by Greg Reynolds for CoinLink

This is the third part of a series of articles on coins in the auctions that will be conducted before the ANA Convention begins on July 30th in Baltimore.

The first issue of U.S. silver dollars in 1794 is very famous. B&M will be offering a PCGS graded Fine-15 1794 dollar. In the Superior sale, there is a 1794 dollar that is authenticated, though not graded, by the PCGS. It may have serious problems, but is still worth a great deal as there probably are fewer than one hundred and fifty 1794 dollars in existence, and many thousands of collectors demand bust dollars.

Stack’s is offering eight 1795 dollars, three of the Flowing Hair type and five of the Draped Bust type. Superior is offering two of the Flowing Hair type and one of the Draped Bust type. B&M is offering one of each. Someone who cannot afford a 1794 dollar may be able to acquire a reasonably priced 1795 dollar in Baltimore.

Though rare die varieties of silver dollars have been ‘in the news’ over the past couple of years, there is not space here for a discussion of die varieties, or even for a description of one. Those who are interested may wish to learn about the Robert Hesselgesser collection of bust dollars by die variety. It is ranked number one in the PCGS registry and images of Hesselgesser’s coins may be studied at the PCGS website. Some of Hesselgesser’s bust dollars will be on display at the Goldbergs’ table at the ANA Convention.

In the B&M pre-ANA auction, there will be offered a rare die variety of a Draped Bust, Small Eagle 1797 dollar. It is PCGS graded AU-50 and among the finest known of its particular variety.

Although none of the pre-ANA auctions are landmark sales of bust dollars, Stack’s is offering a considerable selection of circulated bust dollars and B&M is offering some notable, high-grade bust dollars, including both a 1799 and an 1800 that are each NGC graded MS-63. Additionally, an 1839 Gobrecht dollar that is NGC certified Proof-63 will ‘come on the block.’

A significant number of scarce or rare Liberty Seated dollars will be auctioned before the ANA Convention begins. Liberty Seated silver dollars of 1851 and 1852 are very rare. Indeed, each may be extremely rare. Stack’s will auction two 1851s, one of which is NGC graded MS-61 and three 1852s that are NGC certified Proof-64 Restrike, AU-58 and MS-62, respectively. The 1853 dollar is almost rare, and Superior is auctioning an 1853 dollar that is NGC graded MS-64.

Both Stack’s and B&M are offering several Proof Liberty Seated Dollars. One of those in the B&M sale is an 1859 that is NGC certified Proof-67. For those who wish to spend considerably less money for a Proof 1959, Superior is selling one that is PCGS certified Proof-64. The catalogue image of the Proof 1870 dollar in the B&M sale suggests that it might be an exceptionally attractive coin, though I do not draw conclusions solely from images.

I estimate that there are at least 235 and maybe as many as 425 1872-S Liberty Seated dollars in existence. Moreover, the 1872-S is extremely rare in MS-60 and higher grades. In Baltimore, B&M is offering an 1872-S that is NGC graded MS-63 and Stack’s is offering one that is PCGS graded MS-64, which is one of only two that the PCGS has graded 64. An 1872-S dollar has not been graded higher than 64 by the PCGS. Indeed, the PCGS has graded only seven higher than MS-60, which may amount to only four to six different coins.

Just two “Mint State” graded 1872-S dollars have been auctioned over the past couple of years. Both of these are NGC graded MS-63. Heritage sold one of the two for $25,300 in May 2008.

Carson City Liberty Seated dollars are well represented in the Stack’s auction, which includes two 1870-CC dollars, four 1871-CC pieces and an 1872-CC, in various grades. The 1871-CC dollar issue is rare and might be very rare.

The Superior, B&M and Stack’s auctions in Baltimore all contain a multitude of Morgan dollars, as do a large percentage of coin auctions. The B&M and Stack’s auctions each contain six 1893-S dollars, which is the scarcest business strike in the series. In the pre-ANA auctions, there are multiples of many of the better-dates in the Morgan dollar series.

