1838) In 1834 the weight of the half eagle was reduced from 8.75 to 8.36 grams, enough to lower the bullion value below the face value, thus discouraging the mass melting that destroyed so many of the older issues. (Of course, the Mint was one of the biggest offenders, taking older, heavy-weight coins and turning them into the new, lighterweight versions.) This accounts for the huge mintage of 1834 half eagles (657,460 coins), more than two times the previous mintage record set in 1820.

Classic Head.

Liberty lost her cap on this type, but the most obvious change was the removal of the scroll from the reverse, above the eagle’s head. Apparently, the theme of E PLURIBUS UNUM (“Out of Many, One”) was considered repetitive since UNITED STATES OF AMERICA was already on the reverse. This type was produced at Philadelphia (1834 to 1838), Charlotte (1838 only), and Dahlonega (1838 only). Mintages began high and remained so, though smaller in the final years. Quantities from the Charlotte and Dahlonega mints were low, since they relied on local sources for their gold. As with the previous type, the 1834 Classic Head half eagles are found with either a Plain 4 or a Crosslet 4. The Classic Head type ended in 1838 and was replaced by the Liberty Head design the following year. Designed by William Kneass. For this type, Kneass used a different face of Liberty, here with a classic, almost perfectly straight nose. Kneass removed Liberty’s cap, revealing tight curls held in place with a headband inscribed with the word LIBERTY. Tresses fall down the side and back of her neck. Thirteen stars surround the head, and the date appears below the bust. The reverse is a slightly modified version of the previous, now lacking the scroll and motto. Edge: reeded. Standards: weight, 8.36 grams; composition, 89.92% gold / 10.08% silver and copper (changed to 90% gold / 10% silver and copper in 1837); diameter, 22.5 mm.

Liberty Head, Variety 1, No Motto Above Eagle (1839–1866) From 1795 to 1838, the half eagle had undergone a total of six design changes—roughly one change every seven years. Stability finally came to this denomination in 1839, when a new version of Liberty and a cleaned-up version of the eagle were unveiled. The obverse design lasted for 70 years; the reverse design remained essentially the same except for the addition of the motto IN GOD WE TRUST after the Civil War.

Liberty Head, No Motto Above Eagle (also called Variety 1).

This type is characterized by roller-coaster mintages, varying qualities of strike and luster, interesting varieties, five different mints, and even a date that remains completely unknown in any collection. Mintages range from the 268 examples of 1854 (San Francisco Mint) to the nearly 700,000 Philadelphia coins of 1861. Quality differs from the well-produced coins of the Philadelphia Mint to the poorly made products of Dahlonega. In many cases, the dies used to produce coins at the Dahlonega Mint appear to be rejects from Philadelphia (which produced all of the dies for the branch mints). High-grade coins from either of the Southern mints (at Charlotte and Dahlonega) are among the most elusive and desirable of all U.S. coins. The five different mints that made this type include Philadelphia, Dahlonega, Charlotte, New Orleans, and San Francisco. Proofs were made of almost every year. All are very rare, but Proof half eagles prior to 1859 are particularly so. One of the more interesting varieties of this type is the 1847 with a misplaced date—the top of a 7 can be seen near the denticles, just below the 4 and the 7 of the date. 1842 and 1846 half eagles come with either Large or Small Dates. 1843-O half eagles are found with either Large or Small Letters on the reverse. The unknown date is the 1841-O, which has a reported mintage, though not a single example has ever appeared on the market. Designed by Christian Gobrecht, who completely revised the head of Liberty, making it smaller, putting her hair up in a bun, and braiding the hair around her forehead and temple. The reverse is very similar to the preceding, but the eagle appears healthier. Edge: reeded. Standards: weight, 8.359 grams; composition, 90% gold / 10% silver and copper; diameter, 22.5 mm (reduced to 21.6 mm in 1840).

Liberty Head, Motto Above Eagle (1866–1908) In 1866, the half eagle received the motto IN GOD WE TRUST, was added to the back of the coin on a scroll above the eagle. The motto had actually been contemplated as early as 1863, when the death and mayhem of the Civil War sparked a spiritual renewal in America.

Liberty Head, Motto Above Eagle (also called Variety 2).

This type doesn’t contain a rarity of the stature of an 1854-S, but there are plenty of lesser rarities that are exciting in their own right, coins like the 1875 (200 circulation strikes and 20 Proofs), the low-mintage 1870-CC and 1878-CC, and the Proof-only 1887 (with a mintage of just 87 coins). Two overdates are found in this series: 1881/0 and 1901/0-S. Major varieties are limited to 1873. Proofs were made every year, but the high face value kept demand in check—few people could afford to invest $5 (plus a proofing fee) into a single coin year after year. Thus, Proof mintages range from a low of 20 to a high of 230. Today, demand for Proof examples of this type is strong, and the face value of the coin no longer carries any significance. Five mints produced this type: Philadelphia (all years); Carson City (1870–1893); San Francisco (1866–1906); New Orleans (1892–1894); and Denver (1906–1907). Designed by Christian Gobrecht. Same designs as the preceding, but a scroll bearing the motto IN GOD WE TRUST was added above the eagle on the reverse. Edge: reeded. Standards: weight, 8.359 grams; composition, 90% gold / 10% silver and copper; diameter, 21.6 mm.

Indian Head (1908–1929) Among U.S. coinage, the Indian Head half eagle represented a completely new and unusual design technique,

inspired by ancient Greek coins and developed by Bela Lyon Pratt. Normally, coin designs are raised above a flat field. On incuse coins, the design is impressed into the metal and is lower than the field. Until Pratt’s design appeared on the half eagles and eagles of 1908, no American coin had been produced with an incuse design. Pratt came to the attention of Theodore Roosevelt through a mutual friend, Dr. William Bigelow, who shared the president’s desire to improve the artistry on American coinage. Critics of the design feared that the recessed features would collect disease-bearing dirt, and that the coins would be unhealthy and become unsightly. In reality, the incuse coins gathered no more dirt than coins with raised relief, nor has any study shown incuse coins to be any less healthy. Other concerns focused on the “stackability” of the coins (a non-issue, as it turned out) and the ease with which con men could simply carve the design into a blank piece of gold (a very difficult task that was rarely, if ever, tried). The Indian Head half eagle type was issued from 1908 to 1929, with a large gap from 1917 to 1928. Primary production took place at the Philadelphia Mint, with sporadic help from the Denver and San Francisco mints. Even the New Orleans Mint joined in, just before the facility was shuttered for good (in 1909).

Indian Head.

Rarities include 1909-O (a true low-mintage date) and 1929 (a high-mintage date that saw only a limited release before the large majority of the coins were destroyed). Many dates in this series are “condition rarities”—common in low grade, but often extremely rare in high grade. Nonetheless, sufficient high-grade examples exist of some dates to keep the price affordable. Proof half eagles were made from 1908 to 1915, inclusive, with a matte or satin finish completely unlike the brilliant, sometimes cameo, finish of prior years. All are extremely rare and valuable, representing some of the most desirable of all U.S. issues. Designed by Bela Lyon Pratt. This new type is one of only two American coins with an entirely incuse design (the other is the Indian Head quarter eagle). The obverse features an Indian chief in ceremonial headdress, with the word LIBERTY above and the date below. Six stars appear on the left side and seven on the right. The reverse features an American eagle, majestically posed with his wings at his side. The eagle is perched atop a bundle of arrows with an olive branch entwined about it. UNITED STATES OF AMERICA appears above, E PLURIBUS UNUM (in smaller letters) appears to the left, and IN GOD WE TRUST (also in smaller letters) appears to the right of the eagle. The denomination “5 DOLLARS” appears at the base of the reverse. Edge: reeded. Standards: weight, 8.359 grams; composition, 90% gold / 10% silver and copper; diameter, 21.6 mm.

$5 – CAPPED BUST TO RIGHT, SMALL EAGLE 1795, Small Eagle Mintage: 8,707

Finest Smithsonian Institution specimen: MS-62

The 1795, Small Eagle $5 gold piece is an extremely popular coin, being the first year of the type and denomination. This was true even in 1795, for the number of survivors today is remarkably high (approaching 6% of the original mintage, whereas most other dates rarely exceed 2 or 3%). Circulated examples are easy to find, though pricey, and even About Uncirculated examples can be obtained without difficulty. Mint State examples are fairly rare and are most likely to fall into the MS-62 category. Gems are extremely rare. The previous price record of $299,000 for this date was set by an NGC MS-65 example in May 2004. Most recently (early 2008), an NGC MS-64 example sold at auction for $373,750. A few prooflike examples exist that have been called “presentation pieces” or “Proofs” in the past.

1796, 6 Over 5 Mintage: 6,196

Finest Smithsonian Institution specimen: MS-62

Vastly rarer than the 1795, the 1796 issue is quite underrated compared to its mintage. Both the obverse and reverse dies for this year were leftovers from 1795, with the obverse updated to 1796 by the punching of a 6 over the 5. This date appears at auction less than three times per year, usually in Extremely Fine to About Uncirculated condition. Uncirculated examples are very rare, with the finest being a single NGC MS-65. The record price for this date was set in February 2007 when an NGC MS-62 crossed the block for $143,750. Two examples reside in the Smithsonian: an AU-58 and an MS-62.

1797, 15 Stars Mintage: Unknown (included as part of the year’s mintage of 3,609)

Finest Smithsonian Institution specimen: MS-60

The 1797, Small Eagle is found with either 15 or 16 obverse stars, representing the number of states in the Union at the time. (Since Tennessee was admitted as the 16th state on July 1, 1796, the die with 15 obverse stars is clearly a holdover from the previous year.) Both sub-types are very rare, and the 15-stars version is the more elusive of the two. Mint State examples are extremely rare, led by a single NGC MS-60 coin. The price record for this variety was set in August 2003, when a PCGS AU-55 piece sold for $100,625.

1797, 16 Stars Mintage: Unknown (included as part of the year’s mintage of 3,609)

Finest Smithsonian Institution specimen: MS-60

Although not quite as rare as the 1797, 15-star variety, this 16-star variety can be quite difficult to locate. On average, it appears at auction less than once a year and sometimes the reappearance of the same coin makes the variety seem less rare than it actually is. For example, the price record for this date was set by the Bass coin that started out as a PCGS AU-55 piece in 1999, was elevated to an NGC MS-60, and was then sold twice in 2004 (for $129,500 and $146,500, respectively). The finest example is an NGC MS-61 coin that appeared at auction in May 2006 for an astounding $299,000.

1798, Small Eagle Mintage: Unknown

Finest Smithsonian Institution specimen: EF Damaged

Only seven examples are known of this exceedingly rare variety, the finest being a single AU-55 coin from the Farouk collection. The reverse was a definite holdover from previous years, having seen service for one of the 1795 varieties. The reuse of the reverse in 1798 has been attributed to an emergency created by a yellow-fever epidemic that year, but it may have been simply an economic necessity due to the high cost of dies. All examples have an arclike die crack or flaw beneath the date. Since 1991, only one example (a PCGS EF-40) has appeared at auction— first in 1999, when it was bought back by the consignor for $275,000; and again in 2000, when it sold for $264,500. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1795, Heraldic Eagle Mintage: Unknown

Finest Smithsonian Institution specimen: Unc Repaired

NGC has designated one example of the 1795, Heraldic Eagle half eagle as a “Specimen” piece. The coin is incredibly struck, and displays unusually reflective surfaces. The coin is unique and is the earliest gold coin issue that has been called Proof or “Specimen” by the major grading services. The 1795, Heraldic Eagle half eagle was struck in 1798, and the circumstance for the issue is unknown. Regardless of the designation, the coin is certainly special, and is one of the most interesting early U.S. gold coin issues.

$5 – CAPPED BUST TO RIGHT, HERALDIC EAGLE 1797, 7 Over 5 Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: MS60

Production of half eagles in 1796 was so small that at least one 1795-dated die remained unused. Although overdated to 1797, this die was probably not used until 1798, when all sorts of weird die combinations (such as the 1798, Small Eagle Reverse half eagle) appeared. This is the only collectible variety of the 1797, Heraldic Eagle Reverse half eagle, as the other two varieties are unique. Nonetheless, this is still an extreme rarity, appearing at auction only six times since 1994. The finest examples are graded only MS-61, one of which sold just below $150,000 when auctioned in 2004.

1797, 16-Star Obverse Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: MS62 PL

This is a unique variety whose only representative is the sole survivor in the National Numismatic Collection. Once proudly displayed as part of the Josiah K. Lilly collection, the coin now resides in a vault drawer, out of sight but not out of the minds of collectors and researchers who know of its existence. This is one of the few gold coin varieties that eluded Harry Bass Jr.—not for want of trying, but simply because it never came up for sale during his lifetime of collecting. Waldo Newcomer paid $2,500 for this coin in the early 1900s, making it one of the most valuable of all U.S. coins at the time. Today, its worth is immeasurable. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1797, 15-Star Obverse Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: AU Cleaned

This coin is unique. Although added to the National Numismatic Collection at the Smithsonian Institution sometime after 1838, this coin had been misattributed as a 1797/5—even though there is no trace of an overdate! The error remained unchallenged and overlooked by most numismatic researchers until 1992, when the coin was photographed for one of the museum’s publications and the attribution was questioned. However, the “official” discovery waited until 2002, when eagle-eyed researchers realized that this was, indeed, a very special, unique coin. As with the previous variety, the current value is untested, but it would be significant. Note: this coin is included

among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1798, Small 8 Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: MS62

The 1798, Small 8 half eagle is one of the “sleepers” in the series, rarely selling for much of a premium over the Large 8 varieties. It is every bit as rare as the 14-Star Reverse (see below) and has actually appeared at auction fewer times over the past dozen years. This comparison is validated by the population reports, which show fewer of the Small 8 half eagles than any other major variety of the year, with the exception of the 1798 Small Eagle Reverse. The finest example known is the lone NGC MS-63 that sold for $49,450 in early 2004, a price that will be perceived as a relative bargain in the years to come.

1798, Large 8, 13-Star Reverse Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: Unc Cleaned

This design, with the Large 8 and 13 stars on the reverse, comprises the majority of 1798 half eagles. Since the date itself has the highest mintage of any half eagle prior to 1800, one could reasonably conclude that it is also the most common. However, auction records and population reports show that the 1798, Large 8, 13-Star Reverse is rarer than the 1795 Small Eagle (which has a much smaller mintage), indicating that fewer coins of the former variety were saved. Only a handful of Mint State examples are known, the finest of which are at the MS-63 level. An

auction-price record of $34,500 was set by an NGC MS-63 example in 2000.

1798, Large 8, 14-Star Reverse Mintage: Unknown (included as part of 1798 mintage of 24,867)

Finest Smithsonian Institution specimen: MS60

This variety represents only a small fraction of the 1798, Large 8 half eagles. Thanks to the three coins from the Bass collection, collectors have had an opportunity to purchase this variety an average of once per year at auction. Most certified examples are high grade, with a cluster of a dozen or so examples in various About Uncirculated grades. Only one Uncirculated specimen has been seen (an NGC MS-60), and that example appeared at auction in February 2007 for an impressive $115,000. The previous auction-price record of $25,300 was set by the AU-55 Bass coin in 1999. The rarity of this variety can be attributed to the reverse die that became heavily cracked.

1799 Mintage: 7,451

Finest Smithsonian Institution specimen: MS-64

The 1799 half eagle is a great, low-mintage date that, if anything, has been underrated in the past. It is not nearly as common as the 1795, Small Eagle or the 1798 Large 8, 13-Star Reverse, but enough high-grade examples have survived that it is safe to call it scarce rather than rare. Variants exist with large and small stars, with the large-star variety being by far the more common. More than two dozen examples have been certified at the Mint State level, the finest being a single NGC MS-66 example that is now a part of a superb Texas collection of U.S. coins. In 2004,

a PCGS MS-63 example set an auction-record price for the date of $36,800. The NGC MS-66 undoubtedly sold for much, much more.

1800 Mintage: 37,628

Finest Smithsonian Institution specimen: MS-62

According to auction records of the past decade, this is one of the most common dates of the type, just edging out dates such as 1802 and 1803. Circulated examples are relatively easy to locate up to AU-58. Even Mint State examples are somewhat plentiful, making this one of the most affordable early U.S. gold coins in top condition. Several MS-64 examples have been certified, but none have reached a higher certification. Out of the nearly 200 auction appearances since 1994, only five MS-64 coins have sold at auction. In 2005, a raw gem sold for $241,500, greatly exceeding the previous price record. The reports of Proof examples of this date appear to have been wishful thinking.

1802, 2 Over 1 Mintage: 53,176

Finest Smithsonian Institution specimen: MS-63

Although two obverse dies were prepared for half eagles in 1801, they remained unused until 1802, when they were re-dated and put into production. This is a common date, slightly rarer than the 1800 and 1803 issues, but also easier to find than the half eagles from 1804 and 1805. Mint State examples are fairly easy to locate, with a nice population of MS-64 coins from which to choose. The finest example is a single MS-66 specimen, a full two points better than the nearest contender. The auction-price record was set in 2006, when a PCGS MS-64 coin sold for $57,500.

1803, 3 Over 2 Mintage: 33,506

Finest Smithsonian Institution specimen: MS-65

The 1803 half eagle may not have the highest mintage of the type, but it is certainly the most common in terms of the number certified. All 1803 half eagles are overdates, made by updating two obverse dies from 1802. Dozens of high-end circulated and Mint State examples exist of this date, including three reported MS-66 coins. The three examples in the Smithsonian range from MS-63 to prooflike MS-64 to gem MS-65. This is the only date of its type to appear at auction in MS-65 in the last decade, and competition was fierce, elevating one of the gems to a record price of $126,500 in January 2007.

1804, Small 8 Mintage: Unknown (included as part of the year’s mintage of 30,475)

Finest Smithsonian Institution specimen: MS-62

Although called a “Small 8,” the 8 of the date is no smaller here than on any of the surrounding years. The name persists, however, in order to differentiate this variety from the repunched date known as the 1804, Small 8 Over Large 8 (see next). The 1804 half eagle is relatively common and compares favorably in population with the 1799, 1800, and 1805 issues. The Small 8 variety and the Small 8 Over Large 8 variety are of equal rarity, although the former shows up more frequently at auction and in the population reports. Mint State examples are somewhat scarce, and no examples have been certified higher than MS-64. The auction record for this variety is $40,250, set in 2005 by a PCGS MS-64 coin.

1804, Small 8 Over Large 8 Mintage: Unknown (included as part of the year’s mintage of 30,475)

Finest Smithsonian Institution specimen: MS-62

This interesting variety was created when the engraver mistakenly used an 8 punch intended for $10 eagles, then corrected the error by overpunching with a much smaller 8. The 1 and the 0 of the date are either repunched or overpunched, but it is unclear whether they (like the 8) were from the eagle punches. Most survivors are in high grades, and most of the certified examples fall into a range between EF-40 and MS-63. None of the coins have been certified higher than MS-64. The auction-price record for this variety was set in 2002, when a PCGS MS-64 sold for $34,500.

1805 Mintage: 33,183

Finest Smithsonian Institution specimen: MS-65

The 1805 half eagle is a relatively common coin that can be found with ease in circulated grades up to and including choice About Uncirculated. Numerous Mint State examples exist, usually in the MS-62 and MS-63 grades. Gem examples are extremely rare; only three MS-65 coins have been graded by PCGS and NGC, and there have been none graded finer. This issue has appeared at auction more than 125 times since 1995. A PCGS MS-65 example sold for $94,300 in 2005, but the record for this date was set in 2008, when a PCGS MS-65 sold for $195,500; this illustrates the incredible demand for gem early gold coinage.

1806, Pointed Top 6 Mintage: 9,676

Finest Smithsonian Institution specimen: MS-62

In 1806, two different digit-punches were used for the 6 of the date: one with a sharp point at the top of the 6 and another with a knobbed (or rounded) top. Traditional mintage records show a numeric ratio of almost six Round Top 6 pieces for every Pointed Top 6 piece. However, auction records of the past dozen years show a ratio of only 2.7 to 1, indicating that the mintage figures may be incorrect. Despite their rarity, most of the certified Pointed Top 6 coins are in About Uncirculated or better condition, led by eight MS-64 coins. The auction-price record of $41,255 for this date was set in 1993, when an AU-55 example of a rare variant appeared on the market.

1806, Round Top 6 Mintage: 54,417

Finest Smithsonian Institution specimen: MS-60

The 1806, Round Top 6 variety is perhaps the most common of all the Capped Bust, Heraldic Eagle half eagle gold pieces. This makes it particularly attractive as a type coin, since it will generally provide the best value for the collector. Easily obtained (for a price) in virtually all grades, the 1806, Round Top 6 becomes rare only at the gem level, where a mere two MS-65 examples have been certified. One of those coins (an NGC MS-65) sold for $69,000 in 2005.

1807, Capped Bust to Right Mintage: 32,488

Finest Smithsonian Institution specimen: MS-62

This was the last year of the Capped Bust to Right type. Although the mintage approximates those of the 1800, 1803, and 1804 half eagles, the 1807 is slightly rarer and harder to find. The 1805 and 1807 issues are of almost equal rarity, yet there are fewer 1807 Mint State examples in the population reports. Gems are extremely rare due to soft strikes in the centers. In fact, the finest example of this date is a single NGC MS-65. The auction record for this date is $43,125, set at the August 2006 ANA Sale by an NGC MS64 example.

1807, Capped Bust to Left Mintage: 51,605

Finest Smithsonian Institution specimen: MS-61

Despite being the first year of the new design, demand for this date remained steady—probably because of the coin’s high face value and the dearth of collectors during the early 1800s. Circulated examples are easily obtained across all grade levels, and even Mint State examples can be found with ease. The usual Mint State grade falls at MS-62 or MS-63; gems are very rare. The finest certified examples are two PCGS MS-67 coins. In 2004, one of the MS-65 coins set a record price of $51,750 at auction—but this record was beaten in 2006 when a PCGS MS-65 example realized $195,500 at auction. Other than the 1810 issue, this is the most common date of this type.

1808, 8 Over 7 Mintage: Unknown (included as part of the year’s mintage of 55,578)

Finest Smithsonian Institution specimen: MS-63

The 1808/7 overdate is roughly four times as rare as the normal 1808 half eagle. However, this variety is not as difficult to obtain as was once believed, and it is not unusual to see three or four examples at auction each year. More than three dozen Mint State specimens have been certified, the finest of which is a single PCGS MS-65. The finest to appear at auction has been a PCGS MS-64 that sold for $63,250 in January 2007. One of the examples in the National Numismatic Collection at the Smithsonian is a gorgeous MS-63 coin.

$5 – CAPPED BUST TO LEFT 1808 Mintage: Unknown (included as part of the year’s mintage of 55,578)

Finest Smithsonian Institution specimen: MS-64

As a date, the 1808 half eagle is one of the scarcest of the type, exceeded only by the scarcity of the 1809 issue. On the other hand, 1808 is one of the few dates available in MS-66, which is a remarkable grade for an early half eagle. The most common grade appears to be AU-58; then it is a toss-up between AU-55 and MS-62. The “normal date” version is much more common than the 1808/7 overdate. One of the only gems to appear on the market was a PCGS MS-65 that sold in 1999 for $69,000, setting the auction-price record for the date. It would fetch much more today.

Five examples, including a nice MS-64, reside in the vaults of the National Numismatic Collection. An NGC MS-66 coin was offered for sale at public auction in early 2006 but failed to meet the reserve.

1809, 9 Over 8 Mintage: 33,875

Finest Smithsonian Institution specimen: MS-63

The mintages for the Capped Bust to Left type are fairly good predictors of relative rarity. Thus the 1809, with the lowest mintage of the type, turns out (in fact) to be the scarcest date of the series. All examples from this year are overdates, although the undertype faded as more and more coins were produced. Roughly half of the certified examples are Mint State (but that number may be inflated because of resubmissions), and the finest certified example is a single MS-66. The previous auction record for this date was set in 1999 when the Bass coin, PCGS MS-64, realized $44,500. Another PCGS MS-64 sold in January 2007 for $46,000.

1810, Small Date, Small 5 Mintage: Unknown (included as part of the year’s mintage of 100,287)

No specimen in Smithsonian Institution

Four major varieties make up the population of the 1810 half eagle, some of which are difficult to tell apart unless the coins (or high-quality photographs of them) are compared with each other. The Small Date, Small 5 is the second-rarest variety among the four, exceeded only by the Large Date, Small 5. In high grade, these two rare varieties can sometimes be worth 10 times the price of the more common varieties, so it pays to learn the differing characteristics within this date. Since 1994, only nine 1810 Small Date, Small 5 examples have appeared at auction,

led by a PCGS AU-55 coin that sold for $126,500 in August 2007. The population reports show three MS-62s at the top level, which the authors suspect are a single coin. Surprisingly, the Smithsonian lacks an example of this variety.

1810, Small Date, Tall 5 Mintage: Unknown (included as part of the year’s mintage of 100,287)

Finest Smithsonian Institution specimen: MS-61

This variety is also known as the Small Date, Large 5. This is the second most common variety of the date, but it is much scarcer than the Large Date, Large 5, and many times more common than the Small Date, Small 5 and the Large Date, Small 5. Mint State examples are scarce but not unobtainable, especially in MS-63 and MS-64. In gem condition, this variety becomes extremely rare and the best example is a single PCGS MS-65. The auction-price record for this variety was set in 2003, when a PCGS MS-64 coin realized $28,750.

1810, Large Date, Small 5 Mintage: Unknown (included as part of the year’s mintage of 100,287)

No specimen in Smithsonian Institution

This is one of the rarest and most underrated of all American gold coin varieties. Only one example has been certified by PCGS at the MS-63 level. Harry Bass Jr. owned two examples: one of which was retained in his core collection and the other (an EF-40) that sold for $25,300 in 1999. The only other example to appear at auction in the last dozen years was an AU-55 coin that in 2000 set the price record for the variety at $29,900. The authors doubt that more than a half-dozen examples still exist of this elusive variety. No examples of the 1810 Large Date, Small 5

half eagle are in the Smithsonian Institution’s holdings.

1810, Large Date, Tall 5 Mintage: Unknown (included as part of the year’s mintage of 100,287)

Finest Smithsonian Institution specimen: MS-66

This is by far the most common variety of this date. In fact, this is the variety that is most likely to appear in a date or type collection, since well over 400 examples have been certified. Also, this is the only variety of the year (and one of the few of the type) available in MS-66 condition. The previous auction record for this date was set in 1999, when a PCGS MS-65 example sold for $60,375. More recently an NGC MS-66 sold at the January 2008 FUN show auction for $172,500. Several MS-64 specimens have appeared at auction, usually bringing prices in the $30,000 to $35,000 range.

1811, Small 5 Mintage: Unknown (included as part of the year’s mintage of 99,581)

Finest Smithsonian Institution specimen: MS-64

This is one of two major varieties for the year, and it is seemingly the more common of the two varieties. However, a surprising number of Mint State examples are known, including a fair number of MS-63 coins, making this one of the more affordable examples of this type in Uncirculated condition. Population reports are misleading, because many 1811 half eagles have been certified with no indication of variety. The finest specimen is a single NGC MS-65 coin, which set the auction-price record of $33,350 in 2003 (but that, curiously, no longer appears in the census).

1811, Tall 5 Mintage: Unknown (included as part of the year’s mintage of 99,581)

Finest Smithsonian Institution specimen: MS-63

This variety is easily identifiable by the large 5 on the reverse that nearly touches the denticles. Although somewhat scarcer than the Small 5 variety, the Tall 5 boasts better-preserved examples, the finest of which is a delightful PCGS MS-66 coin. Ironically, Bass owned five of this variety, but only two of the Small 5! The top auction price for this variety was set in 2004, when an NGC MS-65 coin sold for $37,375. The Smithsonian has four 1811, Tall 5 half eagles, all Uncirculated, ranging from MS-60 to MS-63.

1812 Mintage: 58,087

Finest Smithsonian Institution specimen: MS-65

The 1812 half eagle is the third-rarest date of the type, slightly more common that the 1808, but not nearly as elusive as the 1809. However, after the 1810 issue, this is the easiest date to find in Mint State, up through MS-64. As with all dates of this type, the 1812 half eagle is rare in gem condition, and the finest certified example is a single PCGS MS-66. Of all the Capped Bust to Left half eagles in the Smithsonian, only the 1812 is a gem. In January 2008, a PCGS MS-65 coin set a record price of $161,000 for this date.

$5 – CAPPED HEAD TO LEFT, LARGE DIAMETER 1813 Mintage: 95,428

Finest Smithsonian Institution specimen: MS-65

This was the first year of the new type and, unlike in 1807, collectors seem to have grabbed up this date with enthusiasm, making it the most common of the type. This is also the only date of the type that can be considered “common” in Mint State, but that descriptor changes to “extremely rare” at the MS-65 level. The finest example known is a single PCGS MS-66, which set a then-record price of $230,000 when it sold at auction in 2005 (beating the old record by more than four times). The Smithsonian has five 1813 half eagles, the finest of which is a lovely coin that would probably grade MS-65.

1814, 4 Over 3 Mintage: 15,454

Finest Smithsonian Institution specimen: MS-62

The 1814, 4 Over 3 half eagle is substantially scarcer than the 1813 issue, and marginally rarer than the half eagles from 1818 and 1820. In an odd twist, the population reports of this date indicate that more Mint State examples have been certified than circulated pieces. The typical Mint State example is an MS-63, with none certified in MS-65 or better. This date shows up at auction fewer than three times per year on average. In 2004, an NGC MS-64 example set an auction record of $43,700. All 1814 half eagles are overdates, although the undertype fades on later strikes.

1815 Mintage: 635

Finest Smithsonian Institution specimen: MS-62

The 1815 half eagle is one of the rarest and most highly prized of all American gold coins. Out of an extremely low mintage of only 635 coins, a mere 10 or 11 examples are known today. Virtually all of the known specimens are About Uncirculated or better, with several on the cusp between About Uncirculated and Mint State. The two examples in the Smithsonian grade MS-60 and MS-62, respectively, and the finest certified example is a single PCGS MS-65. The auction record for this date was set in 1999, when an NGC MS-62 sold for $165,000. Amazingly, there have been six auction appearances of this date since 1991, a rate that will most likely slow down in the coming years. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1818 Mintage: Unknown (included as part of the year’s mintage of 48,588)

No specimen in Smithsonian Institution

This is one of the most intriguing varieties of any early American gold coin because every one of the stars features a notched inner point. The notched star is believed to be the signature of die engraver John Reich, but he usually used it only once on each die (generally on the last star), and we do not know why this one is so different. By all measures, this is a difficult date to find in any condition, but almost half of the known survivors are Mint State. The finest examples are a pair of MS-65 coins, one of which sold for $52,900 in 1999, setting the auction record for the variety.

1818, STATESOF as One Word Mintage: Unknown (included as part of the year’s mintage of 48,588)

No specimen in Smithsonian Institution

When the engraver made this variety, he spaced the letters of STATES so far apart that the words STATES and OF appear to run into each other. This and the “normal” 1818 half eagle are of approximately equal rarity, but this variety is generally nicer in the Mint State grades. Surprisingly, this is one of the very few varieties that is not represented in the Smithsonian’s collection. PCGS cites a single MS-66 as the finest known. In 2007, a PCGS MS64 example set the auction-price record of $109,250.

1818, 5D Over 50 Mintage: Unknown (included as part of the year’s mintage of 48,588)

Finest Smithsonian Institution specimen: MS-63

If the STATESOF variety was a mistake, the 1818, 5D Over 50 is an overreaction, as the word STATES is shifted much farther to the left than normal (certainly well away from OF). However, the real draw of this variety is the curious error on the reverse, where the engraver placed a “0” instead of a “D” for the denomination, and then corrected his mistake. This is the most difficult variety of the year to find. Very few Mint State examples are known. The finest example is a single PCGS MS-66 coin, with only one MS-65. Since 1991, this variety has appeared at auction just over a dozen times, usually in Mint State; the price record was set in 2001, when a PCGS MS-65 sold for $71,875.

1819, Close Date Mintage: Unknown (included as part of the year’s mintage of 51,723)

No specimen in Smithsonian Institution

The 1819 half eagle is one of the great rarities of the denomination, although it often gets lost in the shadows of classic dates such as 1815 and 1825. Fewer than a dozen examples are known of this Close Date variety, indicating that virtually the entire mintage was melted. PCGS has graded only one example (MS-61), and NGC has graded two coins (EF-40 and MS-60). ANACS has also graded two coins (EF-40 and VG-8). Over the past dozen years, only two examples have appeared at auction. The finer of those two (an About Uncirculated coin) sold for $22,000 in 1994. Any example would bring considerably more today. Even the Smithsonian does not have this variety.

1819, 5D Over 50 Mintage: Unknown (included as part of the year’s mintage of 51,723)

Finest Smithsonian Institution specimen: MS-63

This coin has the same reverse error (and same die) as the 1818 issue. It is another classic rarity, although not quite as rare as the preceding Close Date variety. Collectors have had very few chances to add this variety to their collections; typically, it appears at auction only once every two years. The last appearance was in 2001; the record price was set in 1998 when a PCGS MS-63 coin sold for $90,500. The finest example is a single MS-65, which shows up on both the PCGS and NGC population reports. The Smithsonian has two examples: an MS-63 (with dies turned as on a medal) and an AU-58. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1820, Curved-Base 2, Small Letters Mintage: Unknown (included as part of the year’s mintage of 263,806)

Finest Smithsonian Institution specimen: MS-63 PL

The 1820, Curved-Base 2 variety is made up of two subvarieties: Small and Large Reverse Letters. Previously, the two varieties were believed to be of equal rarity, but auction surveys indicate that the Small Letters variety is the rarest by far. In fact, since 1991, its only auction appearance was Harry Bass Jr.’s PCGS MS-61 coin, which sold for $10,925 in 2000. Of the four examples certified by PCGS (NGC does not differentiate), all are Mint State, and the finest example is MS-66. The finest Curved-Base 2, Small Letters to appear at auction was the PCGS MS-64 Childs coin that sold for a record $42,550 in 1999. The Smithsonian’s sole example is a prooflike MS-63.

1820, Curved-Base 2, Large Letters Mintage: Unknown (included as part of the year’s mintage of 263,806)

Finest Smithsonian Institution specimen: MS-63

According to auction records, the 1820, Curved-Base 2, Large Letters variety appears much more frequently than the Small Letters variety, but far less often than any of the Square-Base 2 varieties. A flurry of appearances occurred in 1999 and 2000 when no fewer than four examples came out of the Bass collection. The record price for this variety was set in 1994, when the raw James Stack specimen sold for a whopping $132,000. Because of issues with the population tallies, it is unclear whether the finest example is an MS-65 or an MS-66. The Smithsonian has one example—a choice MS-63.

1820, Square-Base 2 Mintage: Unknown (included as part of the year’s mintage of 263,806)

Finest Smithsonian Institution specimen: MS-62

The 1820, Square-Base 2 has appeared at auction roughly twice as often as the Curved-Base 2. This is contrary to previous estimates that placed the two varieties on an equal footing. Population reports cannot be relied upon in this case, because for a while the Square-Base 2 and Curved-Base 2 varieties were not split out by the grading services. For instance, the MS-66 coin listed by PCGS may or may not be a Square-Base 2. Several MS-63 examples have appeared at auction in recent years, but the record auction price is held by a PCGS MS-64 example that sold in 2005 for $38,525.

1821 Mintage: 34,641

Finest Smithsonian Institution specimen: AU-55

This is an extremely rare and underrated date—one that deserves far more attention than it has received in the past. Only four examples have appeared at auction since 1991; only eight 1821 half eagles have been certified by NGC, and only five coins have been certified by PCGS (surely with some overlapping between the two services). ANACS has also graded a specimen. The finest example is a single MS-66, which exceeds the next-finest example by a full three points. Not surprisingly, the record price for this date was set by a circulated example—an NGC AU-50 that sold for $39,100 in 2004. The bargain of the century may be the NGC MS-61 that realized only $36,400 in 2001!

1822 Mintage: 17,796

Finest Smithsonian Institution specimen: MS-60 Cleaned

Virtually the entire mintage of this date was wiped out and, today, only three examples are known to have survived. Two coins are in the Smithsonian, the first thanks to Adam Eckfeldt (the Mint employee who formed the nucleus of the Mint Cabinet—now the National Numismatic Collection—by saving coins from regular production and from deposits of coins brought to the Mint). The Smithsonian’s second example came from the fabulous Lilly collection. The third example sold in 1982 as part of the Eliasberg collection of gold coins, setting a yet-to-be-broken record of $687,500 for the date (subsequently, the coin was graded EF-40 by NGC). Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1823 Mintage: 14,485

Finest Smithsonian Institution specimen: MS-60

Despite the low mintage, the 1823 half eagle is one of the most available and inexpensive dates of this type. However, the authors do not mean to give the impression that this is a common coin. Fewer than 60 examples have been certified in all grades. Most of the certified examples have survived in Mint State, a testament to the collectors who pulled them from circulation and saved them from the mass meltings of the early to mid-1800s. The finest example known is a single NGC MS-65 coin, supported by half a dozen at the MS-64 level. The auction-price record was set in 2004, when a PCGS MS-64 sold for $47,725.

1824 Mintage: 17,340

Finest Smithsonian Institution specimen: MS-62

The 1824 half eagle is a very rare date that is on par with 1825/1, 1826, and 1827. Of these four dates, the 1824 issue has appeared at auction the fewest number of times since 1994. ANACS has graded three coins, and fewer than 40 examples have been certified by PCGS and NGC combined, doubtless with some resubmissions included to inflate the number. The best certified example is an MS-65 coin that seems to have been graded by multiple services. The 1824 half eagle appears at auction less than once a year on average; a PCGS MS-64 coin sold at auction in early 2006 for $115,000.

1825, 5 Over 1 Mintage: Unknown (included as part of the year’s mintage of 29,060)

Finest Smithsonian Institution specimen: MS62 PL

Similar in rarity to the 1824, 1826, and 1827, the 1825/1 half eagle benefits from its closeness to the supremely rare 1825, 5 Over 4 overdate. The classification “1825, 5 Over 1” may be inappropriate, as Breen and Dannreuther speculate that the undertype may be the remnants of a 4, based on the unlikely scenario that an 1821 die would remain unused for so long, as well as other die characteristics. ANACS has certified only three of these coins, and in total fewer than two dozen examples have been certified by all the leading grading services. The finest example is a single MS-65 coin certified at both PCGS and NGC. The Bass example is a one-sided Proof, and the only example in the Smithsonian is a prooflike MS-62. In 1999, a record price of $80,500 was set for this date by the PCGS MS64 Suros example.

1825, 5 Over 4 Mintage: Unknown (included as part of the year’s mintage of 29,060)

No specimen in Smithsonian Institution

The 1825, 5 Over 4 half eagle is a supremely rare variety, represented by only two examples. The Eliasberg example is a prooflike MS-63 (some have called it a Proof), while the Kaufman coin is currently graded NGC AU-50. On this overdate, the undertype of the 4 is quite clear, unlike on the preceding coin. This is one of the very few gold coins missing from the Smithsonian’s collection. Surprisingly, Harry Bass Jr. never owned one either, despite two opportunities to purchase the variety. Only the Kaufman example has appeared on the market since 1994, selling for $241,500 in 1999 as part of the Suros overdate collection. The Eliasberg example sold for $220,000 way back in 1982. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1826 Mintage: 18,069

Finest Smithsonian Institution specimen: AU Cleaned

The 1826 half eagle is a very rare date, on par with the 1824, 1825/1, and 1827, and it is probably the rarest of them all. The vast majority of surviving examples are in very high-grade condition or Mint State, indicating that old-time collectors should be thanked for their survival. The finest example is one graded MS-66 by both PCGS and NGC. On average, this date shows up at auction about once a year. The best example to appear at auction was the NGC MS-65 coin that sold in 1998, but the record is held by the NGC MS-64 coin that sold for $86,250 at auction in 2004 as part of the Richmond collection. The Smithsonian has only one 1826 half eagle—a cleaned About Uncirculated.

1827 Mintage: 24,913

Finest Smithsonian Institution specimen: MS-64

The number of surviving examples of this rare date has been estimated to be anywhere from 20 to 24 pieces, which is consistent with the 31 coins certified by PCGS and NGC (minus unnoticed resubmissions). As with the 1826 half eagle, a large majority of 1827 coins exist in Mint State; the finest of these is a single NGC MS-66. The auctionprice record of $100,100 was set by a PCGS MS-65 coin in 1997. The Smithsonian has three examples—an MS-62, an MS-63, and a prooflike MS-64 (some have it called a Proof, but the authors believe is not).

1828, 8 Over 7 Mintage: Unknown (included as part of the year’s mintage of 28,029)

Finest Smithsonian Institution specimen: AU-58

The 1828, 8 Over 7 half eagle is one of the rarest of all U.S. gold coin varieties, with fewer than a dozen examples known. On this overdate, the underlying 7 is clearly visible beneath the final 8 of the date. The finest certified example is a single NGC MS-64, which sold for $184,000 in the 1999 sale of the renowned Suros collection of overdated American coins. Opportunities to acquire this great rarity are few and far between. Since 1993, only four examples have appeared at auction. The lone example in the Smithsonian grades out at AU-58.

1828 Mintage: Unknown (included as part of the year’s mintage of 28,029)

Finest Smithsonian Institution specimen: MS-63

The 1828, Normal Date half eagle is nearly as rare as the 1828/7 overdate, making it one of the rarest of the type. Fewer than a dozen examples have been certified, led by a single PCGS MS-65 and a single NGC MS-65 (possibly the same coin). In a series full of rarities, this date is a standout, bested only by the 1815, 1822, 1825/4, 1828/7, and 1829 Large Date. Of the six examples that have appeared at auction since 1993, most have been relative bargains, led by Harry Bass Jr.’s PCGS MS-62 coin, which sold for $57,500 in 1999. The Smithsonian has one example, graded MS-63.

$5 – CAPPED HEAD TO LEFT, REDUCED DIAMETER 1829, Large Date Mintage: Unknown (included as part of the year’s mintage of 57,442)

Finest Smithsonian Institution specimen: MS-63

Prior to the introduction of the close collar, an estimated 30,000 to 40,000 1829 half eagles were struck using the old open collar technology. However, virtually the entire mintage was destroyed, resulting in one more rarity in a series already filled with low-population coins. Fewer than 10 survivors are now known, four of which are listed in the population tallies (the finest example, an MS-66, may represent three of those listings). The Smithsonian coin is an

MS-63; Bass’s core collection coin is a one-sided Proof. Bass’s duplicate, a PCGS MS-65 sold in 1999, holds the auction-price record of $241,500. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1829, Small Date Mintage: Unknown (included as part of the year’s mintage of 57,442)

Finest Smithsonian Institution specimen: AU-50

The 1829, Small Date is also a small planchet, being the first date of the type struck with a reduced diameter in a restricting close collar. This date begins a short series of extreme rarities. The general consensus is that there are only 8 to 10 examples known of this date, which matches closely the combined PCGS and NGC populations. All of the certified examples are Mint State, led by a single PCGS MS-65. The example in the Smithsonian is only AU-50. Auction records are few and far between, with a record price of $374,000 set in 1996 by the Mint State Byron Reed example. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1830, Small 5D Mintage: Unknown (included as part of the year’s mintage of 126,351)

Finest Smithsonian Institution specimen: MS-62

This variety is slightly rarer than its Large 5D counterpart. Most of the certified examples are in Mint State, indicating that many of the survivors were pulled from circulation before they were melted down in 1834, when the Mint began destroying old-tenor gold coins. Population reports are unclear. Likewise, auction records are of little

help, as most catalogers do not differentiate between the two varieties. The finer of the two examples in the Smithsonian is an MS-62.

1830, Large 5D Mintage: Unknown (included as part of the year’s mintage of 126,351)

Finest Smithsonian Institution specimen: MS-62

The Large 5D is actually a holdover from 1829 and is a reuse of the die used to strike the 1829 Small Date half eagles. Population data are of no help, as PCGS does not break out the two varieties for this year. However, the Small 5D is believed to be slightly rarer than the Large 5D variety. We do know that the finest example certified by NGC is a single MS-65 (out of five 1830, Large 5D half eagles in all grades). The Smithsonian has only one example—an MS-62. In 2005, a PCGS MS-64 example sold for $120,750.

1831, Small 5D Mintage: Unknown (included as part of the year’s mintage of 140,594)

Finest Smithsonian Institution specimen: MS-65 PL

As in 1831, the 1832 half eagle is found with Large and Small 5D. The value of the generic date is high enough that few people can afford to collect them by variety, but the difference in sizes of the denomination is sufficient enough to merit a separate listing. In general, the Small 5D variety is believed to be three to four times as rare as the Large 5D. NGC has graded only one Small 5D half eagle—an MS-63 prooflike. PCGS does not differentiate between the two varieties, but since they have only graded nine 1831 half eagles, the rarity of both is assured. This date is highly

underrated, and this variety is even more so.

1831, Large 5D Mintage: Unknown (included as part of the year’s mintage of 140,594)

No specimen in Smithsonian Institution

The 1831, Large 5D is believed to be much more “common” than the Small 5D variety, but both are so extremely rare that neither carries a premium over the other. One of the varieties (we do not know which) is represented by an MS-67 example, as evidenced by the population reports. However, since the grading services do not split out the varieties, the authors can only speculate that the coin is probably of the Large 5D variety. The Smithsonian does not have an example—both of the 1831 examples in the museum are of the rarer Small 5D variety. A PCGS AU-58 sold in the 2006 FUN auction for $80,500.

1832, Curved-Base 2, 12 Stars Mintage: Unknown (included as part of the year’s mintage of 157,487)

Finest Smithsonian Institution specimen: AU Plugged

This curious 12-Star variety is a most interesting blunder, caused when the engraver punched the stars into the die with so much space between them that he had room for only 12! This is one of the most famous varieties in the series, and a recognized rarity, with a current population of four to six examples. Only two have appeared at auction: in 1996, the Mint State Byron Reed coin sold for $297,000; in 1998, an NGC EF-45 sold for $159,500. The Smithsonian coin is a plugged About Uncirculated. Most collectors, unless they are familiar with early gold, have

never even heard of this variety. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1832, Square-Base 2, 13 Stars Mintage: Unknown (included as part of the year’s mintage of 157,487)

Finest Smithsonian Institution specimen: AU-58

This is a fairly common variety in this series, with 50 to 75 examples believed to exist. However, because of the rarity of the 12-Star version, this variety becomes ever stronger and more valuable as an alternative. The finest certified example is a single NGC MS-65. Most survivors are in About Uncirculated or better condition—they are the lucky few that escaped circulation and subsequent melting. Surprisingly, the two examples in the Smithsonian are only AU-58s. The price record for this date was set in 2005, when an NGC MS-65 example sold for $138,000.

1833, Large Date Mintage: Unknown (included as part of the year’s mintage of 193,630)

No specimen in Smithsonian Institution

After 1834, this is the second most common date of the series, but it remains rare in all grades. This date comes with Large and Small Dates, with the two varieties being of approximately equal rarity. At auction, this variety appears about once a year, usually in circulated condition, occasionally in Mint State. The finest certified examples are four coins at the MS-64 level. The price record for the date was set in 2005, when an NGC MS-64 coin sold for $89,125.

1833, Small Date Mintage: Unknown (included as part of the year’s mintage of 193,630)

Finest Smithsonian Institution specimen: MS-64

Slightly scarcer than the 1833, Large Date, this variety is found nicer, with two known MS-65 examples at the top of the condition ladder. In 1998, one of the MS-65 coins (an NGC-graded coin) sold for $118,000, setting the record for the variety. The Smithsonian has only one example of this variety, but it is a lovely MS-64. The punches used for the date are quite different from others in the series. The 8 in the date is a Script 8 (last used in 1828), and the two 3s in the date have a simple, open, almost handmade appearance.

1834, Capped Head, Plain 4 Mintage: Unknown (included as part of the year’s mintage of 193,630)

Finest Smithsonian Institution specimen: MS-62

This is the most common variety of the series, but in this case common is a relative term, as only three dozen examples have been certified by PCGS and NGC; ANACS has also graded three examples. Sadly, the vast majority of these (and many other early American gold coins) ended up in the melting pot later in the year, after the weight of the gold coin was reduced. The known population is distributed fairly evenly across the grading spectrum, even through the Mint State levels. The finest certified examples are three coins at the MS-64 level. In an ironic twist, the Plain 4 issue appears at auction less frequently than the rarer Crosslet 4 variety!

1834, Capped Head, Crosslet 4 Mintage: Unknown (included as part of the year’s mintage of 50,141)

Finest Smithsonian Institution specimen: MS-61

In a series of rarities, the 1834, Crosslet 4 is among the rarest. PCGS and NGC have graded only 10 examples, among which there are, without doubt, some resubmissions that have not been removed from the charts. ANACS has graded three examples as well. Most of the certified examples are Mint State, with the finest being a single coin graded NGC MS-65. This variety appears at auction roughly twice a year. The price record of $103,500 was set in 2007 for an NGC MS-64 specimen. The only Smithsonian example is graded MS-61.

$5 – CLASSIC HEAD 1834, Classic Head, Plain 4 Mintage: Unknown (included as part of the year’s mintage of 657,460)

Finest Smithsonian Institution specimen: MS-63 PL

In 1834, the mintage of U.S. gold coinage increased dramatically thanks to the destruction and recycling of older, heavier-weight coins. More than 650,000 lighter-weight half eagles were struck in 1834, split between the Plain 4 and Crosslet 4 types. Of the two varieties, the Plain 4 is the most common by far and is the easiest date to obtain of the Classic Head type, especially in Mint State. Examples ranging between the MS-62 and the MS-64 levels are fairly easy to find, but anything nicer is extremely rare. The finest certified examples are a single PCGS MS-66 and

a prooflike NGC MS-66. The most desirable examples are those with fully struck central details.

1834, Classic Head, Crosslet 4 Mintage: Unknown (included as part of the year’s mintage of 657,460)

Finest Smithsonian Institution specimen: AU-58

The 1834, Classic Head, Crosslet 4 half eagle is vastly rarer than the Plain 4 version (by a factor of roughly 10 to 1). Very few examples have survived in Mint State. Even the two examples in the Smithsonian are circulated (the best is an AU-58). Auction records of the past dozen years include fewer than 50 examples in total, only five of which were described as Mint State. Population tallies paint a similar picture, with only 17 Mint State examples out of 123 graded pieces. Surprisingly, the auction-price record is held by an NGC AU-58 coin, which sold for $32,200 in 2000.

1835 Mintage: 371,534

Finest Smithsonian Institution specimen: MS-64

The 1835 half eagle is very common in all grades, but it is surprisingly rare in gem condition. In fact, it is the only common date of the type that has not been certified above MS-64. Even the best of the four examples in the Smithsonian is only MS-64. Prooflike examples are known, but they are very rare. The auction record for this date was set in 2004, when a PCGS MS-64 sold for $26,450. This date was generally well made and usually comes with a good strike.

1836 Mintage: 553,147

Finest Smithsonian Institution specimen: MS-61

After the 1834, Plain 4, the 1836 half eagle is the second most common date of the type. This means that collectors should have no problem acquiring examples for their collections, even in Mint State. The strike qualities of this date do not match those of 1835, but well-struck examples do exist and should be worth a premium. The finest example certified so far is a single PCGS MS-65 coin. Surprisingly, the best of the Smithsonian’s three examples is graded a mere MS-61 (the other two have been cleaned).

1837 Mintage: 207,121

Finest Smithsonian Institution specimen: MS-60

Despite a seemingly high mintage, this is actually a semi-scarce date, with a raw rarity on par with that of the 1838D. Examples up to About Uncirculated are relatively easy to find, but Mint State examples are decidedly rare. The number of Mint State examples is fairly well distributed from MS-60 to MS-64, but drops off dramatically in MS65. The finest certified examples are a pair of MS-66 coins. The Smithsonian, which has duplicates of every other date in the Classic Head series, has only one 1837 (an MS-60). In 1999, one of the MS-66 1837 half eagles sold for a record $97,750. A couple of MS-64 examples have sold in the $10,000 to 15,000 range, which seems like a relative bargain.

1838 Mintage: 286,588

Finest Smithsonian Institution specimen: MS-68

Although not nearly as common as the 1834 Plain 4 or the 1836, the 1838 half eagle is easy to obtain in most grades. The typical 1838 half eagle falls into the Extremely Fine to About Uncirculated range, with the largest population bunched at the AU-58 level. In Mint State, the population drops off dramatically and virtually stops at MS-64. The finest example is not the PCGS MS-66 coin (one of only five examples of the entire type certified in that grade) but the stunning MS-68 example in the National Numismatic Collection at the Smithsonian. Prooflike examples are known. In fact, the Bass example was so prooflike that Akers and Breen both considered it a Proof; NGC called it a Specimen-65, but PCGS only called it an MS-65 (the auction buyer, who paid $115,000 in 1999, must have thought it was a Proof, too). The PCGS MS-66 example crossed the auction block in early 2008 for $253,000.

$5 – LIBERTY HEAD, VARIETY 1, NO MOTTO ABOVE EAGLE 1838-C Mintage: 17,179

Finest Smithsonian Institution specimen: AU-58

This date has the lowest mintage of the Classic Head type. In terms of rarity, the 1838-C issue is slightly rarer than the 1838-D, but not quite as rare as the 1834, Crosslet 4. The 1838-C half eagle circulated widely, so it is difficult to find examples above Extremely Fine. Consequently, Mint State examples are extremely rare, with only four examples certified by the leading services. Of those, the finest examples are two MS-63 coins (quite possibly the

same coin) and a PCGS MS-63 that sold in 1999 for $86,250 at auction, setting the price record for the date. The Smithsonian has four examples, none finer than AU-58. All 1838-C half eagles were struck from the same reverse, which often features a diagonal die crack running from rim to rim.

1838-D Mintage: 20,583

Finest Smithsonian Institution specimen: AU-58

The 1838-D is the third-rarest issue of the type, but not nearly as rare as the 1834 Crosslet 4 or the 1838-C. This was the first year of coin production at the Dahlonega Mint, and the coin features a mintmark just above the date. All 20,000+ coins were struck from a single die pair. Most survivors are found in circulated condition, although a fair number of nice About Uncirculated examples exist. Mint State examples are very rare, topped by three certified examples at the MS-63 level. This date appears at auction frequently; and the record auction price was set in 2003, when an NGC MS-63 sold for $36,800. The Smithsonian has three examples, none better than AU-58.

1839 Mintage: 118,143

Finest Smithsonian Institution specimen: MS-63

Beginning in 1839, the half eagle style was changed to a design by Christian Gobrecht. It is sometimes called the Coronet type, or Braided Hair type, but most commonly the Liberty Head type. Most 1839 half eagles are well worn and the typical coin is only Very Fine or Extremely Fine. This date is scarce in About Uncirculated and quite rare in full Mint State. There are probably about two dozen examples known in Mint State, although PCGS and NGC combined have graded more than 50 examples. The finest graded to date are several MS-64s. The Smithsonian

collection retains three examples, the finest being choice Uncirculated.

1839-C Mintage: 17,205

Finest Smithsonian Institution specimen: AU Rev. Scratch

The 1839-C half eagle is very popular because of the obverse mintmark location. Most of the 1839-C half eagles seen are circulated. There are at least 30 to 40 coins known at the About Uncirculated level. In Mint State, the 1839C half eagle is rare, but examples do turn up at auction on occasion. Most examples are well struck, but some examples show an irregular strike on the obverse, including depressions on Liberty’s head. The finest certified examples include two NGC MS-64s. One of these coins is deeply prooflike, and some researchers speculate that the coin may be a presentation striking.

1839-D Mintage: 18,939

Finest Smithsonian Institution specimen: MS-61

The 1839-D half eagle is another very popular issue from the Dahlonega Mint. The mintmark is found on the obverse; in subsequent years, the mintmark was moved to the reverse. The typical 1839-D half eagle grades from Very Fine or Extremely Fine. In About Uncirculated condition, this date is quite rare. In Mint State, only about a dozen coins are known, none of which are choice. The finest examples seen by the authors include the Duke’s Creek specimen, the Harry W. Bass Jr. coin, and an attractive Mint State coin in the Smithsonian collection. In comparison to the later issues from the Dahlonega Mint, most 1839-D half eagles are well struck.

1840 Mintage: 137,382

Finest Smithsonian Institution specimen: AU-58

There are two very distinct varieties of the 1840 half eagle. One variety was produced with an unusually broad rim and is commonly referred to as the broad-mill variety. The other variety, known as the narrow-mill variety, is the more usual style seen on most half eagles. The broad mill variety is the rarer of the two and is more desirable because of its distinct look. Most 1840 half eagles are circulated, with a fairly high number of About Uncirculated coins known. Harry W. Bass Jr. was fascinated with this issue; he owned 16 examples, most of which are About Uncirculated. The 1840 half eagle is quite rare in full Mint State. The finest broad mill example seen by the authors was the John Jay Pittman coin that sold for $41,250 in 1998. The finest certified example is the single NGC MS-66 that sold for $44,850 in 2006.

1840-C Mintage: 18,992

Finest Smithsonian Institution specimen: MS-61

Most 1840-C half eagles circulated extensively and many show numerous planchet irregularities. This date has a lower survival rate than most of the other issues from the 1839 to 1841 period. About Uncirculated coins are rare and just a few have been graded at the Mint State level. John Jay Pittman’s coin (now an NGC MS-64) is a full two points ahead of any other example known. That coin is well struck for the issue and features interesting die breaks on the reverse. The Smithsonian’s collection contains a Mint State coin, another one of the finest examples known of this date. All 1840-C half eagles are of the broad-mill variety.

1840-D Mintage: 22,896

Finest Smithsonian Institution specimen: AU-58

As is the case with most of the early-issue Liberty Head half eagles, the 1840-D is most often found in the Very Fine to Extremely Fine grade range. About Uncirculated examples are quite rare. Legitimate Mint State coins do exist, but only in very small numbers. The Smithsonian contains three examples, all in various states of About Uncirculated. Some of the finest known coins are from the Duke’s Creek collection (MS-62) and the Ed Milas collection of No Motto half eagles. The finest certified example is a single NGC MS-63 that last sold at auction in 2004 for $35,650. All of the 1840-D half eagles are of the narrow-mill variety. Tall D and Short D varieties are known, with the Short D being the scarcer of the two.

1840-O Mintage: 40,120

Finest Smithsonian Institution specimen: MS-62

According to the population data, 1840-O half eagles appear most often in the grades of Extremely Fine and About Uncirculated. Quite a few very low-grade examples are known, but they usually go ungraded and never enter the auction arena. The 1840-O half eagle is known with broad and narrow mills. The broad-mill variety is the much rarer of the two. All of the known high-grade coins are the narrow-mill variety. The 1840-O half eagle is very rare in Mint State. There are probably fewer than 10 coins that are unquestionably Uncirculated, although the PCGS and NGC population reports show more than 20 Mint State examples. The finest example by far is the Pittman example, sold as choice Uncirculated in 1998 for $41,250 and subsequently graded by NGC as MS-65. Pittman purchased the coin in a large lot from the sale of the Farouk collection in 1954.

1841 Mintage: 15,833

Finest Smithsonian Institution specimen: Polished

As the low mintage of just over 15,800 coins would suggest, the 1841 half eagle is scarce. In circulated condition this date is just about as rare as many of the branch-mint coins of the era. Walter Breen mentions the rumor of a small hoard that appeared in 1953, which helps explain the unusual number of high-grade examples of this otherwise scarce issue. The Harry W. Bass Jr. collection featured multiple examples of the 1841 half eagle, including two at the MS-64 level. The finest example graded to date is a single NGC MS-65 that sold at auction in 2004 for $27,600.

1841-C Mintage: 21,467

Finest Smithsonian Institution specimen: AU-58

The 1841-C half eagle is seen more frequently than most of the other early-date half eagles from the Charlotte Mint. Most of the coins offered for sale are in the grade range of Extremely Fine to About Uncirculated. The Smithsonian has two examples of this date, both high-end About Uncirculated coins. Mint State examples of the 1841-C half eagle are rare, but are seen on occasion. There are probably about a dozen coins that are truly Mint State. One of the finest known coins of this date is the wonderful John J. Pittman example that has been graded MS-64 by NGC. It sold in 1998 for $42,350, then resold in 2004 for $34,500. Pittman purchased the coin in a large lot from the sale of the Farouk collection in 1954. The Bareford 1841-C half eagle is reportedly very choice as well.

1841-D Mintage: 29,392

Finest Smithsonian Institution specimen: MS-60

The 1841-D half eagle is a moderately scarce coin in the lower states of preservation. Most pieces found for sale are in Very Fine or Extremely Fine condition. Finding a problem-free example even at that level can be difficult. About Uncirculated examples are scarce, but they do show up at auction on occasion. There are probably 15 to 20 coins known that can qualify as Mint State. The coin most popularly considered the finest known of the date is the NGC MS-65 example from the famed Duke’s Creek collection. That coin last sold in 1995 for $88,000 in the auction of the Ed Milas No Motto half eagle collection. A total of three examples have been graded MS-65 by PCGS and NGC. This date is sometimes seen with rather substantial obverse die cracks.

1841-O Mintage: (Mint records state 8,350)

No specimen in Smithsonian Institution

Official Mint Reports show a tally of 8,350 coins from the New Orleans Mint in 1841. It is now known that most, if not all, of the 8,350 coins minted were actually dated 1840. No 1841-O half eagles have ever appeared on the market, nor are any ever expected. However, were one to appear, it would instantly become one of the most valuable U.S. coins.

1842, Small Letters Mintage: Part of total mintage of 27,578

Finest Smithsonian Institution specimen: AU-58

The half eagles of 1842 are seen with two distinctly different reverses: the Small Letters reverse and the Large Letters reverse. The Small Letters 1842 half eagle is a very scarce coin, more so than any of the Philadelphia half eagles from 1839 to 1841. This date and variety combination is usually seen well worn. Most of the great collections that sold at auction in the last few decades lacked an example in high grade. The only Mint State coin offered at auction in the last 15 years was the phenomenal NGC MS-65 coin that was sold as part of the Ed Milas collection of No Motto half eagles.

1842, Large Letters Mintage: Part of total mintage of 27,578

Finest Smithsonian Institution specimen: MS-62

The 1842 Large Letters half eagle is a scarce and underrated issue. It is somewhat rarer than the Small Letters variety and is difficult to locate in any grade. All in all, the 1842 Large Letters half eagle is just as rare as many of the branch-mint issues of the 1840s. In full Mint State, this variety is very rare and just a couple of coins have been offered at auction in the last decade. One of the finest coins the authors have seen is the John J. Pittman example. That coin was described as Uncirculated and sold for $17,600 in 1998. The Smithsonian example of the 1842 Large Letters half eagle is also among the finest known.

1842-C, Small Date Mintage: Part of total mintage of 27,432

Finest Smithsonian Institution specimen: MS-60

The 1842-C, Small Date half eagle is one of the rarest coins from the Charlotte Mint (the 1849-C, Open Wreath gold dollar is the only coin with fewer specimens known). The vast majority of the 1842-C half eagles seen are well worn

and, in many cases, damaged. Pleasing examples in any grade are certainly worth a premium. This date is very rare in the grades of Extremely Fine and About Uncirculated. Mint State examples are exceedingly rare, with just a few known at that level. The Smithsonian example is Mint State and is one of the finest seen. It is generally thought that the famed Elrod coin is the finest known example of the variety. The finest certified example is a single NGC MS63.

1842-C, Large Date Mintage: Part of total mintage of 27,432

Finest Smithsonian Institution specimen: AU-58

Although the 1842-C Large Date half eagle is not as rare as the Small Date variety of this year, it is a scarce coin in its own right. Most are found are in the grades of Very Fine or Extremely Fine. With a little patience and persistence, the 1842-C Large Date can be found About Uncirculated or better. There are several high-grade examples known. The finest example seen by the authors is the Eliasberg example that has been graded MS-65 by NGC. Four or five other choice pieces have sold at auction in the last few years, the most recent being an NGC MS64 coin that sold for $36,800 in 2004.

1842-D, Small Date, Small Letters Mintage: Part of total mintage of 59,608

Finest Smithsonian Institution specimen: AU-58

The 1842-D Small Date, Small Letters half eagle can be found in Very Fine or Extremely Fine without too much difficulty. However, finding a coin that is problem-free or not harshly cleaned can be difficult. This issue becomes increasingly rare in the higher states of preservation. There are probably fewer than a dozen examples that would

qualify as Mint State. The finest known example of the date was part of the Duke’s Creek collection. Originally from the Eliasberg collection, it was subsequently graded MS-63 by NGC, making it the only example to earn that grade thus far.

1842-D, Large Date, Large Letters Mintage: Part of total mintage of 59,608

Finest Smithsonian Institution specimen: AU-50

The 1842-D Large Date, Large Letters half eagle is one of the rarest Dahlonega gold coins in high grade. Most are heavily circulated or damaged. The 1842-D Large Date, Large Letters half eagle also has one of the lowest overall populations of certified examples. There are probably fewer than 100 of this variety known in all grades. Mint State examples of this issue are extremely rare. Only the Duke’s Creek and the Green Pond examples have attained the lofty grade of MS-61. It has only been in recent years that these examples were considered Mint State. The PCGS MS-61 coin sold twice in 2004, both times for just over $40,000.

1842-O Mintage: 16,400

Finest Smithsonian Institution specimen: AU Scratches

The Philadelphia, Charlotte, and Dahlonega Mint half eagles of 1842 are found with both Large Letters and Small Letters. However, the 1842-O half eagle is seen only with Small Date and Small Letters, and it is a very rare issue. Fewer examples of this date have been offered at auction in the last decade than the more highly touted 1842-D Large Date, Large Letters. Most of the 1842-O half eagles are found in low grade. Extremely Fine and About Uncirculated coins are very elusive and seldom offered. The finest 1842-O half eagle known, by far, is from the Ed

Milas collection of No Motto half eagles. That coin traces its pedigree to the famed Eliasberg collection. The second-finest example seen by the authors was in the collection of Harry W. Bass Jr. The 1842-O half eagle is usually found softly struck in the central portions of the obverse and reverse.

1843 Mintage: 611,205

Finest Smithsonian Institution specimen: MS-61

In 1843 the mintage of half eagles increased dramatically from the previous year. The 1843 half eagle is the second most common date found for coins of the 1840s, after the 1847 Philadelphia issue. The 1843 half eagle can be found in most states of circulated condition. The typical example is well struck and only moderately rare in Mint State. There are probably 50 to 75 coins known in Uncirculated condition. The finest coins of this date have been offered in the following sales in the last decade: Milas, Rasmussen, and Pittman. The finest certified example is a single NGC MS-65 that has yet to appear at auction.

1843-C Mintage: 44,277

Finest Smithsonian Institution specimen: AU-58

The 1843-C half eagle is unique among the half eagles of 1843 in that the letters on the reverse are of the same small format as seen on the 1839 to 1842 issues. The vast majority of 1843-C half eagles seen are in the grade range of Very Fine to Extremely Fine. Problem-free coins are the exception for this heavily circulated issue. This issue becomes increasingly rare in high grade, and there are only about a dozen examples of this date known in Mint State. Three or four coins have been graded MS-64. The finest example seen by the authors is the Milas coin, which

sold at auction in 1995. The most recent sale of an MS-64 1843-C half eagle was in 2004 for $39,000.

1843-D Mintage: 98,452

Finest Smithsonian Institution specimen: AU-58

The 1843-D half eagle is fairly common for a Dahlonega Mint issue. Most of the coins seen are Very Fine or Extremely Fine at best. Damaged coins are also quite common for the date. About Uncirculated coins are scarce but can be found with a bit of effort. In Mint State, the 1843-D half eagle is very rare; only about a dozen coins have been graded at that level. None has been graded above MS-64. The finest known example of the date was a part of the Duke’s Creek collection, acquired from the sale of the Harry W. Bass Jr. collection. That coin is well struck, with partial prooflike surfaces. The 1843-D half eagle is found with either a large mintmark or a small mintmark. The small-mintmark variety is much rarer.

1843-O, Small Letters Mintage: Part of total mintage of 101,075

Finest Smithsonian Institution specimen: AU Cleaned

In addition to the size of the reverse letters, the mintmark on this variety is also small. The Small Letters variety is considered the rarer of the two 1843-O varieties. Most of the 1843-O half eagles seen with small letters are well worn. High-grade examples are quite rare. As recently as 15 years ago, this issue was thought to be unknown in Mint State. In March 2000, a small group of four Mint State examples surfaced; the coins graded MS-61 to MS-62 at the time. One or two of the coins were also prooflike. All four coins also exhibited a small, raised die-lump to the left of the 4 in the date. These coins represented one of the most interesting discoveries in the series in years. Since

then, two MS-65 examples have appeared in the PCGS and NGC population reports.

1843-O, Large Letters Mintage: Part of total mintage of 101,075

Finest Smithsonian Institution specimen: AU-58

According to the auction records, the 1843-O Large Letters issue is somewhat more common than the 1843-O Small Letters variety. This issue is usually seen in various grades from Very Fine to Extremely Fine. Many examples are damaged or harshly cleaned. The 1843-O Large Letters half eagle is quite scarce in grades of About Uncirculated or better. A handful of Mint State coins are known, with the finest grading MS-65. One of the best examples of the date the authors have seen was sold by Mid-American Rare Coin Auctions in 1991 to Ed Milas for his set of No Motto half eagles. This issue is sometimes seen with prooflike surfaces.

1844 Mintage: 340,330

Finest Smithsonian Institution specimen: MS-62

The 1844 half eagle is distinctly rarer than the 1843 or 1847 issues. It is also somewhat scarce in all grades. Most examples of this date are heavily circulated or damaged. Mint State coins are more difficult to locate than would be expected, although the Harry W. Bass Jr. collection featured six examples in Uncirculated condition. Most of the 1844 half eagles seen are well struck, some with die clashing. One example, certified as MS-65 by PCGS, sold at auction in 2005 for $50,025. No others have been graded as high.

1844-C Mintage: 23,631

Finest Smithsonian Institution specimen: AU-55

The 1844-C half eagle is moderately scarce in all grades. Due to a fire at the Charlotte Mint on July 27, 1844, half eagles were not produced in 1845. Therefore, the 1844 coins saw extensive circulation. Most 1844-C half eagles are well worn, with Very Fine or Extremely Fine being the commonly encountered grade. Mint State coins are very rare, and just a few examples have been graded at that level. Four coins have been graded MS-63 by PCGS and NGC. The finest example seen by the authors is the PCGS MS-63 coin from the Harry W. Bass Jr. collection. Bass purchased it from the Bareford collection in 1978.

1844-D Mintage: 88,982

Finest Smithsonian Institution specimen: AU-58

The 1844-D half eagle is one the most frequently offered dates seen at auction in the last 15 years. Nearly 40 examples crossed the auction block during that time. Most of the coins were in grades of Very Fine to About Uncirculated. The 1844-D half eagle is one of the more available issues from the Dahlonega Mint in grades below Uncirculated. However, Mint State examples are very rare. Three dozen coins have been graded at that level, some just barely making the cut. Choice examples of the date are very rare. The finest known example is the NGC MS-64 Duke’s Creek coin, which sold for $52,250 in the 1997 sale of the John J. Pittman collection. Most of the high-grade 1844-D half eagles seen are well struck and somewhat prooflike.

1844-O Mintage: 364,600

Finest Smithsonian Institution specimen: MS-63

The 1844-O half eagle has one of the highest mintages of any New Orleans gold coin, second only to the 1847-O eagle. As would be expected, this date can be purchased on several occasions at auction each year. Most auction appearances fall into the grade range of Extremely Fine to About Uncirculated. Mint State examples of the 1844-O issue are quite rare. Apparently, few coins were saved from this high-mintage issue. Harry W. Bass Jr. favored the 1844-O, as his estate contained 13 examples when it was sold at auction between 1999 and 2000. The October 1999 sale contained the finest known example, which has been graded by PCGS as MS-65 (the only coin to attain that grade). It sold for $34,500, quite a bargain for such an interesting coin. Author Jeff Garrett’s note on the lot stated simply, “Awesome.”

1845 Mintage: 417,099

Finest Smithsonian Institution specimen: MS-62

As can be expected from an issue with a fairly large mintage, the 1845 half eagle can be found with relative ease, particularly in grades below Mint State. The 1845 half eagle is relatively inexpensive in low grade. Most of the coins that qualify for auction are in the grade range of About Uncirculated to Uncirculated. Harry W. Bass Jr. acquired an amazing number of quality 1845 half eagles. The Bass estate contained 10 examples, 3 of which were graded MS64, the highest grade for any 1845 half eagle. Bass’s MS-64 coins sold for between $9,775 and $16,100. The 1845 half eagle is actually scarce in high grade, and none has been graded at the MS-65 level. It is also interesting to note that five or more circulated examples of the 1845 half eagle were found on the shipwreck of the SS Brother

Jonathan.

1845-D Mintage: 90,629

Finest Smithsonian Institution specimen: MS-61

The 1845-D half eagle is relatively common in low-grade condition for a coin from the Dahlonega Mint. Common is probably not the right word, as it is difficult to locate any example of Dahlonega gold that is reasonably priced. Most of the survivors are damaged or heavily cleaned. As can be seen from auction records and population numbers, the 1845-D half eagle is offered quite frequently in grades of Extremely Fine to About Uncirculated. Truly Mint State coins of the issue are quite rare. Just a dozen Uncirculated coins are known. The finest known example of the 1845D half eagle is the famous Norweb/Bass specimen. Harry W. Bass Jr. purchased the coin in 1987 for $66,000, an astounding price for the time. It was sold in 1999 at his estate for $57,500, and then it resold in 2004 for the same price.

1845-O Mintage: 41,000

Finest Smithsonian Institution specimen: MS-60 Cleaned

Although the mintage for the 1845-O half eagle dropped considerably from the previous year’s production at the New Orleans Mint, circulated examples are relatively common. However, high-grade examples of the date are quite rare. The 1845-O half eagle is very rare in Mint State; there are only two dozen coins known at that level (mostly in MS-60). The finest example seen of this date is the PCGS MS-63 Harry W. Bass Jr. coin, which sold for only $21,850 in 1999. Bass had purchased the coin in the 1973 sale of the Gilhousen collection for $2,000. A few others

have been graded MS-63, but it is doubtful they are the equal to the Bass example.

1846 Mintage: 395,942

Finest Smithsonian Institution specimen: MS-60

The 1846 half eagle is fairly scarce in all grades. Most examples seen range from Very Fine to Extremely Fine. In Mint State, this issue is quite rare with fewer than two dozen coins graded at that level. There are two major varieties known for this date: the Large Date and the Small Date. The Small Date is the rarer of the two. Harry W. Bass Jr. studied the issue carefully and possessed eight examples, including one of the finest known (PCGS MS-63) specimens of the Large Date variety.

1846-C Mintage: 12,995

Finest Smithsonian Institution specimen: AU-58

The 1846-C half eagle is a very rare issue in any grade. Just a few examples of this date are offered at auction each year. The issue is usually found well worn or damaged—even pleasing Extremely Fine or About Uncirculated coins are quite desirable and difficult to locate. The 1846-C half eagle is a true rarity in Mint State. Only a dozen examples have been certified by PCGS or NGC as Uncirculated. One example has been graded at the gem level; this is possibly the Eliasberg piece, which is an extremely nice coin. The Milas coin was one of the only other choice examples that the authors have seen.

1846-D Mintage: Part of total mintage of 80,294

Finest Smithsonian Institution specimen: AU-58

The 1846-D half eagle is found in two distinct, collectible varieties. The first is the 1846-D normal mintmark. The second variety features a mintmark that is boldly repunched over a mintmark that was originally too high and too far to the right. Surprisingly, the normal-mintmark variety is actually the rarer of the two. Nearly every example of the 1846-D half eagle seen is in the grades of just Very Fine or Extremely Fine. This issue is quite rare in About Uncirculated condition and exceedingly rare in Mint State. Just a few coins have been graded Uncirculated. The finest 1846-D half eagles are a pair of PCGS MS-62s.

1846-D, High 2nd D Over D Mintage: Part of total mintage of 80,294

No specimen in Smithsonian Institution

What the 1846-D High 2nd D/D half eagle lacks in rarity it makes up for in popularity. This issue is the more common of the two major varieties seen for this year. The repunched mintmark is very dramatic, however, and the variety is much sought after. It is usually found in grades of Very Fine or Extremely Fine. High-grade examples are scarce but seen with regularity. The finest example by far is the incredible coin that was a part of the legendary Duke’s Creek collection. That coin was graded by NGC as MS-66 and is among the finest coins of any denomination from the Dahlonega Mint. The Duke’s Creek collection of half eagles was sold intact by MidAmerican Rare Coin Galleries and Robert Harwell in a 2004 private-treaty transaction. The Smithsonian lacks an example of this variety.

1846-O Mintage: 58,000

Finest Smithsonian Institution specimen: AU-55

The 1846-O half eagle is a serious condition rarity. Most of the coins found of this date are only Very Fine or Extremely Fine at best. Although the quality of production is adequate, most of the coins are well worn. The 1846-O half eagle is underpriced in comparison to the other branch-mint issues of the year. This issue is every bit as rare as the 1846-D/D half eagle. There are very few examples of the 1846-O half eagle known in Mint State. The finest example is the Eliasberg/Milas coin, which was graded by NGC as MS-63 in 1992. In recent years, the best examples to appear at auction are limited to MS-61s, one of which sold for $11,213 in 2004.

1847 Mintage: 915,981

Finest Smithsonian Institution specimen: MS-62

With an abundant mintage of nearly a million coins, the 1847 half eagle is the most common date of the 1840s. It is also one of the most common No Motto half eagles. Circulated examples can be found with relative ease, sometimes for not much more than their bullion value. High-grade examples are somewhat scarce, with just five or six Mint State coins sold at auction each year. There have been three 1847 half eagles graded MS-66 by PCGS, but this number may include a resubmission. The finest seen by the authors is the amazing John J. Pittman coin (now PCGS MS-66), which has superb luster with deep golden-red and purple toning, and which sold for $92,000 in 2004. There

is also an interesting variety seen with the last digit of the date sharply recut.

1847-C Mintage: 84,151

Finest Smithsonian Institution specimen: AU-55

The mintage for the 1847-C half eagle increases dramatically from the previous year. The mintage of 84,100 coins is the highest for this denomination from the Charlotte Mint. Most of the coins entered circulation, however, and the date is usually found in grades of Very Fine or Extremely Fine. The 1847-C half eagle becomes increasingly difficult to locate in the higher states of preservation. Mint State examples are very rare, with just over 20 examples graded by PCGS and NGC. The finest example that has surfaced in recent years was the John J. Pittman coin, which sold for $44,000 in 1997. Later, it was graded by PCGS as MS-65 and resold in 2002 for $47,150. Other choice examples include the Milas and Elrod specimens.

1847-D Mintage: 64,405

Finest Smithsonian Institution specimen: AU-58

The 1847-D half eagle is moderately rare in all grades. Most of the coins that have survived grade Very Fine or Extremely Fine. Finding a problem-free coin in any grade can be a challenge, as many were harshly cleaned or damaged. About Uncirculated examples of this half eagle cross the auction block a few times each year. There are about two dozen examples of this date known in Mint State. The finest coins graded to date are at the MS-63 level; these include the Green Pond PCGS MS-63, which sold at auction in 2004 for $16,100, and the Duke’s Creek example, which traces its pedigree to the collection of John J. Pittman. Many of the high-grade 1847-D half eagles

are well struck and partially prooflike.

1847-O Mintage: 12,000

Finest Smithsonian Institution specimen: AU-45

The 1847-O half eagle is the rarest half eagle from the New Orleans Mint and one of the rarest of the era. Relatively few examples of this date have been certified by the major grading services in any grade. The date is very underappreciated in comparison to the more readily available issues from the Dahlonega and Charlotte mints. Most of the 1847-O half eagles seen have graded just Very Fine. One of the finest examples of this date was from the Heck Dodson collection and was sold by Mid-American Rare Coin Auctions in 1992 for $22,000. The coin was later graded by NGC as AU-58 and was a part of the Ed Milas collection of No Motto half eagles. The best and only Mint State example is an NGC MS-61.

1848 Mintage: 260,775

Finest Smithsonian Institution specimen: MS-60

The mintage for the 1848 half eagle is rather substantial, with more than a quarter of a million coins. This date is relatively common in low grade, but it is much more difficult to locate than the 1847 half eagle. The 1848 half eagle becomes increasingly rare in high grade. Harry W. Bass Jr. accumulated seven examples, one of which is the finest seen by the authors. That coin was graded by PCGS as MS-64 and sold for $24,150 in 1999. It is also interesting that the issue was represented in the shipwrecks of the SS Central America and the SS Brother Jonathan.

1848-C Mintage: 64,472

Finest Smithsonian Institution specimen: AU-58

The 1848-C half eagle is a scarce coin in any grade. Most of the 1848-C half eagles offered for sale are only Very Fine or Extremely Fine. This date becomes very rare in grades of About Uncirculated or better. For many years the 1848-C half eagle was thought to be unknown in Mint State. The subsequent discovery of a few examples has brought the population of Uncirculated specimens to about 10 coins. The two finest examples are from the Harry W. Bass Jr. collection and the Elrod collection. Both examples have been graded MS-64, but the Bass coin is clearly superior, in the authors’ opinion. The Bass example sold in 1999 for $50,600.

1848-D Mintage: 47,465

Finest Smithsonian Institution specimen: AU-50

The 1848-D half eagle is a generally underappreciated issue. Fewer examples of the 1848-D half eagle are seen than many of the other branch-mint issues with similar mintages. Many of the coins seen are harshly cleaned or in very low grade. The demand for attractive examples of branch-mint gold is higher than ever. This is illustrated by the sale of the Harry W. Bass Jr. estate. His collection contained 15 examples of the 1848-D half eagle. His coins were dispersed at auction in 1999 and 2000 and have virtually disappeared off the market into very strong collector hands. Two coins have been graded at the MS-63 level, one of which last sold at auction in 2003 for $17,250. The 1848-D half eagle is also found with the mintmark sharply doubled on some examples. The 1848-D/D variety is very rare and should command a premium.

1849 Mintage: 133,070

Finest Smithsonian Institution specimen: AU-58

With a mintage of 133,070, one might expect the 1849 half eagle to be very common. That is not the case, however. The 1849 half eagle is actually seen less often than some of the very popular branch-mint issues. It is very rare in Mint State with just over two dozen coins graded by the major services in the last 20 years. Just one example has been graded at the MS-63 level, with none finer. That coin last sold in 2005 for $8,625. There is also a very interesting variety for the year, reportedly discovered in 1963, in which the last two digits of the date are sharply doubled (the so-called 1849/49).

1849-C Mintage: 64,823

Finest Smithsonian Institution specimen: MS-61

The 1849-C half eagle is scarce in all grades, but it is probably the most available Charlotte Mint half eagle from the 1840s. Quite a few examples have crossed the auction block in recent decades. Most of the coins seen showed a decent strike for the Charlotte Mint and the era. There is at least one high-grade example seen that displays deep, prooflike surfaces, and there are around 40 other 1849-C half eagles graded in the various Mint State levels (undoubtedly, this number includes at least some resubmissions). The finest 1849-C half eagle by far is an NGC MS-66 that last sold at auction in 2004 for $70,150. The Harry W. Bass Jr. PCGS MS-64 coin is also very attractive and is probably the second-finest known of the issue. The Smithsonian example is also Mint State and one of the finest known.

1849-D Mintage: 39,036

Finest Smithsonian Institution specimen: AU-58

Most of the 1849-D half eagles offered for sale fall in the category of Very Fine or Extremely Fine. Many of them are of inferior quality, even for circulated coins. The 1849-D half eagle becomes increasingly rare in high grade. Examples in About Uncirculated are scarce but can be found at auction with some regularity. This date is very rare in Mint State, and very few examples have been graded at that level. Taking out resubmissions reduces that small number even more. The finest example known is the NGC MS-65 from the Duke’s Creek collection, which is a full two points finer than the next-best example. Most 1849-D half eagles are well struck and some high-grade coins are found with prooflike surfaces.

1850 Mintage: 64,491

Finest Smithsonian Institution specimen: MS-60

As can be seen by a quick study of the auction data and population reports, the 1850 half eagle is just as rare as most of the branch-mint issues of the period. The 1850 half eagle usually appears in low grade and is very much underappreciated. Perhaps if wealthy collectors from the Philadelphia area were to pursue collecting coins from their Mint, prices would finally reflect the true rarity of these scarce coins. This date is very rare in Mint State condition. The finest example of an 1850 half eagle to cross the auction block is the NGC MS-65 example that was sold for $63,250 as a part of the Ed Milas collection of No Motto half eagles in 1995.

1850-C Mintage: 63,591

Finest Smithsonian Institution specimen: MS-61

As the rather high mintage for a branch-mint issue of the era would indicate, the 1850-C half eagle is one of the more common Charlotte Mint half eagles. Most of the coins found are low grade, however, and attractive examples above Extremely Fine are very desirable. There have been more than 30 examples graded in Mint State. This probably includes resubmissions, and there are likely fewer than two dozen truly Uncirculated 1850-C half eagles known. There are several pieces that have been graded at the MS-64 level, the latest of which sold at auction in 2004 for $39,100. Many of the high-grade coins seen are prooflike, the best example being the Harry W. Bass Jr. coin. The 1850-C half eagle is sometimes seen with an extremely weak mintmark. These coins usually sell for a deep discount from the price of a sharply struck piece.

1850-D Mintage: 43,984

Finest Smithsonian Institution specimen: AU-55

The 1850-D half eagle is a rare issue in any grade. Most of the examples offered for sale are heavily circulated or damaged. This date becomes much more difficult to locate in high grade. At one time, the 1850-D issue was considered unknown in Mint State. Subsequently, the major grading services have certified a handful at the Mint State level, but most of these are on the low end of the scale. The Duke’s Creek and Ed Milas examples are probably the finest known of the date. Like the 1850-C, the 1850-D eagle is often seen with a very weak mintmark, and these coins generally sell for a deep discount.

1851 Mintage: 377,505

Finest Smithsonian Institution specimen: MS-63

The distinctive characteristic of the 1851 half eagle is its date, which is very large and takes up the entire space below the bust. Despite a rather large mintage, the 1851 half eagle is actually quite scarce. Most of the coins seen are just Extremely Fine or About Uncirculated. Mint State examples are seldom seen, yet this issue is very reasonably priced considering its rarity. There are just a few specimens of the 1851 half eagle that have been graded at the choice or gem level. The finest example of this date seen by the authors is the beautiful John J. Pittman coin, which was graded very choice Uncirculated and sold for $46,750 in 1997, then later resold in 2000 as an NGC MS-65 for $25,300. Pittman purchased the coin for $150 in 1963.

1851-C Mintage: 49,176

Finest Smithsonian Institution specimen: AU-50

The 1851-C half eagle is usually seen only in low grades. This issue saw extensive circulation, and many of the survivors are well worn. High-grade examples are scarce and this date is very rare in Mint State. The 1851-C half eagle is usually well struck, although some are seen with weakness on the central portions of the reverse. Two examples have been graded at the MS-64 level. One of those examples is the Elrod coin, which is considered one of the finest 1841-C half eagles known. The Elrod coin was graded MS-63 in 1999 and sold at auction for $46,000. It later reappeared at auction in 2003 as an NGC MS-64 coin and sold for $69,000 (now one can see why so many coins are resubmitted)!

1851-D Mintage: 62,710

Finest Smithsonian Institution specimen: MS-63

The 1851-D half eagle is actually quite scarce in all grades. The auction data and population numbers reflect a coin that appears less frequently than would be expected. The majority of the examples seen are very low grade. This issue becomes rare in grades above Extremely Fine. There have been very few 1851-D half eagles graded as Mint State, and at one time this date was unknown in that grade. The finest example known is from the Duke’s Creek collection and has been graded MS-64 by NGC. That coin traces its pedigree to the collections of Ed Milas and Henry Norweb. The Smithsonian contains a choice example, as well. Most 1851-D half eagles are weakly struck in the central portions of the obverse and reverse. The mintmark is sometimes seen very weakly impressed, and those coins sell for a discount.

1851-O Mintage: 41,000

Finest Smithsonian Institution specimen: AU-58

Half eagles were struck at the New Orleans Mint intermittently during the early 1850s, commencing in 1851 after a four-year break. Just 41,000 were struck at this popular Southern mint in that year, most of which entered circulation. Today the 1851-O half eagle is rare in any grade, especially in Mint State. Just a few coins have been graded Uncirculated, and most of those pieces are marginally so, at best. The finest example of the date, a PCGS MS-64, sold in late 2005 for $63,250. The Eliasberg coin is also Mint State and is considered one of the finest known. All in all, the 1851-O half eagle is a very rare and underrated coin.

1852 Mintage: 573,901

Finest Smithsonian Institution specimen: AU-58

The generous mintage for the 1852 half eagle is one of the highest for the No Motto type. This date is fairly common in most circulated grades. Mint State coins are scarce, and there are probably fewer than 150 pieces known at that level. Choice examples are surprisingly rare. The finest example of this date is the stunning coin that was a part of the Ed Milas collection of No Motto half eagles; it sold for a very respectable $66,000 in 1995. There were also several specimens found on the wreck of the SS Brother Jonathan.

1852-C Mintage: 72,574

Finest Smithsonian Institution specimen: AU-58

Thanks to the relatively high mintage for a Charlotte Mint coin, the 1852-C half eagle is one of the more common dates from this Southern mint. Circulated examples in grades of Very Fine to About Uncirculated are offered rather often. At one time, this date was very rare in Uncirculated condition, particularly at the choice level. In the mid1980s author Jeff Garrett purchased a small group of five very choice 1852-C half eagles from Silvertowne Rare Coins. Those coins graded MS-63 to MS-64. Most of the high-grade coins in the population reports today are those examples (the inflated numbers are caused by resubmissions). Another mini-hoard of five MS-63 to MS-64 examples turned up in the Fort Meyers, Florida, area in late 2007. This date is sometimes found weakly struck on the central portions, and high-grade examples with seawater surfaces are sometimes seen. The auction record for the date was set in early 2008 when a PCGS MS-63 sold for $40,250.

