Coin Collecting News » Doug Winter

The Three Kings: The Proof-Only Double Eagles Dated 1883, 1884 and 1887

Doug Winter — Mon, 27 Dec 2010 15:04:54 +0000

Continuing my fascination with Proof-only issues, I’d like to discuss the rare Proof-only double eagles dated 1883, 1884 and 1887. These issues are not all that well-known outside of Type Three Liberty Head collectors and I think they merit more than a passing mention.

Beginning in 1881, production of double eagles at the Philadelphia mint became little more than an afterthought. And it would remain as such until 1888. In 1883, there were no business strikes produced. The Mint did strike 92 Proofs; ostensibly for the limited numbers of collectors who were interested in Proof double eagles at this point in time.

The Mint struck considerably more Proof 1883 double eagles than they were able to sell and it is believed that as many as half of the original mintage was melted later in the year. Of the four dozen or so that were distributed to collectors and dealers, around twenty at most are known today. This figure includes at least three that are impounded in museums and another two or three that are impaired.

The 1883 is the second rarest collectable Liberty Head double eagle, trailing only the 1884 (I consider the 1849 and the 1861 Paquet reverse non-obtainable and do not include them). Despite this coin’s indisputable rarity, it is only fairly recently that the 1883 became known as a major rarity. Prices for this issue had remained fairly stagnant for many years, hovering in the $75,000-100,000 range. This only changed in 2004 when Heritage sold an example for $172,500. Today, a Gem is worth at least $200,000-225,000.

There are a small number of Gems that have been graded by the services and at least one has been slabbed as PR66 by NGC. I know of six or seven Gems and the two nicest that I have personally seen are Heritage 1/06: 3580 (graded PR65 Ultra Cameo by NGC) and Heritage 1/04: 3224 (graded PR65 Deep Cameo by PCGS and possibly also ex Dallas Bank collection).

There are a few diagnostic criteria that make this an easy issue to authenticate. All show roughness on the back of the eagle’s neck and fragmentation of the fleur de lys beneath its beak. These die markers do not exist on any business strike reverses of this era.

The 1884 is the rarest of these three Proof-only issues. A total of 71 were struck and it is possible (although unconfirmed) that a few were melted as unsold, given the fact that so many Proofs dated 1883 suffered this fate. There are slightly fewer than twenty known. I wrote in 2000 that 15-17 exist and I think this number might be a tiny bit on the low side. A total of twelve have sold at auction since 2000 but this includes a number of coins that have sold more than once.

The current auction record is $264,500 which was set by ANR 8/06: 1644, a coin graded PR66 Cameo by NGC. It had sold two years earlier (as Heritage 1/04: 3225) for $149,500.

The 1884 is much rarer in Gem than the 1883. I do not believe that a full-blown Gem exists and most that I have seen are in the PR63 to PR64 range. For some reason, this date was not as well handled as the 1883 or 1887 and most show signs of having been cleaned.

There are some interesting die characteristics for this issue that make it very easy to identify. All known examples show an uneven pattern of frost on Liberty’s face. It is thick on the right half of the neck and near the ear but it is quite light on the neck. This is why none have ever been designated as “deep cameo” or “ultra cameo” by PCGS or NGC. In addition, all 1884 double eagles have a noticeable diagonal die line just to the left of the Y in LIBERTY.

There is no question that, as a date, this is the rarest collectable Liberty Head double eagle. Given this fact, it seems fairly reasonably priced at current levels.

The last of the Three Kings is the 1887. This issue has a mintage of 121 struck. I believe that, as in 1883, a number went unsold and were later melted. My best guess is that around half were released to collectors and that there are 25-30 known today.

The 1887 tends to come better preserved than the 1883 and 1884 and it is more available in Gem than the other two Proof-only dates. There are around six to eight Gems known. The finest is an incredible NGC PR67+* Cameo that will be sold in the upcoming Heritage 2011 FUN auction. The current auction record for this issue is $161,000 that has been acheived twice (Goldberg 9/08: 1295 and Heritage 1/07: 3145) but this mark is certain to be broken by the aforementioned Heritage coin.

