By Doug Winter – RareGoldCoins.com

One of the many interesting facts about the rare coin business at this point in time is that the focus in the gold market is clearly on generics and semi-numismatic items and, at least for the time being, off many rare coins. How has this shift of focus affected the Liberty Head double eagle market and, more specifically, the market for common date Carson City issues?

I look at common CC double eagles as a sort of bellwether for the dated gold market. The most common Carson City issues (such as the 1875-CC, 1876-CC, 1883-CC, 1884-CC, 1890-CC and 1892-CC) are affordable, exist in enough quantity that they are subject to occasional promotional activities and have a good enough background story that they are easy to sell to beginning collectors.

Traditionally, the price ratio for Extremely Fine and About Uncirculated Carson City double eagles versus generic common dates of this design was around two to one for XF coins and around three to one for AU coins.

A year ago, well before the current soaring gold market, a common 1904 double eagle in Extremely Fine was worth in the area of $700-800 and not an easy issue to sell. The same coin in About Uncirculated was worth just a bit more; say $750-850. At the same point in time, an 1890-CC double eagle was worth around $1,400-1,600 in EF and $2,000-2,250 in AU. This meant that the price ratio for the two issues was approximately 2x in EF and 3x in AU.

Today, this premium ratio has changed, primarily due to the fact that the price of gold has risen to nearly $1,200 per ounce and the demand for nondescript bullion-related double eagles is at an unprecedented high. Right now, a 1904 double eagle in Extremely Fine is worth around $1,500-1,600 while an AU is worth around $1,550-1,650. The market for an 1890-CC in these grades has risen as well, just not as dramatically as a seemingly mundane common date.

In Extremely Fine the current market value for an 1890-CC double eagle is around $2,000 while an AU50 is worth in the area of $2,500-2,750. This means a price ratio of about 1.3x for an Extremely Fine and in the area of 1.7 to 1.8x for an AU.

Why have the premiums for the Carson City double eagle(s) evaporated as much as they have? The answer is simple: the demand for double eagles is at unprecedented levels but the buyers of these coins tend to be unsophisticated investors who want anonymous, cheap coins with as small of a numismatic premium as possible. Even the most Carson City double eagle, like an 1890-CC, is still a numismatic coin and it is hard to convince a dispassionate investor that he should pay a 1.3 to 1.8x premium for two little “C’s” on the reverse.

If the price of gold continues to stay at its current level and demand for common issues remains as strong as it currently is, I do expect a small amount of this frenzy to spill over into coins such as Carson City double eagles. It is likely that the marketers who are selling bulk lots of 1904 double eagles in EF and AU are likely to attempt to “up sell” new investors into the rare coin market as these coins provide greater markups and more profit.

At this point in time I would have to say that common date CC double eagles are a pretty good value and if the price of gold continues to rise, it seems like they are a pretty good “double play” that incorporates the value of nearly an ounce of gold with some real numismatic scarcity. It will be interesting to see where the market premium factor for these coins are in another year.

Related posts:

1. Evaporation of the Market Premium Factor
2. Reno Man Pays $414,000 for Rare Carson City $20 Gold Piece
3. The Queen of Carson City Gold: The 1870-CC $20 Double Eagle

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Edited by Heritage Chief Cataloger Mark VanWinkle, with essays by Michael L. Carboneau, James C. Gray, John Dannreuther and Saul Teichman and illustrated by the collection of Julius Korein, M.D

Few varieties of U.S. coinage have been the subject of as much speculation, controversy and admiration as Gobrecht dollars.

Now Heritage Auction Galleries and Ivy Press have released the 136-page book Gobrecht Dollars, the most thorough review to date of the existing scholarship on these much sought-after U.S. coins.

“This reference book, the result of five-and-a-half-years of work, is intended for the general numismatist that is looking for a deeper understanding of these fascinating coins,” said Mark Van Winkle, editor of the tome and Chief Cataloger at Heritage Auctions. “It gathers together the diverse threads of the Gobrecht story without delving into the more speculative areas of die markers and their possible consequence for establishing emission sequences.”

The overriding question of emission sequences is an area that is, and has been, under investigation for some time and, it is reasoned, will eventually lead to a generally accepted striking order.

“Without a doubt this book is important to a wide range of numismatists, as this information has never been presented together so thoroughly,” said Van Winkle. “It is not, however, the last word on this fascinating series.”

The book brings together all the best known writings on Gobrecht dollars from the past 20 years and is based upon a series of three articles written by Jim Gray and Mike Carboneau in 1991, 2000, and 2001 and expounded upon by those two writers, along with scholarship by Van Winkle, John Dannreuther and Saul Teichman. The book brings together the most up-to-date findings about Gobrecht dollars based on the coins themselves as primary sources, rather than secondary sources (some of which date to 1860).

“Dannreuther makes a special contribution,” said Van Winkle, “with his articles dealing with the die clash line on the reverse of some 1836 dollars, previously thought to be a die scratch, as well as his discovery of the effacement of Gobrecht’s name from the post-1836 dies.”