1852-D Mintage: 91,584

Finest Smithsonian Institution specimen: AU-58

With a large mintage of 91,500 coins, the 1852-D half eagle is one of the easier Dahlonega half eagles to locate. Most 1852-D half eagles appear in the grade range of Extremely Fine to About Uncirculated. The Smithsonian contains three examples, all AU-58. This date is usually found softly struck in the central portions of the obverse and reverse. The 1852-D half eagle becomes very rare in Uncirculated. There are fewer than a dozen coins known that are legitimately Mint State. The finest coins are graded MS-63, of which there are four or five examples. The Duke’s Creek NGC MS-63 coin is considered the best-known example by most researchers.

1853 Mintage: 305,770

Finest Smithsonian Institution specimen: MS-61

The 1853 half eagle is considered to be a common issue. This date is indeed fairly common in grades up to Uncirculated. Mint State examples are scarce, however, and most of the coins are in the lower grade ranges, usually MS-61 or MS-62. Choice examples are seldom seen or offered for sale. The best 1853 half eagle is a lone PCGS MS-66, one of the finest No Motto half eagles of any date. The price record for this date was set in 1995, when an NGC MS-65 sold as part of the Ed Milas collection of No Motto half eagles for $55,000.

1853-C Mintage: 65,571

Finest Smithsonian Institution specimen: MS-62

As can be seen from the large number of coins that have been offered at auction during the last 15 years, the 1853-C half eagle is one of the most common coins of its kind from the Charlotte Mint. Most examples are Extremely Fine to About Uncirculated in grade. Mint State examples are rare, more so than the fairly large mintage would suggest. Just four coins have been graded MS-64 by the major grading services, with none finer. The nicest example seen by the authors is the Harry W. Bass Jr. example, which sold at auction in 1999 for $35,650. Problems for this issue include weak strikes, seawater damage, and weak or nonexistent mintmarks.

1853-D Mintage: 89,678

Finest Smithsonian Institution specimen: MS-61

In most grades, the 1853-D half eagle is the most readily available issue from the Dahlonega Mint and a large number of examples are offered at auction each year. Hence, the 1853-D half eagle is very desirable as a type coin from this popular Southern mint. Most of the coins seen are boldly struck but with weakness on some parts of the surfaces. This issue was heavily circulated, and many specimens are found well worn or damaged. Examples are also sometimes seen with matte-like surfaces, most likely caused by seawater submersion. The finest examples include those from the Ed Milas collection of No Motto half eagles and the Duke’s Creek collection. None has been graded finer than MS-64 by PCGS or NGC. Large and Medium Mintmark varieties are known for this date, with the Medium variety being the rarer of the two.

1854 Mintage: 160,675

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1854 Philadelphia half eagle is much lower than on some of the other so-called common dates of the No Motto type. As expected, this date is scarce in most grades. The average 1854 half eagle grades Extremely Fine to About Uncirculated. Mint State coins are much rarer than price references would indicate. No 1854 half eagles have been graded at the gem level. The finest example seen by the authors, many years ago, was the Ed Milas NGC MS-64 coin that sold for $20,900 in 1995. One interesting variety for the year shows doubling on the obverse, which is most pronounced on Liberty’s ear. This variety is sometimes called the “Earring Variety.”

1854-C Mintage: 39,283

Finest Smithsonian Institution specimen: MS-60

The 1854-C half eagle is a very rare coin in any grade. Fewer examples of this date have been offered at auction than of many of the higher-priced issues of the era. Most of the coins that have appeared in recent years are no better than Extremely Fine. Mint State coins are very rare. Until recent years, just a few examples of the 1854-C half eagle were considered Uncirculated. Today, PCGS and NGC have certified a total of 26 Mint State pieces, with the best being a single NGC MS-64. Interestingly, that coin appeared at auction in 2000 as an NGC MS-63 and sold for $24,150. Regraded by NGC and auctioned in 2003 as an MS-64, it sold for $37,950. The 1854-C is found with both strong and weak mintmarks. Sometimes the mintmark is virtually nonexistent, causing those coins to sell for significantly less.

1854-D Mintage: 56,413

Finest Smithsonian Institution specimen: MS-63

The 1854-D half eagle is one of the most readily available issues from the Dahlonega Mint. A substantial number of coins are offered at auction and private treaty each year. There are more high-grade examples of this date known than of any other date from the Dahlonega Mint. The 1854-D half eagle is also found with a very weakly impressed mintmark. On some coins, the mintmark is completely missing, and the coin can be identified as a D-Mint coin only by the unique striking characteristics of Southern gold. The finest example of the 1854-D half eagle is the amazing Duke’s Creek collection specimen. That coin has been graded NGC MS-67, and it is the finest example of any denomination coin from the Dahlonega Mint. Mid-American Rare Coins and Robert Harwell sold the Duke’s Creek collection of half eagles intact in 2004.

1854-O Mintage: 46,000

Finest Smithsonian Institution specimen: MS-63

The number of 1854-O half eagles offered at auction in the last 15 years is skewed upwards by the sale of the Harry W. Bass Jr. collection. Even though there were 11 examples represented in the three sales of his collection in 1999 and 2000, most of those coins sold into strong hands and few have re-entered the market. A check of the population data confirms that the 1854-O half eagle is actually very scarce in all grades. Most examples are found in the lower grade ranges and high-grade pieces are very rare. The Smithsonian example grades Mint State and is in the condition census for the date. Five coins have been certified at the MS-63 level, one of which sold for $24,150 in 2005.

1854-S Mintage: 268

Finest Smithsonian Institution specimen: AU-58

The 1854-S half eagle is one of the great classics of U.S. coinage. It is not known why just 268 examples were struck, but it is quite clear that the focus of the San Francisco mint employees during their initial year of production was on double eagles. Today, only three examples of the 1854-S half eagle are known. The coin in the Smithsonian traces its pedigree through the hands of a few of the more famous collectors: Waldo Newcomer, Colonel E.H.R. Green, and Josiah Lilly. The two other coins are in private hands, one of which has been graded AU-58 by NGC. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1855 Mintage: 117,098

Finest Smithsonian Institution specimen: MS-61

In lower grades, the 1855 half eagle is generally considered a common date for this type. In actuality, it is rarer in all grades than the most common dates of the No Motto half eagles. Mint State examples are rare, and the auction data and population information clearly show that the 1855 half eagle is difficult to locate. No examples have been graded above MS-64. The finest specimen seen by the authors is the coin that was sold as part of the Ed Milas collection of No Motto half eagles. That coin was graded MS-64 by NGC and sold for a record price of $33,000 in 1995.

1855-C Mintage: 39,788

Finest Smithsonian Institution specimen: AU-58

Most of the 39,788 half eagles produced in Charlotte in 1855 saw extensive circulation. Of the few coins that have survived, many are heavily circulated or damaged. This issue is also known with matte surfaces, caused by seawater submersion. This date is scarce in the grades of Extremely Fine and About Uncirculated, with a particular value added for problem-free examples. It features a decent strike for this era, but most coins exhibit softness in some area or another. Mint State 1855-C half eagles are very rare, and of the few examples that have been graded, most are in the lower ranges of Mint State and have only recently been elevated to that level. The finest example known of this date is the Elrod collection specimen, graded by NGC as MS-65 and last sold at auction in 1999 for $67,725.

1855-D Mintage: 22,432

Finest Smithsonian Institution specimen: MS-61

The mintage for the 1855-D half eagle drops considerably from the previous few years of production at the Dahlonega Mint. This issue is rare in all grades, and most of the surviving examples that have been certified fall into the Extremely Fine grade range. This date is always seen weakly struck, particularly on the eagle’s neck feathers and the central portions of the obverse. It is very rare in About Uncirculated, and there are just a few examples with legitimate claims to Mint State. The Smithsonian specimen is fully Uncirculated and among the finest known. Other choice examples include the coins from the Milas collection and the Duke’s Creek collection. The 1855-D half eagle is found with a large and medium mintmark, of which the medium variety is considered the rarer. The price record for this date was set in 2004 when an NGC MS-64 Large Mintmark sold for $38,813.

1855-O Mintage: 11,100

Finest Smithsonian Institution specimen: MS-61

The 1855-O half eagle appears at auction less frequently than most coins of its era, and the low number of appearances is slightly inflated by the four examples that were a part of the Harry W. Bass Jr. collection. All things considered, the 1855-O half eagle is a very rare coin in any grade and high-grade examples are exceedingly rare. This issue is found with decent strikes and some examples are seen with prooflike surfaces. The four finest Mint State examples of the 1855-O half eagle include the Smithsonian, Milas, Pittman, and Harry W. Bass Jr. examples. John J. Pittman purchased his 1855-O half eagle in 1959 for $110; the coin sold in 1997 for $16,500 and reappeared in a 2007 auction as an NGC MS-61 and realized $21,850.

1855-S Mintage: 61,000

Finest Smithsonian Institution specimen: MS-61

The moderately high mintage of 61,000 coins fails to truly convey the rarity of the 1855-S half eagle. This issue saw extensive commercial usage and most of the surviving coins are heavily circulated or damaged. A relatively small number of coins have been offered at auction in the last two decades. That low number is inflated by the six examples that were sold as part of the Harry W. Bass Jr. collection. The 1855-S half eagle is very rare in Mint State. Just a few coins have been graded at that level. The finest example of this date seen by far is the PCGS MS-62 coin that was the best of the six offered in the sale of the Bass collection. The Smithsonian example is Mint State as well.

1856 Mintage: 197,990

Finest Smithsonian Institution specimen: AU-58

Despite the moderately high mintage of 197,900 coins, the 1856 half eagle is actually much scarcer than the most common dates of the type. This date is usually found only in circulated condition and Mint State examples are nearly as rare as some of the more readily available Charlotte and Dahlonega mint issues. Some 1856 half eagles are weakly struck on the central portions of the obverse or reverse. Choice and gem specimens of this date are very rare, and just a few coins have been graded at the MS-65 level. Ed Milas’s NGC MS-65, considered the finest 1856 half eagle by the authors, sold at auction in 1995 for $46,200.

1856-C Mintage: 28,457

Finest Smithsonian Institution specimen: MS-62

The 1856-C half eagle is a scarce coin in any grade. Most of the surviving examples are very low grade or damaged. This date is sometimes found with matte surfaces caused by seawater submersion. The strike for the 1856-C half eagle can be very weak on some examples. The surfaces are also found to be grainy, with die-rust evident on some coins. Two decades ago, the 1856-C half eagle was thought to be unknown in Mint State. The great collections of Harry W. Bass Jr., John J. Pittman, and Ed Milas lacked examples in Uncirculated condition. A few high-grade specimens have surfaced over the years, and more liberal grading standards have elevated a few to the Mint State level. A PCGS MS-63 example sold in 2006 for $46,000. The Smithsonian possesses one of the finest known examples of this date, an MS-62.

1856-D Mintage: 19,786

Finest Smithsonian Institution specimen: AU-55

Until the early 1990s, the 1856-D half eagle was very rare in full Mint State. Most of the coins seen were well worn or heavily cleaned. A rather large hoard of high-grade examples surfaced about that time in South Carolina. Those coins traded hands among a few dealers and were slowly released into the marketplace. Most of the coins seen by author Jeff Garrett were “scruffy” Uncirculated, with some sort of small scratches or damage. It is not known what the condition of the finest coins from the hoard would grade. The finest known example of an 1856-D half eagle is the Duke’s Creek collection specimen that has been graded MS-65 by NGC, the only coin to attain that level. Many examples seen of this date are weakly struck in the central portions of the obverse and reverse.

1856-O Mintage: 10,000

Finest Smithsonian Institution specimen: EF-45

As the low mintage suggests, the 1856-O half eagle is a rare issue. It is much more difficult to locate than many of the more popular Charlotte and Dahlonega issues of the 1850s. Most of the coins seen are low grade, and the number of coins offered at auction is skewed by the eight examples that were sold as part of the Harry W. Bass Jr. collection of U.S. gold. Those were all sold into strong hands, and they rarely appear for sale. Most of the 1856-O half eagles seen are well struck and some of the few high-grade specimens known have prooflike surfaces. The finest example graded to date is a single NGC MS-62, which last traded at auction in 2001 for $11,500.

1856-S Mintage: 105,100

Finest Smithsonian Institution specimen: AU-55

The 1856-S half eagle was used extensively in the commerce of the California Gold Rush. Most of the coins seen are heavily circulated or damaged. Several examples were found on the wreck of the treasure ship SS Central America, including a specimen that graded MS-62. Fewer coins of this date have been offered at auction than many of the more popular Charlotte and Dahlonega issues of the 1850s. The finest example known is a single NGC MS-64 coin that last appeared at auction in 1999, selling for just $26,450. That price seems low for a U.S. gold coin that is the finest known by two points—but is reflective of the fact that the collecting of San Francisco gold coins, compared to the popular Southern mint coinage, is underdeveloped.

1857 Mintage: 98,188

Finest Smithsonian Institution specimen: MS-64

The mintage of 98,188 examples for the 1857 half eagle is on the low side for the Philadelphia Mint issues of the era. This issue is scarce in any grade and very rare in full Mint State. Choice examples are seldom seen. One of the finest examples of this date seen by the authors is the Smithsonian coin, which would grade MS-64 by today’s standards. No examples have been graded at the MS-65 level by PCGS or NGC. The 1857 half eagle is underpriced in Mint State and should trade for much more than the common examples of the type.

1857-C Mintage: 31,360

Finest Smithsonian Institution specimen: MS-60

As can be seen by the number of 1857-C half eagles offered at auction during the last two decades, this issue is one of the more readily available from the Charlotte Mint. Most of the examples seen on the bourse floors are heavily circulated or damaged. There have been a fair number of coins certified at the Extremely Fine and About Uncirculated levels. In Mint State the 1857-C is very rare, and there are probably just about a dozen legitimate Uncirculated examples known. The finest example seen by the authors is the Elrod coin that was once graded MS-64 but is now believed to have been upgraded to the gem level, where it exceeds the next-best example by a full two points. The Smithsonian example is fully Mint State and is among the finest seen.

1857-D Mintage: 17,046

Finest Smithsonian Institution specimen: MS-61

The mintage of only 17,046 coins suggests an issue that is quite rare, and that is indeed the case for the 1857-D half eagle. Most of the coins seen of this date are only Very Fine or Extremely Fine. High-grade examples appear at auction with some regularity, but most are in the low range of About Uncirculated. The strike for the 1857-D half eagle is sometimes weak, mostly on the central portions. There have been fewer than two dozen examples of the 1857-D half eagle graded by the major grading services in Mint State, many of which have been graded only recently and are only marginally Mint State. One of the finest examples of this date is the Duke’s Creek NGC MS63 coin. The Smithsonian also possesses a nice Mint State example of the issue.

1857-O Mintage: 13,000

Finest Smithsonian Institution specimen: AU-58

The 1857-O half eagle is the last No Motto date from the New Orleans mint and it is the last half eagle date from the mint until 1892. As the very low mintage suggests, the 1857-O half eagle is very rare in any grade. The number of coins offered at auction and listed in the population reports is much lower than most of the issues from the 1850s. Of the few 1857-O half eagles seen, most are well worn, and some exhibit prooflike surfaces. This is never a great surprise for a low-mintage issue. The 1857-O half eagle is exceedingly rare in Mint State. Just one example has been offered at auction in the last decade, and it is the finest known by far, being graded by PCGS as MS-63. That coin sold for $40,250 in 2003.

1857-S Mintage: 87,000

Finest Smithsonian Institution specimen: AU-55

Like the 1856-S half eagle, the 1857-S saw extensive use in the daily commerce of the California Gold Rush. Most of the coins that have survived are well circulated. There were several examples of the 1857-S half eagle found on the wreck of the SS Central America. These are the finest examples known of the date and, without this group, the issue would be extremely rare in Mint State. The highest-grade example from the treasure that sold at public auction in 2000, graded MS-64 and realized $20,700. The 1857-S half eagle will always be popular due to its treasure-ship linkage. The mintmark for this issue is found in two distinct sizes. It is not yet certain which is the rarer.

1858 Mintage: 15,136

Finest Smithsonian Institution specimen: AU-50

The 1858 half eagle is the beginning of a run of low-mintage issues from the Philadelphia Mint. Just 15,136 examples were struck of this date. This is on par with most of the popular branch-mint issues of the era. The number of coins graded and auctioned in the last two decades is quite low. This issue is generally well struck, but most of the survivors are heavily circulated. A few choice examples of this date are known, the finest being an NGC MS-66 example that sold for $63,250 in early 2008. The Bass collection featured five examples of this date, representing a large percentage of all the 1858 half eagles offered in the last two decades.

1858-C Mintage: 38,856

Finest Smithsonian Institution specimen: AU-55

A fairly large number of 1858-C half eagles have been offered at auction during the past two decades. Most of the coins offered for sale and certified by the major grading services have been in the Extremely Fine to About Uncirculated grade range. This date is scarce, but it is also one of the more readily available half eagles from the Charlotte Mint. There are probably only about two dozen examples of this date that are truly Mint State. Among the finest is a PCGS MS-63 coin that sold in 2004 at auction for $29,900 and was subsequently upgraded to MS-64 by NGC. The 1858-C half eagle has reappeared at auction several times in the last decade, giving collectors ample opportunities to acquire this date.

1858-D Mintage: 15,362

Finest Smithsonian Institution specimen: AU-55

Although the mintage for the 1858-D half eagle is equal to less than half that of the 1858-C, both coins are currently of similar rarity. A fairly large number of 1858-D half eagles has been offered at auction during the last two decades, caused by the entrance of several great collections into the marketplace—names such as Bass, Pittman, Milas, and others come to mind. The simultaneous appearance of these coins creates a false impression of availability. However, most of these coins were sold into strong hands, never to be seen again for years. The majority of available 1858-D half eagles grade Extremely Fine or About Uncirculated. Mint State coins are rare, with the finest being an NGC MS-65 coin that was part of the great Duke’s Creek collection of Dahlonega gold.

1858-S Mintage: 18,600

Finest Smithsonian Institution specimen: AU-50

The 1858-S half eagle is an issue that saw extensive commercial usage. Only 18,600 were produced and very few have survived. Of the small number of known examples, nearly all are very heavily worn. None have been reported in the inventories from the treasure ships that were found in the last few decades. The 1858-S half eagle is a major condition rarity. This date is currently unknown in Mint State. The finest examples that have been graded are all AU-58. The specimen that was part of the Harry W. Bass Jr. collection is the finest the authors have seen. This date is clearly underrated, given its true rarity. The price record belongs to an NGC AU-58 that sold in 2007 for $25,300.

1859 Mintage: 16,734

Finest Smithsonian Institution specimen: EF-45

The mintage for the 1859 half eagle is about the same as for the branch-mint issues of the previous few years. This date is actually rarer than many of those coins. Very few examples have been offered at auction in the last two decades, and most of those have been in the Extremely Fine to About Uncirculated grade range. Uncirculated examples of the date are very rare, and there are fewer than 10 examples known in Mint State. The finest coin on record is an NGC MS-63 that sold at auction in 2003 for $9,200. The NGC MS-62 example, that sold as part of the Ed Milas collection of No Motto half eagles in 1995 for $17,600 holds the auction record for this date.

1859-C Mintage: 31,847

Finest Smithsonian Institution specimen: EF-45

The 1859-C half eagle is an interesting issue in terms of the frequency with which it appears on the market. All of the known examples of this date have a reverse that is very poorly impressed. It is thought that the reverse die was defective in some way. The 1859-C half eagle can be difficult to grade in many cases, as the obverse is usually sharp. Most of the 1859-C half eagles offered are in the Very Fine to Extremely Fine grade range. Examples of this date in About Uncirculated are scarce but are seen at auction on a regular basis. The 1859-C half eagle is very rare in Mint State, with most falling in the lower echelons of Uncirculated. The finest known example of the date is the incomparable NGC MS-66 coin that hails from the collections of John Clapp, Louis Eliasberg, Stanley Elrod, and Ed Milas. That coin is the finest half eagle, of any date, known from the Charlotte Mint.

1859-D Mintage: 10,366

Finest Smithsonian Institution specimen: MS-61

The 1859-D half eagle has one of the lowest mintages of all Dahlonega Mint half eagles. The only coin with a lower mintage is the extremely rare 1861-D. The 1859-D half eagle is a rare coin in any grade, with most examples grading Very Fine or Extremely Fine. Most of the specimens seen are weakly struck on the central portions of the obverse and reverse. The rims are also broad and beveled in appearance on every example seen. Although quite a few About Uncirculated 1859-D half eagles have sold at auction in the last few years, this date is difficult to locate in today’s environment. One of the finest known 1859-D half eagles is now a part of the Duke’s Creek collection, sold intact in 2004. That coin was formerly in the collection of John J. Pittman, who purchased it in 1956 for $42.50. It sold in 1997 for $60,500, which is more than 1,000 times the price Pittman paid!

1859-S Mintage: 13,220

Finest Smithsonian Institution specimen: AU-50

The 1859-S half eagle is another in a series of very rare half eagles from the San Francisco Mint. Nearly all of the small mintage of 13,220 coins entered circulation. When an example of the 1859-S shows up—and that is not very often—it is usually well worn. Most examples of this date are well struck but heavily circulated. Relatively few 1859-S half eagles have been auctioned in the last two decades and the population data are very low as well. Mint State 1859-S half eagles have appeared at auction three times in the last 20 years—unfortunately, these appearances all represent the same coin. That PCGS MS-62 first appeared in the 1995 sale of the Ed Milas collection of No Motto half eagles. Harry W. Bass Jr. purchased the coin, which was resold in 1999. It finally reappeared at auction

in 2002 and sold for $25,300.

1860 Mintage: 19,763

No specimen in Smithsonian Institution

The 1860 half eagle is a rare, low-mintage issue. This date would be highly desirable if it were from one of the more popular Southern mints, but the general perception of coins from the Philadelphia Mint is that they are common, which could not be farther from the truth. Most examples of this small mintage were heavily circulated, and today the date is quite rare in any grade. Very few examples have appeared at auction in the last two decades. The number of coins graded is also very low. The finest known example of this date was sold as part of the Harry W. Bass Jr. collection in 1999. Author Jeff Garrett’s catalog notes indicate that the coin was superbly frosted and should grade MS-65, which is exactly what happened (the coin is now in an NGC MS-65 holder). The Smithsonian lacks this date as a circulation strike, opting instead for a Proof example.

1860-C Mintage: 14,813

Finest Smithsonian Institution specimen: AU-50

The poor quality of strike is the hallmark of the 1860-C half eagle. As with the 1859-C, the reverse is from a defective die that resulted in a very blurry interpretation of the eagle design. This was probably caused by the use of a rusty die. The obverse, though well struck, is sometimes seen with a planchet void from Liberty’s chin to the second star. The 1860-C half eagle has one of the lowest mintages from the Charlotte Mint. Most of the coins seen of this date are heavily circulated. The average 1860-C half eagle is no better than Extremely Fine. High-grade

examples are known, but seldom offered. The finest certified example of this date is a single NGC MS-64.

1860-D Mintage: 14,635

Finest Smithsonian Institution specimen: MS-62

The 1860-D half eagle features one of the lower mintages from the Dahlonega Mint. There have been surprisingly many examples offered for sale at auction in the last two decades, and most fall into the range of Extremely Fine or About Uncirculated. Many of the coins are a bit weakly struck in the centers, and examples with genuine luster are rare. Mint State examples are very rare, with fewer than two dozen coins known, most of these being marginally Uncirculated. The finest example of this date resides in the Duke’s Creek collection of Dahlonega half eagles. That coin has been graded by NGC as MS-64 and traces its pedigree to the Bareford and Milas collections. The Smithsonian retains four examples of the 1860-D, with the finest coin grading MS-62. Varieties are known with medium and large mintmarks.

1860-S Mintage: 21,200

Finest Smithsonian Institution specimen: AU-50

The 1860-S half eagle is a very rare coin, certainly more so than either the 1860-C or 1860-D half eagles. Very few examples have been offered at auction in the last two decades and that number is skewed somewhat by the fact that the Harry W. Bass Jr. collection featured six examples when his estate was sold in 1999 and 2000. Most of this small mintage saw heavy circulation. This date is extremely rare in high grade, and just one example has survived at the Mint State level. That coin was one of the six specimens from the sale of the Bass collection. Bass had purchased

the coin in the 1982 sale of the Eliasberg collection. It sold for $27,600 as a PCGS MS-62 in 1999.

1861 Mintage: 688,084

Finest Smithsonian Institution specimen: MS-66

Thanks to a very high mintage, the 1861 half eagle is the most common date of the No Motto type. Although this date is quite common in relation to the great many rarities of the era, it is still very popular due to its Civil War date and the availability of high-grade examples. The 1861 half eagle is considered common, but there are still fewer than two dozen examples known at the gem level, the best being three at the MS-66 level. One of the finest specimens seen by the authors is in the Smithsonian’s collection. That coin would probably grade MS-66 by today’s standards.

1861-C Mintage: 6,879 (includes Confederate production)

Finest Smithsonian Institution specimen: MS-66

The 1861-C half eagle is extremely popular because it is a Civil War issue with the lowest mintage of any $5 gold piece from the Charlotte Mint, and due to speculation that part of the mintage was produced by the Confederacy. The 1861-C half eagle is scarce in all grades, but there have been more examples offered at auction in the last two decades than would be expected for such a low-mintage issue. The typical example is well struck in comparison to the 1859 and 1860 issues. The 1861-C half eagle is very rare in Mint State. There are just five or six coins known at that level, the finest being the MS-63 Stanley Elrod example that last sold at auction in 2000 for $59,800. Many experts believe the late-state examples that have a die break on the reverse through AMERICA could have been struck by the Confederacy.

1861-D Mintage: 1,597 (plus an unknown number minted by the Confederate States)

Finest Smithsonian Institution specimen: AU-55

The 1861-D half eagle is considered one of the great prizes from the Dahlonega Mint. Just 1,597 examples were struck when the Mint was under U.S. control. When it was captured by Confederate forces, an additional number of coins, estimated to be between 1,000 and 2,000 pieces, were produced by the Rebels. The 1861-D half eagle is one of the rarest half eagles from the Dahlonega Mint. Circulated examples, most in the Extremely Fine grade range, are seen for sale on occasion. This date is very rare in Mint State, with perhaps a dozen or so coins known at that level. The finest known 1861-D half eagle is the incredible Duke’s Creek example, which has been graded MS-64 by NGC. That coin was sold by Mid-American Rare Coin Gallery and Robert Harwell in 2004, as part of a complete set of Dahlonega gold coinage. A PCGS MS-63 sold for $207,000 in January 2008 at the FUN show auction.

1861-S Mintage: 18,000

Finest Smithsonian Institution specimen: EF-40

Half eagles were the favored denomination on the West Coast during the early 1860s. Most of the small mintage of 1861-S half eagles circulated well, and few examples have survived. As can be seen from the low population data and the small number of coins offered at auction in the last two decades, the 1861-S half eagle is very rare in any grade. High-grade examples are exceedingly rare, and the issue is currently unknown in Uncirculated condition. Several examples have been graded at the AU-58 level, most of these in recent years. The finest coin seen by the authors is the Ed Milas example that sold at auction in 1995 for $13,200.

1862 Mintage: 4,430

No specimen in Smithsonian Institution

By 1862, the federal government was no longer paying out gold coins—thus the dramatically lower mintage for half eagles. The production of half eagles dropped from 688,084 coins at the Philadelphia Mint in 1861 to only 4,465 (including Proofs) in 1862. As expected, the 1862 half eagle is very rare in any grade, even rarer than most of the Charlotte and Dahlonega issues of the 1840s and 1850s. Only about two dozen 1862 half eagles have crossed the auction block in the last two decades. Mint State examples of this date are very rare and underrated, and only two examples have been offered at auction in the past 20 years. The finest examples are two MS-62s, one of which sold at auction in 2004 for $18,400. The Smithsonian is missing a circulation-strike 1862 half eagle.

1862-S Mintage: 9,500

Finest Smithsonian Institution specimen: Fake

The mintage of 1862-S half eagle is twice that of the Philadelphia issue. That is because gold continued to circulate on the West Coast in the early 1860s. This fact is made evident by the heavily circulated condition of most of the coins of this era (and the 1862-S half eagle is no exception). This date is very rare in any condition and is seldom seen at auction or on the bourse floor. Over the years the authors have worked with many clients on collections of U.S. gold coins, and in virtually every instance, the last coins needed to complete date runs are those from the 1860s. The 1862-S half eagle is extremely rare in Mint State. The PCGS MS-61 that sold in 2006 for $43,700 is now a PCGS MS-62 and the finest known. The 1862-S half eagle is one of the few coins missing from the Smithsonian collection because the Lilly example is actually a fake.

1863 Mintage: 2,442

Finest Smithsonian Institution specimen: AU-53

The mintage of gold half eagles in 1863 dropped to an incredibly low 2,442 coins. This date is very rare and underrated in all grades. The 1863 half eagle appears at auction very infrequently, usually once a year at best. Harry W. Bass Jr. had three examples; otherwise, this date is nearly unobtainable. Mint State coins are of the utmost rarity. The Bass PCGS AU-58 coin was very nice, and may be either the MS-60 or MS-61 example certified by NGC. Those examples that exhibit original luster are at least partially prooflike, which is not unusual for such a lowmintage issue.

1863-S Mintage: 17,000

Finest Smithsonian Institution specimen: VF-35

The entire production of San Francisco half eagles from this time period were used extensively for commerce, with very few saved. The 1863-S is no exception and is very rare in any condition. It is nearly, but not quite, as rare as the 1863 Philadelphia issue. Most of the 1863-S half eagles seen on the bourse floors are very low grade or damaged. The 1863-S is extremely rare in Mint State, with only one having been sold at auction in that grade in the last two decades. That coin, which had been graded brilliant Uncirculated, sold in 2005 for $14,950. The 2007 price record of $19,550 belongs to an NGC AU-58. The Smithsonian example is a well-worn Very Fine coin. Two other examples were found on the shipwreck of the SS Brother Jonathan.

1864 Mintage: 4,170

No specimen in Smithsonian Institution

The 1864 half eagle is not quite as elusive as the 1863, but it can be described with certainty as very rare and underrated. The production of half eagles during this time period was extremely low. Many gold coins from this time were melted and the number of survivors is very limited. The Smithsonian lacks a circulation-strike example of this date. It is important to remember that the few collectors of the time (and the Smithsonian was no exception) preferred Proof coinage and little attention was paid to the regular or branch-mint issues. The 1864 half eagle is extremely rare in Mint State, with the Harry W. Bass Jr. and Ed Milas examples the only two sold at auction in the last two decades.

1864-S Mintage: 3,888

Finest Smithsonian Institution specimen: F-15

The 1864-S half eagle is a tremendous rarity in any grade. Only about 20 examples have been certified by the major grading services in all grades, and most of these have been in grades of Very Fine or less. The Smithsonian example is only F-15 and is one of the lowest-grade gold coins in the collection. There have been very few examples offered for sale in the last two decades. The dispersal of the Harry W. Bass Jr. collection accounted for three of the coins sold most recently. The PCGS MS-65 Bass example is one of the great anomalies of numismatics. It is the only Mint State example known of this date and it must be considered one of the most important Liberty Head half eagles. The market valued this spectacular coin at $178,250 when it sold in 1999!

1865 Mintage: 1,270

Finest Smithsonian Institution specimen: AU Polished

As the extremely low mintage indicates, the 1865 half eagle is a very rare coin. Gold coins rarely circulated on the East Coast during this period, and many of the examples produced were melted. Most of the coins remaining of this date are well struck and high-grade examples are usually prooflike in appearance. It is also important to remember that collectors of the time preferred Proof coinage to the circulation-strike and branch-mint issues. Very few coins were saved, and there are just a few Mint State 1865 half eagles known. The most recent auction record is for an NGC MS-60 coin that sold in 2002 for $17,250. None have been graded finer than MS-61.

1865-S Mintage: 27,612

Finest Smithsonian Institution specimen: EF-45

The 1865-S half eagle is very rare in any condition, although this date is found more often than some of the preceding issues. Most of the coins that have been certified and offered at auction are low grade. Very worn examples are not unusual for the date. At one time, the 1865-S half eagle was considered unknown in Mint State, but, the recovery of coins from the wreck of the SS Brother Jonathan yielded a few high-grade examples. The finest coin from the treasure ship was graded MS-64. When sold at auction in 1999, it realized $48,300. It sold again in 2004 for $43,700.

1866-S, No Motto Mintage: 9,000

Finest Smithsonian Institution specimen: VF-35

The production of No Motto half eagles at the San Francisco Mint in 1866 was very small. Just 9,000 coins were struck, and most entered circulation or were melted. The 1866-S No Motto half eagle is very rare in any condition and it is virtually unknown in high grade. There are no examples known in Mint State. The finest examples seen by the authors have been graded AU-58, the last of which sold at auction in 2005 for $12,650. The 1866-S No Motto half eagle was one of the last coins that a prominent Midwestern collector needed to complete a set of Liberty half eagles for the period 1839 to 1907.

$5 – LIBERTY HEAD, VARIETY 2, MOTTO ABOVE EAGLE 1866, With Motto Mintage: 6,700

Finest Smithsonian Institution specimen: AU Polished

In 1866, the motto IN GOD WE TRUST was added to the reverse of the half eagle (and other denominations). The 1866 With Motto half eagle is very rare in all grades and Very Fine or Extremely Fine is the usual grade seen. Most examples are well struck and high-grade specimens are usually prooflike. Just a few examples of the 1866 With Motto are known in Mint State. The finest example certified thus far is a single PCGS MS-62. An example in MS61 sold at auction in 2005 for $9,545. The Smithsonian example of this date is About Uncirculated and highly

polished.

1866-S, With Motto Mintage: 34,920

Finest Smithsonian Institution specimen: AU-50

The 1866-S With Motto half eagle is a wonderful condition rarity. Since the last edition (when no Mint State examples were known) a single MS-61 example has been certified by NGC. Just a few coins have been graded AU58, with the last sale at auction being in 2005 for $13,800. The 1866-S With Motto has a much higher mintage than the 1866-S No Motto, but the two varieties are both very rare. The average 1866-S With Motto is very well worn, because the issue circulated extensively on the West Coast. The mintmark is very small and sometimes weakly impressed. The 1866-S With Motto half eagle has one of the lowest frequencies of auction appearances of all the dates from the 1860s.

1867 Mintage: 6,870

Finest Smithsonian Institution specimen: EF-45

During this period, the Philadelphia Mint produced half eagles in extremely low numbers. The 1867 half eagle has nearly the same mintage as the 1866 issue and is of very similar rarity. This date is very rare in all grades, with the typical specimen being heavily circulated. Of the few high-grade examples known, most are at least partially prooflike. This date is extremely rare in Mint State, with just a few coins having been graded at that level. The finest known example is probably the Harry W. Bass Jr. coin, a PCGS MS-61 that sold at auction in 1999 for $9,200. This

date is obviously underrated; how many of the finest U.S. gold coins can be purchased for under $10,000?

1867-S Mintage: 29,000

Finest Smithsonian Institution specimen: EF-40

This date ranks as one of the most underrated in the entire Liberty Head series. There are no known Mint State examples and this date rarely appears at auction or on the bourse floor. The 1867-S half eagle is far rarer than most of the popular Dahlonega and Charlotte rarities, yet no example of this date has ever sold for more than $10,000. The San Francisco issues are in serious need of someone to promote the collecting of these fascinating and rare coins. The economic history of the West and the great rarity of these coins make a compelling story. The mintmark on the 1867-S half eagle is very small and sometimes weakly impressed.

1868 Mintage: 5,700

Finest Smithsonian Institution specimen: AU-55

The 1868 half eagle is another very low mintage issue from the Philadelphia Mint, with fewer than 6,000 coins struck. Very few of these half eagles were saved and the typical survivor is just Very Fine or Extremely Fine. The 1868 issue is a serious condition rarity, with none graded above MS-62. Just one example of this date has been offered for auction in Mint State in the last two decades. That coin was sold uncertified in the 1994 sale of the James A. Stack collection and realized $10,450. Most collectors of the late 1860s preferred Proof coinage, and the circulation-strike issues were mostly ignored.

1868-S Mintage: 52,000

Finest Smithsonian Institution specimen: AU-55

The mintage for the 1868-S half eagle is much larger than for the previous few years at the San Francisco Mint. As a result, it is not surprising that more examples of this issue have been offered for sale in the last several years. The 1868-S is still a great condition rarity, with the typical coin being very well worn. Just one Mint State example has been offered for sale in the last 15 years, when a PCGS MS-61 coin sold for $14,950 in 1997. The mintmark on the 1868-S half eagle is very small and sometimes weakly impressed. None have been certified by PCGS or NGC above MS-61.

1869 Mintage: 1,760

Finest Smithsonian Institution specimen: AU-55

The 1869 half eagle boasts one of the lowest mintages of the entire Liberty Head series. With only 1,785 coins struck (a total that includes the 25 Proofs of the date), the 1869 half eagle is very rare in any grade. Very few 1869 half eagles have been graded or offered at auction in the last two decades. Most examples grade Extremely Fine or About Uncirculated and are at least partially prooflike. The 1869 half eagle is very rare in Mint State. Just a few Uncirculated examples are known, including three coins that have been graded MS-64 by NGC (one of which earned the prooflike designation). The PCGS MS-64 from the Harry W. Bass Jr. collection reappeared in 2003 as an NGC MS-64 and realized $28,750.

1869-S Mintage: 31,000

Finest Smithsonian Institution specimen: EF-45

The mintage of the 1869-S half eagle dropped significantly from the previous year and remains a rarity today. The San Francisco issues from the 1860s were all very heavily circulated and most of the surviving coins are very well worn. This date is extremely rare in high grade, with just a couple of examples known in Uncirculated condition. Many of the 1869-S half eagles seen are weakly struck in the central portions and on the eagle’s neck and head. The mintmark is also very small and weakly impressed. The price record of $20,700 was set in 2004 by a PCGS MS-62, representing the finest example known of this date.

1870 Mintage: 4,000

Finest Smithsonian Institution specimen: AU-50

As the low mintage suggests, the 1870 half eagle is a true rarity. Very few examples have been graded and most of those fall into the Extremely Fine grade range. The circulation-strike Philadelphia issues were largely ignored by early collectors, who preferred Proof examples. The 1870 half eagle is very underrated in all grades. Mint State examples are extremely rare; currently, only one coin of this condition is known (a single PCGS MS-61). That coin hails from the 1999 sale of the Harry W. Bass Jr. collection, where it sold for $14,375.

1870-CC Mintage: 7,675

Finest Smithsonian Institution specimen: Fine Polished

The 1870-CC half eagle is one of the most popular coins from the Liberty Head series. It is the first year of issue from a popular and highly desirable mint. The gold coins from the early years of production at the Carson City Mint were truly workhorse coinage. Most of the coins seen for this issue are very heavily worn. For instance, the Smithsonian example is Very Fine and polished. High-grade examples are very rare, including Extremely Fine and About Uncirculated coins. There are fewer than 100 examples known in all grades, including a couple of dozen coins at the About Uncirculated level, and only two or three pieces in Mint State. The Harry W. Bass Jr. example was sold as a PCGS AU-58 in 1999 for $69,000. That coin was later re-graded MS-61 by PCGS.

1870-S Mintage: 17,000

Finest Smithsonian Institution specimen: EF-45

The 1870-S half eagle is found only in circulated condition and is usually well worn. There are no examples known of this date in Mint State. This issue circulated well from the time of issue, and few collectors cared about mintmarked gold. Several years ago, author Jeff Garrett was working with a client to obtain a complete set of Liberty Head half eagles, and the 1870-S half eagle was one of the last dates obtained. There have been several About Uncirculated examples sold in recent years. Most of these examples are on the low end of the About Uncirculated scale. The mintmark is small and sometimes weakly impressed.

1871 Mintage: 3,200

Finest Smithsonian Institution specimen: EF-45

The trend of low mintages and few survivors among the Philadelphia half eagles continued with the 1871 issue. Just 3,200 coins were struck, and this date is very rare today with only about 100 coins known in all grades. Most of these examples are in only Very Fine or Extremely Fine condition. The Smithsonian has two examples, the best of which is EF-45. The few collectors of the day preferred Proof examples for coinage from Philadelphia. Just a few examples are known in Mint State and none have been certified above MS-61. Most of the high-grade examples seen are at least partially prooflike.

1871-CC Mintage: 20,770

Finest Smithsonian Institution specimen: AU-50

Although the 1871-CC half eagle is seen more often than the other Carson City issues from 1870 to 1873, it is still a very rare coin in any grade. This date was very heavily circulated and the authors have examined many very worn, low-grade specimens. There were few if any coin collectors in the West during the 1870s and the survival of any of these coins is strictly an accident. The 1871-CC half eagle is usually seen with an adequate strike. High-grade examples are rare, with about 20 coins known at the About Uncirculated level. Surprisingly, the Smithsonian contains two About Uncirculated examples. There are only two or three Mint State coins known, the finest being a PCGS MS-63 that was discovered by one of the authors, Jeff Garrett, in south Florida during the late 1990s.

1871-S Mintage: 25,000

Finest Smithsonian Institution specimen: AU-50

The 1871-S half eagle is very similar in rarity to other San Francisco Mint half eagles of the late 1860s and early 1870s. Very few examples are ever offered for sale—in any grade. When this date is available, it is most likely a heavily circulated example. At one time this date was unknown in Mint State. Today, there are just four coins that have been certified as Uncirculated by PCGS and NGC. On some 1871-S half eagles, the date is clearly repunched. The variety is probably not that rare, as the Harry W. Bass Jr. collection featured three examples in one sale.

1872 Mintage: 1,660

No specimen in Smithsonian Institution

The 1872 half eagle has an amazingly low mintage with just 1,690 coins struck at the Philadelphia Mint (a total that includes the 30 Proofs of the date). This is one of the lowest mintages of any Liberty Head half eagle. This date is very rare in any grade, but there are a few choice specimens known. These rare examples reportedly came from a small hoard that surfaced in the 1950s. All of the high-grade examples the authors have seen are at least partially prooflike. The Smithsonian is missing an 1872 half eagle from its collection. The price record for this date was set in 1997, when an NGC MS-64 sold for $31,050.

1872-CC Mintage: 16,980

Finest Smithsonian Institution specimen: AU Reverse Flaw

Like the other early Carson City half eagles of 1870 to 1873, this issue was very heavily circulated in the commerce of the day. Most 1872-CC half eagles are low grade and often very worn. Quite a few of the coins the authors have seen are also damaged, and some exhibit mint-made planchet flaws. On most examples, the strike is a bit soft in the center. The Smithsonian coin is About Uncirculated, with a rather serious reverse planchet flaw. Today, there are no known examples of this date in Mint State. Very few 1872-CC half eagles have been sold at auction in the last 15 years. In 2006, a PCGS AU-58 sold for a record price of $37,950.

1872-S Mintage: 36,400

Finest Smithsonian Institution specimen: EF-45

The 1872-S half eagle is a very rare issue in any grade. About the same number of examples have been offered at auction in the last 15 years as the much more popular 1872-CC half eagle. This issue is another of the very heavily circulated dates, with few high-grade survivors. There are just a few examples that have been graded Mint State, none above MS-61. No Mint State example has crossed the auction blocks in recent years. If collectors ever turn their attention to these underrated issues, the price appreciation would be substantial.

1873, Close 3 Mintage: Part of 112,480

Finest Smithsonian Institution specimen: EF-40

The mintage for half eagles soared in 1873 to more than 100,000 coins. This is a great departure from the miniscule number of coins minted in the previous several years at the Philadelphia Mint. There are two very distinct varieties known for this year: the Close 3 and the Open 3. The Close 3 variety is thought to be the rarer of the two by a slight margin. In the last 15 years there have been relatively few examples sold, with the availability of this coin being skewed by the five coins from the sales of the Harry W. Bass Jr. collection. Three MS-66 examples have been certified by PCGS and NGC, but the price record of $20,700 belongs to an NGC MS-65.

1873, Open 3 Mintage: Part of 112,480

Finest Smithsonian Institution specimen: MS-68

The Open 3 variety may be slightly more common than the Close 3, but it is still scarce in most grades. There are probably only about a dozen examples known that are in choice or gem condition. The Smithsonian has a truly phenomenal 1873 Open 3 half eagle that is nearly perfect and is considered one of the best-preserved gold coins in the museum’s collection. The reason the coin was saved is unknown, because most collectors of the 1870s preferred Proof coinage over circulation-strike issues. The top grade for this date is MS-65.

1873-CC Mintage: 7,416

Finest Smithsonian Institution specimen: EF-40

The 1873-CC half eagle has one of the lowest mintages for this denomination from the Carson City Mint. This is another of the early Western coins that saw extensive and exhaustive circulation. There are several examples known today that grade only Good to Very Good. Many examples are damaged or heavily cleaned. The number of coins offered in the Harry W. Bass Jr. collection creates the illusion that the 1873-CC half eagle is more readily available than it really is. Bass’s estate contained six examples, including the finest known, which graded PCGS MS-62 and sold for $66,125 in 1999 and $48,300 in 2000 (oops). This date is seen only with a Close 3.

1873-S Mintage: 31,000

Finest Smithsonian Institution specimen: EF-45

Although the mintage for Philadelphia half eagles increased dramatically in 1873, the San Francisco production remained about the same. The same theme continues with the 1873-S half eagles, which were heavily circulated and have only a very few high-grade survivors. Most of the coins offered at auction during the last 15 years have been Extremely Fine or About Uncirculated. One coin has been graded at the Mint State level (NGC MS-61), but it has never been offered for sale at public auction. The 1873-S half eagle is just as rare as many of the popular Charlotte and Dahlonega mint coins. This underrated issue may some day receive the attention it deserves.

1874 Mintage: 3,488

No specimen in Smithsonian Institution

The mintage for the 1874 half eagle plunges from the previous year’s production and only 3,488 coins were struck. Today, there are very few survivors, most of them Extremely Fine or About Uncirculated. Many of the 1874 half eagles seen by the authors have been well struck and mostly prooflike, which is not unusual for a low-mintage issue. Just a half-dozen examples are known at the Mint State level. The finest example is a PCGS MS-63 coin that was sold as part of the Harry W. Bass Jr. collection in 1999 for $20,125, then again in 2006 for $20,700. The Smithsonian lacks a circulation-strike specimen of this date as most collectors preferred Proof coins at the time.

1874-CC Mintage: 21,198

Finest Smithsonian Institution specimen: EF Polished

The 1874-CC half eagle is one of the more commonly available early-issue half eagles from the Carson City Mint. Quite a few examples have been offered at auction in the last 15 years, most in the Extremely Fine to About Uncirculated range. On the bourse floor the average example seen is only Very Fine, and these are not valuable enough to qualify for many of today’s auctions. The number of coins seen at auction is skewed upwards by the sale of the Harry W. Bass Jr. estate, which contained six examples. Some of the Bass coins have reappeared in recent years. Only three specimens of this date have been graded Mint State. One of these coins last crossed the auction block in the 1992 sale of the Reed Hawn collection. The coin was ungraded at the time, but it now resides in a PCGS MS-62 holder.

1874-S Mintage: 16,000

Finest Smithsonian Institution specimen: EF-40

There have been a surprising number of examples of the 1874-S half eagle offered at auction in the last 20 years. Most of these have been graded Very Fine or Extremely Fine. The 1874-S is a true condition rarity and there are currently no examples known in Mint State. Even in About Uncirculated condition the 1874-S half eagle is very rare, and most of the known survivors that have been graded About Uncirculated are on the low end of the scale. This is another of the very heavily circulated issues, and it is equally as rare as many of the much higher priced Charlotte and Dahlonega mint issues. The mintmark on this date was weakly impressed into the dies.

1875 Mintage: 200

No specimen in Smithsonian Institution

The 1875 half eagle is one of the great classics of the Liberty Head series. Only 200 coins were struck and today there are fewer than 10 survivors. This date is also very popular because the year 1875 saw very low mintages for most denominations of U.S. gold coins. Just seven examples of this date have traded at auction in the past 15 years. The circulation-strike 1875 half eagles are actually rarer than the Proofs, and were it not for the Proof issues of this year, the circulation-strikes would trade for much more than they already do. Most examples grade Extremely Fine or About Uncirculated and are at least partially prooflike. The Smithsonian lacks an example of this issue. The opportunity to purchase an 1875 half eagle usually occurs only when great collections are sold. The last opportunity was in 2007, when an NGC AU-55 example sold for $74,750. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1875-CC Mintage: 11,828

Finest Smithsonian Institution specimen: AU Polished

As the mintage suggests, the 1875-CC half eagle is a very rare issue, but there have been a surprising number of examples graded and offered at auction in recent years (mostly in grades of EF-40 or EF-45). The typical 1875-CC half eagle is very poorly struck and assigning an accurate grade can be difficult. This issue received a lot of circulation at the time of mintage and high-grade examples are very rare. Just two survivors have been graded as Mint State, the best being an impressive NGC MS-63. That example sold for $103,500 in 2007.

1875-S Mintage: 9,000

Finest Smithsonian Institution specimen: AU-53

Most examples of this scarce issue, and the others from the Western mints of the era, were heavily circulated. Nearly all of the 1875-S half eagles seen on the bourse floors and at auction are well worn. The average grade for this issue is among the lowest of the series. Many of the extensive collections of U.S. gold coins sold in the past 30 years had well-worn examples of the 1875-S half eagle. This date is usually seen well struck, with the exception of the bottom part of the ribbon above the eagle. The 1875-S half eagle is extremely rare in Mint State, with only two examples certified by NGC (an MS-61 and an MS-64). The finest known specimen by far is a deeply prooflike coin that was sold as part of the Harry W. Bass Jr. collection in 1999. Bass purchased the coin in the 1994 James A. Stack sale.

1876 Mintage: 1,432

Finest Smithsonian Institution specimen: AU Polished

The 1876 half eagle is popular due to the very low mintage of just 1,432 coins. As a date, the 1876 half eagle is rarely seen in any grade. There are, however, a number of high-grade examples known. These coins may have been souvenirs of the 1876 centennial celebration of the United States of America. The 1876 half eagle is one of the very few early With Motto half eagles seen in gem condition. Most of the specimens seen are well struck, with prooflike surfaces. The finest 1876 half eagle seen by the authors was graded PCGS MS-65 and was sold in the 1994 ANA sale for $46,200. That coin traces its pedigree to the 1968 sale of the Miles collection.

1876-CC Mintage: 6,887

Finest Smithsonian Institution specimen: AU-50

Only 6,887 half eagles were struck at the Carson City Mint in 1876, representing the lowest production of half eagles from that mint. Like most of the early Carson City half eagles of the 1870s, this issue was heavily circulated in the West and most of the surviving examples are heavily worn or damaged. The average grade for this issue is very low. There are a few examples known at the About Uncirculated level, but these are quite rare. One remarkable specimen is part of the finest collection of Carson City gold coins known to exist. The population reports show a single PCGS MS-66 as the finest known, but the auction record belongs to the NGC MS-65 example that sold in 2002 for $138,000.

1876-S Mintage: 4,000

Finest Smithsonian Institution specimen: VG-10

The 1876-S half eagle is a very rare coin in any grade. This date has one of the lowest populations of half eagles certified by the major grading services, and very few examples have appeared at auction in the last two decades. Nearly all of the remaining 1876-S half eagles are heavily worn or damaged. Most of the great collections sold in the past have had only well-worn examples of the date. The Smithsonian specimen is graded only VG-10. There have been no Uncirculated examples of the date offered at auction in the last 15 years. The population reports list a single example at the MS-65 level, representing the only Uncirculated example known of this date. This remarkable coin was once a part of the great Garrett collection. All known examples have a punch mark in the earlobe of Liberty.

1877 Mintage: 1,132

Finest Smithsonian Institution specimen: MS-63 PL

The 1877 half eagle was struck in very limited quantities. This date has the second-lowest mintage of the Liberty Head half eagles, lining up behind the very limited 1875 with its legendary mintage of only 200 coins. The year 1877 is also very popular due to the many low-mintage issues of other denominations. The 1877 half eagle is very rare in any condition. There are a few coins known at the Mint State level; these are all fully prooflike and well struck. The Smithsonian example is the finest known circulation-strike specimen, accidentally purchased by Josiah Lilly as a Proof and donated to the museum in 1968. The second-finest 1877 half eagle seen by the authors is the Harry W. Bass Jr. coin that has been graded MS-62 by PCGS. NGC reports a prooflike MS-66 example, which the authors have not examined.

1877-CC Mintage: 8,680

Finest Smithsonian Institution specimen: AU-55

There have been relatively few examples of the 1877-CC half eagle seen at auction in the last two decades. Most of these coins have been in grades of Extremely Fine or About Uncirculated. The average surviving 1877-CC half eagle grades Very Fine or lower, but most do not make their way to auction. High-grade examples of the 1877-CC are very rare; this includes all levels of About Uncirculated. There are very few surviving coins that have been graded AU-58. Just one example is known in Mint State—the Harry W. Bass Jr. coin that was offered in 1999 as a PCGS MS-60. That coin now resides in a PCGS MS-62 holder.

1877-S Mintage: 26,700

Finest Smithsonian Institution specimen: EF-45

The 1877-S half eagle is the last of the very low-mintage San Francisco half eagles. Only 26,700 coins were struck for the year, and as expected, there are very few survivors. Most 1877-S half eagles grade just Very Fine or less. This issue is much rarer than current price guides would indicate, especially in high grade. The finest known example was sold uncertified in the sale of the Harry W. Bass Jr. collection in 1999. That coin has a small blemish in the field below the AM of AMERICA and was probably deemed a “no-grade” at the time. The coin is now in a PCGS MS-64 holder.

1878 Mintage: 131,720

Finest Smithsonian Institution specimen: MS-61 PL

The mintage for the 1878 half eagle jumps dramatically from the previous year’s production at the Philadelphia Mint. This date is quite plentiful in the lower states of preservation. Mint State specimens are scarce but can be found without too much difficulty. Gem examples are very rare, with just seven or eight known. The finest known examples grade MS-66, with one having sold at auction in 2004 for $13,800. Another superb coin was sold at auction in 2002, along with a choice 1878 eagle and double eagle.

1878-CC Mintage: 9,054

Finest Smithsonian Institution specimen: AU-55

Although the 1878-CC half eagle is a very rare coin in any grade, a surprising number of examples have been offered at auction in the last 15 years. Most of the known 1878-CC half eagles grade Fine to Very Fine, but these generally do not make their way into major rare coin auctions. There are several About Uncirculated specimens known, but most of these are only marginally so. The 1878-CC half eagle was once thought to be unknown in Mint State. In recent years, NGC has graded an example as MS-63, making it the only Uncirculated 1878-CC half eagle to be certified thus far.

1878-S Mintage: 144,700

Finest Smithsonian Institution specimen: AU-58

The production of half eagles increased dramatically with the 1878-S. With a rather plentiful mintage, this date is fairly common in lower grades and does not trade for a significant premium. The issue circulated heavily, thus Mint State examples are scarce, and there are no coins of this date known in gem condition. The finest coin graded to date is a PCGS MS-65 that has yet to appear at auction. This date is sometimes seen with partially prooflike surfaces, but not as often as on the earlier issues from the San Francisco Mint.

1879 Mintage: 301,920

Finest Smithsonian Institution specimen: MS-61

The mintage for the 1879 half eagle jumps dramatically from the previous year. Although the 1879 half eagle is uncommon in Mint State, there have been quite a few examples certified in the low end of that range. Gem coins of this date are very rare, with just a few known. The finest example seen by the authors is a PCGS MS-66 that crossed the auction block in 1998 for $16,100. It should be remembered that most great collections of the past contained Proof examples of the year, while the circulation-strike issues were largely ignored.

1879-CC Mintage: 17,281

Finest Smithsonian Institution specimen: EF-45

As can be seen from the number of examples offered at auction during the past 15 years, the 1879-CC half eagle is scarce but offered with regularity. This issue is the most available Carson City half eagle from the 1870s, but most of the time it is found in grades on the lower end of the scale. As usual, the Carson City half eagles from the 1870s saw extensive circulation, and few were saved. This date is very rare in About Uncirculated condition, and extremely rare in Mint State. There have been just three Uncirculated examples offered at auction in the last several years, the most valuable being an NGC MS-61 that sold for $20,700 in 2005.

1879-S Mintage: 426,200

Finest Smithsonian Institution specimen: AU-58

The production of half eagles in San Francisco continued to ramp up with the 1879 issue. The 1879-S half eagle is fairly common in lower grades and nearly all of the coins seen of this date are circulated. Mint State examples are quite rare, especially choice specimens. The Smithsonian has several specimens, but the finest example grades only About Uncirculated. The 1879-S half eagle is considered a condition rarity. Most coins of the date are well struck, and we have seen several that were fully prooflike. The finest certified example is a single PCGS MS-65 that sold for $23,000 in 2006.

1880 Mintage: 3,166,400

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1880 half eagle soars from the previous year’s production at the Philadelphia Mint. As expected, the 1880 half eagle is relatively common in all grades except choice and gem Uncirculated. The Smithsonian collection contains 41 examples of the 1881 half eagle, the finest of which grades only MS-62. Gem examples are actually quite rare but can be purchased for a small premium above the price of the much more common later dates of the series. Two MS-66 examples sit atop the condition ladder, but neither has appeared at auction in the past 15 years.

1880-CC Mintage: 51,017

Finest Smithsonian Institution specimen: MS-60

The production of Carson City Mint half eagles spiked in 1880 to more than 50,000 coins. The reason for the increase is unknown. As a result, the 1880-CC half eagle is often available at auction and on the bourse floor. Despite the increased numbers, the 1880-CC was widely circulated, and many examples seen today are well worn. Most of the coins offered at auction are Extremely Fine or About Uncirculated. The 1880-CC half eagle is very rare in Mint State, with most coins being only marginally so. The Smithsonian specimen is fully Uncirculated, and among the finest seen. NGC lists an MS-66 example, finest by a full three points, which the authors have not examined.

1880-S Mintage: 1,348,900

Finest Smithsonian Institution specimen: MS-63

The mintage of San Francisco half eagles jumped again in 1880, this time to more than 1,000,000 coins. The 1880-S half eagle is fairly easy to obtain in all grades up to gem Uncirculated. There have been only about a dozen examples graded MS-65, and most of these have been certified in the last few years. Anyone interested in a Liberty Head type coin would do well to consider one of this date. The prices are very similar to those of the much more common later dates, but the coins are much rarer. A small percentage of 1880-S half eagles boast prooflike luster.

1881 Mintage: 5,708,802

Finest Smithsonian Institution specimen: MS-63

The 1881 half eagle has the distinction of having the highest mintage of the entire Liberty Head series. The Smithsonian contains 50 coins, with the best example grading MS-63. It is interesting how in just a few short years the mintage figures for Philadelphia half eagles climbed from a few thousand into the millions. The finest example of an 1881 half eagle, graded MS-67 by NGC, sold at auction in 2005 for $11,500.

1881, 1 Over 0 Mintage: Part of total mintage of 5,708,802

No specimen in Smithsonian Institution

A small portion of the enormous mintage of 1881 half eagles is found with the last digit of the date repunched over the remnants of a zero. This variety is easily seen with the naked eye and is quite popular as such. The desirability of overdate rarities of the U.S. gold series pales in comparison to that of the similar silver and nickel issues. Far fewer individuals collect gold coins by date than collect silver denominations. The 1881/0 half eagle is not widely known, and new examples are still being discovered. Most of the examples seen are only Extremely Fine or About Uncirculated. Mint State coins are quite rare, and MS-64 is the highest grade seen by the authors.

1881-CC

Mintage: 13,886

Finest Smithsonian Institution specimen: AU-50

The mintage for the 1881-CC half eagle is tiny in comparison to those of the Philadelphia and San Francisco issues. The production must have been for local demand, which obviously was weak at the time. As a result, the 1881-CC half eagle is very rare in any condition. The number of coins offered at auction in the last 17 years is comparable to the number of Carson City half eagles of the 1870s. Most of the coins sold at auction have graded Extremely Fine. High-grade specimens are very rare, with even the few known specimens being quite baggy in appearance. Just a few 1881-CC half eagles have been graded Mint State, with the finest coin being a single PCGS MS-65. The price record for this date belongs to the NGC MS-63 example that sold for $57,500 in 2007.

1881-S Mintage: 969,000

Finest Smithsonian Institution specimen: MS-60

The 1881-S half eagle is among the most common dates of the Liberty Head half eagle. The Smithsonian contains more than a dozen examples. Although the 1881-S half eagle is common in all grades up to choice Uncirculated, gem specimens are actually rare. Seventeen MS-65 1881-S half eagles have been graded by PCGS and NGC. The authors have seen quite a few examples with deep prooflike surfaces. The finest is a single NGC MS-67 that also boasts their star designation for superior eye appeal.

1882 Mintage: 2,514,520

Finest Smithsonian Institution specimen: MS-60

The mintage for the 1882 half eagle was quite generous. This issue is readily available in Mint State, with most of the survivors falling in the grade range of MS-60 to MS-63. The population numbers drop rather rapidly for choice and gem specimens. The low number of examples seen in auctions is misleading, as most 1882 half eagles are not valuable enough for inclusion in a major auction sale. The finest certified examples include two NGC MS-67s. Prooflike examples are sometimes seen, but they are rare.

1882-CC Mintage: 82,817

Finest Smithsonian Institution specimen: AU-45

The mintage for the 1882-CC half eagle is much higher than in previous years. Not surprisingly, this date is offered at auction and seen on the bourse floor quite frequently. It is interesting to note that quite a few examples of this date have been graded About Uncirculated. In Mint State, however, the number of surviving examples drops off considerably, and only a single example is known at the MS-63 level. Many high-grade 1882-CC half eagles are quite baggy, and examples with good eye appeal are rare.

1882-S Mintage: 969,000

Finest Smithsonian Institution specimen: MS-64

By sheer coincidence, the number of coins minted of the 1882-S half eagle is exactly the same as that of the 1881-S half eagle. The rarities of the two issues are very similar, but the 1882-S half eagle is seen a little less often in gem condition. Many of the remaining Mint State examples grade MS-60 to MS-63. Most of the Liberty Head half eagles of the 1880s are underrated in high grade when compared with the much more common later dates. Prooflike

examples are rare; NGC has graded a single example as DPL (deep prooflike).

1883 Mintage: 233,400

Finest Smithsonian Institution specimen: AU-50

The mintage for the 1883 half eagle drops substantially from the previous year’s production at the Philadelphia Mint. Although finding low-grade examples poses little trouble, high-grade coins are difficult to locate. The number of examples graded MS-64 and MS-65 is surprisingly low. The only gem to appear at auction in the last 17 years was a PCGS MS-65 that sold in 2007. The single finest known example, graded NGC MS-67, was offered for private sale in 2005 for $28,500. The 1883 half eagle is a true condition rarity.

1883-CC Mintage: 12,598

Finest Smithsonian Institution specimen: AU-50

Although the mintage for the 1883-CC half eagle is much lower than for the 1882-CC, the two dates appear at auction with the same frequency, at least in terms of sheer numbers. It is the authors’ experience, however, that the 1883-CC half eagle is the rarer of the two dates. Most of the coins seen in the marketplace grade just Very Fine or Extremely Fine and this issue becomes increasingly rare in higher grades. Very few examples are known at the Mint State level. One of the finest specimens the authors have seen was a PCGS MS-61 coin sold at auction in 2002 for $29,900. Author Jeff Garrett noted at the time that the coin was undergraded. NGC includes a lone MS-64 example in its census data.

1883-S Mintage: 83,200

Finest Smithsonian Institution specimen: MS-63

The 1883-S half eagle is one of the most underrated dates in the Liberty Head half eagle series. This date is assigned a very modest value in most standard references. As the population and auction data reveal, the 1883-S half eagle is quite rare in all grades. Choice examples are very rare, and none have been offered at auction above MS-63 in the last dozen years. There are no examples known in gem condition. The Smithsonian example grades MS-63 and is one of the finest seen.

1884 Mintage: 191,030

Finest Smithsonian Institution specimen: EF-40

The 1884 half eagle has a mintage and rarity similar to the 1883 issue. Most examples seen are in low grade. This date becomes increasingly rare in choice condition and just a few examples have been graded MS-64 or better. The finest example seen of this date was a raw gem that was once part of the James A. Stack collection. That radiant example realized a stunning $18,700 in 1994.

1884-CC Mintage: 16,402

Finest Smithsonian Institution specimen: EF-40

Like the 1883-CC half eagle, the 1884-CC has a similar mintage and is scarce in all grades. Most of the examples seen are heavily circulated with a liberal number of surface marks. This issue is reasonably available in About Uncirculated condition, this being the most common grade seen at auction. The 1884-CC half eagle is very rare in Mint State, with just a few coins barely attaining Uncirculated status. No examples of the 1884-CC half eagle are known above MS-62.

1884-S Mintage: 177,000

Finest Smithsonian Institution specimen: AU-55

The 1884-S half eagle is moderately scarce in all grades and becomes quite rare in the higher states of preservation. This date is similar in rarity and availability to the 1883-S half eagle. Collectors have largely ignored this and other San Francisco issues. Much more attention is given to the popular Southern issues. For now, these half eagles represent some of the more undervalued coins in the U.S. gold series. In 2005, a PCGS MS-65 example set a record price of $17,250 for this date.

1885 Mintage: 601,440

Finest Smithsonian Institution specimen: AU-55

The 1885 half eagle was struck in rather plentiful numbers and this date is easy to obtain in most grades. However, choice and gem examples become more elusive. Only a dozen coins have been graded gem or better by PCGS and NGC. Very few gems have been sold at auction in the last two decades, the best being the PCGS MS-66 example that sold for $10,925 in 2005. Occasionally, this date is found with prooflike or deep prooflike surfaces.

1885-S Mintage: 1,211,500

Finest Smithsonian Institution specimen: MS-62

The 1885-S half eagle is one of the most common dates of the entire Liberty Head series. Circulated examples trade as common type coins, usually near their melt value. Although the 1885-S half eagle is considered common, the population data show that there are fewer high grade examples known of this date than for some of the later-date issues in this series. There have been a few specimens graded at the MS-67 level, one of which sold at auction in 2004 for $20,700.

1886 Mintage: 388,360

Finest Smithsonian Institution specimen: AU-58

Although the mintage of the 1886 half eagle is an ample 388,360 coins, this issue is more difficult to locate than one might expect. This date becomes very scarce in grades beginning at the MS-63 level. Just a few examples are known at the gem level. This issue is sometimes seen with prooflike surfaces. Random copper stains are sometimes a problem. None have been graded above MS-66 by PCGS and NGC.

1886-S Mintage: 3,268,000

Finest Smithsonian Institution specimen: MS-63

The 1886-S half eagle sports one of the highest mintages of the Liberty Head series. In average Mint State condition, this date is very easy to locate. Gem examples are another story, as the 1886-S issue is seen less frequently than many of the later dates. It is interesting to note the difference in the numbers of examples graded MS-65 by NGC and PCGS. PCGS has assigned the MS-65 designation to just eight examples, while NGC has deemed 50 coins at that level. As might be expected, auction buyers favor the PCGS coins with higher prices.

1887-S Mintage: 1,912,000

Finest Smithsonian Institution specimen: MS-63

The 1887-S half eagle is a very common date in all grades from Very Fine to MS-63. Like many other San Francisco half eagles from the 1880s, this issue is often found with a profusion of bagmarks. Very high-grade specimens of this date are actually scarce. Fewer than a dozen 1887-S half eagles are known in gem condition, and none have been certified above MS-65.

1888 Mintage: 18,201

No specimen in Smithsonian Institution

The mintage of the 1888 half eagle took an unexpected plunge from the previous year, dropping to only 18,201 coins. As expected, this issue is very scarce in any grade. Choice examples are extremely rare, on par with many of the much higher priced, branch-mint issues. Only three or four examples are known at the gem level, the most recently auctioned in 1991, fetching $12,650. In fact, nothing finer than MS-63 has appeared at auction in the past 12 years. The Smithsonian lacks a circulation-strike example of this date.

1888-S Mintage: 293,900

Finest Smithsonian Institution specimen: AU-58

Despite a seemingly generous mintage, the 1888-S half eagle is a scarce date but can be found with some effort. Most examples are very bagmarked, and ones with good eye appeal are rare. The 1888-S half eagle has very low population numbers in Mint State and coins at the high end of the scale are just as rare as many of the branch-mint issues. No examples have been graded above MS-63. All in all, the 1888-S half eagle is an underappreciated rarity.

1889 Mintage: 7,520

No specimen in Smithsonian Institution

The 1889 half eagle is actually rare in all grades, more so than the 1888. Most of the coins seen are heavily circulated and quite bagmarked. Mint State coins are very rare, particularly on the upper end of the scale. The few Mint State coins seen are often prooflike in appearance. The Harry W. Bass Jr. example is by far the finest known, and it grades out several points better than the next-best example seen. It was graded MS-67 by PCGS and sold for $26,450 in 1999; it reappeared at auction in 2003 and sold for only $20,700. The Smithsonian lacks a circulationstrike example of this date.

1890 Mintage: 4,240

No specimen in Smithsonian Institution

With a tiny mintage of only 4,240 coins, the 1890 half eagle is rare and elusive in all grades. Most survivors are found in various states of About Uncirculated. Mint State examples are rare, with just a few known at each grade level. A small hoard of superb, prooflike examples surfaced in the 1990s. The finest certified example is an NGC MS-68, one of the finest circulation-strike Liberty Head half eagles the authors have seen. That coin last sold at auction in 2003 for $43,700. The Smithsonian lacks a circulation-strike example of this date.

1890-CC Mintage: 53,800

Finest Smithsonian Institution specimen: MS-61

Half eagles were not produced at the Carson City Mint from 1885 to 1889. The Mint may have changed the way they distributed coins beginning in 1890—this and subsequent dates are much more available in high grade. Nevertheless, the 1890-CC half eagle is scarce, but its popularity derives from the desire of collectors to own a coin struck at the popular Carson City Mint. About Uncirculated examples are rather plentiful. Two or three coins are known at the gem level. The finest example known of this date is a PCGS MS-66, which was discovered by one of the authors, Jeff Garrett, in central Florida during the 1990s. That coin sold in 2004 for $66,125.

1891 Mintage: 61,360

Finest Smithsonian Institution specimen: EF-40

The mintage for the Philadelphia 1891 half eagle jumps from the low numbers of the previous few years. The 1891 half eagle is scarce, but not nearly as scarce as the 1889 and 1890 issues. There have been ample numbers of this date certified in About Uncirculated and MS-60 to MS-63. Choice examples are rare and only two have been graded at the MS-65 level. Several MS-64 coins have sold at auction in recent years, most for around $3,000, a drop from the 1999 high of $6,900. The 1891 half eagle is usually well struck. Many coins are seen with partially prooflike surfaces.

1891-CC Mintage: 208,000

Finest Smithsonian Institution specimen: MS-61

This is easily the most common half eagle from the Carson City Mint. The mintage is much higher than that for any other, making this date the most commonly chosen coin for an example of the Carson City Mint and type. Many coins of this issue were probably shipped long distances, as most are heavily bagmarked. This date is reasonably available in the MS-60 to MS-63 grade range. An attractive example in choice MS-64 is quite elusive, and just a few examples have been graded MS-65. The only PCGS MS-65 sold in 2006 for $43,700.

1892 Mintage: 753,480

Finest Smithsonian Institution specimen: MS-61

Although the 1892 half eagle is usually thought of as common, high-grade examples are actually quite scarce. This date was at one time extremely rare in gem Uncirculated, but a small group of superb coins surfaced in 1999. There have been 15 coins certified as MS-67, but this may include some resubmissions. Many of the high-grade coins seen are partially prooflike. Five MS-67 examples have appeared at auction in the past decade, led by an NGC-graded piece that sold for $21,850 in 1999. Since then, the price for this grade has dropped to a recent high of $13,800 (2007).

1892-CC Mintage: 82,968

Finest Smithsonian Institution specimen: MS-60

A quick glance at the population data for the 1892-CC half eagle illustrates clearly that this issue is much rarer than the 1891-CC. Most of the 1892-CC half eagles seen are Extremely Fine or About Uncirculated, and most are heavily bagmarked. Mint State examples are usually on the low end of the scale. The 1892-CC half eagle is very rare in choice condition, and only one example is known at the gem level. The finest example is from the Eliasberg collection. Its last appearance on the market was in 1997, when it sold for $30,800 as a PCGS MS-65. It has since been upgraded to MS-66 by NGC.

1892-O Mintage: 10,000

Finest Smithsonian Institution specimen: MS-61

After a long hiatus, the New Orleans Mint again started producing half eagles, although in relatively small numbers. This issue was heavily circulated; thus survivors are now rare in all grades. The number of coins certified in all grades is much lower than many of the very popular, earlier Southern gold issues. Mint State examples are rarely seen and just a few coins are known above MS-62. The finest certified example is a single PCGS MS-64. Most 1892-O half eagles are softly struck in the central portions and copper stains are not unusual. The 1892-O is one of the most underrated Liberty Head half eagles of the era.

1892-S Mintage: 298,400

Finest Smithsonian Institution specimen: MS-60

After a three-year break, the San Francisco Mint started producing half eagles again. As usual for that period, most coins were heavily circulated, and today the 1892-S half eagle is moderately scarce in all grades. Choice examples are also very rare. The best certified example is a single NGC MS-65 that has yet to appear at auction. It is interesting to note that the 1892-S half eagle is of comparable rarity in choice condition to the 1892-S Morgan dollar. However, the 1892-S half eagle sells for only a fraction of the price of the Morgan dollar, illustrating the power of strong collector demand.

1893 Mintage: 1,528,120

Finest Smithsonian Institution specimen: MS-62

The 1893 half eagle is common in most grades. The authors have seen several large groups of this date in Mint State over the years. While the 1893 half eagle is not considered extremely rare in gem condition, there are fewer known of this issue than of the most common later dates of the series. One of the more interesting facts about the 1893 half eagle is the existence of one example that is among the finest of the type, graded MS-68 by PCGS. That coin is virtually perfect, with a rich golden color and scattered copper stains. This beautiful specimen crossed the auction block in 2005 for $29,900.

1893-CC Mintage: 60,000

Finest Smithsonian Institution specimen: AU-58

The 1893-CC half eagle is very popular, as it was the last year of issue for this denomination from the Carson City mint. This issue was widely circulated and most examples seen today grade AU-50 to AU-58. Mint State examples are scarce but available on a regular basis. This issue is very rare in choice condition. The finest example seen by the authors is the Harry W. Bass Jr. coin that sold at auction in 1999 for $14,950 as a PCGS MS-64. Jeff Garrett’s catalog notes for the lot stated that the Bass coin “should be MS-65.” This proved accurate, as the coin now resides in an NGC MS-65 holder.

1893-O Mintage: 110,000

Finest Smithsonian Institution specimen: MS-61

The 1893-O half eagle is scarce in all grades. The typical example grades Extremely Fine or About Uncirculated. Many pieces are also heavily bagmarked and softly struck in the centers. High-grade specimens are very rare, with MS-62 being the best grade normally available. There have been just a few coins that had a legitimate claim to choice condition. The finest example seen by the authors was in a 1990 auction and had been certified by ANACS as MS-64. That same coin is probably now the lone gem example graded MS-65 by NGC.

1893-S Mintage: 224,000

Finest Smithsonian Institution specimen: MS-63

The 1893-S half eagle was minted in sufficient quantities that it can be found today with relative ease in most grades below choice Uncirculated. Many examples of this date are quite baggy in appearance and scattered copper stains can sometimes occur. Gem examples are very rare and, in fact, have nearly the same population numbers as the ultra-popular 1893-S Morgan dollar. Unfortunately, there are not thousands of individuals trying to complete a date set of Liberty half eagles. The auction record for this date is held by a PCGS MS-65 example that sold for $8,250 in 1999.

1894 Mintage: 957,880

Finest Smithsonian Institution specimen: MS-61

With a mintage of nearly one million coins, it should be no surprise that the 1894 half eagle is common in most grades. An abundant number have been certified in various Mint State grades. Choice examples are actually scarce, even much more so than many of the later dates of the series. There are very few gem examples known. The finest 1894 half eagle is a single PCGS MS-67 that sold at auction in 2004 for $21,850, a slight increase over the price it realized in 2003.

1894-O Mintage: 16,600

Finest Smithsonian Institution specimen: AU-55

The mintage for the New Orleans half eagle was a fraction of that of the Philadelphia Mint in 1894. It was also the last coin of the denomination from the New Orleans Mint. This issue saw heavy circulation and most of the remaining specimens grade Extremely Fine or About Uncirculated. The 1894-O half eagle is very rare in Mint State, and of the coins certified as such, most are on the low end of the scale. Just a few coins are known in MS-63 condition and none have been graded higher. An NGC MS-63 example last sold in 2005 for $5,865. A small fraction of this mintage displays prooflike attributes.

1894-S Mintage: 55,900

Finest Smithsonian Institution specimen: AU-55

The 1894-S half eagle is a scarce coin in any grade. Most of the survivors seen are in low grade and are heavily circulated. This is one of the dates that are taken for granted until one makes an effort to locate an example. Very few 1894-S half eagles have traded at auction in the last two decades because low-grade coins of the date are not deemed worthy of a major auction sale and there are very few high-grade coins known. One example of the 1894-S half eagle that must be noted with great fanfare is the Eliasberg coin, generally considered a candidate to be the finest pre-1934 U.S. gold coin known. It was purchased directly from the Mint in 1894 by John H. Clapp. Today, this coin has been certified by NGC as MS-69 and it truly must be seen to be believed. It beats the next-best certified example by four full points.

1895 Mintage: 1,345,855

Finest Smithsonian Institution specimen: MS-64

As a date, the 1895 Liberty Head half eagle is considered common in most grades. With a mintage in excess of one million coins, large groups have occasionally shown up over the years. Gem examples are scarce, much more so than for the later dates of the series. Two or three coins are known in MS-67, one of which sold at auction in 2004 in an NGC holder for $10,925. Prooflike examples are sometimes seen.

1895-S Mintage: 112,000

Finest Smithsonian Institution specimen: EF-45

The 1895-S half eagle was struck in moderate quantities and most entered immediate circulation. Nearly all of the 1895-S half eagles that are encountered fall into the grade range of Extremely Fine to About Uncirculated. The number of coins in Mint State that remain is amazingly low. Thus, this issue is considered one of the most underrated dates after the 1890 half eagle. There are just a couple of MS-66 examples known, one of which sold at auction in 2006 for $25,875.

1896 Mintage: 58,960

No specimen in Smithsonian Institution

There were far fewer half eagles struck at the Philadelphia Mint in 1896 than in the previous year. Although this issue is scarce, circulated examples can be purchased for near melt value. The 1896 half eagle is quite rare in choice and gem condition. There have been only five or six coins certified as MS-65, yet this date trades for levels barely above the most common issues of the type. The finest certified example is a single PCGS MS-66 that has yet to cross the auction block in that format. The Smithsonian is missing a circulation-strike example of this date.

1896-S Mintage: 155,400

Finest Smithsonian Institution specimen: AU-50

The 1896-S half eagle was struck in about the same quantity as the 1895-S. The rarities of the two coins are also very similar. Most examples found are heavily bagmarked, and the average coin seen is Extremely Fine or About Uncirculated. Mint State coins of this date are very rare and very few examples have attained the choice or gem level. One coin has been certified as MS-67 (PCGS) and it is by far the finest known. This amazing gem is from the Eliasberg collection that sold at auction in 1982. That coin was originally purchased by John H. Clapp directly from the San Francisco Mint in 1896.

1897 Mintage: 867,800

No specimen in Smithsonian Institution

The mintage figures for Philadelphia half eagles leap again in 1897 to nearly one million coins. As a result, this issue is very common in most grades. Gems of this date are sometimes seen, but not as frequently as among many of the later dates of the series. The finest example viewed by the authors is an NGC MS-66 that sold at auction in 1999 for $6,325. It has nearly mark-free surfaces but exhibits grease stains on the reverse. The Smithsonian lacks a circulation-strike example of this date.

1897-S Mintage: 354,000

Finest Smithsonian Institution specimen: AU-50

The number of 1897-S half eagles that have been auctioned in the last two decades is very low. Most of the circulated examples are not worthy of a major rare-coin auction and very high-grade examples do not exist. Although this date is not as rare as the San Francisco half eagles of the previous few years, it deserves more attention than it receives. The population numbers show several coins that have been graded MS-67. There is also one example each at the MS-68 and MS-69 levels. These probably represent a single coin—the famed Eliasberg specimen, which has been resubmitted numerous times over the years. In 2005, the PCGS MS-68 version sold for $74,750.

1898 Mintage: 633,420

No specimen in Smithsonian Institution

Thanks to its relatively high mintage, the 1898 half eagle is very common in most grades. However, choice MS-64 coins are actually scarce, much more so than are many of the later issues in this series. There have been very few 1898 half eagles graded at the gem level. Circulation-strike Philadelphia issues were often ignored in favor of Proof examples. Today, the two formats are considered to be totally different collectible types. The Smithsonian lacks a circulation-strike example of the 1898 half eagle.

1898-S Mintage: 1,397,400

Finest Smithsonian Institution specimen: AU-58

The 1898-S half eagle sports a mintage more than twice that of the Philadelphia issue. Surprisingly, this date is seen much less frequently. The 1898-S half eagle becomes quite scarce in choice condition, with gem examples rarely seen. The finest known example is from the Eliasberg collection of gold coins that was sold in 1982. That coin had originally been purchased directly from the San Francisco Mint by John H. Clapp in 1898. The Clapp gold coins of this period are among the best that have ever appeared on the numismatic scene.

1899 Mintage: 1,710,630

Finest Smithsonian Institution specimen: MS-63

The 1899 half eagle is the start of the truly common dates for the Liberty Head series. Circulated examples of the 1899 half eagle are available for very near melt value, and high-grade specimens can be found with little difficulty. One of the appealing aspects of this issue is its position as the last half eagle of the 19th century. The finest certified example is a single NGC MS-68.

1899-S Mintage: 1,545,000

Finest Smithsonian Institution specimen: AU-58

Although the mintage for the 1899-S half eagle is considerably higher than that of the 1899 Philadelphia issue, this date is many, many times rarer in choice and gem conditions. Most members of this issue must have met their fate in the melting furnace, as it is much scarcer than the very high mintage would indicate. There is one utterly superb NGC MS-69 example that was sold in the 1982 sale of the Eliasberg collection of gold coins. The origins of this high-grade coin can be traced back to its original purchase by John H. Clapp from the San Francisco Mint in 1899.

1900 Mintage: 1,405,500

Finest Smithsonian Institution specimen: MS-64

The 1900 half eagle is among the most common dates of the Liberty Head type. Low-grade examples trade for just slightly more than melt value. This date is popular as the first year of the 1900s. A very large number of coins have been graded Mint State; thus the 1900 half eagle can be purchased for the price of the most common dates of the type. Just a few examples are known at the superb level, but bear in mind that any U.S. gold coin in superb condition is very rare. The finest certified example is a single NGC MS-68.

1900-S Mintage: 329,000

Finest Smithsonian Institution specimen: MS-60

The 1900-S half eagle is scarce in all grades and it is probably 10 times rarer than the 1900 Philadelphia issue. Most 1900-S half eagles are well struck and some exhibit partially prooflike surfaces. The 1900-S half eagle is very rare in high grades, with just six or seven gem examples known. At least one or two coins exist that are utterly superb. The Eliasberg collection featured an example that had been purchased directly from the Mint by John H. Clapp in 1900. In 2003, that coin reappeared as a PCGS MS-69 and sold for $77,625.

1901 Mintage: 615,900

Finest Smithsonian Institution specimen: MS-61

The 1901 half eagle is common in all grades, but the San Francisco Mint issue is the most common of the 1901 half eagles—reversing the trend of the several previous years. The 1901 half eagle is usually well struck and the only defects that normally affect its value are scattered copper stains. A few superb MS-67 examples are known, the last of which sold at auction in 2004 for $11,500.

1901-S Mintage: 3,648,000

Finest Smithsonian Institution specimen: MS-64

The 1901-S half eagle is probably the most common date of this series in most grades. Low-grade examples usually sell for a small premium over their melt value and there have been thousands of examples certified as Mint State. Just one specimen has been certified at the MS-68 level by NGC, selling for $27,600 in 2004. The Eliasberg collection featured a superb example, but it is not known whether the MS-68 is from that famed collection.

1901-S, 1 Over 0 Mintage: Part of the total mintage of 3,648,000

Finest Smithsonian Institution specimen: AU-58

The 1901/0-S half eagle is a very interesting and quite bold mint error. The last 1 of the date is very clearly repunched over a zero. This variety was discovered sometime in the early 1970s. At one time, the 1901/0-S commanded a very strong premium. As more have been discovered over the years, the price for this very interesting coin has fallen. The demand for overdate nickel and silver coinage of the 20th century far outweighs that for U.S. gold coins. If more people collected half eagles by date and mintmark, this would probably become a very hot issue. The top certified grade for this variety is MS-66, where six examples have been certified by PCGS and NGC.

1902 Mintage: 172,400

Finest Smithsonian Institution specimen: AU-55

The mintage for the 1902 half eagle is very small compared to the production of the previous few years. The 1902 half eagle is by no means a rare coin, but this issue is far more elusive than the most common dates of the type. The population of certified Mint State examples is a fraction of the numbers seen for the 1901-S half eagle. Very few are known in gem or superb condition. This issue catalogs for a very small premium over the common type prices, making it an underrated date whose scarcity will someday be appreciated.

1902-S Mintage: 939,000

Finest Smithsonian Institution specimen: MS-64

The 1902-S half eagle is common is most grades. This issue is considered a type coin and is very popular because the quality of minting is superior. Most of the coins seen are very well struck and high-grade examples can be found without too much difficulty. There has been one example certified as MS-69 (probably the Eliasberg coin that was originally purchased by John H. Clapp directly from the San Francisco Mint in 1902). The numismatic community is very lucky that someone had the foresight to gather and preserve these wonderful coins.

1903 Mintage: 226,870

Finest Smithsonian Institution specimen: EF-40

The 1903 half eagle is very similar in rarity to the 1902 issue. This date sells for the same price as the most common dates of the type; yet the population data clearly show this issue is many times rarer. Most 1903 half eagles are well struck, with assorted copper stains being the only flaw sometimes seen. Some collectors shun gold coins with light copper toning; the authors think this is misguided in most cases and that someday gold coins with lovely color will sell for a premium.

1903-S Mintage: 1,855,000

Finest Smithsonian Institution specimen: MS-64

The 1903-S half eagle is one of the most common dates of the Liberty Head series. Examples can be purchased in almost any grade for the common “type” price. Although there are several coins that have been graded MS-67, no examples survive in the nearly perfect state seen on some of the San Francisco issues from 1894 to 1902. This issue is popular because of the quality of strike and state of preservation of many high-grade examples.

1904 Mintage: 392,000

Finest Smithsonian Institution specimen: MS-61

The 1904 half eagle is another issue that is very common in most grades. There have been thousands certified as Mint State and an example can be found in most grades with little effort. A few are known at the superb level, but these are rare, as are all U.S. gold coins in that lofty condition.

1904-S Mintage: 97,000

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1904-S half eagle drops dramatically from issues of the previous few years at the San Francisco Mint. This date is many times rarer than the half eagles of previous issues. Most examples are Extremely Fine or About Uncirculated. Mint State examples are quite rare; choice and gem specimens are seldom seen. A couple of superb coins are known, one of which is from the famous Eliasberg/Clapp collection. A very small number of coins have been offered at auction in the last two decades, the finest of which is the Harry W. Bass Jr. example that graded MS-67 and sold for $29,900 in 1999, with a follow-up sale in 2007 at $34,500.

1905 Mintage: 302,200

Finest Smithsonian Institution specimen: MS-60

The 1905 half eagle is scarcer in Mint State condition than most would believe. It is similar in rarity to the 1902 and 1903 issues. There are surprisingly few known in gem or superb condition. Just a few have been offered at auction in the last 15 years. Most of the 1905 half eagles are well struck, but copper stains can sometimes be an issue. In 2006, an NGC MS-68 example of this date sold for $27,025.

1905-S Mintage: 880,700

Finest Smithsonian Institution specimen: MS-61

Despite a generous mintage of nearly one million coins, the 1905-S half eagle is scarce in all grades. Most of the coins must have been destroyed, as this issue is only slightly more available than the much lower-mintage 1904-S issue. The 1905-S half eagle is very rare in gem condition. The finest example seen by the authors was an NGC MS67 coin from the Dawson collection, sold in 1998 for $26,450.

1906 Mintage: 348,735

Finest Smithsonian Institution specimen: MS-62

The 1906 half eagle is relatively common in most grades. This date is of similar rarity to the 1902 and 1903 issues. High-grade examples sell for prices that are very close to those of the most common issues. The 1906 issue is undervalued in the opinion of the authors, and it represents a good value in today’s market.

1906-D Mintage: 320,000

Finest Smithsonian Institution specimen: MS-64

The federal government purchased the Denver headquarters of Clark, Gruber & Co. in 1863 and used the facility as an assay office until 1906, when it began operations as an official branch mint. The 1906-D half eagle is rather plentiful in most grades, but it is also very popular as one of just two half eagle dates from the Denver Mint. The finest coin seen by the authors was sold at auction in 1998 and was graded MS-67 by PCGS.

1906-S Mintage: 598,000

Finest Smithsonian Institution specimen: MS-61

Although the 1906-S half eagle is relatively common in most grades, it is certainly under-priced in the higher states of preservation. This date sells for a very small premium, but it is many times rarer than the 1901-S and 1903-S half eagles. There appear to be two superb examples known of this date and both have been graded MS-67 by PCGS. One of the coins was purchased by John H. Clapp directly from the Mint in 1906 and was later acquired by Louis Eliasberg. The other coin sold at auction in the early 1990s for $23,100.

1907 Mintage: 626,100

Finest Smithsonian Institution specimen: MS-64

The 1907 half eagle is one of the most common dates of the Liberty Head series. It is common in most grades, but there are fewer seen of this date than the 1901-S and 1903-S half eagles. There are a couple of superb coins known, including an NGC MS-68 example that sold in 2006 for $26,754. Most of the examples seen of this date have deeply frosted surfaces, although prooflike examples are seen on rare occasions.

