The 1825/4 is a part of the Capped Head half eagle type, one of the rarest series of American coins. The obverse was designed by Robert Scot and the reverse by John Reich. Few collectors have ever attempted a date run of these pieces. Such a collection would be prohibitively expensive today. In previous years they were not as costly, but they were also no more available than they are today.

The entire series had a low mintage and high meltage. Once the silver-gold ratio reached 18 to 1, gold coins were worth more as bullion than their face value, and mass meltings began. A document in the National Archives uncovered by Donald Knaack show there were several large half eagle melts, including one in Paris in 1831 of 40,000 pieces.

Until the late 1970s, the 1825/4 BD-2 was believed to be a unique coin. The only piece known was the former Mendes Cohen piece that ended up in the Eliasberg Collection. That piece is a disputed proof striking. The story of the discovery of this piece in the Kaufman Collection is a fascinating one, and was related in an article by Jeff Starck in the August 25, 2003 issue of Coin World:

“For years, the Cohen specimen was thought the only specimen. Then, in the late 1970s, Harry X Boosel uncovered the second coin when he appraised the N.M. Kaufman Collection, long hidden in a bank vault in Marquette, Mich.

“N.M. Kaufman was president of the Marquette County Savings Bank. He sold or gave his collection to his brother, Louis G. Kaufman, around the turn of the century. Louis was president of several banks, including the bank where it was displayed. … When Louis G. Kaufman died, the bank retained the coins because of what they claimed was a previous arrangement. While many of the coins were on display for 50 years, the overdate rarity was stored.” 

To extend the Kaufman story a bit further, when Harry Boosel examined the collection he found that most of the coins had been displayed in the bank conference room in an unsafe manner that makes most numismatists shudder: They were tacked to boards. On most of the Kaufman coins the tacks created rim bumps. Depending upon what source one reads, the Kaufman specimen either does or does not have evidence of these tack-created rim bumps. What is obvious is that if there is any tack-related damage to the rim, it is not evident in the NGC encasement. (more…)

Templeton Reid is one of the more enigmatic figures associated with the so-called Territorial gold coinage (see notes below) of the United States.  Relatively little is known about him.  It is reported that as early as 1811, he was earning a living manufacturing cotton gins. Later he changed his career into clock and watch repair and then rifle-making in Milledgeville, Georgia, at the time Georgia’s state capital. Reid  moved to Gainesville, Georgia (close to Dahlonega) in 1830 to set up his Assay and Mint business.

The first Georgia gold was discovered by Benjamin Reed in 1828 near Dahlonega. (The name “Dahlonega” comes from the Cherokee words for “yellow money.”) The discovery caused an influx of thousands of miners that came to be known as “The Intrusion” by native tribes.

Reid saw an opportunity to produce local gold coins as a more convenient medium of commerce than the unassayed gold dust presently in use, and established his private mint a full eight years before the U.S. Mint opened branches in Dahlonega, Georgia; Charlotte, North Carolina; and New Orleans in 1838.

Reid struck two and a half, five, and ten dollar gold pieces in the three-month period from mid-July through mid-October 1830. On July 24, 1830, the Southern Recorder, a local newspaper, commented that Reid  struck approximately $1,500 in gold coinage. (some researchers believe that Reid may have possibly minted some coins in Milledgeville before his move to Gainesville, but to date there is no proof of that assertion). Reid told the newspaper that the gold coins would be accepted at face value (or “par”) at local banks and merchants.

Reid apparently made his coins from local gold “as mined” and  did not refine the gold to a higher purity. Whether this was due to a lack of knowledge as to how to refine the gold or a purposeful attempt on his part to make a few extra dollars is unknown. The native metal contained considerable amounts of silver, tin, and copper. As a result Reid’s coins were not “at par” with the face values marked on the coins,  In the 1830 era, emphasis was on the full intrinsic value of coins. Any gold or silver coin issued by the United State Mint, by a private source, or by any other entity was apt to be viewed with suspicion if it did not contain full weight and value. (more…)

By Doug Winter - www.RareGoldCoins.com

In my last blog I wrote about the Husky sale conducted by Stack’s and how a number of early quarter eagles gave a good representation as to the strength in that market. Another recent auction, this one conducted by Heritage, contained an impressive set of Classic Head quarter eagles. This grouping, I feel, serves as a good look at the current state of the high-end market for this short-lived but increasingly popular type.

