Recently CoinLink has been running a number of articles centered around both the concept and desirability of “Origianl Surfaces” on coins.

In the upcoming Stacks Americana Sale this week, there is a perfect example of the type of coin we have been talking about, Lot 3534 : an 1860-D Half Eagle PCGS MS-63. Below is the Lot description and history of the coin from The Stacks Catelog.

A sparkling condition rarity, and a beautiful coin, one of 10 pieces obtained at the Dahlonega Mint in 1860 in exchange for gold bullion and scrap and retained in the family ever since. Deep honey gold glistens with rich lustre, and the somewhat reflective fields glow with lively olive iridescence.

New to the numismatic marketplace after 150 years with fresh “skin” and natural color as yet untouched by today’s coin doctors!

No serious marks are present, though we note a few tiny disturbances; this piece was kept over the decades in a sock, of all places, along with several other coins—frankly, we’re surprised and pleased to report that this coin weathered its mixed company and awkward storage method admirably.

The strike is somewhat typical for the date, with some lightness of design at Liberty’s hair and the eagle’s neck feathers on the reverse. Douglas Winter’s reference on Dahlonega gold notes the following regarding this date: “The 1860-D half eagle is a relatively obtainable coin which is most often seen in Extremely Fine grades. It is more available in the lower About Uncirculated grades than its small mintage figure would suggest. It becomes rare in the higher AU grades and it is extremely rare in full Mint State.”

According to the current (11-’09) PCGS online Population Report, the present piece is the only MS-63 example of the date certified thus far, with but a solitary MS-64 piece the only finer example of the date recognized by that firm.

We note that NGC has not certified an MS-63 1860-D half eagle, though they do note a single MS-64 example of the date in their online Census. If you are one to put stock in individual population reports, this equates to the present piece being the third finest certified example of the date in a third-party grading service holder.

It is worth noting here that the finest of the four Harry W. Bass, Jr. specimens of the date offered in B&M’s sale of October 1999 was graded MS-62 (PCGS) and was the Farouk-Norweb specimen; the present coin outshines that piece in all regards. Not only is the present 1860-D half eagle one of the finest survivors from its mintage of 14,635 pieces, but it is a coin with a uniquely American story to tell: (more…)

By Greg Reynolds for CoinLink

In the history of coin collecting in the U.S., most of the greatest all-time collections were characterized by many coins with attractive, natural toning, especially including many coins that had never been cleaned, dipped or otherwise deliberately modified. I have personally and carefully inspected a substantial percentage of the coins in the Eliasberg, Norweb, and Pittman collections. Further, I have seen a significant number of the naturally toned coins that were previously in the Garrett family and James A. Stack collections. Most of the very scarce or moderately rare coins from these collections that brought surprisingly high prices at auction, and generated the most enthusiasm among collectors, are those that have (or then had) natural toning and/or mostly original surfaces. Over a period of more than 125 years, sophisticated collectors in the U.S. have tended to strongly prefer naturally toned coins.

Currently, three of the most sophisticated collectors who are widely recognized are Dr. Steven Duckor, Stewart Blay and Jay Brahin. Considerable information regarding their collecting accomplishments is found in the PCGS registry. While Jay is more of a specialist in early 20th century gold coins, Blay and Dr. Duckor have built phenomenal collections in several areas. Not all of their coins are listed in the PCGS registry. Most sophisticated, advanced collectors have similar sentiments and a preference for natural toning. Many of them, however, wish to remain anonymous and thus will not be mentioned. Duckor, Blay and Brahin are all very much willing to share their knowledge with the coin collecting community.

Mark Hagen is another collector who is willing to share with the collecting community. He has been collecting coins for over forty years. I have seen him at many auctions. Further, he reports that he attended the Norweb, Eliasberg and Pittman auctions and ALL of the FUN and ANA Platinum night sales. Indeed, Mark has “been to over one hundred major auctions over the past twenty-five years” and he has “seen most of the classic rarities and gem type coins that have sold at public auction over that period.”

Hagen observes that “there are a lot of artificially toned coins on the market.” Further, Mark laments that “in addition to those that have been recolored, thousands of rare coins have been dipped; the number of original coins is getting smaller every year.” On this issue, Jay Brahin agrees with Hagen.

“To the eye of a true collector, originality is more important than shiny,” declares Brahin. “Natural toning is a testament to the age and natural process that the coin has gone through. What makes antiques appealing is their antiqueness, a normal aging process of the items. The natural aging of a relic attests to its authenticity. If you saw an 18th century original document that was a bright manila white, you would realize that something is wrong with it. You would expect an old document to show natural signs of aging. If you see an 18th century silver coin that is bright white, it is suspect; or if it has bright purple toning, it means something is wrong.”
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