There are no major die characteristics seen on Proof 1887 double eagles. This tends to be a very well made issue and many of the examples that exist show excellent contrast between the frosted devices and the mirror fields.

The three Proof-only Liberty Hesd double eagles from the 1880’s are among the more interesting and desirable United States issues from the 19th century. I believe that they are all highly undervalued, considering how few are known for each isssue. As I have said in other recent blogs, if the Type Three series were to become more active among date collectors, these three issues would be considered true “stoppers” and would show dramatic increases in price.

Proof-Only Gold Coins

Doug Winter — Mon, 20 Dec 2010 12:07:17 +0000

By Doug Winter – RareGoldCoins.com

The presence of a number of important Type Three Proof Liberty Head double eagles in the upcoming 2011 FUN auction got me to thinking about . What are these coins, why are they important and do they deserve the market premiums they enjoy?

A Proof-only coin is an issue that exists only in a Proof-only format where business strikes could have been produced as well. These coins exist in a variety of denominations but for this blog, we’ll focus on the ones in various United States gold series.

Some of the most famous Proof-only gold coins are the double eagles from 1883, 1884 and 1887. The mintage figures for these dates are 92, 71 and 121 respectively. I believe that there are around twenty 1883 double eagles known, maybe fifteen 1884’s and as many as thirty to thirty five 1887’s.

There are two ways to look at these coins. The commonly accepted way is to consider them solely as a date. In other words, even though there are many Proof double eagles that are rarer than these three, there are no other Type Threes that compare to the 1883 and 1884 in terms of the total number known. If a date collector wants to buy an 1883 for his set of Type Three double eagle he has to buy a Proof. This is different than a rare date like the 1881 or the 1882 that exists in dual formats; i.e., as business strikes and Proofs, and thus presents the collector with two options.

Collectors who are new to double eagles might balk at having to pay $150,000-200,000 for a nice 1883 double eagle when they can purchase a Proof of comparable rarity from this era for half as much–or less. Why, they wonder, does a Proof-only issue get such a high premium?

The mistake that they are making is to compare the 1883 to, say, an 1880. They need to look at the rarity of the 1883 on an absolute level. The 1883, from the standpoint of total number known, is even rarer than such celebrated issues as the 1854-O and the 1856-O; two issues that now sell for $300,000-500,000. If the Type Three series were to ever become as popular with date collectors as the Type One series currently is, the current prices for Proof-only issues such as the 1883, 1884 and 1887 could double or triple.

One Proof-only issue that I have always found interesting is the 1863 quarter eagle. Only 30 were made and this is one of the major rarities in the entire quarter eagle series. In the Liberty Head design it is the third rarest issue, trailing only the 1854-S and the 1841. The 1863 is an issue that has alot going for it; most notably its charismatic Civil War issuance. It has been a heralded rarity for well over a century. Values have steadily risen for the 1863 over the last decade and I expect this issue to become more and more sought-after in the future.

Another Proof-only issue is the 1887 half eagle. It has a mintage of 87 and an estimated thirty or so survive. Unlike the 1863 quarter eagle, this is a date that doesn’t “feel” like it should be a Proof-only coin; especially given the fact that many of the other Philadelphia half eagles of this era are common in business strike format.

What I think hurts the 1887 most in terms of its appeal is that Liberty Head half eagles are not currently a series that are actively collected by date. The 1887 feels like an overvalued date to me, given that a Gem is worth over $100,000 as compared to less than half this amount for comparable Proofs of this era that aren’t Proof-only.

Two of the most interesting Proof-only issues are the 1875 and 1876 three dollars. Both are less rare than their original mintage figures of 20 and 45 would suggest and this is due to the fact that restrikes exist for both issues. I find the 1875 to be a very intriguing issue because of the magic of the date 1875 as a Proof. Every Proof 1875 issue has an exceptionally low original mintage and at least two denominations (the half eagle and eagle) are virtually unobtainable as business strikes.