$5 – INDIAN HEAD 1907-D Mintage: 888,000

Finest Smithsonian Institution specimen: MS-64

The 1907-D half eagle is very common in most grades but remains very popular as one of just two half eagle dates issued from the Denver Mint. Most examples are well struck and exhibit fully frosted surfaces. There has been one piece certified as MS-68 by NGC. It last sold at auction in 2007 for $27,600. Liberty Head half eagles were struck at all seven U.S. mints. The 1906 and 1907 Denver issues are sometimes included in sets representing coins from each of the minting facilities.

1908, Liberty Head Mintage: 421,874

Finest Smithsonian Institution specimen: MS-67

The year 1908 was the last for production of this long and prolific design type. 1908 was a transitional year, with the Indian Head type coming later in the year. The 1908 half eagle is among the most common dates of the type. Examples can be purchased in most grades with little difficulty. The Smithsonian contains an MS-67 example of this date, making that coin one of the finest known. The finest certified example is a single NGC MS-68.

1908, Indian Head Mintage: 577,845

Finest Smithsonian Institution specimen: MS-62

Both the Indian Head quarter eagles and half eagles of 1908 were designed by Bela Lyon Pratt, an outsider to the Mint establishment. Pratt was trained as an artist, had developed widespread recognition, and for a time, trained under Augustus Saint-Gaudens. Pratt’s bold and dynamic incuse designs were sunk into the coin, as opposed to being raised by the dies, a new concept for regular-issue coinage at the U.S. Mint. This is the most common issue in gem grades and it is generally readily available in the lower Mint State grades. The price record for this date was set in 2006, when a PCGS MS-66 sold for $37,375.

1908-D Mintage: 148,000

Finest Smithsonian Institution specimen: EF-45

Most of the half eagles of this year and mint are well struck, but lack the luster seen on the 1908 Philadelphia issue. They are often seen with a somewhat granular appearance. No examples have been graded higher than MS-65, making this is a very difficult date to obtain in gem grades. In a series with condition rarities prevalent, the 1908-D half eagle has earned its place as one of the 10 rarest dates in gem grades. In 2006, a PCGS MS-65 example sold for a new record price of $74,750.

1908-S Mintage: 82,000

Finest Smithsonian Institution specimen: EF-40

The 1908-S is one of the most common dates in all grades despite the low mintage, and in gem grades these are generally frosty and highly attractive. Many of the surviving gems are likely from a hoard attributed to Virgil Brand. The two highest-grade Indian Head half eagles seen by NGC and PCGS are both 1908-S issues, and each service has graded a single coin as MS-68. If a single coin is desired from this series, this date and mint should be considered for the overall quality and availability. Significant auction results include the 2004 sales of a PCGS MS-67 coin for $89,125 and an NGC MS-67 specimen for $40,250.

1909 Mintage: 627,060

Finest Smithsonian Institution specimen: AU-58

The 1909 Indian Head half eagle is another common date in most Mint State grades up through MS-64. In MS-65, this issue is still one of the most available dates and can be obtained with a little patience. Examples are typically found well struck, with bright, frosty luster. The 1909 half eagle ranks as the 22nd most readily available date of the 24-coin series. In 2006, a PCGS MS-66 example of this date sold for $51,750.

1909-D Mintage: 3,423,560

Finest Smithsonian Institution specimen: MS-63

The 1909-D half eagle is the most common date of the series and it is available in most Mint State grades, including gem condition. In grades of MS-66, this date is as difficult as most others in the series, and just a handful have been seen that qualify at that lofty level. The 1909-D half eagle is second only to the common 1908 in gem grades and the 1909-D is usually found with a sharp strike and frosty luster. The price record for this date was set in 2004, when a PCGS MS-66 specimen sold for $18,400.

1909-O Mintage: 34,200

Finest Smithsonian Institution specimen: MS-65

This issue is one of the rarest dates in the entire series, ranking as the fourth most difficult to obtain in gem MS-65 grades (behind the San Francisco condition-rarity trio of 1912-S, 1914-S, and 1915-S). Examples are generally found sharply impressed, often with the mintmark doubled to the left. This is one of the most sought-after issues in the series because of the low mintage and general rarity in any Mint State grade. It has long been considered a key date and is always in feverish demand. Two gems have been offered in the past decade: an NGC MS-65 in November 1998 for $178,500; and a gem Uncirculated specimen in May 1998 that realized $374,000 and may, indeed, be the finest known example of this date. The Price coin traces its pedigree to the Eliasberg collection. A gem example is also in the collection of the Smithsonian.

1909-S Mintage: 297,200

Finest Smithsonian Institution specimen: MS-66

Once again, despite the mintage, this date is nearly impossible to locate in gem grades. PCGS and NGC combined have graded only six examples of this date as MS-65 or finer. (The coveted 1911-D and 1913-S issues have populations of only five examples graded MS-65 or better.) However, of these six gem 1909-S half eagles, two are graded MS-66, and the finest is a single PCGS MS-67. As a date, this issue is tied with two others as the fifth rarest in gem MS-65 or finer. Examples are generally found sharp and lustrous, and this issue is one of the key dates to the series. Recent offerings include the March 2000 sale of a PCGS MS-67 coin for $48,875.

1910 Mintage: 604,000

Finest Smithsonian Institution specimen: MS-60

The 1910 Indian Head half eagle is generally available in gem condition. Most examples are boldly impressed and quite lustrous, typical of the Philadelphia Mint coins of the period. The 1910 half eagle is fairly easy to obtain in grades up to MS-65. In gem MS-65, this date ranks 16th out of the 24 issues struck, but only two examples have been seen as high as MS-66 by NGC, and none by PCGS or ANACS. In 2006, a PCGS MS-65 example sold for $32,200, nearly doubling the previous price record.

1910-D Mintage: 193,600

Finest Smithsonian Institution specimen: MS-66

This date from the Denver Mint is usually found boldly struck with the mintmark deeply impressed in the die. As is so often the case with these scarcer dates, most of the known survivors trace their history to long storage in Europe, where they were used as gold reserves for various banks. A particularly fruitful hoard of this date was discovered in Europe in 1979, but virtually all found were in lower Mint State grades. Fourteen pieces have been graded MS-65 or higher by NGC and PCGS, placing this date in 11th place among the 24-coin series, and virtually on par with the 1908-D and 1911-S issues in gem grades. Two exemplary examples of this date are the PCGS MS-67 coin that sold for $51,750 in 1999 and the gem Uncirculated specimen that sold for $73,150 in 1997.

1910-S Mintage: 770,200

Finest Smithsonian Institution specimen: MS-64

The 1910-S half eagle is normally found sharply struck with the fields showing satiny mint frost. The mintmark is sharp. Although scarce in Mint State, this date can be obtained with a little patience, as approximately 300 have been graded MS-60 or higher by the major services. In gem MS-65 grades, this date is very scarce, with a scant six coins seen at that high a grade by the major certification services, placing this date as the eighth most difficult coin to obtain in this lofty grade. Two gem Uncirculated specimens of note were sold: one in May 1998 for $77,000 and one in October 1997 for $46,750.

1911 Mintage: 915,000

Finest Smithsonian Institution specimen: MS-62

As one of the more plentiful issues from this series, most 1911 half eagles are found with minor weakness on the headdress feathers and with average luster. The combined NGC and PCGS population reports tally 91 coins in gem MS-65 or finer grades, placing this date as 19th of the 24 issues in gem grades. Although available in gem condition, these coins are by no means inexpensive in this lofty state of preservation. Two examples are the 2004 sales of a PCGS MS-65 coin for $16,675, and a PCGS MS-65 coin for $18,400.

1911-D Mintage: 72,500

Finest Smithsonian Institution specimen: MS-65

The 1911-D half eagle is one of the great rarities of the series and a very difficult coin to find in any Uncirculated grade, with approximately 249 examples graded as MS-60 or above by the major grading firms. In MS-65, the number of coins graded falls to five pieces, two by PCGS and three by NGC, with none seen finer. Thus, this date currently ranks as the fifth most difficult in the series to obtain in gem MS-65 or higher. In 2006, a PCGS MS-65 1911-D half eagle sold for $241,500.

1911-S Mintage: 1,416,000

Finest Smithsonian Institution specimen: MS-64

Despite a rather generous mintage, this date is fairly scarce in Mint State condition, with approximately 750 examples graded MS-60 or higher by PCGS and NGC. Most examples seen are fairly well struck, save for the lowest few feathers on the Indian’s headdress. In gem MS-65 or finer, this date is not appreciated for its rarity, as just 11 pieces have been graded as such, placing the 1911-S as the 10th most difficult issue to find in MS-65. The finest example is a single PCGS MS-66. The price record for this date was set by a PCGS MS-65 that sold for $33,350 in 2005.

1912 Mintage: 790,000

Finest Smithsonian Institution specimen: MS-64

Similar to the 1911 issue in terms of rarity and quality of strike, the 1912 Indian Head half eagle is normally encountered with a yellow-gold color that has a slight hint of green. In gem MS-65 or finer grades, this date is relatively available, but anything higher is an extreme rarity (NGC reports three at the MS-66 level). That places this issue as the 18th most available of the 24 dates and mints struck. Although available, gems still require a hefty checkbook, as seen in the 2006 sale of a PCGS MS-65 for $22,800.

1912-S Mintage: 392,000

Finest Smithsonian Institution specimen: MS-65

One of the classic rarities and most difficult issues to obtain in Mint State, the 1912-S half eagle has earned its reputation, which is quite a feat considering the number of rarities among the Indian Head half eagle series. This date is nearly always found with inferior strike and luster, and this is one of the lowest-quality issues seen (likely accounting for the few gems graded). The mintmark is normally found quite weak and very rarely sharp. The top end is represented by a single gem MS-65 coin graded by PCGS, with none seen equal or finer by NGC or ANACS. There have been two gems sold in the past decade: one in 1999 (PCGS MS-65 for $60,375); and another in 1998 (very choice Uncirculated for $49,500).

1913 Mintage: 916,000

Finest Smithsonian Institution specimen: MS-60

Like most Philadelphia Mint issues, the 1913 Indian Head half eagle is usually found with a good strike and eyeappealing luster. The 1913 is similar to the 1912 half eagle in terms of rarity, with a substantial number of lower Mint State coins known. In gem grades this is an obtainable date and it is the 20th most difficult of the 24-coin series to find in MS-65 or better. A pair of gem specimens have been sold: one in 2004 (PCGS MS-65) for $13,800, and then a stunning example in 1998 (gem Uncirculated) for $16,500.

1913-S Mintage: 408,000

Finest Smithsonian Institution specimen: EF-40

Considering the date and mint, the 1913-S Indian Head half eagle is frequently found with an average or worse strike, often with peripheral weakness. The mintmark is normally quite mushy and lacking any central definition. A rare exception can be found with sharpness and luster throughout. In gem MS-65 or finer grades, this date is one of the most difficult to secure, with a mere five coins graded as such by PCGS and NGC, placing this date as the sixth most difficult coin of the series to locate in higher grades. The price record for this date was set in 1999, when a PCGS MS-66 coin sold for $156,500.

1914 Mintage: 247,000

Finest Smithsonian Institution specimen: MS-61

This issue is generally found with strong luster despite a more granular appearance than is typical for a Philadelphia Indian Head half eagle. This date is available in all grades up to MS-65, where a combined total of 37 coins have been graded; in MS-66 only two pieces are reported. These numbers would place the 1914 half eagle in 15th position out of the 24-coin series. In 2007, an NGC MS-65 example sold for $16,100.

1914-D Mintage: 247,000

Finest Smithsonian Institution specimen: MS-63

The 1914-D half eagle is a scarcer date and is frequently found well struck even on the feather tips and the eagle’s chest and wings. The surfaces are less granular and more lustrous than seen on many dates of this series. In terms of rarity, this date is available in most grades up to MS-64, but the populations fall off drastically at the gem MS-65 level, as seen on most dates. For this date and mint, a total of 20 coins have been graded MS-65, with three more as MS-66. This places this date just ahead of the 1914 Philadelphia issue in terms of rarity in gem condition, as the 14th scarcest. Two excellent examples sold in 1999 (PCGS MS-66 for $29,325) and in 1993 (PCGS MS-65 for $30,800).

1914-S Mintage: 263,000

Finest Smithsonian Institution specimen: MS-62

Most examples of the 1914-S half eagle are found with well-struck devices, but the luster tends to be muted and the eye appeal challenged. Lacking the mint-imparted glow of many other issues, the 1914-S issue is, therefore, very difficult to find above the grade of MS-63. In fact, a single coin has been graded as MS-65 by NGC, with none seen that high or higher by PCGS or ANACS. Even in MS-64 grades, this date is rarer than many other issues in MS-65, with the 1914-S boasting a mere 11 coins graded as high as MS-64. Thus, the 1914-S has earned its place as the most difficult and rarest issue of the series to find in MS-64 or higher grades. This date should be considered the key date to the series. One exceptional coin is the NGC MS-65 that sold for $63,250 in 2004, and again in 2005, for $80,500.

1915 Mintage: 588,000

Finest Smithsonian Institution specimen: MS-64

One of the more attractive issues from the series, the 1915 half eagles tend to be sharply struck and lustrous, with minimal granularity. As with most of the Philadelphia issues, gem MS-65 coins are available for a price. This date ranks 17th among the 24-coin series, in terms of rarity in gem condition; none have been graded finer than MS-65 by any of the major services. In 2007, a PCGS MS-65 sold for $25,300.

1915-S Mintage: 164,000

Finest Smithsonian Institution specimen: AU Cleaned

Most 1915-S half eagles are quite frosty and boast good strikes on all but a few of the lower headdress feathers. A few examples of this date show satiny luster. This date is very elusive in all grades, particularly so in Mint State, where approximately 250 coins are reported by NGC, ANACS, and PCGS together. A single MS-65 coin has been graded by NGC, and even in MS-64 only about 20 coins have been graded. While the 1914-S issue is more difficult to locate in MS-64 or higher grades, the 1915-S date is rarer in all grades. It ranks second out of the 24-coin series, because of the number of MS-64 coins graded. Two gem coins from past auctions include the 2000 NGC MS-65 that sold for $42,550, and the 1998 gem Uncirculated that sold for $66,000.

1916-S Mintage: 240,000

Finest Smithsonian Institution specimen: MS-66

This San Francisco issue is usually sharp, including the mintmark (although it is sometimes mushy). The luster is adequate but not exceptional, and the surfaces are typically granular in appearance. This date falls into the middle range in terms of rarity, as a few hundred were saved in an original hoard in Mint State. In gem MS-65 or higher, a total of 21 coins have been graded, ranking this date as the 13th scarcest in gem grades of the 24-coin series. In 2007, a PCGS MS-66 example of this date sold for an impressive $60,375.

1929 Mintage: 662,000

Finest Smithsonian Institution specimen: MS-63

In 1929, coinage of the half eagles resumed after a 13-year hiatus. This issue comes well struck on the obverse, although sometimes weak on the lowest feather tip and often with irregular peripheral weakness on the reverse rim. This issue is decidedly scarce in gem MS-65 grades, with a total of 15 specimens graded so far, and none seen finer. That places this date as the 12th-scarcest date in gem grades of the 24-coin series. In lower Mint State grades this date is available including MS-64. Since the last edition, a PCGS MS-65 example from the Childs collection resold at a new record price of $51,750.

$5 – CAPPED HEAD TO LEFT, LARGE DIAMETER, PROOF Commentary on Early $5 Proof Coinage Proof gold coins prior to 1821 are problematic. The technology used to strike Proof coins, as we define them today, simply did not exist. The term presentation strike or specimen strike has been applied to a small number of early U.S. gold coins, sometimes because they were legitimately well struck and/or prooflike, but these terms have also been applied inappropriately by overenthusiastic sellers (usually the owners of the coins or those with vested interests in their promotion). This is clearly evidenced by a reexamination of the coins in the National Numismatic Collection at the Smithsonian Institution. There isn’t a single pre-1821 gold coin in the Smithsonian that, upon an objective examination, can be called a Proof, presentation strike, or specimen strike. For instance, the 1804 Crosslet 4 eagle, called a Proof by some writers, is certainly a lovely MS-63 with a partially prooflike obverse, but it is not a Proof or special striking. In fact, the authors know of only one pre-1821 Proof half eagle—the stunning 1820 from the Bass collection (ex Norweb). Even the 1821 to 1828 “Proofs” display an interesting array of characteristics. The 1821 gold coins actually look like Proofs. The best 1822 half eagle in the Smithsonian is a cleaned Uncirculated coin, and the 1823 example is a low-end Uncirculated. The 1824 quarter eagle and half eagle are not so convincing as Proofs, but they are certainly presentation strikes of some sort. The same is true with the 1825 quarter eagle and half eagle. The 1826 quarter eagle is not a Proof, but the half eagle is a stunning coin that is perhaps the nicest early gold piece the authors have ever seen (we call it a Specimen-67). Both the 1827 quarter eagle and half eagle are Mint State. The 1828 half eagle has an incredible, glittering Proof obverse, but the reverse looks more like the presentation pieces of earlier years. The 1829, Large Diameter half eagle is an MS-63. Finally, in 1829, the introduction of the close collar enabled the Mint to produce true Proof coins of uniform diameter and generally full strike. In the marketplace, the situation is similar. Many of the coins that have been offered as Proofs in the past have either disappeared into collections or disappeared completely, as they rarely appear for sale anymore. More importantly, very few have been submitted for certification. For instance, NGC has certified only four pre-1830 gold coins: two Proof 1821 quarter eagles, a 1795 half eagle in Specimen-64, and an 1800 eagle in Specimen-65. PCGS has certified only four pre-1830 gold coins: four Proof 1821 quarter eagles. (Note: the authors are not counting the Proof 1804 eagles, as all were made circa 1834.) The end result? Combined, PCGS and NGC have certified a grand total of only eight Proof or presentation pre-1830 gold coins. Looking at auction records since 1993, the only pre-1830 quarter eagle to appear on the market was the Proof 1821 quarter eagle in the sale of the James Stack collection in 1994. With regard to half eagles and eagles, none have appeared on the market for sale. This alone gives the reader some indication of the exceeding rarity of early Proof half eagles.

1820, Proof

Mintage: Unknown

No specimen in Smithsonian Institution

Despite citations from old auction catalogs, the only Proof 1820 half eagle known to have appeared on the market in recent decades is the one from the Bass collection. It was purchased from the Norweb collection when it crossed the auction block in 1987, and it is now on display at the American Numismatic Association. Some experts have questioned the true Proof status of the piece. The surface of the coin is reflective, but it is not as convincing as other true Proof examples of the type. Prior claims that as many as four Proofs are known of this date appear to be overstated. No 1820 Proof exists in the Smithsonian.

1821, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Cameo

Proof 1821 half eagles are exceedingly rare, with two, possibly three, known to exist. Harry Bass Jr. had one that he purchased from the Norweb collection; it has been retained as part of his core collection. The Smithsonian has a PF65 Cameo that is a rather convincing Proof, especially when compared with some of the other dates of this type. The year 1821 appears to be the first time in which complete Proof sets of all denominations were made, but this may have been in response to collector demand rather than some undocumented “special” occasion.

1822, Proof Mintage: Unknown

No specimen in Smithsonian Institution

No Proof 1822 half eagles are known to have survived, but it is entirely possible that they once existed. Proof coins

of other denominations were struck, but they are all extremely rare, too. The three surviving 1822 half eagles appear to be non-Proofs. Thus, if a Proof 1822 half eagle were to surface, it would be the find of the century.

1823, Proof Mintage: Unknown

No specimen in Smithsonian Institution

This date may or may not exist in Proof, as the only auction citations are from 1885 and 1962, and—assuming these are not the same coin—neither coin has ever been examined by today’s standards. The existence of Proof 1823 half eagles is entirely possible since, as with most other dates of this type, most denominations were struck as Proofs. The Smithsonian Institution does not have a Proof example of this date.

1824, Proof Mintage: Unknown

No specimen in Smithsonian Institution

No Proof 1824 half eagles are known to exist, despite previous claims that the example in the Smithsonian is a Proof. The Mint collection example is, in fact, an MS-62 and definitely not a Proof or even a presentation or specimen strike. The only other 1824 half eagle in the Smithsonian is a cleaned About Uncirculated. Nonetheless, it is entirely possible that Proofs were struck, albeit in extremely limited quantities, and that none survived.

1825, 5 Over 1, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-67 Specimen

A couple of the 1825, 5 Over 1 half eagles have been called Proofs in the past, including the duplicate that Eliasberg replaced with his prooflike 1825, 5 Over 4. The most convincing 1825, 5 Over 1 “Proof” is the example in the Smithsonian, a delightful PF-67 coin with a mirrored obverse and a frosty reverse. According to the authors, who examined the piece in 2004, the more appropriate designation might be prooflike presentation piece. The previously mentioned Eliasberg 1825, 5 Over 4 coin is generally perceived to be prooflike as well. It has been reported to the authors, by David Akers, that a true Proof example of the date was included in the Farouk collection. The location of the coin is unknown today.

1826, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-67 Specimen

Only two (not several) Proof 1826 half eagles are known to exist: one in the Smithsonian and another from the Newcomer collection. The Smithsonian example is a spectacular Specimen-67 that, in the authors’ opinion, is the finest of all the early Proof gold coins in that collection. Waldo Newcomer paid $125 for his coin in the 1920s or ’30s, a relatively large amount of money at the time. It is believed that King Farouk of Egypt later purchased the

coin, after which the trail runs cold.

1827, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The two reported Proofs of this date have been discredited. The Smithsonian example is an MS-64 coin and definitely not a Proof or even a presentation strike. Harry Bass Jr. called his coin an impaired Proof, but it, too, is not a Proof, but merely prooflike. Nonetheless, it is entirely possible that a Proof 1827 half eagle exists. At this late date the possibility becomes more remote with every passing day, but Proofs of other 1827 denominations give cause for hope.

1828, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-67

Only one Proof 1828 half eagle is known to exist; the coin is from the normal, non-redated dies. The piece is the PF67 Smithsonian example, struck using a close collar (as adopted for all coins beginning in 1829). The obverse is deeply mirrored, while the reverse features the satiny finish of earlier Proofs and presentation pieces. The coin is one of the most amazing early U.S. gold coins seen by the authors. The Eliasberg “Proof” is now generally believed to be a Mint State example.

1829, Proof

Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

Of the two types of this year (Large Date and Small Date), Proofs are known of the latter only. The Bass Large Date has been called a Proof in the past, but it is actually a one-sided Proof (a mirrored obverse mated with a frosty, nonProof reverse). Of the Small Date version, only three examples are positively identified, but all are in institutional collections and are therefore not available to collectors. The example in the Smithsonian is a gem PF-66 coin, and the Bass collection example is of similar quality.

1830, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Only two examples of the 1830 half eagle are known to exist in Proof. One resides in the Byron Reed collection at the Durham Western Heritage Museum in Omaha, Nebraska. The other coin, an NGC PF-63, currently resides in a private Northeastern collection. Neither the Bass nor the Smithsonian collection contains an 1830 half eagle in Proof. The extreme rarity of early gold Proof coins can be attributed to their high face value and a shortage of American coin collectors at the time of their mintage.

1831, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: MS-65

Despite as many as three citations for Proof 1831 half eagles, the authors have yet to identify a single example. The coin in the Smithsonian is a gem MS-65, but definitely not a Proof. No examples have appeared at auction for more

than a century, and not a single coin has ever made its way to the open market. As with other dates of this type, the existence of Proof 1831 half eagles is within the realm of possibility, but they appear to be ghosts at this point.

1832, Square-Base 2, 13 Stars, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: AU-58

As with 1831, Proof examples of this date are elusive and exceedingly rare, with concrete evidence of only one example known to exist—a PCGS coin graded PF-63. This example is from the sale of the 1983 Virgil Brand collection; Brand originally purchased the coin in 1908. The current location of the piece is unknown. The Smithsonian collection contains three 1832 half eagles, none of which are Proofs (the best among these is a prooflike AU-58).

$5 – CLASSIC HEAD, PROOF 1833, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

As many as four or five 1833 Proof half eagles have been rumored to exist. The example in the Smithsonian is a gem Deep Cameo PF-65 coin (as determined by the authors in 2004). The second example is the PCGS PF-67 John Jay Pittman coin, boasting a pedigree going back to 1890. That coin last appeared at auction in January 2005, when it sold for $977,500 (more than double the price paid for it in 1997). A third example is an impaired PCGS PF-58 that sold for $62,100 in 2002. NGC also reports two PF-58 coins, but these are probably the same coin currently in the PCGS holder. NGC also notes a single PF-63. All of these Proofs are of the Large Date variety. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1834, Plain 4, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64

Of the 1834, With Motto type, the only Proof cited is the Eliasberg coin. Later in 1834, the weight of the half eagle was reduced to prevent melting and additional Proofs were struck of the new No Motto type, some of which ended up in specially prepared, diplomatic Proof sets (such as the King of Siam set). Proofs of the new type were more plentiful, and perhaps a half dozen still exist today. PCGS has certified a PF-61 example, and recent auction records show at least six citations, led by the NGC PF-63 Cameo coin that sold for $92,000 in early 2007. The Smithsonian has a nice PF-64 coin in its collection. All of the No Motto Proofs have a Plain 4. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1835, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

This is a very rare date in Proof, with only three or four examples known to exist. John Jay Pittman had two examples, one of which was in a PCGS PF-67 holder and sold for an impressive $690,000 in January 2005. A second example, a gorgeous Deep Cameo PF-66, resides in the National Numismatic Collection at the Smithsonian Institution. Other Proof 1835 half eagles have been reported, but their existence remains unverified. Auction appearances are scant and limited to the sale and resale of the Pittman coins. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1836, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

As many as four different Proof 1836 half eagles are known to exist. The Smithsonian’s coin is a delightful PF-66 with deep cameo contrast. John Jay Pittman’s “gem Proof” sold for $198,000 in 1997 and is probably one of the coins currently residing in a PF-67 holder. The Pittman piece is one of the finest early Proof gold coins known. PCGS reports a single PF-63 coin, and NGC shows two Proofs of this date. Another example of the 1836 Proof half eagle is part of the complete 1836 gold Proof set purchased by Brian Hendelson several years ago, and is probably one of the examples certified by NGC as well.

1837, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66

Only one Proof 1837 half eagle has ever been cited in the literature, and that coin resides in the National Numismatic Collection at the Smithsonian. The authors examined the coin in 2004 and graded it PF-66. The coin is not a brilliant Proof in the modern sense of the word, but it does have a satiny finish similar to earlier presentation pieces. However, there is no doubt in the authors’ minds that this was a specially prepared coin that is vastly superior to (and different from) the circulation-strike half eagles of 1837. No other Proof of this date has ever appeared on the market or has even been rumored to exist. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1838, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: MS-68

Only one 1838 half eagle (the Byron Reed–Harry Bass Jr. example) has ever laid claim to Proof status, and even that one has been questioned. When the coin was nestled away in the Omaha City Library, both Walter Breen and David Akers called it the only Proof they had ever seen of the date. When it was sold in 1996, the coin was in a Specimen65 holder. Harry Bass Jr. purchased the coin for a record $121,000, and when the coin reappeared in 1999, it was then in a PCGS MS-65 holder. The new buyer of the coin paid $115,000, indicating that at least one more person thought it was a Proof. As of this writing, the coin is still listed on NGC’s census as a Specimen-65 (either the data are old or the coin has been re-housed by NGC). The Smithsonian does not have a Proof example of this date, but it does have an MS-68 circulation strike. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

$5 – LIBERTY HEAD, PROOF 1839, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Beginning in 1839, the half eagle style was changed to a design by Christian Gobrecht. It is sometimes called the Coronet type, Braided Hair type, and most commonly the Liberty Head type. In the Proof format, the 1839 half eagle is extremely rare. There are only two or three examples known. PCGS has certified one specimen as PF-61, and another was sold in the 1956 Kosoff sale of the Thomas G. Melish collection. A review of the catalog confirms the offering, but no photograph was included. The PF-61 coin is probably from a three-piece 1839 gold Proof set that was discovered in Europe by New England Rare Coin Galleries in 1982. Another example was listed as being sold in the 1954 Palace sale of the Farouk collection. The present whereabouts of these coins is unknown. The Smithsonian Institution lacks this date in Proof. Photo Not Available.

1840, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

Currently the only known example of the Proof 1840 Liberty Head half eagle resides in the collection of the Smithsonian Institution. The coin has broad rims and is otherwise known as the broad-mill variety. The condition of the coin is superb, having been preserved with amazing care. Most of the copper and silver coins from the Mint collection of this era were harshly cleaned long ago. Another example was listed as being in the Farouk collection auction of 1954. The coin may or may not have been a true Proof.

1841, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

The Proof half eagles of 1841 are extremely rare. The original mintage is unknown, but today there are only two examples known. One piece is from the original Mint collection and is now a part of the National Numismatic Collection housed at the Smithsonian. The coin is superb and is clearly the finest of the two known examples. The other piece is from the famed Louis Eliasberg Jr. collection that sold at auction in 1982. The coin more recently sold at auction in 1993 for $49,500. The Eliasberg coin is listed on the PCGS population reports as PF-63. The coin would probably grade PF-64 by today’s standards.

1842, Small Letters, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

There are only two examples known of the Proof 1842 half eagle. Both are of the Small Letters variety. Needless to say, the issue is an incredible rarity, with only one specimen being available to the collector market. The other coin is a permanent part of the National Numismatic Collection at the Smithsonian Institution. John J. Pittman acquired his example from the 1954 sale of the King Farouk collection. The coin was part of a large lot consisting of 18 coins. The Pittman coin sold uncertified in 1997, through an agent, to Harry W. Bass Jr. for $93,500. The coin resold as a PCGS PF-63 in the 2000 sale of the Bass estate for only $66,700. Today the only example of a Proof 1842 half eagle in private hands resides in an NGC PF-64 Cameo holder. The Smithsonian example is a superb gem. Both known examples exhibit an unusual die break that runs completely through the center of the reverse.

1843, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

The 1843 half eagle is another incredibly rare issue in the Proof format. There are probably just four or five examples in existence. The Smithsonian specimen is superb and was placed in the original Mint collection at the time of issue. Other known examples include the John J. Pittman and Amon Carter coins, which were part of original and complete 1843 Proof sets. The Farouk collection that was sold in 1954 contained an example, and it is probably one of the specimens shown as certified by NGC and PCGS. There have been five coins certified as Proof by the major grading services, but this number probably includes at least one resubmission. PCGS has certified one example as PF-58, but the authors have not had an opportunity to view the coin personally. It was recently discovered that the Kunsthistorisches Museum in Vienna contains an example. Dr. Richard Doty made the astonishing find while visiting the museum in 2007.

1843-D, Specimen Mintage: Unknown

No specimen in Smithsonian Institution

One extraordinary example of the 1843-D half eagle is known that has been certified by NGC as Specimen. The coin is deeply mirrored, and extremely well struck. The coin was probably a presentation striking of some sort. The occasion for the issue is unknown. The quality of the piece is exceptional as well, and the coin currently has been assigned a Specimen-65 rating. Branch-mint Proof and specimen issues are always interesting, and this coin certainly does not disappoint.

1844, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Cameo

The original mintage for the Proof 1844 half eagle is unknown, but today just two coins survive. Both were parts of original 1844 Proof sets. The Smithsonian example is fully gem, with cameo devices. The coin has been a part of the Mint collection since the time of issue. The other known specimen was sold with a complete 1844 Proof set in the estate sale of the John J. Pittman collection. It has been graded PF-64 Cameo by NGC, and is the only example available to collectors. The Pittman coin was purchased in the 1948 Numismatic Gallery sale of the J.F. Bell collection for $140.

1844-O, Proof Mintage: Unknown

No specimen in Smithsonian Institution

This incredible coin first made its appearance in the 1890 sale of the Lorin Parmelee collection. The sale included an 1844-O half eagle and eagle in Proof. The coins later appeared in the sale of the Woodin collection in 1911. Both coins remained off the market for decades until the 1844-O eagle surfaced in 1994. The half eagle has remained hidden, and its current location is unknown to the authors. The real mystery is why these coins were struck in the first place. Perhaps when the Proof 1844-O half eagle finally surfaces, more information on the coin’s origin will materialize. Saul Teichman supplied the following pedigree for the piece: ex Seavy, Parmelee, Woodin, Newcomer, Farouk Sale (part of lot 250), and Kosoff. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005). Photo Not Available.

1845, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Proof gold coins of any era are rare and very desirable. Issues from the 1840s and 1850s are all extremely rare and considered to be among the most alluring of U.S. coins. The 1845 half eagle is no exception. There are just four or five coins known, all having probably been a part of a complete 1845 Proof set at one time. The Smithsonian specimen is a full gem, and has been a part of the National Numismatic Collection since 1845. Others include the John J. Pittman and Ed Trompeter examples. Four coins have been certified by NGC and PCGS, but these may include at least one resubmission. No coins have appeared at auction individually in more than a decade.

1846, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

It is believed that of the 20 or so Proof sets struck in 1846, only four or five contained the gold coinage. There are only three examples of the 1846 half eagle traced today. These include the Smithsonian example, which is superb, having escaped the brutal cleaning that the copper and silver coins received at some time in the distant past. Another example is in the collection of the American Numismatic Society. The only specimen in private hands was sold with a complete 1846 Proof set in the estate sale of John J. Pittman. Today, the coin resides in an NGC PF-64 Cameo holder. Pittman purchased the 1846 Proof in 1949 from the Numismatic Gallery. He exhibited the set many times and considered his complete Proof sets from 1843 to 1846 to be among his most prized possessions.

1847, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65

The only example known of a Proof 1847 half eagle resides in the National Numismatic Collection of the Smithsonian Institution. The coin is part of a complete Proof set and has resided in the National collection since 1847. Unlike the copper and silver coins that were cleaned long ago, the gold coins are pristine and fully gem. The early Proof gold coins in the National Numismatic Collection are an amazing treasure of numismatics. It is very fortunate that these coins were produced and saved for future generations to admire. It is interesting to note that the Smithsonian 1847 Proof half eagle lacks cameo devices.

1848, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Cameo

There are only two examples of the 1848 half eagle known in Proof. One of the coins is part of the National Numismatic Collection housed in the Smithsonian Institution. It is a choice piece and is part of an original 1848 Proof set saved by the Mint at the time of issue. The other coin was purchased by John J. Pittman in the 1954 Palace Sale of the King Farouk collection. Pittman purchased the coin from the sale in a large lot. His participation in the King Farouk sale is quite interesting, and it is highly recommended that readers obtain the superb catalog of the Pittman collection produced by the legendary dealer David Akers. Pittman’s attention to rarity and condition should be an inspiration to all collectors. The Pittman coin sold uncertified in 1997 for $93,500. The coin resold as a PCGS PF-63 in 2000 for only $64,400.

1854, Proof Mintage: Unknown

No specimen in Smithsonian Institution

A complete 1854 Proof set was presented to the city of Bremen, Germany, at the time of issue. The set disappeared during World War II. It is possible the half eagle has survived, as examples of the gold dollar, quarter eagle, and $3 coin are known today. If the half eagle were to surface, it would cause considerable excitement in the numismatic community!

1857, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Surprisingly, the Smithsonian collection is missing the 1857 half eagle in the Proof format. Only two examples are currently known for the date. The most recent appearance of a specimen was in the 2007 FUN sale of an NGC PF67 Cameo that sold for $230,000. This may be the Bass collection example. Bass had purchased his coin in a 1978 Stack’s sale. The other surviving example was in the collection of Louis Eliasberg, and crossed the auction block in 1982. Just one example is now on the population rolls of NGC, ANACS, and PCGS. The current NGC PF-65 is probably the Harry W. Bass Jr. coin. Kevin Lipton reported selling this coin in 2004 for $150,000.

1858, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

While the Proof 1858 half eagle is extremely rare, 1858 is the first year Proof sets were advertised for sale to the general public. A few great collections of the past have included complete Proof sets from 1858 to 1915. There are probably just four or five examples of the 1858 known in Proof. The museum collections of the Smithsonian Institution and the American Numismatic Society each contain an example. In recent decades the collections of Louis Eliasberg, Ed Trompeter, and Harry W. Bass Jr. featured specimens. The last to sell at public auction was an NGC PF-66 example in 2006, for $195,500. Very early Proof U.S. gold coins are very rare, and they seldom appear on the market; sometimes decades elapse between sales.

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The mintage figure of 80 coins reported for the Proof 1859 half eagle does not in any way convey the true rarity of the issue. If 80 coins were truly struck, very few have survived, and today there are probably just 8 to 10 coins known. The Smithsonian collection contains two examples, one being from the original Mint collection, the other donated by the Lilly family. At least two or three are also in the museum collections of the American Numismatic Society and the Royal London Collection. The only auction appearance in recent years was the Harry W. Bass Jr. example that sold in 2000 for $40,250. The coin had been certified by PCGS as PF-63. Two have been certified as PF-65 Cameo by NGC, but these may represent the same coin.

1860, Proof Mintage: 62

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The majority of the small mintage of 62 coins was probably melted at the time of issue as unsold. Today, the 1860 half eagle is a major rarity in Proof. There are probably about 10 examples known, several of which reside in permanent museum collections. The Smithsonian collection possesses two examples, one from the original Mint collection, the other donated by the Lilly family. The major grading services have certified only four pieces, and this may include resubmissions. It can sometimes be years between the offerings of an 1860 half eagle in Proof. The last to appear was the 2007 sale of an NGC PF-64 coin. The coin realized $47,150.

1861, Proof Mintage: 66

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1861 half eagle is a very rare and elusive coin. No coins have been offered at public auction in nearly two decades. This speaks volumes, as many great collections have crossed the auction block during those years. Three coins have been seen by the grading services, but these may include resubmissions. Most of the small mintage probably ended up melted as unsold. In 1861 the collecting of Proof gold coins was not a high priority in the United States. The museum collections of the Smithsonian and the American Numismatic Society contain examples. It is doubtful whether even 10 coins have survived of this very rare issue.

1862, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The reported mintage figure of 35 coins is probably a truer reflection of the rarity of this issue. There are between 10 and 12 coins known, three of which are in the collections of the Smithsonian and the American Numismatic Society.

There have been just four auction appearances of the issue in the last 15 years, the most recent sale being a PCGS PF-63 Cameo that realized $74,750 in September 2007. The population numbers probably include duplicate resubmissions, as many of these very rare coins are sent in multiple times due to the increased value of just one point on the grading scale. It is remarkable that during the Civil War the nation was able to produce such beautiful coins.

1863, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

With a tiny mintage of just 30 coins, the 1863 half eagle Proof is extremely rare. There are just 10 to 12 examples known today, of which at least two or three are in museum collections. Over the last 15 years, only two have been sold at public auction. One was from the museum dispersal of selected coins from the Byron Reed collection. The other was from the fabulous Walter H. Childs collection, sold in 1999. Many great collections that have been sold in recent years lacked an example. The nine examples certified by NGC and PCGS undoubtedly include examples that have seen multiple resubmissions.

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the 1864 half eagle is more common than the issues of the previous few years, it is still a very rare coin. The population numbers can be ignored for the 1864 Proof half eagle. It is certain that the numbers are highly inflated by resubmissions. The true number of known examples is probably in the range of 15 to 20 coins. While

very rare, the 1864 half eagle is the most available No Motto half eagle in Proof. The Smithsonian collection contains two pieces, one from the original Mint collection, the other donated by the Lilly family in the 1960s. Another specimen resides in the collection of the American Numismatic Society.

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1865 half eagle is the last year of the No Motto type. It is also very popular due to the extremely low mintage of just 25 coins. Just 10 to 12 coins survive today, with at least two coins being in the museum collections of the Smithsonian and the American Numismatic Society. The population numbers are inflated by resubmissions and should be considered with skepticism. The finest example seen by the authors has been the superb PCGS PF-66 example that was sold in 2000 as part of the Harry W. Bass Jr. estate. The coin realized $66,700. More recently, a PCGS PF-64 Deep Cameo sold in the 2007 FUN auction for $56,350.

1866, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The design was changed in 1866, with the motto IN GOD WE TRUST added above the eagle. The 1866 With Motto issue is just as rare as most of the No Motto issues of the previous few years. Of the original mintage of only 30 coins, perhaps 10 to 12 examples are known today. There have been only three coins offered at auction in the last 15 years, and one coin was heavily impaired. At least two examples are in museum collections and unavailable to collectors. The Bass coin was offered as a PCGS PF-64. Jeff Garrett’s catalog notes for the coin indicate that it was

considerably undergraded. The coin realized $39,100, and now probably resides in a different holder.

1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage for the 1867 half eagle is higher than for issues of the previous few years. The number of survivors, however, is about the same. There were probably unsold coins that were destroyed at the end of the year. Today there are only 10 to 15 coins remaining. Both the Smithsonian and the American Numismatic Society retain examples. Other examples seen in the last several years include the Harry W. Bass Jr. coin and the John J. Pittman coin. There are also at least one or two impaired examples known. An NGC PF-65 Cameo coin sold at auction in early 2006 for $63,250.

1868, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-65 Cameo

As would be expected for a coin with a minuscule mintage of only 25 coins, the 1868 half eagle is exceedingly rare in Proof. There are only 10 or 12 coins known, with a few being impaired. There have been only three pieces offered at auction in the last 15 years. Many great collections have lacked an example. The museum collections of the Smithsonian and the American Numismatic Society each retain a specimen. All of the examples seen by the authors have deep cameo devices. At current value levels many of these extremely low-mintage issues are underrated.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

Of the original mintage of only 25 coins, there are probably just 10 to 12 examples known for the issue. The 1869 half eagle has one of the lowest mintages of the era, and it is very popular as a result. There are at least two or three coins permanently residing in the collections of the Smithsonian and the American Numismatic Society. There have been only four or five coins offered for sale in recent years, two of which were impaired. The population numbers for the date are low, but still somewhat inflated by resubmissions. Auction appearances for the date are very rare. Only one has crossed the auction block in recent years, a PCGS PF-65 Cameo that sold for $47,150 in January 2007.

1870, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-63 Cameo

The 1870 half eagle has one of the lowest population numbers of certified examples for the era. Although 35 coins were reported struck, many were destroyed and survivors are extremely rare today. There are fewer than 10 examples known, including the two coins in the museums of the Smithsonian and the American Numismatic Society. Another surviving coin resides in the complete assemblage of Proof Liberty half eagles from the Trompeter collection. The Harry W. Bass Jr. example is one of the finest seen by the authors. The coin sold for $57,500 in 2000. More recently, a stunning NGC PF-66 Cameo crashed the six-figure mark when it sold for $109,250 in February 2007.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1871 half eagle is another of the very low-mintage issues of the 1870s that seldom appear on the market. The original mintage for the issue was just 30 coins, and it is probable that fewer than 10 coins still survive. One coin is in the collection of the Smithsonian, and another example resides with the American Numismatic Society. In recent decades the only coins to appear have been in the collections of Byron Reed and Harry Bass Jr. The Bass collection also contained an impaired specimen that has been certified at the PF-53 level. The Trompeter collection, which is still intact, also contains an example.

1872, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage for the 1872 half eagle is exactly the same as for the 1871 issue, there are clearly more survivors. The major grading services have certified more than a dozen coins, but this probably includes at least some resubmissions. The Smithsonian collection contains two pieces, and another is the American Numismatic Society. There may be up to 15 coins still in existence of the original mintage. The issue is still very rare, and Proof gold coins of this era are extremely popular.

1873, Close 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1873 half eagle touts one of the lowest mintage figures of the 1870s. The number of coins certified by the major grading services can be ignored for this issue, as they are highly inflated by resubmissions. It is the authors’ experience that the 1873 half eagle is just as rare as the issues of the previous few years. All of the known Proof 1873 half eagles are of the Close 3 variety. Besides the examples that reside in museum collections, others have appeared in the sales of the Harry W. Bass Jr. and Byron Reed collections. The most recent offering was an NGC PF-65 Ultra Cameo that sold for $75,900 in July 2006.

1874, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1874 half eagle is incredibly rare in Proof. The issue has the lowest mintage figure for the era, and the survival rate is low. There are certainly fewer than 10 coins known in all grades. The Smithsonian collection contains two examples, but one is an impaired PF-60. The 1874 issue is just as rare as the much more highly acclaimed 1875 half eagle, the former being elevated by the extremely low mintage of the circulation-strike issues. Despite the great rarity of the 1874 half eagle in Proof, Harry W. Bass Jr. managed to acquire two examples during his prolific collecting career. Those two coins are the only specimens that have been offered at auction in the last decade.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1875 half eagle is one the great classic rarities of U.S. gold coinage. The Proof mintage is incredibly low, but the tiny production of only 200 circulation-strike issues is what brings this coin to legendary status. When offered, a choice example of the date will probably now command a six-figure price. There are fewer than 10 pieces known in all grades. The Smithsonian collection contains two examples, but one is highly polished, with its Proof status difficult to determine. The American Numismatic Society collection retains an example, and another is part of the Trompeter collection of Proof half eagles.

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-65 Cameo

The true rarity of the 1876 half eagle is about what would be expected for the slightly elevated mintage for the year. There are probably 15 to 20 coins known in all grades. The population data of certified examples are grossly exaggerated by resubmissions. The extremely low-mintage issues such as these make it very clear that the population data should be used only as a guide when determining true rarity. The Proof 1876 half eagle is very rare, and there have been very few offered at public auction in the last 15 years. At least two are in museum collections, and another is part of the Trompeter collection of Proof half eagles. An NGC PF-65 Ultra Cameo sold in 2006 for $63,250.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1877 half eagle is a rarity of the highest magnitude. It is nearly certain that less than half of the tiny mintage of 20 coins remains. During the course of the last 15 years, there have been only three coins offered at public auction. The museum collections of the Smithsonian and the American Numismatic Society contain examples, and another is part of the Trompeter collection of half eagles. The 1877 half eagle is one of the most difficult issues of the 1870s to obtain in Proof. The most recent appearance of an example at auction was in 2005. The coin was uncertified and sold for $51,750.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As would be expected for any coin with a mintage of only 20 coins, the Proof 1878 half eagle is a great rarity. There are probably only about 10 coins known in all grades, including those contained in museum collections. Another example is a part of the complete set of Proof Liberty Head half eagles that once belonged to Ed Trompeter. There have been very few offered at public auction in the last decade, the most recent having been an example that probably holds the auction record at $60,375. The coin was sold uncertified in March of 2005.

1879, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

Despite a slightly higher mintage, the Proof 1879 half eagle is of about the same rarity as the 1877 and 1878 issues. There have actually been fewer examples offered at public auction than either of those two issues. The Smithsonian collection contains an example, but the coin is lightly hairlined, and is one of the lesser-grade coins in their collection of Proof Liberty half eagles. There are probably fewer than 10 survivors in all grades, and the 1879 half eagle is a great rarity in Proof. A PCGS PF-65 Cameo sold at public auction in early 2007 for $60,375.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage for the Proof 1880 half eagle is elevated from the mintages of the previous few years, it is of very similar rarity. There have been very few offered at public auction or by private treaty. The 1880 half eagle is a great prize in Proof. The museum collections of the Smithsonian and the American Numismatic Society contain examples. The finest piece seen by the authors was the one offered as part of the Harry W. Bass Jr. collection in 2000. The coin was a gem and sold for $41,400. It is possible the coin was later upgraded and is the NGC PF-67 Cameo that later sold for $72,702 in August 2006.

1881, Proof Mintage: 42

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1881 half eagle is very rare in Proof, with just 15 to 20 examples known in all grades. Of the few coins seen at auction and listed on the population studies, several are impaired. The Smithsonian example is lightly hairlined as well. Proof gold coins from this era were not always preserved with great care. Due to the high face value, many were lost after entering circulation. The 1881 half eagle is seldom offered, although the estate of Harry W. Bass Jr. contained two examples. The auction record for the date is a PCGS PF-65 that sold for $36,800 in November 2000.

1882, Proof Mintage: 48

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

There are probably fewer than 20 examples of the 1882 half eagle known in Proof. Of these, at least three are in the museum collections of the Smithsonian Institution and the American Numismatic Society. The population figure for the issue is low, but still includes some resubmissions. There have been fewer than a half-dozen pieces sold at auction in the last 15 years, the most recent being an uncertified example that sold in 2005 for the healthy sum of $46,000.

1883, Proof Mintage: 61

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage figures for Proof Liberty half eagles creep up slightly each year starting in 1880; however, the survival rate goes down. This issue is of similar rarity to that of other, lower-mintage issues. There are fewer than 20 coins traceable today, including those in museum collections. Because of the scarcity of this issue, the opportunity to acquire an example of the date in Proof seldom occurs. The finest example seen by the authors is the superb coin that was sold in the estate sale of Harry W. Bass Jr. in 2000. The coin had been graded by PCGS as PF-67 and sold for $50,600.

1884, Proof Mintage: 48

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1884 half eagle is a very rare and somewhat overlooked issue. Most Proof gold coins of this era are rare, and in relation to the prices that many modern rarities bring, they also seem very undervalued. If you try to locate a rare-date Morgan dollar in gem condition, with a little patience you will probably be successful. However, if you try to find a particular Proof half eagle from the 1870s or 1880s, the search may last years. The Smithsonian collection contains two examples, and another coin resides with the American Numismatic Society. Fewer than 20 coins of the date are known in all grades.

1885, Proof Mintage: 66

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The survival of the 1885 half eagle is on par with that of the other issues of the early and middle 1880s. There are perhaps 20 or so examples known. Many coins of the original mintage probably entered circulation or were melted as unsold. Even today, there are very few individuals who actually collect Proof gold coins by date. The same was even truer in the 1880s. There are two examples in the Smithsonian, one from the original Mint collection, the other donated by the Lilly family in the 1960s. At least two other coins are in tightly held collections. The 1885 half eagle is very rare in Proof. A PCGS PF-65 Deep Cameo sold in January 2007 for the very reasonable sum of $34,500.

1886, Proof Mintage: 72

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

With a slightly elevated mintage, the 1886 half eagle is found a bit more often than some of the previous issues. The quality of survivors is also higher. The finest example seen by the authors is an NGC PF-67 that sold for $56,350 in 2000. The date can only be considered rare in all grades, and there are fewer than two dozen coins known. The Smithsonian collection contains two examples. The population numbers are inflated somewhat by resubmissions.

1887, Proof Mintage: 87

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1887 half eagle was produced only in the Proof format. Today, this Proof-only issue is among the most popular rarities of the Liberty Head half-eagle series. Of the 87 coins struck for the year, most did not survive. Many probably entered circulation, as this date has the largest number of impaired examples seen for Proof issues of the 1880s. Several Proofs may have been retrieved from circulation once the rarity of the date became known. Though more examples of this date than of others of the 1880s have been offered at auction, very few have been at the gem level. One that reached that lofty grade crossed the six-figure mark when a PCGS PF-65 Cameo sold for $103,500 in January 2007. The 1887 half eagle will always be in great demand.

1888, Proof Mintage: 95

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage for the 1888 half eagle nears the 100 mark, today there are just 25 to 30 coins known. Most entered circulation or were melted as unsold. The date rarely appears at auction, usually only when great collections are sold. A quick review of the auction sales brings up the names Bass, Pittman, Childs, Reed, and Stack. Two examples also reside in the collection of the Smithsonian Institution. Another example is a part of the American Numismatic Society collection. John J. Pittman purchased his coin in 1950 for $65. The coin sold as part of his estate in 1997 for $24,200. Recent auction records include an NGC PF-66 Ultra Cameo that sold for $40,250 in March 2007.

1889, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The production of Proof half eagles drops sharply in 1889. This is probably the result of low demand for Proof gold coins at the time. There are probably just 15 to 20 coins traced today, including those in tightly held collections and museums. Most of the coins offered at auction have been in PF-64 condition, and that is also the grade of the two coins in the Smithsonian collection. Gems are very rare, as are most of the Proof half eagles of the 1880s. None have crossed the auction block in recent years.

1890, Proof Mintage: 88

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1890 half eagle is very rare in all grade levels. Most of the coins seen are graded PF-64. The two coins in the collection of the Smithsonian both grade PF-64 as well. There are a couple of coins certified as PF-67, but these have only been certified in recent years. None of the auction records of the past 15 years list examples at that grade. There are only 20 to 25 coins known. The coin purchased by John J. Pittman in 1956 for $110 is one of the finest the authors have seen. The coin sold uncertified in 1997 for $27,500.

1891, Proof Mintage: 53

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the Proof 1891 half eagle drops considerably from that of 1890. The rarity is similar for the two issues, with about 20 or so examples known in all grades. The Smithsonian collection contains two examples, again at the PF-64 level. Others are in the tightly held collections of the American Numismatic Society and the Trompeter collection of Proof half eagles. As with most of the Proof gold coins of this era, lint marks and copper stains can sometimes be a problem.

1892, Proof Mintage: 92

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Despite a higher mintage than the 1891 issue, the 1892 half eagle is just as rare in Proof. There are just 20 to 30 coins known, including those in museums and tightly held collections. Proof gold coins of this era can never be reliably located for purchase. It can sometimes be several years before an example is offered for sale. The higherdenomination gold coins also become much more difficult to find in choice condition. Many entered circulation or were mishandled. The superb example in the Walter H. Childs collection holds the record for the issue at $54,050 in 1999.

1893, Proof Mintage: 77

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1893 half eagle is another issue that clearly indicates the inaccuracy of the population reports. The major grading services combined have graded more pieces than were minted. A very large cluster of examples have been graded PF-64; this is probably due to the tremendous difference in value for an example in PF-64 and PF-65, hence the resubmissions. The population reports are skewed because, unfortunately, many grading tags are not returned to the grading services to be taken off the reports. The true rarity of the 1893 half eagles is probably 25 to 35 coins. Some examples of this issue have been seen softly struck in the central portions. The last Proof example of the date to sell at auction was a PCGS PF-66 Deep Cameo, which sold for $51,750 in June 2007.

1894, Proof Mintage: 75

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof half eagles of 1894 are very rare, with only 20 to 30 coins known in all grades. Most of the Proof 1894 half eagles seen fall into the PF-64 category. Indeed, the two examples in the Smithsonian collection are both PF-64. Most of the examples of this date seen by the authors have deep cameo devices. Although the circulation-strike half eagles of 1894 are very common, the Proof examples are highly desirable. Very few have sold at auction in recent years.

1895, Proof Mintage: 81

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Most of the Proof half eagles of this era have mintages below 100 coins. The 1895 issue is no exception, as it is quite rare in Proof. There are just 20 to 25 coins known, including those in the collections of the Smithsonian and the American Numismatic Society. Most of the coins seen are graded PF-64, with gem examples being extremely rare. The finest example seen in recent years has been an NGC PF-67 coin that sold in 2007 for $77,625. It displayed full cameo surfaces, which is normal for the issue.

1896, Proof Mintage: 103

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage tops 100 coins for the first time, the 1896 half eagle is still a very rare coin in Proof. There are only 25 to 30 coins known in all grades. Many of these are graded PF-64, and gem examples are quite uncommon. The finest specimen by far, that the authors have seen, is the uncertified example sold in 1997 as part of the estate sale of the John Jay Pittman collection. The coin was superb and sold for $71,500. Pittman had purchased the coin in 1962 for $375; he had a real eye for quality. This strategy still works today for collectors willing to study the series they collect. The Smithsonian has three examples.

1897, Proof Mintage: 83

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof half eagles of 1897 are of about the same rarity as those of the previous few years. Most of the coins seen are in PF-64 condition. Some examples entered circulation at least briefly, as there are several impaired Proofs known. There are also a few superb coins also known for the date. The finest seen in recent years by the authors has been the Walter H. Childs example that sold for $46,000 in 1999. The coin had been graded by PCGS as PF-66. It is not known if the coin is one of the examples currently residing in a PF-67 holder, but the authors suspect that it is.

1898, Proof Mintage: 75

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the Proof 1898 half eagle drops somewhat from the mintages for the previous few years. The number of coins certified, however, is greater. This may be partially due to resubmissions, but the number of coins offered at auction is also higher. Surprisingly, the survival rate for the issue is quite high in comparison to most rare gold coins. There are probably 30 to 40 coins known, still a tiny number by most standards. The Pittman example is one of the finest seen in recent years. The coin sold uncertified in 1997 for $33,000. It is not known whether this is the same coin that has been certified as NGC PF-68 Ultra Cameo and sold for $115,000 in August 2006.

1899, Proof Mintage: 99

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1899 half eagle is another Proof issue with a fairly high survival rate. The number of coins seen by the grading services is obviously inflated by resubmissions, but there are still around 35 to 40 coins known in all grades. All Proof Liberty half eagles are quite rare, and the 1899 issue is popular as the last issue from the 1800s. The typical example has deep, mirror surfaces and is seldom confused with the circulation strikes for the year. An extremely choice example sold at auction in early 2005 for $50,600. The coin had been certified by NGC as PF-67.

1900, Proof Mintage: 230

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

For some reason the mintage of Proof Liberty Head half eagles jumped dramatically in 1900. Perhaps excitement about the new century was the motivation. The 230 coins minted are the highest for any Proof Liberty Head half eagle. The date is not much more common than most of the issues of this time period. Many 1900 half eagles must have been destroyed as unsold. There are probably 75 to 100 coins known in all grades. A few truly superb examples exist, with the finest seen being the coin sold in the estate sale of John Jay Pittman. The coin was uncertified and realized $88,000 in 1997. The piece is probably one of the examples that has now been graded PF-68 by PCGS. If so, it was the coin resold in early 2008 for $218,000.

1901, Proof Mintage: 140

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the 1901 Liberty Head half eagle is not the rarest date in Proof format, it still must be considered quite rare. There are an estimated 50 to 60 coins known, most of which fall into the PF-64 category. As with most of the Proof half eagles of the type, many are seen with light lint marks, the result of polishing residue from the minter’s cloth. There are two known coins in superb condition. The finest seen by the authors is an NGC PF-67 Cameo coin that sold at auction in 2007 for $74,750.

1902, Proof Mintage: 162

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As with all Liberty Head half eagles in Proof, the 1902 issue is quite rare. Most of the coins seen fall into the choice PF-64 category. Both of the coins in the collection of the Smithsonian are on that level. Other examples known include the pieces in the collection of the American Numismatic Society and the Trompeter collection of Proof half eagles, which still remains intact. The 1902 issue is the first of the mostly brilliant Proof half eagles. The devices are not nearly as frosted as those seen on many of the earlier issues.

1903, Proof Mintage: 154

Finest Smithsonian Institution specimen: PF-64 Cameo

In comparison to many of the other, very rare, Proof half eagles, the 1903 issue is one of the most common. As a type, however, any Proof Liberty Head half eagle should be considered very rare and desirable. The 1903 issue is mostly seen with brilliant surfaces, and it lacks the deep cameo devices seen on the earlier issues. Although the total number of certified examples is very high for the mintage, these include a great number of resubmissions. The finest certified example, an NGC PF-68 coin, sold at auction in 2001 for $66,125. The coin would sell for much more today.

1904, Proof Mintage: 136

Finest Smithsonian Institution specimen: PF-64 Cameo

The Proof 1904 half eagle is another issue that is rare, with only 50 to 75 coins estimated to still survive. Most of the coins seen are deeply mirrored, and they lack the frosted devices seen on most of the examples struck before 1902. Although a few superb coins are known, most of the coins grade PF-64 at best. High-grade Proof half eagles are very rare, regardless of the date. The John Jay Pittman example is one of the finest offered in recent years. Pittman purchased the coin in 1963 for $375. It was sold as part of his estate in 1997 for $33,000. One of the finest certified examples, an NGC PF-66, sold for $41,000 in May 2006.

1905, Proof Mintage: 108

Finest Smithsonian Institution specimen: PF-64 Cameo

With a small mintage of 108 coins, the 1905 half eagle is very rare in Proof. Most of the coins seen are not particularly high grade, PF-64 being the average. Incredibly, the finest certified example of the date has been PF-65. Both of the coins in the Smithsonian collection grade at the PF-64 level. Most of the coins are brilliant, or with just a light dusting of frost on the devices. As with many of the Proof gold coins seen, light lint marks and copper spotting can sometimes be an issue. A PCGS PF-65 coin brought the exceptional price of $46,000 in a 2004 auction.

1906, Proof Mintage: 85

Finest Smithsonian Institution specimen: PF-64 Cameo

The mintage figures drop below 100 coins for the last two years of the Proof Liberty Head half eagle. As a result, these issues are a bit more difficult to locate than some of the earlier ones. Nearly all of the examples seen for 1906 are around PF-64 quality. The population numbers are highly inflated for the issue by resubmissions. Population reports indicate that there is a large cluster of coins graded PF-64, many of which are the same coin seeking a PF-65 designation. Most of the coins seen are only slightly frosted on the devices. The recent auction record for the date is a PCGS PF-66 that sold, in late 2006, for $40,250.

1907, Proof Mintage: 92

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1907 Liberty Head half eagle is the last year in which the type was produced in the Proof format. The date is quite popular as a result. Although there are few gem examples of the date known, a surprising number of impaired examples are seen. The Smithsonian collection contains three examples, all of which grade PF-64. Most of the coins seen for the date have very little, if any, frosting on the devices. Again, this is an issue whose rarity is grossly misrepresented by the population data. There are probably only 30 to 35 coins known in all grades. No gem examples of the issue have crossed the auction block in the last decade.

1908, Matte Proof Mintage: 167

Smithsonian Institution specimen: PF-66

Proofs of this first year of issue have a dark, matte finish. Many examples were saved by collectors, and hence this date is available in most grades. It is believed that a special grain powder was used on the planchets to give them this curious finish, which was not reflective, unlike the finish seen on prior Proof coins. The matte finish proved generally unpopular with collectors and the Philadelphia Mint changed the Proof finish in 1909. In terms of rarity in Proof, this date ranks as the most common of the Proof Indian Head half eagle series. A superb NGC PF-67 coin was sold at auction in early 2006 for $52,325. One interesting example is known with surfaces that several experts believe to be a satin Roman finish.

1909, Roman Finish Proof Mintage: 77 Roman style finish

Smithsonian Institution specimen: PF-65

In 1909 the Proof finish was changed to the lighter gold Roman finish style. This new finish proved more popular with collectors than the darker matte used in 1908. Despite the very low mintage, most examples survived in PF-64 or finer grades, and this date ranks as the fourth most difficult to obtain of the eight Proofs in this series. The finest example seen by the authors in many years appeared at auction in August 2006. The coin had been certified by PCGS as PF-67 and sold for the stunning price of $109,250.

$5 – INDIAN HEAD, PROOF 1909, Matte Proof Mintage: Unknown

No specimen in Smithsonian Institution

A single Matte Proof is known of this date; it was struck in the same style as the 1908 Matte Proof issue. Its existence was first reported in Stack’s DiBello Sale; later it realized $17,000 in Stack’s session of Auction ’81, lot 1868. The coin was recently certified by NGC as PF-67. There was considerable experimentation with Proof finishes for the 1908 to 1915 half eagles. Public reaction to the matte and Roman surfaces was lukewarm at best; the brilliant Proofs of years past were much more preferred.

1910, Roman Finish Proof Mintage: 250

Smithsonian Institution specimen: PF-66

The Philadelphia Mint continued using the Roman finish on these Proofs. The Roman finish can best be described as a satin finish appearance. The coins have a much more reflective look than the Matte examples of the type. This date is available in most Proof grades including four specimens that have been graded as PF-68 by NGC, although none rate higher than PF-66 by PCGS. This is one of the more available Proof dates, ranking as the sixth-scarcest of the eight Proofs in the series. One of the most recent choice examples to have crossed the auction block is an NGC PF67 coin that sold for $57,500 in early 2007. None of the coins certified as PF-68 have crossed the auction block.

1910, Matte Proof Mintage: Unknown

No specimen in Smithsonian Institution

The Philadelphia Mint continued using Roman finish on these Proofs, except for a single known dark matte finish coin that is part of the unique 1910 Matte Proof gold set. The set was discovered by author Jeff Garrett several years ago at a North Carolina convention. It is clear the Mint was experimenting with different finishes, since other years are known in multiple formats.

1911, Matte Proof Mintage: 139

Smithsonian Institution specimen: PF-66

The Philadelphia Mint returned to the darker matte finish in 1911, although the grain was somewhat finer. This is the second most plentiful issue behind the 1908 date, and is available in virtually all Proof grades, including four coins graded PF-68 by NGC. The return to the darker matte finish again proved generally unpopular with collectors of the day, and sales were slow. Two superb gem Proofs recently sold: in August 2004, a PCGS PF-67 coin realized $63,250, and in January 2007 another of the same grade realized $83,375.

1912, Matte Proof Mintage: 144

Smithsonian Institution specimen: PF-66

Proofs of this year have a fine sandblast finish that shows microscopic tiny facets that reflect the light, and are lighter gold in color than the previous matte finish seen on the 1911 and 1908 Proof issues. In terms of survivors, the 1912 Proofs tend to be well preserved and many are found in PF-65 or higher grades. This date ranks as the fifth scarcest of the eight-coin Proof series. A couple of significant superb gems were sold: in August 1999, a PCGS PF67 for $69,000, and in January 2007, a NGC PF-67 for $57,500. Although three coins have been certified PF-68 by NGC, none of these have sold at public auction.

1913, Matte Proof Mintage: 99

Smithsonian Institution specimen: PF-66

The 1913 Proofs have the same fine sandblast finish seen on the 1912 issue. Like the 1912 Proofs, many of these are found in gem PF-65 or finer grades, but the overall rarity of this date places it as the third-rarest coin of the eightcoin series. A total of 53 pieces have been graded by NGC and PCGS combined, but 40 of those grade PF-66 or PF67. None reached the PF-68 level, however. This date in Proof is an excellent choice for the type collector, as the quality is high and enough are available for date specialists. Recent superb gems sold include an NGC PF-67 coin for $39,100 in July 2004, and the January “as superb” PCGS PF-67 that crossed the block at a record price of $86,250.

1914, Matte Proof Mintage: 125

Smithsonian Institution specimen: PF-66

The Philadelphia Mint tinkered with the fine sandblast finish in 1914, increasing the microscopic size of the tiny facets to a slightly coarser appearance, which makes the coin appear a bit darker than the 1913 issue. Despite the increased mintage, this date is rarer than most other Proofs, and it ranks as the second most difficult coin to obtain. A total of 45 coins have been seen by the two grading services. PCGS has graded two as high as PF-66, while NGC has graded four as high as PF-68. Two gem Proofs offered in recent years include the July 2004 sale of a NGC PF68 coin for $71,300 and the January 2007 sale of a NGC PF-67 for $51,750.

1915, Matte Proof Mintage: 75

Smithsonian Institution specimen: MS-65

The 1915 Proofs were struck using the same larger-facet matte finish seen on the 1914 Proof Indian Head half eagles. This issue is far and away the scarcest and most difficult to obtain from the series, boasting not only the smallest mintage, but a rarity borne out by the combined NGC and PCGS population data, where a total of 32 coins have been graded. Most of these grade PF-64 or PF-65. None have been certified above PF-67, and none have appeared at auction above PF-66. In relation to its rarity, the coin is underpriced at current levels. The auction record for the date is held by a PF-65 that sold for $50,600 in late 2006.

10 GOLD COINS: AN OVERVIEW Capped Bust to Right, Small Eagle (1795–1797) When legislators contemplated America’s coinage system, they chose the eagle (or $10 gold piece) as the primary denomination. All other gold denominations were expressed as fractions of the eagle (quarter eagle for the $2.50 gold piece and half eagle for the $5 gold piece) and remained that way until gold coinage was suspended in 1933. The eagle reigned supreme as America’s largest denomination until 1849, when it was supplanted by the double eagle. The first eagles appeared in 1795 along with the first half eagles. The two denominations shared the same design —a bust of Liberty wearing a cap, with a strand of hair wrapped around, giving the false impression of a turban. On the reverse, an American eagle was displayed proudly, its wings outstretched and a wreath in its beak. High-quality examples of this type are very elusive. Many examples show adjustment marks, mounting remnants, repair work, and/or cleaning. Original, unimpaired examples are very rare and extremely desirable. Several examples show Prooflike surfaces, but the authors do not agree that any examples of this type were struck as presentation pieces. Other examples show a rich, frosty luster that can be quite impressive.

Capped Bust to Right, Small Eagle. Designed by Robert Scot. The obverse features a head of Liberty facing right, wearing not a turban, but a stylized freedman’s cap (the turban confusion probably originated in the long lock of hair that wraps unnaturally around the cap). The word LIBERTY appears above her head. Either 15 or 16 stars are arranged on either side of Liberty’s head, and the date appears at the base of the obverse. The reverse shows an eagle perched on a palm branch, its wings outstretched, holding a wreath in its beak. The words UNITED STATES OF AMERICA arc around the reverse. Edge: reeded. Standards: weight, 17.50 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 33 mm.

Capped Bust to Right, Heraldic Eagle (1797–1804) In 1797, Robert Scot added his Heraldic Eagle design to the back of the $10 gold piece, as well as to the half eagle. The new reverse was a modification of the Great Seal of the United States, the same seal that certified the president’s signature on official government documents. The symbolism was much more powerful than that of the previous design, which featured a smaller, scrawnier bird. Mintages were erratic, indicating variable demand for this denomination. In 1798, fewer than 2,000 coins were made, but the next year, the mintage jumped to more than 37,000. No eagles were struck in 1802. 1804 saw two versions: the low-mintage regular issue and the extremely rare Proof issues (with a Plain 4) that were struck circa 1834. Aside from the aforementioned rarities, this type is easy to obtain if the collector is willing to pay the price. Original examples are difficult to find, and collectors often must settle for coins with adjustment marks, surface impairments, cleanings, and other problems. Thus, significant premiums are often paid for original, unimpaired coins. Coins of this type are visually impressive because of the strong designs, their large size, and the heft of their

golden alloy. This type ended in 1804, when then-President Thomas Jefferson suspended production of silver dollars and eagles to prevent their eventual destruction by bullion dealers.

Capped Bust to Right, Heraldic Eagle. Designed by Robert Scot. Same obverse design as the preceding. The reverse features a heraldic eagle patterned after the Great Seal of the United States. UNITED STATES OF AMERICA surrounds the eagle. Edge: reeded. Standards: weight, 17.50 grams; composition, 91.67% gold / 8.33% silver and copper; diameter, 33 mm.

Liberty Head, No Motto Above Eagle (1838–1866) From 1804 to 1837, no eagles were produced, despite their being the flagship denomination in America’s coinage system. In 1838 Christian Gobrecht introduced his Liberty Head design. Apparently, Mint officials had some problems with this new style: in 1839, Gobrecht “cleaned up” the design, making the truncation line less severe, redoing Liberty’s hair, and reducing the size of the reverse lettering. Thus, 1839 eagles are found in two types— Type of 1838 or Type of 1840, with Large or Small Letters, respectively.

Liberty Head, No Motto Above Eagle.

The new head of Liberty was well received and lasted until 1907, a remarkable run of 68 years! The difference between this type and the next is the motto IN GOD WE TRUST, which was placed on the reverse beginning in 1866. Production of this type took place at the Philadelphia, New Orleans, and San Francisco mints. Mintages varied widely from year to year, and even within the same facility. The record low for this type was 1863 (1,248 coins), and the record high was 1847 (862,258 coins). Interestingly enough, the record mintage occurred before gold was discovered in California.

Christian Gobrecht is the artist credited with the Liberty Head design.

Varieties include the Large and Small Date versions of 1842, 1850, and 1854-O. The 1853/2 Overdate is very popular; the 1846/5-O is a questionable overdate that doesn’t command much of a premium over the normal date. Unlike other series, this one has no extremely valuable rarity that prevents the completion of a date set. Although some dates are scarce, all are within the means of most gold collectors. On the other hand, high-grade examples can often be extremely difficult to find, and Mint State examples are often extremely rare. However, for type purposes, there are plenty of dates to choose from. These are beautiful, golden jewels that feature one of the most enduring designs in American numismatics.

Liberty Head, Motto Above Eagle variety. Designed by Christian Gobrecht. Nearly identical to the preceding design of 1838, except that the truncation line is not as curved, and the long strands of hair that run from her temple to the bun at the back of her head are now gone and her ear is visible. On the reverse, the letters were made smaller. Edge: reeded. Standards: weight, 16.718 grams; composition, 90% gold/10% silver and copper; diameter, 27 mm.

Liberty Head, Motto Above Eagle (1866–1907) In 1866, the motto IN GOD WE TRUST was added to the reverse of the $10 gold piece, on a scroll above the eagle’s head. This was recommended to Mint officials as early as 1861, but no actions were taken until 1863. The motto first appeared on two-cent coins in 1864, and on other denominations in 1866. Eagles of this design were produced at the Philadelphia, San Francisco, New Orleans, Carson City, and Denver mints. Because this type was made for so many years, and because several of the mintages are in the millions of coins, locating an example is very easy. However, the series is replete with rarities and coins that do not exist in high grade. Foremost among these is the 1875, of which only 100 were made for circulation and only 20 were struck as Proofs. Other rarities include 1870-CC, 1879-CC, and the low-mintage 1883-O (only 800 minted). Condition rarities include virtually all of the eagles from the Carson City Mint, plus almost any of the dates prior to 1880 in Mint

State. This is one of the cleanest types from a technical standpoint, with no major varieties other than the usual date and mint combinations. Most Uncirculated examples feature a creamy mint luster that often swirls when the coin is rotated under a light source. Prooflike examples are sometimes encountered, but they are rare. Proofs were minted every year, but only in very limited quantities. Typical Proofs are likely to have some light hairlines, but an occasional gem or superb Proof will appear on the market. Finishes vary from year to year—some dates come with cameo contrast while others (particularly the later dates in the series) are almost always found with a brilliant finish. The large majority of Mint State examples of this type were discovered in European banks over the last several decades.

Indian Head, No Motto on Reverse (also called Variety 1). Designed by Christian Gobrecht. Same designs as the preceding, but a scroll bearing the motto IN GOD WE TRUST was added above the eagle on the reverse. Edge: reeded. Standards: weight, 16.718 grams; composition, 90% gold /10% silver and copper; diameter, 27 mm.

Indian Head, Variety 1, No Motto on Reverse (1907–1908) In 1907, the famous sculptor Augustus Saint-Gaudens (best known numismatically for his design on the 1907 to 1933 double eagle) began work on the $10 gold piece. His final vision was quite impressive from an artistic standpoint, but his designs were a trifle fantastic. The front of the coin features what appears to be an Indian chief, but the head is actually that of Miss Liberty wearing a ceremonial headdress with the word LIBERTY placed incongruously on the headband. No such “Indian” ever existed. Similarly, the reverse featured a stylized eagle, supposedly representing an American bald eagle, but anatomically incorrect as such, with oversized, unnaturally long legs. Saint-Gaudens was an artist, not an engraver of coins, and his original designs, while extremely beautiful, failed from a technical standpoint. Thus, Mint officials found themselves in the unenviable position of trying to please Saint-Gaudens’s sponsor, President Theodore Roosevelt (who loved the design), and creating hundreds of thousands (if not millions) of coins to satisfy the demands of daily commerce. Such was the case with Saint-Gaudens’s initial designs for the eagles and the double eagles, both of which required extensive modifications before they finally met the technical requirements of the Mint.

(Above) The sculptor Augustus Saint-Gaudens. (Right) His head study of Victory, which was later modified, given an Indian headdress, and used on the 1907 $10 gold coin.

The Wire Rim (sometimes called Wire Edge) 1907 eagle is a perfect example of this conundrum. The extreme outer rim on this coin rises to a sharp edge. Unfortunately, these coins cannot be stacked more than two or three high before they fall over, making them unsuitable for commercial purposes. In defense of Mint officials, the Wire Rim was only struck to show the design and test its usefulness. They have a curious finish that resembles the satin finish on certain Proofs, and which is quite unlike that seen on the coins produced for circulation in later years.

Indian Head, Motto on Reverse (also called Variety 2).

On the second version of Saint-Gaudens’s design, Charles Barber, the chief engraver of the U.S. Mint, corrected the stacking problem by replacing the wire rim with what is known today as the Rounded Rim (or Rolled Edge). According to Mint Director Frank Leach, the Mint struck thousands of this modified design on the coining press. The large mintage shows that this issue was made for circulation and was not experimental. Soon after this striking, however, the Mint received new low-relief coin models from the estate of the late sculptor. These models were

deemed superior and became the basis for what is now known as the 1907 “No Periods” design. With the exception of 50 coins (which were privately distributed by Mint and Treasury officials), all of the Rounded Rim coins were melted. Some authors condemn Barber’s final designs of the $10 and $20 gold pieces as being hollow versions of SaintGaudens’s originals, but Barber was constrained by practical and technical limitations, whereas Saint-Gaudens was not. In the final analysis, Saint-Gaudens’s design is only available to collectors of substantial means, whereas Barber’s modified design is available to hundreds of thousands of collectors. In fact, the Indian Head eagle is one of the most popular of all United States coins—for use in jewelry! The story of this type is not complete without mention of a seemingly minor omission that created a huge firestorm of complaints. In accordance with the wishes of President Theodore Roosevelt, Saint-Gaudens had left the motto IN GOD WE TRUST out of his design, and the public reacted in outrage. Even though President Roosevelt stoutly defended the exclusion, calling the presence of the motto on money a sacrilege, the hue and cry was too great to withstand. In 1908, bowing to public demand, Congress passed legislation to mandate the use of the motto. Designed by Augustus Saint-Gaudens. The obverse features Miss Liberty (not an Indian) wearing a Native American ceremonial headdress with LIBERTY in raised letters on the headband. Thirteen stars arc above the head, and the date appears below. The reverse is similar to (and was most likely the prototype for) that of the Indian Head quarter eagles and half eagles. A majestic eagle stands perched atop a bundle of arrows, around which is entwined an olive branch. UNITED STATES OF AMERICA arcs around the top of the reverse; the motto E PLURIBUS UNUM appears in the right field, and the denomination TEN DOLLARS appears beneath the eagle. Triangular dots appear at the beginning and end of each phrase or motto. The rim is raised and somewhat rounded. Edge: 1907 to 1911, 46 raised stars; 1912 to 1933, 48 raised stars. Standards: weight, 16.718 grams; composition, 90% gold/10% silver and copper; diameter, 27 mm.

Indian Head, Variety 2, Motto on Reverse (1908–1933) “God” returned to the Indian Head $10 coin in 1908, settling on the left side of the reverse as part of the motto IN GOD WE TRUST. The return of the motto was mandated by an act of Congress in response to the public outcry over its omission. The most common date of this type is 1932, with a mintage of more than four million coins. Most of the other dates have mintages below 500,000 coins, but only two dates (1920-S and 1930-S) are rare, and the 1933 is extremely rare. Many nice, high-grade examples exist of this type, but bagmarking and poor strikes are sometimes a problem. Occasionally, coins can be found with a rich, golden or pink-green color. Conversely, some coins will show “copper spots,” which appear as scattered spots of rust-red color. Although copper spots are proof that a particular coin has never been cleaned, they generally detract from the value. Eagles of this design were produced at the Philadelphia, Denver, and San Francisco mints. Gaps occurred from 1916 to 1920, 1920 to 1926, 1926 to 1930, and in 1931. Proofs were struck in every year from 1908 to 1916, always in very limited numbers. Proof versions are found with either a matte or a satin finish, depending on the year. Matte Proofs have a dull, sandblast finish, while Satin Proofs have a soft, smooth finish that looks very much like the finish on coins struck for circulation. Perfect Proofs (those without hairlines or shiny spots) are very rare and extremely desirable. Certification of Matte Proofs is mandatory, as false matte finishes have been fraudulently applied to well-struck circulation strikes (the huge price difference between the two is the motivating factor). Designed by Charles Barber, after Augustus Saint-Gaudens. Same designs as the preceding, but with the motto IN GOD WE TRUST in the left field on the reverse. Edge: 1908 to 1911, 46 raised stars; 1912 to 1933, 48 raised stars. Standards: weight, 16.718 grams; composition, 90% gold/10% silver and copper; diameter, 27 mm.

$10 – CAPPED BUST TO RIGHT, SMALL EAGLE 1795, 13 Leaves Below Eagle Mintage: Unknown (estimated at 5,083)

Finest Smithsonian Institution specimen: MS-62

In 1795, the Mint introduced the first official U.S. gold coins: the flagship $10 eagle and the fractional $5 half eagle. As a date, the 1795 eagle is the most common of the Small Eagle type. Two major varieties comprise the 1795

eagles: 13 Leaves versus 9 Leaves on the palm branch. The 13 Leaves variety is the more common of the two varieties by a factor of more than 10 to 1. Circulated examples are scarce but available, and even Mint State examples show a fairly healthy population. Prooflike examples are seen on occasion, some of which have been called Proofs or presentation strikes in the past. The finest example of this variety is a PCGS MS-66 coin, but the price record belongs to a PCGS MS-65 specimen that sold in 2003 for $506,000. It is undoubtedly a million-dollarplus coin on today’s market.

1795, 9 Leaves Below Eagle Mintage: Unknown (estimated at 500)

No specimen in Smithsonian Institution

This is an extremely scarce variety that was once thought to be limited to a surviving population of fewer than a dozen pieces (Akers called this “the rarest of all eagles”). However, publicity in recent years has brought more specimens to the market and now, between PCGS and NGC, more than 20 examples have been certified. There have been approximately 20 auction appearances of this variety in the past dozen years, with a PCGS AU-58 coin taking top honors at $184,000 in 2005. Several pieces have been certified at the MS-63 level, but Harry Bass’s very choice example may be the best known. The Smithsonian does not have an example of this major variety.

1796 Mintage: 4,146

Finest Smithsonian Institution specimen: MS-61

The 1796 eagle is much scarcer than the 1795, despite a similar mintage. Almost all of the known examples are in circulated condition, making it extremely difficult to locate Mint State examples. Some prooflike examples are

known, at least one of which has been offered at auction in the past as a Proof. The dies are usually clashed, and coins with weak centers are also noted. A vertical die crack sometimes appears running down the center of the obverse. The finest certified examples rate only MS-63, and the auction record goes to a PCGS MS-62 coin that sold in 2006 for $138,000. The Smithsonian has two examples, both in low-end Mint State. According to Anthony J. Taraszka’s United States Ten Dollar Gold Eagles, 1795–1804, at least one 1796 eagle may have been struck AFTER the striking of the 1797 eagle with the Small Eagle reverse (an interesting occurrence known as a “die remarriage”).

$10 – CAPPED BUST TO RIGHT, HERALDIC EAGLE 1797, Small Eagle Mintage: 3,615

Finest Smithsonian Institution specimen: Unc Cleaned

The 1797 $10 with Small Eagle reverse is one of the rarest of all the early eagles. A look at the population reports confirms that only the 1795, 9 Leaves, 1798/7, 7 Stars Left, 6 Right, 1803 Large Stars, and the 1803, 14 Stars Reverse have lower populations. Most survivors fall into the Extremely Fine to About Uncirculated category, with only a tiny handful of Mint State examples known. The best certified examples rate MS-63 and the finest example may be the choice Amon Carter coin that sold in 1984. The price record of $390,000 was set in 2007 by an NGC MS-63 coin. The Smithsonian has two examples, one is graded AU-58, and the other is a cleaned Uncirculated specimen. Virtually all examples show a die crack below the last star on the right.

1797, Large Eagle

Mintage: 10,940

Finest Smithsonian Institution specimen: MS-63

In 1797, after the Small Eagle Reverse “tens” were struck, the Mint introduced the Heraldic Eagle design on this denomination. Depending on which data are used (mintages, population reports, etc.) and how it is analyzed, the 1797 Heraldic Eagle $10 is the third or fourth most common issue of the early-date “tens.” Extremely Fine to About Uncirculated examples are scarce and even Mint State examples can be found fairly readily (a cluster of MS-61 coins is the collector’s best hope). The finest certified example grades MS-64, but this coin has not appeared at public auction. Thus, the price record belongs to an NGC MS-63 example that sold in 2006 for $126,500. The Smithsonian has a nice MS-63 example.

1798, 8 Over 7, 9 Stars Left, 4 Right Mintage: 900

Finest Smithsonian Institution specimen: MS-62

All 1798 eagles are overdates, using dies left over from 1797, which were then overpunched with an 8 over the final 7. The two varieties are differentiated by the placement of the stars (as well as some other distinctive features—see next). On this variety, 9 stars appear on the left side of the obverse and 4 stars on the right, making a total of 13. The 9 Stars Left and 4 Stars Right (9x4) variety is considerably rarer than the 7 Stars Left and 6 Stars Right (7x6) variety, despite published mintage figures that are strikingly similar. In fact, as a major variety, the 1798/7, 9x4 is exceeded in rarity only by the 1795, 9 Leaves; 1797 Small Eagle; 1798/7, 7x6; 1803 Large Stars; and 1803, 14 Stars. Mint State examples are extremely rare, led by a single MS-63 coin (which sold for a bargain price of $132,250 in 2003). The Smithsonian has two examples, both Uncirculated. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1798, 8 Over 7, 7 Stars Left, 6 Right Mintage: 842

Finest Smithsonian Institution specimen: MS-63

This is a very unusual coin for a couple of reasons: (1) it’s an overdate and (2) it’s the only early $10 (or early $5, for that matter) with the word LIBERTY completely above the “turban.” This unusual situation began when the diesinker punched the head of Liberty into the die too low (the bottom curl and the tip of the bust are closer to the edge than on any other early $10). This gave the engraver room enough to put the stars and LIBERTY in a continuous arc around the head (such an arrangement is seen on the 1796 to 1798 quarter eagles, but on no other Capped Bust gold coins!). This is the rarest of all the major varieties among the 1795 to 1804 eagles, with only 11 examples certified and a survivorship estimated at two dozen coins. The best example (by two points) is the PCGS MS-62 coin that sold for $276,000 in 2003. Two Mint State examples are in the Smithsonian. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1799, Small Obverse Stars Mintage: Unknown (part of the total 1799 mintage of 37,449)

Finest Smithsonian Institution specimen: MS64

1799 eagles come in two major varieties: those with Small Stars on the obverse and those with Large Stars. Researchers believe the change was made after the Small Star punch broke and was replaced by the Large Stars version. From 1799, only the Large Stars punches were used (although there are two varieties of those). The Small Stars variety appears to be the rarer of the two varieties. Most survivors are in good shape, usually EF to About Uncirculated, and sometimes Mint State. The top certified examples hit the MS-64 level (a grade assigned to eight coins by PCGS and NGC). However, the top price record goes all the way back to 1994, when a raw “MS-65” sold for $64,900. That coin would be worth at least $250,000 today. The Smithsonian has six examples of this variety, the best of which grades MS-64.

1799, Large Obverse Stars Mintage: Unknown (part of the total 1799 mintage of 37,449)

Finest Smithsonian Institution specimen: AU58

After the old Small Stars punch broke in 1799, Mint employees began using a new punch with a larger star that was fatter and puffier in appearance. This punch would be used through 1801, when it would be replaced by another large star punch with a more finely pointed appearance. Both auction records and population reports indicate that the Large Stars variety is scarcer than the Small Stars variety, but not by very much. The highest price achieved by an example of this variety was in 2006, when a PCGS MS-65 coin sold for $241,500. Surprisingly, the Smithsonian has only one example—an AU-58 specimen (compared to the six Small Stars examples).

1800 Mintage: 5,999

Finest Smithsonian Institution specimen: MS-61

The 1800 half eagle is popular because of its low mintage and because of past comments, by such notables as Walter Breen, who commented in 1988 that this issue was “Very rare UNC,” and David Akers, who in 1980 called the 1800 eagle “an underrated date.” In reality, the 1800 issue is relatively easy to obtain in most circulated grades, thanks to a cluster of coins at the About Uncirculated level. Mint State examples are truly rare and the unusually high number of MS-63 examples reported is likely bloated by resubmissions. All examples show a double-punched seventh star, and many examples show a crack across the tops of the word LIBERTY. The Smithsonian has two of these coins, the best of which is graded MS-61. NGC reports a Specimen-65 1800 eagle, but no clear Proof example has emerged of this date. Top auction honors go to the NGC MS-65 example that sold for an impressive $310,500 at the January 2008 FUN show auction.

1801 Mintage: 44,344

Finest Smithsonian Institution specimen: MS-61

The 1801 eagle has a high mintage and is noted for having the second-highest surviving population (after 1799), thus it is an excellent choice as one of the more affordable dates of the type. Two die pairs make up the entire mintage, one with “fat” obverse stars, and the other with more refined obverse stars, (the former is considered to be rare). This is the most readily available early eagle in Mint State, and can almost be considered common in grades up to MS-62. However, gem examples are exceedingly rare, with only three MS-65 coins reported by PCGS and one by NGC. Prooflike examples exist, but there are no true Proofs. Auction appearances are plentiful, averaging almost 20 coins per year. The top price for this date is $126,500, realized in 2005 by a PCGS MS-64 example. The Smithsonian has four examples, none of which grades better than MS-61.

1803, Small Reverse Stars Mintage: Unknown (part of the total 1803 mintage of 15,017)

Finest Smithsonian Institution specimen: MS65

According to Walter Breen, the date on all 1803 eagles was made from punches normally used on half dollars (this may have been intentional or a mere mistake on the engraver’s part, but it is certainly not the only time that punches were shared between denominations). Three major varieties comprise the relatively small mintage: Small Reverse Stars (as used in previous years); Large Reverse Stars (clearly distinctive from the former); and the extremely unusual 14-Star Reverse (see below). The Small Reverse Stars variety is the most plentiful of the three major varieties, but “plentiful” is a relative term, as any 1803 eagle is scarce. PCGS reports a single MS-65 coin, which set

the auction price record of $161,000 in 1999. However, the Smithsonian also has a gem brilliant Uncirculated example, which upon comparison may turn out to be the finest example of this major variety.

1803, Large Reverse Stars, No 14th Star on Reverse Mintage: Unknown (part of the total 1803 mintage of 15,017)

No specimen in Smithsonian Institution

The stars on the back of this major variety are considerably larger than those on the Small Reverse Stars variety. Why the size of the stars was changed is unclear, but it may have been because the old star punch broke, or the stars may have been made larger to be consistent with the larger stars on the obverse. The Large Stars Reverse, without the tiny 14th star in the last cloud on the right, is an exceedingly rare variety, of which only six or seven examples are known to exist (including an example discovered in early 2006). Population reports and auction records should be disregarded, as they are often misattributions that refer to the much more common 1803 Large Stars Reverse, With 14th Star on Reverse. The “No 14th Star” was one of the few early gold varieties that Harry Bass never owned, nor is there an example in the Smithsonian.

