By Doug Winter - www.raregoldcoins.com

When you list the great rarities in the quarter eagle denomination, there are issues that everyone knows about. The 1796 No Stars and With Stars, the 1804 13 Stars, the 1841, the 1854-S and the 1863 are famous coins that are well-regarded outside of the specialist community. But there is one issue that is every bit as rare as the ones that I mentioned above although its fame is not as widespread. This is the 1834 With Motto and it’s the subject of a brief look in today’s blog. (NOTE: throughout this article the terms With Motto and Capped Head are used interchangeably for this variety. Both terms are numismatically correct).

The background of this issue is very interesting. As the Mint was preparing to strike gold coins in 1834, the price of this metal was rising quickly. By the time the quarter eagles were ready to be released into circulation, they had an intrinsic value of $2.66. This, obviously, meant that any pieces that were released would be melted by speculators or bullion dealers. As a remedy, the Mint passed the Act of June 28, 1834 which lowered the weight of this denomination by nineteen grams as well as the quality of the gold used from .916 fine to .899 fine.

Of the 4,000 quarter eagles struck in 1834 with the old Capped Head design, only a small number escaped the melting pot. Estimates of survivors range from a low of twelve to fifteen (Breen and Akers) to a high of twenty to twenty-four (Dannreuther). Given the (un)availability of this issue over the past decade, my personal feeling is that Dannreuther’s estimate is too high and that the total known is somewhere in the area of fifteen to eighteen. This includes at least two that are impounded in museum collections (Smithsonian and ANA/Bass) plus two that are impaired or damaged. (more…)

WASHINGTON - The Lincoln Memorial Reflecting Pool Plaza was the backdrop today for the unveiling, by United States Mint Director Ed Moy, of four new designs for the circulating 2009 Lincoln Bicentennial One Cent Coins. Abraham Lincoln Bicentennial Commission Co-Chairman Harold Holzer joined Director Moy for the unveiling.

Authorized by Public Law 109-145, the four new designs celebrate the bicentennial of President Abraham Lincoln’s birth, as well as the 100th anniversary of the production of the Lincoln cent (penny). The new designs will be issued in approximately three-month intervals throughout the year. The first redesigned penny, which will honor Lincoln’s birth and early childhood, will be put into circulation on February 12, 2009.

“This is a momentous occasion in the history of our Nation’s coinage because these designs represent the first change in the Lincoln cent in half a century,” said Director Moy. “These coins are a tribute to one of our greatest Presidents whose legacy has had a lasting impact on our country. He believed all men were created equal, and his life was a model for accomplishing the American dream through honesty, integrity, loyalty, and a lifetime of education.”

The four designs to be featured on the reverse of the Lincoln pennies represent four major aspects of President Lincoln’s life: his birth and childhood in Kentucky, his formative years in Indiana, his professional life in Illinois and his Presidency in Washington, D.C. The inscriptions on the reverse of the coins will be “United States of America,” “E Pluribus Unum” and “One Cent.” (more…)

Duvall 4-E Variety is Just the Second Reported Specimen

Virginia Beach, VA. The graders at Dominion Grading Service are excited to announce that they have certified the second known example of this very rare variety. The Duvall 4-E variety was thought to be unique until the discovery of this coin, which has been graded AU58 Cleaned by DGS.

According to John Feigenbaum, President of DGS, the coin has “the initial appearance of a mint state coin but the luster is almost too nice and lacks the frosty surfaces of a true mint state. The coin has virtually no wear and has been very lightly cleaned to show evidence of wipe lines upon close examination in proper lighting. The only significant mark on either side of the coin is a 3 mm scratch on Washington’s cheek. Without the mishandling, this coin might have otherwise graded MS63.”

Feigenbaum continued to say that “this coin is the perfect example of the kind of collector rarity that we pride ourselves at DGS. Because the coin is lightly cleaned, some of the other grading services wouldn’t even examine the coin for variety. At DGS, we appreciate that many great coins may not be pristine, but still benefit from certification. Our affiliation with David Lawrence Rare Coins and DLRC Auctions also gives clients the opportunity to submit the coins and then bring them directly to market. In the case of the 4-E, the client intends to do just that. No other leading firm can offer that full-service experience in house.”

The Duvall 4-E Variety

The Duvall 4-E variety is distinctive because of the unique positioning of the olive branch on the reverse. The right side of the branch terminates over the numeral 9 of 1900. All other known varieties see this branch end over the right side of the first 0 in 1900. Prior to the appearance of this coin, the existence of Duvall 4-E was thought to be unique.

The only other known Lafayette dollar of this die variety was sold in August 2007 by Heritage Numismatic Auctions as part of their Signature ANA Auction. (Lot 2090). It was graded MS60 by ANACS and realized $18,400 to a phone bidder. According to the Heritage lot description, that coin was “well struck with dusky chestnut, aqua, and plum-mauve patina. Both sides unusually free from marks, particularly on the portraits.” Based on the description of marks, these are clearly not the same coin. (more…)

Ira and Larry Goldberg will be offering one of the finest Known 1855-D Gold Dollars  in Session 3 of their Pre-Long Beach Auction to be held on Tuesday September 16th.

The true origins of the gold dollar as a denomination lie in John Marshall’s discovery of gold at Sutter’s Mill in 1848. Although a coin of this face value had been proposed on several occasions in the past, and the Bechtlers actually struck examples in North Carolina beginning in the 1830s, Congress did not authorize the United States Mint to produce gold dollars until March 3, 1849.

The primary reason Congress finally relented in that year was because the immense quantities of gold being mined in California forced silver coins out of circulation. Since few people in the United States of the late 1840s/early 1850s placed much trust in paper currency, the gold dollar was seen a logical replacement for the now-absent silver coinage in commercial channels.

This denomination remained in production from 1849-1889, during which time it appeared in three distinct types. (Types 1, 2 and 3) The abolition of the gold dollar was included as part of the Mint Act of September 25, 1890, and it probably resulted from the (by then) long-established unpopularity of the denomination as a circulating medium of exchange.

Supposedly because it was smaller and thicker than should have been, Mint Director Colonel James Ross Snowden ordered the original gold dollar (Type 1) redesigned in 1854 to accommodate an increase in diameter to 15 millimeters. Although Chief Engraver Longacre dutifully carried out this request, his work caused striking problems on this occasion. His Type 2 designs were difficult to strike and wore down rapidly in circulation. These deficiencies affected all issues of this type, and they resulted in its replacement by the Type 3 pieces in 1856 (1857 for the San Francisco Mint). (more…)