By Greg Reynolds for CoinLink - Revised and Re-posted July 25, 2007

Half Eagles, $5 gold coins, dated 1807 are not extremely rare. The Bust Left 1807 is probably among the five least rare dates of all early Half Eagles (1795-1834). Indeed, Capped Bust Left Half Eagles (1807-1812) are not well understood, and do not receive as much publicity as Bust Right Half Eagles (1795-1807) or Capped Head Half Eagles (1813-34). It is thus worth discussing the rarity of the Bust Left type, and the reasons why an 1807 Bust Left Half Eagle just sold for $103,500 on July 13 in West Palm Beach, Florida. It is only the third or fourth time that a Bust Left Half Eagle has sold at auction for more than $100,000.

Heritage conducted the official auction of the Summer Florida United Numismatists (FUN) convention. This inaugural summer event should not be confused with the primary FUN convention that is held every year in January, usually in Orlando, though an epic FUN event was held in Fort Lauderdale in 2005.

This 1807 Half Eagle has been graded MS-65 by the Professional Coin Grading Service (PCGS). Coins are graded on a scale from 01 to 70, though not all numbers in between are used. The four grades for ‘Very Fine’ are 20, 25, 30 and 35. All eleven points from 60 to 70 are “Mint State” (or Proof) grades, and those that grade 65 are usually termed ‘gems.’ This coin is definitely a gem.

This 1807 Half Eagle has a very attractive obverse (front) and a more than very attractive reverse (back of the coin). Under three-times magnification, there are very few contact marks and light small scratches on the obverse, and almost none on the reverse. It merits a mid range MS-65 grade. The reverse, by itself, might even grade MS-66. The very few, short, light scratches on the face and in the obverse left inner field, along with one medium length hairline scratch from the eleventh star to Miss Liberty’s hair, probably prevented this coin from grading MS-66! It has, or nearly has, sufficient eye appeal for a MS-66 grade.

The obverse is subtly brilliant, and somewhat lustrous. The reverse is brighter and has a rich luster accompanied by some light orange-russet toning about the design elements and near the periphery. Like most early U.S. gold coins, the gold itself has a greenish tint. On the obverse, this green color is subtle. It is a little richer on the reverse. I like this coin a lot. It has an appealing personality, which cannot be completely described.

In more than fifteen years, only one other 1807 ‘Bust Left’ Half Eagle has ever realized more than $100,000 at auction. In 1999, the Moore 1807, PCGS graded MS-67, sold for $121,000. The PCGS graded MS-67 1807 that was reportedly auctioned for $115,000, in 2002, is very likely to be a re-appearance of the Moore coin. It was previously auctioned, before it was certified, in New York in 1988. More than once, I had the opportunity to carefully examine it. For the whole Bust Left Half Eagle type, the Moore 1807 is the highest quality coin that I have ever seen. It is widely believed that another PCGS graded MS-67 1807 Bust Left Half Eagle, similar to the Moore 1807, is in a private collection in Texas. (more…)

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…)