By Doug Winter – RareGoldCoins.com

The decade between 1834 and 1844 was the beginning of the modern era at the United States mint. The second half of this decade was especially interesting. A number of experiments and acts of legislation provided some of most attractive and popular issues in the history of American coinage.

A combination of factors occurred in the early to mid 1830’s that led to these design changes and the introduction of new mints and new denominations. Large quantities of gold were discovered in North Georgia and western North Carolina in the early 1830’s. This led to the establishment, in 1834, of branch mints in Charlotte, New Orleans and Dahlonega. These mints opened in 1838 and by the end of the 1830’s, all three were producing gold coins.

An important technological advance was the introduction of the steam press in 1836. Coins were now able to be struck using a close collar which allowed for a thicker edge and a more precise diameter and sophisticated designs. It also meant that the quaint, “folk art” designs of John Reich were to be replaced with more modern, technologically savvy renderings.

Christian Gobrecht was named the new Mint Engraver in 1835, after the exodus of John Reich. Gobrecht was a talented artisan whose skill enabled the Mint to modernize its gold coinage. Beginning in 1838, he attempted to create a uniform Liberty Head design for all three of the current gold denominations. This design would remain, with minor changes, until 1907.

One of the first assignments that Gobrecht was given was to design a new gold dollar. A small number of experimental pieces were produced in gold (Judd-67) as well as in a gold alloy, silver and copper. Despite an attractive design, this experiment did not produce any immediate results and the gold dollar denomination was shelved until 1849.

As more and more gold was discovered in the south, the importance of the yellow metal in coinage increased. Conversely, large discoveries of silver in Mexico and South America meant that the price of gold bullion rose. The Classic Head quarter eagle was introduced in 1834 and it featured a design by William Kneass and John Reich. The weight of these quarter eagles was reduced to 258 grains (from 270) and the diameter was lessened from nineteen millimeters to 17.5. Most importantly, mintage figures rose dramatically. Between 1829 and 1834 around 25,000 quarter eagles were struck. In 1834 alone, over 112,000 of the new Classic Head pieces were produced. (more…)

Although not a coin collector, Robert McGough owned a coin that was meaningful to him. He had owned it all of his life. As an eight-month-old baby he visited his great-grandmother who was a practical nurse in the employ of an older lady, well into her 90s.

This woman was enamored with the smile and disposition of her caretaker’s great-grandchild. At the end of the visit, she gave to the baby a gold coin that she had been given as a young girl nearly 90 years before.

McGough’s grandmother and the woman who gifted him the coin both passed away when he was quite young. The coin sat tucked away for many years, and was seldom looked at. On those occasions when it was taken out, he remembers being told, “You got that as a baby,” and it was something that he owned his entire life.

Now 66, McGough sought to investigate the coin, as he was curious about its value. The coin was an 1805 five dollar gold piece, and it was not obvious how to determine its value. Just 33,183 were made, and there is a wide range in value depending on condition. But McGough’s primary concern was finding someone he could trust, because he didn’t know any dealers near him in Tennessee and didn’t want to be misled about the value of the coin.

Some Internet searching led him to dealer John Albanese, and a few phone conversations made him comfortable with him and the procedures for shipping the coin to Albanese with proper insurance.

After reviewing the coin, Albanese recommended having it certified so that it could realize its full market value. It was submitted to NGC, where it graded MS 63, putting it in the upper echelons of known examples. McGough could not have been a better steward for it. The coin is an attractive tan gold color and has a perfect original skin. It’s just some light abrasion and a few wispy lines that keep it from higher grade, and it is simply a wonderful choice uncirculated example.

While nothing has been decided, McGough comments that, “Getting the coin certified was a step toward selling the coin. It’s been a very good experience to get this accurate information.”

By Dennis Hengeveld – from E-Gobrecht Volume 4, Issue 3

Link to PART ONE: Dollars and Half Dollars

The seated quarter dollars had their production starting a year earlier in 1838. The series was just like the other seated series, except for the half dime and dollar, struck until 1891, when it was finally replaced a year later by a new design, made by Charles Barber. The design is not much different than the half dollar; the most notable difference is the denomination and size, as can be expected.

In my opinion, this series is the most difficult of the seated series to complete by date only. The long run of dates (continuously from 1838 to the end of the series in 1891) is not the main criteria for this; it’s the fact that many Philadelphia dates, especially the 1880’s dates, are very scarce in any grade. In Mint state, most coins including branch Mint issues, are available although earlier dates can be very scarce or (virtually unknown) in full Mint state; this especially the case for the branch Mint issues.

These branch Mint coins were struck at the same Mints as the Half Dollars, the San Francisco, New Orleans and Carson City Mints. As is the case with the other seated coinage series, branch Mint coins normally command a premium over a Philadelphia Mint issues, although again this is not the case.

As I said before, the series started in 1838, replacing the capped bust design in production since 1815. The first two dates were only struck at the Philadelphia Mint. These issues are common in grades up to EF-40, but command a nice premium and get scarcer in higher grades.

In gem grades, a coin is very rare and a trophy coin to most collectors. the design of these first two years is of the no drapery, type 1 design. this was changed in 1840 when drapery was added to the elbow of liberty.

Philadelphia Mint coins only exist as type 2 (with drapery). The New Orleans Mint first struck quarter dollars in 1840. Because the correct, with drapery dies were not received at the beginning of the year, production started using the old type 1 obverse design. During the year, the obverse die was replaced with the new obverse, thus creating two separate varieties for the 1840-O issue. The type 1 had a Mintage of 382,200 coins and the type 2 output for the year was 43,000 coins. Both command a premium over a common type coin of more than 100% and thus are not really interesting to date only collectors. (more…)