What many numismatists will find particularly spectacular about Gobrecht Dollars are the numerous illustrations, more than 100 in all, ranging from glorious full color to detailed black and white images. The spectacular collection of the late Dr. Julius Korein, now permanently impounded in the ANS, has detailed, up-to-date information on each design variant, including alignment, mintage, rarity, weight, pedigree and description.

Each of the 25 Gobrecht issues (including splashers) have been expertly photographed in detail, providing collectors with their best look yet at most every variant, except one: the Judd-109, which, for the purposes of this book, was compiled as a composite photo. More than likely the Judd-109 is unique and hasn’t been seen since the late 1960s.

“We’re very excited to get this book into the hands of numismatists at all levels of the hobby,” said Van Winkle,” and we look forward to new findings as research continues on these fascinating coins.”

Orders for Gobrecht Dollars can be placed online at www.HA.com/GobrechtDollars. Each copy is $75.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $700 million, and 475,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit www.HA.com.

Related posts:

1. Unusual Items: 1836 Gobrecht Dollar, Judd-63 Name Below Base, Starless Obverse and Reverse
2. DLRC Auctions to Offer Over 100 DGS Coins in Auction this Week – Highlighted by Proof-45 Gobrecht Dollar
3. New Book: The Washington Pattern Coinage of Peter Getz

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Business already is good for a Wilmington, Delaware bullion and rare coin depository that opened three years ago, but it’s expected to be even better in the weeks ahead now that a major New York City bank depository has told many of its customers to remove their valuables.

“As soon as the news broke that HSBC was kicking out individual investors and even some commercial accounts to accommodate storage for large institutional accounts at its facility in Manhattan, I started getting phone calls from worried investors and even executives of some commercial firms who suddenly need a safe place for their gold and silver coins and ingots,” said Robert L. Higgins, CEO of First State Depository Company LLC that opened in Wilmington in June 2004.

The door to the 5,000 square foot vault weighs over 5,600 pounds. The depository has up to $400 million capacity insurance with Lloyd’s of London for the gold and other valuables shipped in from investors and companies nationwide, but Higgins says that insurance coverage may have to be increased with the anticipated additional requests for secure storage.

“It was surprising to see how many people who never owned gold before started buying it this past year. We’ve had many first-timers contact us to store their coins and precious metals purchases. Many people have put gold bullion coins in their IRAs.”

Higgins advises investors facing eviction from the HSBC depository to transfer their valuables prior to January first, whether to his depository or somewhere else, as long as it’s by year’s end.

“That way, you won’t have to pay HSBC’s annual storage fee that is payable in January,” he explained. “There’s another advantage for investors to move their valuables to Delaware. Unlike New York, there is no tax imposed on the payment of depository storage fees in Delaware.”

First State Depository provides secure custody services to institutional, commercial and individual investors. Precious metals are accepted in various forms; from small ingots to bars weighing 100 kilos (220 pounds) as well as gold, silver, platinum and palladium bullion coins like the popular American Eagle, South African Krugerrand and Canadian Maple Leaf.

Rare coins, those with a premium over their intrinsic bullion content because of their historic value and appeal to collectors, are accepted only if they’ve been certified by one of the major authentication firms such as Numismatic Guaranty Corporation or Professional Coin Grading Service.

For additional information, contact First State Depository at (302) 765-3352, or visit online at www.FSDepository.com.

###

Related posts:

1. First State Depository announces relationship with New Direction, self-directed IRA administrator
2. Gold rush makes a mint
3. Soaring Gold Prices Create New Rush

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By Doug Winter – RareGoldCoins.com

In my opinion, the 1826 is one of the rarest and most underrated early quarter eagles. Most every “fact” that is traditionally associated with this issue is incorrect.

I recently purchased a lovely PCGS AU55 example (see the photo below) from the Bowers and Merena Baltimore auction acting as an agent for a collector who is attempting to put together a high quality date set of early quarter eagles. It had been quite a while since I had owned a nice 1826 quarter eagle and this inspired me to gather some facts about this issue.

For many years, the 1826 quarter eagle has been called an “1826/5” overdate. This is clearly wrong and there is a very easy way to prove this. The 1825 obverse die employs large stars while the stars on the 1826 are far smaller. In addition, there is no evidence of an overdate when the date is examined with light magnification. I believe there is either some minor recutting or a small die defect. This issue should more properly be called an 1826/6.

The mintage figure has long been reported to be just 760 coins. Given the fact that around thirty or so exist, I feel that this figure is incorrect. It is probable that some of the quarter eagles struck in early 1827 were dated 1826. The actual mintage figure is more likely in the area of 1,250-1,500; possibly as many as 1,750.

One thing that is certain about this date is its rarity. It is the third rarest early quarter struck after 1797, trailing only the extremely rare 1804 13 Stars and the 1834 No Motto. As I stated above, there are an estimated thirty pieces known. Most are in the lower AU grades, indicating that this issue did not see much actual circulation. I am aware of two or three Uncirculated pieces and none of these, with the possible exception of one coin, appears to be finer than MS61.