1803, Large Reverse Stars, With 14th Star on Reverse Mintage: Unknown (part of the total 1803 mintage of 15,017)

No specimen in Smithsonian Institution

This is one of the most interesting and unusual varieties in all of numismatics. At the 1966 ANA Convention, Harry Bass, always the consummate numismatist, noticed a tiny star in the last cloud (below and to the right of the F of OF) on the reverse of an 1803 Large Reverse Stars $10 gold piece. How the star got there, or why, is a total mystery. The star’s placement appears to have been deliberate and not accidental. In any event, this has proven to be not only

a popular variety, but a rare one, as well. NGC reports one in MS-66, and the major grading firms have certified 39 examples (minus resubmission). Auction appearances are infrequent, and the top price record goes to a phenomenal NGC MS-66 coin that shattered auction records when it sold for $335,500 in 2006. The Smithsonian lacks this variety.

1804, Crosslet 4 Mintage: 3,757

Finest Smithsonian Institution specimen: MS-63

Despite a relatively high mintage for an early $10 gold piece, the 1804, Crosslet 4 is a very tough date. In fact, in terms of surviving populations, it is easier to find any other date among the early eagles (only the 1798 comes close to the rarity of the 1804). The Crosslet 4 is the true contemporary version and the only collectible 1804 eagle; the 1804, Plain 4 was made three decades later for inclusion in diplomatic presentation sets (see next). The 1804 issue is tough to find in any grade and, as expected, Mint State examples are extremely rare. The best certified example is a single NGC MS-64 coin. The auction record was set in 2007 by an NGC AU-58 example. The Proof that sold for $5,000,000 has greatly increased the demand for the circulation-strike examples. Two coins are in the Smithsonian’s collection: an MS-63 piece and a cleaned Uncirculated coin. This date is famous for being poorly struck.

1838 Mintage: 7,200

Finest Smithsonian Institution specimen: MS-60 PL

The first of the Liberty Head eagles appeared in 1838, after a span of 34 years. The new design, by Christian Gobrecht, featured a bust of Liberty facing right, with long strands of hair pulled from her temple to a beaded bun in

the back. This design was modified the next year, so the 1838 and 1839/8 are the only examples of this subtype. Any 1838 eagle is a rarity because of the low mintage. Most survivors are heavily circulated, usually in EF or worse condition. Uncirculated examples are extremely rare, with only five Mint State examples certified by PCGS and NGC. None have been certified above MS-63. In 2007, the lone PCGS MS-63 example sold for $115,000. Most (if not all) of the Uncirculated coins are semi-prooflike or prooflike, including the MS-60 in the Smithsonian. Four examples were found on the wreck of the SS Republic.

1839, Type of 1838 Mintage: 25,801

Finest Smithsonian Institution specimen: MS-64

Formerly known as the Large Letters type, the first of the 1839 types is now known as the “Type of 1838” because of the more obvious differences in the style of the head. Although most examples are believed to be overdates, Breen lists a normal-date variety that may actually be a late die state without any trace of an underlying 8. Although the mintage of the 1839, Type of 1838 issue is more than three times larger than the 1838 mintage, the former is only half as rare as the 1838. Seven examples were found in the wreck of the SS Republic. The sole example in the Smithsonian is a lovely MS-64. In 2005, a previously unknown example graded PCGS MS-66 (part of the Gold Rush collection) sold for a whopping $402,500. Prooflike is a term often associated with high-grade examples of this date.

1839, Type of 1840 Mintage: 12,447

Finest Smithsonian Institution specimen: AU-55

In 1839, Miss Liberty received a makeover in the form of a new hairdo and changes to the shape and lines of the truncation. This new style continued throughout the remainder of the series, making it one of the most enduring designs in all of American numismatics. Very few examples of this type have survived in any condition, and only two or three truly Mint State examples are known. John Jay Pittman’s “Choice Uncirculated” example holds the auction record of $143,000 (set in 1998). He paid roughly $100 for the coin when he purchased it from the sale of the King Farouk collection in 1954! PCGS lists one MS-62 piece and NGC lists one MS-64 example as the only certified Uncirculated coins of this date. Only two examples were recovered from the wreck of the SS Republic. Interestingly, the famed Eliasberg collection lacked an example of this variety.

1840 Mintage: 47,338

Finest Smithsonian Institution specimen: AU-55

The 1840 eagle is an underrated date that is almost impossible to find in Mint State. This date is typically seen in Extremely Fine or worse conditions. Fortunately for collectors, 11 examples were recovered from the wreck of the SS Republic, virtually all of which were About Uncirculated. As late as 1994, no Mint State examples had been graded by PCGS. Today, PCGS reports three MS-61 pieces, while NGC reports five Mint State examples, including a new MS-62 since the last edition. The price record holder for this date is a PCGS MS-61 that sold for $19,550 in 2006.

1841 Mintage: 63,131

Finest Smithsonian Institution specimen: AU-58

The 1841 eagle is a relatively scarce date, but nowhere near as rare as any of the preceding issues. Extremely Fine examples can be located with little difficulty, but About Uncirculated examples become very rare, and fewer than a handful of Mint State examples are known. The finest certified example is a single PCGS MS-63 coin that has yet to appear at auction. The discovery of 20 examples of the 1841 eagle on the SS Republic swelled the About Uncirculated ranks, but those coins were absorbed into the market relatively quickly, with little impact on pricing. The highest price achieved by an 1841 eagle (PCGS MS-62) was $18,700—all the way back in 1995.

1841-O Mintage: 2,500

Finest Smithsonian Institution specimen: EF-45

The 1841-O eagle was the first date of this denomination to be struck at New Orleans, but the popularity of this date stems more from its extremely low mintage, overall rarity, and the lack of high-grade survivors. Most examples are heavily circulated, with very few AU examples known, and none above the AU-58 level. Prooflike surfaces are mentioned frequently where the grade of the coin is high enough to make such a determination. Heavy or excessive bag-marking is also common. Our last edition’s record holder, Reed Hawn’s raw “EF,” reappeared in 2005 as a PCGS AU-55 and set a new record of $28,750. Only one 1841-O eagle was found on the wreck of the SS Republic.

1842, Small Date Mintage: 18,623

Finest Smithsonian Institution specimen: MS-62

The 1842 eagle has two varieties: Small Date and Large Date, the former being the first variety struck that year. The Small Date has a much lower mintage and is roughly two times as rare as the Large Date, a fact reflected not only in

the population data but also in the proportions of each variety recovered from the SS Republic (four Small Dates versus 11 Large Dates). The top-condition coin is a single PCGS MS-63 example. Many of the survivors feature prooflike brilliance, even when worn. Harry Bass had an MS-62 coin (PCGS) that sold for $18,400 in 1999 (it’s not clear if this coin has remained at that grade level or has become the MS-63). The Smithsonian has a lovely MS-62 coin that would clearly rank as one of the finest examples known of the date.

1842, Large Date Mintage: 62,884

Finest Smithsonian Institution specimen: AU-50

Later in 1842, a new, larger date punch was used on the eagle (the same punch used on cents and half dollars of 1842). Contrary to previous claims, the two varieties are not of equal rarity. Rather, the Large Date 1842 eagle is approximately two times as common as the Small Date version, at least in most circulated grades. However, in Mint State, the Large Date is every bit as rare as the Small Date, although a couple of very special Large Dates are known. The finest example is an NGC MS-65 coin, but the price record belongs to a PCGS MS-64 coin that Harry Bass overpaid for in 1995 (he paid $33,000 for the coin, but it only realized $23,000 when it resold in 2000). There were 11 Large Date 1842 eagles on the wreck of the SS Republic.

1842-O Mintage: 27,400

Finest Smithsonian Institution specimen: AU-58

In 1842, the output of eagles at the New Orleans Mint went up more than 10 times. Unfortunately, the number of survivors has not increased accordingly, and the 1842-O eagle remains a very rare date. Most examples are heavily

circulated, usually Very Fine or worse, with a cluster of coins at the EF-45 level. The 17 examples recovered from the wreck of the SS Republic were mostly AU coins, but included one MS-61 piece. The finest Mint State example is a single PCGS MS-63 coin (this may be the formerly raw BU example that sold for $26,400 in a 1996 Stack’s sale). Doug Winter cited an unusually well-struck 1842-O eagle from a 1988 sale (Bernard Shore) as a possible presentation piece.

1843 Mintage: 75,462

No specimen in Smithsonian Institution

The 1843 eagle is a surprisingly scarce date in spite of a seemingly high mintage, and it is rarer than lower-mintage dates such as 1839, Type of 1838; 1840; 1842; 1842-O; 1845-O; and other early-date No Motto eagles. Most examples are Extremely Fine at best, with About Uncirculated pieces becoming quite scarce. Uncirculated examples are exceedingly rare, with only two MS-61 coins reported by PCGS and NGC (that may be the same coin). The PCGS version sold for $15,525 in 2003, which seems like a very reasonable price for a coin considered to be the finest known. Some examples are described as being semi-prooflike and excessive bagmarking seems to be a common problem. This issue is also seen with doubling and tripling of the digits in the date. These are quite popular when certified as such by the major certification services.

1843-O Mintage: 175,162

Finest Smithsonian Institution specimen: AU-55

The 1843-O eagle is the second most common O-Mint date of the 1840s (after the 1847-O). However, as is the case

with most early O-Mint eagles, very few examples survived in high grade. Anything up to EF-45 can be considered common, AU pieces are scarce, and Mint State examples are exceedingly rare. Most of the 35 coins recovered from the wreck of the SS Republic were in About Uncirculated condition, but also included was a single MS-61 example. A small hoard of dirty Uncirculated pieces was recovered from a Mississippi plantation in 1974. Prooflike surfaces are common and most are well struck. At the time the first edition of this book was prepared, the finest certified example was a single PCGS MS-62 example; today, it is a lone NGC MS-64 that set a new, substantially higher, record price of $58,650 in 2006. The Smithsonian has an AU-55 example.

1844 Mintage: 6,361

Finest Smithsonian Institution specimen: AU-55

The 1844 eagle has the second-lowest mintage of its decade, but it is easily the rarest. Of great significance is the fact that not a single example was found on the wreck of the SS Republic. Even so, this is a restless date that appears at auction roughly three times per year, with many reappearances of the same coin. Extremely Fine and About Uncirculated examples are the most commonly seen, and Mint State pieces are exceedingly rare. NGC reports an MS-61 and an MS-63 example; PCGS has yet to grade a Mint State 1844 eagle. In 2002, the MS-61 piece sold for $10,063, which was a relative bargain considering that AU coins have sold for almost as much. This date usually comes with a decent strike and reasonably nice surfaces. Besides a gorgeous Proof, the Smithsonian has a pleasing AU-55 example of this date.

1844-O

Mintage: 118,700

Finest Smithsonian Institution specimen: AU-58

The 1844-O eagle is the third most common date from the New Orleans Mint (after 1847-O and 1843-O), but it is still a relatively scarce coin in all grades. About Uncirculated examples, formerly rare, are now considered scarce, thanks to the discovery of 32 examples on the wreck of the SS Republic. Other sea-salvaged examples exist from other shipwrecks, but they display matte surfaces from salt-water erosion. Since the last edition, NGC certified an MS-63 example, elevating the top grade by a point. The price record of $31,900 was set in 1996 by Byron Reed’s raw Mint State example with a repunched mintmark. A Proof 1844-O eagle is known to exist (see the Proof section).

1845 Mintage: 26,153

Finest Smithsonian Institution specimen: EF-45

The 1845 eagle is a great, low-mintage date whose rarity has withstood the test of time. Certainly, it is not as rare as the 1844, but it compares favorably with the 1846 and 1849-O. The vast majority of 1845 eagles are in circulated condition, mostly EF or worse, rarely in AU, and almost never in Mint State. In fact, only three 1845 eagles have been certified at the Mint State level, the finest being a PCGS MS-62 (formerly an NGC MS-62 example that had not been removed from their census). In 1995, the NGC MS-62 sold for $16,500 and has not since reappeared on the market. Only two examples of this date were found on the SS Republic.

1845-O Mintage: 47,500 (includes 1845-O Repunched Date)

No specimen in Smithsonian Institution

Of the dates in the 1840s, the 1845-O issue is closest in rarity to the 1842-O eagle. Both are very rare in AU

condition, and Mint State examples are exceedingly rare. Several interesting varieties add flavor to this date: Repunched 84, Repunched 45, and Large Date over Small Date. There were 19 examples of the 1845-O eagle recovered from the wreck of the SS Republic, including numerous AU examples and even two Mint State pieces. The finest known 1845-O eagle is the former Eliasberg-Bass piece (formerly PCGS MS-63, but now off their population report), which sold for $46,000 in 2000.

1846 Mintage: 20,095

Finest Smithsonian Institution specimen: AU-55

The 1846 eagle is very similar in rarity and grade distribution to the elusive 1845 eagle, but with a few more AU coins thanks to the discovery of six examples on the SS Republic shipwreck. The typical 1846 example is only EF or worse. About Uncirculated pieces are definitely rare, and only three examples have been certified at the Mint State level (one in MS-60 and two in MS-61, all graded by NGC). In 2004, one of the MS-61 examples sold for $22,500, setting a record price for the date. The 1846 eagle typically comes in a bright, yellow-gold color, often with prooflike luster. The rarity of early P-Mint eagles is surprising, since coins from this “mother” mint are usually the most common.

1846-O Mintage: 81,780 (includes 1846-O, 6 Over 5)

Finest Smithsonian Institution specimen: EF-40

The rarity of the 1846-O eagle is nearly identical to that of the 1842-O and 1845-O, but the existence of overdate varieties (see next) creates additional demand for this date. The Normal Date and the overdate are almost equally

rare, with the overdate being slightly more common. Extremely Fine examples of the Normal Date are very rare, About Uncirculated examples are exceedingly rare, and only one Mint State example is known. Prooflike luster is common, with some details of the obverse effaced by excessive polishing. The striking qualities are generally weaker than on other O-Mint dates from this era and the surfaces normally show excessive or heavy contact marks. The aforementioned Uncirculated coin (a raw “MS-62” from the Bass collection) sold for $26,450 in 2000. An 1846-O, 6 Over 6 variety exists (Bass had an example and another was found on the SS Republic).

1846-O, 6 Over 5 Mintage: Unknown (included in the mintage of 1846-O)

Finest Smithsonian Institution specimen: On loan

The 1846-O, 6 Over 5 eagle is listed as a major variety in A Guide Book of United States Coins (the Red Book), but some experts (including those at PCGS) believe the underlying “date” is caused by die defects rather than a 5. Nevertheless, tradition counts for a lot in numismatics, and this has proven to be a popular overdate. As it turns out, the overdate is a trifle easier to obtain in high grade than the normal date, but About Uncirculated examples are still very rare and Mint State examples are almost unheard of. The finest example is the prooflike PCGS MS-64 Eliasberg-Bass coin that sold for $48,300 in 2000. There were 13 overdates found on the SS Republic, and other shipwrecked examples have been found.

1847

Mintage: 862,258

Finest Smithsonian Institution specimen: AU-55

Of all the No Motto eagles, the 1847 issue is the most common, although the 1847-O and 1851-O eagles would come in second place for commonality. This was also the most plentiful date (221 coins) recovered from the wreck of the SS Republic. The 1847 eagle is also one of the most plentiful No Motto eagles in Mint State, with almost 75 Uncirculated coins certified by PCGS and NGC combined (mostly in MS-62). The finest example is a single NGC MS-64 prooflike coin (plate-matched to the John Jay Pittman collection). The color is usually a bright yellow-gold, occasionally with coppery toning spots. Prooflike surfaces are also seen on occasion, usually accompanied with light die-polishing lines. For the type collector, this is the most reasonably priced date of the No Motto type.

1847-O Mintage: 571,500

Finest Smithsonian Institution specimen: MS-63

The 1847-O eagle has the highest mintage of any New Orleans “ten” (or any other New Orleans gold coin). It is common in all grades up through About Uncirculated. Mint State examples are very rare, almost as rare as any of the other dates in the 1840s. Of the 12 examples found on the SS Republic shipwreck, most were About Uncirculated and only two were Mint State (both MS-61). The finest certified examples are three coins at the MS-64 level, one of which sold for $48,875 in 2005. Of the three examples in the Smithsonian, the best grades MS-63. Both Akers and Winter refer to the greenish-gold color that is frequently seen and the weakness of strike that occurs on the hair curls.

1848

Mintage: 145,484

Finest Smithsonian Institution specimen: MS-65

The 1848 eagle has one of the highest mintages of the No Motto type, yet it is surprisingly scarce relative to how many were made. Most examples are well circulated, but AU examples are scarce and Mint State pieces are rare. Notable examples include two MS-64 examples and a single MS-65 coin (one of these being from the James A. Stack collection), plus the gem MS-65 piece in the Smithsonian (one of the few truly nice No Motto eagles in their collection). The 39 examples found on the SS Republic were predominantly About Uncirculated and not a single Mint State example was recovered. This date is known for the depth and frostiness of the luster. The price record for this date was set in 2003, when a PCGS MS-64 example sold for $31,050.

1848-O Mintage: 35,850

Finest Smithsonian Institution specimen: AU-58

As is typical of most eagles from the New Orleans Mint of the 1840s, the 1848-O is fairly common in low grades, becomes scarce to rare in AU, and then exceedingly rare in Mint State. Contrary to previous claims that this is an underrated date, it is actually one of the more readily available dates of the decade. However, in Mint State, the 1848-O and the 1847-O are of almost equal rarity. At the high end, the 1848-O is represented by one of the finest No Motto eagles in existence—a monster PCGS MS-66 coin (which may be the “gem BU” James Stack example that sold for $154,000 in 1994; this coin may have been encapsulated by NGC, as it now appears on the NGC census, as well). Most examples are poorly struck and some exhibit prooflike tendencies. Only nine examples (all AU) were found on the wreck of the SS Republic.

1849

Mintage: 653,618

Finest Smithsonian Institution specimen: AU-58

The 1849 eagle is one of the most common issues of the No Motto type. It is comparable in rarity to the 1861 eagle but not as common as the 1847 and 1847-O issues. This date is easy to find in circulated grades, including EF to AU. In Mint State, the 1849 eagle is scarce but not rare, and the most commonly seen grades are MS-61 and MS-62. Of the 167 examples recovered from the SS Republic, five were low-end Uncirculated coins. PCGS and NGC have certified nine examples at the MS-64 level (which is probably an inflated figure due to resubmissions), and none have graded higher. Most Uncirculated examples are frosty, although prooflike surfaces are sometimes mentioned. The claimed 1849/8 overdate is believed now to be a repunched date.

1849-O Mintage: 23,900

Finest Smithsonian Institution specimen: EF-45

In terms of the number of survivors from the New Orleans Mint, the 1849-O eagle is exceeded in rarity only by the 1841-O. However, the quality of the survivors is incrementally higher and, unlike, the 1841-O eagle, the 1849-O issue is represented by at least three Mint State examples (none of which is better than MS-61). Most examples are well worn and weakly struck, sometimes prooflike, and usually heavily bagmarked. Only eight examples (all AU) were found on the wreck of the SS Republic. Harry Bass’s lustrous, light yellow-gold PCGS MS-61 example that sold for $21,850 in 2000 and $22,425 in 2005, is one of the finest known. The Smithsonian has a single EF-45 coin.

1850, Large Date Mintage: 291,451 (includes 1850, Small Date)

Finest Smithsonian Institution specimen: AU-58

The 1850 eagle can be found with a Large Date or a Small Date, the former being much more common than the latter by a factor of approximately 3 to 1, depending on the data source. The SS Republic held 72 examples of this date, of which 65 were Large Dates and only 7 were Small Dates (yielding a ratio of nearly 10 to 1). Mint State examples are extremely rare, with a single NGC MS-64 coin as the finest known. The Smithsonian has three examples, the best of which grades only AU-58. This date typically comes with frosty luster and, when original, a color that ranges from yellow to pale orange.

1850, Small Date Mintage: 291,451 (includes 1850 Large Date)

No specimen in Smithsonian Institution

The 1850, Small Date eagle is a very scarce and under-appreciated major variety. The Small Date punch was intended for large cents and half eagles; its use on the eagle was an apparent mistake. Auction appearances of the Large and Small Date varieties have been about equal over the past dozen years, hiding the true rarity of the Small Date. The key is the population reports, which show the Small Date as being several times rarer than the Large Date. The best example of this date is a PCGS MS-63 (finest by two points) that has never appeared at auction. The price record belongs to an NGC MS-61 that sold for $17,250 in 2007.

1850-O Mintage: 57,500

Finest Smithsonian Institution specimen: AU-50

Of the eagles struck at the New Orleans Mint during the 1850s, the 1850-O issue is a middle-of-the-road rarity. The dates from this decade are ranked as follows (most rare to least rare): 1859-O, 1855-O, 1857-O, 1856-O, 1852-O,

1850-O, 1858-O, 1853-O, 1854-O, and 1851-O. The 1850-O eagle is usually seen in circulated condition, rarely above Extremely Fine, and almost never in Mint State. The 16 examples found on the SS Republic ranged in grade from EF-45 to AU-58. Apart from three MS-60 coins, the only other Mint State example is an amazing MS-65 piece graded by PCGS that sold for $110,625 in 1999. This is one of the better-struck dates from this mint.

1851 Mintage: 176,328

Finest Smithsonian Institution specimen: AU-58

The 1851 eagle might appear to be a common coin at first glance, but in reality it is much scarcer than the mintage indicates. It is comparable in rarity to the 1848 and 1854, but much scarcer than the 1841, 1844-O, 1847, 1847-O, 1849, 1851-O, and 1852 (to name a few). Circulated examples are available up through AU-50, after which the rarity increases dramatically. More than two dozen examples have been certified at the Mint State level, mostly in MS-61 and MS-62. The finest example is a single PCGS MS-64. Auction appearances are infrequent and the top price of $32,200 was paid in 2007 for a PCGS MS-63. The 33 examples of the 1851 eagle found on the SS Republic (mostly AU pieces) were a boon to collectors.

1851-O Mintage: 263,000

Finest Smithsonian Institution specimen: AU-55

The 1851-O eagle is easily the most common date from this decade struck at the New Orleans Mint. Thanks to the 99 examples found on the wreck of the SS Republic, this date is now easily obtained all the way through AU-58. However, Mint State examples remain extremely rare, led by three at the MS-64 level (that the authors believe are

the same coin). Auction appearances are frequent, but the only highlight has been the frosty Eliasberg-Bass PCGS MS-64 coin that realized $29,900 in 2000. The typical 1851-O eagle shows decent central details but some weakness on the stars, particularly the first, second, twelfth, and thirteenth. Bagmarks plague this issue, just as they do most of the O-Mint eagles, and mark-free examples should fetch a nice premium.

1852 Mintage: 263,106

Finest Smithsonian Institution specimen: AU-58

The 1852 eagle is a relatively common date, but nowhere near as common as the mintage indicates. For instance, the population (all major services combined) of the 1852 is only 802 coins versus more than 1,000 for the 1851-O—yet the two dates have nearly identical mintages. Extremely Fine and low-end About Uncirculated coins are fairly easy to obtain; high-end AU coins are scarce, and Mint State examples are downright rare. The terminal grade for this date would have been MS-62 except for an incredible PCGS MS-66 coin (one of the three finest No Motto eagles of any date; this remarkable coin was sold as a PCGS MS-65 in January 2005 for $130,410)! The coin sold in the January 2008 FUN show auction for $253,000. The typical 1852 eagle has frosty luster and a pleasing orangeyellow color. Some examples show weak central strikes.

1852-O Mintage: 18,000

Finest Smithsonian Institution specimen: AU-58

Despite the low mintage, the 1852-O eagle is only moderately scarce (the overall rarity closely matches that of the 1855-O, 1856-O, and 1857-O). However, none of the four dates mentioned here were affected very much by the

discovery of the wreck of the SS Republic, as only three examples of this date were found. The 1852-O eagle is very rare above About Uncirculated and virtually nonexistent in Uncirculated (NGC reports one coin in MS-60, one coin in MS-61, and PCGS reports one coin in MS-60). The Byron Reed example, called “superb” in 1996, sold for $30,800 back then and does not appear to have ever been certified. Most, if not all, examples show a tiny, hollow ring in the exact center of the reverse, which was most likely used as a centering device by the engraver (this ring shows up on many of the dates from 1848 to 1853).

1853 Mintage: 201,253 (includes 1853/2)

Finest Smithsonian Institution specimen: MS-61

The 1853 eagle is one of the more common No Motto eagles, comparable in overall rarity to the 1852 and 1854-S. A small portion of 1853 eagles are overdates (see next coin). Extremely Fine and About Uncirculated examples are not difficult to obtain, nor are Mint State examples (although they can be pricey). The best known pieces are four coins that have been certified at the MS-64 level, but the price record is an old one from 1990, when a PCGS MS-63 sold for $41,800. Whether the MS-63 has been upgraded to MS-64 is unknown to the authors.

1853, 3 Over 2 Mintage: 201,253 (includes 1853)

No specimen in Smithsonian Institution

The 1853, 3 Over 2 eagle was discovered in a 1960 auction sale and for many years was considered to be a great rarity. By 1980, Akers was unsure of the actual rarity, but wrote, “it would appear to be very rare.” In 1988, Breen claimed “possibly 8-10 known, none UNC.” Today, thanks to the certification services, we now have a clearer

picture of how rare (or common) the overdate actually is. As of this writing, 177 overdates have been certified by PCGS, ANACS, and NGC, doubtless with some resubmissions, virtually all in circulated condition. Mint State examples are exceptionally rare. The finest example is a single NGC MS-62, which sold for $29,700 in 1999. The overdate is not very clear, and it is highly likely that there are unattributed examples just waiting to be discovered by an eagle-eyed collector. The Smithsonian does not have an example of this variety.

1853-O Mintage: 51,000

Finest Smithsonian Institution specimen: AU-58

This is the third most common O-Mint eagle from the 1850s (after 1851-O and 1854-O). It is not nearly as rare as some authors have suggested. Very Fine to Extremely Fine examples can be found with relative ease and even About Uncirculated examples are not too difficult to locate. However, Mint State examples are exceedingly rare, with only a few coins certified at the MS-61 level. Even the wreck of the SS Republic offered up only one MS-61 example, though there were 13 examples found. The auction price record belongs to a PCGS MS-61 coin from the Bass collection that sold for $18,400 in 1999 and later graded Specimen-61 by NGC. This is the prooflike example that has been called a presentation piece and a branch mint Proof in the past. Although not a true Proof from a technical standpoint, this remarkable piece is truly extraordinary.

1854

Mintage: 54,250

Finest Smithsonian Institution specimen: MS-61

The 1854 eagle is a relatively scarce date, comparable to the 1842-O, 1848, and 1851 issues. Most examples are in Extremely Fine condition, although enough About Uncirculated coins exist that the price of this date is not outrageous. Mint State examples are exceedingly rare, led by four MS-64 coins (which the authors strongly believe represent only one or two examples). Most 1854 eagles show strong centers but weakness on some of the stars. There were 22 examples of this date found on the SS Republic, including six with traces of a misplaced 1 (from the date) in the border. The Smithsonian has two 1854 eagles, the finest of which grades MS-61. The record price belongs to a PCGS MS-62 coin that sold for $13,225 in 1997.

1854-O, Small Date Mintage: 52,500 (includes 1854-O, Large Date)

Finest Smithsonian Institution specimen: MS-61

The 1854-O eagle can be found with both Large and Small Dates. The difference in size between the two varieties is striking (Douglas Winter suggests calling the Large Date “Huge”). Together, the two varieties are fairly common. Although the Large Date has previously been considered to be the rarer of the two varieties, the population reports are confusing. PCGS shows the Large Date as being twice as rare as the Small Date, but the NGC census shows almost the direct opposite. Perhaps the numbers of coins recovered from the SS Republic show a truer picture; of the 17 coins recovered there, 12 were of the Large Date, and only 5 were of the Small Date. Either way, the Small Date remains scarce in About Uncirculated and is represented by only three or four Mint State examples; none are graded finer than MS-60.

1854-O, Large Date

Mintage: 52,500 (includes 1854-O, Small Date)

No specimen in Smithsonian Institution

The 1854-O, Large Date eagle was made in error when the diesinker mistakenly used a date punch for a silver dollar on this smaller die. The date nearly fills the space beneath Liberty’s bust, much more so than the Small Date does. More than a dozen examples have been certified at the MS-60 level and two MS-63 coins (most likely the same coin) have been registered (in 1999, the PCGS MS-63 example sold for $31,050, setting the auction price record for the variety). Concerning the relative rarity of these two varieties, the authors note that there are slightly more auction appearances for the Large Date than there are of the Small Date. Based on this, and other evidence, the authors suspect that the Large Date is actually the scarcer of the two varieties.

1854-S Mintage: 123,826

Finest Smithsonian Institution specimen: AU-55

The 1854-S eagle is the first coin of this denomination struck at the San Francisco Mint. Fortunately, a high percentage of the original mintage was saved or set aside, making it very easy for today’s collectors to find examples in most grades up to EF and AU. Unfortunately, the same cannot be said for Mint State 1854-S eagles, which are major rarities in today’s market. The coin described by David Akers as “finest known” for the date reappeared in a 1999 sale, where it sold for a record price of $21,275. The present whereabouts of that coin are unknown, as the finest certified examples are only a pair of MS-62s. Since a Proof 1854-S double eagle exists in the Smithsonian, it is possible that a Proof 1854-S eagle may exist, still waiting to be discovered.

1855

Mintage: 121,701

Finest Smithsonian Institution specimen: MS-62

The 1855 eagle has one of the higher mintages of the No Motto type, and it is fairly easy to find in EF and AU grades, but remains elusive in Mint State. Most Uncirculated coins are MS-60 and MS-61 (thanks to bagmarks and surface abrasions). A standout specimen is the NGC MS-65 that reigns alone atop the condition ladder (this may be the James Stack example that sold for a record $44,000 in 1994). All 1855 eagles have slanted 5s in the date, the last year in which they were used. Most examples have satiny luster and a good strike. There were 44 examples of the 1855 eagle found on the SS Republic, including 14 low-end Uncirculated coins. The Smithsonian has two examples, the best of which is an MS-62.

1855-O Mintage: 18,000

Finest Smithsonian Institution specimen: MS-62

The 1855-O eagle is a relatively scarce coin, on par with other dates from the 1850s, such as the 1852-O, 1856-O, and 1857-O issues. As is the trend with coins from this era, most examples are well circulated, usually only found in grades of Extremely Fine or worse. About Uncirculated examples are very rare, and Mint State examples are exceedingly rare, with none certified above MS-61. Soft strikes are the rule, as are prooflike surfaces, but the coins are often so worn or abraded that little of the original luster remains. The Smithsonian may have the finest known example, a subtle MS-62! Only seven examples were found on the SS Republic, all of which have been certified at various AU levels. The auction record is held by a PCGS MS-61 coin that sold for $23,000 in 2004.

1855-S

Mintage: 9,000

Finest Smithsonian Institution specimen: AU-55

The 1855-S eagle has one of the lowest raw mintages of the No Motto type, as well as one of the lowest total populations. The fact that none were found on the SS Republic only serves to underscore the rarity of this date. Of the survivors, most are in miserable condition, with very few known at the About Uncirculated level, and absolutely none in any Mint State grade (despite the grade creep of the past decade). Auction appearances are infrequent, roughly twice a year, and usually only in EF or AU. The record price is a mere $7,475 for an AU-55, which is not that high for one of the finest examples known of this date. Extremely Fine coins priced below the $7,000 level are an even greater bargain. The Smithsonian has only one 1855-S eagle, but thankfully it’s a nice AU-55 example.

1856 Mintage: 60,490

Finest Smithsonian Institution specimen: AU-50

The 1856 eagle is a scarce coin but not rare, and it is actually one of the more available dates of the No Motto type. Issues of comparable availability include the 1844-O, 1850 Large Date, 1853-O, and 1856-S. In circulated conditions, the grades are distributed fairly well from Extremely Fine to About Uncirculated, with a cluster of AU50 coins. Mint State examples are very rare but usually nice, with several specimens noted at the MS-62 and MS-63 levels. The finest example is an MS-64 coin that appears on both the PCGS and NGC population reports (this may be the “brilliant Uncirculated” example that sold for $18,700 prior to 1994). Most examples have a satiny luster and uncleaned examples feature a light, reddish-gold color, indicating a high percentage of copper.

1856-O

Mintage: 14,500

Finest Smithsonian Institution specimen: AU-50

In 1856, the Mint began using an upright 5 on the eagles (as opposed to the previously used Slanted 5). The 1856-O eagle is ever so slightly more common than the 1855-O issue, but both are scarce, and the 1856-O eagle has fewer examples known at the Mint State level. In fact, the no 1856-O eagles have been certified above MS-60. Only five examples (all AU) were found on the SS Republic, and the Smithsonian’s only example is graded AU-50. Often the first, second, twelfth, and thirteenth stars are weakly struck, as is the hair over Liberty’s ear. Original, uncleaned examples display a light, green-gold color that is a trademark of the New Orleans Mint (the green color is caused by a higher percentage of silver in the alloy).

1856-S Mintage: 68,000

Finest Smithsonian Institution specimen: AU-58

The 1856-S eagle is a scarce coin that is almost identical in rarity and grade distribution to the 1856. The current population reflects the discovery of small numbers of this date on the shipwrecks of both the SS Central America and the SS Republic (virtually all of which were in AU condition). Varieties exist with both small and large mintmarks. Most examples are well struck, with satiny surfaces, but sometimes partially prooflike surfaces are seen. The best example is the PCGS MS-63 coin (the only 1856-S eagle graded that high) that sold for $19,550 in 2000. About Uncirculated examples are relative bargains in today’s market, considering how few there are and how nearly impossible it is to find Mint State versions of this date.

1857

Mintage: 16,606

Finest Smithsonian Institution specimen: MS-63

In 1857, the production of eagles at the Philadelphia Mint suffered a dramatic reduction to levels not seen since before 1845. Although a fair number of these coins survived, they circulated heavily, which means that most collectors are forced to accept VF and EF examples. About Uncirculated examples can be obtained at the AU-50 level, but anything nicer is a real rarity, and in Mint State, this date is extremely rare. Fortunately, three of the nine examples recovered from the wreck of the SS Republic were Mint State, effectively doubling the population of Uncirculated pieces! As late as 1999, no example had been certified finer than MS-61. One of the best known examples is a PCGS MS-62 that sold for $29,900 in 2005). The finest example of all is an MS-63 coin that sits safely in the vaults of the Smithsonian.

1857-O Mintage: 5,500

Finest Smithsonian Institution specimen: AU-50

Despite its low mintage, the 1857-O eagle is comparable in rarity to other dates (such as 1852-O, 1855-O, and 1856O issues—all of which have higher mintages). However, the 1857-O eagle is the rarest of the bunch in Mint State, with only one Mint State example known (the James Stack “BU” that sold in 1994). The record price for this date was set in 2006, when a PCGS AU-58 example sold for $40,250. Of the three examples found on the SS Republic, the best was graded AU-58, and the only example in the Smithsonian is an AU-50. Despite the fact that coin collecting had been on the rise in America, few collectors paid attention to mintmarks and even fewer had the $10 necessary to put one of these away. Thus, collectors today are relegated to obtaining whatever worn examples they can find.

1857-S Mintage: 26,000

Smithsonian Institution specimen: EF Cleaned

The 1857-S eagle is a great, low-mintage date that had a high rate of attrition, resulting in a population that resembles that of the 1845, 1846, 1849-O, and 1853/2 issues. Normally, this date would follow the typical pattern of a No Motto eagle: scarce in EF, rare in AU, and exceedingly rare in Mint State. However, the wrecks of the SS Republic and the SS Central America revealed a couple of Mint State examples, which makes this formerly unobtainable grade finally accessible (though it is still quite pricey). PCGS now reports six Mint State examples, including two at the MS-64 level. NGC reports three Mint State examples, one an MS-61 prooflike and another at the MS-63 level. One of the MS-64 examples sold for $40,250 in 2000.

1858 Mintage: 2,521

Finest Smithsonian Institution specimen: EF-45

The 1858 eagle has been the subject of much adoration over the years, mostly because of its low mintage, resulting in overstatements of its true rarity. The 1858 issue is a scarce coin, certainly the rarest thing since the 1844 eagle, but there are plenty of rarer dates that follow (1859-S, 1860-S, 1863, 1864, 1864-S, 1865-S, and 1866-S No Motto). More than 35 examples have appeared at auction since 1994, not to mention an untold number that have been sold privately. That said, the 1858 eagle is still quite difficult to locate in nice condition, since most circulated heavily, became abraded, or were cleaned. About Uncirculated examples are extremely rare, and Mint State examples are exceedingly rare. The finest certified example is a PCGS MS-64, which grades a full three points better than any other 1858 eagle; this coin brought $115,000 back in Auction ’80 and resold in 2007 for $276,000. Only one example was found on the SS Republic, and the coin in the Smithsonian is only EF-45.

1858-O Mintage: 20,000

Finest Smithsonian Institution specimen: AU-50

Of the O-Mint eagles from the 1850s, the 1858-O eagle is the third most common as far as survivors go. Examples graded EF-45 and AU-50 seem to be the most often-seen grades. Above AU-50, the population thins out dramatically, particularly once the magical AU-58 line is crossed. Just over a dozen Mint State examples have been certified, the best being two coins at the MS-63 level (one of which has been graded prooflike by NGC). Akers claims to have seen a gem and, according to Winter, “two or three extremely choice” examples were found in a hoard in Jackson, Tennessee in 1985. Apparently, none of these coins have come on the market in recent years. Auction appearances are fairly frequent, and the price record belongs to the NGC MS-63 prooflike example that sold for $32,200 in 2007.

1858-S Mintage: 11,800

Finest Smithsonian Institution specimen: EF-45

The 1858-S is a low-mintage, low-population date that has proven to be a resilient rarity over the past two decades. While the populations of other dates have swelled, that of the 1858-S has remained small, creating a new appreciation for this date. It is nearly as rare as the much more highly regarded 1858 eagle, but unlike the 1858, no Mint State examples of the 1858-S are known. Four examples were found on the SS Republic, but only three could be graded. Auction appearances are fairly frequent (about three times a year) but apart from a couple of raw “Uncs,” the best a collector could hope to obtain at auction was one or two AU-58 examples. Fortunately, prices have remained reasonable and the auction record for the past dozen years is $18,400 paid for an NGC AU-58 coin in 2006.

1859 Mintage: 16,013

Finest Smithsonian Institution specimen: AU-50

The 1859 is a moderately rare date with a nice, low mintage. It compares favorably with the 1848-O, 1850 Small Date, 1857, and 1860 issues. Virtually every survivor is circulated, mostly in EF or worse, rarely in AU, and almost never in Uncirculated condition. Nine examples were found on the wreck of the SS Republic. The strike is usually strong and prooflike examples are sometimes seen, often straddling the fine line between Mint State and Proof. Even the great Harry Bass couldn’t decide on the prooflike MS-61 he owned: first he called it Mint State, and then he called it a Proof (the 1999 selling price of $12,650 was inconclusive). A tiny handful of Mint State examples are clustered in the MS-60 to MS-62 range, with the best example being a single NGC MS-63.

1859-O Mintage: 2,300

Finest Smithsonian Institution specimen: AU-50

The 1859-O eagle boasts a low mintage and a small population, but it is not quite the great rarity that it has been made out to be. Fifty-four examples have been certified, a far cry from Breen’s claim that “fewer than 12 survive.” The population and rarity of the 1859-O eagle are almost identical to the much more famous 1858 eagle. Mint State examples were unknown until the wreck of the SS Republic revealed a single MS-62 example. Prices for this date have increased steadily, and the auction record of $52,900 is now held by a PCGS AU-55 coin that sold in 2006. The frequency with which this date appears at auction has also increased, averaging almost three coins per year over the past dozen years. Most examples are poorly struck on the stars and central details.

1859-S Mintage: 7,000

Finest Smithsonian Institution specimen: EF-45

The 1859-S eagle, like most of the S-Mint dates from the 1850s and 1860s, is an underappreciated rarity that would be worth many times its current value if date collectors focused their attention on No Motto eagles. Unfortunately, the series is too expensive and too elusive in high grades, locking out all but the most well-heeled collectors. The 1859-S is difficult to locate in any grade, and is seen most often in VF to EF condition. Akers never saw any of this date better than EF, but PCGS and NGC now report 22 AU coins between them. The fact that no eagles of this date were found on the SS Republic illustrates just how rare it is. No Mint State examples have been certified of this date, confirming the rarity of high-grade pieces. In 2003, a PCGS AU-55 (then the finest certified by that service) realized a record $17,250 at auction. All 1859-S eagles have a large mintmark.

1860 Mintage: 15,055

No specimen in Smithsonian Institution

In 1860, the mintage of the eagle dropped ever so slightly from the previous year, but stayed above the 15,000 coin mark. The number of survivors mimics that of the 1859 eagle, but more 1860 eagles are known in Mint State (however, we should be quick to point out that all Mint State 1860 eagles are exceptional rarities). The same could be said for anything above AU-50. Amazingly, Harry Bass had two MS-64 examples of this date: the first one sold for $39,100 in 1999, and the second one realized $29,900 a year later. This illustrates how thin the market is at this level. Once primary collectors acquire their finest known example, they are no longer the competitive factor when a second example appears, making it easier (and more affordable) for the lower-tier collectors. Apart from a Proof, the

Smithsonian does not have a circulation strike of this date. Nine 1860 eagles were found on the wreck of the SS Republic.

1860-O Mintage: 11,100

No specimen in Smithsonian Institution

The 1860-O eagle is definitely an underrated sleeper in this series. Only a few O-Mint dates (1841-O, 1849-O, 1852O, 1855-O, 1856-O, 1857-O, and 1859-O) are rarer. The most commonly seen grades are EF-45 and AU-50. Mint State examples are exceedingly rare, with only six coins being certified by PCGS and NGC combined (the best example is a single NGC MS-63). Most examples show weakness on some or all of the stars, and most (if not all) examples are prooflike. Harry Bass’s PCGS MS-62 example set the benchmark auction price of $25,300 in 2000. Eagles were last produced at New Orleans in 1860, and not minted again until 1879—due to the seizure of the mint by Confederate forces in 1861 and the subsequent shuttering of the building.

1860-S Mintage: 5,000

Finest Smithsonian Institution specimen: EF-45

The 1860-S eagle continued the trend of ever-shrinking mintages at the San Francisco Mint, where the attention was really focused on production of double eagles. The result is a nice rarity that is even more under-appreciated than the 1859-S eagle (which is perhaps twice as common as the 1860-S). Prior to the recovery of two Mint State examples (both MS-61) from the SS Republic, this date was unknown in Uncirculated condition—except for an old auction citation from the 1940s that is probably irrelevant in today’s market. Unfortunately, neither of the two Uncirculated

coins have sold at auction, so their true value remains untested. However, a good indicator is the $16,100 realized by a raw AU-58 example in 2006.

1861 Mintage: 113,164

Finest Smithsonian Institution specimen: AU-50

The 1861 eagle is one of the more common dates in the No Motto type, with more than 800 examples certified. Thus, collectors will find it fairly easy to obtain examples in most EF and AU grades. Mint State examples remain scarce, with most huddled in the MS-61 grade. There is one particularly notable 1861 eagle, a PCGS MS-66 coin, that rates a full two points higher than the next best. This remarkable coin was part of the Harry Bass collection and sold for $50,600 in 2000. According to Walter Breen, many of the 1861 eagles were struck from melted-down Type 1 gold dollars.

1861-S Mintage: 15,500

Finest Smithsonian Institution specimen: EF-45

In 1861, the output of eagles at the San Francisco Mint increased by more than 10,000 coins, bringing the total mintage to just over 15,000 pieces. The jump was due most likely to local demand for the smaller denomination coin (from the opening of the mint until 1881, the mintage of the double eagle always exceeded that of the eagle—often by significant amounts). The 1861-S issue is one tough eagle that is at least twice as rare as the 1860-O eagle, which shares an almost identical mintage. Extremely Fine examples are often seen, About Uncirculated coins are very scarce to rare, and Mint State examples are virtually unknown. The only certified Mint State example is a single

NGC MS-61 coin. Even the SS Republic yielded only two examples of this date. Some 1861-S eagles still feature prooflike luster in the protected areas.

1862 Mintage: 10,960

No specimen in Smithsonian Institution

The 1862 eagle is a very scarce date, but it is not nearly as rare as others of similar mintage. For instance, the 1862-S has a slightly higher mintage, but is a much rarer coin. Nevertheless, finding a nice 1862 eagle is a real challenge, particularly in grades above Extremely Fine. About Uncirculated examples are decidedly rare. Uncirculated examples were almost impossible to find until a small hoard of mostly Uncirculated 1862 eagles was recovered from the wreck of the SS Republic. In fact, the finest known example, an NGC MS-64 coin (finest by two full points) came from that shipwreck, setting a new price record of $41,975 when it sold at auction in 2005. The Smithsonian does not have a circulation-strike example of this date.

1862-S Mintage: 12,500

Finest Smithsonian Institution specimen: EF-45

The 1862-S eagle is a very rare date in any grade, but especially in grades above Very Fine. Unfortunately, the SS Republic contained only one example of this date (an NGC AU-55 coin), so collectors will have continued difficulty in obtaining this date, and at least prices are protected. The great rarity of this date can be attributed to the lack of interest in collecting by mintmarks, a practice that did not come into vogue until the turn of the century. Most 1862S eagles are well struck but heavily worn, usually with heavy or excessive bagmarks. No Mint State examples are

known. The example in the Smithsonian is a pleasing EF-45 coin.

1863 Mintage: 1,248

Finest Smithsonian Institution specimen: AU-50

The mintage of the 1863 eagle is reflective of a precipitous drop in the output of gold coins from the Philadelphia Mint in that year. All denominations suffered (the 1863 quarter eagle was issued only in Proof format), but the eagle was one of the hardest-hit. This date is a celebrated rarity in a series of low-mintage, low-population coins. Auction appearances are few and far between, averaging just over one a year. Extremely Fine and About Uncirculated grades are represented by only one to a few coins at each level. Mint State 1863 eagles are exceedingly rare, with only four examples certified by PCGS and NGC combined. One of the Mint State examples (NGC MS-62) was discovered on the wreck of the SS Republic. The finest example is Harry Bass’s MS-63 coin (lustrous rich medium yellow-gold color with prooflike surfaces), which sold for $52,900 in 2000. The Smithsonian possesses a single AU-50 coin.

1863-S Mintage: 10,000

Finest Smithsonian Institution specimen: EF-45

The 1863-S eagle is a great, low-mintage date that is rare and difficult to obtain in any grade. Most examples circulated heavily and few pieces were saved by collectors, who showed a general disdain for mintmarks. Thus, most examples are VF to EF, with very few at the AU level, and hardly any Uncirculated coins. In fact, only two Mint State examples are known (PCGS MS-60 and MS-61), and that has been the case since at least 1995, when the ex Norweb PCGS MS-61 set a record price of $27,500. Only three 1863-S eagles were found on the SS Republic

and all have subsequently been graded AU-58 by NGC. The Smithsonian has only one example, an EF-45.

1864 Mintage: 3,530

No specimen in Smithsonian Institution

Although the mintage of the 1864 eagle is nearly three times that of the 1863, the two dates are of virtually identical rarity and their populations mimic each other at most grade levels. The rarity of the two dates can be attributed to the Civil War, which had a huge impact on both production and collecting. Any 1864 eagle is a great rarity, and the date appears at auction roughly twice in any given year. Mint State examples are exceedingly rare, represented by only six certified examples, the best being the NGC MS-63 example recovered from the SS Republic (the only other example from that wreck was an MS-61). None were found on the wreck of the SS Brother Jonathan. The Smithsonian does not have a circulation strike of this date. The auction price record of $16,100 was set in 2007 by an NGC MS-61 example.

1864-S Mintage: 2,500

Finest Smithsonian Institution specimen: EF-45

The 1864-S eagle is one of the rarest and least appreciated dates in the entire No Motto series, making it one of the best bargains in the series. Only recently have auction prices begun to rise to the true level of this date’s worth and the current prices in the Red Book reflect the issue’s real value. Only 23 examples have been certified by PCGS and NGC combined (an increase of three coins since the first edition), with none better than AU-55. None were found on the wreck of the SS Republic. The Smithsonian has only one example, an EF-45. Auction appearances are more

frequent than one might expect, but that is due to reappearances of the same coin. The price record was set by Harry Bass’s PCGS AU-55 coin that sold for $36,800 in 2000.

1865 Mintage: 3,980

Finest Smithsonian Institution specimen: AU-50

Despite having one of the lowest mintages of the 1860 to 1866 period, the 1865 eagle is actually one of the least rare issues, thanks to a higher-than-normal survival rate. Certainly, it is nowhere near as common as the 1861 eagle, but it compares favorably with other dates such as the 1861-S, 1862-S, and the 1865-S issues (when the Normal Date and Inverted Date varieties are added together). With that said, the 1865 eagle is every bit as rare as any other date in high grade, especially in Mint State, where only two examples have been certified thus far. Most examples are prooflike. In fact, the finest certified example (a PCGS MS-63) is a controversial piece that has been called a Proof in the past. Only one 1865 eagle was found on the SS Republic (formerly NGC MS-60, but it has since dropped off their census). The Smithsonian also has only one example, an AU-50.

1865-S Mintage: 16,700 (includes 1865-S 865/Inv 186)

No specimen in Smithsonian Institution

The 1865-S eagle is found in either of two major varieties: Normal Date or 865/Inverted 186. The Normal Date appears to be the rarer of the two varieties, but only to a small degree and it is certainly not the great rarity it was once thought to be. The quality of survivors is lower than average for a No Motto eagle with most examples falling into the VF category. Extremely Fine and About Uncirculated examples are extraordinarily rare, and only one

example has ever been certified at the Mint State level (NGC MS-60). Unfortunately, there are few variety collectors in this series, so the Normal Date does not fetch much of a premium because of its rarity. The price record for this date was set in 2007, when an NGC AU-58 sold for $21,850. None were found on the SS Republic, nor does the Smithsonian have one in its collection.

1865-S, 865/Inverted 186 Mintage: 16,700 (includes 1865-S)

Finest Smithsonian Institution specimen: EF-45

The 1865-S, Inverted 186 variety was caused when the engraver punched the logotype containing the first three digits of the date into the die upside down (in 1844 and 1851, a similar situation occurred on the large cent, and on the half dime in 1858). The Inverted 186 was thought to be a great rarity when it was discovered, but sufficient examples have shown up over the years that the variety is now considered more common than the Normal Date. However, this variety is one of the most difficult in the series to find in grades above Very Fine. In fact, prior to the discovery of the wrecks of the SS Brother Jonathan and the SS Republic, this date was unknown in Mint State. The coin found on the SS Brother Jonathan was later graded PCGS MS-64 and sold for a record $115,000 in 1999. The SS Republic yielded a single example, now in an NGC MS-62 holder.

1866-S, No Motto Mintage: 8,500

Finest Smithsonian Institution specimen: EF-40

The 1866-S, No Motto eagle, like so many of the other dates from the 1860s, is a very scarce coin. The low mintage, when combined with a low survival rate, means that collectors will have some difficulty in obtaining this date. Rarity-wise, this date compares closely to the 1859-S and 1863-S issues. The problem with this date is that most survivors are in low grade, with only a handful known at the EF and AU levels. Shipwrecks were no help, as the SS Brother Jonathan, the SS Central America, and the SS Republic all went down before this date was struck. The best certified example is a single NGC MS-60 coin. The auction record for the date is the Bass piece, graded AU-58 by PCGS, which sold for $21,850 in 2000.

1866 Mintage: 3,750

Finest Smithsonian Institution specimen: EF-45

In 1866, the motto IN GOD WE TRUST was added to the reverse of the $10 gold piece, following a pattern first started in 1864 on the two-cent piece. The survival rate of this issue is above-average, on par with the 1865 eagle, but the rarity of Mint State examples suggests that this was purely luck and not because of coins being saved by collectors. Extremely Fine and About Uncirculated examples are very rare, and Mint State examples are almost impossible to find. NGC reports one MS-60 and two MS-61 coins and no other Uncirculated pieces; PCGS reports none at all. One of the MS-61 coins sold for $17,250 in 2002, not an unreasonable price for a coin that is tied for finest known. Akers reported a choice Uncirculated example back in 1980, noting that it had never appeared on the numismatic market. Although the coin has still not appeared, the authors (and advanced collectors of this series) hope it will someday.

1866-S

Mintage: 11,500

Finest Smithsonian Institution specimen: EF-45

The 1866-S, With Motto eagle was the second type struck at the San Francisco Mint in 1866. The mintage of the With Motto type is slightly higher than the No Motto type, a fact confirmed by the number of examples known of each. This date is very scarce overall and extremely rare in grades above Very Fine. Akers claimed never to have seen one better than Extremely Fine, but today well more than three dozen examples have been certified at the AU level. None have been certified in Mint State, this being one of the few dates from the 1860s that can make that claim. An NGC AU-58 coin, one of the finest examples known, set the record price for this date of $10,925 in 2000.

1867 Mintage: 3,090

Finest Smithsonian Institution specimen: AU-50

The 1867 eagle is comparable in rarity and range of conditions to the 1866 With Motto eagle. In terms of certified examples, the 1867 issue is actually a bit less rare. The number of EF and AU examples is remarkably similar, but both are very rare. Certified Mint State examples are exceedingly rare. Many 1867 eagles show prooflike luster in the protected areas, even on worn examples. Auction appearances are fairly frequent, and this is a relatively inexpensive date considering how rare it is. The price record belongs to a PCGS MS-61 example (finest certified) that sold for $36,800 in 2007.

1867-S Mintage: 9,000

Finest Smithsonian Institution specimen: EF-45

This is a deceptively rare date, with one of the lowest relative survival rates in the entire series. The mintage of

9,000 coins is not particularly low in relation to other eagle dates in the 1860s and 1870s, but try finding one. The 1867-S eagle has a mintage that is nearly three times that of the 1867 issue, yet many more examples of 1867 have been certified than of the 1867-S eagle (111 versus 61). The 1867-S eagle is very rare in any condition and rarely comes above Extremely Fine, and it remains unknown in Mint State. In fact, Akers wrote in 1980 that he had never seen one that graded a full EF! Had he seen the example in the Smithsonian, he would have seen a nice coin that grades EF-45 by today’s standards. Other nice examples have come on the market over the decades. The price record of $18,975 was paid for an NGC AU-58 in 2005.

1868 Mintage: 10,630

Finest Smithsonian Institution specimen: AU-50

Besides the 1861 eagle, the 1868 is easily the most common date of the 1860s, having enjoyed a high survival rate. Compared to the higher-mintage 1868-S eagle, the 1868 issue is positively “common” (but we caution against assigning that adjective to any eagle from the 1860s). Extremely Fine and About Uncirculated examples are fairly easy to obtain, but only three examples of this date has earned the Mint State grade. Clearly, collectors during this period either were not interested in collecting high-quality gold coins or could not afford to do so—or if they could, they chose to collect Proofs. Generally, this is a very affordable date. The top price for this date belongs to an NGC MS-60 example that sold for $18,400 in 2005. Some examples show prooflike luster.

1868-S Mintage: 13,500

Finest Smithsonian Institution specimen: VF-30

The 1868-S eagle has the fifth-highest mintage of any date from the 1860s, but it remains a difficult date to find in any condition. Extremely Fine and About Uncirculated examples are of equal rarity, but in Mint State, the population drops to zero. To illustrate the difficulty in locating high-grade examples, the authors point to the VF-30 coin in the Smithsonian collection, one of the lowest grades of any eagle in their spectacular holdings. Today, things have changed and collectors are treated to numerous appearances of choice AU examples at auction in any given year. The auction record for this date goes all the way back to 1994, when a raw AU coin sold for $12,925. Considering that certified AU-58 coins have sold for less than half that amount in recent years, it must have been a very special 1868-S eagle.

1869 Mintage: 1,830

Finest Smithsonian Institution specimen: AU-55

The 1869 eagle has an irresistibly low mintage of only 1,830 pieces, making it extremely popular with date collectors. However, it is no more rare than the 1869-S, which has a much higher mintage (6,430 coins). Instead, the 1869 compares favorably with other scarce dates such as 1858, 1859-O, 1863-S, and 1866-S With Motto eagles. Extremely Fine examples are very rare, and About Uncirculated examples are extremely rare. However, the 1869 is one of the few dates from the 1860s that is actually known and available in Uncirculated condition. The finest example is a single NGC MS-63 coin, but only three Mint State 1869 eagles have been certified to date by both PCGS and NGC combined. Most (if not all) examples of this date are prooflike to some extent. In 1994, a raw, deeply prooflike AU-58 coin sold for a record price of $17,050, but the price has dropped in recent years for others at that level.

1869-S Mintage: 6,430

Finest Smithsonian Institution specimen: AU-50

The 1869-S eagle is an underrated date that is every bit as rare as the much lower mintage 1869 eagle. The range of conditions for the 1869-S eagle mimics that of the 1869, including a couple of pieces in the lower Mint State grades (one each in MS-60 and MS-61 at PCGS, and one MS-61 at NGC). Akers cites a gem that has not come onto the market since 1980. Although two of the MS-61 examples have sold at auction in the past decade, the price record of $28,050 belongs to a PCGS AU-58 that sold in 1994. Most examples of this date feature a pleasing, yellow-gold color, a nice strike, and only minor contact marks from circulation.

1870 Mintage: 3,990

Finest Smithsonian Institution specimen: EF-45

The 1870 eagle is not quite as rare as its mintage might indicate. The certified populations of both the 1870 and the (much higher mintage) 1870-S eagles are nearly identical. Still, this date is very difficult to locate in any condition. Most known examples are VF to EF. About Uncirculated examples are extremely rare, and only one Mint State example is known (NGC MS-60). Back in 1980, Akers wrote that he had seen only one AU example of this date and no Mint State examples. Many 1870 eagles retain traces of their original Proof brilliance, despite any wear they received in circulation. This date appears at auction an average of four times per year, and the top auction price was realized in 2005, when an NGC AU-58 coin sold for $18,400.

1870-CC

Mintage: 5,908

Finest Smithsonian Institution specimen: EF-40

As the first eagle from the Carson City Mint, the 1870-CC issue is one of the most popular dates in the entire series. It is the second most valuable date from 1838 to 1907, exceeded only by the 1875 eagle. However, in terms of the total number of survivors, the 1870-CC date is not as rare as the 1879-CC, but popularity has sustained the price over the years. Most examples are in heavily circulated condition. Extremely Fine examples are rare and About Uncirculated coins are extremely rare. At the top of the condition ladder, PCGS lists two AU-55 examples, while NGC shows three at that level. This date appears at auction roughly four times per year. The auction record goes to the PCGS AU-55 example that sold for $115,000 in 2006. The Smithsonian has only one example—a rock-solid EF40 coin.

1870-S Mintage: 8,000

Finest Smithsonian Institution specimen: EF-45

The 1870-S eagle is remarkably similar to the 1870 in terms of rarity and the range of conditions. Both are rare in EF and AU grades, and both are represented by only a single Mint State example. In the case of the 1870-S, an MS61 example is known (now in a PCGS slab) that was formerly in the Eliasberg and Bass collections. Described as “sharply struck and lustrous,” the piece brought a record $36,800 when it sold in 2000, realizing more than three times as much as Bass’s duplicate coin (a PCGS AU-58). The Smithsonian has a respectable EF-45 example of this date.

1871

Mintage: 1,790

Finest Smithsonian Institution specimen: EF-45

The 1871 eagle is one of a few dates from this decade with extremely low mintages. In fact, all of the gold coins minted this year at Philadelphia have very low mintages, with the exception of the double eagle (even then, the mintage is below 90,000 pieces). As might be expected, the 1871 eagle is a very rare date, with very few survivors, most of which are Extremely Fine or worse. Two decades ago, this date was thought to be virtually unknown above Extremely Fine condition. Today, 41 AU examples have been certified by PCGS and NGC combined, doubtless with some duplication included in that number. However, only one Mint State example (a PCGS MS-60) has been certified, indicating the disdain collectors had for circulation strikes of this era. In 1999 and 2000, the PCGS MS-60 coin showed up at auction twice, selling for $14,740 the first time and $14,375 the second time. Virtually all examples show some remnants of their original prooflike surfaces.

1871-CC Mintage: 8,085

Finest Smithsonian Institution specimen: EF-45

The 1871-CC eagle is a very rare coin, but not quite as rare as it has been described in the past. However, the mintmark adds an automatic premium simply because of the popularity of coins from the Carson City Mint. Comparable rarities include 1870-S, 1873-S, and 1876-S issues, all of which sell for less than the 1871-CC in identical grades. As with most coins from this mint, heavily circulated examples are the norm. Even finding a nice Extremely Fine example is difficult. About Uncirculated examples are both rare and very valuable. The finest example known to exist is a PCGS MS-62 coin (which is most likely the same coin listed as MS-62 in the NGC census). The NGC MS-62 version sold for $66,125 in 2002, one of the rare instances when a finest-known eagle actually appears at auction. The Smithsonian’s sole example is a nice EF-45 coin.

1871-S Mintage: 16,500

Finest Smithsonian Institution specimen: VF-30

The 1871-S eagle is a very scarce date despite a mintage that might hint otherwise. Simply comparing the 1871-S issue to the 1872-S issue shows very similar mintages but survival rates that are vastly different. In reality, the 1871S eagle is nearly twice as rare as the 1872-S issue. Extremely Fine examples are the easiest to obtain, but About Uncirculated examples become very rare. As is the case with many of the dates from this era, no Mint State examples are known. On many examples of this date, the mintmark is tiny and easily overlooked, so any 1871 eagle should be examined carefully. This date appears frequently at auction and, until recently, prices have been very reasonable. An anomaly is the NGC AU-58 coin that sold for a record $12,650 in 2003, a price that was a third higher than that of any other 1871-S eagle ever sold at auction.

1872 Mintage: 1,620

No specimen in Smithsonian Institution

The 1872 eagle is a great low-mintage rarity with a well-established reputation in a series that is replete with some of the greatest condition rarities in all of American numismatics. In fact, virtually all of the P-Mint dates from this decade, particularly those prior to 1878, present a significant challenge for the date collector. Surely, it means something that the Smithsonian does not have a circulation-strike 1872 eagle. What separates the 1872 eagle from most of the others is that there are a couple of extraordinary survivors of this date, including two PCGS MS-62 coins, one NGC MS-63, and two PCGS MS-64 examples (there is at least one, possibly two, resubmissions in this batch). One of the PCGS MS-64 coins (a frosty, cameo prooflike piece) appeared in a 1995 auction, where it sold for a record-shattering $46,750.

1872-CC Mintage: 4,600

Finest Smithsonian Institution specimen: AU-50

Akers called this date “more rare than the 1871-CC” (which it is) but he failed to mention that the 1872-CC issue is even rarer than the celebrated 1870-CC eagle. In fact, only two dates (1877-CC and 1879-CC) have lower populations listed by PCGS and NGC. Most examples are in low grades and are often uncertifiable because of cleaning or other impairments. Weak strikes are common. Extremely Fine and About Uncirculated coins are extremely rare, and no examples are known or have been certified at the Mint State level. PCGS reports two examples at the AU-58 level, both of which have appeared in the past two years. The price record belongs to one of these AU-58 coins that sold for $57,500 in 2004 (two years earlier, the same coin sold for $41,400 as a PCGS AU55).

1872-S Mintage: 17,300

Finest Smithsonian Institution specimen: EF-40

The 1872-S eagle is one of the more “common” dates of the 1870s, but it is still a very scarce coin. Unfortunately (as is the case with most eagles prior to 1880), the vast majority of this date grade only Extremely Fine at best. About Uncirculated examples are very rare, and Mint State examples are exceedingly rare (represented by only two coins: an NGC MS-60 and an NGC MS-61). Interestingly enough, the MS-61 appeared at auction twice in 2004, selling first for $14,950, then later for $16,100. No other 1872-S eagle has ever sold for anywhere near that price.

1873, Close 3 Mintage: 800

Finest Smithsonian Institution specimen: EF-45

There are few eagles rarer than the 1873, Close 3 issue. In fact, the mintage of this date was the lowest of any eagle up until that time. When combined with an almost total lack of attention from collectors, this date literally disappeared into circulation. Today, only 33 examples have been certified by PCGS and NGC combined. Of those, the grades are distributed pretty well over a range from EF-40 to AU-55. Five examples sit at the AU-58 level, one at the MS-60 level (PCGS), and none finer. Many examples still retain their prooflike luster. Auction appearances average from one to two per year, with the record being $34,100 paid for the aforementioned MS-60 coin in 1995. The Smithsonian has one circulation-strike 1873 Close 3 eagle—a pleasing EF-45.

1873-CC Mintage: 4,543

Finest Smithsonian Institution specimen: EF-45

The 1873-CC eagle is one of the rarest dates from the Carson City Mint, comparing favorably with the more popular 1870-CC, the underrated 1878-CC, and the slightly rarer 1872-CC. However, this date is perhaps the most difficult to find in high grades, as the top-certified examples are only two AU-55 coins (one of which was formerly a PCGS AU-53 from the Bass collection). Most examples are in miserable condition, heavily marked, and/or softly struck on the center of the obverse. The Smithsonian has only one example, albeit an acceptable EF-45. The price record of $43,700 was set in 2004 by a PCGS AU-53 coin (amazingly, Bass had two examples in this grade).

1873-S Mintage: 12,000

Finest Smithsonian Institution specimen: EF-45

The 1873-S eagle is an underrated date that compares favorably to the 1870-CC and the 1871-S issues. Most examples of this date are in low grade, usually Very Fine, seldom in Extremely Fine, and rarely in About Uncirculated. The only Mint State example known of this date is the PCGS MS-61 from Harry Bass’s extraordinary collection of U.S. gold coins. That coin sold for a reasonable $19,550 in 2000 and has not reappeared on the market since (a familiar pattern in this series that points to the formation of one or more high-end collections of eagles). Mr. Bass’s estate made out quite well on his purchase—he bought the coin in 1995 as a PCGS AU-58 for $10,750!

1874 Mintage: 53,160

Finest Smithsonian Institution specimen: MS-61

The 1874 eagle is the fourth most common date from the 1870s (after the 1878, 1879, and 1879-S). Thus, it is easy to find an example of this date in any grade up through AU-58. Finally, Mint State examples are obtainable but they remain scarce. Above MS-61, this date becomes very rare and tops out at the MS-65 level. Surface texture ranges from frosty and satiny to bright, lustrous, and prooflike. Five MS-65 coins have sold at auction since 1994, but the price record of $41,800 belongs to the choice Uncirculated example from the Byron Reed collection.

1874-CC Mintage: 16,767

Finest Smithsonian Institution specimen: EF-45

The 1874-CC eagle is one of the more readily available CC-Mint dates prior to the 1890s. Since the first edition, the total population of certified examples jumped from 204 to 209 coins. Soft strikes are often reported and high-grade pieces are extremely rare. The 1874-CC issue is scarce in Extremely Fine and rare in About Uncirculated. There are only two Mint State examples known: the former Eliasberg-Bass piece (now in a PCGS MS-63 holder) and the Henry Lang NGC MS-64 coin (which sold for a record $103,500 in 2002; Rusty Goe reports that this piece was later upgraded to NGC MS-65 and offered for more than $200,000). The Lang piece had numerous coppery toning spots, caused by oxidation of the copper within the golden alloy. These spots, which indicate natural surfaces, are often stripped from gold coins with chemical cleaners to produce evenly colored surfaces.

1874-S Mintage: 10,000

Finest Smithsonian Institution specimen: EF-45

The 1874-S eagle has a relatively low mintage but an above-average survival rate. The only problem is that most survivors are well worn, usually in Very Fine or Extremely Fine. About Uncirculated examples are very rare, and Mint State examples are nonexistent (at least, none have been certified as of this writing). As tough as this date is, the Smithsonian has three examples, ranging in grade from VF-20 to EF-45. Of the four dozen examples that have sold at auction over the past decade, only one AU-58 coin has appeared, that being the PCGS AU-58 piece from the Bass collection, setting a record price of $10,120 in 2000.

1875 Mintage: 100

Finest Smithsonian Institution specimen: EF-45

No other circulation-strike U.S. gold coin has a mintage as low as that of the 1875 eagle. The mintage of 100 pieces seems almost a waste of time for the Mint, its equipment, and the dies. However, for the collectors that followed, the 1875 eagle became an exciting rarity that is eagerly sought after today. Only 15 examples have been certified, with the finest being a single NGC AU-55. Most examples are prooflike and well struck, but they are often baggy or well worn. This date appears at auction less than once a year and always sells for strong prices. The AU-55 coin from the Richmond collection showed up in 2004 and promptly set a record price of $74,750 for the date. Incredibly, the Diocese of Buffalo had two 1875 eagles (a VF-20 and an EF-45). The Smithsonian has a single EF-45 example. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1875-CC Mintage: 7,715

Finest Smithsonian Institution specimen: VF-30

This low-mintage date is well known for being softly struck, but it is not as difficult to acquire in nice condition as has been proposed in the past. Of the O-Mint dates in the 1870s, this is one of the least rare, but that is really a moot point since all are rare. Very Fine and low-end Extremely Fine examples are the best that most collectors can hope to obtain, as the rarity and prices increase dramatically up through AU-58. The finest certified example is a single MS-63 reported by NGC, followed by a PCGS MS-62 coin, then that’s it for Mint State pieces. The auction record belongs to an NGC AU-58 piece that sold for $44,850 in 2004. The Smithsonian’s example is graded only VF-30.

1876 Mintage: 687

No specimen in Smithsonian Institution

Although the low-mintage 1875 eagle was a tough act to follow, the 1876 issue came in with its own tiny mintage of only 687 pieces. Fortunately, this date survived in numbers sufficient to satisfy most demand and to keep prices at a reasonably affordable level. In reality, this date is no rarer than other issues, such as the 1872 eagle, and is only slightly rarer than the 1871 and 1877 issues—but the sub-1,000 mintage figure is a popular draw. Most survivors (at least the certified ones) are solid Extremely Fine to About Uncirculated examples, with a cluster at the AU-50 level. Prooflike, baggy surfaces are the norm. None have been certified above AU-58, where five examples are counted. On average, collectors have two to three opportunities per year to bid on this date, and the price record of $20,125 was set by an NGC AU-58 coin in 2004. The Smithsonian does not have a circulation-strike example of this date, only a Proof.

1876-CC Mintage: 4,696

Finest Smithsonian Institution specimen: EF-40

The 1876-CC eagle has an above-average survival rate, perhaps because this year marked the centennial of the Declaration of Independence. Only the 1874-CC eagle has a higher population, albeit meager. The overall quality of the 1876-CC issue is slightly nicer than in previous years, but softly struck examples are sometimes seen. Extremely Fine examples are scarce, and About Uncirculated examples are positively rare. No Uncirculated coins are presently known. Although Henry Lang’s NGC AU-58 coin sold in 2003, the price record was set by Harry Bass’s PCGS AU55 example (which sold again in 2004 for $39,100). That coin was weakly struck but had gorgeous, coppery-orange toning in the protected areas. This is a date that any collector would be pleased to own—in any grade.

1876-S Mintage: 5,000

Finest Smithsonian Institution specimen: AU-50

The 1876-S eagle is difficult to obtain in any grade and is an extremely popular date because of the low mintage (tied for second lowest at the San Francisco Mint). Most of the certified examples fall into the Extremely Fine and About Uncirculated categories, with none graded at the Mint State level. The best example that Harry Bass could find, even with all of his contacts and unlimited budget, was only an AU-53 coin. The best certified example is a single AU-58 coin reported by NGC. Akers cited a 1972 auction appearance of a Mint State example, and we’ve seen a reference to a PCGS MS-64 piece, but both coins (assuming they’re not the same) have dropped off the radar screen for now. As scarce as this date is, it remains relatively inexpensive. The auction price record is $20,700 paid for an NGC AU-55 coin in 2005.

1877 Mintage: 797

Finest Smithsonian Institution specimen: EF-45

The 1877 eagle continued the run of low mintages that began with the 1875 eagle and finally ended in 1878. As a result, the 1877 eagle is almost as rare as the 1876 eagle, and compares closely with the 1871 and 1872 issues. The overall quality of this date is quite good, with most certified examples appearing evenly over the Extremely Fine and About Uncirculated grades. However, there’s a brick wall separating the circulated pieces from their Mint State counterparts and currently only two examples (PCGS MS-60 and PCGS MS-61) have overcome that hurdle. Most 1877 eagles are prooflike, with a luster that remains even after time in circulation.

1877-CC Mintage: 3,332

Finest Smithsonian Institution specimen: EF-45

The 1877-CC eagle has one of the lowest mintages of any CC-Mint eagle, and it is the second rarest of the decade (exceeded only by the 1879-CC eagle). All grades are rare, with About Uncirculated examples being extremely rare. No Mint State examples are known (a Sovereign Entities Grading Service MS-60 sold in 2003 for $18,400, a price consistent with contemporary AU examples). Soft details on the high points continue to be the norm. Both NGC and PCGS report a single AU-58 coin that may quite possibly be the same coin. Harry Bass’s PCGS AU-55 coin sold for a whopping $41,400 in 2000, a record that might only be broken if the AU-58 example cited on the population reports of PCGS and NGC shows up on the market. Which brings up a point worth repeating—many of the finest eagles never appear at auction, but are sold privately, so it pays to develop relationships with well-connected dealers.

1877-S Mintage: 17,000

Finest Smithsonian Institution specimen: AU-50

The mintage of the 1877-S eagle is similar to that of the 1871-S and 1872-S issues, but the year 1877-S is the most common of the three dates (although all three can be considered scarce). Like most of the S-Mint eagles from the 1870s, virtually all of the 1877-S coins entered circulation and few collectors cared enough about them to save them in high grades. Thus, Mint State examples are exceedingly rare, led by an NGC MS-61 coin. Extremely Fine examples are fairly easy to locate, but About Uncirculated examples are very scarce. No Mint State 1877-S eagle has appeared on the market in the past dozen years, so the price record of $18,515 belongs to the PCGS AU-58 example that sold in 2007.

1878 Mintage: 73,780

Finest Smithsonian Institution specimen: MS-61

In 1878, the production of eagles at the Philadelphia Mint rose to the highest level since 1861. Although the 1878 eagle is still considered to be a scarce coin, it is the first date since the beginning of the series in 1838 that can actually be found with relative ease in Mint State. The reason for the sudden and dramatic increase in Mint State examples is inexplicable and can most likely be attributed to non-collector hoards out of Europe. Where the Smithsonian has one or two examples of most of the eagles prior to 1878, it suddenly has seven of this date. The finest example known to the authors is the PCGS MS-65 coin that sold for $24,150 in 1999.

1878-CC Mintage: 3,244

Finest Smithsonian Institution specimen: EF-40

The 1878-CC eagle continues the pattern of most CC-Mint eagles from this decade: low mintage, small number of survivors, and a dearth of high-grade pieces. In terms of relative rarity, the 1878-CC eagle ranks closely with 1873CC issue, and even the much more highly coveted 1870-CC $10 coins. Most examples are softly struck and baggy, but there is one amazingly nice example (an NGC MS-63) that is the finest known by a full five points! Considering that a PCGS AU-55 example sold for $41,400 in 2007, one can only imagine what the MS-63 coin would be worth, especially since it is one of the nicest eagles of any date (not just from the Carson City Mint) from the 1870s.

1878-S Mintage: 26,100

Finest Smithsonian Institution specimen: AU-50

The 1878-S eagle is a scarce date, but it is not nearly as underrated as it has been described in the past. In reality, it is the second most common S-Mint date from the 1870s (only the 1879-S is more common). It is three to four times as common as the 1876-S issue and almost twice as common as the 1877-S eagle. Mint State examples are another story, as they are exceedingly rare and seldom encountered. Of the very few Mint State examples known, all are at the very low end (MS-60 to MS-61), with the exception of a remarkable PCGS MS-64 coin that sold for $24,725 in mid-2004.

1879 Mintage: 384,740

Finest Smithsonian Institution specimen: MS-61

In 1879, eagle production soared at the Philadelphia Mint, reaching levels not seen since 1849. Still, this date cannot be called common, as the survival rate is well below average. Numerous EF and AU examples exist, as do Mint State examples up through MS-63. MS-64 examples have become extremely rare, and the best 1879 eagle to appear since the first edition of this book is a single NGC MS-67. That coin set a new record price of $66,700 in 2007.

1879-CC Mintage: 1,762

Finest Smithsonian Institution specimen: VF-25

The 1879-CC eagle has the lowest mintage of any eagle from the Carson City Mint, and the surviving population (at least of circulated pieces) is smaller even than that of the highly regarded 1870-CC issue. In typical fashion, the 1879-CC eagle is usually found with a poor strike, heavy wear, or excessive bagmarks. Until recently, no Mint State examples were known. However, in 2005, an 1879-CC eagle was found in a group of gold coins discovered in Alaska and purchased by Larry Lee of Panama City, Florida. It later graded NGC MS-62 and reportedly sold for well over $100,000. The Smithsonian has only one example: a perfectly acceptable VF-25 coin. It’s important to note that the Mint Cabinet (the forerunner of the National Numismatic Collection) was perfectly happy with one coin from each date, usually a Proof from that year, and paid scant attention to mintmarks.

1879-O Mintage: 1,500

Finest Smithsonian Institution specimen: AU-55

In 1879, the New Orleans Mint began producing eagles again for the first time since 1860. The mintage of eagles in this year was a mere 1,500 coins, representing the second-lowest mintage of any eagle from this Mint. The low mintage means that prooflike surfaces are the rule. Normally, high-grade examples are very rare, but in this case, any 1879-O eagle is a rarity. Only one example has ever been certified at the Mint State level (NGC MS-61), and no other example has ever come to the authors’ attention. However, there are more than a dozen AU-58 coins that are itching to cross the line. The NGC MS-61 example appeared on the market in 2007, selling for $52,900. The Smithsonian has a nice AU-55 example.

1879-S Mintage: 224,000

Finest Smithsonian Institution specimen: MS-61

The 1879-S eagle is a moderately scarce date, easily the most common S-Mint date of the 1870s, but nowhere near as common as 1880-S and 1881-S. The typical 1879-S eagle falls into a grade range from AU-50 to AU-58, and only a few dozen examples have been certified at the Mint State level. None have been certified above MS-63 and only a few have earned that grade. An occasional prooflike example can be found, but most are frosty or satiny in appearance. Although the MS-63 examples have realized in excess of $6,000 in recent years, the MS-61 and MS-62 examples are relative bargains at far less.

1880 Mintage: 1,644,840

Finest Smithsonian Institution specimen: MS-63

The 1880 eagle was the first date of the entire denomination to exceed a mintage of one million coins. In fact, the mintage of the 1880 eagle was almost a million more than the previous record holder (1849)! This massive production translates into a date that is easy to locate (the Smithsonian has 32 examples). Hundreds have been certified in the range of grades from AU-58 to MS-62, after which the population drops off dramatically. None have been certified above MS-64. Most examples are frosty, but the occasional prooflike example is encountered. NGC has certified a single deep mirror prooflike example (MS-61)—an extremely rare format for any date of this type.

1880-CC Mintage: 11,190

Finest Smithsonian Institution specimen: EF-45

In 1880, the output of eagles increased dramatically at the Carson City Mint, but the new total was still below the previous record set in 1874. In fact, the number of survivors of the 1880-CC eagle is only slightly less than that of 1874, but now several Mint State examples show up (but none above MS-62). EF and AU 1880-CC eagles are actually quite affordable and fairly easy to find, but AU-58 and better examples are extremely rare. Strikes improved in this year, but baggy surfaces continued to be a problem because most of the coins were dumped directly into circulation. The best coin to appear at auction in many years (an NGC MS-62) realized $27,600 when it sold in early 2005.

1880-O Mintage: 9,200

Finest Smithsonian Institution specimen: MS-62

The 1880-O eagle has the lowest mintage of any mint of this year, including the rare 1880-CC (with which the 1880O shares a similar survivorship and grade distribution). The 1880-O eagle is one of the better-struck issues from this Mint, in contrast to the silver dollars of this year. Extremely Fine and About Uncirculated examples can be found with relative ease, but Mint State examples are extremely rare, with fewer than a dozen certified and most at the MS60 and MS-61 levels. A notable standout is a single NGC MS-64 example that is a full three points better than any other certified example. Prooflike surfaces are sometimes seen, even on circulated examples. The Smithsonian has an MS-62 example that could quite possibly be the third finest known.

1880-S Mintage: 506,250

Finest Smithsonian Institution specimen: AU-58

The 1880-S eagle is a fairly common date that is easy to find in AU and low-end Mint State grades, but in MS-63 and better conditions, this date is downright rare. The finest example the authors have seen was the EliasbergRiordan coin (in an old PCGS MS-64 holder) that sold for $7,475 in 2002. We would not be surprised if this is the coin that is now listed by PCGS as the only MS-65 example certified of this date. The typical 1880-S eagle features a yellow-gold color and bright, frosty luster. Prooflike examples are sometimes seen, but they are very rare. The Smithsonian has a cool dozen examples of this date, but none grade better than AU-58.

1881 Mintage: 3,877,220

Finest Smithsonian Institution specimen: MS-61

The 1881 eagle has the highest mintage of the type and the second-highest mintage of the entire denomination from 1795 to 1933. Thanks to European bank hoards, bags (literally) of this date have been certified. Between PCGS and NGC, more than 12,000 examples of this date have been certified, giving an intimate picture of how well this date has survived. The most common grade is MS-61, mostly due to contact marks received from overseas transport. For this same reason, MS-64 and better examples are very rare, led by two MS-65 coins (one of which sold for a relatively cheap $7,700 in 1995). In an embarrassment of riches, the Smithsonian has 73 examples of this date.

1881-CC Mintage: 24,015

Finest Smithsonian Institution specimen: AU-55

A shift in production from double eagles to eagles led to a new record output for this denomination at Carson City. Extremely Fine and About Uncirculated examples are relatively common and a surprising number of Mint State examples survived of this date. Unfortunately, most fall into the MS-61 and MS-62 grades, with the notable exception of a single NGC MS-64 coin (ex Eliasberg, formerly NGC MS-63, and the finest known by a full two points). The quality of this date is generally high, with strong details and nice eye appeal, but bagmarks usually knock these down. The auction record belongs to the remarkable NGC MS-64 example that sold for $74,750 in 2006.

1881-O Mintage: 8,350

Finest Smithsonian Institution specimen: AU-58

Of the O-Mint dates in the 1880s, the 1881-O eagle is slightly scarcer than the 1880-O and 1882-O, not nearly as rare as the 1883-O, and is far scarcer than the 1888-O. In typical fashion for coins from this mint, EF and AU examples can be found with increasing degree of difficulty for each higher-grade level, and in Mint State, the 1881O is a great rarity. Of the dozen or so Mint State pieces graded by NGC and PCGS, none have been graded higher than MS-61 except for a single MS-63 example graded long ago by NGC (a coin that no one but them seems to have seen!). The Smithsonian has two examples that grade AU-55 and AU-58. The auction record of $6,900 is held by an NGC MS-60 coin that sold in 2005.

1881-S Mintage: 970,000

Finest Smithsonian Institution specimen: MS-61

The 1881-S eagle is a common date, but it is nowhere near as common as several other dates, including the 1886-S or any of the high-mintage P-Mint dates. However, at some point, the number of survivors outstrips demand, resulting in an excess supply and reasonable prices. Such is the case with the 1881-S eagle. Demand from date collectors is low except for the top-condition coins. The same is true of type collectors. Thus, any 1881-S eagle from AU to MS-62 is going to be relatively affordable and anything better is going to be relatively expensive. Unlike the 1881-S silver dollar, which is very common in gem condition, the 1881-S eagle is unknown in that grade. In fact, none have been graded higher than MS-63.

1882 Mintage: 2,324,440

Finest Smithsonian Institution specimen: MS-60

The 1882 eagle is one of the most common dates of the series, with thousands of examples certified at the MS-60, MS-61, and MS-62 levels. In MS-63, hundreds of examples have been certified but in MS-64 the population drops off a cliff. Only one example has been certified at each of the MS-65 (NGC) and MS-66 (PCGS) levels, with none finer. A small percentage of this date exists in prooflike condition. The majority of survivors come from European bank hoards, where they sat for decades before being repatriated in the latter part of the 20th century. Today, small hoards still exist in Europe, but they will have little impact on the current grade and price structures for this date. The Smithsonian has 32 examples of this date, but none grade above MS-60.

1882-CC Mintage: 6,764

Finest Smithsonian Institution specimen: EF-45

In 1882, production of eagles at the Carson City Mint shifted to half eagles and double eagles, leaving the poor eagle in the dust with a mintage of barely more than a fourth of the previous year. The 1882-CC, 1883-CC, and 1884-CC issues are all of comparable rarity, and the 1882-CC is slightly less rare than the 1880-CC. This date has been called “underrated” in the past, but there is now no indication that this date is any less appreciated than any other eagle from this mint. Extremely Fine examples are scarce, About Uncirculated examples are very scarce, and Mint State examples are virtually unknown in modern times, despite several old auction citations. The NGC MS-61 coin that sold for $20,700 in 2002 appears to have been upgraded to MS-62, making it the finest known by four full points— and worth substantially more—since the MS-62 sold for $41,400 in 2006. Prooflike examples exist.

1882-O Mintage: 10,820

Finest Smithsonian Institution specimen: EF-40

After the 1888-O, the 1882-O eagle is the second most common O-Mint date of the 1880s. However, that does not mean the date is common in real terms. In fact, the 1882-O eagle is a real challenge in grades above AU-50 and, in Mint State, the 1882-O is a real rarity. Of the 22 Mint State examples certified by PCGS and NGC, one of the finest is a PCGS MS-63 that came out of the Bass collection and sold for a record price of $13,800 in 2000. Since the first edition, a second MS-63 has appeared on the PCGS charts and is most likely the coin that sold for $37,375 in 2007. Prooflike examples are seen often (the just-mentioned Bass collection being one of them), but many (including the Bass coin) suffer from bagmarks that can sometimes be heavy or excessive. Strike quality is inconsistent and

sometimes weak on the stars.

1882-S Mintage: 132,000

Finest Smithsonian Institution specimen: MS-61

The 1882-S eagle is a relatively scarce date that compares favorably with the 1878 in terms of both rarity and grade distribution. It is slightly more common than the 1883-S, but not nearly as common as the 1884-S. Despite having a low mintage, the majority of the certified survivors of this date are in Mint State (usually MS-60 to MS-62). Examples in MS-63 and MS-64 are rare, and only two 1882-S eagles have been certified at the MS-65 level, with none higher. Occasionally, a prooflike example is encountered, but nowhere near the percentages seen on the silver dollars of this year. The Smithsonian has only four examples of this date, but none grade above MS-61, indicating the rarity of this date prior to the appearance of coins from European hoards.

1883 Mintage: 208,700

Finest Smithsonian Institution specimen: AU-55

Once considered moderately scarce, the 1883 eagle is now common thanks to European bank hoards, where hundreds of examples were found from MS-60 to MS-62. Even MS-63 examples can be found with little difficulty, but MS-64 coins are extremely rare. None have been certified at the MS-65 level. Prooflike examples represent a small portion of the surviving population. The authors hope that someday the people who participated in importing gold coins back from Europe would share some of their stories about the various dates and denominations they encountered and the numbers of each. While the population reports give a good clue, the anecdotal information

provided by the importers would be invaluable, if not highly interesting.

1883-CC Mintage: 12,000

Finest Smithsonian Institution specimen: AU-55

Despite a mintage that nearly doubled the previous year’s output, the 1883-CC eagle is every bit as rare as the 1882CC issue and is actually harder to find than the latter in the highest grades. Extremely Fine seems to be the most common grade for this date; About Uncirculated coins are rare, and Uncirculated coins are exceedingly rare. The finest certified example is an NGC MS-61 coin that sold for $16,100 in early 2003 (however, the record of $17,250 is held by a well-struck PCGS MS-60 coin that sold in 2002). The terms prooflike or reflective surfaces are often used to describe this date, but frosty examples also appear.

1883-O Mintage: 800

Finest Smithsonian Institution specimen: EF Cleaned

The 1883-O issue is easily the rarest and most popular date of any eagle from 1880 on, but there are several earlier dates that have higher mintages but fewer survivors (examples include 1860-S, 1863, 1864, and 1864-S). However, the magical sub-1,000 mintage is an irresistible draw for collectors, and prices for this date are reflective of the demand. Population reports show grades fairly evenly distributed across EF and AU, but only one in Uncirculated condition (NGC MS-60). Auction appearances are infrequent (about twice per year), and the same coins keep reappearing (the aforementioned NGC MS-60 sold for $24,200 in 1997, then again in 1999 for $28,750). The Smithsonian’s 1883-O eagle has details of Extremely Fine, but cleaned surfaces. The typical 1883-O issue is softly

struck on the obverse, heavily abraded from circulation, and will show prooflike luster in the protected areas. Ownership of an 1883-O eagle is the mark of an advanced collector.

1883-S Mintage: 38,000

Finest Smithsonian Institution specimen: EF-40

This is a great lower-mintage date that does not appear to have been found in any European bank hoards (at least, not in any great quantities). Most examples are Extremely Fine to About Uncirculated, although sufficient Mint State examples exist to satisfy the modest demand from date collectors. The typical Mint State example rates only MS-60 to MS-61, and very few exist above those grades. A real standout was Harry Bass’s PCGS MS-66 example, a great coin with monster color and pretty eye appeal. When it sold in 2000, the market responded with a record bid of $25,300, more than double any previous price for this date. In 2005, it reappeared at auction and sold for $36,800.

1884 Mintage: 76,860

Finest Smithsonian Institution specimen: MS-61

The 1884 eagle is a date that appears to have benefited from the European bank hoards, going from rare in Mint State to slightly less than scarce. This is a classic example of why collectors should not rely on mintage figures, since the existence of non-collector hoards can really skew the rarity. For instance, in 1990, only one Mint State 1884 eagle had been certified. Today, thanks to the hoards, more than 270 Mint State examples have been certified by PCGS and NGC. The finest example is a single PCGS MS-65 coin that may be an upgrade of the MS-64 piece discovered in 1990 by collector Warren Miller’s 12-year-old son, Erik.

