By Greg Reynolds for CoinLink

An 1888 $3 gold coin is ‘in the news,’ as Heritage just sold a beautiful one for $34,500. It is graded 66 on a scale from 01 to 70. It was in the official auction of the Summer Florida United Numismatists (FUN) Convention, on July 13. This event should not be confused with the primary FUN convention that is always in January, usually in Orlando, though in Fort Lauderdale in 2005. The inaugural Summer event was held at the West Palm Beach Convention center.

This ‘Rarity of the Week’ is a ‘type coin’ that is best recognized for its quality and aesthetic characteristics. Because it is a ‘type coin,’ however, it should not be assumed that it is not rare. Plus, it is meaningful in other ways. While I have viewed other $3 gold coins of higher quality, there are very few that are as terrific looking as this 1888.

Although 1888 is one of the least rare dates in the Three Dollar Gold series (1854-89), it is not a common coin. Many collectors would be surprised to learn that the whole series is not common. There are probably fewer than twenty-two thousand Three Dollar Gold pieces in existence, and more than sixty percent of those are of just three dates, 1874, 1878 and 1854. My estimate of the total extant includes several thousand pieces that have problems that are too serious for them to qualify for certification by the two leading services, the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corp (NGC).

Consider that there are certainly more than a quarter-million 1904 Double Eagles ($20 gold coins) around today. There could exist more than one million 1924 Saint Gaudens Double Eagles, and two hundred thousand dated 1928. As a series, Three Dollar Gold pieces are particularly scarce. (more…)

By Greg Reynolds for CoinLink

An 1895-S Eagle ‘made the news’! On June 21, Stack’s auctioned an Eliasberg ‘95-S in Rosemont, Illinois. This $10 gold coin is graded MS-66 by the Professional Coin Grading Service. This coin’s grade and rarity are central to a combination of factors that resulted in a stunning record price of $80,500.

The standard coin grading scale starts at Poor-01 and ends at 70. Most numbers in between are not used. A coin in Very Fine condition may grade VF-20, 25, 30, or 35. In the “Mint State” (uncirculated) range from 60 to 70, all eleven points are used. Coins that grade 65 and above are usually considered to be gems. For most late 19th century gold coin issues, less than one percent of the survivors will grade MS-66 or -67. For many dates, coins that grade MS-66, or higher, do not exist.

U.S. Ten Dollar gold coins are termed ‘Eagles.’ There are three types of Liberty Head Eagles: the ‘Type of 1838′ (1938-39), the ‘No Motto’ type (1939-66), and the ‘With Motto’ type (1866-1907). The motto, ‘In God We Trust,’ was added to the coin’s design in 1866.

The ‘S’ in the date, 1895-S, means that it was minted in San Francisco. The absence of a mintmark indicates that a coin was minted in Philadelphia. An ‘O’ refers to New Orleans, and a ‘CC’ mintmark indicates Carson City, Nevada. The $80,500 price is an auction record for the 1895-S date. It may be a record for a certified MS-66 grade Liberty Eagle of the ‘With Motto’ type?

In July 2003, Heritage auctioned a PCGS graded MS-67 1895-S for $49,450, which was the previous record for the date. A coin that grades MS-67 is typically worth much more than a coin of the same type and date that grades MS-66. In May 2005, Heritage auctioned a PCGS graded MS-64 1895-S for $23,000. Over the past several years, 1895-S Eagles that grade AU-58 have tended to sell at auction for between $1000 and $1500. (more…)