The finest known 1826 quarter eagle is in the Harry Bass core collection at the American Numismatic Association. It has an incredible pedigree (Garrett 2: 746, ex Appleton, Mickley) and it sold for $75,000 back in 1980 which remains an auction record for this issue. I estimate this coin’s grade to be at least in the MS61 to MS62 range. The second highest price that I am aware of is $69,000 for a PCGS AU58 sold by Stack’s in their November 2008 auction.

I have personally handled one Uncirculated example, a PCGS MS61 that I sold to a specialized early gold collector around three or four years ago. In all, PCGS has graded fifteen 1826 quarter eagles including three in Uncirculated (an MS60 and two in MS61). NGC has only graded seven in all including six in AU58. It is very likely that this includes a number of resubmissions.

To put the rarity of this issue in better perspective, the 1826 quarter eagle is a considerably scarcer coin than the 1796 No Stars or the 1808. It is clearly not a more valuable coin as both the 1796 and the 1808 are distinctive one-year types that are very desirable as such. The 1826 is clearly the rarest of the five Capped Bust Large Size quarter eagles produced between 1821 and 1827. But, the type collector is likely to select one of the more available dates (like the 1825) which means that the 1826 will probably remain undervalued for the foreseeable future.

Related posts:

1. Why Are Some Rare Coins Undervalued?
2. The Very Rare 1821 Half Eagle
3. The 1845-O Quarter Eagle

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By Laura Sperber – Legend Numismatics Hot Topics

BACKGROUND: Legend Numismatics recently purchased the Boyd 1870-S Seated Dollar Graded PCGS Genuine for this dynamic father/son duo from the Bowers and Merena Sale in Baltimore. Thay had just about finished with their AU/MS Seated Dollar Collection and dreamed about owning a 70-S. Here is a portion of Laura’s Hot Topics Post:

In all my years of dealing I have seen all types of collectors. Since the registry craze started I have seen more ego maniacs then true collectors. Seeing this father/son team work is not only refreshing, but its a heart warming story of interaction as well.

Today, I only know of one other true “team” building a collection (I am not talking about daddy just forking over money-I am talking about a true working pair). They travel to some shows, they look at their coins when ever they can, they both love coins.

One thing that impresses me the most, they are all about the coins. They couldn’t give a hoot about the registry. Their whole take on coins and collecting them is fabulous! I hope this Hot Topics can inspire more familys to collect as a unit.

Here is the story (as written by the teenage son) about their collecting endevors of Seated Dollars:

The MNS Joint Venture Seated dollar set is being put together by my father and I. We started collecting in 2002 or 2003 with liberty nickels and within 3 years we had a whole set, and up to 4-5 of some dates with a nearly complete second set. Time to look for a new series.

The Seated dollar set was our second set we set out to tackle. It presented a challenge at a reasonable cost in the XF grade range that we started to look at. A few XF’s in and a tough decision had to be made. Take the plunge or not. I was able to locate a choice XF 1873-cc in a dealers website and it was an easy decision. The coin was in our possession and quickly followed by an 1871-cc in XF. Some of the keys were down and there was no turning back from here.

The next big step of the collection was the upgrading. Within a year or so our tastes changed from XF to AU-MS. Of course, for the seated dollars there is a BIG difference in price for MS over AU so it was convenient that my dad’s company had taken some large chances that were starting to pay off.

The next milestone came in May of 2007. We walked by Tony Terranova’s (a good freind of Legend) table at the St. Louis CSNS show and saw an AU-58 1852 that was gorgeous (and double the price of any other coin we had ever bought for the set!). We left the show with me dreaming and my dad scheming. Unbeknownst to me, my dad had gathered Tony’s number and struck up a deal for the coin when we got back home.

In May of 2008 another milestone was reached. An AU-55 1872-cc was purchased and was the last of the CC’s needed. Two months later at the Baltimore show we upgraded our 1871-cc and with that we are pleased with these four coins!

In October of 2008 a complete set was sold by Alpine Numismatics. From the sale we were able to pick up the 1851, 1870, and 1873 in MS-63 and the 1871 in MS-64. Thus completing the key dates (minus the 1870-s).

Since then, we have upgraded various dates and added a few more and currently are just missing the 1845, 1856, 1863, and 1872. We’ve seen and passed on many coins for these dates, patiently waiting for the right coins to come along. There are another 5-6 coins i’d like to upgrade before I consider the set “complete” and a few more that I would upgrade if the right coin came along. And who knows, at some point that elusive 1870-s might get added.

That was obviously written BEFORE we bought the 70-S. Here is what he had to say after:
“Also, the 1870-s was always a “dream” coin for us. A coin we joked about someday obtaining but really never thought we would ever own one. Just because a coin may be out of the budget currently, don’t give up on it. And don’t be afraid to stretch for the right coin, we have never regretted overpaying a little for the right coin! The Boyd specimen might be one of the worst 70-s condition-wise, but to us any specimen of this date is special! ”

A FEW QUESTIONS ASKED TO THE SON

Who was the coin collector first?
My dad and I were both started by my Uncle in about mid 2003. My dad is originally from out West and over the years had grown apart from his family as us kids were groing up.. Collecting was originally a way to stay in touch with my uncle and it has become a way for all three of us to stay in touch as well as a great hobby.