1884-CC Mintage: 9,925

Finest Smithsonian Institution specimen: EF-40 Cleaned

While the 1884-CC eagle appears to be as scarce as the 1882-CC and 1883-CC, more Uncirculated coins survive of the 1884-CC. PCGS lists six Uncirculated coins (the finest of which is a single MS-63) and NGC lists six Uncirculated pieces (the best being a single MS-61). Most (if not all) 1884-CC eagles have heavy raised lines that run diagonally up Liberty’s neck to the lower edge of her ear (the lines are so heavy that some experts have called this a cancelled die; others believe they were caused in the die preparation process). Whatever their cause, the lines are quite obvious even to the naked eye. Coins without these lines may also exist. The price record for this date is held, not by the finest certified example, but by a PCGS MS-62 example that sold for $46,000 in 2006. 1884 was the last year in which eagles were produced at Carson City until 1890.

1884-S Mintage: 124,250

Finest Smithsonian Institution specimen: MS-60

The 1884-S eagle is another date that was found in unknown quantities in European bank hoards. Over the past decade this date has gone from being very scarce in just about any grade to almost common in grades from AU-55 to MS-61. As recently as 1995, PCGS had graded only five MS-62 coins and none finer. As of this writing, PCGS reports 45 MS-62 pieces and four MS-63 examples; NGC now reports 38 MS-62 coins and two MS-63 examples. Surprisingly, none of the MS-63 coins have appeared at auction. A tiny fraction of 1884-S eagles come with fully prooflike surfaces.

1885 Mintage: 253,462

Finest Smithsonian Institution specimen: EF-45

The certified population of the 1885 eagle is nearly identical to that of the 1884-S, even though the mintage is more than twice as large. This date was once considered very scarce in Mint State, but recent mini-hoards from Europe have boosted the populations of every grade from AU-55 to MS-63, with MS-61 being the most common of them all. MS-64 examples are extremely rare and the finest examples are one NGC MS-65 and two NGC MS-66s (none of which have sold at auction . . . yet). The Smithsonian has three examples, all in Extremely Fine, indicating the rarity of high-grade examples prior to the discovery of the European hoards.

1885-S Mintage: 228,000

Finest Smithsonian Institution specimen: EF-45

The 1885-S eagle is even easier to locate than the 1885 Philadelphia issue, yet both dates offer nearly identical distributions of grades and populations. However, the 1885-S eagle hits the wall at MS-63, and above that level, only a pair of MS-64 coins (one each for PCGS and NGC) have been certified. The typical 1885-S eagle is choice About Uncirculated and because Mint State examples are reasonably priced, collectors should have little or no difficulty finding an example of this date. The Smithsonian has only two 1885-S eagles, one an EF-45 and the other a cleaned Extremely Fine.

1886 Mintage: 236,100

Finest Smithsonian Institution specimen: EF-40

The 1886 eagle is a somewhat scarce date but it is no longer considered underrated. Two factors have come into play: (1) population reports and (2) non-collector accumulations in Europe. Today, population reports give us a much more objective view as to what is available and in what grades. Non-collector accumulations, whether from shipwrecks or bank vaults in Europe, have increased the populations of many gold coins. Therefore, statements made as recently as 10 years ago are no longer valid and each date must be reevaluated constantly for accuracy. Mint State 1886 eagles are fairly easy to locate at the lower end, but become rare in MS-63 and extremely rare in MS-64. No gems have been certified as of this writing.

1886-S Mintage: 826,000

Finest Smithsonian Institution specimen: AU-58

The 1886-S eagle is a very common date, with hundreds of coins available in each grade from MS-60 to MS-63 (thanks to European bank hoards). MS-64 examples are very rare, with only about a dozen certified so far in that grade. Gems, which were once considered “moderately scarce,” are now believed to be nonexistent (at least, none have shown up at the grading services so far). Most 1886-S eagles feature a strong, frosty luster, but this date is often plagued by excessive numbers of tiny bagmarks and abrasions, caused when the bags of coins were tossed about in transport.

1887 Mintage: 53,600

No specimen in Smithsonian Institution

The 1887 eagle has a relatively small mintage and remains a somewhat scarce date in all grades. About Uncirculated examples can be found with little or no difficulty, and they are relatively inexpensive. Mint State examples are a little more difficult to find, especially in grades above MS-61. The finest certified 1887 eagles are a trio of coins at the MS-64 level. Of surprising interest is the fact that the Smithsonian has no examples of this date. Most 1887 eagles are either lustrous or frosty, although occasionally a prooflike example shows up on the market.

1887-S Mintage: 817,000

Finest Smithsonian Institution specimen: EF-45

The 1887-S eagle is a relatively common date, with hundreds of low-end Uncirculated coins available to collectors. When Harry Bass acquired his MS-63 example, he called it the “Finest Seen.” Since then, a few MS-64 coins have been certified by NGC, along with a single MS-65. Mr. Bass’s coin sold for $5,290 in 2000, but the record price was achieved in 2006 when a PCGS MS-64 sold for $6,325. Although the Smithsonian has 14 examples of this date, their best is only Extremely Fine. The typical 1887-S eagle features a strong strike and deep satiny luster.

1888 Mintage: 132,921

Finest Smithsonian Institution specimen: EF-40

The 1888 eagle has held up as one of the more underrated dates of the 1880s, with fewer coins coming out of Europe to inflate the number of survivors. Despite the existence of decent numbers of low-end Uncirculated coins, the collector is most likely to encounter this date in nice About Uncirculated condition. In terms of overall rarity, the 1888 eagle matches the 1884 issue most closely, although there are more higher-grade Mint State examples known of the 1884. The 1888 eagle tops out at the MS-63 level, with none certified above that grade. The single EF-40 coin in the Smithsonian’s collection confirms how difficult this date was to locate decades ago.

1888-O Mintage: 21,335

Finest Smithsonian Institution specimen: AU-55

The 1888-O eagle is the most common O-Mint date from the 1880s (and most other decades, as well). This is a boon to collectors because of the incredible rarity of Mint State examples of any O-Mint date prior to 1890. In this case, Mint State examples are very common up through MS-62, after which they become very rare. The top grade for this date is MS-64, where only one example has been certified by PCGS. Prooflike examples are sometimes seen, but now as a smaller percentage of the total mintage. Strike quality and eye appeal is generally good. In MS-62, this date is a bargain, with several recent price records averaging around $1,500.

1888-S Mintage: 648,700

Finest Smithsonian Institution specimen: AU-55

The 1888-S eagle is a relatively common coin that is found most easily in MS-61 and MS-62 levels, where hundreds of examples have been certified. In MS-63, the population drops off dramatically, and only half a dozen examples have been certified in MS-64 by PCGS and NGC combined. Like most S-Mint eagles, the 1888-S offers a strong strike, bold luster, and good eye appeal. Occasionally prooflike examples appear on the market, but they represent only a small percentage of the population. The Smithsonian has four examples, the best graded AU-55.

1889 Mintage: 4,440

No specimen in Smithsonian Institution

The 1889 eagle is a great, low-mintage date that is an unexpected rarity in a period when most production levels were increasing for this denomination. In the period from 1884 to the end of the type in 1907, no other date comes close to being as rare as the 1889 eagle, with the possible exception of the 1884-CC issue. Collectors must compete for small handful of coins at each AU level, then the competition gets really fierce at the Mint State level. Finding MS-63 and better examples appears to be hopeless after nearly 20 years of third-party grading, forcing top-quality buyers to accept the half dozen examples that have been certified at the MS-62 level. As tough as this date is, it’s a relative bargain, with the price record being only $4,140 for a PCGS MS-62 in 2004. Prooflike examples are sometimes seen and should fetch a nice premium. The Smithsonian does not have a circulation-strike example of this date.

1889-S Mintage: 425,400

Finest Smithsonian Institution specimen: AU-55

The 1889-S eagle is comparable to the 1888-S issue in terms of overall rarity, making it one of the more common SMint eagles of the 1880s and of the type. However, the 1889-S issue usually comes in nicer condition than the 1888S, with hundreds of MS-63 examples available to the collector. MS-64 examples are very rare and the finest certified example is a single PCGS MS-65 coin, which has yet to appear on the market. Prooflike examples are sometimes encountered, but they are certainly more rare than is generally believed. Although the Smithsonian has four examples of this date, their best is only an AU-55 coin.

1890 Mintage: 57,980

Finest Smithsonian Institution specimen: AU-50

The 1890 eagle was once a scarce date, but the survival rate is so high that it is now almost a common coin. However, the 1890 is nowhere near as common as plentiful dates such as 1893, 1894, 1897, 1901, and 1901-S. Collectors can choose from most grades up through MS-62, after which the populations drop off significantly. Many 1890 eagles are prooflike, a characteristic that remains even on worn specimens. Most examples are well struck, with full hair detail over Liberty’s ear. The finest certified examples are three at the MS-65 level, probably representing only one or possibly two, separate examples. In 1995, the PCGS MS-65 example sold for a record $10,450 and has not reappeared since.

1890-CC Mintage: 17,500

Finest Smithsonian Institution specimen: AU Cleaned

In 1890, the Carson City Mint resumed production of eagles after a six-year hiatus. The mintage was only 17,500 coins, the lowest of any mint for the year. Circulated examples are fairly common, even in high-end AU condition. Mint State examples are much more common than dates in the 1880s, perhaps because some of the coins were shipped to Europe, where they sat relatively undisturbed until the late 20th century (at which time they started filtering back to America). A small percentage of 1890-CC eagles are prooflike. The finest certified example is a single PCGS MS-64, an improvement since the first edition of this book (when none had been certified above MS63). This single point upgrade raised the record price for this date from 2004’s $18,400 to 2006’s $80,500. The Smithsonian has a cleaned AU example.

1891 Mintage: 91,820

No specimen in Smithsonian Institution

The 1891 eagle remains a relatively scarce date despite a mintage that might indicate otherwise. By way of illustration, the 1891 eagle is of roughly the same rarity as the 1890 issue, even though the 1890 eagle has a mintage that is 40% below that of the 1891. Apparently, the 1891 eagle has not benefited from the European hoards to the extent that other dates of the period have. The 1891 is generally available up to MS-62, after which it becomes quite scarce in MS-63. Very few MS-64 coins are known and the finest example is a single NGC MS-65 coin. Prooflike examples are sometimes seen, including a few deeply mirrored prooflike pieces. The price record for this date was the $5,175 paid for an NGC MS-64 coin in 2007.

1891-CC Mintage: 103,732

Finest Smithsonian Institution specimen: MS-60

Thanks to a six-figure mintage (relatively huge for the Carson City Mint), the 1891-CC eagle is the most common date from this Mint. As such, it can be found by the hundreds in all grades up through MS-62. In MS-63, this date becomes scarce and in MS-64, it becomes positively rare. The finest example is an NGC MS-65 that seems to have popped up in recent years. Prooflike examples are sometimes seen. The Smithsonian has two examples, the best of which is MS-60 (the only Uncirculated eagle that they own from this mint!). Were it not for this date, most people would have difficulty affording a Carson City Mint eagle.

1892 Mintage: 797,480

Finest Smithsonian Institution specimen: AU-55

The 1892 eagle is a very common date, with thousands graded at the MS-61 and MS-62 levels. Hundreds are available in MS-63, after which the population drops off a cliff. The best are three examples certified at the MS-66 level, including two in NGC holders and one in a PCGS holder (one of the NGC versions sold for a record $14,950 in 1999). Most 1892 eagles feature bright satiny luster and an occasional prooflike example shows up on the market. In general, the 1892 eagle offers good value to the collector because the rarity premium is barely above that of a normal type coin.

1892-CC Mintage: 40,000

Finest Smithsonian Institution specimen: AU-58

The 1892-CC eagle sports a fairly hefty mintage for a CC-Mint $10 gold piece, but the rate of survivorship is particularly low, at least in relation to other dates from this mint. For instance, the 1892-CC issue is not that much more common than the 1890-CC eagle, which has a much lower mintage. Extremely Fine and About Uncirculated examples up through AU-55 are fairly easy to obtain, but anything finer becomes scarce to rare. Mint State examples are very rare, much more so than the 1890-CC and 1891-CC issues, but nowhere near as rare as the 1893CC eagle. The best certified examples are four MS-64 coins, one of which (an NGC) sold for a record $46,000 in 2007. Rusty Goe claims that the vast majority of this date was shipped overseas, but the dearth of Mint State examples indicates that they haven’t been repatriated yet—or they were destroyed at some point.

1892-O Mintage: 28,688

Finest Smithsonian Institution specimen: AU-50

Despite a relatively low mintage, the 1892-O eagle is easily obtained in Mint State except above MS-62, at which point the population drops. PCGS reports three MS-63 examples (which the authors strongly suspect are one and the same coin, possibly ex Eliasberg); NGC reports no examples above MS-62. Strike quality is inconsistent on this date and the flatness on some coins indicates that the die faces may not always have been parallel to each other. Unlike every preceding date from the New Orleans Mint, this date is rarely found prooflike. It is not surprising that the Smithsonian’s example grades only AU-50. The Mint typically focused on Proof examples of each year and did not even consider coins from the branch mints.

1892-S Mintage: 115,500

Finest Smithsonian Institution specimen: AU-55

The 1892-S eagle remains a very scarce coin. If this date was found in Europe, the number of coins that has been recovered is very small, especially compared to other dates (some of which were found in huge quantities). Akers mentioned a small hoard of average-quality Uncirculated examples that appeared a few years prior to his 1980 book. As a result of those hoards, scores of this date have been certified at the MS-61 and MS-62 levels, but only three dozen or so examples have earned the MS-63 grade. The finest certified example is an NGC MS-64 coin that has not yet appeared at auction.

1893 Mintage: 1,840,840

Finest Smithsonian Institution specimen: MS-63

A massive mintage and a high survival rate make the 1893 eagle one of the most common and available issues of the entire series. In fact, the 1893 and 1894 are neck-and-neck in a race to see which one will end up with the highest population of certified examples. This makes both dates perfect for type purposes, as there is no rarity or collector’s premium associated with either. Thousands have been certified in grades from MS-60 to MS-63, but gems remain elusive and extremely rare. The finest example is a single NGC MS-66 coin that sold for a seemingly reasonable record price of $10,925 in 1999. Prooflike and deep mirror prooflike examples are sometimes encountered.

1893-CC Mintage: 14,000

Finest Smithsonian Institution specimen: AU-50

This was the last year that the Carson City Mint produced eagles (or any other coins, for that matter). The 1893-CC is an inexplicable rarity and is much more difficult to find than any other Carson City eagle from this decade. It is twice as rare as the 1890-CC issue, which has only a slightly lower mintage. Virtually the entire population of survivors remains in circulated condition, with only a few examples on the other side of About Uncirculated. The finest certified examples are four coins at the MS-62 level. A small percentage of 1893-CC eagles are prooflike, although the percentage might be higher were it not for the worn surfaces on circulated pieces. The record price of $37,950 for this date was set in 2005 by a PCGS MS-62.

1893-O Mintage: 17,000

Finest Smithsonian Institution specimen: MS-61

Disregard the seemingly low mintage figure for this date, as the 1893-O eagle is a common coin that can be found easily in any grade up through MS-62. The terminal grade for this date is MS-63, where more than 40 examples have been certified. Luster ranges from frosty to fully prooflike, and the strike quality is generally good. Auction appearances of MS-62 and MS-63 examples are infrequent, but that is more an indication of low value than rarity (there is simply little or no advantage to selling this date at auction). Nevertheless, the top auction price is $4,715, set in 2004 when one of the first of the PCGS MS-63 coins came on the market.

1893-S Mintage: 141,350

Finest Smithsonian Institution specimen: EF-45

Although the 1893-S eagle is considerably rarer than the 1893-S silver dollar, a smaller audience for the former means that it sells for a fraction of the price of the latter. The 1893-S issue is much more common than the 1892-S eagle, with which it has been compared in the past. Numerous Mint State examples began being discovered in European banks beginning in the mid- to late 1970s; without these newly discovered examples, this date would still be rare in Mint State. Thankfully, today’s collector has a choice of reasonably priced Mint State examples from MS60 to MS-63. In the first edition, the highest grade for this date was MS-66; since then, PCGS has certified an MS67 example.

1894 Mintage: 2,470,735

Finest Smithsonian Institution specimen: MS-62

The 1894 eagle competes with the 1893 issue for the title of “most common Liberty Head eagle.” More than 38,000 examples have been certified by ANACS, PCGS, and NGC combined and multiple thousands appear in the MS-60 to MS-63 columns. At the MS-64 level, the population drops off dramatically, and only a dozen examples have been certified at the MS-65 level (all by NGC). None have been graded higher. The MS-65 coins appear at auction very infrequently. Here’s another indication of how common this date is—the Smithsonian has 22 examples. However, none of them grades better than MS-62.

1894-O Mintage: 107,500

Finest Smithsonian Institution specimen: MS-62

The 1894-O eagle is a very common coin, particularly in circulated grades. It is slightly tougher to find than some of the other O-Mint dates from this decade, but only slightly so. Most examples exhibit a frosty luster, but a small percentage feature prooflike surfaces. Mint State pieces are relatively easy to obtain up through MS-62. In MS-63, this date is positively rare, and the population drops down to one or two pieces in MS-64. The finest example known is a single NGC MS-65 coin that would fetch a huge price were it to appear on the market today. The Smithsonian has one example—an MS-62 coin. The auction record of $21,850 was set in 2005 when the NGC MS-65 example finally crossed the auction block.

1894-S Mintage: 25,000

Finest Smithsonian Institution specimen: MS-61

The 1894-S eagle is a very scarce date that remains rare in any Mint State grade. The only common grade for this date is Extremely Fine, followed by a lesser amount of About Uncirculated coins. PCGS and NGC report only three at the MS-62 level, making the 1894-S vie with the 1893-CC eagle for the lowest condition ranking of the 1890s. Prooflike examples are sometimes seen, but not as frequently as has been posited in the past. In 2005, one of the PCGS MS-62 examples set a record price of $7,475. This date may eventually turn out to be the rarest of the post1889 eagles.

1895 Mintage: 567,770

Finest Smithsonian Institution specimen: MS-62

The 1895 eagle is a very common date, particularly in low-end Mint State grades, where thousands of MS-61 and MS-62 examples have been certified. The typical 1895 eagle is well struck, with surfaces ranging from brilliant and lustrous to satiny and frosty. Bagmarks are the usual reason for lowered grades. Prooflike examples are sometimes seen, as is the occasional deeply mirrored prooflike coin. At the top end, the finest certified example is an NGC MS67 that is one of the finest Liberty Head eagles of any date, and that set a record price of $29,900 in 2005.

1895-O Mintage: 98,000

Finest Smithsonian Institution specimen: MS-61

The 1895-O eagle is a common coin in all grades up through MS-62, after which it becomes very rare. Just over two dozen MS-63 coins have been certified, with none graded higher than that level. Bright luster is common but fully prooflike examples are rare and not nearly as common as they have been made out to be. In recent years, a couple of MS-63 coins have appeared at auction, topping out at $18,400 in 2006. The one example in the Smithsonian grades MS-61.

1895-S Mintage: 49,000

Finest Smithsonian Institution specimen: EF-45

In his 1980 book, David Akers considered the 1895-S eagle to be the most underrated date in the series as well as one of the most underrated of all American coins. Today, the population data paints a different picture, showing the 1895-S eagle as a scarce date, but certainly not a great rarity, and certainly not underrated by any means. However, it is quite difficult to find this date in choice About Uncirculated and better conditions, with very few examples appearing in Mint State. As late as 1980, no Mint State examples were known. However, today there are several low-end examples known, plus at least one example is graded MS-66 (PCGS reports two at this level, but one of these appears to be a re-grade of the former PCGS MS-67 coin that sold for a whopping $49,450 in 2003). In 2007, the former Eliasberg coin, now a PCGS MS-66, set a record price of $80,500.

1896 Mintage: 76,270

No specimen in Smithsonian Institution

The 1896 eagle is one of those dates that was found in decent quantities in European banks, most of which have been repatriated over the past two decades. Nearly 2% of the entire mintage has been certified, which is well above average for dates from this period. Examples in MS-60 to MS-62 are very common; MS-63 examples are scarce, and anything better is extremely rare. The finest example is a single NGC MS-65 coin, which has yet to appear at auction. As with most dates from the Philadelphia Mint, the 1896 eagle can sometimes be found with prooflike luster. Surprisingly, the Smithsonian does not have an example of this variety as a circulation strike, illustrating how desperately rare this date was prior to the 1970s.

1896-S Mintage: 123,750

Finest Smithsonian Institution specimen: AU-58

The 1896-S eagle is much more common than the formerly underrated 1895-S issue, and far more common than the 1894-S eagle; both of which have been compared to it in the past. Not unexpectedly, the 1896-S eagle appears in Mint State much more frequently than the 1894-S and 1895-S issues. The most common Mint State grade is MS-62, where more than six dozen examples have been certified. As scarce as this date may be, it boasts one of the finest examples of any date in the series, a monster NGC MS-68, one of the very few Liberty Head eagles to appear in this lofty grade. Prior to 2005, no 1896-S eagle graded better than MS-62 had appeared at auction; since then, two MS63 examples have sold, including a PCGS MS-63 for $9,775 in 2007.

1897 Mintage: 1,000,090

Finest Smithsonian Institution specimen: MS-63

The 1897 eagle is one of the more common dates of the series, but compares more closely to the 1892 and 1895 than it does to the super-common dates such as 1894, 1901, and 1901-S. Most of the known examples have come back from Europe and, as a result, they often show bagmarks from excessive handling. Thus, MS-61 and MS-62 are the most common grades, followed by MS-60 and MS-63. In MS-64, this date becomes quite scarce and in MS-65, it becomes exceedingly rare. The finest example is a single NGC MS-67 coin. Prooflike examples make up a small percentage of this date.

1897-O Mintage: 42,500

Finest Smithsonian Institution specimen: MS-62

This is the second-rarest O-Mint eagle of the 1890s (after the 1899-O), despite what the mintage figures indicate. Nonetheless, collectors should have no problem acquiring any grade up through MS-62. Prooflike examples are underrated exceptions. For the true connoisseur, this date offers a rare opportunity to acquire an MS-67 $10 Liberty Head (of all dates from 1838 to 1907, PCGS has certified only 14 MS-67 coins and NGC has certified 44). The authors suspect that the gem 1897-O eagle from the Eliasberg sale is the same coin that shows up as a PCGS MS-66, then as a NGC MS-67, and finally as a PCGS MS-67 (probably submitted in that order). Somehow, the NGC MS-66 (which set the record auction price of $17,050 in 1995) figures into this—it either was upgraded to MS-67 or fell off the census completely.

1897-S Mintage: 234,750

Finest Smithsonian Institution specimen: MS-67

The 1897-S eagle is slightly rarer than the 1896-S eagle, but not as rare as the 1894-S and 1895-S issues. Most examples are in circulated condition, although a small number of Uncirculated examples appear to have been found in Europe over the past two or three decades. As with most dates, the coins that have been recovered tend to be baggy, low-end Uncirculated coins, and any superior Mint State pieces are extra rare. Five examples have been certified of this date at the MS-66 level, but the finest example could turn out to be the MS-67 coin in the Smithsonian. Prooflike examples are known.

1898 Mintage: 812,130

Finest Smithsonian Institution specimen: MS-62

Despite its high mintage, the 1898 eagle is nowhere near as common as dates such as 1893, 1897, 1899, 1901, 1901S, and 1907. Apparently, far fewer of this date were shipped to Europe, or they are still there waiting to be discovered. Nevertheless, the collector will have no difficulty finding Mint State examples up to MS-62. Choice examples become scarce and MS-64 and better examples become very rare. Two NGC MS-67 coins sit atop the condition ladder, with the possibility that these two entries actually represent the same coin. Prooflike examples are sometimes seen.

1898-S Mintage: 473,600

Finest Smithsonian Institution specimen: MS-61

The 1898-S eagle is quite similar in overall rarity to the 1897-S but is quite dissimilar because many more of the 1898-S have been found in Mint State. The most common grade seems to be MS-61, which is in line with just about every other date in the series, thanks to the excessive handling of coins that have come out of Europe (whether the over-handling was caused by overseas transport or intra-bank transfers is unknown and irrelevant). Choice examples are scarce, and gem examples are exceedingly rare, led by three certified MS-66 coins. A standout auction record is the $34,500 paid for a PCGS MS-66 in 2005.

1899 Mintage: 1,262,219

Finest Smithsonian Institution specimen: MS-64

The 1899 eagle is a super-common date that can be found quite easily in all Mint State grades up through MS-64. Gem examples are “money” coins (i.e., with enough money, one can always find an example of this date). At the high end are three NGC MS-67 coins, one of which sold in early 2005 for a record $16,100. The Smithsonian is loaded with 1899 eagles (22 examples to be exact, the finest of which grades MS-64). Most examples are frosty or lustrous, with prooflike examples representing a small fraction of the total mintage. For type collectors, this is a great date because of its affordable price, excellent striking qualities, and the availability of high-grade examples.

1899-O Mintage: 37,047

Finest Smithsonian Institution specimen: MS-63

This is easily the scarcest of the O-Mint eagles from the 1890s, and it is the hardest coin to find in nice condition. The collector will find examples in MS-61 condition to be the most common grade, with MS-62 (and better) examples being quite scarce. Prooflike examples are sometimes seen. The finest example of this date is a whopping PCGS MS-68 coin, which is a full four points better than the next best example and one of the two best Liberty Head eagles ever certified by PCGS (the other is an MS-68 1902-S eagle). This amazing coin was purchased directly from the New Orleans Mint in the year of issue by the far-sighted collector John Clapp, and later became part of the Eliasberg collection, the only complete collection of American coins ever assembled.

1899-S Mintage: 841,000

Finest Smithsonian Institution specimen: MS-62

The 1899-S eagle compares quite favorably with the 1896-S eagle, both dates being of approximately equal rarity. However, the 1899-S issue is much easier to find in high grade, particularly in low-end Mint State. In fact, if you are looking for the finest Liberty Head eagle of any date, this is where your shopping ends. NGC reports a single MS-69 example (probably ex Eliasberg), the only Liberty Head eagle that has ever earned this grade at either PCGS or NGC. One can only speculate as to what such a remarkable coin would be worth today, but like most high-grade eagles, it has disappeared into an extraordinary collection somewhere. Who knows when it will show up again?

1900 Mintage: 293,840

Finest Smithsonian Institution specimen: MS-63

The 1900 eagle is a common date that can be found with ease in any grade from MS-60 to MS-63. Even in MS-64, the 1900 eagle exists by the hundreds. Gem examples are very rare, but even at that level several dozen coins have been certified. None have been certified above MS-66. One of the MS-66 coins (graded by PCGS) sold for $23,000 in 2007, substantially above the next-best record. This date is usually frosty in appearance, sometimes with bright luster, and rarely with prooflike surfaces. For type purposes, this is one of the best dates in this series.

1900-S Mintage: 81,000

Finest Smithsonian Institution specimen: MS-63

The 1900-S eagle has always been considered to be a scarce and underrated date and it still is today. A substantial number of circulated examples are known, but Mint State pieces are quite scarce and can be difficult to locate in grades above MS-62. Despite the rarity of Uncirculated examples, there are some special 1900-S eagles at the very highest levels. For instance, Eliasberg had a spectacular example that was obtained directly from the Mint in 1900; this coin was later graded MS-67 by PCGS (beating the next finest by a full four points) and sold for a record price of $50,600 in 2003. NGC reports a single MS-67 and two MS-68 coins.

1901 Mintage: 1,718,740

Finest Smithsonian Institution specimen: MS-64

The 1901 Liberty Head eagle had a monster mintage and survives in relatively huge quantities today, thanks in large part to repatriation of coins from European bank hoards. The most common grade is MS-62, followed by MS-63. Hundreds of gem examples have been certified, so type collectors gravitate to this date for the excellent value it offers in top grades. MS-66 examples are what we call “money coins,” i.e., coins that are scarce but not hard to find if enough money is offered. Examples in MS-67, on the other hand, are exceedingly rare: they had not appeared in any auction from 1994 to 2005, when an NGC MS-67 sold for $16,100. Prooflike examples are sometimes seen but are rare.

1901-O Mintage: 72,041

Finest Smithsonian Institution specimen: AU-58

The 1901-O eagle is a relatively common coin up through MS-62, becoming scarce in MS-63, and rare in MS-64 and better grades. Semi-prooflike coins are sometimes seen, but fully prooflike examples are very rare. At the top end, one MS-66 example is reported by PCGS (which may be the Eliasberg coin), and NGC also reports two MS-66 coins (one or both of which may be the Eliasberg coin, as well). This is a good illustration of how the same coin can bounce back and forth between competing grading services, usually in the hopes of obtaining a better grade. However, resubmissions are not always reported or the old inserts are not turned in, and the population appears inflated as a result.

1901-S Mintage: 2,812,750

Finest Smithsonian Institution specimen: MS-66

The 1901-S eagle is one of the most common dates in the series, based not only upon its original mintage but also on the raw number of survivors. Even more important, this is the easiest date to find in gem condition (more than 1,000 MS-65 coins have been certified, as well as several dozen MS-66 coins). More than two dozen MS-67 coins have been certified (all by NGC). Fortunately for collectors, the price of MS-67 examples has dropped from the peak of $18,700 in 1995 to a mid-2005 price of $13,800. One of the most memorable examples is the Eliasberg coin (later graded PCGS MS-66), obtained directly from the Mint. Prooflike examples make up but a small percentage of the overall population and often bring substantial premiums.

1902 Mintage: 82,400

No specimen in Smithsonian Institution

The 1902 eagle is a moderately scarce date that compares favorably with the 1894-O and the 1895-O issues, but it is nowhere near as common as it was once believed to be (rather, it has not been discovered in large quantities in Europe). Like most Liberty Head eagles, the most common Mint State grades are MS-62 and MS-63 (thanks to bagmarks). Examples in MS-63 are scarce, but not too hard to find. On the other hand, MS-64 and MS-65 examples are very rare, with the finest being five coins at the MS-65 level. This date usually presents a frosty, satiny luster. Years ago, this date was quite scarce, as indicated by the fact that the Smithsonian does not have an example except in Proof.

1902-S Mintage: 469,500

Finest Smithsonian Institution specimen: MS-64

The 1902-S eagle is the second most common S-Mint eagle (after the ultra-common 1901-S issue), and it has one of the highest average-grade rankings of the entire series. This date is plentiful in all grades up through MS-64, and even gems can be found with a little searching. The best example is a single PCGS MS-68 coin, one of the finest Liberty Head eagles of any date. A few examples feature prooflike surfaces, and an even smaller number exhibit strong cameo contrast (which is a very unusual situation for this type). This date is a great, affordable choice for the type collector.

1903 Mintage: 125,830

Finest Smithsonian Institution specimen: AU-50

The 1903 eagle is a somewhat common date that is typical of most of the 20th-century eagles—it has a relatively low mintage, but remains an excellent value because of a sufficient supply of Mint State examples. However, it is nowhere near as common as the 1901, 1901-S, and 1907 issues; thus, the 1903 eagle represents an excellent value for the collector. Most Mint State examples appear in MS-61 and MS-62, due to bagmarking caused by excessive handling. Mint State-63 examples are scarce but not rare. More than six dozen MS-64 examples have been certified, but only nine 1903 eagles have earned the coveted MS-65 grade. None have been graded finer. Prooflike examples are sometimes seen but are decidedly rare.

1903-O Mintage: 112,771

Finest Smithsonian Institution specimen: MS-62

The 1903-O issue is the most common eagle from the New Orleans Mint and can be obtained with ease in any grade

up through MS-62. Even MS-63 examples are not too difficult to locate, but anything finer is a great rarity. The finest example of this date is the MS-66 (PCGS) Eliasberg coin, obtained from the New Orleans Mint in the year of issue (and presumably hand-picked by John Clapp). In writing this book, the authors discovered that many of the finest-known examples of a surprising number of American gold coins end up in strong hands and rarely reappear on the market, at least not in auctions. Somewhere out there, some amazing collections are being built.

1903-S Mintage: 538,000

Finest Smithsonian Institution specimen: AU-58

Despite a much higher mintage, the 1903-S eagle compares favorably to the 1903 eagle in terms of the number of survivors. However, the 1903-S issue can be found in much higher grades than the P-Mint eagle of the same year. In fact, except for the super-common 1901 and 1901-S eagles, the 1903-S issue is the easiest date from the 20th century to find in gem condition. The finest examples are eight MS-67 coins, none of which had appeared in any of the auctions surveyed over 1994 to 2006, when two NGC-certified examples appeared, one of which sold for $18,400. However, an increase in the population of MS-66 examples means that prices have settled to a comparatively reasonable level.

1904 Mintage: 161,930

No specimen in Smithsonian Institution

The 1904 eagle is relatively easy to obtain, but only in low-end Mint State grades. Above MS-62, this date becomes quite scarce, and in gem condition, it is virtually unobtainable. The highest-certified grade for this date is MS-67,

where PCGS and NGC both record a single example (perhaps the same coin). Akers mentioned a hoard of 64 Mint State and 20 About Uncirculated examples that appeared in the 1969 ANA sale. All of those coins have been absorbed into the market and supplemented by additional discoveries in the following years. The price record of $12,075 belongs to a PCGS MS-66 example that sold in 2003. Prooflike examples are occasionally seen. Apart from a 1904 Proof eagle, the Smithsonian does not have an example of this date.

1904-O Mintage: 108,950

Finest Smithsonian Institution specimen: MS-60

The 1904-O eagle is the second most common O-Mint eagle after the 1903-O issue, and it is only slightly more common than the 1892-O and 1893-O eagles. Circulated examples are easy to obtain, and even Mint State examples as high as MS-62 can be obtained with relative ease. In MS-63, this date becomes very scarce, and anything better is positively rare. Perhaps the most interesting 1904-O eagle is the finest example known, a coin that was graded MS67 by PCGS and MS-68 by NGC. According to Doug Winter, the coin was later graded Proof by ANACS and sold for more than $200,000. Whether it is called a Proof or a presentation strike, or just a regular Mint State coin is irrelevant—the coin is clearly something special, and it is vastly different in appearance from all other 1904-O eagles. The downside is that the coin is still registered on both the PCGS and NGC population reports, which would give the uninformed viewer the impression that there are more superb coins graded of this date than actually exist.

1905 Mintage: 200,992

Finest Smithsonian Institution specimen: MS-63

The 1905 eagle is one of the more common “tough” dates of the 20th century, meaning that it is fairly easy to obtain, but it is not nearly as plentiful as dates such as 1901, 1901-S, and 1907. As is typical for coins of this period, low-end Uncirculated coins rule the day, whereas gem examples are rare. The most commonly seen Mint State grade is MS-62, followed by MS-61. Gem examples are very rare, but a few notable 1905 eagles are known to exist, including five MS-67 coins listed in the population reports (the actual number may be smaller due to resubmissions). The price record of $27,500 was set prior to 1994 by one of the MS-67 coins (NGC), but the appearance of additional examples has caused the price of that grade to drop in recent years. Prooflike examples are known.

1905-S Mintage: 369,250

Finest Smithsonian Institution specimen: MS-63

Despite a seemingly common mintage, this date is actually the most difficult of any 20th-century eagle to find in high grade. Apparently, few 1905-S eagles were saved by collectors and very few, if any, were sent to Europe. As a result, collectors will have a difficult time locating Mint State examples of this date, especially above MS-63. Akers claimed to have seen several superb examples, but they have not seen the inside of a grading room, as none have been certified above MS-63 by NGC and the best certified by PCGS is a single MS-65 coin. Auction records are of no help, since nothing better than MS-64 has been sold since 1994. Luster ranges from prooflike (rare) to frosty.

1906 Mintage: 165,497

Finest Smithsonian Institution specimen: AU-55

The 1906 eagle is a relatively common coin that can be found with ease in all grades up to (and including) MS-63,

above which this date becomes very rare. Although comparisons can be made to other dates, the authors note that there is little consistency among survival rates or the grades in which survivors are found. Rather, each date is almost like a fingerprint, unique in its statistical data. Thus, while two dates may share similar survival rates, the makeup of the populations at the high end will most likely be vastly different. A perfect example is a comparison of the 1906 and 1903-O issues, which share a similar number of survivors but a significantly different population range. In particular, two MS-67 examples of the 1906 eagle are known, but no coins graded above MS-66 are known of the 1903-O eagle.

1906-D Mintage: 981,000

Finest Smithsonian Institution specimen: MS-63

In 1906, the Denver Mint began production of eagles for the first time, nearly reaching the magical mintage of a million coins. This makes it one of the most common dates of the 20th century, but the total number of survivors still falls far short of dates such as 1901, 1901-S, and 1907. The certified population reaches a peak at the MS-62 level, then begins declining in higher grades. Examples in MS-64 are somewhat scarce, and gem examples are positively rare. The finest example is a single MS-67 coin reported by NGC. One of the more interesting 1906-D eagles is the gem example that was struck slightly off-center outside of a collar, resulting in an edge with no reeding. Proofs were supposedly struck of this date, but none have been confirmed.

1906-O Mintage: 86,895

No specimen in Smithsonian Institution

This is the last of the eagles from the New Orleans Mint. This date is considerably scarcer than the 1903-O and 1904-O issues and compares most favorably with the underrated 1897-O eagle. Apparently, this date was not found in European hoards, at least not to any great degree. Uncirculated examples are scarce but not rare (the population reports indicate that Mint State examples are easier to obtain than circulated examples, but this is misleading since only the best coins are submitted for certification). The best examples of this date are four that have been certified at the MS-66 level, one of which (an NGC MS-66) sold for $12,363 in 2000.

1906-S Mintage: 457,000

Finest Smithsonian Institution specimen: AU-58

Like the 1905-S issue, the 1906-S eagle is an unexpected rarity among the 20th-century eagles. About Uncirculated to MS-61 examples can be found with a little bit of hunting, but finding an example at or above MS-62 is a real challenge. For connoisseurs of high-condition coins, this date offers three examples at the MS-66 level and one coin in MS-67 (all certified by PCGS). The MS-67 coin sold for a record price of $29,900 in 2003 (this is one of the rare instances when a top condition-rarity actually becomes available to collectors).

1907, Liberty Head Mintage: 1,203,899

Finest Smithsonian Institution specimen: MS-64

The year 1907 was a transitional time for the gold coins, with major design changes occurring in the eagle and double eagle denominations. However, before the new Indian Head eagle design was introduced, the Mint struck more than 1.2 million Liberty Head eagles. A large quantity of these coins ended up in European vaults, where they

laid for decades before being returned to America. The end result is that the 1907 eagle is one of the most common dates of the entire series. In spite of the large population (and in contradiction to long-held beliefs), high-grade examples remain scarce, with very few available at the gem level. A recent (2003) price record of $7,763 for an MS66 example is a good indication of the excellent value that this date offers.

1907-D Mintage: 1,030,000

Finest Smithsonian Institution specimen: MS-62

The 1907-D eagle represents a classic example of why mintage figures should be discounted when determining rarity. In this case, the mintage of more than one million pieces makes the 1907-D eagle appear common, when it is really a semi-scarce date. Most Mint State examples are at the low end of the scale, making the search for high-grade examples even more difficult. In fact, the finest certified examples are a mere six MS-65 pieces certified by NGC. Auction price records are irrelevant, since none of the MS-65 examples have appeared at auction since 1994.

1907-S Mintage: 210,500

Finest Smithsonian Institution specimen: MS-60

The 1907-S eagle is easily the scarcest of any Liberty Head eagle of the 20th century, even though the mintage is not among the lowest. Akers called this date one of his favorites and considered it one of the most underrated of all U.S. coins (of any denomination). Today, this date has begun to receive the respect it deserves, and price guides (and auction records) are finally reflecting the scarcity of this date. The most “common” Mint State grades are MS-61 and MS-62. In MS-63 and better grades, the 1907-S eagle becomes very rare, with the finest examples being three at the

MS-66 level (one of which, an NGC MS-66, sold for $27,600 in 2007).

1907, Wire Rim, Periods Mintage: 542 (minus 70 melted)

Finest Smithsonian Institution specimen: MS-66

The 1907, Wire Rim, Periods eagles are the initial concept coins that represented Augustus Saint-Gaudens’s idea for this coin. These are also the patterns that are most available to collectors. All examples were struck and given out to dignitaries and VIPs. Saint-Gaudens felt that the heroic standing figure of Liberty should be placed only on the larger double eagle, and for the eagle he chose to show only her head and neck. President Theodore Roosevelt demanded that a Native American war bonnet (a fanciful object for either Miss Liberty or a Native American woman to wear) be added to Liberty’s head. Many examples were saved and this date is always available for a price. Significant pieces include the 2004 auction sale of a PCGS MS-66 example for $120,750. A superb piece was also sold by David Akers in 1998 for $176,000.

$10 – INDIAN HEAD, VARIETY 1, NO MOTTO ON REVERSE 1907, Rounded Rim, Periods Mintage: 31,500 (minus 31,450 melted)

Finest Smithsonian Institution specimen: MS-67

The 1907, Rounded Rim, Periods variety was the first production eagle to show the new Saint-Gaudens design. Quite a number were minted, but all save 50 coins were melted at the apparent insistence of Mint Engraver Charles

Barber. Barber had objected to using an outsider for coinage designs, a task he felt fell perfectly within his abilities. These coins had a thicker raised rim, similar to that found on Lincoln cents of the period and they retained the triangular dots seen on the initial Wire Rim coinage. This variety is one of the most difficult to obtain because of its high price. The popularity of this date is reflected in recent price records; in 2008, a PCGS MS-67 example sold for $460,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1907, No Periods Mintage: 239,406

Finest Smithsonian Institution specimen: MS-69

Mint Engraver Charles Barber tinkered with the Saint-Gaudens design and finally came up with this issue. The triangular stops (or periods) were removed and the branch on the reverse has a different shape. The ends of the feathers were strengthened, but the central hair and feathers are weaker. This is one of the most common dates in gem grades or finer. PCGS and NGC each list one MS-68 example in their population data. The PCGS version appeared at auction in 2006, realizing a record $161,000.

1908, No Motto Mintage: 33,500

Finest Smithsonian Institution specimen: MS-67

This date is available in gem condition, but is much scarcer than the 1907 No Periods issue. A few superb gems have been certified, highlighted by a single NGC MS-68. When they appear at auction, the certified MS-67 examples have increased steadily in price. The record was set in 2007, when a PCGS MS-67 sold for $74,750.

1908-D, No Motto Mintage: 210,000

Finest Smithsonian Institution specimen: MS-60

This issue is in the top third of the most difficult dates to obtain in gem condition. Most of the original mintage did not survive in high grade, because the novelty of the new design had worn off and few were saved. As a date, this issue does not command the respect it deserves. One reason for the lack of high-end examples is the dullness of luster and weakness of strike that seem to be typical for this date. The price record for this date was set in 2007 when a PCGS MS-66 example sold for $115,000—beating the record of $99,000 held by Eliasberg’s gem.

1908, With Motto Mintage: 341,486

Finest Smithsonian Institution specimen: MS-63

In 1908, Congress demanded that the motto IN GOD WE TRUST be restored to the eagles, nullifying President Theodore Roosevelt’s sneaky move to have the motto eliminated from the 1907 coins. Charles Barber, the Mint engraver, placed the motto before the eagle’s breast on the reverse. This date is usually found with satiny luster and a sharp strike. As a date, the 1908 With Motto comes very nice, and is one of the dates that is available in gem condition. In early 2008, a PCGS MS-67 achieved a record price of $57,500.

1908-D, With Motto Mintage: 836,500

Finest Smithsonian Institution specimen: AU Cleaned

This date boasts a very large mintage, but it is quite difficult to locate in full gem condition. In fact, the 1908-D eagle is the 12th rarest of the 32 issues in that lofty grade. Most are boldly struck and show ample luster, but few examples survive with the unblemished surfaces required for the gem grade. In 2004, a PCGS MS-68 coin realized $86,250.

$10 – INDIAN HEAD, VARIETY 2, MOTTO ON REVERSE 1908-S Mintage: 59,850

Finest Smithsonian Institution specimen: AU Cleaned

This date is available in gem and even superb gem grades in spite of the very low mintage. Most examples were very sharply struck and quite lustrous, some with a fine granular appearance, and others frostier. This date was blessed with splendid eye appeal, making this issue the 18th most common date in gem condition. Remarkably, a total of six coins have been certified at the MS-68 level by PCGS and NGC combined, plus NGC has certified one example at the MS-69 level. In 2005, a PCGS MS-68 example sold for $149,500.

1909 Mintage: 184,789

Finest Smithsonian Institution specimen: AU-50

The typical 1909 Indian Head eagle is on par with the coveted 1908-S in terms of rarity. It is sharply struck and shows radiant luster. This date is certainly underrated, but collectors can use this to their advantage to secure a pristine example (before the true rarity of this coin is understood and it becomes properly valued). The price record for this date was set in 2007 when a PCGS MS-66 example sold for $40,250.

1909-D Mintage: 121,540

Finest Smithsonian Institution specimen: AU Polished

The 1909-D eagle is quite rare and under-appreciated in gem grades. This issue exhibits average to below-average strikes and lacks the explosive luster seen on earlier dates. Few gems survive, and this date currently ranks as the eighth most difficult to obtain in MS-65 or finer grades. None have been graded above MS-67 by PCGS or NGC, and a mere 18 examples have been awarded a grade of MS-65 to MS-67. Auction records include the phenomenal PCGS MS-67 that sold in late 2005 for $138,000.

1909-S Mintage: 292,350

Finest Smithsonian Institution specimen: AU-58

The 1909-S Indian Head eagle is far more difficult to obtain than expected, particularly in gem grades, despite the discovery of a large number of Mint State examples in an otherwise random hoard around 1977. Perhaps the finest known examples of this date are the Eliasberg, Norweb, and Kruthoffer coins, each of which was obtained directly from the Mint. In May 1998 the Eliasberg coin reappeared on the market and set a record price of $82,500.

1910 Mintage: 318,500

Finest Smithsonian Institution specimen: MS-65

The 1910 eagle is one of the most available dates in all grades, including gem Mint State and higher. As with other Philadelphia Mint coins, the luster and strike are as good as a collector could hope to find. Although the mintage is small when compared with a few other common dates, enough were saved to satisfy collector demand. In 1998, a PCGS MS-66 example sold for a record $46,750. Subsequently, better-condition coins have sold for less money, including an NGC MS-68 that sold for $34,500 in 2005.

1910-D Mintage: 2,356,640

Finest Smithsonian Institution specimen: MS-62

The 1910-D is far and away the most common branch-mint Indian Head eagle with a mintage that reached well above two million coins. The vast majority of this mintage was melted during the 1930s, but sufficient numbers survived in America and overseas to satisfy collector and type demand. Many show a form of die damage that weakens definition through the date, stars, and peripheral lettering on the reverse. This may have been caused by the collar, which held the coin in place during striking, or it could be the result of die wear peculiar to this design. The 1910-D is a common date in all grades, including gem Mint State. The price record for this date belongs to an NGC MS-67 example that sold for $18,975 in 2004.

1910-S Mintage: 811,000

Finest Smithsonian Institution specimen: MS-60

The 1910-S eagle is one of the true condition rarities of this series. It ranks as the third most difficult date to obtain in gem or higher grades with a total of six coins graded MS-65 or higher. Even in MS-64, this date is difficult to locate, with a total of 26 coins graded that high. Forget the reported mintage . . . virtually all were melted during the 1930s. Only a few thousand are likely survive in all grades, but most of those are in circulated condition. The 1910S eagle is truly a classic condition rarity that is one of the cornerstones of a great collection. When found in Mint State, this date is often quite attractive and lustrous. In 2007, a PCGS MS-66 example set a price record of $138,000.

1911 Mintage: 505,500

Finest Smithsonian Institution specimen: MS-62

A common date in all grades (including gem Mint State), the 1911 eagle offers strong luster and bold strikes for the type or date collector. Aside from the 1926 and 1932 issues, this is one of the most obtainable dates in this series. Many of the Philadelphia coins ended up in Europe until well after the great gold meltdown of the 1930s, but they were later repatriated, to the great delight of modern collectors. The price record for this date was set in 2005, when a PCGS MS-67 sold for $46,000.

1911-D Mintage: 30,100

Finest Smithsonian Institution specimen: MS-62

This is the undisputed condition-rarity of the entire Indian Head series. It is difficult to locate in all grades and especially so in gem MS-65. A mere three coins have been graded MS-65 (all by PCGS), with none graded that high by NGC. In the challenging grade of MS-64, the services have graded a combined total of 26 coins. Most survivors are sharply struck and show ample luster. The low mintage, combined with the dismal survival rate, leaves collectors with very few examples from which to choose. David Akers noted that the finest example known is the Norweb coin that currently resides in an Eastern collection. All Indian Head eagle collections are judged to some degree on the quality of the 1911-D they contain. In 2007, the price record for this date jumped to $195,500 when a PCGS MS-65 example crossed the auction block.

1911-S Mintage: 51,000

Finest Smithsonian Institution specimen: EF-45

This date was virtually on par with the rarity of the 1911-D issue until the discovery of a small hoard in Europe in the 1970s. Today, this date ranks 15th out of 32 in gem Mint State grades, with coins available up to the MS-66 level. Significant auction results include the 2007 sale of a PCGS MS-66 coin for $74,750.

1912 Mintage: 405,000

Finest Smithsonian Institution specimen: MS-62

This Philadelphia Mint issue falls in the lower third in terms of rarity for the series. It is available in all grades including a couple that have been awarded the coveted MS-67 level. Most examples seen are boldly executed, with sharp strikes and strong luster. This date ranks 22nd in the 32-coin series in gem Mint State. Sufficient quantities were coined and saved to satisfy collector demand. Important auction results include the 2007 sale of a PCGS MS66 example for $25,300. Interestingly, the 1912 eagle has two extra stars added to the rim to signify the addition of Arizona and New Mexico to the Union.

1912-S Mintage: 300,000

Finest Smithsonian Institution specimen: EF-45

The 1912-S eagle suffers from a very weak strike, particularly on the high points of Liberty’s hair and the leading edge of the eagle’s wing. A handful of examples are known that qualify at the gem level, but this is certainly one of the more difficult dates to obtain at this desirable level. In terms of the coins graded by NGC and PCGS, this date ranks seventh overall in terms of rarity. The finest example to cross the auction block in many years was the PCGS MS-66 coin that sold in late 2005 for $115,000.

1913 Mintage: 442,000

Finest Smithsonian Institution specimen: MS-64

The 1913 eagle is another common Philadelphia Mint issue that is available in all Mint State grades, including gem Uncirculated. Most are boldly impressed by the dies and show strong luster in the fields. In terms of rarity, this date ranks 24th of 32 in the series in gem grades, and is generally available at the current market price if one is willing to wait for the desired grade to appear on the market. As with all Indian Head eagles, prices for the 1913 have advanced rapidly since the first edition, led by the $32,200 realized by an NGC MS-66 example in 2007.

1913-S Mintage: 66,000

Finest Smithsonian Institution specimen: AU-58

The 1913-S eagle was once the undisputed key to the series. Since the advent of certification, however, this premier condition rarity has been nudged out of top place by the 1911-D. In terms of absolute rarity, these dates are very similar, but a few more gem 1913-S coins have been certified. Current population reports include two MS-67s graded by NGC. Any Indian Head eagle collection would be truly defined by the presence of both a 1913-S and a 1911-D issue. The 1913-S is available both in Mint State below MS-63 and in high circulated grades. Several impressive examples have sold in the recent past, including a PCGS MS-66 example that sold for $287,500 in 2007 (doubling the price record from the first edition).

1914 Mintage: 151,000

Finest Smithsonian Institution specimen: MS-60

As with the other Philadelphia Mint issues, this date is common in most grades, and available in grades including gem MS-66. Most are sharply struck and lack the curious die wear seen around the periphery of several of the branch-mint coins of this era. Great eye appeal and luster are the rule, not the exception, for this date. The world’s attention turned to the unfolding events in Europe with the start of the First World War, perhaps causing a larger number of this date to be hoarded pending the outcome of those terrible events. Many surviving coins likely spent their first 40 to 60 years tucked away in European bank vaults. The price record for this date was set in 2007 when a PCGS MS-66 example sold for $32,200.

1914-D Mintage: 343,500

Finest Smithsonian Institution specimen: MS-60

Like its Philadelphia cousin, this date is generally well-struck and lustrous. While most were melted, enough examples survive to go around for collectors today, including several in gem Mint State grades. In fact, this date ranks as the 20th most available in MS-65 or higher of the 32 issues in this series. This may in part be due to the fact that most are quite lustrous and fully struck by the dies. It is likely that a significant number of the survivors traveled from Denver to Eastern banks. From the banks of the East coast, these coins were soon sent over to Europe to wait out the First World War, subsequent Depression, and the Second World War as well, before returning to these shores. Important offerings include the 2007 sale of an NGC MS-67 example for $35,650.

1914-S Mintage: 208,000

Finest Smithsonian Institution specimen: AU-58

This is one of the more conditionally challenging dates, and ranks as 11th of the 32 coin series. While certainly overshadowed by some of the better-known key dates, the 1914-S issue deserves recognition in its own right. The mintage was enough to allow for survivors from all the usual sources: Europe, collectors, and banks. Most examples show stronger luster than seen on previous branch-mint issues, and very sharp strikes with attractive color. The price record for this date was set in 2006, when a PCGS MS-66 example sold for $253,000. The volatility of pricing for condition rarities is illustrated by the fact that this very same coin sold six months later for $161,000—a loss of $92,000.

1915 Mintage: 351,000

Finest Smithsonian Institution specimen: MS-62

The 1915 eagle is another common Philadelphia Mint issue that boasts strong luster, great strikes, and availability in grades including MS-66. In terms of those graded in MS-65 or higher, the 1915 issue ranks 25th of the 32 coin series. Sharp and attractively made, this date stands out as one of the finer examples of this design to come off the dies. Five superb gem MS-67 examples have been graded between PCGS and NGC. One of these (a PCGS version) was sold in 2006 for $34,500.

1915-S Mintage: 59,000

Finest Smithsonian Institution specimen: MS-64

This is one of the key dates of this series and a very difficult issue to obtain in gem Uncirculated grades. Not only was this a low-mintage date, but few survivors made it from San Francisco to the Eastern banks where they could escape to Europe to wait out the first half of the 20th century. Most ended up being melted during the 1930s and returned as gold bricks to Fort Knox. Of those that did survive, most show ample luster and adequate strikes. A few even have a partial knife rim, which helped protect the surfaces from contact marks. In gem MS-65 or finer, this date ranks as the sixth most difficult to obtain for the series. The finest example is a single NGC MS-67 that has yet to appear at auction, but would create an uproar if it did. In the meantime, the price record goes to a PCGS MS-65 example that sold for $74,750 in 2007.

1916-S Mintage: 138,500

Finest Smithsonian Institution specimen: MS-67

This date and mint was well represented in the European banks, and two small hoards appeared in the 1970s, which nudged the number of survivors up substantially from prior years. Today, the 1916-S issue ranks as the 10th most difficult date in the series, roughly on par with the 1908-D, No Motto and 1914-S in gem grades. Although sharply struck, most lack the splendid luster expected on other dates, and don’t quite measure up to previous standards of excellence. Mintages fell with demand as our nation turned its attention to the unfolding events in Europe in late 1916, and coinage of eagles resumed with only a whimper in 1920. In 2007, a PCGS MS-67 example set a record price of $115,000 for the date.

1920-S Mintage: 126,500

Finest Smithsonian Institution specimen: MS-66

This is the third-rarest date in the Indian Head eagle series, behind only the coveted 1933 and 1907 Rolled Edge variety. Obviously, the three-year hiatus between 1916 and 1920 did little to drum up excitement for this series, and most of these entered circulation unnoticed. Europe was in disarray when these were struck; remaining banks were simply trying to survive and didn’t have the ability or credit to hoard additional gold coins. Thus, survival of the 1920-S eagle was strictly a matter of chance, and very, very few did survive in any grade. The top certified example is a lone PCGS MS-67 that sold for an amazing $1,725,000 in 2007 (the owner of that coin purchased it 28 years earlier for $35,000).

1926 Mintage: 1,014,000

Finest Smithsonian Institution specimen: MS-65

After another five-year hiatus, coinage of Indian Head eagles returned with a vengeance in 1926. This date is second only to the pinnacle issue of 1932 in terms of availability in all grades. Despite the large mintage and general attractive nature of this date, most show more handling marks than seen on previous issues. Curiously, none have been graded higher than MS-66 by PCGS or NGC, but in MS-65, this date is common. Significant auction results include the 2006 sale of a PCGS MS-66 example for $17,250.

1930-S Mintage: 96,000

Finest Smithsonian Institution specimen: MS-67

So many Indian Head eagles were coined in 1926 that no more gold eagles were needed for a few years. Thus, coinage of this denomination halted until 1930, when the San Francisco Mint struck 96,000 eagles. In gem Uncirculated grades this date ranks near the middle of the series, coming in at 14th out of the 32 coins. Not many examples circulated, but enough were saved prior to the gold recall of 1933 to satisfy collector demand. In overall terms of rarity, this date ranks a little behind the 1920-S, with just a few hundred known in all, and those are scattered across the grading spectrum. Three MS-67 examples have been certified between PCGS and NGC, but the modern record belongs to a PCGS MS-65 example that sold for $71,300 in 2006.

1932 Mintage: 4,463,000

Finest Smithsonian Institution specimen: MS-65

One can only wonder why such a large number of eagles were coined at the absolute depth of the Depression, but for whatever reason, they were. This is far and away the most common Indian Head eagle in any grade, and represents the standard of excellence for a type coin to represent the Indian Head eagle. Most show typical, strong “Philadelphia” luster and bold strikes. Preservation ranges through the grading spectrum, up to and including MS67. Doubtless the vast majority of this issue was melted in 1933, but enough survive to be available to collectors.

$10 – CAPPED BUST TO RIGHT, HERALDIC EAGLE, PROOF 1933 Mintage: 312,500

Finest Smithsonian Institution specimen: MS-65

In gem Uncirculated grades this final year of issue ranks as the fifth rarest of the 32-coin series, nudged out by the 1920-S and 1910-S branch-mint issues. In all grades combined, the 1933 eagle shows a grand total of 35 coins graded by PCGS and NGC. Virtually the entire mintage was melted before leaving government hands. Owning an example of this date is certainly one of the highlights of any numismatic collection, and a feat precious few collectors can ever hope to accomplish. Significant auction results include the stellar NGC MS-66 coin that sold in 2004 for $718,750 (the finest known and the only MS-66 example certified) and a PCGS MS-65 that sold in early 2008 for $552,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1800, Proof Mintage: Unknown

No specimen in Smithsonian Institution

NGC reports a “Specimen-65” coin. This example is fully mirrored and displays an incredible strike. The circumstances for the issue are unknown, but the coin is clearly something special. Breen skirted the issue by mentioning that some prooflike examples might be considered to be presentation strikings of some sort, but he did not cite any specific examples. Akers makes no mention of anything other than circulation strikes.

1804, Plain 4, Proof Mintage: 5 to 10

No specimen in Smithsonian Institution

The 1804, Plain 4 eagle is a phenomenal rarity with a fascinating history. In 1834, the Mint made Proof sets for presentation to foreign governments (the famous King of Siam set included one of these glittering rarities). Since $10 gold pieces had not been minted for 30 years, the Mint went all the way back to the last year they were issued (1804) for the design. Four examples of the 1804, Plain 4 eagle are known: (1) Harry Bass core collection (from the Eliasberg collection), (2) Baldenhofer, (3) King of Siam set, and (4) Virgil Brand/Colonel Green. PCGS has graded three examples and NGC has certified three examples (clearly, there is some overlap). None have been graded finer than PF-65. Even the Smithsonian lacks this great rarity. Judd 34 is a silver version from these same dies. The Brand/Green, NGC PF-65 Ultra Cameo star example sold for an astounding $5,000,000 in a private transaction in 2007. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

$10 – LIBERTY HEAD, RPOOF 1838, Proof Mintage: Unknown (est. 4)

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

There are three Proof 1838 eagles known to exist: (1) a PF-63 Deep Cameo (light scratches above the eagle on the reverse) in the Smithsonian museum (obtained in the year of issue); (2) the John J. Pittman collection, ex Colonel Green, King Farouk specimen that sold for $1,700,000 in 2007; and (3) the former Cardinal Spellman example (reportedly a gem that was offered for $125,000 way back in 1974). Eliasberg did not have a Proof example of this date, contrary to previous claims. At least one of the above-listed Proofs was made for presentation to the secretary of the Treasury. PCGS reports two PF-65 coins, and NGC reports a single PF-65 Cameo example, all of which may be the same coin. Much of the rarity of pre-1858 gold coins comes from the fact that very few collectors could afford them or even knew that they were available for purchase. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1839, Type of 1838, Proof Mintage: Unknown (est. 3)

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

The Proof 1839, Type of 1838 eagle is an exceedingly rare coin of which only three examples are known. The first is the PF-66 Deep Cameo in the Smithsonian Institution, obtained in the year of issue (as were virtually all of the Proof gold coins in that collection (the only exception being additions from the Lilly collection.) The second

example (and the finer of the two) is the Eliasberg Proof coin that later sold as an NGC PF-67 Ultra Cameo in a 2007 auction for $1,610,000. The third example is a PF-61 listed in the PCGS Population Report, a coin that reportedly came out of Eastern Europe in 1981, along with a Proof quarter eagle and half eagle.

1839, Type of 1840, Proof None Minted

No specimen in Smithsonian Institution

This type was struck late in 1839. Since gold Proof coins were generally struck early in the year (and, in this case, consisted solely of the Type of 1838), there are no Proofs known of the 1839 “Type of 1840” eagle, nor have there ever been any rumors of their existence.

1840, Proof Mintage: Unknown (est. 1)

Finest Smithsonian Institution specimen: PF-64 Cameo

The only 1840 Proof eagle known to exist is the PF-64 Cameo coin in the National Numismatic Collection at the Smithsonian Institution. This coin was placed in the collection in the year of issue. It is quite possible that others were made or may exist today, as duplicates are known of the quarter eagle and half eagle denominations. However, no other 1840 Proof eagle has ever appeared on the market.

1841, Proof Mintage: Unknown (est. 3)

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Three Proof 1841 eagles are known to exist. The first is a gem PF-65 Deep Cameo example in the Smithsonian Institution, added in the year of issue. The second is listed as a “somewhat questionable proof” in the collection of the American Numismatic Society (ex J.P. Morgan, possibly ex Brock). The third example is an NGC PF-61 coin that sold for $25,300 way back in 1990 (this piece may have been ex Colonel Green, who was believed to have either a complete set or an almost complete set of 1841 Proof coins). Because of the extremely low original mintage, all Proofs of this date are expected to have deep cameo contrast.

1842, Small Date, Proof Mintage: Unknown (est. 2)

Finest Smithsonian Institution specimen: PF-65 Cameo

Of the two varieties known of the 1842 eagle (Small Date and Large Date), only the Small Date is known in Proof. Only one example, the PF-65 Cameo in the Smithsonian Institution, had been confirmed to exist before 2007. It was recently discovered that the Kunsthistorisches Museum in Vienna contains an example. Dr. Richard Doty made the find while visiting the museum in 2007. Breen claimed to have seen a second example as well, a statement that was picked up by later writers, but there is no confirmation (at least not since 1977) that this example exists. That piece was attributed to Matthew Stickney, who may have obtained a complete set from the Mint in 1842, but since no such set was included in the sale of his collection, the attribution is most likely incorrect.

1842, Large Date, Proof None Minted

No specimen in Smithsonian Institution

No Proof examples of the 1842 Large Date eagle were struck.

1843, Proof Mintage: Unknown (est. 5)

Finest Smithsonian Institution specimen: PF-65 Cameo

The 1843 Proof eagle is an extremely rare coin of which only five examples are presently accounted for. Two are in the National Numismatic Collection at the Smithsonian Institution (a PF-65 Cameo obtained in the year of issue and a PF-61 Cameo that came with the Lilly collection). John Jay Pittman owned one as part of a complete set of 1843 Proof coins in the original case of issue. A fourth example, also part of a complete cased set, was once owned by Will Neil and Amon Carter. Virgil Brand owned a fifth example. Sorting out the certified examples is a challenge: PCGS reports a single PF-63, while NGC reports a PF-61, a PF-63 Cameo, and a PF-64 Cameo. Clearly, there have been some resubmissions for a possible upgrade, or there is at least one more Proof 1843 eagle in existence.

1844, Proof Mintage: Unknown (est. 3)

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

This is another exceedingly rare date that is known by only three or four examples. The Smithsonian has a PF-64 Deep Cameo example that was obtained in the year of issue as part of a complete set of Proof coins from that year. John Jay Pittman also owned a complete cased set of this year that was once owned by J. Hewitt Judd (the author of the standard reference on U.S. pattern coins). A third example was once owned by Waldo Newcomer and F.C.C. Boyd (its present whereabouts are unknown). One of these (most likely the Pittman coin) has been certified as a PF63 Cameo by NGC. If any one of these coins were to appear on the market, the price would be astounding.

1844-O, Proof

Mintage: Unknown (Unique?)

No specimen in Smithsonian Institution

The Proof 1844-O eagle is an enigmatic and tantalizing treat, an unquestioned Proof from the New Orleans Mint (or at least, with a mintmark from the New Orleans Mint). This unique coin first appeared in 1890 along with an 1844O half eagle in Proof as part of the auction sale of the collection of Lorin Parmelee. The coin was sold to William Woodin and later to Virgil Brand. The coin disappeared until 1994, when it resurfaced and was purchased by Texas dealer Mike Brownlee. The piece was later handled by Florida dealer Bob Lecce. The amazing coin has been certified by NGC as PF-65 Ultra Cameo. Proof U.S. gold coins are some of the most sought-after and desirable coins ever produced. Pricewise, a branch-mint Proof gold coin is virtually off the charts. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1845, Proof Mintage: Unknown (est. 4)

Finest Smithsonian Institution specimen: PF-66 Deep Cameo

The 1845 Proof eagle is an extremely rare coin, of which at least four examples are known to exist today. The finest is the PF-66 Deep Cameo example in the Smithsonian, there since the year of issue. John Jay Pittman’s example was part of a complete, cased Proof set. The Garrett example ended up in a PCGS PF-64 slab and sold for $120,750 in 1999. A fourth example is a PCGS PF-63. PCGS also reports examples in PF-64 Cameo and PF-64 Deep Cameo that may represent resubmissions of the Garrett coin or completely new examples.

1846, Proof Mintage: Unknown (est. 4)

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Only four Proof 1846 eagles are known to exist. The first is a PF-64 Deep Cameo coin that resides in the Smithsonian (obtained in the year of issue). Then there is the Eliasberg coin that sold for $46,200 in 1982 (when it was the only collectible example), and then it resold as a PF-63 in 1995 for $55,000, and in 2005 it was subsequently offered for $300,000 as a PCGS PF-64 Cameo. The third example is the Pittman coin that was part of a complete cased set of 1846 Proof coins. Finally, the fourth and last known example is in the American Numismatic Society. Again, the population reports are slightly confusing: NGC reports a single PF-64 Cameo coin, while PCGS reports a PF-63 and a PF-64 Cameo coin.

1847, Proof Mintage: Unknown (Unique)

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The only Proof 1847 eagle known to exist is a Deep Cameo PF-65 in the National Numismatic Collection at the Smithsonian Institution, obtained in the year of issue as part of a complete set of Proof coins of 1847. No other Proof 1847 gold coins (of any denomination) are known to exist. It is truly amazing that these national treasures were preserved at the time of issue so that future generations could study and enjoy them. Luckily the Proof gold coins of the era in the Smithsonian are generally superb. The fate of the copper and silver coins was less fortunate, as many were harshly cleaned in the distant past.

1848, Proof Mintage: (est. 2)

Finest Smithsonian Institution specimen: PF-64 Cameo

Two Proof 1848 eagles have been confirmed to exist. The first is a PF-64 Cameo in the Smithsonian Institution. The

second is an NGC PF-64 example, a coin that is most likely the Woodin-Brand piece purchased by John Jay Pittman for $165 in 1948 and which sold for $176,000 in 1998. The American Numismatic Society has a questionable Proof. Breen reported another example that he called badly cleaned, nicked, and scratched, but since this piece is questionable and has not been seen for over 40 years, the authors dispute its existence.

1849–1853, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Currently there are no Proof Liberty Head eagles dated 1849 to 1853. It is possible a small number of 1850 double eagles were struck. Walter Breen reported that one was included in a complete gold Proof set struck for the Congressional Committee on the Library. However, none have surfaced in the last 50 years. The appearance of an example would cause considerable excitement. There have been no recent rumors of an 1851, 1852, 1853, 1854, 1855, or 1856 eagle in Proof. It should be considered extremely significant that the Smithsonian has no Proof eagles from 1849 to 1857, as the Mint collection was a primary consumer of Proof coins from each year beginning in 1838. The fact that the collection has no Proof examples from that period (1849 to 1857) indicates that none were made.

1853-O, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Although not a true Proof from a technical standpoint, this remarkable piece is truly extraordinary and has been called both a presentation piece and a branch-mint Proof in the past. This date is mentioned here because of the listing in the NGC Census Report of a Specimen-61 1853-O eagle. The surfaces of this interesting coin are deeply mirrored, and the coin was possibly specially struck for presentation purposes. Although the piece does not have the same convincing texture as the 1844-O Proof eagle, it is clearly different from the regular-issue eagles found for the year and mint.

1854, Proof Mintage: Unknown (Unique?)

No specimen in Smithsonian Institution

The existence of a Proof 1854 eagle is highly doubtful. Apparently, a set of Proof coins was presented to the city of Bremen in July 1854 in exchange for a group of coins (presumably from Bremen). According to Walter Breen, the set was liberated in 1945 and broken up, but this information remains unsubstantiated. Although various 1854 Proof $1, $2.50, and $3 coins are known, none can be tied to that set, nor have any 1854 Proof half eagles, eagles, or double eagles ever been seen. The Smithsonian does not have a Proof example of this date.

1855, Proof Mintage: Unknown (Unique?)

No specimen in Smithsonian Institution

No Proof 1855 eagle has ever been confirmed, but it is listed here based on a claim by Wayte Raymond, who said he had seen one sometime prior to 1949. Raymond was an astute dealer/numismatic scholar who knew what a Proof eagle looked like, so we must lend some credibility to his notes. The Smithsonian does not have a Proof example of this date.

1856, Proof Mintage: Unknown (Unique?)

No specimen in Smithsonian Institution

As with the 1855 Proof eagle, the basis for this listing is a note by Wayte Raymond that stated he had seen a single Proof example of this date. However, no other competent numismatist has seen such a coin, thus making it highly unlikely that such a coin exists. The Smithsonian does not have a Proof example of this date.

1857, Proof Mintage: Unknown (Unique?)

No specimen in Smithsonian Institution

Only one Proof 1857 eagle is known. The major collections lack this date in Proof, and that includes the Smithsonian, the American Numismatic Society, and the Bass Reference collection. John Jay Pittman did not own an example, and he was an aggressive collector of rare early Proof gold. The only example that has ever appeared on the market is the remarkable Eliasberg collection Proof coin, selling for $77,000 in 1982, then for $396,000 in 1999 (there as an NGC PF-66). The 1857 Proof eagle is a world-class rarity, and it will probably shatter new price records when the coin reappears at auction.

1858, Proof Mintage: Unknown (est. 4)

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1858, the Mint began selling Proof coins directly to the public, adding a small premium for the proofing process. Apparently, few collectors could afford the gold Proofs because of their high face value. Thus, the exact mintage for 1858 is unknown, but today there are very few Proof 1858 eagles in existence. One is in the collection of the Smithsonian, a Deep Cameo PF-64 that came from the original Mint collection. Another resides in the collection of the American Numismatic Society, a gift to the museum by J.P. Morgan. A third example is the Newcomer-Carter example that sold in 1984 for $121,000. A fourth example, reportedly ex Brand, is believed to exist but has not been seen for years. PCGS reports a single PF-64 example, while NGC reports one PF-64 Cameo coin and one PF-64 Ultra Cameo coin (the authors suspect that these are all the same coin).

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The reported mintage for the issue is 80 coins, but that figure represents the number of coins actually struck, not sold. Most were certainly melted at a later date, as the 1859 eagle is exceedingly rare in Proof format. Estimates of 8 to 12 Proof coins have been bandied about and are probably close to reality. The Smithsonian collection retains one example, a Deep Cameo PF-64. Another resides at the American Numismatic Society. John Jay Pittman owned one as part of a complete set of 1859 Proof coins. Two examples are in the British Museum collection. Apart from the Pittman coin, no Proof 1859 eagle has appeared at auction for more than a dozen years.

1860, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1860 Proof eagle is comparable in overall rarity to the 1859 issue. However, the Mint reduced the number of Proofs to 50 in 1860 (presumably after their experience of the prior year), yet the number of coins produced was still too high. The Smithsonian has two examples, both PF-64 Deep Cameos. Four examples have appeared at auction since 1994, the best being a PCGS PF-64 Deep Cameo coin that sold for $69,000 in 2004. More examples are listed in the population reports, but this figure is probably inflated due to resubmissions. Any Proof 1860 eagle is an impressive rarity.

1861, Proof Mintage: 69

Finest Smithsonian Institution specimen: PF-63 Cameo

Although the Mint increased production of Proof eagles to 69 pieces in 1861, the number of pieces sold appears to have been the same amount as in the previous two years. This conclusion is based on the number of survivors, which seems identical for 1859, 1860, and 1861 issues. Most, if not all, examples present a strong cameo contrast, despite the lack of that designation on some of the certified pieces. The Smithsonian has a PF-63 Cameo that was added to the collection in the year of issue. The first edition of this book states that “all of the nine certified examples, whether at NGC or PCGS, are at the PF-64 level, indicating a number of resubmissions.” The resubmissions proved successful, as now one example has been graded as PF-65 Cameo by NGC.

1862, Proof

Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1862, the Mint lowered their sales expectations and produced only 35 Proof eagles. However, sales remained flat, similar to that of previous years, and the unsold coins were melted down at a later date. Today, approximately one dozen 1862 Proof eagles are known, all of which are Cameos or Deep Cameos. The Smithsonian has two PF-64 coins, and there have been five appearances at auction since 1994. The most recent sale was in 2005, when a raw coin with a PCGS PF-64 Cameo insert sold for $47,150. Today, just as in 1862, the cost of a Proof eagle of this year is beyond the reach of most collectors.

1863, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Despite having the lowest mintage since 1859, the 1863 Proof eagle is perhaps the most common date of the 1860s —that is, if one goes solely by population reports. However, if auction records are a signal of rarity, then the 1863 eagle is just as rare as any previous year. In reality, the 1863 issue is represented by roughly a dozen examples today, most at the PF-64 level. The nicest example is a single NGC PF-66 Ultra Cameo coin. All known examples have medium to strong cameo contrast, including the PF-64 coin in the Smithsonian. At the January 2008 FUN show auction an NGC PF-65 Ultra Cameo sold for $138,000.

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1864 issue is arguably the most common Proof eagle prior to 1870, but only by a very small margin. The population reports appear to be riddled with multiple submissions of the same coin, as the total number of certified examples (as of this writing) is 20 Proofs—indicating the danger of relying solely upon those sources of information. Experience and auction appearances paint a different picture, one that shows the 1864 eagle to be a very difficult coin to locate in any grade. The Smithsonian has two examples, one a PF-63 and the other a PF-64, both Deep Cameos (one was obtained in the year of issue and the other came in with the Lilly collection). No examples have been certified above PF-65, and all show good to strong cameo contrast. In 2005, a PCGS PF-65 coin from the Gold Rush collection set a new record price of $149,500.

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The No Motto Proof eagles were minted for the last time in 1865 and are important rarities. The population reports, which show a combined PCGS/NGC total of 19 coins (nearly the entire mintage!), undermine the true scarcity of this date. Most experts agree that there are only 8 to 12 Proofs of this date, a number that is supported by the infrequent auction appearances. The Smithsonian has only one example—a lovely Deep Cameo PF-64. Recent auction records include a choice Proof example from the James A. Stack collection that sold for $52,800 in 1995. The finest certified example is a single NGC PF-67 Ultra Cameo coin. Transitional patterns were made in 1865 bearing the motto IN GOD WE TRUST on the reverse. These are known in copper, gilt-copper, and gold and referred to as the With Motto type.

1866, Proof

Mintage: 30

Finest Smithsonian Institution specimen: PF-63 Cameo

The 1866 eagle is a very rare coin in Proof condition, with only 11 examples certified by PCGS and NGC combined —a figure that is probably inflated by resubmissions. Estimates of 10 to 12 coins known are probably accurate, although no census of known specimens has ever been undertaken (plate-matching is virtually impossible because the coins generally have no identifying marks, unlike circulation strikes). For this date, the Smithsonian has a PF-63 Cameo example that was obtained in the year of issue. Recent auction records show sales as high as $138,000 for a PCGS PF-65 Cameo coin that sold in 2007.

1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-65 Cameo

Despite a higher mintage figure for this year, the 1867 is an exceedingly rare date in Proof condition. It is at least as rare as any other date from this decade and may, in fact, be the rarest. Auction appearances are very infrequent and the sale of an NGC PF-66 Cameo set a record price of $92,000 in early 2005, indicating the intense demand for high-quality Proofs. None have been certified above PF-66, and only one coin has earned that grade. All known 1867 Proof eagles have strong to exceptional cameo contrast, with frosty devices surrounded by orange-peel surfaces. The Smithsonian has a nice example that grades Cameo PF-65.

1868, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1868 eagle is a very rare coin in Proof, nearly on par with the 1867 issue. All Proof eagles of this date present a moderate cameo contrast, though not quite as deep and dramatic as in previous years. Perhaps as many as 10 examples have survived, including a PF-64 Deep Cameo in the Smithsonian Institution and another in the American Numismatic Society (both obtained in the year of issue). Auction appearances are few and far between, giving the collector few opportunities to obtain this date. The nicest example to appear in recent years was Harry Bass’s PCGS PF-65 coin that sold for $50,600 in 1999. Aluminum die trials were also made in 1868—these are identical to the gold version.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Even though the 1868 and 1869 eagles have the same Proof mintages, the 1869 is slightly more common. However, one or two extra coins out of a total population of a dozen means that this date is extremely rare in Proof condition. Some of the demand for this date stems from the low mintage of circulation strikes, which are very rare in any grade, but particularly so in Mint State. Auction appearances are slightly more frequent than for previous years, but this date only appears at auction an average of once every two years. The example in the Smithsonian is a delightful Deep Cameo PF-64 coin that was obtained from the Mint in the year of issue (the same source of the coins in the Garrett collection and the American Numismatic Society). An NGC PF-67 Ultra Cameo sold for an impressive $132,250 in mid-2006.

1870, Proof

Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1870 eagle is one of the scarcer Proofs of the decade, on par with the 1874 and 1877 in terms of the number of coins certified. Auction appearances are as infrequent as any date on the 1860s, and collectors will have a real challenge trying to find a problem-free example of this date. At least two examples are locked up in institutional collections (the Smithsonian has a PF-64 Deep Cameo coin and the American Numismatic Society has the example once owned by J.P. Morgan), thus leaving fewer examples in the marketplace. Most examples have strong cameo contrast. The best are two PF-65 Cameo coins certified by NGC. The most recent auction record for the date is an NGC PF-63 Cameo that sold for $77,625 in 2006.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1871 eagle boasts both a low mintage and a small number of survivors. The rarity of circulation strikes from this year places even more demand and price pressure on the Proofs. Population data suggests that the 1871 eagle is more common than the 1870 issue, but if resubmissions were taken, the two dates would probably be of equal rarity. Estimates of seven to eight survivors seem somewhat on the low side, with the true figure being somewhere near 10 to 12 survivors. However, no actual census has been taken of this date. This date has appeared at auction only five times since 1994, indicating its true rarity. Cameo and Deep Cameo pieces are the rule (as are most dates from this period). To see a nice example, visit the vaults of the Smithsonian to see their Deep Cameo PF-64.

1872, Proof

Mintage: 30

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

This is another date with an extremely low mintage for the business-strike version. This shortage of circulation strikes drives many collectors to purchase Proofs, as they are the only really high-grade examples of this date. This may account for the higher-than-normal survival rate for this date. Many collectors were likely to hang on to their Proofs because of the rarity of this date; however, the high intrinsic value of the coins and their small collector premium led many collectors to simply spend the coins when money became tight. The Smithsonian has two examples, one obtained in the year of issue, and the other a later bequest. Another example is in the American Numismatic Society collection. John Jay Pittman’s superb Proof coin fetched $71,500 in 1998, and an NGC PF-65 Ultra Cameo sold for $79,925 at the 2006 FUN sale.

1873, Close 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof eagles of 1873 are all of the Close 3 variety, which is logical since Proofs were generally struck earlier in the year. Since the Open 3 was a correction of the Close 3 (which looked like an 8), it follows that the only Proof would have been of the latter. This date appears to be more common than most of the other dates in the 1870s, even after factoring out resubmissions. The Mint made aluminum trial strikes of this date in Proof, and it is possible that some were gold-plated and passed as the more valuable version (most gilt patterns that exist today are the result of such nefarious activities). The Proof in the American Numismatic Society and the Deep Cameo PF-64 in the Smithsonian were obtained directly from the Mint in the year of issue. Recent auction history for the issue includes an NGC PF-65 Ultra Cameo that sold for $80,500 in August 2006.

1874, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Thanks to a very low mintage, the Proof 1874 eagle is one of the rarest Proofs of any date after 1858. NGC has graded only one example (a PF-62 Cameo), while PCGS has certified only two others (a PF-64 and a PF-65 Cameo). The PF-65 Cameo coin sold in 2004 for $86,250, setting a record for the date. The six auction appearances since 1994 represent only four different examples. The Smithsonian’s PF-64 Deep Cameo coin and the Proof in the American Numismatic Society add two more to the total population. It is doubtful if even 10 Proofs exist of this date. In our opinion, this is a very underrated date that deserves much more attention that it receives. Beware of gilt aluminum and copper die trials.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-63 Cameo

The 1875 eagle always creates excitement whenever it appears on the market. This is a magical date because of the extremely low circulation-strike mintage of only 100 coins. Clearly, collectors seek out not only the rare circulation strikes from this year, but the Proof examples as well, since the latter are always in much nicer condition than the former. The result is that Proofs of this date always bring more than their companions from this decade, even though the 1875 issue is not necessarily the rarest of the bunch. In fact, the 1874 eagle is an even rarer date in Proof. The Smithsonian has a PF-63 Cameo and the American Numismatic Society still has J.P. Morgan’s example. Two examples have been certified at the PF-65 level, one of which sold at auction in early 2007 for $172,500.

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Based on the certified population alone, the 1876 eagle would appear to be the most common Proof of the 1870s. It has the highest certified population of any date, by far. However, the number of Proof 1876 eagles that have appeared at auction is very small (six since 1994), which makes it every bit as rare as the 1875 eagle. This disconnect between population data and auction records is, the authors theorize, because of a number of resubmissions at the PF-64 level. Either way, this date appears to be a tremendous value because it sells for a fraction of what the 1875 realizes. The Smithsonian has two examples, both PF-64 coins; one is a Cameo and the other a Deep Cameo. The finest examples are two at the PF-65 level, one of which sold for $57,500 in mid-2006. Cameo contrast is the rule, ranging from moderate to intense, with black-and-white contrast.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

This is an extremely rare date that exists in very small numbers. Only four examples have been certified by PCGS and NGC combined, and only four examples have appeared at auction since 1994, an indication of how difficult it will be to obtain a Proof 1877 eagle. Most examples have light to moderate contrast; those with deep cameo contrast are the real exception. The Smithsonian has a Deep Cameo PF-64 coin but no duplicate (which means Josiah Lilly was unable to obtain one). The American Numismatic Society has an example, but that coin is unavailable for purchase. The previous estimate of seven or eight coins known is probably right on the money. The chance to purchase a Proof 1877 Eagle rarely occurs, and it is usually when great collections are sold.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the Proof 1878 eagle has the same mintage as the 1877, the 1878 issue appears to be a trifle less rare. Both the number of certified survivors and the number of auction appearances of the 1878 are higher than for the 1877. The authors guess that fewer than half the original mintage survives. Does this mean that the 1878 eagle is any easier to obtain? The answer is not necessarily yes, as it will be difficult to locate a gem coin since no PF-65 coins have been certified yet. When it appears at auction, the 1878 eagle is generally cheaper than the 1877, a situation that seems to be unfair to the 1878. This is probably due to the rarity of the circulation-strike 1877 eagles. The Smithsonian has one example, a PF-64 Deep Cameo coin, but no duplicate. Cameo and Deep Cameo versions appear to be of equal rarity.

1879, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

The Proof 1879 eagle is a very rare and underrated date, despite a 50% increase in the mintage. Whether similar numbers were sold of the 1878 and 1879 Proofs is unknown, but the survival rates, the number of certified examples, and the frequency of auction appearances all point to similar sales figures for the two dates. It is highly likely that some 1879 Proofs went unsold and were later destroyed, a situation that is often encountered in Proof coins of the mid-to-late 1800s, with gold and silver. Again, the Smithsonian has only one example, as does the American Numismatic Society; both were purchased from the Mint in the year of issue. Deep Cameo Proofs are extremely rare, if they exist at all. The finest examples are a trio of PF-65 coins (that may actually represent one or possibly two examples). An NGC PF-65 Cameo sold in the 2007 FUN sale for $50,313.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1880 Proof eagle is an extremely rare and underrated date, and may be one of the rarest dates of the entire series. Estimates of 10 to 12 examples may be overstated, as only eight Proofs have been certified by PCGS and NGC combined. Most certainly, some of those eight Proofs are crossovers and the actual figure is smaller, but by how much is not known. Both the Smithsonian and the American Numismatic Society have examples that were obtained directly from the Mint (the Smithsonian’s coin is a Deep Cameo PF-63). The only example to appear at auction since 1994 was Harry Bass’s PCGS PF-64 coin that sold for $32,200 in 1999. The finest example (by two full points) is a single NGC PF-66 Ultra Cameo. Ownership of an 1880 Proof eagle represents a significant accomplishment because of the difficulty in finding even a single example.

1881, Proof Mintage: 40

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1881 Proof eagle appears to be just as rare as the 1880 issue, at least in terms of the number of certified examples. However, the 1881 eagle has appeared at auction five times since 1994, thus collectors have had more of a chance to own one. The finest example, an NGC PF-66 Ultra Cameo coin, sold for $66,125 in 2004 when it was in a regular Cameo holder. (How much more would an Ultra Cameo be worth today?) According to Breen, the rarity of Proof coins of this era may have been caused by the Panic of 1893, which appears to have caused many collectors to raid their collections to raise money. After all, $10 was a significant amount of money in the latter part of the 19th century, and since the collector premiums on Proof coins were so low, who could blame them for spending them? Thankfully, the Smithsonian kept theirs and still owns a PF-64 Deep Cameo.

1882, Proof Mintage: 40

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1882 Proof eagle is a tough coin to figure out. According to the population reports, the 1882 issue appears to be more common than the 1881, with 12 Proofs reported between PCGS and NGC. However, the number of auction appearances of the two dates (since 1994) is nearly identical—five for the 1881 and four for the 1882. The authors know of two in the Smithsonian (a PF-64 Deep Cameo and a PF-64 Cameo), plus an additional coin in the American Numismatic Society. Thus, previous estimates of 12 to 15 examples are probably accurate, if not a trifle overstated. Cameo examples appear to be the rule, with Deep Cameos representing a small portion of the known examples. The finest example is an NGC PF-66 Ultra Cameo coin that has sold twice at auction, bringing a record price of $71,875 in its second appearance in 2005.

1883, Proof Mintage: 40

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1883 Proof eagle appears to be slightly more common than the 1880 to 1882 Proofs (the certified population is higher, as is the number of auction appearances since 1994). All examples feature some form of cameo contrast, although Deep Cameo versions are the hardest to find. Proof-64 seems to be the typical grade for this date, with only a couple of coins at the gem level, and none above MS-65. These are attractive, well-made coins that always receive considerable attention when they appear on the market. There are two examples known that cannot be bought: the Deep Cameo PF-63 coin in the Smithsonian and the Proof in the collection at the American Numismatic Society. Perhaps as many as 15 Proof 1883 eagles exist today.

1884, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Apparently, demand for Proof gold coins increased in 1884, as an additional five Proofs were made above the previous year’s mintage. Today, the 1884 Proof eagle is comparable in overall rarity to the 1883 issue, and the 1884 Proof eagle is not quite as rare as it was once believed to be. Cameo examples are the rule, and Deep Cameo examples are occasionally seen. The Smithsonian’s example is a Deep Cameo PF-64 coin that was obtained directly from the Mint in the year of issue. None have been certified above PF-65, thus making the 1884 Proof eagle one of the most difficult dates of the 1880s to find in exceptional condition. A gem PCGS PF-65 Deep Cameo example was sold at auction in early 2007 for an impressive $48,300.

1885, Proof Mintage: 65

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1885, the mintage of Proof eagles jumped another 20 coins, a rather significant increase that is not reflected in today’s population data. In fact, the number of auction appearances for this date is much less than it is for the 1884 issue, indicating that the Mint was not successful in selling all of the coins it had made. If this was a case of collectors spending their Proof coins at a later date, one would expect a number of circulated or impaired Proofs to be on the market, which is not reflected to any significant degree in the coins seen today. At least three examples are in institutional collections: two in the Smithsonian (both Deep Cameo PF-64 coins) and one in the American Numismatic Society. The best certified example is a single NGC PF-66 Cameo coin.

1886, Proof Mintage: 60

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1886 Proof eagle is another great date from the 1880s that is much scarcer than the mintage suggests. It appears to be just as rare as the 1885 issue, with only about 15 to 20 examples known today, but it appears at auction more frequently than the 1885 eagle. Only 16 examples have been certified by PCGS and NGC, so when resubmissions are factored out and uncertified examples are factored in, it is clear that this is an underrated Proof date. The Smithsonian has two examples, both Deep Cameo coins (PF-63 and PF-64), and the American Numismatic Society has an example from the J.P. Morgan collection of intact Proof sets obtained directly from the Mint in the year of issue. A single NGC PF-67 Cameo coin ranks as the only date from this decade certified in that grade. Cameo contrast is the rule, but a few examples show strong, black-and-white cameo contrast.