Back to the Proof-only Type Three issues. When I first became interested in US gold coins, these three issues were heralded rarities and they were bringing $25,000 and higher back when 25 grand could buy you some serious rare Liberty Head double eagles. The 1883, 1884 and 1887 have certainly increased in value over the years but not at the pace of the rare Type Ones or, ironically, even at the pace of the formally-overlooked business strike rarities of the Type Three series.

It will be interesting to see how the next appearances of the rare Proof-only gold issues that I’ve mentioned are met by an increasingly rarfity-driven coin buying audience. My hunch is that we will see very strong prices on most of these coins and that they represent good value for the collector or investor who fancies true blue-chip numismatic items.

Which Civil War Gold Coins Will Be Promoted in 2011?

Doug Winter — Tue, 07 Dec 2010 16:30:01 +0000

I don’t consider myself to be a real pro when it comes to rare coin promotion but even I know a no-brainer when I see it. 2011 marks the 150th anniversary of the beginning of the Civil War. As sure as the sun will rise tomorrow, you can bet that rare coin promotion gurus who are far more clever than I have been preparing for this event for some time.

So if you are Joe Coin Promoter and you are gearing up for the Civil War Sesquicentennial in 2011, what kind of gold coins can you get enough of to do a promotion? Let’s go denomination by denomination and figure this out.

I. Gold Dollars

Only two mints made gold dollars in 1861: Philadelphia and Dahlonega. The 1861-P is common and cheap; the 1861-D is rare and expensive. The 1861-D is unpromotable; it is too rare to accumulate in quantity and is already too expensive. A clever dealer could probably stealthily buy 40-50 1861-P gold dollars in lower Mint State grades over the course of a year and have enough coins to promote. He could probably find as many 1862-P gold dollars and maybe have as many as 100 coins in total. I would have to wonder, though, if the intended audience for this promotion would get excited about gold dollars as they are small, common and not really “sexy.” As a collector I’d probably avoid stockpiling any Civil War gold dollars to ride the coattails of a promotion.

II. Quarter Eagles

Two mints made quarter eagles in 1861: Philadelphia and San Francisco. The 1861-S is unheralded but scarce and I doubt if you could put together a group of more than three or four over the course of a year. The 1861-P is common in grades up to MS63 and it might be possible to accumulate enough to promote. I like the promotional possibilities of this issue and it might not be a bad idea for a collector to buy a few MS62 to MS63 pieces and see if prices increase in the next few years. None of the other Civil War Philadelphia issues can be found in enough quanity to promote. The San Francisco issues are all rare but it might be possible to put together a rag-tag group of circulated examples.

III. Three Dollar Gold Pieces

You couldn’t promote threes in Uncircirculated as all of the Civil War issues are rare enough and expensive enough to preclude this. But you might actually be able to acculate a few dozen nice circulated pieces. This promotion actually makes sense to me as the three dollar denomination is odd and interesting and it would appeal to non-collectors. It is also out of favor right now so the possibility of buying a fair quantity exists. The 1861-64 dates are all moderately scarce but available in the EF-AU range for less than $4,000 per coin. As a promotion bandwagon jumper, these three dollar gold pieces kind of make sense to me.

IV. Half Eagles

The two southern branch mint half eagles (1861-C and 1861-D) would be fantastic issues to promote but they can not be found in quantity. The San Francisco half eagles of this era are also very rare and while not as glamorous as the 1861-C or 1861-D, issues like the 1862-S and 1864-S half eagle are highly unlikely to be used in a promotion. This leaves the Philadelphia coins. The 1861 is the only one that is common although I wonder if a promoter could find, say, fifty to one hundred examples. I imagine that if you were willing to sell cheap pieces, like in EF40 or EF45, it might just be possible. Not “easy,” but maybe “possible.”