Do you and your dad do a lot of things together?
My dad and I try to do as much as possible together but with me being in school and him starting his company, we don’t spend as much time together as we’d like. Basically besides coins we golf and vacation together, not to mention him being my boss during the summers…

How often do you guys look at your coins-together? YES! Nearly every time I go home for a break we make a trip to the safety deposit box. Usually between the two of us we catch most defects on the coin and compare what we see to learn from one another.

Do you both attend shows actively?
Before I came to college we’d attend every Central States and Baltimore show. Also, there is a monthly local show that we regularly attend and an annual local show that we have begun to help run with the local coin club. Since I’ve entered college we’ve mainly cut back to just the Central States show and one Baltimore show a year when it comes to the national shows.

Is there anything you would like to say in gneral?
Coin collecting has been a great thing for us. It has brought us closer together and has gotten us back in regular communication with my uncle who is still back west. Also, attending shows together has been a great bonding experience and we’ve seen many places we otherwise would not have visited. We’ve been to St. Louis, Chicago, Baltimore, Colorado Springs, and a couple Northwest destinations just to go to shows and every trip is enjoyable.

Now, this father and son team will forever be a part of true numismatic history. Their dreams have come true. It is my understanding that whenever they finish this set, it will not be sold. The reason, they may never finish it-they may just keep upgrading it! Its truely a collection built from the heart. And as you can see, it bonded them even closer.

Related posts:

1. Buccaneers Quarterback JEFF GARCIA and GAINESVILLE COINS Team Up For “COLLECT FOR A CAUSE”
2. Interesting Things About Coin Collecting
3. Collecting Strategies – Collecting Key Date Coins in All Series

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By Doug Winter – RareGoldCoins.com

I recently purchased an 1821 half eagle graded AU53 by PCGS and I’d like to share some information about a coin that ranks as one of the rarer numismatic items that I have handled in some time. This piece was Lot 3684 in the recent Bowers and Merena November 2009 Baltimore auction where it realized $112,125 including the buyer’s charge. It is now owned by an East Coast specialist who is assembling a set of early gold by date.

The mintage for the 1821 half eagle is recorded as 34,461 but it seems likely that at least some of the coins struck during this year were actually dated 1820. Today, there are probably no more than 15 1821 half eagles known. Two die varieties exist with two different obverses sharing a common reverse (which is also seen on certain varieties of 1820 half eagle). The more common of the two (BD-1) has the final star on the obverse close to the back curl. The rarer (BD-2) has this star distant from the curl and placed higher up in relation to the back curl.

Why is the 1821 half eagle such a rare coin? The answer, as with virtually all half eagles of this type, lies in the fact that nearly the entire mintage was melted by 1834 after the weight of gold coins were reduced. The old tenor half eagles were suddenly worth more than their face value and this led to wholesale meltings. In the case of some dates (like the 1822) virtually the entire mintage was wiped-out. In the case of the 1821, nearly all of the coins were melted as well but a few of the survivors appear to have been set aside intentionally.

PCGS has graded a total of eight 1821 half eagles. This includes three in Uncirculated: MS62, MS63 and an amazing MS66. NGC has graded seven with three in Uncirculated as well: an MS61, an MS63 and an MS66. The PCGS and NGC populations are virtual mirror images of one another and we can assume that there are a number of duplications. Obviously, the MS66 is the same coin and I believe that the MS63 is the same as well.

There are two superb business strike 1821 half eagles known. One is in the Bass core collection at the American Numismatic Association’s museum and it is estimated to grade MS65 or better. It was obtained from Stack’s in October 1971. The other is the Amon Carter: 659 coin that last sold at auction in January 1984 for $24,200. I believe that it is the one graded MS66 by both services.

Remarkably, there are two Proofs known as well. One is in the Bass core collection and it has an impressive pedigree: Norweb I: 773, ex Farouk, Green, Newcomer, Woodin and Randall. It is estimated to grade PR63 and it brought an impressive $198,000 in 1987. The other is in the Smithsonian collection and it is part of a complete 1821 proof set that has been part of the Mint’s collection since it was placed in the Smithsonian in 1838.

The 1821 half eagle that is illustrated above, as I mentioned earlier, has been graded AU53 by PCGS. It is conservatively graded in my opinion and I regard it as at least an AU55 with some claims to an AU58. It is from the Globus collection and it was obtained by this collector via private treaty (probably from Stack’s) at least three to four decades ago. I have not had the opportunity to perform pedigree research on this 1821 half eagle but I am assuming it can be traced to an auction sale from the 1960’s or 1970’s.

The coin has wonderful coloration with rich orange-gold and medium greenish hues that are accentuated by deep coppery hues at the border. There are a few light marks visible including a small semi-circular scrape to the left of Liberty’s eye.