All three auctions contain multiples of the relatively scarce Type 2 Gold Dollars, which were minted just in 1854 -1856. B&M is offering a PCGS graded MS-64 1854 Gold Dollar and a PCGS graded MS-65 coin of the same date. The latter is in an old PCGS older, dating from at time when grading standards were stricter than they were for much of the 2000s.

Another noteworthy Gold Dollar in the B&M Sale is an 1861 that is NGC certified Proof-66 with a ‘Cameo’ designation. Further, I would especially like to see an 1866 Gold Dollar in the same sale. It is NGC graded MS-68 with a ‘Prooflike’ designation. Plus it has a CAC sticker of approval, which indicates that the CAC has found that it does not have any serious problems and that its grade is a “solid” MS-68.

An 1880 Gold Dollar that is also NGC graded MS-68 will be offered in the Stack’s auction, as will an 1859-Charlotte Gold Dollar that is NGC graded MS-61, and an 1861-Dahlonega coin that is PCGS graded MS-61. These are both important rarities from Southern Mints that are now popular among collectors.

A highlight of the Stack’s sale is certainly a 1796 ‘No Stars’ Quarter Eagle ($2½ gold coin) that is PCGS graded MS-62. This is a very rare date, and it is the first issue of Quarter Eagles. Moreover, it is a one-year type. In an article on 1808 Quarter Eagles, published in March 2007, I estimated that there exist seventy to ninety 1796 ‘No Stars’ Quarter Eagles. Only one or two have been graded MS-65, and zero grade MS-64. At least one of those that has been certified as MS-63 is very questionably graded.

B&M is also offering a 1796 ‘No Stars’ Quarter Eagle. It is NGC graded AU-53. Further, the B&M auction features an 1808 Quarter Eagle, another rare one-year type that is very difficult to find in MS-60 or higher grades. This coin is NGC graded MS-61. In my March 13, 2007 article, I estimated that there exist from eighty to one hundred thirty-five 1808 Quarter Eagles, probably just over one hundred. Both these very rare to extremely rare one-year types are of tremendous importance, as thousands of collectors collect U.S. gold coins by design type.

The Stack’s and B&M sales have an assortment of Quarter Eagles and Three Dollar gold coins. The Superior sale has a few.

B&M will offer an 1854-O Three Dollar gold coin that is NGC graded AU-58, which may be among the finest known. The 1854-O Three is almost rare to rare, and it is subject to particularly high demand as the only New Orleans Mint $3 gold coin. Also in the B&M sale is an 1860 Three Dollar gold piece that is PCGS certified Proof-64. The 1860 is extremely rare in Proof format and pre-Civil War Proofs have a special allure.

The pre-ANA auctions are stronger in Half Eagles ($5 gold coins) than Quarter Eagles or $3 pieces. A Half Eagle in the Stack’s auction that will gather a lot of attention is a 1795, with the Small Eagle reverse, that is NGC graded MS-64. As the first year of the first type of Half Eagles, it is a popular coin. The market for early U.S. gold coins, in general, has been very hot over the last five years. On June 25, Stack’s auctioned a PCGS graded MS-65 coin of this date for $586,500, a record for any Bust (facing) Right Half Eagle. These were minted from 1795 to 1807.

B&M will auction two 1795 Half Eagles, with ‘Small Eagle’ reverses, a NGC certified MS-63 ‘Prooflike’ and a PCGS certified AU-55 grade piece. Both Stack’s and B&M will auction a large number of Half Eagles.

The B&M sale is particularly strong in the Capped Head type, which is the rarest of all U.S. coin types that lasted for more than two years. Indeed, it is the hardest series (of more than two years) to even 80% complete.

A much easier series to complete ‘by date,’ and one that is under-appreciated, is the Capped Bust Left design type of Half Eagles. These were minted from 1807 to 1812.

