By: Dennis Hengeveld - Republished with Permission from the Author

Gobrecht Dollars. They have fascinated both collectors and researchers since they were minted, first in 1836, and for the last somewhere in the 1870’s as restrikes. And collectors love them. On the obverse, the coin design shows Miss Liberty, seated on a rock and with here right hand holding a shield. Sometimes there are stars around Miss Liberty, sometimes not. On the reverse, there is an eagle, flying onward in different positions, sometimes up and sometimes level. Here also, sometimes there are stars around the eagle, sometimes not.

The above text sounds a bit confusing, but that is also the case with the Gobrecht dollars. The originals are already confusing when you want to find out when they were minted, and how much. Because only very few were minted (always less than 1000 if you take die alignments in account) die cracks and the like are very rare, and you have to find other ways to find it out. Then there are the second originals, sometimes already designated as restrikes. And after that the real restrikes were made trough the early 1870’s.

The designer, Christian Gobrecht was of German ancestry, and was born in Pennsylvania in 1785, and early in his life he showed an interest and talent for artistic and engraving work. He perfected his talent when he worked for a clockmaker at the usual tender age by putting his engraving skills in ornamental designs put on watches. In 1811, he moved to Philadelphia, and after that he soon began to work for a bank-note firm. As early as 1816 his name was well known in engraving circles and he seems to have begun his die engraving work about this time, although there are no signed medals until the mid-1820s. When the mint’s engraver Robert Scot died in November 1823, Gobrecht was already well enough known to become a temporary replacement. Unfortanly for him, he was turned down in favour of William Kneass, who had better connections (which was very important at that time). The chief engraver received a salary of $1200 per annum (year) and Gobrecht thought even this amount was barely acceptable. Despite losing the top prize and turning down the assistantship, Gobrecht maintained a connection with the Mint in several ways. Not only did he make letter and figure punches for the engraving department, in 1825 he executed some fine Liberty heads (which again for him) unfortunately were not used on the coinage. (more…)

By Douglas Winter - www.raregoldcoins.com - CoinLink Content Partner

Until the establishment of the double eagle in 1849, the Eagle (or Ten Dollar gold piece) was the highest denomination produced by the United States mint. These coins were struck from 1795 through 1804 but this denomination was discontinued until 1838 when the new Gobrecht Liberty Head design was introduced.

Early Eagles have proven to be very popular with collectors over the years. These coins are big and beautiful and more available than the quarter eagles and half eagles produced during this time period. The dates from the 1790’s have proven to be especially popular and price levels have risen to record highs during the last few years.

Here is a date by date analysis of these coins which is written with the new collector in mind.

1795

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All eagles produced from 1795 through the first part of 1797 are found with a Draped Bust obverse and a Small Eagle reverse. The 1795 has two major varieties. The more common of the two is seen with thirteen leaves on the reverse. The rarer of the two has nine leaves on the reverse. Generally, collectors focus on the more available 13 leaves but the 9 leaves is recognized by both PCGS and NGC. Advanced collectors generally include this variety in a date set of early eagles, even when they do not focus on other die varieties. (FYI, there are a total of five die varieties for this issue).

There were of 5,583 1795 eagles produced. It is believed that around 5,083 employed the 13 leaves reverse while the remainder used the 9 leaves reverse. There are an estimated 400-500 1795 eagles known, including around 15-20 of the 9 leaves coins. Most 1795 eagles grade in the VF to EF range. AU coins are scarce but available. Properly graded AU55 to 58 coins are very scarce and Uncirculated coins are rare although they are far more available than the 1796 or 1797 Small Eagle. Most of the Uncirculated pieces in the MS60 to MS62 range are not choice. Examples exist in MS63 and MS64 and I am aware of at least four of five Gems that have been graded MS65 or better by PCGS or NGC. The 9 leaves variety is usually seen in AU and appears to not have circulated much. There are probably six to eight Uncirculated examples with the finest grading MS63.

The 1795 tends to be the best struck and most aesthetically appealing of the Small Eagle ten dollar gold pieces. The typical example has some weakness on the obverse hair behind the ear and at the lower portion of the cap. The stars are sometimes flat at the centers and on many the denticles are flatly impressed. The reverse shows weakness on the eagle’s neck and head and the denticles are often flat with a partially beveled appearance. The surfaces often show numerous small marks and on many of the 9 leaves coins, there are mint-made die chips and/or planchet defects in the fields. The luster is often frosty with a somewhat grainy texture. Some are known with reflective prooflike surfaces and at least a few have fully prooflike fields on the obverse and reverse. The natural coloration tends to be a deep yellow-gold. Others are seen with orange-gold or greenish-gold hues. There are a number of higher grade 1795 eagles with superb color but these are becoming very hard to find as more and more are dipped. Most circulated 1795 eagles show processed surfaces and original, attractively toned pieces are rare and worth at least a 20% premium over a typical example. There are a good number of extant 1795 eagles with acceptable eye appeal. The collector who is seeking one is urged to be patient as most of the examples offered for sale at auction or at coin shows are low end for the grade.