The all-time auction record for a business strike 1821 half eagle remains $155,250 which was what an NGC MS62 brought the Superior 5/06 sale.

It is always a pleasure for me to handle great numismatic rarities such as this 1821 half eagle in PCGS AU53.

Related posts:

1. The 1823 Half Eagle
2. The Rare and Undervalued 1826 Quarter Eagle
3. The 1859-S Half Eagle

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By Doug Winter – RareGoldCoins.com

In 2010, you will see a new slogan on the homepage of my website (www.raregoldcoins.com). Besides being catchy, “Coins with Character” represents a philosophy that guides me as a buyer and which I try to impart to collectors. Let me explain what, in my opinion, this expression means.

Before the recent November Baltimore coin show, I sat down and made a list of the sort of coins I wanted to make an extra effort to purchase. These were coins that I didn’t already have in stock and given their popularity and ability to sell it made sense to me to reload.

High on this list were nice, affordable Dahlonega coins in the EF40 to AU55 grade range. My parameters were that the coins were choice, original and, in some way, “special.” In other words, I was looking for coins that spoke to me; coins with character.

After a lengthy search through the various auctions, dealer inventories and private collections that I encountered in my three days in Baltimore, I was able to acquire a whopping total of four Dahlonega coins that I felt had character: one gold dollar, one quarter eagle and two half eagles. Was I surprised that my quest would prove so fruitless? Not really. I was, of course, disappointed. But given my parameters for “coins with character” I wasn’t surprised.

I generally try to purchase coins that I believe are in the top 5% known for a particular issue. This doesn’t means that they are necessarily in the top 5% as far as grade goes. What I am looking for are coins that because of one or more reasons would rank among the most desirable survivors of a specific issue.

There are a number of things that give a coin “character.” These include the following:

Attractive natural coloration:

Coloration is a major factor in valuing copper and silver coins but it has been undervalued when it comes to gold coins. This has never been the case for me. I personally love gold coins with attractive natural hues; especially rich rose, green or orange shadings. Now this does not mean that I like every toned gold coin. I see dark, dirty double eagles from time to time that are unattractive and which, quite frankly, I’d probably dip or bathe them in soap and water if I purchased them.
I readily dislike bright, shiny, “processed” coins. To me, a coin that is bright and shiny lacks soul. I like attractively toned coins because of their individuality.

One of the reasons that I don’t buy as much Proof gold as I used to is the fact that most pieces have been conserved and they all look the same. Here’s what I mean. Take a coin like an 1880 quarter eagle in Proof. Only 36 were minted and this issue’s rarity and relative affordability makes it very intriguing to me. But I’ve passed on the last three that I have been offered because they were all bright, monochromatic and character-free. They were the Stepford Wives of Proof gold. Conversely, if I were offered a Proof 1880 quarter eagle with nice original hazy golden-orange color, I’d almost certainly buy it; even if it were “only” a PR63 with signs of a light old cleaning.

Uncommonly Sharp Strikes and/or High Quality of Manufacture:

As someone who buys and sells quite a bit of early gold (i.e., U.S. gold produced prior to 1834) I am pretty knowledgeable about how certain issues are supposed to look. As an example, most 1796 eagles have surfaces that appear pockmarked. This is mint-made but it means that the majority of 1796 eagles are not very attractive. So when I see a 1796 that has smooth, non-pocked surfaces I get excited. On an issue that is typically seen poorly made, a well-made example has “character” in my book.

I feel the same way about strike although I readily admit that strike is not extremely important when it comes to pre-1900 gold coins. But when I see an issue that is notorious for a poor strike with above-average detail, this imparts character as well.

Important Provenance:

The history and romance of collecting is, in many ways, just as interesting as the history and romance of coins. It means a lot to me that an 1838 eagle or a 1797 quarter eagle that I buy has an illustrious pedigree. I have owned coins that have traceable pedigrees dating back to the middle of the 19th century and I find it very exciting that I am able to add my name to the list of illustrious and not-so-illustrious individuals that might have been in a coin’s pedigree chain.

One of the reasons that I really respect collectors of early copper and Colonials is that they value pedigree more than nearly any other segment of the market. It certainly helps that there have been active collectors in these market areas dating back to the 1850’s whereas in an area like branch mint gold, specialized collection began far later.

Would I pay extra for a coin with a great pedigree? For the most part I would. Of course, a lot depends on the coin. I doubt I’d pay any extra for, say an Eliasberg quarter eagle that was an overgraded common date or even a scarcer date that had been dipped or processed after it had appeared in the Eliasberg sale and which now lacked character.

Coins That Break the Mold:

Every dealer has a list of “pet dates” that he or she just can’t resist buying. For some dealers it might be an issue that triggers a sense of nostalgia. For others it might be a date that they have traditionally bought and sold with ease in the past. A pet date for a collector is more likely to involve his perception that an issue is undervalued or it has important historical associations.

I won’t bore you with the full list of dates that I’m a sucker for (there are lots of them, I’m afraid…) but these are coins that I tend to be a little more lax about when it comes to the Test of Character. As an example, I actually bought a damaged 1864-S half eagle earlier this year. It was the first “problem coin” that I have ever listed on my website and if it wasn’t for the fact that it was so rare, I would be never bought it and listed it for sale.