1887, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1887 eagle is one of the least rare Proofs from the 1880s, but it is still a very rare and desirable coin. The original mintage for this date was the highest it had been since Proofs were first offered to the public in 1859. However, the difference is that in 1859, the Mint struck 80 Proofs in anticipation of demand, but in 1887, the Mint struck 80 Proofs in response to increased demand from collectors. Why the survival rate is so low remains a mystery, but today the total population is fewer than 30 pieces. Most examples display moderate to strong cameo contrast, which makes the coins very appealing from a visual standpoint. Both of the coins in the Smithsonian are Deep Cameos. The finest certified examples are a trio of NGC PF-66 coins (two Cameos and one Ultra Cameo).

One of these coins, the PCGS PF-66, nearly crossed the six-figure barrier when it sold at auction in early 2007 for $97,750.

1888, Proof Mintage: 72

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1888 eagle has the third highest Proof mintage of the 1838 to 1895 era (only the 1858 and 1887 eagles have higher mintages). In spite of the higher mintage, the 1888 issue remains an elusive rarity, with only 29 examples certified by PCGS and NGC (and that is prior to any adjustments for resubmissions). Three have been certified at the PF-65 level, which is surprising for a date from the 1880 era. All examples feature cameo or deep cameo contrast. John Jay Pittman’s “raw” Proof held the record price of $38,500 for this date until 2007, when a PCGS PF65 Deep Cameo sold for $69,000 at auction. The Smithsonian has two examples: a Cameo PF-63 coin and Deep Cameo PF-64 coin.

1889, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Demand for Proof eagles appears to have dropped in 1889, resulting in a mintage of only 45 pieces. Today, this date ranks as the rarest of the decade, with the possible exception of the 1880 eagle. Even the 1891 issue, which has a similar mintage, is a far more “common” coin. As usual, this date comes in both Cameo and Deep Cameo versions, with the latter being the scarce and more desirable format. Only 10 Proofs have been certified of this date. The two examples in the Smithsonian are both Deep Cameo PF-64 coins. No examples have been graded above PF-65. In

1998, John Jay Pittman’s remarkable Proof (raw) coin brought a runaway price of $71,500.

1890, Proof Mintage: 63

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

In 1890, the Proof mintage rose again, presumably because of demand, and from here on out the survival rate takes a rather dramatic increase both in terms of the number of examples certified and in the frequency of auction appearances. Previous estimates of 20 survivors appear to be understated, as the true number is probably closer to 30. As of this writing, 36 examples have already been certified by PCGS and NGC combined. Both Cameo and Deep Cameo examples exist, with the expectation that Deep Cameos came first and that, as more Proofs were struck, the dies self-polished, thus reducing the contrast over time. The Smithsonian has two PF-64 examples; both are Deep Cameo coins. Ed Trompeter’s example resold as an NGC PF-66 Cameo for a record $54,050 in 1999.

1891, Proof Mintage: 48

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1891 eagle has a low Proof mintage, but because of a better-than-average survival rate, this is one of the more common Proofs of the late 19th century. It is not nearly as rare as it was once believed to be. Auction appearances occur about once a year. About 60 examples of the 1891 Proof eagle have been certified by PCGS and NGC combined, an untenable statistic that clearly exceeds the reported mintage! Add the two PF-64 Deep Cameo Proofs in the Smithsonian, plus the one in the American Numismatic Society, and other uncertified examples, and the survival rate begins to approach 100 percent. All examples show cameo contrast, but Deep Cameo coins are rare.

Recent auction records include an NGC PF-65 Ultra Cameo that sold for $48,875 in early 2007.

1892, Proof Mintage: 72

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1892 eagle has a relatively high mintage, resulting in a fair number of survivors. Unfortunately, not all of the 1892 Proofs have survived in nice condition as compared to other dates. For instance, almost identical numbers of the 1891 and 1892 eagles have been certified in Proof, yet the 1891 eagle is more likely to be found as a circulated Proof and less likely to be found in gem condition. Auction appearances are frequent, and this date offers excellent value when it does appear. The Smithsonian has two examples, both Deep Cameo PF-64 coins. As with the 1891 eagle, Deep Cameos represent a small fraction of the Proofs of this year.

1893, Proof Mintage: 55

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Despite a smaller mintage, the 1893 Proof eagle appears to be equal in rarity to the 1892 issue, and may even be slightly more common. The number of auction appearances of the two dates is very similar. The quality of the Proof in 1893 was excellent, and the patient collector will be rewarded with a nice Deep Cameo example. In fact, the finest example of this date is a single NGC PF-67 Ultra Cameo coin. Amazingly, no 1893 eagle finer than PF-64 has appeared at auction since 1994; thus, finding those gorgeous Deep Cameo examples will be exceedingly difficult. A PCGS PF-64 sold for the bargain price of $27,600 in mid-2006. The two 1893 Proof coins in the Smithsonian and the one in the American Numismatic Society are unavailable to collectors, except for viewing.

1894, Proof Mintage: 43

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1894 eagle in Proof is slightly rarer than the 1893 issue in a number of areas: original mintage, the number of examples that have been certified, and in the number of auction appearances since 1994. Although Cameo examples of this date appear to be the rule, Proofs with deep cameo contrast are the exception. A couple of gem examples exist, including a single NGC PF-67 Cameo coin (one of the finest Proof Liberty Head eagles of any date). The auction record for this date is the $80,500 paid in 2005 for a PCGS PF-66 Cameo coin. The Smithsonian has one example—a lovely PF-64 Deep Cameo coin.

1895, Proof Mintage: 56

Finest Smithsonian Institution specimen: PF-64 Cameo

If one were to rely on the population reports alone, it might be concluded that this date has one of the highest survival rates of the series. To illustrate, as of this writing, PCGS and NGC have graded 40 examples of this date, representing nearly 70% of the original mintage. However, there is a disconnect between this published survival rate and the number of coins that actually make it to market. Thus, a review of the auction records indicates that this date appears at auction nearly as often as the 1894 eagle, which is known to be a much scarcer coin. How does all this translate into value? Well, in 1998, Pittman’s raw Proof eagle sold for $44,000, a reflection of both the coin’s rarity and beauty. The Smithsonian has two 1895 Proof coins—a PF-64 Cameo and a PF-61 Deep Cameo.

1896, Proof Mintage: 78

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1896 eagle has one of the highest Proof mintages of the series, but it is much rarer than later dates such as 1898 and 1899. Again, the population reports are bloated with resubmissions (to what degree is unclear), but this date appears at auction only a trifle more frequently than dates with much lower mintages (such as 1894 and 1895, for example). In reality, the 1896 eagle is an underrated date that deserves much more attention than it has received in the past. The only gem example that has been seen in recent years is a PCGS PF-65 Deep Cameo that sold for $49,450 in mid-2006. The Smithsonian has two Proof coins: a PF-64 Deep Cameo and a PF-63 Cameo, indicative of the usual finishes for this date.

1897, Proof Mintage: 69

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1897 eagle is comparable in overall rarity to the coins of the preceding few years. Most examples are found at the PF-63 level, although a couple of remarkable pieces are known (including one or two at the PF-66 level and one at the PF-67 level. The two examples in the Smithsonian are both PF-64 Deep Cameos. The 1897 eagle always comes with cameo contrast, often with heavy frosting on the central devices. One of the finest examples is the gem coin from the John Jay Pittman collection that sold for $66,000 in 1998. More recently, in early 2007, an NGC PF65 Ultra Cameo sold for $43,125.

1898, Proof Mintage: 67

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1898 eagle is one of the more common Proofs of this era, found in a wide range of grades from lightly circulated PF-58 to PF-68. In case the PF-68 number failed to impress, note that this is the only date in the entire series that has ever earned that lofty grade. The certified population ballooned in this year, doubtless because of resubmissions, but the variety of grades is so well dispersed that it is impossible to determine where the numbers have been inflated. There are probably 30 to 40 coins known today, which is still a very tiny number. The Smithsonian has two PF-64 examples, both of which are Deep Cameos. The Pittman coin that sold for $60,500 in 1998, is one of the finest examples seen in recent years. It is not known if the incredible NGC PF-68 Ultra Cameo that sold for $149,500 in early 2007 is from the Pittman collection. If so, the 1998 purchase was quite a good investment.

1899, Proof Mintage: 86

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The certified population of the 1899 eagle is one of the highest of the series, even after deducting an unknown number of resubmissions. Most were well preserved and hardly any were spent (unlike in previous years). Auction appearances are also among the most frequent for the series, with an average of two pieces coming up for sale every year. In a rare case of one of the finest examples actually showing up at auction, a PCGS PF-67 example sold for $159,000 (one of the highest prices ever achieved by a late date Liberty Head eagle). The two examples in the Smithsonian are Deep Cameo PF-64 coins.

1900, Proof Mintage: 120

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

If you’re a type collector looking for a nice Proof example of the Liberty Head type, this is one of the best dates to chase after. Perhaps as many as 50 to 60 examples have survived in a variety of grades. The population is sufficiently large, and the frequency of auction appearances is high enough, that this is one of the more affordable dates in the series. However, there are exceptions, including the PCGS PF-67 coin that sold for a record $76,773 in mid- 2006. Some Proofs (Pittman’s included) show weakness at AMERICA and the D of the denomination TEN DOLLARS. The Smithsonian has two examples: a PF-65 Deep Cameo and a PF-64 Deep Cameo.

1901, Proof Mintage: 85

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Thanks to a relatively high mintage, the 1901 eagle is fairly easy to find in Proof condition. A substantial portion of that mintage, perhaps as many as three-fourths, survives today. Already, PCGS and NGC combined have graded more Proofs than were reported to have been minted. Even so, the mintage of the 1901 eagle was much less than that of the double eagle, indicating a different level of demand from one denomination to another. The finest 1901 eagle is a PF-67 Cameo certified by NGC. The finest to have crossed the auction block is an NGC PF-66 Ultra Cameo that sold for $63,250 in late 2006. Two Deep Cameo PF-64 coins can be found in the vaults of the Smithsonian Institution.

1902, Proof Mintage: 113

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1902 eagle has the second-highest mintage of any Proof Liberty Head eagle, but it is certainly not the second most common today. Rather, the 1902 issue is difficult to find in any grade and is especially elusive in gem condition. The finest example is a single NGC PF-67 coin. In 1902, the Mint changed the way it prepared Proof dies, moving to a brilliant finish that lacked the “black-and-white” cameo contrast of previous years. The reason for the change in the finish is a mystery. Even so, one of the two PF-64 coins in the Smithsonian’s collection is a Cameo, suggesting that it was one of the first coins made.

1903, Proof Mintage: 96

Finest Smithsonian Institution specimen: PF-64

The 1903 Proof eagle is one of the most common dates of the period, but only in relative terms, as any coin with a population estimated at 40 to 50 pieces is rare indeed. Like the 1902, this date is usually found with brilliant surfaces and it is rarely found with any kind of cameo contrast. In fact, finding a Cameo example of this date is nearly impossible. To illustrate, both of the PF-64 coins in the Smithsonian are brilliant and unfrosted. Gems are very rare, with the finest example being a single brilliant NGC PF-67 coin.

1904, Proof Mintage: 108

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1904 Proof eagle has a substantial mintage for this series, but survivors are few. PCGS and NGC report 79 examples between them, but there is a large cluster of PF-64 coins on the PCGS Population Report, with none graded finer. This suggests that numerous attempts have been made at an upgrade and that many of the resubmissions have not been removed. Like the 1902 and 1903 issues, the 1904 eagle usually comes brilliant and is much more likely to be found with cameo contrast that are other issues. For instance, both of the Proofs in the Smithsonian are obvious Cameos, but not strong ones. The finest examples are a pair of NGC PF-66 Cameos, one of which (the Trompeter coin) sold for a record price of $55,200 in 1999. Reportedly, the Alipore Mint Museum in Calcutta has a complete, double (!) set of U.S. Proof coins, including two of each of the Proof gold coins.

1905, Proof Mintage: 86

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1905 eagle is one of the scarcer Proofs of the 20th century, on par with the 1902 and 1906 issues, and easily rarer than the 1901 and 1903 eagles. As much as half of the original mintage survives, although an exact census is nearly impossible because of the lack of identifying marks. Population reports indicate a higher survival rate, but resubmissions have bloated the real numbers. Most examples appear at the PF-64 level, including the two Proofs in the Smithsonian. Gems are rare and the finest is a single NGC PF-67 Ultra Cameo coin. Like most of the 20thcentury Proofs, this date lacks the intense contrast of the 19th-century Proofs, but a few exceptions add a bit of a thrill to the hunt.

1906, Proof Mintage: 77

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1906 eagle is a very scarce coin, and demand far outstrips the meager supply. Perhaps as many as half of the original 77 Proofs remain today, although the population reports give the impression of a higher survival rate thanks to resubmissions that have not been removed. This is a problem that persists with all of the gold Proofs, thus population reports should be taken with a grain of salt. Cameo contrast ranges from moderate to strong and several lovely gems are known. The finest example is a single PF-67 Cameo certified by NGC. The finest seen at auction in recent years has been an NGC PF-66 that sold for $46,000 in March 2006. The Smithsonian hosts two examples, both graded PF-64, and one is a Deep Cameo.

1906-D, Proof Mintage: Unknown

No specimen in Smithsonian Institution

According to Breen, the Denver Mint struck an uncertain number of Proof eagles on March 12, 1906, to celebrate the beginning of coinage at the new mint. Dimes and double eagles are also known in Proof (or quasi-Proof condition), so there is some precedence for such a coin. Documentation reportedly exists to support the double eagle, which lends additional credence to the existence of Proofs of this year from this mint. The only Proof 1906-D eagle to appear at auction was in 1975, and it has not reappeared since. No examples have ever been certified, nor does the Smithsonian have such a coin.

1907, Liberty Head, Proof

Mintage: 74

Finest Smithsonian Institution specimen: PF-64 Cameo

In 1907, the Mint struck 74 Proof examples of the Liberty Head type, prior to the conversion to the new Indian Head design. Apparently, most were saved, as this is one of the most common Proof Liberty Head eagles of any date. It is certainly not as rare as has been previously estimated, but it is still a very desirable and valuable coin. The population reports present an interesting conundrum, since they show that ANACS, NGC, and PCGS have certified 98 Proofs of this date—a total well over the reported mintage. Most examples are well preserved, usually at the PF64 level. The finest examples are a couple of coins at the PF-66 level. Cameo Proofs are typical, but the contrast is rarely as strong as in prior years. The Smithsonian has three PF-64 Cameo coins.

1907-D, Proof Mintage: Unknown

No specimen in Smithsonian Institution

We list this date here based on Breen’s claim that “at least one Proof was reportedly struck” of this date and because a single double eagle was also struck in Proof. However, to the knowledge of the authors, no Proof 1907-D eagle has ever appeared on the market and it is highly doubtful that such a coin exists. The only reason that a 1907-D eagle would have been struck in Proof was to commemorate the ending of the design type.

$10 – INDIAN HEAD, PROOF 1907, Rolled Edge, Periods, Satin Proof Mintage: Unknown

No specimen in Smithsonian Institution

A single coin has been graded as Satin Proof-67 by NGC. This may have been some sort of pattern or trial piece, and was obviously not made for the general public to buy. The coin is very boldly struck, and was probably produced on a medal press. Author Jeff Garrett has had the privilege of handling several 1907, Rolled Edge eagles in his career, and the example certified as Proof by NGC is clearly different from any others seen of this rarity. It is possible the coin is the example offered in the cased, Captain Andrew North 1907 and 1908 set of gold coins sold by Stack’s in the late 1970s. The coin was described as Proof by Stack’s at the time.

1907, Matte Proof Mintage: Unknown

No specimen in Smithsonian Institution

Two coins of this date have been graded as Matte Proof by NGC, both as PF-64. These are both regular-issue coins struck late in 1907 after the periods were removed. They were struck in the same finish as seen on the 1908 Matte Proofs. One of these is likely from Stack’s DiBello Sale, lot 1170.

1908, Matte Proof Mintage: 116

Finest Smithsonian Institution specimen: PF-66

This is a very complex year, with possibly three Proof finishes used for coinage. The finish most commonly seen is a dark Matte Proof finish, and of the 116 coins struck, this represents virtually all known examples. As a date, this is the most commonly available of the Proof issues. Orders for these coins were large, as the 1908 coins were the first Proofs generally available to collectors. Many survive in gem condition. Important auction records include the November 2004 PCGS PF-65 coin for $55,200, and the November 2006 NGC PF-67 specimen that sold for $78,200.

1908, Roman Finish Proof Mintage: Included above

No specimen in Smithsonian Institution

The combined NGC and PCGS population reports note four examples have been graded with the satin finish, as opposed to the usual matte finish seen for 1908 issue. Each of these is graded PF-64. The Philadelphia Mint was experimenting with the Proof finishes for coinage at this time, and these satin-finish coins were no doubt trial issues that have found their way into collectors’ hands.

1909, Roman Finish Proof Mintage: 74

Finest Smithsonian Institution specimen: PF-65

Most of these coins were struck in the new much-lighter Roman gold or satin finish, and this process was used to coin most of the 1910 Proof gold coins, as well. In terms of rarity, most examples of the dates can be grouped in this middle range, and in gem Proof grades these coins are available for a price. The 1909 ranks sixth of the eight generally available Proof issues in gem grades. The only gem example of the date seen at auction in recent years has been an NGC PF-65 that sold for $63,250 in early 2007.

1909, Matte Proof

Mintage: Included above

No specimen in Smithsonian Institution

Breen reports in his Encyclopedia of U.S. and Colonial Proof Coins that two coins are known to exhibit the dark matte finish seen on most of the 1908 Proof eagles. Neither has appeared in recent years. Auction records include Stack’s DiBello Sale, lot 1177, and another from Quality Sales Beck I Sale, January 1975, lot 548.

1910, Roman Finish Proof Mintage: 204

Finest Smithsonian Institution specimen: PF-66

These coins were produced with a Roman finish. Although the mintage climbed substantially for Proofs in 1910, as compared with 1909, few of these coins were saved in gem grades. In fact, the 1910 issue rates as the second-rarest date of the eight Proof dates that are generally available to collectors, with a total of just 24 coins having been graded PF-65 or finer. This is really splitting hairs though, as all the Proofs from 1909 to 1915 are represented in PF65 or finer by 22 to 34 coins, except for the 1908 issue that boasts 57 examples in PF-65 or higher. One of the finest known examples of the date, an NGC PF-67, sold for an impressive $80,500 in mid-2006. Many consider Roman finish Proof gold coins to be among the most attractive coins of the 20th century.

1910, Matte Proof Mintage: Included above

No specimen in Smithsonian Institution

Several years ago a set of 1910 Matte Proof gold coins surfaced at a convention in North Carolina. The set was purchased by author Jeff Garrett and resold shortly thereafter. The 1910 Matte Proof set was the first of its kind seen in the matte format. The set is unique and no others have been reported or seen.

1911, Matte Proof Mintage: 95

Finest Smithsonian Institution specimen: PF-67

Obviously, most examples of this date were carefully saved from the time of issue, and despite the tiny mintage of 95 pieces, a total of 33 coins have been graded as PF-65 or finer. Breen reports two finishes were used on the 1911 issue: the dark matte finish seen in 1908 and the fine sandblast finish, which is darker than the matte finish. The grading services do not differentiate between these Proof finishes. No rogue Proof specimens are reported for the 1911 eagle. Memorable examples include an NGC PF-67 coin that sold at auction in late 2003 for $79,350.

1912, Matte Proof Mintage: 83

Smithsonian Institution specimen: PF-66

Production changed in 1912 on the Proof issues, as the Philadelphia Mint employed a new technique that created a fine sandblast finish on the surface of the coin. This sandblast effect appears under a microscope as millions of tiny facets. In terms of rarity, this date rates as the fifth scarcest in gem Proof or higher grades out of the eight collectible dates. The finest graded example of the date, an NGC PF-67, sold at auction in early 2007 for $80,500. It was part of an incredible run of Matte Proof gold coinage, among the finest offered in years.

1913, Matte Proof Mintage: 71

Finest Smithsonian Institution specimen: PF-65

The fine sandblast finish used in 1912 was also used to coin these Proofs. This date ranks as the third-scarcest issue of the series by a tiny margin in gem Proof or finer grades. Eye appeal and surface quality remain superb, and these coins are truly beautiful works of numismatic art. Matte Proof gold coins are not appreciated by all collectors today, just as they were not accepted by many collectors at the time of issue. Significant auction results include September 1998 NGC PF-66 coin for $50,600, and December 1996 Proof coin for $52,800.

1914, Matte Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-66

In 1914 the Philadelphia Mint altered the finish slightly to a coarser appearance, with larger microscopic facets than seen in prior years. This finish is also darker than seen on the 1913 issues. In terms of rarity in gem Proof grades, this date is slightly more available than the 1913 issue, and rates as the fourth-scarcest issue of the eight-coin series. The finest certified example of the issue crossed the auction block in 2006 for the impressive sum of $66,304. Matte Proof gold coins have become increasingly difficult to locate.

1915, Matte Proof Mintage: 75

Finest Smithsonian Institution specimen: PF-65

In 1915 the same coarser finish was used on the Proofs as seen on the 1914 issues. This is the rarest gem Proof to obtain by a small margin, with a total of 22 coins graded in PF-65 or higher by NGC and PCGS. No further eagle Proofs were coined, as Philadelphia Mint policy eliminated general-issue Proofs for most coin series until 1936. As with most of the Proofs in this series, these are available for a price, and a collector may have to wait a year or more to find a specimen in the desired grade, as so few exist. In 2006 an example of this date was offered at auction in a PCGS PF-66 holder. The coin crossed the magical six-figure mark when the final hammer price totaled $103,500. It seems as if this date is finally being appreciated for its true rarity.

20 GOLD COINS: AN OVERVIEW Liberty Head, Without Motto on Reverse (1849–1866) In 1848 the discovery of gold in California turned the American economy on its ear. Suddenly, vast quantities of gold were available to be quickly converted into money. Although the $10 gold piece was perfectly suited for the job, the Treasury took the opportunity to create a new denomination called a double eagle, worth twice the face value of the $10 eagle. This type, also called Type 1, was produced at the Philadelphia, New Orleans, and San Francisco mints. Most of the coins produced at New Orleans were made from local gold, and since supplies were limited, so were the mintages. In San Francisco, where gold was plentiful, mintages were generally higher. At Philadelphia, which received much of the California gold, mintages were higher still, usually exceeding one million coins. Rarities in this series include almost all of the coins produced at New Orleans. Very few Proofs were struck prior to 1859; in that year, the Mint began selling Proof coins to the general public and mintages rose. Still, any Proof example of this type is extremely rare. In 1861, the San Francisco Mint produced a small number of coins with a reverse modified by Anthony Paquet. On these coins, the lettering is taller, and the shape of the eagle differs slightly from the normal examples of this type. Designed by James B. Longacre. On the obverse, a head of Liberty faces left, her hair attractively pulled back in a bun, with some tresses falling down the back of her neck. She wears a coronet inscribed with the word LIBERTY. Thirteen stars surround the head, and the date appears at the bottom of the obverse. On the reverse, a modified version of the heraldic eagle shows the eagle holding a fancy, double scroll bearing the words E PLURIBUS UNUM. UNITED STATES OF AMERICA appears around the top of the reverse and the denomination “TWENTY D.” appears around the bottom. Edge: reeded. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Liberty Head, Without Motto on Reverse.

Liberty Head, Motto Above Eagle, Value TWENTY D. (1866–1876) In 1866 the motto IN GOD WE TRUST was added to the double eagle, above the eagle on the reverse. This religious motto was first proposed during the Civil War. Almost every date of this type (Type 2) is common, except for the 1870-CC. This rarity has a mintage of only 3,789 coins. However, if a collector can live without the 1870-CC, there are plenty of nice circulated examples of this type available for less than $1,000. This type was produced at the Philadelphia, San Francisco, and Carson City mints. In an unusual twist, San Francisco was the big producer, with Philadelphia coming in a distant second, and Carson City third. The 1873 Open and Close 3 are the only major varieties of this type. Designed by James B. Longacre. Same design as the preceding except IN GOD WE TRUST has been added above the eagle on the reverse. Edge: reeded. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Liberty Head, Motto Above Eagle, with value spelled TWENTY D.

Liberty Head, Motto Above Eagle, Value TWENTY DOLLARS (1877–1907) Beginning in 1877, the reverse of the double eagle was modified by insignificant “cleaning up” of the design, but the major difference was the complete spelling of the denomination so that no one could have any doubt that this was a $20 gold piece. This type (Type 3) was produced at Philadelphia, Carson City, San Francisco, Denver (1906 and 1907 only), and even New Orleans (1879). Mintages ran from extremely high to extremely low. In 1883, 1884, and 1887, no double eagles were made for circulation at the Philadelphia Mint—only Proofs. Rarities in the type include the Proof-only dates, and the coins of 1879-O, 1882, 1885, 1886, 1891, and 1891-CC. Several dates are extremely rare or unknown in Mint State. There are plenty of high-grade Uncirculated pieces for type collectors.

Liberty Head, Motto Above Eagle, with value spelled TWENTY DOLLARS. Designed by James B. Longacre. Same designs as the preceding except that the denomination is now spelled TWENTY DOLLARS. Edge: reeded. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Saint-Gaudens, Without Motto, Roman Numerals (1907) In 1907, Augustus Saint-Gaudens created perhaps the most famous and beautiful of all American coin designs. His original design was the Ultra High Relief that appeared on a small number of patterns, but was impractical for normal use in circulation. The second design became known as the High Relief. This, too, was impractical for normal use, but President Theodore Roosevelt was so insistent on having coins to present to the public that Mint Director Frank Leach produced more than 12,000 examples. Thus, the High Relief, which really should have been a pattern, became a regular-issue coin. The design was an immediate hit, and the High Relief coins began selling for premiums above their face value almost immediately. The High Relief comes in two varieties: Wire Rim and Flat Rim. The difference is really a matter of strike— occasionally, metal squeezed up between the collar and the die, resulting in a raised, wire rim. Usually, the wire rim appears only around a portion of the circumference, never the entire circumference, and it may appear on one or

both sides. Designed by Augustus Saint-Gaudens. On the obverse a full-length figure of Liberty in a flowing robe strides toward the viewer. She holds a torch in her right hand and olive branch in the other. The word LIBERTY appears above her head, and the date appears in Roman numerals at lower right. The Capitol dome can be seen in the far background at lower left, and rays of the sun fill the fields. On the reverse, an eagle flies left through the rays in the sun. UNITED STATES OF AMERICA and TWENTY DOLLARS appear above the eagle. Edge: lettered E PLURIBUS UNUM with words divided by stars. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Saint-Gaudens type, Without Motto, and with Roman numerals.

Saint-Gaudens, Without Motto, Arabic Numerals (1907–1908) Meanwhile, efforts were being made to produce dies with relief low enough to be struck on regular coining presses, to satisfy the needs of general commerce. The new dies were a far cry from Augustus Saint-Gaudens’s dramatic design, and the public objected to the omission of the motto IN GOD WE TRUST. Designed by Augustus Saint-Gaudens. Same designs as the preceding except that the relief is much lower, and the date appears in Arabic numerals. Edge: lettered E PLURIBUS UNUM with words divided by stars. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Saint-Gaudens type, Without Motto, and with Arabic numerals.

Saint-Gaudens, With Motto (1908–1933) In 1908, Congress bowed to pressure from the public and restored IN GOD WE TRUST to the double eagle, where it was placed at the base of the reverse in an arc around the sun. This was the final iteration of this design, which lasted until the denomination was terminated. This type was struck at the Philadelphia, Denver, and San Francisco mints. High post-1922 mintages are actually meaningless to collectors, as many of the coins suffered heavy melting or were shipped overseas. A classic example is the 1927-D, one of the rarest American coins despite a decent mintage of 180,000 coins. Even better is the 1933, of which just under a dozen are known, out of an original mintage of 445,500 pieces. In 2002, a 1933 double eagle

sold for more than $7.5 million, setting the world record for a single coin. Ten more examples surfaced in 2006, and currently reside at Fort Knox—pending litigation to determine ownership. Although the $20 denomination died in 1933, Augustus Saint-Gaudens’s design concept lived on. In 1986, the design inspired the obverse of the new series of American Eagle gold bullion coins produced by the U.S. Mint. Those bullion coins are still being produced today. Designed by Augustus Saint-Gaudens. Same designs as the preceding, with the motto IN GOD WE TRUST above the sun on the bottom of the reverse. Edge: lettered E PLURIBUS UNUM with words divided by stars. Standards: weight, 33.436 grams; composition, 90% gold / 10% silver and copper; diameter, 34 mm.

Saint-Gaudens type, With Motto.

$20 – LIBERTY HEAD, WITHOUT MOTTO ON REVERSE 1850 Mintage: 1,170,261

Finest Smithsonian Institution specimen: AU-58

The 1850 double eagle is the first year of the regular issue for the type and denomination. It is extremely popular as such and is one of the more available dates of the type. A surprising number of coins have been auctioned in the last 15 years; most, however, grade VF to AU. Fully Mint State examples of this issue are rare, with fewer than a dozen choice pieces. The treasure of the SS Central America contained 26 coins, but all were circulated. One of the finest specimens seen was the PCGS MS-64 example that sold in the 2000 sale of the Harry W. Bass Jr. collection for $62,100. This coin was sold by private treaty in 2002 for $85,000. David Akers noted that an example once owned by John Murrell was the finest he had seen. This may be the coin currently graded MS-65 by NGC. The NGC MS65 example appeared at auction in early 2007, and sold for $161,000. The American Numismatic Society holds a gem MS-65 example—an exciting coin, but off limits to collectors.

1850-O Mintage: 141,000

Finest Smithsonian Institution specimen: EF-40

A generous number of 1850-O double eagles are offered at auction each year. Most of these, however, are well circulated. The average 1850-O double eagle seen is softly struck and Extremely Fine at best. The examples in the Smithsonian are Extremely Fine and Very Fine. Although available in About Uncirculated, most are mid-range for the grade. Fully Uncirculated examples are very rare. There are currently no choice examples known. The finest specimen to cross the auction block in recent years has been the uncertified example from the Dallas Bank collection. The coin was cataloged as brilliant Uncirculated and sold for $40,250 in 2001. The coin was later graded MS-62 by NGC and sold privately for $100,000 in early 2007. The 1850-O double eagle is very popular as the first year of issue and the first branch-mint issue.

1851 Mintage: 2,087,155

Finest Smithsonian Institution specimen: AU-58

With gold rushing in from California, the production of double eagles soared to a level that would not be exceeded until 1861. A large number of coins was produced, but the vast majority of 1851 double eagles did not survive. Of the coins seen today, most are heavily worn. Examples were found on the SS Central America and the SS Republic, nearly all of which were circulated. High-grade 1851 double eagles are very rare, with only two dozen coins known in choice condition. The highest-grade 1851 double eagle certified to date has been MS-64. An example in that grade sold in late 2004 for $36,000.

1851-O

Mintage: 315,000

Finest Smithsonian Institution specimen: AU-50

The 1851-O double eagle was struck in ample numbers, and today the date is readily available in circulated grades. A surprising number of examples are offered each year at auction. This is the result of popularity and availability. The issue was widely distributed and heavily circulated, and most of the survivors grade Very Fine or Extremely Fine. The date is scarce in About Uncirculated and very rare in full Mint State. Several examples of the 1851-O double eagle were found on the wrecks of the SS Central America and the SS Republic. None were of Mint State quality. There are just 15 to 20 coins that would qualify as Mint State by today’s standards. An MS-63 coin was sold privately in November 2006 for $87,500.

1852 Mintage: 2,053,026

Finest Smithsonian Institution specimen: AU-58

The mintage of double eagles continued in large numbers at the Philadelphia Mint in 1853. The date is one of the more common Type 1 double eagles. The treasure of the SS Central America contained nearly 30 coins of the date, and the SS Republic held nearly 100 examples. Only about a dozen in those two groups are of Mint State quality. An NGC MS-62 coin from the SS Republic sold in 2005 for $10,925 at auction. One of the finest-known examples of the date was auctioned by the authors in the 1985 sale of the Jasper Robinson collection. The coin was cataloged as gem Uncirculated (65/65) and realized $20,000. This was before the discovery of the SS Central America. This could have been the coin graded MS-64 that sold privately in 2006 for $37,000.

1852-O Mintage: 190,000

Finest Smithsonian Institution specimen: AU-50

Like the 1851-O double eagle, the 1852-O issue is readily available in circulated condition. Most of the coins seen are Very Fine or Extremely Fine. About Uncirculated examples make their way to auction with surprising frequency. The issue becomes much rarer in the higher states of preservation. There are fewer than two dozen examples that have been certified as Mint State. There were 20 examples in the SS Republic hoard, of which only one is Mint State. Many of the high-grade examples for the date display partially prooflike surfaces. The finest example seen by the authors has been the Dallas Bank collection specimen that sold uncertified in 2001 for $26,450. The authors’ auction catalog notes indicated that the coin graded MS-63. The best coin to have crossed the auction block in recent years has been a PCGS MS-62 that sold for $48,875 in August 2006.

1853 Mintage: 1,261,326

Finest Smithsonian Institution specimen: MS-61

The mintage for the 1853 double eagle is well below that of the 1851 and 1852 Philadelphia issues. There were still more than one million coins struck, and the 1853 double eagle is fairly common in average grade. Nearly 100 coins of the date were found on the wrecks of the SS Central America and the SS Republic, a few of which are Uncirculated. Auction records indicate that About Uncirculated examples of the date are seen quite often. Fully Mint State coins are rare, particularly at the choice level. The finest known example of the date is graded MS-65 by NGC. The coin reportedly sold at private treaty for $145,000 in November 2006.

1853, 3 Over 2 Mintage: Unknown (included as part of the year’s mintage of 1,261,326)

No specimen in Smithsonian Institution

The 1853, 3 Over 2 double eagle is a rather controversial issue. The variety that is collected as the “overdate” shows the remnants of a numeral beneath the 3 of the date, which is most pronounced near the bottom. Lee Minshull reports that the true 1853, 3/2 variety can be positively identified by a small die bulge below the R of LIBERTY. This variety was discovered in the 1950s. Examples were found on the SS Central America and SS Republic, a few of which are in high-grade condition. Most of the coins known are Extremely Fine or About Uncirculated. Mint State pieces are very rare. An NGC MS-62 coin sold in early 2004 for $75,000.

1853-O Mintage: 71,000

Finest Smithsonian Institution specimen: AU-55

As can been seen from the much lower mintage, the 1853-O double eagle is considerably rarer than the preceding double eagles from the New Orleans Mint. While scarce, collectors willing to settle for a Very Fine or Extremely Fine coin will have little trouble locating an example. Most of the coins seen are softly struck in the central portions, and high-grade examples are usually prooflike. A very small number was found on the wrecks of the SS Central America and SS Republic. There are fewer than 10 examples known in Mint State. An MS-62 example was sold privately in January 2007 for $67,500.

1854, Small Date Mintage: Unknown (included as part of the year’s mintage of 757,899)

Finest Smithsonian Institution specimen: AU-55

There are two major varieties of the 1854 double eagle. The first and more common variety is the 1854, Small Date. Most of the 1854 double eagles seen are of this variety. The overall rarity of the issue is very similar to that of the 1852 and 1853 issues. Low-grade examples are readily available, and high-grade coins become increasingly rare. The Small Date is not greatly different from the Large Date; the photos of both varieties in this book should be helpful in accurate identification. Examples are also seen with recutting on the last two digits of the date. Two examples have been certified at the MS-64 level, but the best specimen to cross the auction block in recent years has been an MS-62 coin. However, an MS-63 piece sold privately in September 2006 for $36,000.

1854, Large Date Mintage: Unknown (included as part of the year’s mintage of 757,899)

No specimen in Smithsonian Institution

The Large Date 1854 double eagle is much rarer than the Small Date. The date size difference is not dramatic, and the coin brings a large premium in any grade. This is an issue that an astute collector could possibly cherrypick, as many are unaware of its rarity. The wreck of the SS Republic offered an interesting random sample that showed the rarity of this issue. The 1854 double eagle was represented by 36 Small Date and 7 Large Date examples. The finest piece the authors have seen is the coin illustrated here, which came from the estate of John Jay Pittman. The coin was purchased by Pittman in 1949 for $60 and sold in 1997 for $10,450. A prooflike example, graded by PCGS as AU-58, was recovered from the SS Central America and sold in 2005 for $19,500. Also reported was an NGC MS62 example that sold for $55,000 in May 2006. A lone PCGS MS-64 stands as the finest graded for the date.

1854-O

Mintage: 3,250

Finest Smithsonian Institution specimen: AU-50

The 1854-O double eagle is one of the great classics of the Liberty Head series. Today, there are probably fewer than 35 coins known in all grades. Most of the 1854-O double eagles seen by the authors have graded just Very Fine or Extremely Fine. There is considerable pressure to inflate the grading for this issue as much as possible. Many of the coins offered years ago as Very Fine are now considered Extremely Fine. The 1854-O double eagle has always been in great demand, but with the recent interest in the field of double eagles, the 1854-O issue has become nearly priceless. A PCGS AU-53 coin sold for $368,000 in early 2005. Additionally, it has been reported that a PCGS AU55 sold for $500,000 in the summer of 2007. Probably the finest example known was in the wreckage of the SS Republic. The coin has been certified by NGC as AU-58 and was sold by private treaty in late 2004 for $675,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1854-S Mintage: 141,468

Finest Smithsonian Institution specimen: AU-50

The year 1854 was the first time that gold coins were produced at the San Francisco Mint. The 1854-S quarter eagle and half eagle are extremely rare. Most of the production for the year focused on double eagles. The issue was widely distributed, and many of the coins seen today are heavily worn. A large group of 1854-S double eagles were found in the wreckage of the SS Yankee Blade. The treasure was undocumented, but it is believed that around 200 to 300 coins were discovered. Most of the coins were high-grade examples, but with surfaces that are lightly etched from exposure to seawater. The surfaces on the coins vary, and some examples have been certified by the major grading services. A few examples have been certified as MS-65, the last of which sold at auction in 1998 for $29,900. One was sold privately in 2004 for $54,000. A Proof example of the 1854-S double eagle is in the Smithsonian.

1855 Mintage: 364,666

Finest Smithsonian Institution specimen: MS-61

Low-grade examples of the 1855 double eagle are fairly common. The issue becomes increasingly rare in high-grade condition. There were examples of the date found on the SS Central America and SS Republic. Most of these were Extremely Fine or About Uncirculated, but a few were on the low end of the Mint State scale. The 1855 double eagle is a true condition rarity. Nearly all of the known coins for the date are low grade. The finest examples graded for the date have been MS-64, with one each reported at PCGS and NGC. This may be the same coin, however. A sale of $145,000 was reported in November 2006 for an MS- 64 example.

1855-O Mintage: 8,000

Finest Smithsonian Institution specimen: AU-50

The rarity of the 1855-O double eagle is often overshadowed by the 1854-O and 1856-O issues. There are fewer than 100 examples known for the date in all grades. This is especially important considering the fact that double eagles are one of the most popular U.S. coins. Most of the coins known for the date are low grade. The treasure of the SS Republic featured three examples, all of which grade AU-58. The Smithsonian has two specimens, both of which are About Uncirculated. Mint State coins are very rare, and those that have been certified as such are barely so. An NGC MS-60 example sold at auction in 2005 for $37,375. More recently, in mid-2006, an NGC AU-53 sold at auction for the princely sum of $34,500.

1855-S Mintage: 879,675

Finest Smithsonian Institution specimen: MS-60

The 1855-S double eagle is mostly seen in Very Fine or Extremely Fine condition. The mintage for the issue was quite large, with nearly one million coins struck. This is an issue that at one time was very rare in Mint State. A large number was found on the wreckage of the SS Central America. More than 300 coins were found, of which nearly 100 were in Mint State. One example is nearly perfect and has been certified as MS-66 by PCGS. There were 57 examples of the date found on the SS Republic. There are two distinctly different mintmarks found for the issue: the Medium S and the Large S. An MS-64 example sold privately in May 2007 for $36,000.

1856 Mintage: 329,878

Finest Smithsonian Institution specimen: AU-50 Cleaned

The 1856 double eagle is much more difficult to locate than many of the other Philadelphia double eagles of the 1850s. The production for the year was widely distributed, and nearly all of the coins known are low grade. The SS Central America and SS Republic held relatively few examples. The 1856 double eagle is very rare in full Mint State. Just a couple of coins have been certified as choice. The finest example the authors have seen is a PCGS MS63 specimen that sold at the 1997 ANA Convention sale for $17,825. The coin would bring much more today.

1856-O Mintage: 2,250

Finest Smithsonian Institution specimen: AU-53

The 1856-O double eagle is one of the great rarities of the Liberty Head series. There are thought to be fewer than 25 coins known in all grades. The known coins range in grade from polished Very Fine to Specimen-63. Most collectors of double eagles have given up on this date, as the starting price for an attractive example begins in the six

figures. The Smithsonian contains two examples, but these are permanently off the market. Of the small number of coins known in About Uncirculated condition, most are at least partially prooflike. The collecting of gold coins by mintmark did not start in earnest until decades after the 1856-O double eagles were struck. Today, the issue is considered a classic. An AU-58 example sold in the summer of 2007 for $545,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1856-S Mintage: 1,189,750

Finest Smithsonian Institution specimen: MS-61

Years ago the 1856-S double eagle was normally found mostly in circulated condition. The discovery of the SS Central America profoundly changed the rarity of this issue. There were more than 1,000 examples found on the ship, hundreds of which are in Mint State. There are also coins known from other shipwrecks, some of which display granular surfaces. The surface of the coins found on the SS Central America are mostly unblemished by their immersion in seawater. There were several gem examples found, and these are among the nicest Type 1 double eagles available. The finest of them, pedigreed to the SS Central America and graded MS-66, sold in October 2004 for $70,000. When the double eagles from the SS Central America entered the market, they were closely studied for die-variety attribution. At least 18 different varieties of the 1856-S issue were identified.

1857 Mintage: 439,375

Finest Smithsonian Institution specimen: EF-45

In circulated condition, the 1857 double eagle is a relatively readily available issue. The date can be found in Very Fine or Extremely Fine condition without too much difficulty, and for not a large premium above melt value. Most

of the coins offered at auction are graded About Uncirculated due to rarity and valuation limitations. While the SS Central America hoard contained thousands of examples from the San Francisco Mint, there were only two 1857 Philadelphia double eagles among the masses. As a consequence, the 1857 issue is scarce in Mint State, and very much so in choice condition. There were 26 examples on the SS Republic, which sank in 1865. The Harry W. Bass Jr. example is one of the finest known. It sold for $23,000 in the 2000 auction of his estate. The lone example that has been graded MS-64 by PCGS sold retail for $90,000 in June 2006.

1857-O Mintage: 30,000

Finest Smithsonian Institution specimen: AU-55 PL

After the tiny production of New Orleans double eagles in 1856, the mintage rose sharply to 30,000 coins in 1857. Most of these were widely distributed and well circulated. The average 1857-O double eagle seen today is only Very Fine or Extremely Fine. There have quite a few examples offered at auction in the last 15 years that have graded About Uncirculated, but most of these have been on the lower end of that scale. High-grade examples of the 1857-O double eagle are sometimes prooflike, and the mintmark is often very weak. The absolute finest example known for the issue is the MS-63 piece that was a part of the Bass collection. That coin sold in 2000 for nearly $100,000. The Smithsonian has two examples, both of which grade AU-55. The SS Republic held just four examples, the finest of which was a beautiful MS-62 prooflike, which is reported to have traded hands privately in November 2007 for $165,000.

1857-S Mintage: 970,500

Finest Smithsonian Institution specimen: AU-55

The interest in gold coins, and double eagles in particular, has risen sharply. Prior to 1985, the 1857-S double eagle was mostly available in grades of Very Fine to Extremely Fine. A few nice specimens were known, but none were choice pieces. The discovery of the SS Central America changed the landscape of collecting double eagles profoundly. There were more than 5,000 examples of the 1857-S double eagle aboard when the ship sank. Many of the examples found were in the same state of preservation as the day they left the Mint. The fabulous condition of the coins is what makes them so special; the shipwreck find made early double eagles available in high-grade condition. One of the finest examples from the hoard was an PCGS MS-67 that sold at auction in early 2008 for $103,500. At least eight different varieties of the 1857-S were identified. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1858 Mintage: 211,714

No specimen in Smithsonian Institution

The 1858 double eagle is a condition rarity. Low-grade examples are scarce but can be found without too much difficulty. Most of the coins offered at auction are graded AU-55 or AU-58. A small number of examples were found on the SS Republic, three of which are on the low end of the Mint State scale. A few have been certified as MS-63, but these are very rare and in great demand. One of the finest known examples sold at public auction in recent years is the Harry W. Bass Jr. specimen that had been certified as MS-63 by PCGS. The coin sold for $29,900 in the 2000 sale of his estate. The same coin was reported to have sold in early 2007 for $44,000. The Smithsonian lacks a circulation-strike example of the 1858 double eagle. Early collectors preferred Proof examples of Philadelphia coinage.

1858-O

Mintage: 35,250

Finest Smithsonian Institution specimen: AU-53

The 1858-O double eagle is of similar rarity to the 1857-O issue. Both are usually seen in low-grade condition. Examples that grade Very Fine or Extremely Fine are the best that can be readily obtained. However, it should be remembered that the 1858-O date is scarce in any condition, with fewer than 200 examples remaining of the 35,250 coins struck. The two finest survivors are the PCGS MS-62 coin from the Harry W. Bass Jr. collection and the MS63 specimen that was listed as being a part of the SS Republic find. Both were partially prooflike, which is normal for high-grade examples of the date. The finest example from the SS Republic sold privately in 2006 for $175,000.

1858-S Mintage: 846,710

Finest Smithsonian Institution specimen: AU-55

Although there were obviously no examples of the 1858-S double eagle aboard the SS Central America, there were 68 examples found on the SS Republic. Most were in About Uncirculated condition, with just a few at the lower end of the Mint State scale. Not surprisingly, most of the 1858-S double eagles seen are low grade and heavily abraded, as the issue saw heavy commercial use. Very few examples were saved, and in Mint State this issue is very rare. A PCGS MS-63 coin sold privately in the summer of 2005 for $55,000.

1859 Mintage: 43,597

No specimen in Smithsonian Institution

The 1859 issue has one of the lowest mintages of any Type 1 double eagle from the Philadelphia Mint. Also, the issue was largely ignored by early collectors who preferred Proof examples of Philadelphia coinage. As a result, the 1859 double eagle is very scarce in any grade. Most examples are in no better condition than Very Fine or

Extremely Fine. A number of coins have been offered as About Uncirculated at auction in the last decade, but most of these were on the lower end of that scale. A good indication of the coin’s rarity is illustrated by the fact that only two examples were found on the SS Republic, both of which are AU-58. The Smithsonian lacks this date in circulation-strike format. The finest coin graded at the MS-62 level, and it has been reported that it sold for $55,000 in early 2005.

1859-O Mintage: 9,100

Finest Smithsonian Institution specimen: AU-53

The population and auction data confirm that this coin is rare in any grade. The 1859-O double eagle is the thirdrarest issue from the New Orleans Mint, exceeded only by the ultrarare 1854-O and 1856-O issues. Most of the coins offered are Very Fine or Extremely Fine, and many of those display heavy bagmarks or damage. There were just two examples of the date aboard the SS Republic. Both of these were certified as AU-58, one of which is prooflike. High-grade examples are extremely rare, and only two have been certified as Mint State. One Mint State coin sold at auction in 2000 for $60,950. An example graded as AU-58 brought a stunning $92,000 in an early 2005 auction, and an MS-60 coin sold privately in the summer of 2004 for $120,000. The demand for the date continues to be very high.

1859-S Mintage: 636,445

Finest Smithsonian Institution specimen: AU-58

With an ample mintage of 636,445 coins, the 1859-S, a branch-mint issue, is the most common double eagle for the year. Examples may be found in grades of Very Fine to About Uncirculated without too much difficulty. Most of

these will be heavily marked, as the production for the year was widely circulated. There were 67 examples found on the SS Republic, but most were About Uncirculated, and only one attained a Mint State designation. Like most of the coins of this era, the 1859-S double eagle is very rare in Mint State, and just one or two are known at the choice level. The finest example certified to date has been a PCGS MS-63 coin that sold retail for $67,500 in October 2004.

1860 Mintage: 577,670

Finest Smithsonian Institution specimen: EF-40

The population data show that the 1860 double eagle is rather plentiful in circulated condition. There was also a significant quantity found on the SS Republic. The ship contained nearly 100 coins, a few of which have been certified as MS-64 or MS-65. Three or four MS-64 coins have been offered at auction in the last few years. The previous record for the date at auction has been $41,800 for an MS-64 example that sold in 1997. This was well before the discovery of the SS Republic. An example from the shipwreck in NGC MS-65 sold for $69,000 in September 2006. The Smithsonian examples for the issue are very modest and grade just Extremely Fine.

1860-O Mintage: 6,600

Finest Smithsonian Institution specimen: AU-50 PL

This is a rare and desirable issue in any grade. It is probably the fourth- or fifth-rarest New Orleans double eagle. It is estimated that fewer than 100 pieces are known today in all grades. The 1860-O double eagle is found heavily bagmarked in most cases. There average coin seen at auction and on the bourse floor is Extremely Fine at best. The strike for the issue is sometimes weak on the borders, and the few high-grade examples known are partially prooflike. About Uncirculated examples are very rare, and only two coins have been reported as Mint State. An

uncertified piece was offered at auction in 1992 as MS-60, but it did not sell. The location of the coin is unknown today. Only one example was found on the SS Republic, and was certified as MS-60 PL by NGC. It reportedly sold for $165,000 in mid-2006.

1860-S Mintage: 544,950

Finest Smithsonian Institution specimen: AU-50

The 1860-S double eagle was struck in ample quantity and was a workhorse of commerce. Most of the coins struck saw heavy circulation. The remaining examples are mostly Very Fine or Extremely Fine. In low-grade condition, the date can still be found in large lots of common-date Type 1 double eagles. High-grade pieces are another story. The issue is very rare in Mint State. Only about two dozen Uncirculated coins are known, including examples found on the wrecks of the SS Brother Jonathan and SS Republic. An MS-62 example sold at auction in 2003 for $10,350. The finest graded examples have been MS-63, one of which sold privately in 2005 for $25,000.

1861, Paquet Reverse Mintage: Unknown

No specimen in Smithsonian Institution

The Philadelphia 1861, Paquet Reverse double eagle is one of the top U.S. coin rarities. At one time this fabled issue was considered a pattern coin. Modern research has proven, however, that the coin was struck for general circulation and is not a pattern. In 1860, Anthony Paquet modified the reverse design for the double eagle. The reverse letters are much taller and more slender in appearance. The new design proved unsatisfactory, and most of the mintage for the 1861, Paquet Reverse double eagle was melted. Today, only two examples are known. One was discovered in Paris in the 1960s and has been graded by PCGS as MS-61. The coin sold at auction in mid-2006 for $1,610,000.

The other is superb and traces its pedigree to 1865, when it was sold by W. Elliot Woodward for $37. The coin has resided in some of the world’s most famous collections and will surely set a new price record when offered for sale. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1861 Mintage: 2,976,453

Finest Smithsonian Institution specimen: AU-50

Until the treasure of the SS Central America was discovered, the 1861 Philadelphia issue was the most common Type 1 double eagle. This is the issue most collectors thought of when trying to find an acceptable example of the type. The large mintage, the highest of any double eagle until 1904, makes the 1861 a common issue in most grades. Choice pieces are actually very rare. There have only been about 60 coins certified at that level. The finest known example of the date by far is a PCGS MS-67 coin that sold at auction in 1995 for $96,800. Nearly 500 examples of the date were found on the SS Republic. Most were in grades from AU-58 to MS-62.

1861-O Mintage: 17,741

Finest Smithsonian Institution specimen: AU-53

The 1861-O double eagle is very rare and one of the more historically interesting Type 1 double eagles. The issue was struck by three different governmental authorities. It has been estimated that the federal government struck 5,000 coins, the state of Louisiana 9,750 coins, and the Confederacy 2,991 coins. Unfortunately, it cannot be determined with certainty which mint struck which coins. There are probably fewer than 200 coins known in all grades, most of which are Very Fine or Extremely Fine. High-grade examples are very rare and desirable. Most display partially prooflike surfaces. The finest known example, which is a prooflike NGC MS-62, is reported to

have sold for $430,000 in early 2004. The Smithsonian has an amazing AU-53 coin with prooflike surfaces.

1861-S, Paquet Reverse Mintage: 19,250

No specimen in Smithsonian Institution

The 1861-S, Paquet Reverse was also thought to be a pattern issue at one time. It has been proven that the issue was intended for circulation and is now considered a very rare, but regular, issue. In 1860, Anthony Paquet modified the reverse design for the double eagle. The reverse letters are much taller and more slender in appearance. The reverse design was rejected, and before word could reach California, $385,000 of the coins were struck and released into circulation. Today, there are probably about 100 coins known, most of which are Very Fine or Extremely Fine. Some examples seen by the authors have been harshly cleaned or damaged. There are no Mint State coins known. Surprisingly, the Smithsonian does not possess an example of this issue. The finest graded examples are at the AU58 level, one of which sold privately in May 2006 for $200,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1861-S Mintage: 768,000

Finest Smithsonian Institution specimen: AU-55

After the small run of Paquet Reverse double eagles, the regular reverse die was used to strike 768,000 coins at the San Francisco Mint in 1861. The issue is found in abundant quantities in most grades. The typical coin is in Very Fine to About Uncirculated condition. Mint State coins are very rare, and there have been fewer than 25 coins certified at that level. There were nearly 100 coins found aboard the SS Republic, most of which grade About

Uncirculated. Another 43 coins were found on the SS Brother Jonathan. The finest graded for the date were two examples at the MS-63 level. One of these sold for $60,000 in 2005. The Smithsonian collection contains two examples of the date, neither of which is in Mint State.

1862 Mintage: 92,133

No specimen in Smithsonian Institution

With the Civil War raging and the outcome in doubt, the number of double eagles struck at the Philadelphia Mint dropped sharply. The 1862 issue is one of the rarest Type 1 double eagles from the Philadelphia Mint. A significantly low number of coins have been offered at auction and listed on the population reports for the 1862 issue. Unlike many of the earlier coins from this mint, the 1862 double eagle is rare in all grades. The only significant group found has been the coins on the SS Republic. Just nine coins were on board, but a few of those are in Mint State. The finest example seen by the grading services has been rated MS-64. The coin reportedly sold for $65,000 in August 2003. Early collectors ignored the circulation-strike issues from the Philadelphia Mint. The Smithsonian lacks an example of this issue.

1862-S Mintage: 854,173

Finest Smithsonian Institution specimen: AU-53

The mintage for the 1862-S double eagle was quite large, and the coins saw extensive circulation. Largedenomination coins were popular for transport. The 1862-S issue is available in Very Fine and Extremely Fine condition for about the same price as the most common double eagle of this type. At one time the issue was much rarer in high grade, but both the SS Brother Jonathan (68 coins) and SS Republic (127 coins) contained examples in

the gold hoards found on those ships. Most were of About Uncirculated quality. The date remains rare in Uncirculated condition. An example from the SS Brother Jonathan that graded MS-62 sold at auction in 2005 for $23,000. The finest graded by PCGS or NGC has been MS-63, one of which sold privately in late 2006 for more than $40,000. One variety for the issue is dramatic, with the 86 of the date sharply recut; about half of the coins found on the SS Republic were of this variety.

1863 Mintage: 142,790

No specimen in Smithsonian Institution

The mintage of gold coins at the Philadelphia Mint in 1863 was low for all denominations. In fact, there were no quarter eagles struck at all. The double eagles for the year are scarce in all grades. None were found on the SS Brother Jonathan, and only 35 examples were on the SS Republic. The 1863 issue is very rare in Mint State, with just a few pieces known in choice condition. A single example has been certified at the MS-64 level. The circulation-strike issues from Philadelphia were not collected at the time of issue, as Proof coins were the preferred standard. In fact, the Smithsonian lacks an example of the issue. Recent offerings at auction include an NGC MS-61 coin that sold in 2005 for $18,975.

1863-S Mintage: 966,570

Finest Smithsonian Institution specimen: AU-50

The 1863-S double eagle has been one of those issues that were always available in low grades but very rare in high grades. The discovery of the SS Republic and SS Brother Jonathan brought to light nearly 300 new and relatively high-grade examples. The majority of the coins found are in the About Uncirculated range, but there were several

choice pieces located. An NGC MS-62 coin from the Brother Jonathan sold at auction in 2005 for $16,675. A lone MS-64 example has been certified by PCGS, and it reportedly traded for $56,000 in March 2003. Low-grade examples can be purchased for the price of a common double eagle of this type; these $20 pieces are an incredible bargain for collectors of interesting Civil War–era coins.

1864 Mintage: 204,235

No specimen in Smithsonian Institution

Philadelphia Mint double eagles from 1864 are scarce in all grades. The mintage is somewhat higher than from the previous few years, but the survival rate is about the same. Until the discovery of the SS Republic hoard, the 1864 issue was extremely rare in full Mint State. There were a few coins at that level known, but most were marginally so, only qualifying in recent years. There were 42 examples of the 1864 Philadelphia issue on board the SS Republic, but this is very small in comparison to the large number of double eagle collectors. An NGC MS-62 example from the SS Republic sold at auction in 2005 for $25,875. Also recovered from the SS Republic is an NGC MS-64 that sold for nearly $100,000 in early 2006. There is no example of the issue in the collection of the Smithsonian.

1864-S Mintage: 793,660

Finest Smithsonian Institution specimen: EF Cleaned

The 1864-S double eagle is one of the issues that have been profoundly affected by the discoveries of the SS Brother Jonathan and the SS Republic. Before these hoards of U.S. gold coins were uncovered, the 1864-S double eagle was found in mostly Very Fine to Extremely Fine condition. The SS Brother Jonathan contained 108 of these coins, which ranged in grade from AU to MS-63. The SS Republic held 168 coins, the finest of which, an MS-65, sold for

more than $50,000 in late 2004. An NGC MS-63 coin from the SS Republic sold at auction in 2005 for $21,850. The Smithsonian example, which was obtained well before the discovery of the aforementioned shipwreck coins, grades only Extremely Fine with partially cleaned surfaces.

1865 Mintage: 351,175

No specimen in Smithsonian Institution

Before the discovery of the SS Republic, the 1865 double eagle was generally only seen in Very Fine or Extremely Fine condition. The best Harry W. Bass Jr. could acquire in 30-plus years of collecting was About Uncirculated. The Smithsonian currently lacks an example. That rarity changed when the treasure of the SS Republic was brought to light. The 1865 double eagle was the most plentiful date found, with 320 pieces in grades ranging from AU to MS65. The luster on the coins is superb, and they are nearly in the same condition as the day they left the Philadelphia Mint. One of the finest coins from the SS Republic sold at auction in 2005. It was graded MS-65 by NGC and realized $66,125.

1865-S Mintage: 1,042,500

Finest Smithsonian Institution specimen: AU-50

The 1865-S double eagle is another coin that was very rare in high grade before the remarkable finds of the SS Brother Jonathan and the SS Republic. More than 500 of these coins were found on the SS Brother Jonathan. Many were sold in a rather unconventional way: in a single auction in 1999, mostly as individual lots. The coins ranged in grade from AU to MS-66. The MS-66 example sold for $72,450. Nearly 250 coins were found on the SS Republic. Most of these were Mint State as well. (Remember, Harry W. Bass Jr. could find in no better grade coin than

Extremely Fine.) Today the 1865-S double eagle is available in grades unheard of several years ago. These coins are tangible links to these fascinating treasures and an important time in American history.

1866-S, Without Motto Mintage: Estimated at 120,000

Finest Smithsonian Institution specimen: EF-45

The 1866-S double eagle is the last of the Without Motto type. Both the Without Motto and With Motto double eagles were struck in 1866 at the San Francisco Mint. The Without Motto variety is by far the rarest. It is actually one of the rarest double eagles of this type. Nearly all of the coins seen of the date are very well worn or heavily marked. There are probably no more than 200 examples known in all grades. Extremely Fine pieces are rare, and in About Uncirculated the issue is considered a major rarity. Even by today’s more liberal standards, there are no known Mint State examples. Both the Bass and Smithsonian specimens grade just Extremely Fine. A PCGS AU-58 example sold at auction in the January 2007 FUN sale for an impressive $195,000.

$20 – LIBERTY HEAD, WITH MOTTO, VALUE TWENTY D. 1866, With Motto Mintage: 698,745

Finest Smithsonian Institution specimen: MS-61

The 1866 Philadelphia issue double eagle marks the introduction of the Type 2 design, with the motto IN GOD WE TRUST added to the reverse. With a rather plentiful mintage, this 1866 Type 2 double eagle is not too difficult to locate in grades of Very Fine or Extremely Fine. In About Uncirculated condition it becomes scarce, and Mint State

pieces are truly rare. Only one of the known Uncirculated examples of the date is of choice condition. The typical coin is very baggy in appearance. Most examples of the issue did not circulate at the time of production. Many were melted or sent overseas for trade. Preservation of quality was not a high priority at the time. Early collectors concentrated on Proof specimens for the Philadelphia coinage. By far the finest example seen at auction in recent years has been a PCGS MS-64 coin that sold for $96,600 in late 2006.

1866-S, With Motto Mintage: 842,250

Finest Smithsonian Institution specimen: AU-58

Gold double eagles saw extensive circulation in the Western states during the 1860s. Although the mintage is relatively high for the 1866-S, With Motto issue, most of the survivors are well worn. The date is not difficult to locate in Very Fine or Extremely Fine. About Uncirculated examples are seen, but mostly on the low end of that scale. Very few coins of the date have turned up in Mint State over the last 140 years. There are probably only about two dozen examples known that qualify as Uncirculated. None are known in choice condition. One of the finest specimens seen by the authors has been the Harry W. Bass Jr. example that was graded MS-61 by PCGS and sold for $20,700 in mid-2000. A PCGS MS-62 crossed the auction block more recently for $39,100.

1867 Mintage: 251,015

No specimen in Smithsonian Institution

A significant number of 1867 Philadelphia double eagles were shipped overseas for trade at the time of issue. Reportedly, a hoard of a few hundred or so coins was repatriated sometime during the 1960s. Author Jeff Garrett was offered groups of the date as late as the 1980s. Most of the coins were Mint State but heavily abraded. The

luster on the coins is intense, and the 1867 double eagles are popular as type coins for the Type 2 design. The Smithsonian collection lacks the date in circulation-strike format. Although examples of the 1867 double eagle can be found in Mint State, choice examples are extremely rare. Only one has been certified at the MS-64 level. A PCGS MS-62 specimen sold at auction in 2006 for $10,925.

1867-S Mintage: 920,750

Finest Smithsonian Institution specimen: AU-53

With a large mintage of nearly one million coins, it is not surprising to find the 1867-S double eagle easy to locate in average, circulated condition. Many saw heavy circulation or the melting pot. Nearly all of the coins offered at auction over the last 15 years have been in About Uncirculated condition, mostly on the low end of the scale. Mint State pieces are very rare. Only about a dozen are known in Uncirculated condition. None are known in choice MS63 or better condition. The finest known example is probably the Dallas Bank collection specimen that sold uncertified at auction in late 2001 for $20,700. The piece exhibited just a few too many obverse marks to qualify as MS-63, in author Jeff Garrett’s opinion. The coin was only one of three Mint State examples to cross the auction block in 15 years.

1868 Mintage: 98,575

No specimen in Smithsonian Institution

A quick study of the population data and auction records reveals that the 1868 double eagle is a scarce issue in any grade. The mintage is below 100,000 coins, and most of the remaining coins are in Very Fine or Extremely Fine condition. Very few were saved by contemporary collectors. Proof examples were the preferred method of

collecting. The Smithsonian lacks a circulation-strike example for this reason. The 1868 double eagle is very rare in full Mint State. Fewer than 10 coins are known in Uncirculated condition. The finest example seen by the authors has been the Dallas Bank collection coin that was sold uncertified in 2001 for $16,100. There are no choice specimens known for the date, since only two examples have been certified at the MS-63 level.

1868-S Mintage: 837,500

Finest Smithsonian Institution specimen: EF-45

Although the 1868-S double eagle is readily found in grades of Very Fine or Extremely Fine, the date becomes scarce in About Uncirculated condition. The best example found in many great collections offered over the last few decades has been About Uncirculated. An AU-58 coin was the nicest grade of this issue Harry W. Bass Jr. could muster in his years of searching. There have been very few Mint State examples graded in the last two decades. Most of these are quite baggy and on the low end of the scale. The highest-grade example seen by the authors has been the NGC MS-62 coin that was part of the Eagle Collection. It sold at auction in August 2006 for $32,200. Although unseen by the authors, one example has been certified at the MS-64 level by NGC.

1869 Mintage: 175,130

No specimen in Smithsonian Institution

The mintage for the 1869 double eagle is moderate in comparison to the San Francisco issues of the era. Fewer coins entered circulation, and most of the coins that were not melted or exported are heavily bagmarked and range in grade from Extremely Fine to About Uncirculated. There are very few Mint State coins known; of those Mint State coins, two examples stand out. The Harry W. Bass Jr. example was sold as being in MS-64 condition in mid-2000 for

$39,100. An amazing PCGS MS-65 coin was offered at auction in early 2008. The coin is among the finest known Type 2 double eagles. After spirited bidding, the coin realized $299,000. The 1869 double eagle is another issue that is missing from the collection of the Smithsonian. The year 1869 is when Jay Gould and James Fisk attempted to corner the gold market. The result was a quick run-up in gold prices, followed by a crash that left many speculators with large losses. The date of the crash, September 24, 1869, is remembered as Black Friday.

1869-S Mintage: 686,750

Finest Smithsonian Institution specimen: EF-40

The 1869-S double eagle was struck in ample numbers, and today the date is plentiful in grades of Very Fine or Extremely Fine. In low grade the issue trades for the price of a common Type 2 double eagle. The majority of coins offered at auction in the last two decades have been About Uncirculated. Mint State examples are very rare, most being only at the MS-60 or MS-61 level. Many great collections of the past have lacked the date in Uncirculated condition. Although the date is very rare in Mint State, a few choice examples are known. An uncertified example sold in 1992 for $48,400, and a PCGS MS-64 coin sold for the stunning price of $83,375 in mid-2005. Five examples have been graded at the MS-65 level by PCGS.

1870 Mintage: 155,150

No specimen in Smithsonian Institution

The 1870 double eagle is surprisingly scarce in all grades. The number of coins graded by the major services is lower than most of the other Philadelphia Type 2 double eagles. The average grade seen at auction is About Uncirculated, with many famous collections having the date in that state of preservation. The Smithsonian lacks an

example of a circulation-strike 1870 double eagle. Collectors of past generations preferred Proof examples for the Philadelphia issues. The 1870 double eagle is very rare in full Mint State, and only two examples have been graded at the MS-64 level. A PCGS MS-63 sold for $48,875 at auction in early 2007.

1870-CC Mintage: 3,789

Finest Smithsonian Institution specimen: EF-40

The 1870-CC double eagle is one of the true classics of the series. In 1870 a new branch mint began operating in Carson City, Nevada. A total of only 3,789 coins were produced for the year. Most were used for commerce in Nevada and the surrounding territory. The coins circulated heavily, and all surviving examples are worn to some degree. There are probably only 35 to 50 coins known, the finest being About Uncirculated in grade. The majority of the coins seen are Very Fine, with extensive abrasions. The pressure to maximize the grade is high, and many have been graded optimistically in recent years. Nearly all examples of this great rarity are owned by serious collectors and are seldom offered for sale. An NGC EF-40 coin sold for $184,000 in late 2005, and a PCGS AU-53 coin sold for $368,000 in early 2004. More recently (2006) an NGC AU-50 sold at auction for $359,375. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1870-S Mintage: 982,000

Finest Smithsonian Institution specimen: EF-40

The 1870-S double eagle was minted in large numbers, but most were exported or destroyed. The coin that did survive is mostly Very Fine or Extremely Fine. Because of valuation issues, the average 1870-S double eagle

offered at auction grades About Uncirculated. Coins in lower-grade condition do not merit individual listings. The 1870-S double eagle is very rare in Mint State. Most of the great double eagle collections sold at auction in the last two decades have lacked an Uncirculated example. The Bass collection and the Dallas Bank collection did not have a Mint State piece. There have been 50 or 60 coins certified as Mint State, but all have been on the low end of the scale. The finest certified examples have been a few at the MS-63 level. A PCGS MS-62 sold for $28,750 in early 2007.

1871 Mintage: 80,120

Finest Smithsonian Institution specimen: EF Damaged

This date has the lowest mintage of any Philadelphia Type 2 double eagle. It is scarce in all grades, with the average survivor rating Very Fine or Extremely Fine. Most are heavily abraded or harshly cleaned. The Smithsonian contains an example, but the coin is only Extremely Fine with slight damage. Nearly all of the coins offered at auction in the last two decades have been in About Uncirculated condition. Mint State specimens are very rare and seldom seen. The finest example the authors have seen is the prooflike piece that was sold uncertified from the Dallas Bank collection. According to the authors’ auction catalog notes, it should have graded MS-64. The price realized was $17,250 in 2001. The population numbers for the MS-64 coins probably represent multiple resubmissions of the same coin, possibly the Dallas Bank piece. There is one coin now certified by PCGS as MS-65. It could very well be the Dallas Bank specimen.

1871-CC Mintage: 17,387

Finest Smithsonian Institution specimen: EF-45

By a large margin, the 1871-CC double eagle is the second-rarest Carson City issue. The mintage is small, and most

of the production was destined for circulation in Nevada and the surrounding areas. Circulation is the key word, as most of the coins found of this issue are well worn and heavily bagmarked. There are also a number of heavily cleaned examples known for the date. The 1871-CC double eagle is scarce in Extremely Fine and About Uncirculated condition. High-end About Uncirculated coins are very rare, and just a few pieces are known in Mint State. One incredible coin for this scarce issue stands out. It first appeared in the David Akers session of Auction ’88, where it realized $46,200. The coin is now graded by NGC as MS-64, and last appeared at auction in 2005. The coin sold for an amazing $230,000. This illustrates the tremendous increase of interest in double eagles in the last decade.

1871-S Mintage: 928,000

Finest Smithsonian Institution specimen: AU-50

As could be guessed by the mintage of nearly one million coins, the 1871-S double eagle is rather plentiful in grades of Very Fine to About Uncirculated. Quantities were shipped overseas, and significant numbers are known today. As with most Type 2 double eagles, the issue becomes increasingly rare in Mint State. Examples in MS-60 and MS-61 are usually the best available. There are a few choice coins known for the date, but they are rarely offered for sale. The finest seen to date by the authors has been the NGC MS-64 example that was sold in the 1998 ANA sale for $32,200. One example has been certified by PCGS at the MS-65 level.

1872 Mintage: 251,850

Finest Smithsonian Institution specimen: MS-62

Like all Type 2 double eagles, the 1872 issue is usually found in average Very Fine or Extremely Fine condition. Coins in About Uncirculated condition can be found, but they are usually very baggy in appearance. Fully Mint State coins are rare, and there are probably fewer than 200 examples known at all levels. The Philadelphia issues were not very popular several years ago. The recent interest in double eagles has revealed the true rarity of these previously ignored pieces. There are a few choice examples known for the date. Some of the finest specimens seen in recent years have been the Harry W. Bass Jr. example, a PCGS MS-62 coin that sold for $11,500 in late 2000, and the Dallas Bank collection piece that sold for $6,325 in 2001. One each has been certified by PCGS and NGC as MS-64. The Smithsonian example is in excellent condition and would probably receive an MS-62 designation.

1872-CC Mintage: 26,900

Finest Smithsonian Institution specimen: VF-30

As is evident by the large number of examples seen at auction in the last 15 years, the 1872-CC double eagle is scarce but available. This must be qualified by condition, however, as most of the coins seen are Very Fine or Extremely Fine. High-grade examples are very rare. The population data for About Uncirculated condition are greatly inflated by resubmissions. The resubmissions have resulted in the forty-some coins that have been designated as Mint State in recent years. Just a few years ago there were only two or three coins at that level. Still, the 1872-CC double eagle must be considered a true condition rarity. The Smithsonian example rates at just Very Fine. The most recent auction record for a Mint State specimen was in mid-2005, when an NGC MS-60 coin sold for $27,370.

1872-S

Mintage: 780,000

Finest Smithsonian Institution specimen: EF-45

The 1872-S double eagle can be found with relative ease in average grades of Very Fine or Extremely Fine. Lowlevel About Uncirculated coins are also rather plentiful. Large quantities of the issue were shipped overseas, and over the years many have been found in groups of common-date double eagles. Two decades ago it was not unusual to find Type 2 double eagles in shipments from European banks. The number of 1872-S double eagles found in Mint State drops greatly. There are probably fewer than 200 coins known in all grades of Uncirculated. This is another condition rarity that can be found easily in low-grade condition but becomes very rare in Mint State. The Harry W. Bass Jr. example, which was offered as MS-62, sold for $8,625 in mid-2000. In recent years, one example has been certified at the MS-64 level. It is not known if this coin is a discovery piece, or the result of resubmissions.

1873, Close 3 Mintage: (Included as part of the year’s mintage of 1,709,800)

No specimen in Smithsonian Institution

It is not known how many of the 1873 Philadelphia double eagles were of the Close 3 variety. It was surely very few, however, as the variety is much more rare than the Open 3. The variety can sometimes be confusing, as the Open 3 is actually not that open. The Close 3 variety looks very similar to an 1878 date. The variety is often overlooked, and the issue is an underrated “sleeper.” The Smithsonian lacks an example of the variety, as have many great collections of the past. The variety is very rare in Mint State, and most of those are at the MS-60 level. The auction record for the variety has been for a PCGS MS-62 coin that sold for only $3,740 in 1996. An example in that condition would bring much more today.

1873, Open 3

Mintage: (Included as part of the year’s mintage of 1,709,825)

Finest Smithsonian Institution specimen: MS-62

The 1873, Open 3 double eagle is probably the most common date for the variety. There were large numbers struck, and there are still large numbers of the issue found today. In grades of Very Fine to About Uncirculated condition, the issue is common for the type. In fact, it is the one date most collectors would probably acquire for a type set. In Mint State the issue is scarce, as are all Type 2 double eagles. Most are in grades of MS-60 to MS-61. Choice examples are actually quite rare and seldom available. Just a few examples are known above MS-63, the finest being a lone MS-66 example. In early 2007, a PCGS MS-64 crossed the auction block at $25,300.

1873-CC Mintage: 22,410

Finest Smithsonian Institution specimen: EF-40

All 1873-CC double eagles struck are of the Close 3 variety. The date is usually found well circulated with abundant abrasions. With a mintage that is similar to the 1872-CC double eagle, the 1873-CC issue is of about the same rarity. There have been a few hundred coins certified in grades of Extremely Fine to About Uncirculated. At the Mint State level, there have been about 20 coins certified, mostly MS-60 and MS-61. This, no doubt, includes at least some resubmissions. The vast majority of the coins offered at auction in the last several years have been Extremely Fine or About Uncirculated. Just one piece is known in choice condition. The coin, graded by PCGS as MS-63, last sold at auction in early 2007 for $109,250. The coin has more recently been certified by PCGS as MS-64.

1873-S, Close 3 Mintage: (Included as part of the year’s mintage of 1,040,600)

No specimen in Smithsonian Institution

The 1873-S double eagle can be found in circulated grades rather easily. The issue is considered common in grades up to Uncirculated. As with any Type 2 double eagle, this issue is scarce in Mint State. The Close 3 variety is more common than the Open 3 variety for the year. Surprisingly, the Smithsonian lacks an example of either variety. Of the coins known for the date in Mint State, nearly all are MS-60 or MS-61. Just a few examples are known in choice condition. The finest seen by the authors in many years was an uncertified piece that sold at auction in 1997 for $15,400.

1873-S, Open 3 Mintage: (Included as part of the year’s mintage of 1,040,600)

No specimen in Smithsonian Institution

At first glance the Open 3 actually appears to be the Close 3 variety. The difference is small, and sometimes a sideby-side comparison is necessary. The Open 3 variety is the rarer of the two varieties known for the year and mint. Although the Open 3 has been a recognized variety for many years, it has only been with the recent surge in interest of double eagles that the issue has become in demand. As stated above, the Smithsonian lacks an example of either variety. As can be seen from the population reports, Mint State coins are scarce and very rare above the MS-62 level. The MS-61 coin from the Eagle Collection sold for $5,462 in early 2002.

1874 Mintage: 366,780

Finest Smithsonian Institution specimen: AU-55

In low grades the 1874 double eagle sells for little more than melt value. The demand for Type 2 double eagles outweighs the scarcity of the issue. The vast majority of the 1874 double eagles seen fall into the Very Fine to About

Uncirculated range. Of the Uncirculated examples seen, nearly all grade MS-60 or MS-61. The 1874 double eagle is truly scarce above MS-61. Choice pieces are seldom seen. The finest known example for the date is the PCGS MS64 coin that was sold as part of the Harry W. Bass Jr. auction in late 2000. It sold for $39,100 and would bring substantially more in today’s market. It is probably the same coin that has been certified by PCGS as MS-65 in recent years.

1874-CC Mintage: 115,085

Finest Smithsonian Institution specimen: EF-40

The 1874-CC double eagle has the second-highest mintage of any Carson City issue. The date is the first issue from the mint that can be found in significant numbers. Over the last two decades, large groups have surfaced in European and South American holdings. However, nearly all of those examples have been heavily circulated, with Mint State coins being very rare. As can be seen from the number of coins offered at auction, the 1874-CC double eagle can be readily acquired in the grades of Extremely Fine or About Uncirculated. Fewer than a half-dozen Uncirculated examples have crossed the auction block in the last several years. A PCGS MS-61 coin sold for $14,375 in mid2006.

1874-S Mintage: 1,214,000

Finest Smithsonian Institution specimen: MS-60

The 1874-S double eagle is somewhat common in grades of Very Fine to About Uncirculated. The issue trades for about the same as the most common Type 2 double eagle. In Mint State condition, the 1874-S issue is much scarcer than either the 1875-S or 1876-S issues. Of the 600 to 700 pieces that have been certified as Uncirculated, nearly all are at the MS-60 or MS-61 level. Like most Type 2 double eagles, the date is very rare in MS-62 condition. Just a

few examples are known at the choice MS-63 level, the last of which sold at auction in 1998 for $18,975.

1875 Mintage: 295,740

No specimen in Smithsonian Institution

The 1875 double eagle is not rare in grades of VF to MS-60. However, the date is unusual and popular as the only collectible issue from the Philadelphia Mint in 1875. All other denominations were made in very limited numbers and are very rare. Average examples of the date trade for the price of common Type 2 double eagles. Most of the Uncirculated examples known are at the low end of the scale. Like many collections of past generations, the Smithsonian lacks an example of the 1875 double eagle in circulation strike. Early collectors preferred a Proof specimen of the Philadelphia coinage. There are a few choice 1875 double eagles known. One example that has survived is truly special; it has been graded MS-66 by NGC and last appeared at auction in 1996 for $66,000.

1875-CC Mintage: 111,151

Finest Smithsonian Institution specimen: AU-53

The 1875-CC double eagle is the most common Liberty Head, With Motto issue from the Carson City Mint. An abundant number of these double eagles have been certified or offered at auction in the past 20 years. As with all With Motto double eagles, the availability drops drastically as the grade increases. The 1875-CC double eagle becomes scarce in MS-62 and MS-63. In the first edition of this book, just two examples of the date were reported to have been graded at the MS-64 level. The population reports now show 25 at that level. This is undoubtedly due to multiple resubmissions of the same coin—the current result being a PCGS MS-65. Both a PCGS MS-64 and an NGC MS-64 sold at auction in 2004 for $48,875.

1875-S Mintage: 1,230,000

Finest Smithsonian Institution specimen: MS-61

The mintage for this issue is large, with more than one million coins having been produced. Many were shipped overseas for trade. Large numbers have been found in foreign holdings in the last 30 years. The majority of the coins have been Very Fine to About Uncirculated. The 1875-S double eagle is available in Mint State, but usually only in MS-60 or MS-61. Many great collections offered in the last two decades have lacked a choice example. This includes the holdings of Harry W. Bass Jr. and the Dallas Bank collection. The James A. Stack example stands out as the finest known of the date and type. The coin was offered uncertified in 1995 and sold for an astounding $82,500, a record for the type at the time. The coin has been graded MS-67 by both NGC and PCGS.

1876 Mintage: 583,860

Finest Smithsonian Institution specimen: AU-58

The 1876 double eagle ranks as one of the more available issues for the type. Large numbers of the date are known in Very Fine to About Uncirculated condition. The 1876 double eagle can usually be found for about the price of a common-date With Motto double eagle. The double eagle is also the only 1876 gold denomination from the Philadelphia Mint that is not very rare. Like all Type 2 issues, the 1876 double eagle is a condition rarity. That is, examples are found common in, but are very rare in choice grade. For some reason, many of the Mint State pieces seen have at least partially prooflike surfaces. The auction record for the date is held by an MS-64 coin that sold in 2004 for $57,500. PCGS reports 17 coins at the MS-65 level, but this probably represents just one or two coins due to resubmissions.

1876-CC Mintage: 138,441

Finest Smithsonian Institution specimen: AU-58

Many 1876-CC double eagles made their way to Europe and South America at the time of issue and remained hidden for generations. Many great collectors of the past had to settle for Extremely Fine or About Uncirculated examples of the date. In the past two decades, large numbers of the 1876-CC double eagle have made their way back to America. As can be seen from the auction records for the date, the issue is readily available. The vast majority of the Uncirculated coins known are graded MS-60 to MS-62. The coins were shipped loose in bags, and survivors have many abrasions. Only four or five choice examples are known. The last MS-63 coin sold at auction realized $17,250 in 2000, but it would bring much more today. NGC reports one coin at the MS-64 level.

1876-S Mintage: 1,597,000

Finest Smithsonian Institution specimen: MS-61

With one of the largest mintages for a Type 2 double eagle, the 1876-S issue is easily located in grades of Very Fine to MS-61. The demand for any Type 2 double eagle in Uncirculated condition has made the issue very popular in recent years. Significant numbers of the 1876-S double eagles were shipped to Europe and South America at the time of issue. In the last two or three decades, many pieces were imported back to America. The Smithsonian contains a dozen examples of the 1876-S double eagle. Choice and gem examples are very rare. The population of MS-65 examples has soared to 11 coins in the last few years. One has been graded MS-66 by PCGS. A PCGS MS64 sold for $34,500 in mid-2006.

1877 Mintage: 397,650

Finest Smithsonian Institution specimen: AU-55

The 1877 issue is the first of the Type 3 double eagles. The denomination was changed to read TWENTY DOLLARS. The 1877 double eagle is common in grades of Very Fine to About Uncirculated. As would be expected from the moderate mintage, the date is scarce in Uncirculated condition. Nearly all of the Mint State coins known are at the MS-60 to MS-62 level. Choice pieces are very rare, with a single example at the MS-65 level having been graded by PCGS. A PCGS MS-64 coin sold for $27,600 in mid-2006.

1877-CC Mintage: 42,565

Finest Smithsonian Institution specimen: EF-40

This is the first issue of the Type 3 design struck at the Carson City Mint. Finding an example of the 1877-CC double eagle in grades of Very Fine to About Uncirculated is not too difficult. Many found their way into overseas shipments, and in recent decades significant numbers have surfaced. The coins were transferred in bags, and the average surviving piece is heavily abraded. Mint State examples are scarce, and just a few are known at the choice level. The most recent auction record for the issue has been a PCGS MS-62 coin that sold for $32,200 in early 2007.

$20 – LIBERTY HEAD, WITH MOTTO, VALUE TWENTY DOLLARS 1877-S Mintage: 1,735,000

Finest Smithsonian Institution specimen: MS-60

The 1877-S double eagle was made in large quantities, and many were shipped to European and South American countries. Large numbers have been discovered in recent decades, most of which are heavily abraded. The population numbers are mostly for AU-58 and low-end Uncirculated coins. Low-grade examples do not warrant submission. Like so many double eagle issues, the date becomes very rare above MS-63. A few choice examples have been certified in recent years. A single example has been certified as MS-65, and that coin sold at auction for $29,900 in early 2007.

1878 Mintage: 543,625

Finest Smithsonian Institution specimen: AU-58

The 1878 double eagle is plentiful in grades from Very Fine to MS-61. Large numbers of the issue were shipped overseas, but many have made their way back to America. The early issues, while available, are still more difficult to locate than the later, 1900 to 1904 dates. The Mint State coins known are heavily weighted to the MS-60 and MS61 grades. Choice examples are scarce, and the date is unknown in gem condition. Most recently an NGC MS-63 coin sold at auction for $10,350 in early 2007. The 1878 double eagle is also sometimes seen with partially prooflike surfaces. Eight coins have been graded as MS-65, but this probably includes resubmissions.

1878-CC Mintage: 13,180

Finest Smithsonian Institution specimen: EF-45

The production of double eagles dropped sharply at the Carson City Mint is 1878. Only 13,180 coins were struck for the year. The 1878-CC double eagle is one the rarest Carson City Mint issues. There are probably fewer than 400 examples known in all grades. The survivors are usually only Very Fine or Extremely Fine in condition. In About Uncirculated condition the 1878-CC double eagle is scarce, but available. Quite a few are offered in that grade at auction each year. Mint State coins are very rare; fewer than a dozen are known, the finest of which has been graded MS-63. A PCGS MS-61 example sold at auction in 2005 for $41,400.

1878-S Mintage: 1,739,000

Finest Smithsonian Institution specimen: MS-60

The 1878-S double eagle was struck in very large numbers. Many were shipped overseas for trade purposes and have made their way back to America in recent decades. Nearly all are heavily abraded. The date is considered common in all grades up to Mint State. Uncirculated examples are scarce, however, and trade for a significant premium. Choice pieces are very rare and are seldom offered at auction or on the bourse floor. A few have been certified as MS-64, and none have reached the gem level. In 2006 a PCGS MS-63 sold at auction for $23,000.

1879 Mintage: 207,600

Finest Smithsonian Institution specimen: AU-50

The 1879 Philadelphia issue was struck in reduced numbers from the previous few years. Although the date is plentiful in circulated condition, Mint State examples are scarce. Most of the old-time collections lacked this date in Mint State. In recent decades a number of Uncirculated examples have surfaced; however, no examples have ever surfaced that would grade above MS-64. Many of the high-grade pieces seen are fully prooflike in appearance. An interesting variety of the issue is known with sharply doubled lettering on the reverse. An NGC MS-63 star sold for $25,300 in early 2007.

1879-CC Mintage: 10,708

Finest Smithsonian Institution specimen: EF-40

The 1879-CC double eagle has one of the lower-mintage figures for coins produced at the Carson City Mint. The date has always been considered rare in all grades. A significant number of coins have turned up in recent decades in Extremely Fine and About Uncirculated condition. A quick glance at the auction records illustrates the increased availability of the issue. Most of the coins seen now are no better than About Uncirculated. The 1879-CC double eagle is still a great and desirable rarity in Mint State. There are probably fewer than a dozen known. High-grade examples are highly desirable, and a PCGS MS-62 coin sold for $52,900 in early 2005. Only one coin has been certified at the MS-63 level.

1879-O Mintage: 2,325

Finest Smithsonian Institution specimen: AU Harshly Cleaned

The 1879-O issue is the only Type 3 double eagle struck at the New Orleans Mint. That, along with a very small mintage, makes the 1879-O double eagle a very desirable coin. Of the 2,325 coins struck, there are fewer than 150 known today. Most of the remaining coins grade Very Fine or Extremely Fine, with several known that are harshly cleaned. The Smithsonian example is About Uncirculated, but it has been cleaned. There are just a few Mint State coins known. At least one of these is deeply prooflike in appearance. The finest known example by far is the Dallas Bank collection piece. The coin has amazingly clean surfaces, with full mint frost. It was sold to a prominent Midwestern collector for $115,000. It is not known if that is the same coin certified by NGC as MS-63. It probably is.

1879-S Mintage: 1,223,800

Finest Smithsonian Institution specimen: AU-58

Although the mintage for the 1879 New Orleans issue was tiny, the San Francisco Mint produced an abundant number of coins. Many were shipped overseas for international trade. Large numbers have returned in recent decades. Most are just Extremely Fine or About Uncirculated, and the issue is actually scarce in Mint State. In choice condition the 1879-S double eagle is very rare. Some high-grade examples seen are partially prooflike. Amazingly, two NGC MS-62 examples sold for more than $29,000 each in early 2005. There is just one coin that has been certified at the MS-65 level.

1880 Mintage: 51,420

No specimen in Smithsonian Institution

The mintage for the 1880 double eagle is greatly reduced from the Philadelphia mintages of the issue for the previous several years. It is predictably scarce in all grades. Most of the coins seen are in AU or MS-60 condition. Many great collections of the past have lacked an attractive example. The Smithsonian is missing the issue from its vast collection. Choice pieces are very rare. Just a few MS-64 coins are known for the date. A beautiful MS-63 example sold at auction for $25,300 in early 2005. It probably now resides in an MS-64 holder.

1880-S Mintage: 836,000

Finest Smithsonian Institution specimen: AU-55

Large numbers of 1880-S double eagles were struck for circulation and overseas trade. Nearly all of the survivors are well circulated. The issue is somewhat scarce in Mint State, exceedingly so in choice condition. Fewer than ten 1880-S double eagles are known above the MS-62 level. One coin stands out for the issue: an example that has been certified by NGC as MS-66. The piece has nearly flawless surfaces, with an area of copper toning above the date. The coin sold at auction in 2004 for $92,000. An NGC MS-65 coin sold at auction in early 2006 for $54,625.

1881 Mintage: 2,199

No specimen in Smithsonian Institution

The 1881 Philadelphia double eagle is the start of a series of very low-mintage issues. The production of Philadelphia double eagles plunged in 1881. Predictably, the 1881 issue is a major rarity in all grades. It is estimated that fewer than 40 coins are known. The Smithsonian lacks an example in circulation strike, and many other oldtime collections were missing the date as well. Many of the known coins for the date are heavily abraded. The 1881 double eagle is extremely rare in Mint State. Just two or three examples are known at that level. One of the finest known specimens is a PCGS MS-61 coin that sold for $138,000 in early 2007. In the last couple of years two have been certified as MS-62.