An “entry level” 1795 eagle is now worth in the area of $40,000-50,000 and a nice, solidly graded AU will cost at least $50,000-70,000+. Expect to spend over $100,000 for a nice Uncirculated example and multiples of this for a piece that approaches Condition Census. (more…)

By Tom Delorey - Harlan J Berk Ltd.

The Morgan Dollar has long been one of the most popular American coin series, apparently second only to the Lincoln cent in the number of people who collect it in some manner, and the 1895-P dollar has long been called “The King of Morgan Dollars.”

However, for an equally long time it has been one of the more frustrating series to the collector who seeks completeness in his sets, as no numismatist has ever been able to fill the 1895-P hole in his Whitman album or Capital plastic holder with a genuine business strike specimen, despite a reported mintage of exactly 12,000 coins.

Wealthy collectors have usually been able to fill that hole with one of the 880 Proofs struck in that year, always available at a healthy price several times what a Proof from a “common” year would bring, and I have even seen a few sets where an 1895-P gold Double Eagle rattled about the dollar-sized hole.

Perhaps a hundred of the Proofs are currently known in various circulated conditions at slightly more reasonable prices, having been spent over the years by hard-up collectors during the Great Depression, children buying candy without their Father’s knowledge and garden-variety thieves, and it is not impossible that another fifty or so have been permanently lost due to lengthy circulation and/or melting. Many hundreds of 1895-O&S dollars also exist with their mint marks removed, though most of those so altered were mutilated many years ago before the branch mint coins of this year became expensive, (in part because so many of them were altered!)

Conventional wisdom has long held that the 12,000 business strikes must have been melted down in accordance with the Pittman Act of 1918, when the U.S. government reduced some 270,000,000 silver dollars to bar form and shipped the bars to India. There the British government, bankrupted by the war in Europe but desperately in need of the war materiels provided by its colonial empire, converted the silver into Rupees to pay the workers producing these goods. It is hard to say if the colonial subjects would have felt enough loyalty to a foreign monarch to have continued to work for free, but the monarch probably slept better knowing he did not have to test this loyalty. (more…)

By Douglas Winter - CoinLink Content Partner

In June 2000, I wrote an article entitled ?The Ten Coolest United States Coins.? Let’s say you were a true Douglas Winter Numismatics cultist and you had decided to follow my advice to the letter. How would your seven year investment have performed? Are there any coins I would have deleted from this list? Some analysis and random thoughts regarding these ten coins follows.

I. 1776 Continental Dollar

In 2000, I suggested purchasing an example of this popular, historic issue in Choice About Uncirculated and stated that an example would cost around $10,000. I think this amount represented a typo as, even back then, a Continental Dollar in AU would have cost at least twice the amount I listed.

My decision to include this coin was prescient, to say the least. This has proven to be among the most popular and in-demand early American issues in the last seven years. And how can it not have been? This issue has everything going for it: size, interesting history, unique design and the magical 1776 date.

Today, a nice AU 1776 Continental Dollar will probably cost in the area of $60,000. And if you had bought a really nice AU55 to AU58 back in 2000, the chances are better than even that this coin would be regarded as an MS61 today with an estimated value closer to six figures. Clearly, this would have been a very good purchase.

This is not a regular issue coin but, rather, a proposed or speculative issue. Varieties are known in silver, pewter and brass and with different spellings of the word CURRENCY. For this set, I would suggest a pewter piece with the spelling “CURENCY” and the lack of the designers initials (represented on this coin as “EG FECIT,” which is believed to signify that the design was by Elisha Gallaudet).

It is probable that these coins did circulate in colonial America and that they did have a recognized value. This fact makes them a legitimate candidate for the first “dollar” struck in this country as well as the largest coin, in terms of size, issued prior to the establishment of the United States. The magical date 1776 makes them even more desirable, in my opinion. And, finally, the charming design on the reverse (featuring thirteen interlinked rings with the name of each colony and symbolizing unity) is believed to have been suggested by Benjamin Franklin.

For this set, I would opt for a very slightly worn piece; perhaps in the About Uncirculated-55 to 58 range. I like the idea that the coin saw some light circulation during the colonial era but would want it to be lustrous and well struck. Such a coin would cost $7,500-$10,000; making it an exceptional value for such an incredibly historic issue. (more…)