The collection that was sold by Heritage was called the Charleston Collection. It was not complete (it lacked an 1838-C) and it was a little inconsistent as to grade (the common 1836 was only an MS61 and the 1839-C was an AU58 that could have easily been improved while the collector was actively buying). Nevertheless, there were some impressive coins in this group.

In higher grades (i.e. MS63 and above) the 1835 is rare and very underrated. The Charleston coin was graded MS64 by PCGS. I wasn’t totally wild about the quality but it was in an old green label holder and it is one of just two graded MS64 by PCGS with none better. The last PCGS example to sell at public auction was Superior 5/06: 996 which brought $18,975. Given the fact that the Classic Head quarter eagle seems much stronger today than it was in 2006, I expected this coin to bring around $22,500. It sold for $19,550. Had it been a better quality for the grade, I think it would have brought more.

Perhaps the most interesting Classic Head quarter eagle in the sale was an 1837 in PCGS MS64. This was a very attractive coin for the grade and a condition rarity to boot with a PCGS population of three in this grade and only one better (NGC hasn’t graded a single example higher than MS63). (more…)

Dallas, TX. Market demand remained strong for significant American numismatic rarities in the June 2008 Summer FUN Signature® Auction presented by Heritage Auction Galleries in West Palm Beach, June 26-27. Total prices realized for the American coins exceeded $12 million, and the total will rise further when the concluding session and post auction buys are finalized.

“The strong market is continuing to bring great rarities — and great prices realized — onto the Heritage auction block,” commented Heritage President Greg Rohan. “We note that Lot 1960, an 1880 $4 Flowing Hair (Judd-1657, Pollock-1857) and certified PR64 by PCGS, realized: $431,250. This auction contained a wide range of rarities at many price levels, to which more than 5000 bidders responded enthusiastically.”

Highlights from Heritage’s Summer FUN Signature Auction:

Lot 1960: 1880 $4 Flowing Hair, Judd-1657, Pollock-1857, R.6, PR64 PCGS.
The 1880 Flowing Hair “stella” is one of the most famous rarities in American numismatics. Technically a pattern issue, and never authorized for regular coinage, the stella has survived and prospered as a collectible issue, and is regularly listed in A Guide Book of United States Coins alongside regular U.S. gold coin types. From the Fern E. Wagner Trust. Price realized: $431,250

Lot 2106: 1803 BD-6 Large Stars Reverse Eagle, MS62 NGC. Breen-6845, B. 1-F, Taraszka-32, R.7.
Of 33 known die varieties in the 1795 to 1804 eagle series, Harry Bass was able to obtain 32 during his many years of collecting; the only die marriage that he never owned was the 1803 BD-6 (Breen 1-F) that is offered in this lot. Price realized: $172,500

Lot 1975: 1832 Half Eagle, 13 Stars, BD-1, High R.5, MS63
The 1832 half eagle is known in only two die pairings, BD-1 and BD-2, easily distinguished by the presence of either 13 or 12 obverse stars, respectively; the 13 Stars BD-1 has a straight-base 2, and only three examples of this variety have been certified finer. From The Charleston Collection.
Price realized: $132,250 [Read the CoinLink Article on this Coin Here ]

(Dallas, Texas) – An unprecedented “lot” will be offered in conjunction with the official auction of the American Numismatic Association World’s Fair of Money® convention in Baltimore: lunch with Heritage Auction Galleries Co-Chairman, best-selling author and acclaimed numismatic authority, Jim Halperin.

All proceeds from the winning bid, including the buyer’s premium, will be donated to the ANA’s education programs for improving numismatic resources on the ANA web site, including the successful Coins in the Classroom project that is used by teachers nationwide.

The winning bidder will have a one-on-one lunch with Halperin at a mutually convenient time and place.

“The rarity of this offering cannot really be overstated. I don’t recall ever in our 21 years working together of having lunch one-on-one with Jim,” quipped Heritage President Greg Rohan.

The lunch date lot will be offered during Heritage’s Platinum Night sale, Wednesday evening, July 30, 2008, in the Baltimore Convention Center. Bids will be accepted in person and online at www.HA.com.

The first bid already has been received. Numismatic author and former ANA Vice President, Scott A. Travers of New York City, has opened the bidding at $1,500. Travers suggested the fund-raising auction after exchanging e-mails with Halperin about a recent charity auction involving a lunch date with renowned investor Warren Buffett, a subject of personal interest to Halperin. (more…)