V. Eagles

Civil War era ten dollar gold pieces were made only at the Philadelphia and San Francisco mints. All of the west coast issues are rare in any grade and the possibility of finding more than a few in any grade is unlikely. The Philadelphia issues are even rarer with the exception of the 1861 which can be found in some quantity in circulated grades. But I just don’t think you could come up with enough coins to make for a good promotion. Which is actually kind of shame as a group of 1861 eagles in EF and AU grades would make a great Civil War-themed promotion.

VI. Double Eagles

There isn’t a better denomination to promote these days than the double eagle. The coin are big and with gold at $1,400 or so per ounce, they interest nearly every investor. Unfortunately, there is just a single Civil War double eagle that might be available in a quantity great enough to promote: the 1861 Philadelphia. This is probably the most common non-shipwreck Type One double eagle and it exists in significant quantity in circulated grades. But….there may be a fly in the proverbial ointment. Type One double eagles are currently as popular as any series of American coin and an issue like the 1861-P, which used to be fairly easy to buy in quantity, is now in demand by legitimate collectors. It still might be possible but its not going to be an easy task.

After thinking about Civil War era gold coins to promote for the Cvil War Sesquicentennial in 2011, I’ve pretty much come to the conclusion that unless someone has been working on this project for at least a year already, it probably can’t be done in time. Given the scarcity of these coins and the costs involved, maybe it would make more sense to work on buying 500 circulated 1861 Indian Cents or 750 circulated 1864 and 1865 Two Cent pieces.

The Fab Five Type Three $20 Liberty Head Double Eagles

Doug Winter — Wed, 01 Dec 2010 13:46:53 +0000

By Doug Winter – RareGoldCoins.com

There are five ultra-low mintage Type Three Liberty Head double eagles that were produced for circulation during the 1880’s and 1890’s. These five issues have not necessarily received the attention that the so-called Fab Five late date St. Gaudens double eagles (the 1929, 1930-S, 1931, 1931-D and 1932) have but they are now popular with collectors and have risen dramatically in value over the last decade.

The 1881, 1882, 1885, 1886 and 1891 double eagles have a combined mintage of just 5,911. There are a number of possible reasons as to why these issues were made in such limited quantities. The first is that the Philadelphia mint was primarily interested in making silver dollars in these years and a majority of their efforts went towards these coins. I don’t find this plausible as mintage figures for other gold denominations during these years were high; as an example the mint made nearly four million eagles in 1881 alone.

The second was that there was limited demand. This is certainly possible but it does not explain why mintage figures for double eagles during these years at the San Francisco mint tended to exceed one million per annum. Another reason is that the United States economy was slow or worse during most of these years.

In looking at these dates in terms of overall rarity (the total number known) and high grade rarity (rarity in AU50 and higher grades), I rank the Fab Five as follows:

I. Overall Rarity
1. 1882
2. 1881
3. 1886
4. 1891
5. 1885

II. High Grade Rarity

1. 1881
2. 1882
3. 1886
4. 1891
5. 1885

Let’s take a look at each of these dates and discuss their overall and high grade rarity, Condition Census levels, the numbers graded by PCGS and NGC and record prices realized at auction.

I. 1881 Double Eagle

A total of 2,199 were struck of which an estimated three to four dozen exist today. There are none that I know of that grade lower than EF and around seven to ten are known in this grade range. The majority of the examples known are in the AU grades with around twenty-six to thirty-four accounted for.

I am aware of two in Uncirculated and they are as follows:

1. PCGS MS61. Heritage 4/09: 2762 ($120,750), ex Heritage 10/08: 3091 ($138,000), Heritage 1/07: 3203 ($138,000).

2. PCGS MS61. Heritage 6/04: 6363 ($57,500), probably ex Heritage 1997 ANA: 7843 ($29,325; where graded MS60 by PCGS).

The record auction price for this date is $138,000 which was set twice by the coin listed first in the Condition Census above. PCGS, as of December 2010, has graded 24 examples in all grades with just two in Uncirculated (both MS61). NGC has graded 19 in all grades with three in Uncirculated (an MS60 and two in MS61). I believe that the populations for AU coins are inflated by resubmissions. The 1881 is the rarest of the Fab Five is higher grades.