Please refer to three articles that I wrote in 2007  on three different dates of this type, 1807, 1810 and 1812.

The upcoming Superior sale features five coins of the Capped Bust Left type, an 1808/7, and 1810, an 1811 and two 1812s. The 1811 is NGC graded MS-64 and one the 1812s is PCGS graded MS-64. Stack’s is auctioning an 1808 that is PCGS graded MS-62, an 1809/8 that NGC graded MS-62 and an 1810 that is NGC graded MS-65. The 1810 in the Superior sale is NGC graded MS-62.

The Stack’s sale has an impressive run of Southern Branch Mint gold coins, of all denominations. Some of these were found in the wreck of the S.S. New York, which was recently excavated.

The B&M sale contains several scarce date, 19th century Philadelphia Mint Eagles ($10 coins), in relatively high grades. An 1845 that is NGC graded MS-61 and an 1876 Eagle that is NGC graded AU-50 are worth noting. An 1866 ‘With Motto’ Eagle that is NGC graded MS-60 will certainly attract many viewers.

An 1866-S ‘No Motto’ Double Eagle ($20 gold coin) in the B&M sale is also NGC graded MS-60 and will also attract many viewers. It is one of the highest graded pieces of this date. Since 2002, many more people have decided to collect Liberty Head Double Eagles ‘by date.’ There have always been a lot of people collecting early 20th century U.S. gold coins, but 19th century Double Eagles were not extremely popular in the late 1980s and 1990s. These are very popular now.

There are three varieties of Indian Head 1907 Eagles ($10 gold coins). The ‘Wire Rim’ and ‘Rolled Rim’ varieties are each rare, though not nearly as rare as was thought just a few years ago. Superior will auction a ‘Wire Rim’ Eagle that is PCGS graded MS-63. Stack’s will offer two ‘Wire Rim Eagles, one is PCGS graded MS-64 and the other is PCGS graded MS-65.

As the PCGS requires both ‘Wire Rim’ and ‘Rolled Rim’ Eagles for type sets, builders of type sets have contributed to the increase in demand for these issues. Even many collectors who have no intention of registering their sets with PCGS look to the PCGS for information. Traditionally, these two issues were not deemed to be necessary for type sets.

The pre-ANA auctions will not be remembered for Eagles, though there are desirable individual coins. While the pre-ANA auctions do not have great selections of Double Eagles either, there are quite a few newsworthy Double Eagles ($20 gold coins). B&M will be offering an extensive run of Carson City (CC) Mint Double Eagles, including two 1873-CC coins.

The 1915 is widely believed to be the rarest, Matte Proof ‘With Motto’ Saint Gaudens Double Eagle. In the B&M sale, there is a 1915 that is NGC certified Proof-66.

Both Superior and B&M are offering a PCGS graded MS-62, 1920-S Saint Gaudens Double Eagle ($20 gold coin). The 1920-S issue may be not extremely rare, though it is certainly very rare, and it is particularly hard to find in uncirculated condition.

Are there more than one hundred 1920-S Saints in existence? Although auction records might be interpreted as to mean that there are fewer than seventy-five, my guess is that there are more than one hundred. Quite a few 1920-S Saints, especially those that were found in Europe, are extensively bagmarked and are less likely to be consigned to auction than rarities that are typically pristine like the 1931-D. Unsightly, 1920-S Saints often are telemarketed to investors who will not even look at them or are sold directly to collectors who are building sets on a budget and need a 1920-S to fill the hole, especially since 1920-S Saints that are really attractive and have original surfaces are extremely rare and extremely expensive.

Of course, there are many more silver dollars and gold coins in these sales. Further, I have not had a chance to even begin to discuss the offerings of territorial gold coins. I realize that many readers do not collect the coins that I mentioned above, at least not yet. I hope that many readers have as much fun as I do, learning about them and viewing them. Rare coins are intriguing.

©2008 Greg Reynolds