Coins with Original Surfaces:

I thought I would save the best for last. I like original coins (or at least what I perceive to be original coins). When I say “original” I am referring to coins that appear to have not been dipped, processed or harshly clean in recent years. A coin that I describe as “original” could very well have been cleaned fifty or a hundred years ago but it has subsequently acquired natural second generation that might mask underlying hairlines.

Why do I like coins with this sort of look? It all goes back to the original thread of this blog: they have character. It is hard for me to get excited about a 150+ year old gold coin that is bright and shiny. It is hard for me to pinpoint the exact reason why I prefer the original look but suffice to say I do and I will continue to buy coins with character for my inventory.

Related posts:

1. Five Rare Date Gold Coins With Broad Appeal
2. Assembling a Collection of Early U.S. Gold Coins
3. Collecting U.S. Gold Coins On A Limited Budget

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(Miami Beach, FL)- November 18 2009, Park Avenue Numismatics has sold the Finest Known example of the 1907 $20 St. Gaudens High Relief Wire Rim graded MS69 PCGS with CAC (Certified Acceptance Corporation) approval for more that $600,000.

“Arguably the most desired of all $20 US gold coins, this Gem was the most incredible High Relief I’ve ever seen in my 25 years as a rare coin dealer ” said Bob Green, President of Park Avenue Numismatics.” It holds a place in numismatic history with a Pedigree to the famous Ed Trompeter collection. We are pleased to have been part of that history” stated Green.

Park Avenue Numismatics has bought and sold many of the rarest $20 St. Gaudens Double Eagles over the last two decades and was awarded recognition by PCGS (Professional Coin Grading Service) for assembling the Finest Know complete set of St. Gaudens, including the scarce 1927-D in 2005.

1907 $20 High Relief, Wire Rim MS69 PCGS. This issue was a revision of Saint-Gaudens’ Ultra High Relief double eagle, as the latter proved impractical for circulation strikes because it required seven blows from a 150-ton medal press to fully articulate the design. The “High Relief” could be struck after just three blows of the medal press. Over 12,000 High Relief twenties were struck by the end of December, 1907.

A so called “Wire Rim” protruded around the outer extremity in the coins, which resulted from excessive metal flow between the die face and collar during the striking process. Unlike today’s collectors who consider the Wire Rim to be a highly collectible variety, Mint officials considered it to be a striking deficiency. This “flaw” in the striking process was corrected around mid-December, and subsequent High Relief double eagles possessed what became known as a “Flat Rim.”

The High Relief Wire Rim example offered is a supremely preserved, satiny gem of this highly regarded Saint-Gaudens issue. The execution of this design in high relief has, to date, been the ultimate achievement of the coiner’s art–a fact widely recognized and reflected in the price of these coins.

The design elements on this coin are very well defined, indeed better that what might be expected for the issue. Despite multiple blows, the typical High Relief Wire Rim specimen may display weakness on the stars, on the Liberty and eagle motifs, and the on the tops of the letters. The present coin reveals strong definition in most of these areas. Only small portions of the Capitol building and the eagle’s wing feathers exhibit minor softness. A pleasing yellow-gold patina bathes each side, both of which have managed to escape any signs of post-striking impairments, and the radiant, satiny luster has a gleam that is unique to High Reliefs. The overall effect is one of originality and three-dimensionality, giving this spectacular piece more of a look of a medal than a circulating coin. A minute alloy spot beneath the eagle’s neck identifies the coin.

The Wire Rim feature is uncharacteristically present around virtually the entire obverse, and around a good portion of the reverse. Population: 1 in 69, 0 finer (10/2009). Ex: Trompeter Collection; Morse Collection Pedigree

Park Avenue Numismatics, a Miami based rare coin firm specializing in Ultra Rarities, has handled this date before. “Collectors contact us regularly with Key Date gold coins because of our stellar reputation in this specialized area of the market,” Green continued.

Interested sellers of rare date gold can contact the firm Monday through Friday 9am-5est The buying department of Park Avenue Numismatics can be reached via toll free 800-992-9881. Website www.parkavenumis.com offers more than 3,000 PCGS and NGC certified coins on-line

Related posts:

1. Park Avenue Numismatics Acquires Key Date 1870-CC $20 Liberty
2. Finest Known PCGS PR-69 Ultra High Relief $20 Saint Gaudens Gold Coin to be Exhibited at Santa Clara Expo
3. Finest Known Ultra High Relief Saint at Santa Clara Expo This Week

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Collectors are eagerly awaiting the first sale of rare and exceptional Coins and Banknotes to be presented by Bonhams New York. Taking place on December 3rd, the sale consists of over 400 lots ranging from 1692 to the early 21st Century.