As I mentioned above, there are only two that I am aware of that grade Uncirculated. Of the two to three dozens AU that are known, most are lower end with heavy bagmarks and signs of circulation.

The 1881 is always found with below average surfaces and most have poor eye appeal as a result. Interestingly, despite this issue’s low mintage figure, the luster is often frosty in texture; not the reflective prooflike finish that one might expect.

For many years, it was possible to purchase a very presentable EF to AU example in the $10,000-20,000 range. This is no longer the case, but it is still possible to buy an above-average 1881 double eagle for less than $60,000. I think this is incredible value, given the price levels of less rare (but more popular) Type I double eagles from New Orleans or better date CC double eagles.

II. 1882 Double Eagle

The 1882 is one of two business strike Liberty Head double eagles with an original mintage of less than 1,000 (the other is the 1885). It is the rarest of the Fab Five overall but I regard it as just a little less rare than the 1881 in high grades. To put the rarity of this date in perspective, it is rarer overall than the celebrated 1854-O and 1870-CC and comparable to the 1856-O.

There are either two or three known in Uncirculated and they are as follows:

NGC MS62. Sotheby’s 10/01: 88 ($86,250), ex Dallas Bank Collection. It is likely that this coin was upgraded from a PCGS MS61 holder and may not have been removed from the PCGS population report.

PCGS MS61. There is a second coin graded MS61 by PCGS. It may be a second appearance of the Dallas Bank coin. PCGS MS60: Heritage 1/07: 3204.

The auction price record is $138,000 which was set by the PCGS MS60 coin listed above. The NGC MS62 would sell for more if it were to become available.

As of December 2010, PCGS had graded eighteen examples with seven in Extremely Fine, eight in About Uncirculated and three in Mint State. NGC had graded only tweleve with one in Extremely Fine, ten in About Uncirculated and one in Mint State. These figures are inflated, especially in AU grades.

Almost every example of this date that I have seen is very heavily abraded and has reflective surfaces which make the marks look even more pronounced. The 1882 is a true rarity in all grades and there are an estimated thirty to forty known. I think the grade distribution includes six to nine in Extremely Fine, twenty-two to twenty-eight in About Uncirculated and two to three in Uncirculated.

Prices for this date have risen considerably in the last few years as collectors have become aware of the real rarity of the 1882. A presentable example will cost in the area of $60,000-80,000 and a Condition Census piece might cost in excess of $100,000. In my opinion, this is still reasonable given the extreme rarity of this issue.

III. 1885 Double Eagle

The 1885 is the most curious of the Fab Five. It has a tiny mintage of 751 business strikes, the second lowest of this illustrious group. This coin is clearly very scarce but it is more available than one might expect and I regard it as the least rare of the Fab Five. It is also a date that has a slightly different grade distribution than, say, the 1882. The 1885 is more available in Uncirculated than the other four dates in this group and it is also seen in lower grades; showing that it did actually circulate to a degree.

I am aware of five Uncirculated examples which are as follows:

1. PCGS MS63. Bowers and Merena 2003 ANA: 4291 ($50,600)

2. NGC MS62. Heritage 6/08: 2332 ($103,500)

3. PCGS MS62. Heritage 6/08: 2333 ($86,250)

4. NGC MS61. Heritage 2007 FUN: 3738 ($63,250)

5. PCGS MS61. Heritage 10/09: 1754 ($57,500) As far as I am aware, these are all different coins. It is interesting to note that four of the five have appeared for sale within the last three years. These are not coins that are previously unknown. I believe that most–if not all–were coins that previously resided in About Uncirculated holders and were upgraded.