1881-S Mintage: 727,000

Finest Smithsonian Institution specimen: AU-58

Unlike the Philadelphia double eagles, which were produced in large quantities, the 1881-S issue is plentiful in all grades from VF to MS-61. Above that, it becomes scarce, and there are probably just 15 or so coins known in choice condition. Many of the high-grade pieces seen have partial prooflike surfaces. No examples of the date in choice condition have been sold at auction in the last several years. A PCGS MS-63 coin sold for $8,912 in 1999. With the recent interest in double eagles, the coin would realize much more on today’s market. A single example has achieved MS-64 status, according to PCGS.

1882 Mintage: 571

No specimen in Smithsonian Institution

Other than the 1861 Paquet, the 1882 issue is the lowest-mintage circulation-strike double eagle. Only 571 coins were struck for circulation, and very few were saved, as most collectors at the time preferred Proof examples. The Smithsonian is lacking an example for this reason. The 1882 double eagle is actually one of the lowest-mintage U.S. gold coins. It is certainly very rare, and there are probably fewer than 25 known in all grades. The finest example seen by the authors has been the spectacular Dallas Bank collection piece. The coin would probably grade MS-63 or MS-64 by today’s standards. It sold uncertified in 2001 for $86,250. This was quite the bargain; to illustrate this point, a PCGS MS-60 coin sold for $138,000 in early 2007.

1882-CC Mintage: 39,140

Finest Smithsonian Institution specimen: AU-58

As can be seen from the large number of 1882-CC double eagles offered at auction in the last 15 years, the issue is quite available in most grades from Very Fine to About Uncirculated. A large number of coins were shipped for international trade, and many have returned in recent decades. Nearly all of the high-grade examples known are AU58 to MS-61. Choice pieces are virtually unknown, although PCGS has certified one example at the MS-63 level. The finest seen at auction in recent years has been an NGC MS-62 that sold for $28,750 in the summer of 2006.

1882-S Mintage: 1,125,000

Finest Smithsonian Institution specimen: MS-62

The theme for the 1882-S double eagle continues to be the same as for the San Francisco issues of the previous several years. The date is common in average condition, but becomes quite rare in MS-63 and above. Large numbers of the issue were shipped about the world, mostly in bags. The typical coin has a number of abrasions. Most of the Mint State examples seen grade MS-60 to MS-62. There are a couple of gem examples known, but none of these have sold at public auction in the last several years. The finest to cross the auction block has been a PCGS MS-63 that sold for $23,000 in the summer of 2006.

1883-CC Mintage: 59,962

Finest Smithsonian Institution specimen: AU-55

A popular Carson City Mint issue, the 1883-CC double eagle is fairly common in most grades. Large numbers of the issue were shipped overseas. It has been reported that a group of 20 to 30 Mint State coins surfaced in 2001. Most of these were on the low end of the Mint State scale. Choice examples are very rare. Fewer than half a dozen are known at that level. A PCGS MS-63 coin sold at public auction in 2004 for $20,700. Some of the high-grade 1883CC double eagles seen by the authors have been partially prooflike.

1883-S Mintage: 1,189,000

Finest Smithsonian Institution specimen: MS-60

Again, the same situation continues for the San Francisco double eagles of this period. Large quantities were struck, and many were shipped for international trade. The coins were carelessly handled, and most of the survivors are heavily bagmarked. High-grade examples are rare. The Smithsonian contains more than a dozen examples, the best of which grades MS-60. The finest graded to date have been several at the MS-64 level. Gradeflation seems to be an issue, as few were graded at that level when the first edition was written a few years ago. A PCGS MS-64 sold at auction for $18,400 in the summer of 2006.

1884-CC Mintage: 81,139

Finest Smithsonian Institution specimen: MS-60

As can be seen from the huge number of examples offered at public auction in the last 15 years, the 1884-CC double eagle is easily available in grades of VF to MS-61. A significant number were shipped overseas for foreign trade. Average Mint State examples can be found with little trouble. Above MS-62, however, the 1883-CC double eagle becomes quite rare. Fewer than five coins are known in choice condition, and even these have a generous numbers of bagmarks. A PCGS MS-62 sold for a healthy $16,100 in 2006.

1884-S Mintage: 916,000

Finest Smithsonian Institution specimen: AU-58

In circulated condition the 1884-S double eagle is quite common. The theme is the same as for the other San Francisco double eagles of the previous few years. Most of the coins that have turned up in recent decades have been heavily abraded from years of movement. There are a few more survivors of the date at the highest levels. A few have been certified at the gem level in recent years, the finest probably being the MS-65 graded by PCGS, which brought $46,000 in 2007. An NGC MS-65 example had sold at public auction in late 2006 for $32,200.

1885 Mintage: 751

No specimen in Smithsonian Institution

The mintage for the 1885 double eagle is among the lowest of all U.S. issues. Very few gold coins have a mintage below 1,000. It goes without saying that the date is extremely popular. The availability of Proof examples is the only thing keeping this issue from being extremely expensive. The Smithsonian collection lacks a circulation-strike example of the date for this reason. It is estimated that there are fewer than 100 known in all grades. Most of the 1885 double eagles seen by the authors have been in circulated condition. There are a few examples known at the choice level. An NGC MS-61 sold for $63,250 in early 2007.

1885-CC Mintage: 9,450

Finest Smithsonian Institution specimen: EF-45

The 1885-CC issue is scarce; in fact, it is one of the rarest Carson City double eagles struck in the 1880s. A significant number of coins were shipped overseas for international trade. Over the years small groups of the 1885CC double eagle have surfaced from time to time. It has been reported that a number of Uncirculated examples were discovered in just the past few years. The date is still scarce in Uncirculated condition, especially above MS-62. A single example of the issue has achieved MS-63 by PCGS. Recently (in mid-2007) a PCGS MS-62 sold for $33,350.

1885-S Mintage: 683,500

Finest Smithsonian Institution specimen: MS-61

The 1885-S double eagle follows the same pattern as the San Francisco issues of the previous several years. Large numbers were struck, and the date is common in grades of VF to MS-62. The population numbers for MS-63 examples are probably inflated greatly by resubmissions. The 1885-S issue jumps rapidly in price at all levels of Mint State. Probably the finest known example of the date was part of the fabulous Dallas Bank collection that was sold at auction in 2001. The coin was offered uncertified, but according to the authors’ auction catalog notes, it was in MS-65+ condition. The coin realized $21,850. It may be the same coin that has been certified by PCGS as MS-65, the lone example at that level.

1886 Mintage: 1,000

No specimen in Smithsonian Institution

This date is very popular due to the fact that in 1886 double eagles were produced only at the Philadelphia Mint. The large mintage expected from the San Francisco Mint did not materialize. The issue also possesses one of the lowest mintages of the Liberty Head series. Of the 1,000 coined, fewer than 40 are thought to exist today. Many of the classic-name collections of the past did not have a circulation example. Proof coinage was the preferred medium for the Philadelphia issues. The Smithsonian lacks an example for this reason. As is usual for very low-mintage coins, most are found with prooflike surfaces. The most recent auction record for a high-grade example is the 2007 sale of a PCGS AU-55 for $69,750.

1887-S Mintage: 283,000

Finest Smithsonian Institution specimen: AU-50

Although the mintage for the 1887-S issue is substantially smaller than for many previous San Francisco double eagles, finding an example in circulated or low-end Uncirculated condition should pose no problem. Large numbers of the issue were shipped for international trade, and even today, new coins of the date still surface. Nearly all are heavily bagmarked or lightly worn. In grades above MS-63, the 1887-S double eagle is very rare. Just a few coins are known at that level. The finest seen by the authors has been the coin offered in the 1982 Eliasberg sale of U.S. gold coins. The coin is probably the lone MS-66 double eagle that is listed in the PCGS population reports. A PCGS MS-64 sold for $34,500 in October 2006.

1888 Mintage: 226,161

Finest Smithsonian Institution specimen: AU-55

The 1888 double eagle is the first Philadelphia issue of the denomination in seven years that was struck in large numbers. Many were shipped overseas, and today the date is fairly common in VF to MS-62 condition. Choice examples of the date are very rare. Among the finest examples the authors have seen was the Dallas Bank collection piece that was offered at auction in 2001. The coin was described as gem brilliant Uncirculated and sold for $16,100. An NGC MS-65 double eagle sold at auction for $25,300 in late 2004. A variety, first published in the sale of the Harry W. Bass Jr. collection, has the bottom of TWENTY DOLLARS sharply doubled. The variety is little known, and the potential to cherrypick for it is excellent.

1888-S Mintage: 859,600

Finest Smithsonian Institution specimen: MS-60

The 1888-S double eagle is one of the most common issues from the San Francisco Mint struck in the 1880s. Many were produced and then shipped overseas. The issue is easily found in all grades below MS-63. Choice pieces are scarce but offered at auction with regularity. The number of examples that have been graded MS-64 is surprisingly high for the mint and era. There were no known specimens in gem condition noted in the first or second edition of this book. Several MS-64 coins were offered at auction in 2007. Most sold for around $15,000, but one PCGSgraded example sold for $23,000.

1889 Mintage: 44,070

Finest Smithsonian Institution specimen: MS-61

As can be seen from the lower numbers featured in the auction records and population reports, the 1889 double eagle is a scarce issue in most grades. Far fewer examples of the date are known than for most of the San Francisco issues of the era. Choice and gem examples of the 1889 double eagle are extremely rare. The major grading services have only certified one example in MS-65. A PCGS MS-63 coin sold at auction in late 2007 for $13,455.

1889-CC Mintage: 30,945

Finest Smithsonian Institution specimen: VF-30

There were no coins produced at the Carson City Mint from 1886 to 1888. In 1889 the mint began striking silver dollars and gold coins after this brief hiatus. The silver dollars of the year are among the most popular U.S. issues. The 1889-CC double eagle is also very popular. A quick glance at the auction data for the date verifies that examples may be found with little difficulty. Large groups have surfaced in recent years, most in the AU to MS-62 range. There are just a few examples known in choice condition. A PCGS MS-63 coin sold at auction for $18,400 in 2004.

1889-S Mintage: 774,700

Finest Smithsonian Institution specimen: MS-61

The 1889-S double eagle was struck in large numbers, and examples are plentiful in grades of VF to MS-62. As usual for so many of the U.S. double eagle issues, many were shipped overseas, and examples are still finding their way home. The vast majorities of the coins are low grade or heavily abraded. Choice examples are scarce, and currently there are nine listed by PCGS at the MS-64 level. This probably represents just a few coins that have been resubmitted. The NGC MS-64 example that crossed the auction blocks in the summer of 2006 sold for $18,400.

1890 Mintage: 75,940

No specimen in Smithsonian Institution

The double eagles of 1890 were struck in limited numbers. This is much smaller than the San Francisco issues of the same year. Most of the coins seen grade MS-60 to MS-62. Partially prooflike specimens are sometimes found for the date as well. Finding an example of the 1890 double eagle in choice or better condition can be quite challenging. Some time between 1998 and 1999, a small group of half eagles, eagles, and double eagles dated 1889 to 1893 was discovered. In this group was an incredible 1890 double eagle that has been certified by NGC as MS-66. The coin sold at auction in early 2007 for $52,900.

1890-CC Mintage: 91,209

Finest Smithsonian Institution specimen: AU-58

Although the 1890-CC double eagle is one of the more common issues of the denomination from the Carson City Mint, it remains quite popular. The demand for Western gold and the allure of the Carson City Mint has created intense collector interest. In grades of Very Fine to About Uncirculated the 1890-CC double eagle is scarce but can be found with some patience. There have been significant numbers of low-end Mint State examples certified in the last decade. Most are MS-60 to MS-62. Choice examples are very rare and seldom offered. A single example has been certified at the MS-64 level by PCGS.

1890-S Mintage: 802,750

Finest Smithsonian Institution specimen: MS-62

The mintage for the 1890-S double eagle is much greater than those of the Philadelphia or Carson City mints for the same year. Large numbers were shipped abroad for international trade, and examples have been returning to the United States in recent decades. Most of these, however, are low grade or heavily abraded Mint State coins. Choice examples are very rare. The population for this issue has soared in the last couple of years. PCGS has graded just one example at the MS-65 level, however. A PCGS MS-64 coin sold at public auction for $13,800 in 2007.

1891 Mintage: 1,390

No specimen in Smithsonian Institution

Many of the important collections of previous generations did not have a circulation-strike example of the 1891 double eagle. Collectors considered a Proof example to be preferable and not a distinctly different issue. Modern numismatists now realize the importance and rarity of many previously overlooked Philadelphia issues. The 1891 double eagle is a prime example. Of the 1,390 circulation-strike coins, there are probably fewer than 100 known in all grades. Most of the survivors are partially prooflike and grade from Extremely Fine to About Uncirculated. Mint State specimens are very rare. The finest and only choice example of the date is the Dallas Bank collection piece that sold for $80,500 in 2001. The coin resold at auction in 2005 for $155,250.

1891-CC Mintage: 5,000

Finest Smithsonian Institution specimen: AU-58

The mintage for the 1891-CC double eagle is among the lowest for any Carson City issue. Although the mintage is very low, an unknown number of coins was shipped overseas. In recent years small groups of the date have surfaced from time to time. Most of these have been AU or MS-60 to MS-61. The 1891-CC double eagle is very rare in choice condition. To date, only one specimen has been certified at that level. A PCGS MS-61 example sold at auction in early 2007 for $40,250.

1891-S Mintage: 1,288,125

Finest Smithsonian Institution specimen: AU-58

The 1891-S double eagle was produced in large numbers, and today the date is one of the most available issues of the 1890s. Many were shipped overseas for world trade, and coins in average condition are still finding their way back to the United States. Most of the coins have been roughly handled, and choice condition pieces are quite scarce. The 1891-S double eagle is virtually nonexistent in gem condition. In 2004 two MS-64 examples each sold at auction for around $8,000.

1892 Mintage: 4,430

No specimen in Smithsonian Institution

This issue is the last of the low-mintage mintage Philadelphia double eagles. Of those minted, just 150 to 200 coins remain. Many of the great collections assembled in the past did not have an example of a circulation-strike 1892 double eagle. The date was usually represented by Proof examples. The Smithsonian lacks the issue for this reason. Some time between 1998 and 1999, a small group of half eagles, eagles, and double eagles dated 1889 to 1893 was discovered. Included in this incredible find were two or three superb 1892 double eagles. They are, by far, the finest known examples of the issue. An NGC MS-67 piece sold in the Discovery Auction for $62,250 in 1999.

1892-CC Mintage: 27,265

Finest Smithsonian Institution specimen: AU-50

At one time the 1892-CC double eagle was considered a prime rarity in high grade. Most collections, including many of the most important ever assembled, lacked a high-grade piece. Many coins, however, found their way into overseas shipments. In the last decade or so several important groups of the date have surfaced. As can be seen clearly from the number of certified coins offered at auction in the last 15 years, the date is now quite available in grades below choice condition. Choice coins are very rare, with just a few being graded at the MS-63 level. An NGC MS-63 sold at auction in the summer of 2006 for $34,500.

1892-S Mintage: 930,150

Finest Smithsonian Institution specimen: AU-58

The 1892-S double eagle follows the same pattern as most of the San Francisco double eagle issues of the era. Large numbers were produced, and many were shipped to Europe or South America for international trade. The 1892-S issue is easily found in all grades from VF to MS-63. Choice examples can be elusive, but they do show up at auction occasionally. True gem examples are very rare. An NGC MS-64 coin sold at auction for $16,100 in early 2007.

1893 Mintage: 344,280

No specimen in Smithsonian Institution

The mintage for the 1893 double eagle increases sharply from the previous few years’ production at the Philadelphia Mint. Large numbers were shipped overseas, and in the past few decades several thousand examples of the date have returned to the United States. The 1893 double eagle is easily found in all grades from VF to MS-63. As with nearly all Liberty Head double eagles, choice examples can be elusive. The Smithsonian lacks an example of the issue in circulation strike. There are just a few gem examples known. The finest, an NGC MS-67 coin, sold at auction in 2004 for $41,400.

1893-CC Mintage: 18,402

No specimen in Smithsonian Institution

This is the final issue for double eagles from the Carson City Mint. The mintage for the date is quite small, but a significant number of coins found their way into foreign shipments. At one time the 1893-CC double eagle was an elusive rarity. In fact, the issue is one of the few mintmarked double eagles missing from the collection of the Smithsonian. In recent decades there have been several important findings of the date in quantity. It is now among the more readily available Carson City double eagles in high grade. These coins have been widely distributed, however, and in the future locating an Uncirculated specimen will be much more difficult than in recent years. Choice examples are very scarce.

1893-S Mintage: 996,175

Finest Smithsonian Institution specimen: MS-62

The 1893-S double eagle is readily available in all grades from VF to MS-63. The mintage was ample, and large numbers of these coins were sent to settle accounts overseas. Although there have been a few thousand certified in Mint State condition, the vast majority have been from MS-60 to MS-63. Choice and gem examples are rare and seldom seen. The Dallas Bank collection example is the finest seen by the authors. The coin was described in the auction catalog as choice brilliant Uncirculated. The piece sold for $12,650 in 2001, and then a PCGS MS-64 sold at auction for $18,400 in 2006.

1894 Mintage: 1,368,940

Finest Smithsonian Institution specimen: MS-62

In average condition the 1894 double eagle is very common. Most of the examples below MS-63 sell for the same as a generic Liberty Head double eagle. These are often available for little above melt value. Large numbers were struck, and many were sent overseas. Examples are still being returned to the United States; nonetheless, the issue still remains elusive in choice or gem condition. The finest example has been certified as MS-67. The coin last sold at public auction in 1999 for $44,650.

1894-S Mintage: 1,048,550

Finest Smithsonian Institution specimen: AU-55

The 1894-S double eagle follows the same pattern as most of the San Francisco double eagles of the 1890s. Large numbers were struck, and many were shipped overseas. The date is abundantly available in all grades below MS-64. Choice examples are scarce but show up at auction regularly. In recent years there have been a large number of examples that have slipped into the gem category and have been certified as MS-65. Recently an NGC MS-65 example sold at auction for $19,550.

1895 Mintage: 1,114,605

Finest Smithsonian Institution specimen: MS-63

There were more than one million double eagles struck at the Philadelphia Mint in 1895. Many of these were shipped overseas, and today the date is found in abundant numbers. Several thousand examples have been certified in Mint State; the great majority of which grade MS-60 to MS-63. Examples in those grades sell for very little above common date price. Choice examples become quite rare, and there are very few known in true gem condition. An NGC MS-65 coin sold at auction in 2007 for $11,500.

1895-S Mintage: 1,100,000

Finest Smithsonian Institution specimen: MS-63

The 1895-S double eagle is found in numbers very similar to those of the 1893-S and 1894-S issues. The mintage was large; many were shipped overseas. The date is rather easy to locate in grades of VF to MS-63. Choice examples are elusive but seen occasionally. There are very few specimens known at the true gem level. PCGS has certified six coins as MS-65. One of the best examples seen by the authors has been the Dallas Bank collection coin. It was described as being gem brilliant Uncirculated, and sold for $8,625 in 2001.

1896 Mintage: 792,535

Finest Smithsonian Institution specimen: MS-61

As a date, the 1896 double eagle is considered common in most grades. Large numbers were minted, and examples are found regularly in overseas shipments. Ample supplies of the date are known in all grades from VF to MS-63. Choice examples are scarce, and very few survive in gem condition. In 1999 a small number of choice examples were offered at auction by Stack’s of New York City. The coins were uncertified and sold for prices between $3,000 and $10,000. The Dallas Bank collection example is one of the finest examples ever seen by the authors.

1896-S Mintage: 1,403,925

Finest Smithsonian Institution specimen: MS-63

Finding an example of the 1896-S double eagle is rather easy in grades of VF to MS-63. The date was struck in huge numbers, and many were saved as the result of international commerce. Most of the remaining coins seen today are heavily abraded, however. Choice examples are scarce, and in true gem condition the 1896-S is very rare. The finest example of the date by far is the amazing coin that was sold in 1982 as part of the Eliasberg United States Gold collection. The coin was acquired directly from the San Francisco Mint by John H. Clapp Sr. at the time of issue and has since been graded by PCGS as MS-68.

1897 Mintage: 1,383,175

Finest Smithsonian Institution specimen: MS-62

Huge numbers of 1897 double eagles were struck in 1897, and today the date is one of the most common pre-1900 issues. Finding an example in Mint State would pose no problem. Choice examples are scarce, however, and just a few are known at the true gem level. The date is usually found with frosty surfaces, but partially prooflike examples are known. A PCGS MS-65 piece sold at auction in 2007 for $19,550.

1897-S Mintage: 1,470,250

Finest Smithsonian Institution specimen: MS-63

The 1897-S double eagle is another issue that can be found in large numbers in grades below MS-63. Many were struck and shipped overseas. As with most Liberty Head double eagles, the surfaces of most coins seen are heavily abraded. Choice examples are scarce, but they are a bit more readily available than some of the San Francisco issues of the last few years. Surprisingly, there are at least two superb examples of the date known. The first to appear at auction was the amazing example from the Eliasberg collection. This coin was obtained directly from the San Francisco Mint by John H. Clapp in 1897. Another gem surfaced in the Auction ’88. The coin was described as a superb Uncirculated MS-67 specimen and sold for $30,800.

1898 Mintage: 170,395

No specimen in Smithsonian Institution

The mintage for the 1898 double eagle is dramatically lower than for the other Philadelphia issues of the previous few years. The result is an issue that is much scarcer and seldom seen above MS-62. Collectors of previous generations would obtain a Proof example for the Philadelphia coinage and ignore the circulation-strike issues. The Smithsonian lacks an example of the 1898 double eagle for this reason. The 1898 issue is very rare in choice condition, and there are only a few certified at the gem level. An MS-64 sold for $12,650 in 2005.

1898-S Mintage: 2,575,175

Finest Smithsonian Institution specimen: MS-63

The 1898-S double eagle was struck in very large numbers, and as can be seen from the population and auction records numbers, the date is plentiful in most grades. Large numbers of the date have been found in overseas shipments, and in recent years a number of very high-quality examples have surfaced. There are even a surprising number of gem and superb specimens known. The finest example the authors have seen is the mind-blowing specimen that was part of the Eliasberg United States Gold Collection. The coin was obtained directly from the San Francisco Mint in 1898 by John H. Clapp. It sold for a stunning $12,100 in 1982 (during one of the worst coin markets ever). More recently a PCGS MS-67 example sold at auction in 2004 for $44,875.

1899 Mintage: 1,669,300

Finest Smithsonian Institution specimen: MS-62

The 1899 double eagle is the last of the pre-1900 double eagles struck at the Philadelphia Mint. Although the date is common in most conditions, it is popular for that reason. Large numbers are known in all grades from VF to MS-63. Choicer examples become scarce, and there are very few gem pieces known. The average high-grade example has abundant mint frost and is well struck. The most recent offering at auction of an MS-65 coin occurred in 2007 for $9,488.

1899-S Mintage: 2,010,300

Finest Smithsonian Institution specimen: MS-62

The 1899-S double eagle is of very similar rarity to the 1898-S issue. Large numbers are known in all grades from EF to MS-63. In recent years a number of choice examples have entered the market. The issue is popular as the last pre-1900 double eagle from the San Francisco Mint. Choice examples are seen occasionally, and there are a few gem or superb examples known. The two best examples seen by far are the Eliasberg/Clapp coin and the Dallas Bank collection piece. Both coins are superb and among the finest Liberty Head double eagles known. The Dallas Bank collection example sold for $48,875 in 2001.

1900 Mintage: 1,874,460

Finest Smithsonian Institution specimen: MS-63

Huge numbers of the 1900 double eagle have been certified by the major grading services in the last 20 years. It is clear that the 1900 date is one of the most common of the type. Being the first double eagle minted for the century also adds to the allure. Acquiring an example is rather easy. The 1900 double eagle is one of the first issues of the type in which obtaining a gem example is not too difficult. There are very few superb examples known; the last of these, an NGC MS-66 coin, sold at auction in 2005 for $17,423.

1900-S Mintage: 2,459,500

Finest Smithsonian Institution specimen: MS-62

The 1900-S double eagle was struck in large numbers, many of which were shipped overseas for international trade. Decades ago many important collections were missing a choice example of the date. However, in the past 20 years or so many choice examples have found their way back to the United States. There are a couple of superb coins known for the date. The finest example seen by the authors has been the Dallas Bank collection piece that sold at auction in 2001. The coin was described as superb gem Uncirculated, and sold for $24,150.

1901 Mintage: 111,430

Finest Smithsonian Institution specimen: MS-60

Despite a mintage that is much lower than that of the Philadelphia issues of the previous few years, the 1901 double eagle is surprisingly available. Some time during the 1990s a large hoard of the date surfaced in the numismatic community. Most of the coins were of excellent quality and among the finest made of the era. The date is very popular as a type coin for this reason. Gem MS-66 examples have sold at auction for around $15,000 in recent years.

1901-S Mintage: 1,596,000

Finest Smithsonian Institution specimen: MS-62

Although the mintage for the 1901-S double eagle is far higher than for the 1901 Philadelphia issue, the 1901-S coins are considerably rarer in choice condition. Low-grade to MS-62 examples are fairly abundant, the result of overseas shipments’ being repatriated in recent decades. Choice and gem examples are very rare. Just a few MS-65 or better pieces are known. The finest seen by far is the awesome example that was sold in 1982 as part of the Eliasberg United States Gold collection. The coin had been purchased directly from the Mint by John H. Clapp at the time of issue. The coins that Clapp had purchased from the Mint, and that later became part of the Eliasberg collection, are simply the finest U.S. gold coins that have ever surfaced.

1902 Mintage: 31,140

No specimen in Smithsonian Institution

For the era, the mintage of the 1902 double eagle is amazingly low. The 31,140 coins struck is the lowest number of any double eagle in the 20th century. As can be seen from the population data, the issue is scarce in all grades. Choice examples are very rare. Many of the high-grade pieces seen have lightly striated surfaces, and abrasions are more prevalent than usual. The 1902 double eagle is one of the most difficult issues after 1900 to locate. The Smithsonian lacks an example. The finest specimen offered at auction in recent years has been the NGC MS-64 coin that was part of the Eagle Collection. It sold in 2002 for $10,925.

1902-S Mintage: 1,753,625

Finest Smithsonian Institution specimen: AU-58

The 1902-S double eagle is yet another issue that was struck in large numbers, with many being sent to Europe or South America for international trade. Many examples have been returned in recent years, and the date is easy to obtain in grades of EF to MS-62. Choice specimens are scarce, and the date is rarely seen in gem condition. The finest example known is the Eliasberg/Clapp specimen that was offered at auction for the first time in 1982. Author Jeff Garrett’s catalog notes simply state, “MONSTER.” The coin is probably the example that is listed on the population reports as having been graded MS-68.

1903 Mintage: 287,270

Finest Smithsonian Institution specimen: MS-62

Due to large hoards discovered over the last few decades, the 1903 double eagle is one of the most available dates of the Liberty Head Type. The quality of production was high, and the 1903 issue is popular as an example of the type. Prooflike examples are common for the issue, and scattered copper toning is also sometimes present. Recently, MS65 examples have been selling for around $5,000 to $6,000 at auction.

1903-S Mintage: 954,000

Finest Smithsonian Institution specimen: MS-63

The story for the 1903-S double eagle is the same as for most of the San Francisco issues of the 1900s. Many were shipped overseas, only to return in the last few decades. Although quantities of the date are available in average condition, gem examples are quite rare, much more so than for the Philadelphia issue of 1903. The Eliasberg/Clapp example was purchased directly from the Mint in 1903, but according to Jeff Garrett’s catalog notes, the coin did not compare to the other S-Mint issues in the collection.

1904 Mintage: 6,256,699

Finest Smithsonian Institution specimen: MS-64

The 1904 double eagle is by far the most common date of the series. More examples of the issue have been certified in gem Mint State than all other dates combined. For this reason the 1904 double eagle is probably the coin most sought after by type collectors. The quality of many examples is quite high, and for the money, a collector may purchase the most affordable specimen.

1904-S Mintage: 5,134,175

Finest Smithsonian Institution specimen: MS-63

As would be guessed by the much larger mintage, the 1904-S double eagle is the most available San Francisco double eagle of the Type 3 design. Large numbers were shipped overseas, and many have returned in recent decades. Gem MS-65 examples are offered on occasion, but only one or two coins are known in superb condition. The NGC and PCGS population reports for the issue are probably inflated due to resubmissions. The 1904-S Eliasberg/Clapp specimen was of similar quality to the 1903-S Eliasberg/Clapp piece. Although the coin was in gem condition, it did not compare in quality to the 1896 through 1902 double eagles in the collection.

1905 Mintage: 58,919

No specimen in Smithsonian Institution

The massive mintage of 1904 double eagles must have met the needs of the Mint for the years 1905 and 1906. The mintage for the issue is sharply reduced, and today the 1905 issue is one of the most sought-after Type 3 double eagles. Most of the coins seen have been plucked from gold shipments that have returned to the United States in recent years. The average coin grades AU-58 to MS-61. Choice examples of the date are very rare even though nine examples have been graded at that level by PCGS. A PCGS MS-64 coin sold at auction in 2003 for $26,450. It should be remembered that collectors of past generations ignored the circulation-strike Philadelphia issues in favor of Proof examples. The Smithsonian lacks the 1905 double eagle for this reason.

1905-S Mintage: 1,813,000

Finest Smithsonian Institution specimen: MS-63

Although the mintage total for the 1905-S double eagle nears two million coins, the issue is seen much less often than the 1904-S issue. Many examples were shipped overseas; the average surviving coin is of lower quality. Today, the 1905-S double eagle is quite scarce in choice condition, and gem examples are rarely seen. The only superb example known for the date is the stunning Eliasberg specimen. The coin was purchased in 1905 directly from the San Francisco Mint by John H. Clapp.

1906 Mintage: 69,596

No specimen in Smithsonian Institution

Although the 1906 Philadelphia double eagle is scarce, it is seen more often than the 1902 and 1905 issues. Most of the coins offered in recent decades have been found in gold shipments from Europe, and the average coin is of MS60 or MS-61 quality. Collectors of the day did not save the circulation-strike issues; they preferred Proof examples of the Philadelphia releases. The Smithsonian collection is missing an example for this reason. There have been just seven of these coins certified above MS-65, and one of them, a PCGS MS-66 coin, was sold at auction in 2006 for $37,375.

1906-D Mintage: 620,250

Finest Smithsonian Institution specimen: MS-63

In 1906 the production of double eagles began at the Denver Mint. The 1906-D issue is very popular, as it is one of only two years in which Liberty Head double eagles were struck at the new mint. The 1906-D double eagle is a scarce issue, particularly in choice condition. The quality of production for the 1906-D double eagle is quite high. Most are well struck, and partially prooflike examples are sometimes seen. Gem examples are very rare, one of which, a PCGS MS-65 example, sold for $18,400 in early 2007.

1906-S Mintage: 2,065,750

Finest Smithsonian Institution specimen: MS-62

Although the 1906-S double eagle is reasonably available in average condition, choice examples become quite scarce. Just a few coins are known in gem condition, and none have been offered at public auction in recent years. The Eliasberg/Clapp example remains the finest seen by the authors. John H. Clapp purchased the coin from the San Francisco Mint in 1906. One of the finest graded has been a PCGS MS-66 example.

1907, Liberty Head Mintage: 1,451,786

Finest Smithsonian Institution specimen: MS-63

The year 1907 was the last time the Liberty Head type double eagle was produced. Later in the year the new double eagle designed by Augustus Saint-Gaudens would make its debut. The 1907 double eagle is among the most common issues of the type. Thousands of examples have been certified in Mint State. Gem examples are surprisingly rare, however, and there are only about a dozen specimens known at that level. No gem examples have crossed the auction block in recent years.

1907-D Mintage: 842,250

Finest Smithsonian Institution specimen: MS-64

The 1907-D double eagle is popular as being the last year for the type and mint. It is somewhat more available than the 1906-D issue. The typical example is well struck, with above average eye appeal for the type. A surprising number of gem examples are known, probably the result of coins having been saved when the series was discontinued. The finest known example was last auctioned in 2005. The coin, an NGC MS-67 example, sold for $36,800.

1907-S Mintage: 2,165,800

Finest Smithsonian Institution specimen: MS-63

The majority of 1907-S double eagles seen are low-end Mint State examples with heavily abraded surfaces. In choice condition, the 1907-S double eagle is the rarest of the three 1907 issues. Choice examples are scarce, and in gem condition the date is rarely seen. An NGC MS-65 specimen was offered at auction in 2004. The coin sold for $18,400. The Eliasberg example of the date was graded Extremely Fine when offered in 1982. More recently, in 2007, a PCGS MS-65 sold at auction for $21,850.

1907, High Relief, Roman Numerals (MCMVII), Wire Rim Mintage: 12,367

Finest Smithsonian Institution specimen: MS-67

Aside from the handful of pattern coins that show the Ultra High Relief, these represent most closely the conception of Augustus Saint-Gaudens’s original design. None other than President Teddy Roosevelt had demanded a change in our national coinage and sought out Saint-Gaudens, one of the most talented artists of that era. The aging sculptor rose to the challenge and rendered this magnificent design. With a full figure of Liberty walking toward the viewer with the blazing sun behind her on the obverse, the reverse design depicts a bald eagle in full flight above a rising sun. Arguably the most beautiful coins ever struck for circulation, these American classics were coveted from the time of issue, and remain so to this day. The finest certified example, a PCGS MS-69, sold in 2005 for $575,000. That coin is nearly perfect and is one the highest-quality U.S. gold coins seen by the authors. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

$20 – SAINT-GAUDENS, ARABIC NUMERALS, NO MOTTO 1907, High Relief, Roman Numerals (MCMVII), Flat Rim Mintage: Included with Wire Rim variety

Finest Smithsonian Institution specimen: MS-64

The Flat Rim coins are a match to the Wire Rim design with the Roman numerals in the date, but lack the fine or knife rim on the extreme edge. It is interesting to note that the motto IN GOD WE TRUST was omitted from these coins at President Roosevelt’s insistence, for he believed that since money could easily be used for ungodly pursuits such as gambling, the name of the Lord should not be used on coinage. Barber argued against the design, and eventually Congress overruled; in the end, the design was modified to a lower relief. The Flat Rim coins are much scarcer than the Wire Rim by a margin of nearly five to one, although these rarely bring much of a premium over their Wire Rim cousins. The finest known example is a PCGS MS-68 that sold in 2007 for $316,250. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1907, Arabic Numerals Mintage: 361,667

Finest Smithsonian Institution specimen: MS-68

Charles Barber disliked Saint-Gaudens’s high-relief design, and eventually he convinced the Mint to change the relief of the original design, which was greatly reduced. This ultimately facilitated coinage and reduced the epic design to more manageable levels. The digits in the date were changed from Roman to Arabic numerals, and the new versions were released in late 1907. With patience, a gem example can be obtained easily, since nearly 3,000 have been graded between PCGS and NGC. These were saved in large numbers by the public and by European banks, which have proven a steady source for most of the Saint-Gaudens double eagles seen today. Recent offerings include the stunning PCGS MS-67 coin that sold in 2008 for $40,250.

1908, No Motto Mintage: 4,271,551

Finest Smithsonian Institution specimen: MS-66

The 1908, No Motto double eagle is one of the most common of all double eagles. Survivors come with strong luster, sharp strikes, and great eye appeal—precisely what a collector hopes to find. Already a common date, it literally overflowed the population tables when Ron Gillio purchased an incredible hoard in the 1990s. The cache contained 19,900 examples of this date, all in sealed bags that had not been moved, searched, or jostled since 1917. Temporarily stored in a Wells Fargo Bank vault, the hoard was named “The Wells Fargo Hoard.” The quality of its specimens was staggering. Gem pieces were commonplace, and 10 examples were graded MS-69 by PCGS. Much to the delight of type collectors, the important No Motto design could now be obtained easily, although for a price. Most 1908 No Motto double eagles are especially lustrous, sharp, and attractive. Significant coins include a PCGS MS-69 coin that sold in 2005 for $94,875 (labeled as “the best one” from the Wells Fargo Hoard).

1908-D, No Motto Mintage: 663,750

Finest Smithsonian Institution specimen: MS-63

Struck at the Denver Mint beginning in March 1908, many of this date ended up overseas, in European bank vaults, only to return home many decades later. These tend to be sharply struck on most of the devices, except for the capitol building and the upper portion of Liberty, both of which often show minor weakness. In Uncirculated grades, these are generally found very lustrous and with good eye appeal. This is a scarcer date in gem grades, with a scant 250 coins graded MS-65 or better by PCGS and NGC, but it is much more available in MS-64 and lower grades. The price record for this date was set in 2005 when a PCGS MS-66 sold for $32,200.

1908, With Motto Mintage: 156,258

Finest Smithsonian Institution specimen: AU-58

Congress simply could not stand to see any coin without the motto IN GOD WE TRUST emblazoned prominently, so late in 1908 it was decided the motto would be added to the reverse of these coins, displayed just above the sun. Additional modifications were undertaken by engraver Charles Barber, including slight changes to the font style of the lettering, the addition of a pupil to the eye of the eagle, the addition of a ninth feather to the tail of the eagle, and a reduction of the sun’s rays, by one, to a total of 33. These coins are a considerable rarity in gem grades, but are available in grades of MS-64 and below. Many were apparently melted in the 1930s, so most of today’s stock was probably overseas until well after the two world wars. In 2005, a PCGS MS-66 example sold for a record price of $36,800.

1908-D, With Motto Mintage: 349,500

Finest Smithsonian Institution specimen: MS-63

Congress had the motto IN GOD WE TRUST added to the dies effective August 1, 1908. Curiously, like President Roosevelt, Saint-Gaudens wanted the motto left off the designs, but his reasons were different: he felt the motto distracted from the design elements, and the fewer words, the better. Religious fervor in America was strong, however, and Congress listened to the voters who demanded a law requiring the motto on all coins. Similar to the 1908-D With Motto double eagle, this Denver version is quite scarce in gem grades (but more available than its Philadelphia cousin), but obtainable in certified grades of MS-64 or MS-63. One of the finest examples seen was a PCGS MS-67 that sold in 2005 for $80,500.

$20 – SAINT-GAUDENS, WITH MOTTO IN GOD WE TRUST 1908-S Mintage: 22,000

Finest Smithsonian Institution specimen: AU-58

The 1908-S double eagle is the first truly low-mintage issue of this series. As with most San Francisco coinage of the period, the coins are awash in satiny luster and decent strikes. Positional differences have been observed in the location of the mintmark, and at least two obverse dies were used to coin this limited issue. A total of 724 pieces have been graded between NGC and PCGS, the vast majority in circulated or very low Mint State grades. Obtaining an example as high as MS-63 is quite a challenge for date collectors, with 113 examples certified as MS-63 or finer. The finest examples known are seven coins graded at the MS-67 level. In terms of the entire series, this date ranks 14th rarest of the 54 dates and mints. In 2005, a record price of $109,250 was set by a PCGS MS-67 example.

1909 Mintage: 161,282

Finest Smithsonian Institution specimen: MS-62

This issue is split into two groups: the regular date and the 1909, 9/8 overdate. Remarkably, the populations of each are nearly equal. The regular-date coins have just started to be recognized for their rarity in MS-64 or higher grades and none have been graded finer than MS-66 by PCGS or NGC. This is one of the true condition rarities of the series, and a very difficult coin to find above MS-63. When found in Mint State, these are well struck, lustrous, and quite appealing. The record price of $126,500 was set in 2005, when a PCGS MS-66 example crossed the auction block.

1909, 9 Over 8 Mintage: Included with the 1909 issue above

Finest Smithsonian Institution specimen: MS-64

This overdate was created when the Mint engraver struck a 1908-dated die with a 1909 hub, creating at least one overdate die. A single die would account for approximately 80,000 specimens, which is the speculated mintage for this variety. The population reports show a virtually equal number of certified overdate and regular-date 1909 double eagles. This overdate was first discovered in 1910 and published by Edgar Adams in The Numismatist; later it was popularized by Wayte Raymond in his Coin Collector’s Journal in May 1943. For many years, these coins remained quite scarce, but once the European hoards started coming home to America, significant numbers were found, primarily in lower Mint State grades. In MS-64 condition, 114 coins have been certified; in MS-65, just 23 examples; and above that, the finest examples seen are several coins graded MS-66. In 2005, a PCGS MS-66 example sold for $97,750.

1909-D Mintage: 52,500

Finest Smithsonian Institution specimen: MS-62

This is the scarcest issue from the Denver mint, with a very low mintage for this series. Most survivors trace their first several decades to banks in Switzerland, France, and even El Salvador, from whence they returned home to the welcoming arms of collectors in the 1960s and later. The combined NGC and PCGS population reports show just over 1,000 coins graded in all, with about half of those in Mint State and the rest in grades of MS-64 or lower. In MS-65 or finer, this is a very rare coin, with just 20 seen in MS-65 and about a dozen graded as MS-66 or MS-67 between the services. In early 2008, a PCGS MS-67 example sold for $218,500.

1909-S Mintage: 2,774,925

Finest Smithsonian Institution specimen: MS-63

While the considerable mintage might imply that this issue would be available in virtually any grade, this is certainly not the case. At the MS-64 level, this date can be obtained, but in MS-65, the population dwindles significantly. In MS-66 or finer grades, only 15 coins have been certified, the finest being a single PCGS MS-67. Examples are normally found well struck, with appealing luster, but usually in very low Mint State grades. It is apparent from the total number graded, which is under 10,000 coins, that the vast majority of these were melted in the 1930s. A new record price of $21,850 was set in 2007 by a PCGS MS-66 example.

1910 Mintage: 482,167

Finest Smithsonian Institution specimen: MS-64

As with most of the Philadelphia issues from 1908 through 1915, this is a moderately scarce date. Normally, this date is quite lustrous and sharp. In grades of MS-64 and lower, there are plenty to go around, but finding an example in MS-65 is tough, with just 215 graded that high. The finest certified examples top out at MS-66. Despite the moderate mintage, this issue ranks 41st of the 54 coin series in terms of certified examples. One of the best seen is the Dr. Stephen Duckor coin that sold as a PCGS MS-66 in 2005 for $31,050. The record price, however, belongs to another PCGS MS-66 example, which sold in 2007 for $37,375.

1910-D Mintage: 429,000

Finest Smithsonian Institution specimen: AU-58

The 1910-D double eagle is very similar to the 1910 in terms of the overall number of coins graded, and falls just ahead of that Eastern cousin as the 40th-scarcest date of the series in terms of the total number certified. The Denver issue has many more coins graded MS-65 and even MS-66 than the Philadelphia coinage. Most are sharply impressed by the dies and exhibit appealing luster. A wide D mintmark was used above the date to signify this branch mint. The finest seen are three pieces graded MS-67, one of which (a PCGS version from the Dr. Duckor collection) sold for $46,000 in 2005.

1910-S Mintage: 2,128,250

Finest Smithsonian Institution specimen: MS-64

The vast majority of 1910-S double eagles were melted during the 1930s, a time when all gold coins were recalled by our government. Those that did survive were squirreled away in small collections or ended up overseas. A couple of small groups were discovered in European banks or El Salvador. These coins have typical satiny San Francisco luster and show decent strikes. As a date, the San Francisco pieces are very scarce in MS-65 grades, with just 233 examples graded between PCGS and NGC, and another 21 coins finer. The most memorable auction result occurred in 2005, when a PCGS MS-67 example sold for $51,750.

1911 Mintage: 197,350

Finest Smithsonian Institution specimen: AU-58

Like other Philadelphia Mint issues from this period, the 1911 double eagle is very scarce in gem MS-65 or higher grades. In the slightly lower grade of MS-64, examples can be obtained with relative ease. Most examples were sharply struck, but luster varies from coin to coin, ranging from strong to average. In terms of those certified, this date falls near the center of the issue as the 28th of the 54-coin series. One of the finest examples known, an NGC MS-67, sold in 2005 for $46,000.

1911-D Mintage: 846,500

Finest Smithsonian Institution specimen: MS-63

The 1911-D double eagle is available in grades up to and including gem MS-65. Even MS-66 coins are plentiful, with the combined certified population reports showing more than 900 coins graded at this level by PCGS and NGC. In MS-67, another three dozen examples have been graded. Most coins seen are well struck and show glowing luster. A doubled mintmark variety is known, which is not particularly rare, and this minor error is included with the regular-issue Denver coinage. As a date, the 1911-D issue rates as the 43rd most plentiful of the 54 coins in the series, and it is the most frequently seen coin in gem grades since the 1908, No Motto double eagle. Important auction records include the PCGS MS-67 example that sold in 2005 for $31,050.

1911-S Mintage: 775,750

Finest Smithsonian Institution specimen: MS-61

Sharp, lustrous coins are the rule for the 1911-S double eagle, and this date is available up to and including grades of MS-65. In grades of MS-66 and above, a total of 63 examples have been graded according to the population reports

of PCGS and NGC. This may include some duplication, but that is the number reported, and this provides a reasonably good guide as to the condition rarity of each date. The 1911-S double eagle is the 36th most available date of the series. For the collector this date should not present any problems, aside from paying the price for the grade desired. The heightened demand for high-quality double eagles was manifest in 2007, when a PCGS MS-67 example sold for a record price of $80,500.

1912 Mintage: 149,824

No specimen in Smithsonian Institution

Most 1912 double eagles are sharply struck, with only minor weakness, and have good luster. In early 1912, the states of New Mexico and Arizona joined the United States, thus increasing the 46-star count then current on the obverse die. An additional two stars were added below the date near the oak leaves and the other 46 stars remained in their current place. Although technically the addition of the two stars created a new type, these additional stars are not widely recognized by collectors. Examples are available in grades of MS-64 and lower, but in MS-65, only 41 coins have been certified. The finest coins seen are a small group of eight pieces graded MS-66 by NGC and PCGS. Significant auction results include the Dr. Duckor coin (PCGS MS-66) that sold for $63,250 in 2005.

1913 Mintage: 168,780

Finest Smithsonian Institution specimen: MS-62

Double eagles of 1913 were struck during the final year of William Howard Taft’s presidency, as the world teetered on the brink of war. Mintages slowed as the gold stopped flowing across most international borders, and those struck

stayed close by in Eastern banks. In grades of MS-64 or below, this date is available; however, in grades of MS-65 and better, this issue becomes a significant condition rarity. The combined population reports of PCGS and NGC tally just 26 pieces, with one of those being the finest graded at MS-66 by NGC. This date ranks right in the middle of the 54-coin series as the 27th scarcest. Survivors exhibit frosty luster, sometimes with greenish hints in the gold, and most are struck more poorly than those seen in prior years. Important auction results include the PCGS MS-65 example that sold in 2005 for $54,625.

1913-D Mintage: 393,500

Finest Smithsonian Institution specimen: MS-62

This Denver issue is normally well struck and shows good luster. As with many issues from this period, most examples survived in European or South American bank vaults and have trickled back home in the past four decades. There are sufficient numbers available in grades of MS-63 and even MS-64, but in gem MS-65 the number of coins graded drops dramatically. Currently, the combined population reports show 483 coins in MS-65, and an additional 11 graded MS-66, with none higher. In all grades, more than 6,700 pieces have been graded by PCGS and NGC, making this one of the most available of the 54 dates struck. Memorable examples include the PCGS MS-66 coin that sold in 2006 for a new record price of $40,800.

1913-S

Mintage: 34,000

Finest Smithsonian Institution specimen: MS-63

Quality control slipped a bit for this San Francisco issue, with many coins showing copper spots from improperly mixed alloys. The strikes also tend to be a challenge. With time and care, fully struck MS-64 coins can be obtained, but in gem MS-65 grades, this date is very rare indeed. Despite the tiny mintage of 34,000 pieces, this date is generally available in most grades below MS-65. For some reason, a significant number were saved; these probably sat out the first half of the century in European or South American bank vaults. Impressive auction results include a PCGS MS-66 coin (ex Dallas Bank collection) that sold in 2005 for $149,500.

1914 Mintage: 95,250

No specimen in Smithsonian Institution

After the weakly struck pieces produced in 1913, the Philadelphia Mint stepped up its standards and coined these mostly well-struck and lustrous double eagles. The coins of 1914 are comparable to the lovely coins struck in 1912. As a date, this issue is very elusive in gem MS-65 grades, but generally available in grades below. A large hoard contained many of the surviving examples, and these were released over the last few decades. As a date, the 1914 issue rates 22nd among the 54 dates struck in terms of the total number certified. Significant auction results include the Duckor coin, a PCGS MS-66 that sold in 2005 for $48,875.

1914-D

Mintage: 453,000

Finest Smithsonian Institution specimen: MS-63

The 1914-D double eagle is a rather common coin in grades up to and including gem MS-65, and examples are even available in grades of MS-66. The two finest are certified as MS-67 (one each by PCGS and NGC). Most examples feature bold strikes and frosty luster, with orange-gold the dominant color found. Numismatist Q. David Bowers, in his work A Guide Book of Double Eagle Gold Coins, interviewed a number of importers of gold coins and they provided helpful estimates of the number of surviving examples that remain overseas in bank hoards. For this date, Bowers estimates that 25,000 to 35,000 coins still exist in Mint State, with another 45,000 to 60,000 in circulated grades. This is plausible, since the combined NGC and PCGS population reports tally more than 10,000 examples already certified. The price record of $43,125 was set by a PCGS MS-67 coin in 2005.

1914-S Mintage: 1,498,000

Finest Smithsonian Institution specimen: MS-62

This is one of the most common dates of the entire series, with significant numbers turning up from overseas hoards. Most seen are satiny and bold, although many are found with handling marks from years of storage or from jostling about in bags as the coins traveled from one location to another. To date, more than 32,000 examples have been certified, and this date is readily available (compared to most) in grades up to and including MS-66. No MS-67 examples have been certified by either PCGS or NGC. In recent years, the increase in supply of MS-66 examples has caused prices to drop to the $5,000 to $7,000 range.

1915 Mintage: 152,000

Finest Smithsonian Institution specimen: MS-64

As a date, the 1915 double eagle ranks right in the middle of those struck in terms of rarity. It is available in grades up through MS-64, but this date becomes quite a challenge to obtain in MS-65, where just 74 coins have been certified. Interestingly, none have been graded as high as MS-66. The Philadelphia Mint continued producing sharply struck coins in 1915, and most show the usual frosty luster seen on prior issues from this mint. Important auction results include a PCGS MS-65 coin that sold in 2006 for $36,800.

1915-S Mintage: 567,500

Finest Smithsonian Institution specimen: MS-62

This is one of the most common dates of the Saint-Gaudens series. There are significant numbers of coins found in all grades up to and including the 299 examples certified as MS-66. Several hoards are known, and it is likely that more will come out in the future. Struck with typical satiny luster by the San Francisco Mint, these double eagles remain a collector favorite for their quality and availability. Of those certified, this date rates as the 45th most common of the 54-coin series. Price records have dropped as the supply has increased; certified MS-66 examples now sell in the $5,000+ range.

1916-S

Mintage: 796,000

Finest Smithsonian Institution specimen: MS-66

As seen on several other dates in the Saint-Gaudens series, this issue was very scarce until a hoard was discovered in 1983, when a group of 4,000 Mint State examples turned up in South America, all of which were eagerly bought up by collectors. The luster on this date is generally weaker than seen on previous issues, but the devices continue to be sharply struck. Today, the 1916-S double eagle ranks as the 35th scarcest of the 54 dates struck. The best examples are three NGC MS-67s, one of which set a record price of $25,300 in 2005.

1920 Mintage: 228,250

Finest Smithsonian Institution specimen: MS-64

In terms of mintage and availability, the 1920 double eagle does not garner attention—until a careful study of the population data. This issue is generally well struck and shows typical Philadelphia Mint luster for the period. It ranks as 37th among the 54 dates, and is certainly available in most grades up to MS-64. In MS-65, however, this date is virtually impossible to find, and it is probably the most underrated gem in the entire series. As of this writing, PCGS has graded only one MS-65, while NGC has graded seven at this level, and neither company has graded any finer. When an MS-65 example is offered, a collector had better be prepared to do serious battle to obtain it. In 2007, the Eliasberg example reappeared on the market as a PCGS MS-65 and promptly set a new record price of $109,250.

1920-S

Mintage: 558,000

Finest Smithsonian Institution specimen: MS-64

The 1920-S double eagle is one of the most significant rarities of this series. Many show minor striking weakness on the lower portion of the obverse, and this area is prone to the weaknesses seen on other dates, as well. Luster is average for this date. No significant quantities have turned up in overseas hoards, and the few that remain are apparently here simply by chance. To date, only 164 examples have been certified in all grades (an increase of 16 examples from the first edition). A total of four coins have been certified as MS-65, with two coins noted as MS-66, one of which is the Eliasberg/Duckor/Morse coin that sold in 2005 for $517,500. The American Numismatic Society holds a superb gem coin, and the Smithsonian piece grades at least MS-64.

1921 Mintage: 528,500

Finest Smithsonian Institution specimen: MS-66

The 1921 double eagle is a close match to the rarity and desirability of the 1920-S issue. Virtually the entire mintage was destroyed during the 1930s, and no hoards of any size have been discovered. Population data show that 163 coins have been certified, with approximately half of those in lightly circulated grades. This is a very difficult date to obtain in high grades, with NGC and PCGS reporting a total of 17 coins graded at the MS-63 level; just five as MS64; three as MS-65; and a single coin at MS-66 (PCGS). Auction records frequently fall when this date is offered in any attractive grade. Recent offerings include the above-mentioned PCGS MS-66, which sold in 2005 for $1,092,500. Interestingly, both the American Numismatic Society and the Smithsonian collections contain a superb gem example of the date. Both were obtained from the Mint at the time of issue.

1922 Mintage: 1,375,500

Finest Smithsonian Institution specimen: MS-65

What a difference a year makes—the coinage of the 1922 double eagle topped out at more than 1.3 million pieces. Enough examples have survived in various hoards to make this one of the most plentiful dates in the entire series. Most are sharp, lustrous, and available in grades up to MS-65. Examples are quite rare in MS-66, where a scant dozen have been certified, and none have been seen finer. More than 67,000 pieces of this date have been certified, ranking it as 49th of the 54-coin series. Significant numbers have turned up in overseas hoards. In MS-63, more than 25,000 examples have been certified to date. Memorable auction results include a PCGS MS-66 that sold in 2005 for $32,200.

1922-S Mintage: 2,658,000

Finest Smithsonian Institution specimen: MS-62

This is a date that suffered tremendously from the massive meltings of gold coins in the 1930s. Not many have survived to this day (and the paltry numbers reported by PCGS and NGC bear this out). In point of fact, exactly 1,800 examples have been certified of this date, and most of those are in lower Mint State or circulated grades. In MS-65, this date is a major rarity, with just 21 examples seen to date, with an additional five seen at the top grade of MS-66. The striking quality varies, and these often have indistinct areas around the periphery, but show the usual satiny luster. Since the last edition, the price record for this date has jumped to $94,300, for a PCGS MS-66 example that sold in 2005.

1923 Mintage: 566,000

Finest Smithsonian Institution specimen: MS-64

Similar to the 1922 Philadelphia issue, the 1923 double eagle suffered from the mass meltings of the 1930s, but more than enough survived in overseas hoards to keep it well within the ranks of other common dates. More than 37,000 examples have been certified, and most show an attractive orange-gold color and strong luster. The striking quality is normally high for this date. Curiously, this date is available in MS-65, but only three have been certified by PCGS at the MS-66 level. Although they were preserved in great numbers, finding an MS-65 example can be quite a challenge. Memorable coins sold at auction include a PCGS MS-66 coin that sold for $48,875 in 2005.

1923-D Mintage: 1,702,250

Finest Smithsonian Institution specimen: MS-64

This is one of the most common dates of the entire series, and it is available in grades up to and including MS-67. Only one coin has been graded MS-68 by NGC. As most examples are boldly struck and show radiant luster, this date is often chosen to represent the type. Quantities are available in MS-66, with the major certification services showing a combined total of more than 2,000 pieces in that grade alone, and an additional 3,515 coins graded as MS-65. Many survived in overseas hoards. One particular group of coins was reported by Manfra, Tordella & Brooks during the years of 1981 and 1982; that hoard contained more than 1,000 pieces, and was rumored to be from the Brand Estate. Minor positional variations are known for the mintmark, and peripheral die cracks are common. Significant auction results include a PCGS MS-67 coin that sold in 2005 for $12,000.

1924 Mintage: 4,232,500

Finest Smithsonian Institution specimen: MS-66

This date is believed to be the most common of the entire series. A staggering 449,318 pieces have been graded so far by PCGS and NGC. Ironically, this date was almost impossible to purchase at the time of issue, and virtually the entire mintage was sent overseas for international banking transactions. Most 1924 double eagles sat out the next several decades in bank vaults in Europe. One of the finest examples graded, a lone PCGS MS-68, sold at the 2006 FUN sale for $63,750.

1924-D Mintage: 3,049,500

Finest Smithsonian Institution specimen: MS-64

Unlike the 1924 double eagles from the Philadelphia Mint, those from the Denver Mint sat around in the United States, with perhaps a few thousand being sent overseas for international transactions. Therefore, when the 1930s rolled around, they were still available to be turned over to the government and were promptly melted into gold bars and sent to Fort Knox. Survivors show strong luster and average strikes, but many have worn dies around the peripheries, as quality control was lacking (perhaps due to the enormous amount of coins being minted). To date, just over 1,000 examples have been certified, and a coin grading MS-64 is about as nice as a collector can hope to secure. Important auctions include the Carter/Duckor coin graded PCGS MS-66 that sold in early 2008 for $184,000.

1924-S Mintage: 2,927,500

Finest Smithsonian Institution specimen: MS-63

In lockstep with the 1924-D double eagles, this San Francisco issue was virtually wiped out in the 1930s. Luckily for collectors, several survived in overseas banks. During the 1940s and 1950s, it was generally believed that fewer than a half-dozen examples of this date existed. A few coins trickled out from Europe in the late 1950s, and by the 1960s enough had arrived to make this date available to collectors. Most seen are rather well struck and lustrous, with the typical rounded rims seen on San Francisco coins. They are commonly found with die wear on the peripheral devices and lettering in the form of a shadowy ring. Today, the population total is just shy of 1,000 coins certified in all grades. The finest certified example is a single PCGS MS-67, but the price record belongs to the PCGS MS-65 example that sold for $97,750 in 2005.

1925 Mintage: 2,831,750

Finest Smithsonian Institution specimen: MS-64

This common date is found in all grades up to and including MS-67 (where PCGS and NGC have certified a total of 13 examples). Significant numbers survived in European banks, and it is likely that many survived in America as well. In general, this issue is found boldly struck and quite lustrous. One doubled-die reverse has been reported (FS1925), and NGC has certified two examples of this variety as MS-66—others will likely be discovered of this minor die variation. The top price for this date was $32,200, paid for a PCGS MS-67 example in 2005; the value has not

changed much since then.

1925-D Mintage: 2,938,500

Finest Smithsonian Institution specimen: MS-63

Like the 1924-D and 1924-S double eagles, the vast majority of these coins ended up in the melting pot during the late 1930s, virtually eliminating the large mintage. To date, only 693 examples of this issue have been certified, most in lower Mint State grades. This date ranks as the 12th scarcest of the 54-coin series, and it is one of the most difficult to locate in high Mint State grades. A total of 11 coins have been certified as MS-65, with the top examples known being a cluster of three coins awarded the coveted MS-66 rating. When found, this date normally exhibits frosty luster and a bold strike. The 2005 price record of $207,000 for a PCGS MS-66 example remains unbroken.

1925-S Mintage: 3,776,500

Finest Smithsonian Institution specimen: AU-58

The tremendous mintage reported for the 1925-S double eagle should be disregarded, as most of this issue ended up being melted in the 1930s (like so many other branch-mint issues of the period). Specimens that did survive can be traced back to meager hoards held by European banks, or had been squirreled away by fortunate American collectors. This date sometimes comes with a bold strike and splendid luster. A tiny handful of superb coins are known. A scant 36 coins have been certified as MS-64, and three examples have graded MS-65. Two pieces have

reached the MS-66 level, and one more coin is graded MS-67. There is a single PCGS MS-68 coin. Overall, the 1925-S issue ranks 13th in the 54-coin series in terms of certified numbers to date. Significant auction results include a PCGS MS-67 coin that sold for $287,500 in 2005.

1926 Mintage: 816,750

Finest Smithsonian Institution specimen: MS-66

Like most other Philadelphia double eagles from this period, a significant number were saved in European banks and have since made their way back home. As a date, this is one of the most common issues in the series, ranking number 48 of the 54 dates and mints. This date is available in grades up to and including MS-66, and only in MS-67 does the population of certified coins drop to a mere nine pieces. Although the 1926 double eagle may seem to be a common coin, the ratio of 1924 double eagles to 1926 double eagles is more than 10 to 1. The price record for this date is $25,300, set by a PCGS MS-67 example in 2005.

1926-D Mintage: 481,000

Finest Smithsonian Institution specimen: MS-67

The 1926-D double eagle is a very rare coin. The mintage was laid waste by the 1930s bureaucrats who demanded that all gold coins be returned from circulation and melted. The few specimens that did survive were either found overseas or held back by a handful of collectors wealthy enough to hold them through the economic turmoil of the

ensuing few decades. To date, a total of 276 pieces are reflected in the population reports. It currently ranks as the 10th scarcest of the 54-coin series. In MS-65 only five coins have been certified, and in MS-66, which is the top grade seen on the census, there are just two examples reported by PCGS. The Smithsonian piece was obtained directly from the U.S. Mint and is probably the finest known. When found, examples tend to show minor striking weakness on the lower obverse on the capitol dome. In 2005, one of the PCGS MS-66 examples sold for $345,000.

1926-S Mintage: 2,041,500

Finest Smithsonian Institution specimen: MS-66 PL

The 1926-S double eagle suffered the same fate as its Denver brethren of the same year. The rather impressive mintage was all but obliterated, though a few have turned up in overseas bank hoards. Those that have survived show typical San Francisco beveled edges and slight weakness through the stars at the periphery. They are also usually frosty and lustrous. Examples are available in grades up to MS-64, and with serious money a collector can obtain a coin graded as high as MS-65. If the collector desires an MS-66 example, however, it will be a challenge, as only five have been certified to date. The finest example is a single PCGS MS-67. The Smithsonian collection contains two superb examples, both of which would probably grade MS-66. Since 1994, only two MS-66 examples have appeared on the market, one of which set a record price of $86,250. One can only guess what the MS-67 would bring were it to suddenly appear on the market.

1927

Mintage: 2,946,750

Finest Smithsonian Institution specimen: MS-66

This is the second most common date in the entire series, and it is available in all grades, including more than four dozen coins graded MS-67. To date, the certified population is approaching a quarter million pieces—a staggering number. Therefore, the 1927 double eagle ranks second most common as 53rd of the 54-coin series. Invariably these are sharply struck and show abundant luster and eye appeal. Vast numbers were sent overseas and it is probable that fewer than half of those that exist have been certified to date. The finest known examples are MS-67, and one at that level sold for $15,525 at auction in February 2007.

1927-D Mintage: 180,000

Finest Smithsonian Institution specimen: MS-66

The 1927-D double eagle is a legendary rarity—the rarest regular-issue gold coin of any denomination of the 20th century. Only the 1933 double eagle comes close in terms of the small number known. However, if the current lawsuit over the ownership of another 10 examples of the 1933 double eagle resolves favorably for collectors, that date will fall into second place behind the 1927-D issue. After decades of contention, it appears that the 1927-D double eagle is truly the king of all 20th-century gold coins. None have appeared in the European or South American hoards, and this date was apparently all but eliminated by the massive meltings of gold coins in the 1930s. Amazingly, the Smithsonian collection contains three examples of the 1927-D double eagle, all of which are in gem Mint State. In 2005, a PCGS MS-67 example set a new record of $1,897,500. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1927-S Mintage: 3,107,000

Finest Smithsonian Institution specimen: MS-67

This tremendous mintage of the 1927-S double eagle did little to provide coins for future collectors. Virtually the entire mintage was destroyed in the 1930s, leaving just a few hundred around today for collectors to fight over. When seen, this San Francisco issue shows the typical beveled edge and satiny gold luster. Striking quality is sharp at the centers and is sometimes found with minor weakness on the Capitol building. In terms of the number known, the combined PCGS and NGC population reports show that 231 have been graded, most of which are in lower Mint State grades or show minor evidence of brief circulation. A total of three examples have been certified at the MS-67 level, one of which sold for $345,000 in 2005.

1928 Mintage: 8,816,000

Finest Smithsonian Institution specimen: MS-66

In 1928, the double eagle mintage broke all records, not only for the Saint-Gaudens series, but for any U.S. gold coin issued for circulation. Nevertheless, this date does not appear to be as common now as the 1924, 1927, or even the 1908 No Motto issue, each of which is seen in much greater numbers. Perhaps more examples await certification in European and South American bank vaults—or, more likely, a significantly higher percentage of this issue was melted in the 1930s. For the type collector, the radiant luster, sharp strikes, and booming eye appeal make the 1928 double eagle a perfect choice. This date is available in significant numbers in all grades, including superb gem MS67. An example in that grade sold for $11,500 at auction in November 2007.

1929 Mintage: 1,779,750

Finest Smithsonian Institution specimen: MS-64

The last readily obtainable Saint-Gaudens double eagle is the 1928. Beginning with the 1929 and continuing through the 1933 issues, any collector who undertakes obtaining them must do so with extreme care and financial fortitude. As seen on earlier mintmarked issues, the 1929 double eagle was summarily rounded up and melted down in the 1930s. Few examples had left the country at that time, as the world economies sank into a deepening depression that started in mid-1929 with contracting trade and was loudly announced by the American stock market crash on October 29, 1929. Author Jeff Garrett purchased a small group of 10 coins in the early 1990s. Most of those coins would grade MS-63 to MS-64 by today’s standards. The combined PCGS and NGC population reports show 294 pieces certified to date. Six have been certified at the MS-66 level, one of which crossed the auction block for $138,000 in early 2008 at the FUN show auction sale.

1930-S Mintage: 74,000

Finest Smithsonian Institution specimen: MS-68

The 1930-S double eagle is a significant rarity that is overshadowed by the 1927-D and speculative 1933 issues. Mercifully for collectors, most of the known examples are Uncirculated and the majority are very nice, grading MS64 or finer. Most show typical sharp strikes with beveled rims and blazing luster. Those that did survive were likely held by American coin collectors or dealers, and it is almost certain that none were shipped overseas from this Western mint. The Smithsonian example was obtained directly from the U.S. Mint and is one of the finest SaintGaudens double eagles seen by the authors. That coin is virtually perfect and would probably qualify at the MS-68 level. Over the past 10 years, the price of the MS-66 has risen from around $100,000 to a record of $253,000 in 2005.

1931 Mintage: 2,938,250

Finest Smithsonian Institution specimen: MS-67

As the Great Depression deepened, the Philadelphia Mint coined a substantial number of new double eagles during 1931. These sat around unwanted in Treasury and bank vaults, only to be gathered up a few years later and melted. Virtually the entire mintage was wiped out, leaving perhaps 200 to 300 surviving pieces. The PCGS and NGC population data show 117 pieces graded (two less than when the first edition was published). When found, 1931 double eagles are sharply struck, lustrous, and often in very high Mint State grades. Many show a die crack through the beak of the eagle. The Smithsonian collection contains three gem 1931 double eagles, the finest of which is MS67. Obtaining this date in top condition requires a significant investment of money—the record price is the $264,500 paid for a PCGS MS-67 in 2005.

1931-D Mintage: 106,500

Finest Smithsonian Institution specimen: MS-66

The 1931-D double eagle survived in numbers similar to the 1931 Philadelphia issue, but the Denver issue is more elusive in gem MS-65 grades. The finest certified examples are four at the MS-66 level, plus one of each in the collections of the American Numismatic Society and the Smithsonian. The entire mintage was virtually wiped out, but a handful survived here and there. The surface texture ranges from frosty to satiny, and coins are typically well struck. Author Jeff Garrett handled a group of eight examples in late 1988. Most of these would grade MS-63 by today’s standards. The record price for this date was set in 2007, when a PCGS MS-66 sold for $230,000.

1932 Mintage: 1,101,750

Finest Smithsonian Institution specimen: MS-67

As with all other double eagles coined in the 1930s, virtually the entire mintage of 1932 was melted. Today, PCGS and NGC population data show that 134 pieces in all have been submitted and certified, most of which grade from MS-63 to MS-66 (this figure probably includes many resubmissions). The example in the Smithsonian Institution is possibly the finest known, and would probably grade MS-67. Most seen are sharp and lustrous, typical of the Philadelphia Mint during the decade. As one of the great rarities of the series, any 1932 double eagle will always bring considerable attention. In complete contrast to the Indian Head eagles of 1932, which are an extremely common hoard date, the 1932 Saint-Gaudens double eagle is very expensive and difficult to obtain. The top price realized by this date is $143,750, set in 2007 by an NGC MS-66 example.

1933 Mintage: 445,500

Finest Smithsonian Institution specimen: MS-66

Officially, the Treasury never released any 1933 double eagles into circulation. Franklin Roosevelt issued a presidential order on March 6, 1933, prohibiting banks from paying out gold coins or gold certificates. Some 1933 double eagles escaped into the hands of collectors, however, many through a Philadelphia jeweler. Most sold privately. King Farouk had one exported to Egypt, with an official export license to take it from America. The coin sold in July 2002 for $7,590,000. Currently, that coin is the only 1933 double eagle that may be owned legally.

However, the heirs of the jeweler who obtained several of these coins near the time they were supposed to have been destroyed recently turned 10 examples over to the government for authentication. The government claims ownership of the coins, and until their legal status is cleared up the 1933 double eagle is the rarest Saint-Gaudens coin by far. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1849, Pattern (Proof Finish) Mintage: Unknown

Finest Smithsonian Institution specimen: PF-63

Although technically a pattern or experimental coin, the 1849 double eagle is one of the greatest rarities of U.S. coinage. After the discovery of gold in California in 1848, the decision was made to start production of gold dollars and double eagles. The double eagles would convert the bullion into coins with the least effort. An unknown number of 1849 double eagles were struck, although all but two coins were melted. One of the remaining coins was sent to Treasury Secretary W.M. Meredith, and the other was placed in the Mint collection. The location of the Meredith coin is unknown today. The Mint’s coin is now part of the Smithsonian collection, and is considered by many to be the single most important example in their holdings. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

$20 – LIBERTY HEAD, WITHOUT MOTTO ON REVERSE, PROOF

1850–1857, Proof Mintage: Unknown

No specimen in Smithsonian Institution

Currently there are no known Proof Liberty double eagles dated 1851 to 1857. It is probable that a small number of 1850 double eagles were struck. Walter Breen believed that one was included in a complete gold Proof set struck for the Congressional Committee on the Library. John Jay Pittman reported to David Akers that he thought an example was in the Paris Mint collection. A reliable source reports having seen the coin in recent decades, and that the coin is cleaned but definitely a true Proof. The appearance of an example would cause considerable excitement. There have been no recent rumors of an 1851, 1852, 1853, 1854, 1855, 1856, or 1857 double eagle in Proof.

1854-S, Presentation Strike Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65

One of the true hidden wonders of the numismatic collection of the Smithsonian Institution is the 1854-S presentation-strike double eagle. The coin was first noticed in 1951 by Walter Breen (numismatist) and Stuart Mosher (then curator and editor of The Numismatist). The coin is recorded as having been sent to the Mint Cabinet by Superintendent Lewis A. Birdsall. The Mint collection was transferred to the Smithsonian in 1923. Although the coin has been called a Proof by most researchers, it is the authors’ opinion that the coin would be more accurately described as a presentation strike. The surfaces are deeply prooflike but lack the deep, orange-peel appearance of true Proofs of the era. The coin is probably the first coin struck for the year, being a presentation example to recognize the opening of the San Francisco Mint in 1854.

1856-O, Presentation Strike Mintage: Unknown

No specimen in Smithsonian Institution

The 1856-O double eagle is one of the great classics of the Liberty Head series. It is one of the rarest issues of the type in any condition. Fewer than 25 coins are known in all grades. One coin, however, stands out above all the rest. An example of the date exists that is clearly specially made and has been certified as Specimen-63 by NGC. The coin is an anomaly that should not exist. It has been reported that this prized rarity had been in the hands of the family of Mint Superintendent Charles Bienvenu since the time of issue. This example is one of the greatest double eagles in private hands, and when it reappears at auction, it will surely sell for a solid seven-figure price. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1858, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The year 1858 is the first in which regular-issue Liberty Head double eagles are known in Proof. The exact mintage for 1858 is unknown, but today there are only three or four coins known. Two examples are in the collection of the Smithsonian; one coin is from the Mint collection, and the other from the Lilly collection. Another specimen resides in the collection of the American Numismatic Society, a gift to the museum by J.P. Morgan. A fourth example was last offered for public sale in the Memorable Collection, which was sold in 1948 by Numismatic Gallery. The Proof status of the Memorable coin has been questioned, however. John Jay Pittman stated that he did not think the coin was Proof, and if it had been, then he would have purchased it.

1859, Proof Mintage: 80

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The reported mintage for the issue is 80 coins. If this many coins were actually struck, most were certainly melted, as the 1859 double eagle is exceedingly rare in Proof. There are possibly only seven or eight coins known in all grades, including at least one or two impaired examples. An NGC PF-58 was sold at auction in September 2006 for just $17,250. Its true Proof status, however, has not been verified by the authors. The Smithsonian retains two examples that are of choice quality. Another resides at the American Numismatic Society. Two coins are also known in complete 1859 Proof sets. One of these was in a set formed by the late John Jay Pittman. He purchased the double

eagle for his 1859 set in 1952 for $525. In 1997, the Pittman 1859 Proof set sold for $426,250 in 1997.

1860, Proof Mintage: 59

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

Although the reported mintage for the 1860 double eagle is 59 coins, most were melted or lost to numismatics in subsequent years. In 1860, $20 was a hefty sum of money, and only a few well-heeled collectors could have saved an example. There are fewer than 10 coins known today, including two that are in the museum collections of the Smithsonian and the American Numismatic Society. Eight examples of the 1860 double eagle are listed on the population reports. This probably includes at least one resubmission. The finest example offered for sale in recent years has been an NGC PF-64 Cameo that was sold at public auction in August 2006 for $189,750. The Trompeter collection also contained an excellent example of the date in Proof.

1861, Proof Mintage: 66

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The circulation-strike double eagles of 1861 are among the most common for the type. Proof examples, however, are incredibly rare. Of the 66 coins reportedly struck in Proof, only a few remain. Most were probably melted as unsold. At the start of the Civil War, numismatic interest was surely diminished, especially for high-denomination issues. Besides examples in the museum collections of the Smithsonian and American Numismatic Society, there are

only three or four coins known today. Only two examples have crossed the auction block in the last 20 years. The Harry W. Bass Jr. piece, which was graded PF-64 by PCGS, sold for $92,000 in 1999. A superb example graded PF67 Ultra Cameo by NGC sold for the record price of $483,000 in August 2006.

1862, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1862 issue is probably the earliest Type 1 double eagle likely to be encountered in Proof. Although the mintage is fewer than for the previous few years, more examples have survived. There are probably only about a dozen examples known, including two in the Smithsonian and another in the collection of the American Numismatic Society. Any Type 1 double eagle is a major rarity in Proof, and the demand for the issue far outstrips the supply. The auction record for the issue goes to a gem Proof coin sold in early 2007 for $253,000. The average grade seen for the issue is usually PF-63 or PF-64.

1863, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The actual rarity of the 1863 double eagle can be difficult to determine. Although 30 coins were reportedly struck, it is nearly certain that fewer were actually sold. The population data is misleading, as the numbers include resubmissions. There are probably about a dozen examples known today, including the pieces in the museum

collections of the Smithsonian and the American Numismatic Society. Of these, at least a few are impaired. One of the few to appear at auction in recent years was the Harry W. Bass Jr. coin, which was graded PF-64 by PCGS, and sold for $66,700 in 1999. The coin would easily sell in the six figures today. Proof Type 1 double eagles of any date are very desirable and rarely encountered.

1864, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Despite the fact that only 12 to 15 examples of the Proof 1864 double eagle are known, it is probably the most available year for the type in the Proof format. Two examples are in the museum collection of the Smithsonian, and another resides at the American Numismatic Society. Most of the mintage was probably melted as unsold, not surprising considering the ravages of the Civil War at the time. The population report numbers are misleading due to resubmissions. Examples of any Type 1 double eagle must be considered a major rarity. An NGC PF-64 Cameo example sold at public auction in early 2007 for $184,000.

1865, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

With the lowest mintage figure for any Type 1 double eagle after 1858, it is not surprising that the 1865 date is much rarer than the 1862, 1863, or 1864 issues. Fewer than 10 examples are known, including the pieces in the collections

of the Smithsonian and American Numismatic Society. The population numbers are most certainly skewed by resubmissions. Many major collections offered in the last few decades did not have an example of the date. This includes the spectacular Harry W. Bass Jr. collection. A wonderful example was offered at public auction in mid2004. The coin was certified as PF-65 Deep Cameo by PCGS and sold for $264,500.

1866, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1866 double eagle is the first year of the modified design with the motto IN GOD WE TRUST added to the reverse. All Proof Type 2 double eagles are very rare coins, and the 1866 issue is no exception. There are probably just 15 or so coins known, including the Smithsonian and American Numismatic Society specimens. About a dozen examples have been certified, but this includes resubmissions. Proof examples of the date and type are rarely offered. The finest piece seen in recent years has been a PCGS PF-65 coin that sold in mid-2004 for $178,250. More recently, in mid-2007, a PCGS PF-64 sold at auction for $126,500.

$20 – LIBERTY HEAD, WITH MOTTO, VALUE TWENTY D., PROOF 1867, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Cameo

Most experts agree that of the original mintage of 50 coins, many were probably melted as unsold at the time of issue. It should be remembered that $20 was a considerable sum of money in 1867, and the chances of a Proof example remaining in collectors’ hands was minimal. Today there are only 10 to 12 coins known. This includes two pieces in the Smithsonian, one of which is slightly impaired. A PF-65 example, offered in 2004, traces its pedigree to the great collections of Trompeter, Eliasberg, and Clapp. The coin sold for $195,500.

1868, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1868 double eagle is a great rarity in Proof. Of the 25 coins struck, there are probably only about a dozen known. These include three examples in the museum collections of the Smithsonian and the American Numismatic Society. The population data are unreliable, as the numbers do not account for resubmissions. All Proof Type 2 double eagles are rare and desirable, and the 1868 date ranks as one of the most sought-after issues. An NGC PF-65 example sold at auction in early 2007 for $207,000.

1869, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1869 double eagle is another extremely low-mintage issue in the Proof format, with only 25 coins struck. Of these, only about a dozen are known in all grades. These include the two coins in the Smithsonian collection, both of

which are of PF-63 quality. Another example is in the American Numismatic Society. The rarity of the date is probably overshadowed by the desirability of the type in Proof. Examples are usually offered only when great collections cross the auction block. The auction price record for the issue is an NGC PF-65 that sold for $308,000 in 1990—a simply stunning price for the time.

1870, Proof Mintage: 35

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

All Type 2 double eagles are rare in Proof, but the number of 1870 specimens known to exist is fewer than most. Although two pieces are in the Smithsonian and another resides in the American Numismatic Society, fewer than 10 coins are in private hands. The population numbers are low but still include numerous resubmissions. Most of the coins seen of the date have deep, cameo surfaces. Proof 1870 double eagles rarely appear on the market, the most recent appearance at auction occurring in early 2007, when a PCGS PF-66 coin sold for a record-breaking $368,000.

1871, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1871 double eagle is exceedingly rare in Proof. Only one example has been offered at auction in the last 15 years, this being a PF-62 piece. The Harry W. Bass Jr. collection, which was nearly complete, lacked an example. The Smithsonian and American Numismatic Society each contain an example, both of which will never be available

to collectors. Of the 30 coins struck, it is nearly certain that fewer than 10 can be accounted for today. None have crossed the auction block in recent years.

1872, Proof Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As would be guessed from the tiny mintage, the 1872 double eagle is extremely rare in Proof. The population numbers for the issue are among the lowest for the type, and even these are inflated slightly by resubmissions. Besides the two placed in the museum collections of the Smithsonian and the American Numismatic Society, there are probably fewer than 10 coins available to collectors. Nearly every example has deep, cameo devices, and several of those known are slightly impaired. The most recent example of a gem coin that has traded hands at auction is the 2002 sale of a PCGS PF-66 specimen for $143,750. The coin would bring much more today. An NGC PF-64 Ultra Cameo sold in the 2006 FUN sale for $103,500.

1873, Close 3, Proof Mintage: 25

Finest Smithsonian Institution specimen: PF-63 Cameo

The Proof double eagles of 1873 are all of the Close 3 variety. The 1873 issue is among the most difficult of the Proof Type 2 double eagles to locate. Very few have been offered for sale in recent decades. There are only 10 to 12 coins known in all grades, including at least two in museum collections. Of the few that have survived, several are

slightly impaired. The Proof gold coinage of 1873 has one of the lowest mintage figures for the era and is very popular as such. In early 2005 a gem PF-65 example sold at auction for $155,250. That coin would sell for much more today.

1874, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

While the circulation-strike examples of the 1874 double eagle are relatively common, Proofs are extremely rare. Just 20 coins were struck, this being the lowest number of Proof double eagles produced after 1858. Today, fewer than 10 examples can be traced, including the two that are housed in the Smithsonian and the American Numismatic Society. At least one or two examples known are seriously impaired. The date has also been missing from many important collections offered in the last two decades, including the Harry W. Bass Jr. collection, which was nearly complete. An NGC PF-64 coin sold at auction in mid-2004 for $103,500.

1875, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1875 double eagle is one of the classic issues of the type. The date is very rare, as the tiny mintage of only 20 coins would indicate. There is extra interest in the date due to the rarity of the remaining gold-coin denominations for the year. There are probably 10 to 12 examples known in all grades, including at least one that is impaired.

Others reside in museum collections, including two in the Smithsonian, and are unavailable to collectors. The most recent appearance of an example at auction was the sale of an uncertified piece, described as choice Proof, that sold for $166,750 in early 2005. The coin was probably altered in appearance, and was said to have sold for much less several months later.

1876, Proof Mintage: 45

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1876 double eagle is very rare in Proof, but the date is probably the most available issue of the type. The mintage number for the year is higher than for the previous few years. This may have been in anticipation of increased sales because of centennial celebrations. Many must have remained unsold, however, as there are only 15 or so coins known today. Most of the survivors grade no better than choice Proof. The Smithsonian example is in gem condition and is one of the finest examples seen by the authors. An interesting illustration of the increased demand for double eagles can be clearly seen by tracing the sale of the Harry W. Bass Jr. example. The coin, a PCGS PF-64 example, sold for $48,300 in 1999; it reappeared at auction in 2004 and sold for $115,000.

1877, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The mintage for the Proof 1877 double eagle is among the lowest for the type. Of the small number of coins struck,

there are only 10 to 12 coins known in all states of preservation. The population statistics for the date are clearly misleading, as the numbers nearly exceed the actual mintage. Nearly all of the coins on the population reports are clustered at the PF-64 level. Just one coin has been graded as PF-65. The 1877 double eagle is very rare in Proof, comparable to those from 1860 to 1876. At least one or two coins are part of complete gold Proof sets for the year. One of the authors, Jeff Garrett, handled one of these sets in the mid-1980s. An NGC PF-64 coin sold at auction in 2004 for $42,550.

1878, Proof Mintage: 20

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1878 double eagle is extremely rare in the Proof format, with the number of coins struck being among the lowest for the series. Many important collections have lacked an example. There are probably fewer than 10 specimens known in all grades, including those in museum collections. One or two of these are impaired. Early-date Type 3 double eagles are very undervalued in comparison to the earlier issues that sell for much more and are of similar rarity. A PCGS PF-64 coin sold at auction in 2004 for $63,250.

$20 – LIBERTY HEAD, WITH MOTTO, VALUE TWENTY DOLLARS, PROOF 1879, Proof

Mintage: 30

Finest Smithsonian Institution specimen: PF-64 Cameo

Although the mintage for the 1879 is slightly higher than for the last few years, the date is extremely rare in the Proof format. There are only 10 to 12 coins known. Many of these are slightly impaired and not of choice quality. Just a few coins of the date have appeared at auction in the last two decades. These have been primarily from major collections such as Bass and Trompeter. The finest example seen has been an NGC PF-66 coin that sold at auction in 2000 for $83,375. The coin resold at auction in 2007 for a record $172,500.

1880, Proof Mintage: 36

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1880 double eagle is one of the rarest issues of the 1870s or 1880s in Proof. Only two examples have appeared at auction in the last two decades. Of the 36 coins struck, just 10 to 12 coins are known today. These include two in the Smithsonian and another in the American Numismatic Society. The survival of any high-denomination Proof gold coin is amazing. Many of these Proofs were spent, as $20 was a tremendous amount for a collector coin in the 1880s. The only recent sale of an example is for a PCGS PF-64 coin that crossed the auction block in 2004 for $72,450.

1881, Proof Mintage: 61

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The mintage for the Proof 1881 double eagle jumps considerably from previous years. Although 61 coins were struck, many must have remained unsold. There are fewer than 20 examples known today, including two in the Smithsonian and others in museum collections. The date is also very popular due to the rarity of circulation-strike examples for the year. One of the finest survivors is an NGC PF-65 Ultra Cameo coin that sold at auction in early 2007 for $115,000.

1882, Proof Mintage: 59

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The rarity of the Proof 1882 double eagle is enhanced significantly by the extremely low mintage for circulationstrike examples of the issue. Just 571 coins were struck in that format. There are probably just 12 to 15 examples known in all grades of the Proof 1882 double eagle. Two coins are in the Smithsonian, and another resides with the American Numismatic Society. The date is rarely seen for sale, the last being a PCGS PF-64 coin that changed hands in an early 2004 auction for $60,375. No others have been offered in the last few years.

1883, Proof Mintage: 92

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1883 double eagle was struck only in the Proof format. Of the reported mintage of 92 coins, it is nearly certain that not this many were released. There are about 20 examples known in all levels of preservation. These include

two examples in the Smithsonian and others placed in museum collections. The 1883 double eagle is one of the classic rarities of the series. The demand for this Proof-only date has always been high. In recent years interest in the issue has surged. An NGC PF-65 Cameo example traded hands at auction in early 2006 for $212,750.

1884, Proof Mintage: 71

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Along with the 1883 and 1887 issues, the 1884 double eagle is one of the highly regarded Proof-only issues of the series. The date is one of the most famous and sought-after coins of the Type 3 design. At least three coins are housed in museum collections, and there are only 15 to 20 specimens in private hands. Several of these are slightly impaired, and at least one has been harshly polished. The most recent example that has sold at auction is an NGC PF-66 Cameo coin that realized $264,500 in early 2007.

1885, Proof Mintage: 77

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

Although struck in higher numbers, the Proof 1885 double eagle is of similar rarity to many of the lower mintage issues of the 1870s and early 1880s. There are only 15 to 20 coins known, including those housed in museum collections. The date is not a Proof-only issue, but the 1885 double eagle is very rare in the circulation format. Interest in the issue is high for this reason. Fewer examples of the date have appeared at auction in recent decades

than either the 1883 or 1884. One of the finest examples seen by the authors was the Harry W. Bass Jr. example that sold at auction in 1999. Certified as PF-65, it realized just $75,900—a bargain by today’s standards.

1886, Proof Mintage: 106

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

As a date, the 1886 double eagle is very rare. Only 1,000 coins were struck for circulation. This increased date pressure adds considerably to the desirability of the Proof issue. Although the mintage is considerably higher, with more than 100 coins struck, many were probably melted as unsold. It is estimated that only 20 to 25 coins remain today. These include two examples in the Smithsonian and others in museum collections that will never be available for public sale. There are also several known that are severely impaired. One of these sold at auction in late 2006 for only $23,000. The only recent offering of a choice example at auction has been the Harry W. Bass Jr. piece, which sold for $71,300 in 1999.

1887, Proof Mintage: 121

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1887 issue is the last of the Proof-only Liberty Head double eagles. Although none were struck for general circulation, 121 examples of the 1887 double eagle were produced in the Proof format. Of these, many were probably destroyed as unsold. There are fewer than 30 of these coins known in private hands, with many of these

being impaired. The 1887 double eagle remains one of the popular dates of the Type 3 design. The number of coins offered at auction is sharply higher than for other dates of the 1880s. A gem PCGS PF-65 Deep Cameo example crossed the auction block in early 2007 for $161,000.

1888, Proof Mintage: 105

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Because the 1888 double eagle is not a Proof-only issue, the rarity of the date is overshadowed by the much more famous 1883, 1884, and 1887 double eagles. The 1888 issue is of similar rarity, with only 20 to 30 coins known, including examples in museum collections. Many were undoubtedly melted as unsold. The finest specimen seen by the authors has been the John J. Pittman coin that was sold in 1997. It was described as very choice Proof and realized $63,250. Pittman purchased the coin in 1950 for $325.

1889, Proof Mintage: 41

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The rarity of the Proof 1889 double eagle is often overlooked. It is one of the more underrated Proof Liberty Head double eagles. As can be seen from the auction and population data, the date is on par with many of the more famous issues of the 1880s. Only four examples have been offered at auction in recent years, and these have mostly been from well-known collections such as those of Bass, Reed, and Pittman. There are probably only 10 to 12 coins

known for the date. The Smithsonian, which has multiple examples of most of the dates of Proof double eagles, possesses just one coin. The Pittman coin is one of the finest offered in recent decades, selling for $52,800 in 1997. Pittman purchased the coin in 1948 for $315.

1890, Proof Mintage: 55

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof double eagles of 1890 are of similar rarity to many of the low-mintage issues of the 1880s. There are just 15 or so coins known for the date in Proof, including examples in museum collections that are permanently off the market. Most of the coins seen in recent decades have been from famous collections. Interestingly, the Eliasberg collection lacked an example. The finest example seen by the authors, by a large margin, is the Ed Trompeter coin that was sold in the late 1990s. It has been certified as PF-67, and sold at auction in late 2005 for $92,000. A PCGS PF-65 sold for $103,000 in January 2007.