Amongst the most coveted lots will be an exceptionally rare 1796 $10 AU50 NGC . Bright green-gold with warm honey and orange highlights, the coin’s intense mint bloom glows broadly in the fields and within the protected design areas. The obverse is of the Turban Head type with stars to both sides. The reverse motif, also used on the contemporary half eagle, depicts the national bird solidly perched on a branch of palm, holding aloft a victory wreath without any olives or berries. The die work is excellent being BD-1, Breen-6832, Bass-3174, Taraszka-6, R.4, the only known die pairing for the year. From the earliest years of the regularly issued coinage of the United States which started in 1796, this highly important and elusive issue is estimated at $65,000-75,000.

Another lot certain to lure collectors is a 1915-S $50 Panama-Pacific Round. Considered one of the most desirable of Classic Era commemorative coins, it was originally issued to be sold at the 1915 Panama-Pacific International Exposition held in San Francisco. Due to the fact that most people could not or did not want to spend $50 for a collectible coin during the WWI period, many remained unsold. However, by the 1920s demand for the $50 pieces increased and has continued to grow. Featuring the helmeted head of Minerva on the obverse and an owl on the reverse, both sides are bathed in shimmering velvet bloom. Close examination of the surfaces yields the presence of an amazingly limited number of defects. This is the largest official coin produced by the United States Mint, and its rarity is a great accident of fate, as most of the unsold pieces were melted down. Estimated at $50,000-60,000 the rarity and importance of this issue, as well as the beautiful quality, make it an extraordinary collecting opportunity.

A 1904 $10 PF64 Cameo NGC is cause for excitement. Although the official proof mintage for this year is recorded to be 108 pieces, survivors are at least as scarce as other dates with noticeably lower mintage figures. A beautiful coin, pristine with warm yellow-gold surfaces, this specimen is notable for deep, watery reflectivity and appreciable contrast for a proof from this era. A very attractive specimen, of a denomination which (as a class) stands as the rarest in the Liberty Head gold series, it is expected to fetch $24,000-28,000.

One of the most classic rarities, always in demand is a 1907 (MCMVII) $20 High Relief – Wire Edge. A beautiful bright yellow-gold with its luster imparted by the dies, there are no signs of handling of any consequence. The leading edge of the wing towers over the field, as does the eagle’s breast. Liberty is walking right off the obverse of the coin, with her flowing gown and staff-like torch blazing forth in glorious golden wonder. Struck multiple times by the largest medal press available in 1907, the entire coin has a majestic three dimensional quality. Masterfully rendered by expatriate artist Augustus Saint-Gaudens, who passed away before the issue could be coined, it marks a significant peak in design of coinage in American numismatics. This design was created at the behest of Teddy Roosevelt, and is still alive and well almost 100 years later in the American Eagle Gold bullion coins that are produced by the United States Mint today. Carrying an estimate of $20,000-22,000 it is sure to draw serious attention.

An outstanding 1797, Rev of 1797, 1C Stems MS64 Brown PCGS , likely from the Nichols Find, will also be offered. Struck on a slightly rough planchet, with minor shallow areas on both sides, the surfaces are largely rich chocolate-brown with traces of subtle gold and a pleasing satiny luster. A remarkably perfect representative of the type or variety it is estimated at $15,000-20,000. The fact that a copper coin of the early colonial period is in such pristine condition is extremely rare and notable.

Of particular interest will be an 1853-O $20. With a low mintage of 71,000 pieces, this New Orleans Mint issue is very difficult to locate in any grade. This lightly worn example displays subtle olive-gold color and abundant remaining luster. In terms of overall quality, eye appeal, and preservation this is a premium example of the date. Extremely rare and prohibitively expensive in Mint State, it is expected to fetch $17,500-19,500.

Other notable lots include an exemplary Fr.95b 1863 $10 Legal Tender Note PMG58 (est. $8/9,000); a truly scarce 1842-1852 G$1 A. Bechtler Dollar, 27G. 21C., Plain Edge MS62 NGC (est. $5,500/6,500); and a rarely offered Captain Robert Dexter Conrad Gold Medal for Scientific Achievement (est. $2,800/4,000). This last piece is a truly unique item. Awarded on November 12, 1971 to Dr. Harry Hoogstraal, who did pioneering research on malarial and other diseases in the developing world, it was one of the highest naval honors ever given to a man of medicine and scientist.

Viewings will begin at the Madison Avenue galleries on December 1st until the morning of the sale which takes place on December 3rd at 1PM. The illustrated auction catalog for the sale will be online at www.bonhams.com/uscoins in the weeks preceding the preview and auction. For more information about the department, please visit www.bonhams.com/newyork.

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2. Finest Lincoln Cent Collection, Registry Rarities in Heritage’s December Houston Coin Auction
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By Arno Safran  from The E-Gobrecht

During the mid to late 1830’s our coinage underwent a number of changes. The first of these began with modifications to the cent in 1835 and again in 1837. In 1836 silver dollar coinage was resumed. It portrayed a Liberty Seated figure with no stars on the obverse. The reverse depicted a soaring eagle in a sea of 26 stars. It was engraved by Christian Gobrecht.