The current auction record for the 1885 double eagle is $103,500 which was set by Heritage 6/08: 2332. I am aware of at least one private treaty sale for a figure higher than this.

The eye appeal of this date tends to be better than the 1881, 1882 and 1886. It is a coin that is typically seen in About Uncirculated grades and with prooflike surfaces. Most are found with heavy marks but I know of a small number that are actually high end.

Aproximately sixty to eighty 1885 business strike double eagles are known. I can account for at least five in Uncirculated and feel that there may be a few more that qualify as such by today’s standards. Around fifty to sixty exist in AU grades plus another six to ten in Extremely Fine and below.

The 1885 is the most affordable of the Fab Five. It is possible to buy a decent quality example in the $40,000-50,000 range. While I think this is an interesting and legitimately scarce coin, I don’t think it is as good a value as the 1881, 1882 and 1886. That said, I would strongly advise purchasing an 1885 in AU55 or above at current price levels if the piece is choice and original.

IV. 1886 Double Eagle

A total of 1,000 business strikes were produced. I regard the 1886 as the third rarest overall of the Fab Five and the third rarest in high grades as well. I know of at least two that are Uncirculated. These are as follows:

1. PCGS MS63. Superior 10/92: 1612 ($45,100), ex Akers Auction ‘90: 1968 ($66,000).

2. PCGS MS61. Heritage 3/98: 6637 ($35,075), probably ex Stack’s Miles sale.

A coin graded “MS65? appears on the NGC population but I would assume that this is a clerical error and that the coin does not exist.

The current auction record for a business strike 1886 double eagle is $86,623 which is held by a PCGS AU55 sold as Heritage 10/08: 3103. If an Uncirculated coin were to appear it would shatter this record with ease.

There are an estimated forty to fifty pieces known. I know of either two or three in Uncirculated as well as another two to three dozen in About Uncirculated and a dozen or so in Extremely Fine. The typical 1886 double eagle is a low end EF to AU that has heavily abraded surfaces and unappealing Prooflike luster. This date is exceedingly hard to find with good eye appeal and I can’t recall the last piece I saw that was original and appealing.

An “entry level” example costs in the area of $60,000-70,000 and you can expect to spend closer to six figures (if not more) for a Condition Census level piece. I regard the 1886 as good value even at these current levels.

V. 1891 Double Eagle

The 1891 is the fourth most available of the Fab Five. There were only 1,390 business strikes made of which an estimated four to five dozen are known. I am aware of three of four Uncirculated, forty or so in About Uncirculated another ten to twelve in VF to EF grades.

The Uncirculated examples are as follows:

PCGS MS64 (this coin also appears in the NGC population as MS64): Heritage 1/05: 30540 ($155,250), ex Sotheby’s 10/11: 111 ($80,500), Dallas Bank collection.

PCGS MS63: Heritage 1/10: 2267 ($138,000), ex Stack’s 1/08: 9211 ($115,000).

PCGS MS 61: I do not know the pedigree of this coin.

The auction record for the 1891 double eagle is $155,250 set by the PCGS MS64 listed above. In my opinion, this is among the single most significant Type Three double eagles of any date. It is a magnificent coin that combines rarity and great appearance.

The 1891 double eagle is usually seen in th EF45 to AU55 range and it is characterized by deeply reflective prooflike surfaces. Most examples are heavily abraded although a few choice, clean examples are known.

Price levels on this date were reasonable for many years and I can remember selling nice AU examples for well under $20,000 at the beginning of this decade. Today, such a coin will cost double or triple this amount but I still believe that the 1891 is good value at current levels.

I’d like to thank my good friend Paul Nugget of Spectrum Numismatics for his input on the rarity rankings of these double eagles.

If you have an interest in the Fab Five and would like to discuss them in greater detail feel free to email me at dwn@ont.com

The Record-Setting Sale of an 1875 Half Eagle: What Does it Portend?