1891, Proof Mintage: 52

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The 1891 double eagle is a very rare issue in Proof or circulation strike. The date is thus very popular. Although the mintage for the Proof 1891 double eagle is just 52 coins, the number of survivors is surprisingly high. Based on population numbers and auction appearances, it is estimated that 20 to 25 coins remain of the original mintage. The

finest example known of the date is most certainly the Harry W. Bass Jr. example. Author Jeff Garrett’s auction catalog notes state: “Finest Proof $20 ever seen.” The coin was certified as PF-67, and realized $166,750. It is probable that the coin now listed on the population reports as PF-68 is that same coin. The PF-68 Ultra Cameo star sold at the 2006 FUN sale for $299,000.

1892, Proof Mintage: 93

Finest Smithsonian Institution specimen: PF-65 Deep Cameo

The 1892 double eagle is another issue that is rare in both striking formats. Of the 93 Proof examples struck, it is estimated that just 25 or so remain. Some were probably destroyed as unsold; others found their way into circulation. A few well-circulated Proof examples are known. The finest example the authors have seen was sold as part of the Dallas Bank collection in 2001. The coin was sold uncertified, but realized $103,500. Recent auction records include an NGC PF-65 Cameo that sold for $97,750 in the summer of 2006.

1893, Proof Mintage: 59

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Only four examples of the Proof 1893 double eagle have been offered for sale at auction in recent years. The issue has one of the lowest-population numbers for any Type 3 issue. Obviously, the date is very rare, with only 15 to 20 coins known in all levels of preservation. Several heavily impaired examples are known as well. The only gem to

appear at auction in recent years has been a PF-65 coin that sold in 2001 for $62,100. The only other example to have appeared recently has been an impaired Proof that sold for $14,375 in 2006.

1894, Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The population numbers for the 1894 double eagle must be studied carefully to understand the rarity of the 1894 Proof issue. Many of the coins certified have been in various states of impairment. Very few choice examples are known. Of the original mintage, there are probably only 15 to 20 coins known. These include multiple examples housed in museum collections. One of the finest examples seen in recent years has been a PF-64 coin that sold at auction in early 2005 for $54,625.

1895, Proof Mintage: 51

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1895 double eagle is another issue that is surprisingly difficult to locate. Very few examples have been offered for sale in recent decades. The population numbers are at a moderate level, but they do not take into account multiple resubmissions. There are also a few impaired examples in the numbers. The best coin seen by the authors has been the John J. Pittman specimen that sold at auction 1997. It was described as gem Proof and sold for $77,000.

1896, Proof Mintage: 128

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The Proof 1896 double eagle is the first date in which the number of known examples is relatively high. Of the 128 pieces struck, 45 to 50 coins still remain. Several very choice coins are known to exist of the date. The date is very popular because of the quality of the issue. Type collectors are drawn to the stunning appearance of the Deep Cameo Proofs of the issue. The John J. Pittman example is probably the finest known. When the coin was offered for sale in 1997, there was considerable excitement when it crossed the auction block. After spirited bidding, the coin sold for $121,000.

1897, Proof Mintage: 86

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the mintage of the 1897 issue is fewer than for the 1896 double eagle in Proof, the date is considerably rarer. There are just 20 to 25 coins known in all grades. The population numbers are higher, but these do not take into account resubmissions. There are also several mishandled examples represented on the population reports. After 1897, Proof double eagles become much more available. The 1897 issue is underrated. A gem PF-65 example sold at auction in 2006 for $77,625.

1898, Proof Mintage: 75

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the number of examples offered at auction in the last two decades is on the high side, many of the coins are mishandled pieces. Just six or seven choice coins have been sold. The population numbers are also highly inflated by resubmissions. It can be estimated that only 35 to 40 coins remain in all states of preservation. The 1898 Proof double eagle is very popular due the quality of production. One of the finest specimens to have ever crossed the auction block was an NGC PF-67 Ultra Cameo that sold for $276,000 in the summer of 2006. The John J. Pittman example is another very choice coin seen by the authors in recent years. It sold for $77,000 in 1997. In 1950, Pittman paid $225 for the piece.

1899, Proof Mintage: 84

Finest Smithsonian Institution specimen: PF-63 Deep Cameo

The 1899 issue is popular as the last issue of the 19th-century double eagles. The date is rare, with fewer than 30 coins being accounted for today. The Smithsonian contains multiple examples of most all the dates of the Proof double eagles. There is only one 1899 Proof double eagle in the collection, however, and the coin is just PF-63 in quality. Of the coins listed on the population reports, several are impaired. The most recent example to cross the auction block was an NGC PF-65 Cameo coin that sold for $71,300 in mid-2007.

1900, Proof Mintage: 124

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Although the number of coins known for this date is relatively high for a Proof Liberty Head double eagle, many are impaired or otherwise damaged. There are probably around 50 examples known in all levels of preservation. The 1900 double eagle is seen with and without cameo devices. The finest example certified, an NGC PF-67 coin, sold at auction in 2000 for $87,975. The Smithsonian contains duplicates of most Proof Liberty Head doubles. These are from the Lilly collection and from the original Mint collection that was transferred to the Smithsonian. The Smithsonian has just one example of the 1900 issue, a PF-64 coin.

1901, Proof Mintage: 96

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

The population numbers for the 1901 double eagle are quite interesting. The data includes numerous pieces that are impaired and a large cluster of examples at the PF-64 level. The PF-64 numbers are most certainly inflated by resubmissions. The 1901 issue is one of the more available Type 3 double eagles in Proof, even though there are only 40 to 50 examples known. This illustrates the rarity of the type in the Proof format. An uncertified example of the date sold at public auction in 2005 for a stunning $115,000.

1902, Proof Mintage: 114

Finest Smithsonian Institution specimen: PF-64 Cameo

Proof double eagles of 1902 to 1907 are mostly seen with fully mirrored surfaces and lack the cameo devices commonly seen on earlier issues of the type. Although the population reports list several as Cameo pieces, they are much less pronounced than the coins struck in previous years. A number of the coins seen for the date are also impaired. The Smithsonian contains two pieces, but one has been mishandled. It is estimated that fewer than 50 coins remain in all grades. A PCGS PF-65 example sold at auction in early 2005 for $57,500.

1903, Proof Mintage: 158

Finest Smithsonian Institution specimen: PF-63 Cameo

The mintage for the Proof 1903 double eagle is the highest for the type. Of the 158 coins struck, it is probable that 40 to 50 coins have survived. Most of the Proof 1903 double eagles seen have very little if any cameo surfaces. The Smithsonian contains just one example, a PF-63 specimen. In recent years the demand for examples of the type in Proof has increased dramatically. The supply will mostly likely never meet the demand for these large, impressive coins. A PF-65 example crossed the auction block in early 2005 for $62,100.

1904, Proof Mintage: 98

Finest Smithsonian Institution specimen: PF-64 Deep Cameo

Despite a mintage that is lower than the 1903 Proof issue, author Jeff Garrett feels that the 1904 double eagle is the most common issue of the type in Proof. More examples of the date have been certified than most others, but it must be remembered that this includes resubmissions. Most of the examples seen also have very little, if any, cameo surfaces. An NGC PF-65 specimen sold at auction in mid-2004 for $65,033. The demand for this issue as a type coin will always be strong.

1905, Proof Mintage: 92

Finest Smithsonian Institution specimen: PF-64 Cameo

Although the mintage for the 1905 issue is slightly smaller than for the 1904 double eagle, it is considerably rarer. Based on population data and auction records, it can be estimated that only 30 to 40 coins of the date have survived. Many undoubtedly entered circulation, as there are several impaired examples known. No gem coins of the date have been sold at auction in recent years. As with all issues struck from 1902 to 1907, most pieces lack the cameo devices seen in earlier years. The 1905 Proof double eagle is also very desirable due to the rarity of the circulation strikes for the year. The auction record for the date is a PCGS PF-65 from the Eliasberg collection that sold for $103,500 in 2006.

1906, Proof Mintage: 94

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1906 double eagle is a very rare issue in Proof. Of the 94 coins struck, there are probably just 45 to 50 coins known in all grades. Most of the coins seen of the date are of PF-64 quality. For some reason, many pieces are softly struck on the reverse. Gem examples are also seen less often than many of the dates from 1898 to 1905. There is also added desirability for the issue due to the rarity of circulation-strike examples. An NGC PF-66 example of the date sold at public auction in mid-2004 for $74,750.

1906-D, Presentation Strike, Specimen Mintage: 6

No specimen in Smithsonian Institution

On April 2, 1906, the Denver Mint struck six examples of the 1906-D double eagle to commemorate the first striking of that denomination at the Denver Mint. The proceedings are well documented, and the list of recipients was recorded by the local press at the time of issue. Only two of the examples have surfaced, however. The first was auctioned by Abner Kreisberg and Hans M.F. Schulman in 1957. Another example, which had been certified by PCGS as Specimen-66, was sold by Stack’s in 2007 for $172,500. The coin was sold with an original letter from the Denver Mint attesting to its provenance. The location of the other four coins is unknown at this time. Proof double eagles are among the most desirable of U.S. coins. Branch Mint Proof gold coins are in a league by themselves, and are very rarely seen.

1907, Liberty Head, Proof Mintage: 78

Finest Smithsonian Institution specimen: PF-64 Cameo

The 1907 issue is the final year for the Type 3 Liberty Head double eagle. Although the mintage for 1907 Proofs is fewer than for the issues of the previous few years, the number of survivors is about the same, at 40 to 50 coins. There are also several impaired examples known. Most examples also lack the cameo devices commonly seen on pre-1902 specimens. A number of very high-quality pieces are known, one of which, an NGC PF-67 coin, sold at auction in mid-2001 for $92,000.

$20 – SAINT-GAUDENS, PROOf 1907-D, Presentation Strike, Specimen Mintage: Unknown

No specimen in Smithsonian Institution

There is one example known of the 1907-D issue, which is deeply mirrored and appears to be a presentation strike. The coin has been certified as PF-62 by NGC. The coin is lightly cleaned and is believed to have once been a part of the famed King Farouk collection. It was probably produced to commemorate the end of the Liberty Head design, which began in 1850. As with the other Proof double eagles from 1902 to 1907, the piece lacks cameo devices seen on earlier issues. It last crossed the auction block in early 2004 for $71,875.

1907, Ultra High Relief, Proof Mintage: 16 to 22

Finest Smithsonian Institution specimen: PF-67

President Theodore Roosevelt coerced Augustus Saint-Gaudens to design models for the $20 and $10 gold coins. Roosevelt loved the new design, and ordered that the new coins be struck for circulation. While arguably the most beautiful coin ever produced, for all practical purposes the design could never be efficiently produced in numbers suitable for circulation. One of the known examples has an inverted edge device, and another has a plain edge and a die crack on the reverse. The Ultra High Relief is the rarest Proof issue, with 12 certified and perhaps a couple of others (not in the population census) from the 10-coin Proof series. Five of these are graded as PF-67, five are PF68, and apparently the finest is PF-69. Recent auction prices include a PCGS PF-69 example (November 2005) at $2,990,000, a PCGS PF-68 piece (February 2003) at $1,150,000, and a PCGS PF-68 coin (January 2007) at $1,840,000. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1907, High Relief With Wire Rim or Flat Rim, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The subject of Proofs being struck of the High Relief design is controversial. Even the grading services disagree, as PCGS will not grade any High Relief coins as Proofs, while NGC does recognize coins with certain characteristics as Proofs. NGC certified approximately 170 examples of this issue as Proofs. David Akers notes that a small number of pieces exist that were coined using the Lettered Edge collar from the Extremely High Relief coins, and the

surfaces are bright—apparently employing the same Roman or satin finish used on Proofs of 1909 and 1910. Both the Wire or Knife Rim coins are known (the majority) and a couple of the Flat Rim coins have been certified by NGC as Proofs. Another coin with claims to Proof status is the Superior Gilhousen Coin, and one Matte Proof was sold later in Auction ’81. Recent auctions of the NGC Proofs include the 1907 High Relief, Flat Rim NGC PF-69 coin that realized $534,750 (November 2005).

1907, Flat Relief Roman Finish Proof Mintage: Unknown

No specimen in Smithsonian Institution

These coins were minted with the lowered relief and Arabic numerals. Two coins have been graded by NGC, both of which are PF-68 with a polished edge and satin or Roman finish. One similar example, which they call the Small Edge Letters variety, has been graded by PCGS, and that coin is listed as PF-68 in their Population Report. These were obviously made as experimental pieces and not sold to the general public. They are similar in style and finish to the 1908 satin finish issues. There appears to be three examples that would fall into this category. One of these sold recently (November 2005) as PCGS PF-68; the coin was the Small Edge Letters variety and realized $920,000. This coin was from the Ed Trompeter collection. An example of the Large Edge Letters was graded NGC PF-64 and sold for $230,000; that coin was pedigreed to the Captain North cased set, New England Rare Coins, Ken Goldman, Hatie collection, Trompeter collection.

1908, With Motto, Matte Proof

Mintage: 101 Matte Finish

Finest Smithsonian Institution specimen: PF-66

These were the first Proofs to be sold to the public of the new Saint-Gaudens design, as modified by Charles E. Barber. No Proofs were apparently made of the No Motto coins struck prior to August 1908. Most of the coins struck were made with the matte finish or were sandblast Proofs. They had a dull finish that was similar to that used in European mints at the time, and proved unpopular with collectors who liked the brighter, more reflective finishes used prior to that time on Proof coinage. Recent auction records include an NGC PF-67 that sold for $82,800 in the summer of 2006.

1908, With Motto, Roman Finish Proof Mintage: Unknown

No specimen in Smithsonian Institution

A few Roman or satin finish 1908 double eagles were coined, perhaps four in all. One example recently sold was the Roman finish PCGS PF-64 coin in November 2005 for $276,000; this coin may be the same one sold as Proof Roman finish in December 1997 for $253,000. It is not known if these coins were intentionally struck or just unfinished examples of the Matte Proof format. More study is needed on the subject of Proof coinage from this time period.

1909, Roman Finish Proof Mintage: 67

Finest Smithsonian Institution specimen: PF-65

Collectors didn’t like the dark Matte Proof finish on the 1908 Proofs, so the Philadelphia Mint changed the finish to a much brighter Roman or satin finish in 1909. These coins had a brighter, more yellow-gold color than the previous issues. Auction studies by David Akers have shown this date to be one of the most available of these popular Proofs. However, this is likely a statistical aberration, as the number minted and certified coins would likely place this as the fourth scarcest of the 10 Proofs sold to collectors. Significant auction results include a PCGS PF-67 sold in November 2005 for $195,500. Another example, an NGC PF-66, sold at the same time for $77,625. No Proofs are known of the overdate struck in 1909.

1910, Matte Proof Mintage: Unknown

No specimen in Smithsonian Institution

One Proof example exists of this date in matte finish. (The format was last seen on the 1908 issue.) The coin, graded NGC PF-66, is part of a unique 1910 Matte Proof gold set. It is not known if the set was made for experimental or presentation purposes.

1910, Roman Finish Proof Mintage: 167

Finest Smithsonian Institution specimen: PF-67

This is one of the more available dates in Proof condition. Sales to collectors recovered after tumbling in 1909, the year after the unpopular Matte Proofs were sold. The Roman or satin finish coins proved much more popular with

collectors. The 1910 issue is available in most grades, including 17 examples reported by NGC and PCGS as PF-66, four as PF-67, and even two as PF-68. This date ranks as the seventh scarcest of the 10-coin Proof series. Recent auction records include an NGC PF-68 coin that sold for a record $218,500 in November 2005.

1911, Matte Proof Mintage: 100

Finest Smithsonian Institution specimen: PF-66

The Philadelphia Mint returned to the matte finish for 1911 double eagles. With 63 examples reported in the population reports, and most of those in gem grades or finer, this date is the fifth scarcest of the 10-coin series in Proof grades. Most have a distinctive mustard color. Of course, all are rare and desirable, and few collectors can ever dream of owning a single Proof example of this series, let alone a date collection. All known 1911 Proof double eagles were apparently struck in the matte finish. Memorable auction records include the example of late 2005 that sold for $184,000.

1912, Matte Proof Mintage: 74

Finest Smithsonian Institution specimen: PF-66

The Philadelphia Mint continued tinkering with the Proof finishes for these double eagles. For the meager mintage of 74 pieces, each coin was sandblasted after striking to create a finish that sparkled with thousands of tiny facets. These 1912 Proofs are generally dark in appearance, not as dark as the 1908 coins, and have a similar dark yellow-

gold color. This is one of the more available dates in Proof, with the number reported in the population reports as 78, with some obvious duplication as this number exceeds the number struck. As a date, the 1912 double eagle is one of the more available issues and ranks eighth of the 10 Proof coins issued. The auction record for the issue is an NGC PF-67 that sold for $96,025 in January 2007.

1913, Matte Proof Mintage: 58

Finest Smithsonian Institution specimen: PF-66

Mintages started to tail off in 1913 for the Proofs. These were coined in the Matte Proof finish, and the collecting public purchased very few of these regal coins. The combined population reports tally 68, again higher than the number coined, so there is obvious duplication of the coins reported as certified. Furthermore, undoubtedly not every coin has been certified. Of the survivors known, most grade gem PF-65 or finer, including two examples that NGC has certified as PF-68. In the series of Proof Saint-Gaudens double eagles, the 1913 issue ranks as the sixth scarcest of the 10 collectible dates. The auction record for the date is for an NGC PF-68 that sold for $143,750 in the summer of 2006.

1914, Matte Proof Mintage: 70

Finest Smithsonian Institution specimen: PF-66

The Philadelphia Mint was unwilling to change and continued using the Matte Proof finish to produce the 1914

double eagles. The surface was slightly changed to a darker gold color than seen in previous years. These were struck from September through December in three different batches, with several coins melted during the process as defective. Of those that did survive, the average grade is PF-65, although a few are known that show evidence of circulation, likely having been spent during the harder times that followed in the 1930s. This is one of the more difficult dates to obtain, as the combined population reports show 42 certified in all, placing this as the third-scarcest issue of the 10-coin series. Two are graded as high as PF-67 by NGC; the remainder are found in lower Proof grades. Memorable auction results include an NGC PF-66 coin that sold for $64,400 in the summer of 2006.

1915, Matte Proof Mintage: 50

Finest Smithsonian Institution specimen: PF-66

The Philadelphia Mint coined just a handful of proofs for this year, continuing with the sandpaper matte finish. The facets or granules used to create the matte surface were larger on the 1915 proofs as well as the 1914 proofs. The 1915 proofs were slightly lighter in color, but still favored the khaki-gold color of the previous years. This final year of general issue is the most challenging, behind only the Ultra High Relief issues. Importantly, many are lowergrade proofs, and this date is very difficult to find as high as PF-65, with only nine reported that high, and just five coins certified finer. Obtaining a 1915 proof is truly one of the linchpin challenges for the collector trying to find an example of each date. Significant auction results include Heritage’s Morse Sale (from the Ed Trompeter collection), with an NGC PF-66 selling for $86,250 in November 2005.

1921, Special-Striking Proof Mintage: Unknown

No specimen in Smithsonian Institution

The numismatic community was stunned in the summer of 2000 when Sotheby’s auction house offered a previously unknown example of a Proof Roman finish presentation-strike 1921 double eagle. That coin traces its pedigree to Raymond T. Baker, who was director of the U.S. Mint in 1921. Reportedly the piece was struck for the director’s nephew, Joseph Baker, on his birth. The coin, which is lightly cleaned, sold for $203,500. In 2006, a second example of this incredible rarity surfaced. This time it was offered at auction incorrectly attributed as an MS-63. Two very knowledgeable numismatists battled until the hammer fell at $1,495,000. The newly discovered coin is nearly identical to the Sotheby’s specimen but is original and unmolested. These presentation strikes rank as one of the most interesting issues of the Saint-Gaudens series. The auction record for business-strike examples of the 1921 double eagle has now crossed the million-dollar mark. One can only guess what these two rarities would bring on today’s market.

COMMEMORATIVE GOLD COINS: AN OVERVIEW Mirrors of History The minting of commemorative coins dates back as far as ancient Greece, which issued coins to honor such things as sacred animals, local industry, victorious battles, and glorified cities and heroes. In the United States, the creation of commemorative coins requires special legislation, because these pieces are usually minted for collecting rather than for public circulation. All U.S. commemoratives, including the gold coins studied here, are minted in recognition of special historical events or to raise money for celebrations or memorials. For each of these pieces, artists were commissioned to develop exquisite designs, in hopes of creating unique historical symbols. Nine types of U.S. commemorative gold coins have been issued over the last two centuries. The first of these were minted in 1903 on the occasion of the 100th anniversary of the purchase of the Louisiana Territory from France, and were released at the Louisiana Purchase Exposition in St. Louis, Missouri, in 1904. Other coins followed through the teens and into the 1920s in denominations that included the tiny gold dollar, the quarter eagle, and the huge $50 “slug.”

Thomas Jefferson and William McKinley.

Two different gold dollar varieties were produced to commemorate the 100th anniversary of the Louisiana Purchase. The first type bore the bust of Thomas Jefferson, who was responsible for the purchase of the Louisiana Territory from the French government for the sum of $15 million in 1803. Jefferson’s action effectively doubled the size of the United States, and secured U.S. access to the all-important Mississippi River. The other gold dollar bore the bust of William McKinley, who’d sanctioned the expo in 1901, not long before being assassinated. His vice president, Theodore Roosevelt, became president, and it was he who officially opened the exposition. Covering some 1,200 acres, the Louisiana Purchase Exposition comprised about 1,500 buildings, including the nine-acre Palace of Liberal Arts. The expo’s exhibits were designed to give the visitor an idea of America’s cultural and economic progress since the historic 1803 purchase of land from the French.

Vintage photo of Palace of Liberal Arts at the Louisiana Purchase Exposition.

In 1805, President Jefferson selected William Clark and Meriwether Lewis to explore the newly acquired territory. One hundred years later, their efforts were celebrated at the Lewis and Clark Centennial Exposition in Portland, Oregon. Gold dollars dated 1904 and 1905 were struck to commemorate the event; the explorers’ images appear on both the obverse and reverse of the coin.

Interior of the Agriculture Palace at the 1905 Lewis and Clark Exposition.

World’s fairs celebrated human progress and achievements. On display at the 1905 Lewis and Clark Exposition were examples of unprecedented leaps in technology, ranging in importance from life-saving refrigeration technology to the advent of fast food. Humble agriculture, however, was still a major part of American life. In this lush exhibit in the Agriculture Palace, it is easy to see the rural, agrarian influence on artists’ imaginations. Eagles and arrows dominated U.S. coinage in 1905, but in other years, the sense of grace and plenty seen here was captured in various “agricultural wreaths.”

Two views of the 1915 Panama-Pacific Exposition. “This is the first time in the history of man the entire world is known and in intercommunication. Even the discovery of the north and south poles has been accomplished, and the wide expanses of land and water have been correctly mapped out. In speaking of the earth, the qualification ‘The known world’ is no longer necessary. For the first time all the world is known.” (From a 1915 brochure promoting the Panama-Pacific Exposition in San Francisco)

The Panama Canal was more than a handy shortcut through the Americas—it represented a triumph of human ingenuity over the barriers of nature. Its opening was celebrated by the Panama-Pacific Exposition in San Francisco in 1915, and commemorated by not one, but four beautiful gold coins: the gold dollar, the gold quarter eagle, and two $50 pieces (shown here). The designs on the $50 coins were especially meaningful: Minerva, goddess of both wisdom and war, on the obverse; and her favored animal, the owl, representing both wisdom and alertness, on the reverse. Aside from being exceptionally beautiful, the design seems to appeal to the observer for thoughtfulness and wisdom as the United States moved toward entering the war in Europe.

Panama-Pacific Exposition $50 commemorative gold piece, round.

Panama-Pacific Exposition $50 commemorative gold piece, octagonal. Designed by various artists. Edges, weights, compositions, and diameters follow those of regular-issue federal denominations of $1 and $2.50. For the $50 commemorative coins of 1915: Edge: reeded. Standards: weight, ~83.5 grams; composition, 90% gold / 10% copper; diameter, ~44.0 mm.

COMMEMORATIVE GOLD COINS 1903, Louisiana Purchase Exposition $1 – Jefferson Net Mintage: 17,500

Finest Smithsonian Institution specimen: MS-65

The first U.S. commemorative coins, struck in gold, were the gold dollars for the Louisiana Purchase Exposition held in St. Louis in 1904. There were two distinct coins, both designed by Charles Barber. The obverse of one of these features Thomas Jefferson, who was president of the United States when the Louisiana Purchase took place in 1803. Although 125,000 pieces were authorized, only 17,500 examples were released to the public. The remaining pieces were melted. The original issue price was $3.00 each. The Jefferson is usually seen well struck, although weakness at the borders is not unusual. Prooflike examples are seen with regularity, some with surfaces that may be easily confused with a true Proof. Original boxes of issue are sometimes seen, and many were also mounted in stickpins for jewelry. Most of the survivors seen are choice Uncirculated. The finest certified have been MS-67, one of which sold for $10,625 in mid-2006.

1903, Louisiana Purchase Exposition $1 – McKinley Net Mintage: 17,500

Finest Smithsonian Institution specimen: MS-66

William McKinley was president of the United States in 1901, when the Louisiana Purchase Exposition was authorized. Later that year, he was assassinated in Buffalo, New York. Originally, only the Jefferson version of this coin was to be issued, but after McKinley’s assassination, another gold dollar featuring McKinley was struck for this event. Again, Charles Barber designed the coin, with a net mintage identical (17,500) to the Jefferson version. As with the Jefferson issue, the original price for the McKinley gold dollar was $3.00. Prooflike examples are not uncommon, and some can be very difficult to distinguish from true Proofs. The coins were originally sold in a simple white box, and these are sometimes still available. The survivorship of the McKinley issue is slightly less than for the Jefferson issue, although two have been graded at the MS-68 level.

1904, Lewis and Clark Exposition $1 Net Mintage: 10,025

Finest Smithsonian Institution specimen: MS-64

In early 1904, Congress optimistically authorized 250,000 gold dollars to be struck to commemorate the Northwest explorations of Meriwether Lewis and William Clark from 1803 to 1806. Charles Barber designed the coins, which were all struck at the Philadelphia Mint in 1904 and 1905. These were released during the Lewis and Clark Exposition (centennial) in Portland, Oregon. Although 25,000 1904-dated examples were struck, only 10,025 pieces were reported sold. Before the exposition opened, a coin dealer in Portland advertised the 1904 issue at $2.50 each. He falsely claimed that the supply was nearly exhausted. The 1904 Lewis and Clark is one of the rarer issues of the series, and is more difficult to obtain in gem condition than most of the other commemorative gold coins struck from 1903 to 1926. Prooflike coins are often seen, but are usually slightly hairlined. The finest graded example, a PCGS MS-68, sold for $57,500 in mid-2006.

1905, Lewis and Clark $1 Net Mintage: 10,041

Finest Smithsonian Institution specimen: MS-64

A total of 55,000 Lewis and Clark gold dollars dated 1905 were struck at the Philadelphia Mint, but sales at $2.50 to $3.00 per coin were disappointing, and the net mintage for the date was just 10,041 pieces. The remaining, unsold coins were melted. A bronze statue of the Indian guide Sacagawea, who assisted Lewis and Clark in their explorations, was erected in Portland from funds raised at the exposition from the sale of these coins. The 1905 Lewis and Clark gold dollar is considered one the key issues of the series. As the population data of certified examples has revealed, relatively few gems are seen. Superb examples are very rare. Although most of the coins are frosty, prooflike pieces are not uncommon. Counterfeits of both the 1904 and 1905 Lewis and Clark gold dollars exist, and caution should be used when purchasing these coins. Certified examples are highly recommended.

1915-S, Panama-Pacific International Exposition $1 Net Mintage: 15,000

Finest Smithsonian Institution specimen: MS-64

Charles Keck designed this commemorative gold dollar, which was issued to celebrate the opening of the Panama Canal at the Panama-Pacific International Exposition held in San Francisco. The obverse features the head of a typical laborer who helped build the canal and the reverse shows two dolphins to signify the linking of the Atlantic and Pacific Oceans. A total of 25,000 pieces were authorized and struck but only 15,000 were actually sold. The remaining specimens were later melted. The coins were issued in small envelopes and these are sometimes seen, but are quite rare. The original price for the Panama-Pacific gold dollar was $2.00 each or six for $10.00. All of the

coins seen by the authors have been frosty in appearance. Any evidence of friction is usually found on the cap of the laborer. Counterfeits are very common, and only certified coins should be considered for purchase.

1915-S, Panama-Pacific International Exposition $2.50 Net Mintage: 6,749

Finest Smithsonian Institution specimen: MS-64

Charles E. Barber, George T. Morgan, and William Malburn collaborated in the design of this commemorative quarter eagle. The obverse features Columbia riding a hippocampus, illustrating the linking of the Atlantic and Pacific oceans. She is holding a caduceus, which symbolizes the successful victory by Colonel William Gorgas and the Army Medical Corps over the yellow fever and malaria outbreaks that had slowed the building of the Panama Canal in earlier years. A total of 10,000 pieces were authorized. The unsold pieces (3,251) were melted. Like the gold dollar, the quarter eagle was issued in a small envelope with details of the coin and ordering information printed on the front. Only two quarter eagle commemorative issues were produced, the Panama-Pacific being much rarer than the Sesquicentennial issue of 1926. Counterfeits are often encountered, and certification is highly recommended.

1915-S, Panama-Pacific Internat’l Exposition Octagonal $50 Net Mintage: 645

Finest Smithsonian Institution specimen: MS-64

Robert Aitken designed this, the largest and heaviest of all regularly issued U.S. commemorative coins. The obverse features the helmeted head of Minerva. The helmet is pushed to the back of Minerva’s head, signifying peaceful intentions. The reverse shows an owl, symbolizing wisdom. A total of 1,500 of each version (octagonal and round)

of this $50 commemorative were authorized. The original selling price was $100. At the conclusion of the Exposition, 855 octagonal examples remained unsold and were subsequently melted. Original packaging includes boxes in various configurations and copper frames for single and double sets. The Panama-Pacific $50 gold coins are one of the most stunning issues ever produced by the U.S. government. The finest examples of the issue have been certified at the MS-67 level. An NGC MS-67 sold for $253,000 in mid-2006. Note: this coin was included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1915-S, Panama-Pacific International Exposition Round $50 Net Mintage: 483

Finest Smithsonian Institution specimen: MS-64

The round Panama-Pacific $50 gold commemorative is similar in design to its octagonal counterpart. The diameter of this coin is a whopping 60 millimeters. It was struck on a 14-ton press shipped from the Philadelphia Mint to the exposition in San Francisco. Tremendous pressure was required to strike these large coins; as a result, the die life was rather short. In fact, the first die broke after striking only 62 coins. Of the 1,500 round examples ultimately struck, only 483 were actually sold, leaving 1,017 pieces to be melted. Original packaging includes boxes and copper frames for single and double sets. The round is slightly rarer than the octagonal issue, and most of the coins seen are brilliant Uncirculated. Circulated examples are occasionally encountered. The population data for the Panama-Pacific $50 gold issues are grossly inaccurate due to resubmissions—that is, the number of coins on the reports far exceeds the net mintage. Note: this coin was included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1916, McKinley Memorial $1

Net Mintage: 15,000 estimated

Finest Smithsonian Institution specimen: MS-65

Charles E. Barber and George T. Morgan teamed up to design this commemorative gold dollar, which was issued to raise funds for the construction of the McKinley Memorial in the former president’s birthplace, Niles, Ohio. The obverse (Barber’s design) features the bust of William McKinley and the reverse shows the actual memorial (Morgan’s design). A total of 100,000 pieces were authorized to be struck, but the actual number sold to the public fell far short of this. The rest were ultimately melted. The original issue price was $3.00, but sale prices were heavily discounted in later years. Most of the coins seen are frosty, but prooflike pieces are frequently encountered. Counterfeits for the 1916 McKinley gold dollar are very common, and certified examples are highly recommended.

1917, McKinley Memorial $1 Net Mintage: 5,000 estimated

Finest Smithsonian Institution specimen: MS-64

Identical in design to the 1916 examples, fewer 1917-dated pieces were actually sold at the original price of $3 each through the McKinley Birthplace Association. After weak sales, well-known coin dealer of the day B. Max Mehl acquired several thousand pieces of the type, which he offered to collectors for $2.50 each. It is not clear as to the specific breakdown of dates Mehl acquired, leaving the actual net mintage for each date somewhat speculative. It is generally believed the 1917-dated pieces are somewhat scarcer. The surfaces of most coins seen are frosty, but many are found with a prooflike or deeply prooflike appearance. Counterfeits are often seen, and only certified pieces should be considered.

1922, Grant Memorial $1 (With Star in Field)

Net Mintage: 5,000

Finest Smithsonian Institution specimen: MS-66

The first versions of the Grant commemorative coins, both gold dollars and silver half dollars, were struck with an incuse star on the obverse field above the N in GRANT. The gold dollar With Star versions sold for $3.50 each. Sculptor James Earle Fraser, member of the Federal Commission of Fine Arts, was responsible for choosing the design for this coin celebrating the centennial of Ulysses S. Grant’s birth. He selected his wife, Laura Gardin Fraser, the designer of the 1921 Alabama commemorative half dollar, to design this coin. The obverse features the bust of President Grant, and the reverse shows his birth home in Point Pleasant, Ohio. Unlike many of the other commemorative gold issues, the Grant dollars are usually found in very choice condition. Circulated examples are rarely seen. Counterfeits were made of both varieties, and caution should be taken when purchasing an uncertified example.

1922, Grant Memorial $1 (No Star in Field) Net Mintage: 5,000

Finest Smithsonian Institution specimen: MS-66

Struck after the With Star version of the Grant commemorative dollars, these coins are otherwise identical to the earlier issues. The No Star versions were sold for $3 each by the Grant Centenary Commission. An identical mintage of 5,000 coins was struck with none being melted. The Grant commemoratives were issued to raise funds to help finance the construction of Grant Memorial buildings near Cincinnati and to build a five-mile highway from New Richmond to Point Pleasant, Ohio, two villages where Grant lived prior to the Civil War. The No Star variety is slightly scarcer than the With Star. Most of the survivors are very choice, and circulated pieces are rarely encountered.

1926, Sesquicentennial of American Independence $2.50 Net Mintage: 46,019

Finest Smithsonian Institution specimen: MS-64

The 150th anniversary of the signing of the Declaration of Independence was commemorated with the issuance of both a commemorative half dollar and quarter eagle. Both coins were designed by John R. Sinnock, who is perhaps best known for his Roosevelt dime and Franklin half dollar designs. The obverse features Liberty holding a scrolled Declaration of Independence. The reverse shows Independence Hall in Philadelphia. These coins were sold by the Sesquicentennial Commission in 1926 to defray costs related to the celebration’s expenses. A total of 200,000 pieces were minted, but nearly 155,000 specimens remained unsold and were melted. As would be expected for the much higher mintage, more examples of the Sesquicentennial quarter eagle have been certified than any other issue. Most of the coins, however, are MS-62 to MS-64. Gem and superb examples are quite rare.

1903, Louisiana Purchase Exposition $1 – Jefferson, Proof Mintage: 100

No specimen in Smithsonian Institution

Reportedly, the first 100 coins struck of the Jefferson gold dollar were produced in the brilliant Proof format. True Proof examples have deeply mirrored fields and are sharply struck. Many also exhibit frosted devices, giving the coins a cameo appearance. Although many of the coins seen today have been certified and lack original packaging, they were originally housed in cardboard holders certifying each coin as having been one of the first 100 impressions from the dies. The original holders are quite interesting, with the coin covered by a small piece of wax paper and a piece of string sealed by dark red wax. The coins are difficult to see behind the wax paper, and the author has seen holders with a circulation-strike example substituted for the Proof piece. Caution should be used when purchasing an example of this extreme rarity. A PCGS PF-66 example sold at public auction in late 2006 for $25,300.

1903, Louisiana Purchase Exposition $1 – McKinley, Proof Mintage: 100

No specimen in Smithsonian Institution

As with the Jefferson issue, the first 100 coins struck were produced in the brilliant Proof format. Of these, probably fewer than two dozen survive today. The McKinley issue is also found housed in the original framed holder with a small piece of wax paper covering the coin and a piece of string sealed with dark red wax. Prooflike circulation strikes are quite common for the issue, and true Proofs can be distinguished by deeply mirrored surfaces and cameo devices. Certification is highly recommended. In mid-2007, an NGC PF-66 Ultra Cameo example sold at auction for $24,150.

COMMEMORATIVE GOLD COINS, PROOF 1904, Lewis and Clark Exposition $1, Proof Mintage: Unknown

No specimen in Smithsonian Institution

The existence of this issue had not been confirmed by the authors until recently. Breen lists an example as residing in the Smithsonian collection and another in the American Numismatic Society collection. The Smithsonian example is not a true Proof, but rather a prooflike circulation strike. PCGS and NGC both list two examples each on the population reports, but these could represent as few as one coin. Knowledgeable experts have stated they believe that the 1904 Lewis and Clark gold dollar exists in Proof and have provided the illustration seen here. The coin carries its own credentials, and appears to have all of the characteristics of a true Proof. The issue is very rare and none have been offered at public auction in recent years.

1915-S, Panama-Pacific International Exposition $2.50, Proof Mintage: Unknown

Finest Smithsonian Institution specimen: PF-65

While doing research for this book the authors had the pleasure and the great privilege of carefully studying the U.S. gold coins in the Smithsonian collection. One of the most exciting discoveries was an example of the 1915-S Panama-Pacific International Exposition quarter eagle in Roman Finish Proof. The coin is extremely well struck and matches the surface of the 1909 and 1910 Roman Finish gold coins. It is not known if more exist. Breen mentions that brilliant Proof examples have been rumored to exist, but none have surfaced. The more logical surface finish would be matte, but that does not appear to be the case. For now, the Smithsonian example is unique and ranks as one of the most exciting discoveries of this project.

1916, McKinley Memorial $1, Proof Mintage: Unknown

No specimen in Smithsonian Institution

This is another issue that the authors have not personally examined to confirm the Proof status. PCGS has three coins listed on their population reports, and a very knowledgeable dealer has related to me that he has seen a Proof example. The photograph shown here is of one of the certified examples. The coin appears to have all of the characteristics of a true Proof. Breen mentions a coin in the Smithsonian collection, but that example is not a true Proof by today’s standards. None have been offered at auction in recent years, and the appearance of an example would cause quite a sensation if offered for sale.

1926, Sesquicent’l of American Independence $2.50, Proof Mintage: Unknown

No specimen in Smithsonian Institution

A single example of this issue is known in the Proof format. The coin is unique and displays a matte surface similar to the Proof gold coins of 1908 to 1915. The coin was reportedly from the estate of the designer, John R. Sinnock, who is best known for his Roosevelt dime and Franklin half dollar designs. The piece was in the possession of coin dealer David Bullowa in the 1950s. Another example is rumored by Breen, but the whereabouts or existence of the coin is unknown. Proof gold commemoratives are all very rare and desirable. The 1903 Jefferson and McKinley issues are the only ones that can be found with any regularity. The appearance of any other issue in Proof is a numismatic event, and decades may elapse between offerings.

GOLD PATTERNS: AN OVERVIEW The coins that pass through our hands each day, minted in modern times by the millions and billions, are the end result of a lengthy process that begins with an idea for a new coin. The process goes something like this: 1) a denomination is chosen, 2) designs are proposed, 3) trials or pattern pieces are made, 4) a design is selected, 5) the design is engraved onto a die, and 6) coins are mass produced. This section of the book focuses on the third step of the process, when trials or pattern pieces are made.

The Purpose of Patterns In the strictest sense, a pattern coin is made to illustrate how a two-dimensional design will appear in a threedimensional form. In many cases, the artist’s concept may translate well onto paper, but the jump from artwork to physical coin doesn’t always work. The design may appear off-balance, the depth of the detail may be inappropriate, or there may be a competing design that is favored. Technical difficulties may arise because of unforeseen circumstances, making it difficult to mass-produce coins using the proposed design. Pattern coins are sometimes made to test the qualities of various alloys. Usually a base metal such as copper or a semi-precious metal such as silver is used to demonstrate the design, but the true test comes when a pattern is struck in the intended metal. Generally speaking, gold patterns are unique or extremely rare because of the high intrinsic value of the metal itself. In cases where no trials or patterns exist in gold, we are left to wonder if any were struck at all or if the few that were struck ended up being destroyed in a melting pot. A third category of gold pattern coins includes whimsical pieces struck to satisfy collector demand or to create a profit for the minter. These include fantasy pieces that are created out of thin air, or restrikes of earlier pattern coins that proved popular with collectors.

The First Patterns The first pattern coins appeared in 1792, when the Philadelphia Mint struck a variety of designs intended for copper and silver coins. The first pattern (technically a die trial) for a gold coin appeared in 1795 (Judd 23), when two versions of a half eagle were struck in copper (these dies were later used to strike coins for circulation, thus the gold versions no longer qualify as patterns). An argument has been made that the 1796 quarter eagle variety without stars on the obverse may have been pattern coinage; however, their dies, like those of the 1795 half eagle, were later used to strike coins for circulation. The unique, off-metal 1796 quarter eagle “pattern” (Judd 23a) in white metal is a private restrike believed to have been made decades after the date on the coin. In 1797, copper versions were made of a half eagle (Judd 24) and a 1797 eagle (Judd 25). A single example in gold exists of the 1797 half eagle die pair, but it cannot be considered a pattern because the designs for both the obverse and reverse had been used before. The dies for the 1797 eagle pattern were later used to strike coins for circulation, thus they cannot be called patterns either. Similarly, the dies for a 1799 eagle pattern (Judd 26) were later used on circulation strikes. Copper and brass versions of an 1803 half eagle (Judd 27 and Judd 27a) are later restrikes made from dies discarded by the Mint. The same is true of the silver, copper, and white-metal versions of an 1804 half eagle (Judd numbers 29, 30, 31, 31a, and 32). The 1804 eagle is an odd creation, struck in 1834 for inclusion in Proof sets intended for presentation to foreign leaders; neither the silver versions (Judd 34 and Judd 34a) nor the gold version (Judd 33) qualify as pattern pieces. The 1805 half eagles in silver (Judd 36), copper (Judd 37), and white metal (Judd 38) are later restrikes, as are the silver 1808 half eagles (Judd 39 and Judd 40). The 1831 quarter eagle in silver (Judd 49) may be a mint error struck on a planchet intended for a dime. Despite this lengthy list, we still have not encountered a true pattern coin struck in gold. This distinction is reserved for six 1833 quarter eagles, all struck as experimental pieces to test a variety of different gold alloys. The existence of these pieces is known only because of a reference to them in a letter by the Director of the Mint, Samuel Moore. Unfortunately, all were either destroyed at the time or remain undiscovered today. Finally, we come to the gold patterns that comprise this section of the book. These glittering rarities, of which little had been published, were first introduced as a group to the numismatic world in 1975, when David Akers published his ground-breaking United States Gold Patterns. Akers, then with Paramount International Coin Corporation, had been involved in the 1973 purchase of the collection of gold pattern coins formed by John E.

Wilkison over a period of 30 years. Of the 51 gold patterns listed in Akers’s book, Wilkison owned more than 60%, a feat unmatched before or since. Subsequent to the publication of Akers’s book, Paramount sold the Wilkison Collection and the coins are now widely dispersed.

Some Notable Gold Patterns Longacre’s 1849 Hand-Engraved Gold Dollars: In 1849, the idea of a gold dollar was resurrected due to an influx of large quantities of gold from California. Late in January, Congressman James McKay of North Carolina introduced legislation authorizing the coinage of gold dollars. On January 27, a letter in the Washington Union proposed an unusual design for the new coin: same size as a silver five-cent piece (or half dime as it was known then), with a square hole in the center, ONE DOLLAR and 1849 (or whatever year it may be coined in) on one side, and a wreath and UNITED STATES OF AMERICA on the other. According to the letter writer, “The object of the square hole is to make the coin thicker and broader, and to enable every person to ascertain the difference at any time, either night or day, between the gold dollar and a five cent piece.” In the haste to supply samples for Congress, James Barton Longacre, then the chief engraver of the Mint, was forced to hand-engrave the coins based on the proposed designs. The result was a small number of patterns, some in gold, some in gold-plated silver, each of which is slightly different from the other. The somewhat crude handiwork of these coins is far beneath Longacre’s talents as an engraver, but that is more a reflection of expediency rather than technical merits. The outer border is irregularly spaced; the size of the lettering varies; the circles are imperfect, and the stars are misshapen. Yet, each coin has an endearing character that makes them some of the most attractive and desirable of all gold patterns.

Hand-engraved gold dollar, square hole at center.

The 1849 Double Eagle: The gold dollar was not the only coin to be introduced in 1849. If the new dollar was to be the smallest gold coin, then why not a double eagle as the largest U.S. gold coin? Certainly, there was gold aplenty in 1849, thanks to the recent discovery in California. Besides, a $20 gold piece would be quite helpful in commercial and banking transactions. The new double eagle denomination was authorized by the Act of March 3, 1849, after which James Longacre set to work on dies for the new coin. He completed the reverse die in June, but he was unable to complete the obverse until December 22. Upon striking a few pieces, it was discovered that the relief of the coin was too high and that the coins could not be mass-produced. Because time had run out, no further attempts were made to produce 1849 double eagles. This begs the question, “If Longacre had fashioned the dies properly, and made them sooner, how many more 1849 double eagles would have been produced?” Except for this cruel twist of fate, the 1849 double eagle might have been a circulation issue instead of a pattern!

Longacre’s unique Liberty Head double eagle.

Teddy’s Coin (The 1907 Indian Head $20): In 1907, Augustus Saint-Gaudens was deep into his task of redesigning the $10 and $20 gold pieces. At first, his attention focused on the $20 gold piece, for which he prepared a design with a full-length figure of Liberty bearing a torch and striding towards the viewer. Simultaneously, SaintGaudens was working on a new design for the one-cent piece, featuring a head of Liberty wearing an Indian headdress. The headdress was then-president Theodore Roosevelt’s suggestion and Saint-Gaudens liked it so much that he proposed using it on the $20 gold piece in place of his Liberty Walking design. Roosevelt agreed and a single example in gold was made of the Indian Head $20 gold piece. However, Saint-Gaudens discovered that most people favored the Liberty Walking design over the Indian Head, and he dropped all efforts to promote the latter (which was eventually used on the $10 gold piece). The unique Indian Head $20 eventually went through the estate of Charles Barber (chief engraver of the U.S. Mint) into such notable collections as Waldo Newcomer, F.C.C. Boyd, King Farouk, R.E. “Ted” Naftzger, and J.E. Wilkison. After the Wilkison Collection was dispersed, the coin went through a couple of intermediaries until it entered a Connecticut collection circa 1984, where it now rests as one of its highlights. The 1877 $50 Half Unions: The two $50 half union pattern designs, each unique, have a shared story that has been a part of coin lore since the early 1900s. Originally, the pieces were owned by former Mint Superintendent Colonel A. Louden Snowden, who obtained them from the Mint circa 1877 and, in fact, saved them from the melting pot. William H. Woodin purchased the half union patterns from John Haseltine and Steven Nagy for $10,000 each in 1909. When the collecting community learned of Woodin’s purchase, an uproar ensued; ultimately, the U.S. government intervened and, in the end, the two coins were returned to the Mint. Subsequently, they were placed in the Mint Collection and today reside in the Smithsonian Institution.

The circumstances behind their return had been shrouded in mystery, but several letters, formerly a part of the John J. Ford Library, establish that Colonel Snowden was, in fact, the owner of the two pieces. The story goes that Woodin received several crates of pattern pieces as compensation; the patterns apparently came from both Colonel Snowden’s personal collection and John Haseltine’s holdings, the latter having his fatherin-law William Idler’s collection at hand. Among the pieces believed to be a part of this settlement include the gold patterns listed in this book dated 1872, 1874, and 1875.

Saint-Gaudens’s Indian Head double eagle, known as “Teddy’s Coin.”

Liberty Walking, $20, Ultra High Relief pattern, with Roman numerals.

A special thanks to John Smithwick, who supplied the images of more than 20 gold patterns that were once part of the famous Dr. J. E. Wilkison Collection. This collection was owned by Paramount International Coin Corporation of Englewood, Ohio, in the 1970s. Tom Mulvaney actually photographed these rare patterns in 1974 while he was employed at Paramount. When Paramount closed their Ohio offices around 1980, Mr. Smithwick saved these (and other) images from certain demise. We are indeed grateful to John for storing these rare images for more than two decades!

PATTERNS – HALF DOLLAR 1852, Half Dollar, J-135 / P-162 Rarity: H7 (4–6 known)

Specimen(s) in Smithsonian Institution

Designed by James B. Longacre, this is the only circulation-related gold pattern ever created of this denomination. It was struck using regular half-dime dies on holed planchets. According to Pollock, these were struck by January 27, 1852. At least five examples are known, two of which are in the Smithsonian Institution and two of which (Judd’s and Lohr’s) went into the famed Dr. Wilkison collection of gold patterns. Two unstruck gold planchets for this design are also known. In early 2008, the Wilkison example reappeared at auction in a PCGS PF-65 holder and sold

for a record price of $41,400.

1915, Half Dollar, J-1960 / P-2031 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

The Panama-Pacific Exposition half dollar struck in gold without the S mintmark, this is believed to have been deliberately struck as opposed to being a true die trial. Only two examples, both impressed over previously struck, cut-down double eagles, are known. These were not produced as intended issues or as mint errors, and are best described as clandestine issues, along the lines of the 1913 Liberty Head nickel. An example that traces its pedigree to the Virgil Brand collection was sold at auction in 2003 for $165,000.

1836, $1, J-67 / P-70 Rarity: 5 (30–40 known)

Specimen(s) in Smithsonian Institution

This is Christian Gobrecht’s Liberty Cap design. It is the first gold-denomination pattern actually struck in gold. This pattern was alloyed with copper and struck in normal coin alignment. It is also one of the more common gold patterns, with about 30 to 40 coins known. A dozen or more coins have appeared at auction in the last several years. These were also restruck some time in the late 1850s to early 1860s for sale to collectors, including an example, formerly in the Dr. Wilkison collection, that was struck over an 1859 (Type 3) gold dollar. The most recent appearance at auction of an example was the mid-2007 sale of an NGC PF-67 piece for $32,200.

PATTERNS – $1 1836, $1, J-68 / P-71 Rarity: H7 (4–6 known)

No specimen in Smithsonian Institution

Akers notes that this pattern was struck in January 1844 from the same dies as above. In this case, however, the coins were struck in gold alloyed with silver, in medal alignment. These are much rarer than the copper-alloyed pieces, with about six examples known.

1849, $1, J-115 / P-130 Rarity: H7 (4–6 known)

No specimen in Smithsonian Institution

This gold dollar pattern was hand engraved by James B. Longacre, not die struck. Because of this, each example is unique to itself. According to Akers, they were made between January 27 and January 30, 1849, in anticipation of the new gold dollar denomination. About a half dozen are known of various weights and fineness as well as the size of the square-shaped hole in the middle. The perforation was incorporated into the design in order to create a coin of the proper weight but with a larger diameter. The personal element of this design makes them one of the most interesting pattern issues of the series. An example, described as PF-60, was sold at auction in late 2002 for $10,350. At least three gilt silver examples were made by Longacre (Judd 116).

1852, $1, J-136 / P-163 Rarity: H7 (4–6 known)

Specimen(s) in Smithsonian Institution

The gold 1852 “ring” dollar is an interesting example of how mint employees often used existing equipment and dies to accomplish their goals. Designed by James B. Longacre, this pattern is similar to the half dollar pattern Judd 135 / Pollock 162, except, in this case, the pieces were struck from dime dies on holed planchets with the diameter of a quarter eagle. According to Pollock, these were struck by January 27, 1852, along with the earlier mentioned gold half dollar. At least four examples are known, one of which is in the Smithsonian. In early 2008, the Wilkison example reappeared at auction in a PCGS PF-65 holder and sold for a record price of $40,250.

1852, $1, J-137 / P-164 Rarity: 8 (2–3 known)

Specimen(s) in Smithsonian Institution

These are not patterns but actually restrikes made in the Mint in the late 1850s to early 1860s from dies created by James B. Longacre. They were probably deliberately struck for sale to collectors. The two known examples were both overstruck on holed quarter eagles. One is dated 1846; the other (ex Wilkison) is dated 1859. In early 2008, the Wilkison example reappeared at auction in a PCGS PF-65 holder and sold for a record price of $69,000.

1852, $1, J-141 / P-169 Rarity: L7 (7–12 known)

No specimen in Smithsonian Institution

Judd 141 shares an obverse die with Judd 137, suggesting they were made at the same time. However, no mention has ever been made of any Judd 141 being struck over a cut-down quarter eagle but, as with Judd 137, all of these are believed to be restrikes made after the 1852 date. These were made from dies created by James B. Longacre. The central perforation allowed for a wider overall diameter, intended to reduce the risk of losing a smaller coin. Fewer than a dozen are known of this design, and Akers enumerated six different examples. In the past decade, only two examples have appeared at auction, led by the PCGS PF-65 (ex Wilkison) that sold for $42,550 in early 2008. Versions are also known in silver, copper, and nickel.

1852, $1, J-145 / P-173 Rarity: L6 (21–30 known)

Specimen(s) in Smithsonian Institution

This is the most plentiful and most elegant design of 1852; these coins were made from dies created by James B. Longacre. They are known in both original and restrike format. Originals are believed to be those struck on thick 32grain planchets, while the restrikes are believed to be those on thin 25.8-grain planchets. In all, about two dozen examples are believed to exist. The last appearance of a Judd 145 pattern coin at auction was in early 2008, when a PCGS PF-65 coin sold for $34,500.

1858, $1, J-224 / P-268 Rarity: Unique

No specimen in Smithsonian Institution

Judd 224 looks remarkably similar to a normal 1858 gold dollar, but bears the hallmark features of the artist, Anthony C. Paquet: taller letters and slightly heavier and deeper design elements. Only one example is known to exist, currently residing in the collection of the American Numismatic Society. A version exists in copper (Judd 233), but the gold version was unknown to early researchers, despite the fact that it was owned by noted collectors R.C. Brock and J.P. Morgan (who donated it to the ANS in 1908). This coin may have been part of a complete 1858 Proof set once owned by J. Colvin Randall that was sold in 1882, but this is based on supposition and the fact that a second example has never appeared on the market. Wilkison attempted to obtain this piece from the ANS via a trade but was rebuffed.

1872, $1, J-1224 / P-1366 Rarity: Unique

No specimen in Smithsonian Institution

This is William Barber’s Capped Bust design. It is part of a unique set of gold patterns from the dollar to the double eagle that share the same design. Today, collectors know this pattern as the Amazonian design because of a common eagle reverse—shared among a set of patterns for the quarter dollar, half dollar, and silver dollar—that are known by that moniker. The unique gold set originated with William Woodin and was also owned by H.O. Granberg and Waldo Newcomer. This gold dollar was separated from the rest either before or after most of the set went to Colonel Green. The gold dollar went to F.C.C. Boyd and J. Hewitt Judd; however, in the 1960s it was reunited with the other five pieces by Wilkison, when he traded with Abe Kosoff for the Judd gold patterns. The set has been intact ever

since and is currently in the Simpson collection of U.S. patterns. One interesting thing about the set is that the hair on Liberty’s cap is arranged slightly differently on each denomination.

1915, $1, J-1965 / P-2032 Rarity: L7 (7–12 known)

No specimen in Smithsonian Institution

These pattern coins are Charles Keck’s Panama-Pacific Exposition design but without the S mintmark and with a reeded edge. They are believed to have been deliberately struck as numismatic delicacies, as opposed to being true patterns. Seven examples, purportedly showing sufficient differences in die cracks to allow for a striking sequence to be determined, were part of a set of nine coins struck in gold and one struck in silver that is ex Farouk, ’54 ANA, ’57 ANA, Sloss, ’79 ANA, after which the set was broken up. An NGC PF-62 example sold at auction in late 2003 for $33,350.

1915, $1, J-1966 / P-2033 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

This is the same design without the S mintmark but with a plain edge. The two examples known were part of the same set listed above.

1872, $2.50, J-1230 / P-1372 Rarity: Unique

No specimen in Smithsonian Institution

This pattern is of William Barber’s Capped Bust design. It is part of a unique set of gold pattern coins that share the same design, ranging from the dollar to the double eagle. Today, collectors know it as the Amazonian design because it shares a common eagle reverse with a set of silver patterns known by that moniker. It is ex Woodin, Granberg, Newcomer, Green, Farouk, and Wilkison. Presently, the unique gold set is intact as part of the Simpson collection of U.S. patterns.

1878, $2.50, J-1566 / P-1756 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

George T. Morgan designed Judd 1566 based on a scheme developed by J.T. Barclay that utilized a planchet of proper weight but was thinner and wider than normal. The object of Barclay’s measure was to prevent con men from sawing the coin in two, removing some of the gold from the inside, then rejoining the two sides (in a twist of irony, the gold that was taken out was supposedly replaced with platinum, which today is more valuable metal). Only two examples are known, one from the Wilkison collection and another from the 1954 sale of the King Farouk collection. A PCGS PF-65 example of this great rarity appeared at auction in 1990 for $210,000, but today it would bring substantially more. A more common version is known in copper (Judd 1567).

PATTERNS – $5 1872, $3, J-1235 / P-1377 Rarity: Unique

No specimen in Smithsonian Institution

This pattern is William Barber’s Capped Liberty Head design. It is part of a unique set of gold patterns that appear on denominations from the dollar to the double eagle. Collectors know it today as the Amazonian design, as it shares a common eagle reverse with a set of silver patterns known by that name. It is ex Woodin, Granberg, Newcomer, Green, Farouk, and Wilkison. Today, the unique gold set is intact in the Simpson collection of U.S. patterns.

1879–1880, $4 Stella, Various Rarity: Various

Specimen(s) in Smithsonian Institution

Although the $4 Stella gold coins are true patterns, they are often categorized with regular-issue U.S. gold coins. They are included in this book between $3 and $5 gold pieces.

1860, $5, J-271 / P-319 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

It was believed that the obverse of this pattern was designed by James B. Longacre, although some researchers credit the reverse to Anthony C. Paquet. This pattern was struck using anti-fraud techniques mentioned by J.T. Barclay. The broader, eagle-sized (27 mm), but thinner planchet would discourage the fraudulent practice of slicing a coin in two, scraping out the gold, and replacing it with a cheaper metal. This piece is famous for using an inverted A instead of a V in FIVE. Only two examples are known, both formerly in the Wilkison collection. No example of this great rarity has appeared at auction in the last decade. The Simpson collection of U.S. patterns contains the finer of the two known examples.

1865, $5, J-445 / P-517 Rarity: 8 (2–3 known)

Specimen(s) in Smithsonian Institution

This pattern is similar to the regular-production issue with the exception that it contains the motto IN GOD WE TRUST on a scroll over the eagle’s head on the reverse, as used on regular coinage from 1866 through 1908. It is part of a set of the transitional design that included the eagle and double eagle. Only two sets of the three pieces were struck in gold. One set is in the Mint collection in the Smithsonian Institution. The other set was first sold in 1870 and continued intact until broken up in the 1954 sale of the King Farouk collection. The Farouk half eagle has not been seen publicly since.

1872, $5, J-1240 / P-1382 Rarity: Unique

No specimen in Smithsonian Institution

This is William Barber’s Capped Liberty design. It is part of a unique set of gold patterns, from the dollar to the double eagle, sharing the same design. It is known by collectors today as the Amazonian design because it shares a common eagle reverse with a set of silver patterns known by that appellation. It is ex Woodin, Granberg, Newcomer, Green, Farouk, and Wilkison. Today, the unique gold set is intact and is part of the Simpson collection of U.S. patterns.

1873, $5, J-1337 / P-1481 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

Judd 1337 is unusual in two aspects: (1) the reverse employs the Amazonian reverse of Judd 1240, and (2) this is the only gold pattern of any denomination that has Liberty’s head facing right. This pattern was designed by William Barber, who used a head of Liberty similar to one he created for an 1873 trade dollar pattern (Judd 1287), although here the head appears more mature, the tresses are longer, and a ribbon falls from the bun of hair. Only two examples are known, one from the Wilkison collection and another from the 1954 sale of the King Farouk collection. The Wilkison coin now resides in the fabulous Simpson collection of U.S. patterns.

1875, $5, J-1438 / P-1581 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

This pattern features William Barber’s so-called Sailor Head design. The design forms a set with a similar pattern eagle. These were not known to exist prior to the early 1900s. Only two sets are known; both originated with William Woodin. One set was sold via Edgar Adams to Virgil Brand; the other set was retained by Woodin and eventually went to Waldo Newcomer and Colonel Green. Both half eagles found their way into the King Farouk and Wilkison collections. A gem example of the issue was sold at auction in 1981 for $45,000, and in May 2005 an example sold for $287,000.

1878, $5, J-1570 / P-1764 Rarity: Unique

No specimen in Smithsonian Institution

Judd 1570 was designed by George T. Morgan. The planchet was made wider than normal (25.5 mm instead of the regular 21.5 mm) and thinner than usual to prevent unscrupulous individuals from sawing the coin in half, scooping out some gold, and replacing it with platinum (Akers referred to this as the “platinum menace,” a very serious concern at the time). Only a single example is known of Judd 1570: ex Newcomer, Green, Farouk, as well as the 1999 ANA and 2002 ANA sales, where it realized $189,750. In early 2007, the coin crossed the auction block for $405,500. When Akers wrote his pattern book in 1975, he did not have access to this piece, so he used an image of the more common copper version (J-1571) instead. Thus, this is the first time that an actual color image of Judd 1570 has been widely released.

1878, $5, J-1572 / P-1761 Rarity: Unique

No specimen in Smithsonian Institution

Designed by George T. Morgan, this is one of several gold patterns of this year designed for the quarter eagle and half eagle on thinner planchets with a larger diameter than the regular-issue designs. These were struck on 25.5 mm planchets instead of the regular 21.5 mm. Only a single example is known: ex Newcomer, Green, Farouk, after which it has not been seen publicly since. (Note: the example illustrated is a colorized version of the copper trial piece.)

1878, $5, J-1575 / P-1768 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

This is William Barber’s Liberty Cap design, which forms a set with a similar pattern eagle. Only two examples are known; one is ex Massamore 11/1884, Steigerwalt 4/1885, Scott 11/1888 (Foster Ely), Reed, Durham Western Heritage Museum; and the other is ex Parmelee in 1890, Brand, Judd, Wilkison, and Stack’s October 2003 Rothschild Sale, where it realized $299,000. Later this coin was added to the Simpson collection of U.S. pattern coinage.

1878, $5, J-1577 / P-1770 Rarity: 8 (2–3 known)

Specimen(s) in Smithsonian Institution

This is George T. Morgan’s Liberty Cap design. It forms a set with a similar pattern eagle. This design was copied from an 1877 eagle pattern (Judd 1545 / Pollock 1718). Only two examples are known: one is ex Massamore 11/1884, Steigerwalt 4/1885, Scott 11/1888 (Foster Ely), C.F. Libbie 10/1901, Mitchelson, Connecticut State Library; and the other is ex Parmelee, Brand, Judd, Wilkison, and is now in the Smithsonian Institution.

1863, $10, J-349 / P-421 Rarity: Unique

No specimen in Smithsonian Institution

This pattern is similar to the regular-production issue, with the exception that it contains the motto GOD OUR TRUST on a scroll over the eagle’s head on the reverse. This represents a precursor to the more familiar motto IN GOD WE TRUST, which was used on regular-issue Liberty Head pieces from 1866 to 1907. It is unique and is ex Cohen (Cogan 10/1875), Heman Ely (Woodward 1/1884), Woodward’s 69th (10/1884), T. Harrison Garrett–Johns Hopkins University, Bowers and Ruddy 3/1980, and Superior 1/1988 for just $64,900.

PATTERNS – $10 1863, $10, J-351 / P-423 Rarity: Unique

No specimen in Smithsonian Institution

This pattern is similar to the regular-production issue, except that it contains the motto GOD OUR TRUST in the open field over the eagle’s head on the reverse (a predecessor to the motto IN GOD WE TRUST that first appeared on regular-issue gold coins beginning in 1866). This reverse die was first used in 1861 on Judd 284 and Judd 285, then in the next year on Judd 286 and Judd 287. It is unique and ex Cohen (Cogan 10/1875), Ely (Woodward 1/1884), Woodward’s 69th (10/1884), T. Harrison Garrett–Johns Hopkins University, Bowers and Ruddy 3/1980. This great rarity sold in early 2005 for $294,319. It is now part of the Simpson collection of U.S. pattern coinage. Wilkison never owned this coin. A copper version exists (Judd 352).

1865, $10, J-449 / P-521 Rarity: 8 (2–3 known)

Specimen(s) in Smithsonian Institution

This pattern is similar to the regular-production issue, with the exception that it contains the motto IN GOD WE TRUST on a scroll over the eagle’s head on the reverse (as used from 1866 to 1907). It is part of a set of this transitional design that included the half eagle and double eagle. Only two sets of the three pieces were struck in gold. One set is in the Mint collection in the Smithsonian Institution. The other set was first sold in 1870 and continued intact until broken up in the 1954 sale of the King Farouk collection. The Farouk eagle has not been seen

publicly since.

1868, $10, J-661 / P-734 Rarity: H7 (4–6 known)

No specimen in Smithsonian Institution

This pattern employs an obverse by James B. Longacre similar to that used on the regular nickel three-cent piece combined with a reverse design similarly employed on the 1860 half eagle, Judd 271 / Pollock 319. It is thus unclear whether the reverse is by Longacre or Anthony C. Paquet. Only four examples are known, including the Joseph C. Mitchelson–Connecticut State Library, ex Farouk, and two ex Wilkison. A PCGS PF-63 coin sold at auction in 1990 for $100,000. More recently, an NGC PF-65 Ultra Cameo sold for $218,500 in the January 2007 FUN sale.

1872, $10, J-1245 / P-1387 Rarity: Unique

No specimen in Smithsonian Institution

This pattern uses William Barber’s Capped Bust design. It is part of a unique set of gold patterns, from the dollar to the double eagle, that share the same design. Collectors know it today as the Amazonian design because it shares a common eagle reverse with a set of silver patterns known by that moniker. It is ex Woodin, Granberg, Newcomer, Green, Farouk, and Wilkison. Today, the unique gold set is intact in the Simpson collection of U.S. pattern coinage.

1874, $10, J-1373 / P-1518 Rarity: L6 (21–30 known)

No specimen in Smithsonian Institution

This pattern is the result of Dana Bickford’s idea for an international coinage. It shows the denomination not only in dollars but in five other foreign currencies as well. Gold examples were unknown prior to the early 1900s when they appeared in the Woodin collection. One was sold to W.W.C. Wilson and the other went to Waldo Newcomer. Eventually, both found their way into the collection of John Wilkison. They have since been separated and reside in different collections. The former Judd example realized $276,000 in the October 2003 sale of the Rothschild collection. The Rothschild example now resides in the Simpson collection of U.S. pattern coinage.

1875, $10, J-1443 / P-1587 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

This pattern is William Barber’s Sailor Head design, which forms a set with a similar pattern half eagle. These were not known to exist prior to the early 1900s. Only two sets are known; both originated with William Woodin. One set was sold via Edgar Adams to Virgil Brand; the other set was retained by Woodin and eventually went to Waldo Newcomer and Colonel Green. The $10 pattern from the latter set sold at auction for $402,500 in May 2005. John Wilkison purchased the former Judd example. The King Farouk coin has not been seen publicly since its sale in 1954.

1878, $10, J-1579 / P-1772 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

This is William Barber’s answer to George Morgan’s Liberty Cap design (Judd 1581). This coin forms a set with a similar pattern half eagle (Judd 1575). Only two examples are known, one ex Massamore 11/1884, Steigerwalt 4/1885, Scott 11/1888 (Foster Ely), and Byron Reed (now in the Durham Western Heritage Museum in Omaha, Nebraska). The other is the former Wilkison example (ex Parmelee in 1890, Brand, Judd, Wilkison, eventually reappearing in Stack’s October 2003 Rothschild sale, where it realized $345,000). The coin now resides in the Simpson collection of U.S. pattern coinage. This illustrates the infrequency with which gold patterns appear on the market. Even willing buyers, with all the money in the world, could not have purchased an example of this coin at auction in the 27-year span between 1976 and 2003. A copper version of this pattern exists (Judd 1580).

1878, $10, J-1581 / P-1774 Rarity: 8 (2–3 known)

No specimen in Smithsonian Institution

Judd 1581 is a mate to the half eagle gold pattern (Judd 1577) of George T. Morgan’s Liberty Cap design. Actually, this design is an exact copy of his 1877 eagle pattern (Judd 1545), both of which were forerunners to his ubiquitous Morgan silver dollar. Only two examples are known, one ex Massamore 11/1884, Steigerwalt 4/1885, Scott 11/1888 (Foster Ely), C.F. Libbie 10/01, and Joseph C. Mitchelson (now in the vaults of the Connecticut State Library). The other is the Wilkison example (ex Parmelee, Brand, Judd, and Wilkison) then to Auction ’90 (where it realized $210,000). This coin has been certified by NGC as PF-66, and now resides in the Simpson collection of U.S. pattern coinage. The incredible prices that gold patterns have brought over the past two decades underscore the importance

of Wilkison’s accomplishments as a collector and the extreme difficulty and expense of replicating his efforts. A copper version of this pattern exists (Judd 1582).

1907, $10, J-1902 / P-1996 Rarity: Unique

No specimen in Smithsonian Institution

This is Augustus Saint-Gaudens’s Rolled Edge With Periods design struck with a plain edge. Research in the Mint archives by Roger Burdette has determined that this piece is a true pattern, unlike the plain-edge double eagle patterns of this year (which are really mint errors). It last sold in the Heritage 2003 FUN sale, where it realized $195,500.

PATTERNS – $20 1849, $20, J-117 / P-132 Rarity: Unique

Specimen(s) in Smithsonian Institution

Although the 1849 double eagle is a true pattern issue, it has been listed in the regular-issue (Proof) portion of this book. (It is also the plate coin featured on the front cover.)

1860, $20, J-272A / P-321 Rarity: Unique

Specimen(s) in Smithsonian Institution

This is an exceptional pattern coin that was virtually unknown to the collecting community, having been sequestered in the National Numismatic Collection of the Smithsonian Institution since its date of manufacture. This unique rarity combines a regular 1860 obverse with Anthony C. Paquet’s tall letter reverse. The die used here is from the same hub that was used to create the die for the regular-issue 1861-S Paquet reverse. The authors had the pleasure of examining this coin closely during the dismantling of the Smithsonian’s “Hall of Money and Medals” exhibit in August 2004, where they were stunned to learn of its existence, even though it had been illustrated in Akers’s 1975 book on gold patterns. The coin was on display in the Smithsonian’s “Legendary Coins and Currency” exhibit.

1865, $20, J-452 / P-524 Rarity: 8 (2–3 known)

Specimen(s) in Smithsonian Institution

This pattern is similar to the regular-production issue, with the exception that it contains the motto IN GOD WE TRUST on a scroll over the eagle’s head on the reverse, as used from 1866 to 1907. It is part of a set of this transitional design that included the half eagle and eagle. Only two sets of the three pieces were struck in gold. One set is in the Mint collection in the Smithsonian Institution. The other set was first sold in 1870, and continued intact until broken up in the 1954 sale of the King Farouk collection. Unlike the other two denominations, however, this one ended up in the collection of John Wilkison. The Wilkison coin sold at auction in 1990 for $400,000.

1872, $20, J-1250 / P-1392 Rarity: Unique

No specimen in Smithsonian Institution

This is William Barber’s Capped Liberty design. It is part of a unique set of gold patterns from the dollar to the double eagle that all share the same design. Collectors know it today as the Amazonian design because it shares a common eagle reverse with a set of silver patterns known by that name. It is ex Woodin, Granberg, Newcomer, Green, Farouk, and Wilkison. At present, the unique gold set is intact in the phenomenal Simpson collection of U.S. patterns.

1876, $20, J-1488 / P-1641 Rarity: Unique

No specimen in Smithsonian Institution

This transitional pattern employs an obverse where the tip of Liberty’s coronet is centered between stars six and seven, as was used from 1877 to 1907, and the reverse is the regular-issue design of this year. This unique piece was unknown to collectors until being sold to William Woodin in 1909. It is believed to have either been in the collection of William Idler, a person known to have connections with Mint personnel, or it was from former Mint superintendent Colonel A. Loudon Snowden. It later went to Waldo Newcomer, Colonel Green, and King Farouk— it has not been seen publicly since. (Note: the example illustrated is a colorized version of the copper trial piece.)

1876, $20, J-1490 / P-1643 Rarity: Unique

No specimen in Smithsonian Institution

This design has the obverse of 1877 with the top of Liberty’s diadem centered between stars six and seven. This obverse was combined with the reverse design of 1877 and beyond with DOLLARS fully spelled out. The obverse dies prior to 1877 have Liberty’s coronet virtually touching star seven. It is unique and first came to light in the June 1909 edition of The Numismatist, chronicling John Haseltine selling the piece to William Woodin. It is believed to have been in the collection of either William Idler (a person known to have connections with Mint personnel) or former Mint superintendent Colonel A. Loudon Snowden. Later owners include Waldo Newcomer, King Farouk, and John Wilkison. It realized $99,000 in Auction ’86. It now resides in the Simpson collection of U.S. pattern coinage.

1879, $20, J-1643 / P-1843 Rarity: H7 (4–6 known)

Specimen(s) in Smithsonian Institution

This pattern is the famous quintuple Stella. This design is similar to the regular double eagle, with the exception of the alloy components being mixed in with the stars on the obverse and the change of the motto from IN GOD WE TRUST to DEO EST GLORIO on the reverse. Among double eagle patterns in gold, it is actually the second most readily available, with five examples confirmed to exist, including one donated by Stack’s to the Smithsonian Institution. It is not known if any were actually struck using a goloid alloy combination. The 1879 quintuple Stella is an extremely popular coin, and today an example would probably sell in the neighborhood of $1 million. Recently a PCGS PF-62 coin sold for $862,500 at auction.

1906, $20, J-1773 / P-1992 Rarity: Unique

Specimen(s) in Smithsonian Institution

This is an exceptionally lovely pattern for a $20 gold piece designed by Charles Barber and George T. Morgan, employing a reverse originally created for use on a half dollar. It is the first double eagle pattern to employ a lettered edge E*P*L*U*R*I*B*U*S*U*N*U*M*. The only known example has resided in the National Numismatic Collection of the Smithsonian Institution since the date of manufacture, and recently made its first public appearance in the Smithsonian’s “Legendary Coins and Currency” exhibit. Much has been made of Barber’s meddling with the creation of the Saint-Gaudens double eagles—this was Barber’s failed attempt at a competing design. The surfaces of this coin present a soft, matte texture that is difficult to photograph but breathtaking to behold. The authors consider this to be one of the most important pieces among the Smithsonian’s gold coins.

1907, $20, J-1905 / P-1998 Rarity: Unique

No specimen in Smithsonian Institution

Known as “Teddy’s Coin” (because of President Theodore Roosevelt’s influence on the design), this is one of the most famous and important of all American gold coins. The Indian Head design seen here, by Augustus SaintGaudens, was eventually used on the $10 gold piece from 1907 to 1933. In this full-sized version, the effect is stunning. The only known example has a rich and illustrious pedigree (ex Barber estate, Newcomer, Boyd, Edgar H. Adams, Numismatic Gallery, King Farouk, Kosoff, Wilkison, Paramount, A-Mark, Leidman, 1981 ANA Lot 2434, and Hancock and Harwell, Auction ’84). This coin has not been seen for more than 20 years and now resides in a private East Coast collection. For obvious reasons, purists have decried the renumbering of this coin from its former

Judd 1776. If sold today, this gold pattern could conceivably become the most valuable American coin. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1907, $20, J-1907 / P-2001 With Edge Lettered Rarity: 8 (2 known)

No specimen in Smithsonian Institution

This pattern has its edge lettered E*P*L*U*R*I*B*U*S*U*N*U*M*, identical to that on the unique 1906 double eagle, J-1773/P-1992. These are believed to be the first examples struck. Only two coins are confirmed, and both are worn as if they were carried around by their owners as pocket pieces. An example sold in March 2005 for $550,000.

1907, $20, J-1908 / P-2000 and 1907, $20, J-1909 / P-2002 Rarity: Unique (J-1908), H6 (13–20, J-1909)

Specimen(s) in Smithsonian Institution

Judd 1908 has a plain edge and was the fifth piece struck. The reverse die cracked at the 8 o’clock position during its striking and had to be replaced. As it took several strikings to bring up this design, it appears that the reverse die broke prior to the last strike, on which the edge lettering would have been applied. The coin appears to be fairly well struck, so it probably would have received one more striking. This unique piece was originally part of the famous Captain North set, which was broken up in the 1980s. Judd 1909 has the edge lettered E*PLURIBUS*UNUM***********, which reads with the reverse face up. Just over a dozen are known, including examples in the American Numismatic Society, the Connecticut State Library, the Harry W. Bass Jr. Research Foundation, and three in the Smithsonian Institution. It was the first gold pattern to sell at auction for more than $1,000,000. The Philip H. Morse example that sold in November 2005 realized $2,990,000.

1907, $20, J-1914 / P-2005 Rarity: Unique

No specimen in Smithsonian Institution

This is an example of Augustus Saint-Gaudens’s regular High Relief design but struck with a plain edge. It was discovered at a coin show in 1968 by Victor H. Weill. The piece sold at a Shulman Coin & Mint auction in 1972 for $43,500. It was later handled by Ron Gillio of Pacific Coast Auction Galleries and later resided in a private collection until early 2006. The 1907 Plain Edge High Relief example, graded choice AU, was sold at auction in January 2006 for $322,000. Excellent research of the coin by the auction firm Stack’s concluded that the example was probably not issued as a die trail or experimental piece. Instead the coin is the result of an error on the part of the press operator. High Relief double eagles were normally struck three times on the medal press, with the last impression being with the lettered collar. The Plain Edge High Relief apparently missed this last step. Although this coin has been cataloged under the pattern listings, it would more accurately be described as a mint error.

1907, $20, J-1917 / P-2007 Rarity: 8 (2 known)

Specimen(s) in Smithsonian Institution

This famous piece employs Augustus Saint-Gaudens’s Extremely High Relief design, on a planchet with the same diameter as a regular $10 eagle but twice as thick. Its edge device shows the same design as employed on Judd 1773 / Pollock 1992. More than a dozen coins were originally struck; unfortunately, all but two of them were melted. The two examples were given to the Mint collection and reside today in the Smithsonian Institution. The coins were displayed in the Smithsonian’s “Legendary Coins and Currency” exhibit. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1877, $50, J-1546 / P-1719 Rarity: Unique

Specimen(s) in Smithsonian Institution

This design by William Barber employs an obverse similar to that used on one of his 1877 half dollars (Judd 1524 / Pollock 1690) combined with a reverse similar to that used on regular circulation-strike double eagles. This one is known as the Large Head variety. These two coins are experimental designs produced by the Mint in 1877 to test the feasibility of a large-denomination gold coin. The original proposal for these coins came from California, which had a shortage of paper currency at the time. Fifty-dollar gold coins would have greatly facilitated banking. The idea was rejected, however, and a regular-issue half union never materialized. Only one each of these magnificent coins was struck in gold. They are now both housed in the U.S. Mint collection at the Smithsonian Institution. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

1877, $50, J-1548 / P-1721 Rarity: Unique

Specimen(s) in Smithsonian Institution

This design is similar to the last but with Liberty’s head smaller and her coronet more ornate, with a leaf at the front and four stars under the word LIBERTY. It was thought for several decades that both half unions had been melted shortly after production. In 1909, however, they surfaced in the collection of William Idler, who had somehow procured them from the Mint. That same year, Captain John W. Haseltine and Stephen K. Nagy sold both coins to William Woodin of New York for the then-astronomical sum of $10,000 each. The sale was widely publicized, and the U.S. government began to pressure Woodin to return the coins to the Mint collection. A very favorable trade was evidently worked out to the satisfaction of both parties. Woodin had every reason to be satisfied, for he obtained in

the exchange an enormous number of other U.S. pattern coins, many of which were unique and unknown. Note: this coin is included among the 100 Greatest U.S. Coins (Garrett and Guth 2005).

APPENDIX A: AUCTION RECORDS, CIRCULATION-STRIKE COINS This table catalogs the auction records (highest prices paid, including buyer’s fees) for each circulation-strike United States gold coin, compiled from auctions of 1991 through early 2008. The auction firm, date, sale name, and catalog lot number are provided as well. (Note: Stack’s [ANR] merged under the Stack’s name in 2006.)

APPENDIX B: AUCTION RECORDS, PROOF COINS This table catalogs the auction records (highest prices paid, including buyer’s fees) for each Proof United States gold coin, compiled from auctions of 1991 through early 2008. The auction firm, date, sale name, and catalog lot number are provided as well. (Note: Stack’s [ANR] merged under the Stack’s name in 2006.)

APPENDIX C: CERTIFIED POPULATION DATA, CIRCULATION-STRIKE COINS This table provides certified population data for each circulation-strike United States gold coin: the number of coins graded by ANACS, NGC, and PCGS. This should be used as a guide only. Coins can be removed from their certified holders and resubmitted for grading (to the same or a different grading service). This can skew the population data; for example, a single coin submitted ten times would count as ten coins.

APPENDIX D: CERTIFIED POPULATION DATA, PROOF COINS This table provides certified population data for each Proof United States gold coin: the number of coins graded by ANACS, NGC, and PCGS. This should be used as a guide only. Coins can be removed from their certified holders and resubmitted for grading (to the same or a different grading service). This can skew the population data; for example, a single coin submitted ten times would count as ten coins.

APPENDIX E: CIRCULATION-STRIKE GOLD COINS IN THE NATIONAL NUMISMATIC COLLECTION This table catalogs the 3,501 circulation-strike gold coins in the National Numismatic Collection of the Smithsonian Institution. The grades of the finest, second finest, and third finest coin of each date/mint/variety is shown, as well as the total number of coins.

APPENDIX F: PROOF GOLD COINS IN THE NATIONAL NUMISMATIC COLLECTION This table catalogs the 506 Proof gold coins in the National Numismatic Collection of the Smithsonian Institution. The grades of the finest, second finest, and third finest coin of each date/mint/variety is shown, as well as the total number of coins.

CREDITS AND ACKNOWLEDGMENTS The production of the Encyclopedia of U.S. Gold Coins 1795–1933 has been a tremendous task. The project would not have been possible without the help and support of many individuals. Special thanks is due to our families for allowing us to spend many, many hours devoted to completing this book. We would also like to acknowledge the many individuals from the Smithsonian Institution who have been enormously helpful. The curators made themselves available for numerous visits to the vaults of the National Numismatic Collection. Their expertise and advice have been crucial to the task of completing the book. Perhaps the greatest contribution to the book has been the world-class photography of Thomas Mulvaney. The Encyclopedia of U.S. Gold Coins 1795–1933 would not have been possible without his phenomenal photographic skills. More than 3,000 images grace the text of this book. Many are of coins never seen by most collectors. We are honored to have had Tom involved. Special acknowledgment must also be give to James Matthews and Saul Teichman. Both contributed text and research information that has been very important to the completion of the project. We would also like to thank our great friend John Dannreuther. His advice and friendship have been driving forces behind the Encyclopedia since its inception. Finally, we would like to acknowledge David Akers for his inspiration and advice. His groundbreaking work on the series is truly the foundation of the Encyclopedia of U.S. Gold Coins 1795–1933. The following individuals and companies provided assistance to the completion of this book: David Akers David Allison ANACS Q. David Bowers Adam Crum John Dannreuther Richard Doty Marc Earle Charles Ellis William Gale Ben Garrett Mary Lynn Garrett Morgan Garrett Brent Glass Kent Gulley Alexandra Guth Christian Guth Katie Guth Maggie Guth Charles Hay Melba Hay Brian Hendelson James Hughes Robert Johnson David Klein Karen Lee Kevin Lipton Katie Mann

James Matthews Lee Minshull Charles Moore Douglas Mudd Theresa Mullins Thomas Mulvaney Ellen Nanney Casey Noxon Paul Nugget Numismatic Guaranty Corporation of America Professional Coin Grading Service Mark Salzberg Byrd Saylor IV Craig Smith Saul Teichman Sean Walker The following individuals and companies provided photographs: Al Adams David Akers Phil Arnold Bowers and Merena Rare Coin Auctions Christie’s Auction Galleries Richard Dahlin John Dannreuther Rick DeFrancis Ira and Larry Goldberg Coins Collectibles Robert Harwell Brian Hendelson Heritage Rare Coin Galleries Robert Higgins Robert Hughes Ron Karp James LaSarre Kevin Lipton Monaco Financial Christopher Napolatano NGC PhotoProof Casey Noxon Numismatic Guaranty Corporation of America Professional Coin Grading Service Sarasota Rare Coin Galleries Smithsonian Institution, National Museum of American History, Behring Center John Smithwick Sotheby’s Auction Galleries Laura Sperber

Stack’s Rare Coins Saul Teichman Some images are courtesy of the Harry W. Bass, Jr. Foundation. Some images have been reproduced, with permission, from A Guide Book of United States Coins (Yeoman/Bressett 2008); History of the United States Mint and Its Coinage (Lange 2005); and Money of the Bible (Bressett 2005).

BIBLIOGRAPHY Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume I (Gold Dollars 1849–1889). Englewood, Ohio: Paramount Publications, 1975. Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume II (Quarter Eagles 1796– 1929). Englewood, Ohio: Paramount Publications, 1975. Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume III (Three Dollar Gold Pieces 1854–1889 & Four Dollar Gold Pieces 1879–1880). Englewood, Ohio: Paramount Publications, 1976. Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume IV (Half Eagles 1795–1929). Englewood, Ohio: Paramount Publications, 1979. Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume V (Eagles 1795–1933). Englewood, Ohio: Paramount Publications, 1980. Akers, David W. United States Gold Coins, An Analysis of Auction Records, Volume VI (Double Eagles 1849– 1933). Englewood, Ohio: Paramount Publications, 1982. ANACS Domestic Population Report, November 2005. Dublin, Ohio: ANACS, 2005. Bowers, Q. David. A Guide Book of Double Eagle Gold Coins, A Complete History and Price Guide. Atlanta, Georgia, Whitman Publishing, LLC, 2004. Bowers, Q. David, and Winter, Doug. The United States $3 Gold Pieces 1854–1889. Wolfeboro, New Hampshire: American Numismatic Rarities, LLC, 2005. Bowers, Q. David. United States Gold Coins, An Illustrated History. Wolfeboro, New Hampshire: Bowers and Merena Galleries, Inc., 1987. Breen, Walter. Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins. New York: Doubleday, 1988. Breen, Walter. Walter Breen’s Encyclopedia of United States and Colonial Proof Coins 1722–1989, New Revised and Corrected Version. Wolfeboro, New Hampshire: Bowers and Merena Galleries, Inc., 1989. Coin Facts: www.coinfacts.com. Newport Beach, California: Collectors Universe. Dannreuther, John, and Garrett, Jeff. The Official Red Book of Auction Records: Colonials, Early Copper, Commems, Territorials, Patterns, Cal. Gold and Misc., 2001–2007. Atlanta, Georgia: Whitman Publishing, LLC, 2008. Dannreuther, John, and Garrett, Jeff. The Official Red Book of Auction Records: U.S. Gold Coinage, 2003–2007. Atlanta, Georgia: Whitman Publishing, LLC, 2008. Fivaz, Bill. United States Gold Counterfeit Detection Guide. Atlanta, Georgia: Whitman Publishing, LLC, 2005. Garrett, Jeff, and Guth, Ron. 100 Greatest U.S. Coins, An Appreciation of the Coins and Their Stories, Second Edition. Atlanta, Georgia: Whitman Publishing, LLC, 2005. Goe, Rusty. The Mint on Carson Street, A Tribute to the Carson City Mint and a Guide to a Complete Set of “CC” Coins. Reno, Nevada: Southgate Coins And Collectibles, 2003. Guth, Ron. Coin Collecting for Dummies. New York, New York: Hungry Minds, 2001.

Guth, Ron, and Garrett, Jeff. United States Coinage: A Study by Type. Atlanta, Georgia: Whitman Publishing, LLC, 2005. Hilt, II, Robert P. Die Varieties of Early United States Coins. Omaha, Nebraska: RTS Publishing Company, 1980. Judd, J. Hewitt. United States Pattern Coins (10th edition, edited by Q. David Bowers). Atlanta, Georgia: Whitman Publishing, LLC, 2008. Miller, Sr., Robert W. United States Half Eagle Gold Coins 1795 to 1834. Elmwood Park, New Jersey: B.C. & C., 1997. NGC Census Report, December 2005. Sarasota, Florida: Numismatic Guaranty Corporation of America, 2005. PCGS Population Report, October 2005. Newport Beach, California: The Professional Coin Grading Service, 2005. Taraszka, Anthony J. United States Ten Dollar Gold Eagles 1795–1804. Portage, Michigan: Anton’s, 1999. Winter, Douglas and Crum, Adam. An Insider’s Guide to Collecting Type I Double Eagles. Newport Beach, CA: Newport Communications, 2002. Winter, Douglas. Gold Coins of the Carson City Mint, 1870–1893. Dallas, Texas: DWN Publishing/Ivy Press, 2001. Winter, Douglas. Gold Coins of the Charlotte Mint, 1838–1861. Dallas, Texas: DWN Publishing, 1998. Winter, Douglas. Gold Coins of the Dahlonega Mint, 1838–1861, A Numismatic History and Analysis (Second Edition). Irvine, California: Zyrus Press, 2003. Winter, Douglas. New Orleans Mint Gold Coins: 1839–1909, A Numismatic History and Analysis. Wolfeboro, New Hampshire: Bowers and Merena Galleries, Inc., 1992. Yeoman, R.S., edited by Kenneth Bressett. A Guide Book of United States Coins, 2009. Atlanta, Georgia: Whitman Publishing, LLC, 2008.