In 1837 the Capped Bust dime and half-dime was replaced by the Liberty Seated no stars type and on the reverse the eagle was supplanted by a wreath. The diameter of the dime was reduced from 18.5 mm to 17.9 mm while the half dime remained the same. In 1838 the Liberty Seated (with 13 stars added) was placed on the quarter and in 1839 it was the half dollar’s turn.

The Gobrecht dollar also underwent further modifications in 1839. Finally, there were no less than five important modifications made to the Coronet type large cent in 1839. These have become popularRed Book varieties among cent enthusiasts.

The reader will observe that among the two sides of the basic 1839 year set shown and directly above there are two different types for the half dollar denomination; the outgoing Capped Bust-Reeded Edge and the new Liberty Seated types thereby continuing the annual parade of transitional date designtype pairings begun in 1837.

The Cents: In 1839 Chief Engraver Christian Gobrecht made several modifications to the cent design. First we have the 1839/6, a scarce variety (actually 9 over inverted 9; probably made in 1836). It shows a plain hair cord which was discontinued in 1837. The second is the “Head of ’38”, similar to what appeared later in 1837 as the beaded hair cord subtype. This was followed by two less successful 1839 renditions nicknamed the Silly Head and the Booby Head. Unlike the previous, both display a protruding curl on the forehead. The Booby Head however shows no hair at all at the lower right of Miss Liberty’s coiffure.

Gobrecht made still another modification on the large cent in 1839, known today as the Petite Head. This became the standard smaller head type large cent appearing on the large cents from 1840 on.

When the resumption of dollar coinage was authorized in 1835, the new Mint Director Robert Maskell Patterson wanted a seated figure resembling the Britannia design that appeared on British coinage. He asked renowned portrait artist Thomas Sully to draw up a sketch.

The first dollars dated 1836 and the dimes and half dimes of 1837 showed Chief engraver Gobrecht’s rendering of Sully’s conception but without the thirteen stars that had surrounded the earlier Bust type coinage.

In 1838, Mint Director Patterson decided to restore the thirteen stars to the obverse of the coins; possibly to avoid confusion between British and US coinage. As a result the 13 stars appeared on the obverse of the half dimes, dimes and the new quarters struck later in 1838.

In the second half of 1839 the design type of the half dollar was changed from Capped Bust- Reeded edge to the Liberty Seated type along with a small number of 1839 proof silver dollars that were put into circulation; some presumably given to members of Congress.

The Dollar: Arguably, the most exquisite coin of 1839 is the Gobrecht dollar design type. Originally, this coin, like the 1836 dated no stars on the obverse versions, was thought to be a pattern since only 300 proofs were made, but due to the research of Robert Julian and others, it was determined that both the 1836 and ’39 issues were bone fide coins of the realm having been placed into circulation despite their respective low mintages.

Since the stars had been restored to the obverse on all the other silver denominations including an 1838 pattern Gobrecht dollar, it was no surprise to see this feature continued on the dollar in 1839. The 26 stars originally surrounding the soaring eagle on the 1836 Gobrecht dollar were removed leaving the eagle soaring in an empty field surrounded by the legend, UNITED STATES OF AMERICA and ONE DOLLAR below.

In later years a number of restrikes were made like the one pictured above and these are likely to be more available if you consider a coin priced at more than $20,000 within your budget. While the vast majority of us will never be able to afford such a coin, the 1839 dollar is a beautiful work of art and it is a pity that the design was wholly emasculated in 1840.

The Half dollar: There was some dissatisfaction by the critics when the new design type appeared on the half dollar in 1839. It was thought that Miss Liberty was insufficiently clad, especially on the side of her gown just above her knee at her waist directly below her elbow. This was most noticeable on the half dollar as it was the largest circulating coin available to the public.

Gobrecht was asked to add drapery over the waist and under the elbow on the right. He also reduced the size of the rock on the lower left side of the coin rendering it further away from the lowest star at the left as well.

The minor Silver coins and the Quarter: The Liberty seated half-dimes, dimes and quarters of 1839 were unchanged from 1838 except for the date. All are represented by the no drapery subtype that would be ‘rectified’ by mid 1840. None of these denominations are unduly expensive up through AU-58.

Two of the most important figures connected with the creation of our 1839 Liberty Seated coins are shown here. Below is a self portrait by the renowned painter, Thomas Sully who sketched out the Liberty Seated figure and below is Christian Gobrecht who engraved it onto the dies for our coins.

Each artist forged successful careers in their respective fields and were among the few persons responsible for creating the short-lived Gobrecht dollar series of 1836 and 1839. It is a pity that this low mintage 1839 dollar coin, easily the most desirable of all denominations struck that year, is the one coin of the entire year set most collectors are least likely to own.

[Editor’s note: This article is reprinted with permission of the author from the October 2009 issue of the Augusta, GA Coin Club Monthly Newsletter.]

Related posts:

1. Unusual Items : Enigmatic 1839-O Specimen Dime
2. 1839-O Proof Half Dollar – Hidden Jewel of the Numismatic World
3. Attack of the 1839-C Quarter Eagles – Douglas Winter Market Report

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