Doug Winter — Fri, 26 Nov 2010 19:51:09 +0000

By Doug Winter – RareGoldCoins.com

In the Bowers and Merena November 2010 Baltimore auction, a business strike 1875 half eagle sold without a lot of fanfare for a lot of money. I think this was one of the most significant individual sales in the rare gold coin market in 2010 and I’d like to spend a bit of time analyzing both the coin that was sold and the significance it portends for both the Liberty Head half eagle series and the rare gold market as a whole.

The 1875 is the rarest collectible Liberty Head half eagle. (The 1854-S is rarer but with no pieces likely available to collectors in the near future, I regard this issue as “non-collectible.”) Only 200 business strikes were produced and the number of pieces known has generally been estimated to be in the area of ten. I think this estimate is reasonably accurate although I think the actual number known could be as low as seven or eight.

The 1875 is unknown in Uncirculated and most of the examples that exist are in the EF40 to AU50 range. PCGS has graded five coins including an EF40 and two each in AU50 and AU53 while NGC has graded four: one in EF45 and three in AU55. I believe that these figures are inflated by resubmissions and the total number of distinct 1875 half eagles in slabs is four or five. There have been 10 auction appearances since 1991. Six have occurred since 2000 but this includes a number of reappearances of the same coin(s).

The coin in the Bowers and Merena auction was graded AU55 by NGC and it appeared to have been the same coin that was offered as DLRC’s Richmond I: 1444 back in July 2004 where it brought a record-setting $86,250. There had been no other 1875 business strikes that had been available since the Goldberg 2/07: 2335 coin that brought $74,750.

The Bowers coin was part of an interesting set of 1875 gold coinage called the “Kupersmith Once in a Lifetime” collection. Terrible name but an interesting and impressive set with examples of the rare Philadelphia gold dollar, quarter eagle and three dollar gold piece from this year but, curiously without the very rare 1875 business strike (or Proof) eagle.

The coin in the Bowers sale brought $149,500 which is far and away a record price for a business strike of this date. Considering that this is an esoteric coin and, to be honest, it wasn’t a really nice-looking piece, I think this price is very significant.

In the same sale, the coin right before the business strike was an 1875 half eagle graded PR66 Cameo by NGC. With a mintage of just 20, this has long been recognized as a great rarity and it is an issue that has usually brought more than its under-appreciated (but rarer) business strike counterpart. The Proof in the Bowers sale, sold as Lot 5042, brought $143,750. I was really surprised but really pleased to see this happen.

I’ve been thinking for a year or two that Liberty Head half eagles have a chance to be the “next big thing” in the world of rare date gold. Here’s why. The Liberty Head double eagle series is extremely popular right now and there are not many “ground floor” opportunities for the new collector. Same goes for the eagle series although I still think there are some very undervalued issues. But the Liberty Head half eagle series remains under-collected and there are dozens and dozens of individual issues that are extremely undervalued.

So why is a $149,500 Liberty Head half eagle so an important? Because its the rarest collectible issue in the series and you typically see high-end collector activity in a series start with coins like this. In other words, you can buy the C and D mint issues any day but how often can you buy the Big Gun like the 1875?

If the coin had sold for, say, $80,000 or $90,000 I don’t think it would have been a big deal. But with a sale at nearly $150,000 the bar has been raised and I think we’ll see higher prices for other very rare non-Southern Liberty Head half eagles like the 1863, 1864, 1864-S and 1865.

Of course there is the very real possibility that this coin was not bought by a collector who plans to do a date set of Liberty Head half eagles and this totally blows a hole into my theory. It could have just as easily of been bought by someone doing a set of 1875 business strike gold coinage or someone who likes really rare coins like the 1875 half eagle and thinks that 150k is a great value for an issue with just eight or nine business strikes known. All true but, as I said above, the bar has now been raised for the rarities in this series and the days of being able to buy an 1875 half eagle in AU for less than $100,000 are gone.