There are five major series of half eagles: Draped Bust Small Eagle; Draped Bust Large (or Heraldic) Eagle; Capped Bust Left; Capped Head Left Large Size; and Capped Head Left Small Size. The first two series were discussed in the first part of this article.

Half Eagles 1807-1834

The Half Eagle series continues with three different types beginning in 1807 and ending in 1834. The first is the Caped Bust Left Half Eagle Type; 25 millimeters in diameter with a weight of 135 grains of 0.9167 fine gold alloyed with copper. It comes with a reeded edge and was designed by John Reich and struck at the Philadelphia mint.

There were almost 400,000 made of this type in eleven date variations. While every date is a condition rarity just like the previous Draped Bust Type, no particular date is technically more than Scarce in the lower grades; all are regularly available for those few who are willing to pay the price of a genuinely rare and collectable coin, which as a rule comes well struck with good eye appeal. Nearly 2,800 survive in all grades certified, which gives us a survival rate of just over one half of one percent, and about half of those are Uncirculated, implying that they were saved as souvenirs at the time in no greater number than any of the other early gold coins. As a type, there are extremely rare to uncollectible in the gem grades, which always bring multiples of bids and sell quickly when they are occasionally available.

The second type is the Capped Head Left Large Size Type, which has all the same technical specifications as the previous type. Starting in 1813 and manufactured until 1829, this series sports as many or more rarities by date than any other gold series, and perhaps, any other United States coin series as well. No half eagles were struck in either 1816 or 1817 due to a fire in the mints rolling mill, where the planchets were made. There are at least eight uncollectible dates in this series in any grade. There is a total mintage of nearly 670,000 for all dates, or which there are 1,200 certified survivors in all grades, or a survival rate of nearly two percent, of which 775 are Uncirculated, or one tenth of one percent.

The third and last type of half eagle is the capped Head Left Small size type, made between 1829 and 1834 on a smaller 22.5-millimeter planchet proportionally thicker to maintain the weight. This new smaller type were made with a close collar—the “third’ die—a then-recent minting innovation for speeding up production and standardization of coin manufacture. While the weight of one hundred thirty-five grains of 0.9167 fine gold alloyed with copper remains the same, the hubs for the newly designed head is probably by William Kneass and all are struck at the Philadelphia mint. There was a total mintage of just over 700,000 coins made, of which only 205 are certified in all grades, a survival rate of three-one-thousandths, not much. There are 10 date varieties recognized on this type, and all are rare in all grades, and all are uncollectible in the Gem Uncirculated grades.

These three Capped Head types have a total mintage of 1.8 million, with a total of 4,100 certified survivors, of two percent. This accounts for 78 percent of all the early gold coins of all dates and all denominations made between 1795 and 1834 making them the “common” type of the entire early gold series.

Capped Bust Left Type 1807-1812

1807: With a total mintage of 51,000 and 472 examples certified in all grades, of which 225 survive in Uncirculated condition, the 1807 is tied with the 1810 Large Date Large 5 as the most “common” date of this type. 1808 has a survival rate of almost one percent in all grades. Extremely Scarce but a collectable one percent survival rate.

1808: With a total mintage of 32,000 and 345 examples certified in all grades, of which 153 survive in Uncirculated condition, making the 1808 the fourth most “common” date of the type, with a one-percent survival rate. There are also 15 gems certified of the 1808, making it the only date with a reasonable possibility to find a gem example for sale occasionally. Extremely Scarce.

1808/7: Overdate with a total mintage of 23,000 and 81 examples certified in all grades, of which 36 survive in Uncirculated condition, one of which is a gem. This overdate is the forth rarest date in the type, with just a third of one percent surviving at all. Rare.

1809/8: Another overdate with a total mintage of 34,000 and 330 examples certified in all grades, of which 170 survive in Uncirculated condition. The 9/8 is collectible in all grades including gem, if you are willing to pay for the condition rarity that it is with a one-percent survival rate. Hans M. F. Schulman had an amassing gem that I believe he sold to Abe Kosoff when I worked for him in 1968. The gems make this the second most “common” date of the type. Extremely Scarce.

1810 Small Date Small 5: All the 1810 varieties have an estimated total mintage of around 100,000, but each variety of this date has an unknown exact mintage. Dannruther is working out this question as we write. Akers knew of no Uncirculated examples and called this date rare in 1975, since then there are 12 examples certified in all grades of which three are Uncirculated, none of which are better than MS62. There are no Gem Uncirculated or Proof coins known or rumored, making this the second rarest date of the type. Rare.

1810 Small Date Large 5: With an unknown mintage, there are 129 examples of this rare coin certified in all grades, of which 76 are Uncirculated. Rare.

1810 Large Date Small 5: With an unknown mintage estimated by Dannruther at between 2,000 and 3,000 made of two different die pairings, there are nine examples of this rare coin certified in all grades, two of which are Uncirculated. Akers, Dannreuther and DiGenova consider this date rarer than the population reports show. This is, in my opinion, the rarest date of the type. Extremely Rare.

1810 Large Date Large 5: Again, with an unknown but undoubtedly large original mintage, there are 460 examples certified of this date making it the second most “common” date of the type. There are also 283 examples in Uncirculated and six of those are gem. Extremely Scarce.

1811 Small 5: With an estimated mintage of 55,000, there are 348 certified survivors in all grades, making this date the fourth most “common” date of the type. Scarce.

1811 Large 5: Again with an estimated mintage of 45,000, there are just 69 examples certified in all grades. This is the third-rarest date of the type, with a survival rate of just one percent. There are 37 Uncirculated examples, of which three are Gem. Less than one percent survives. Scarce.

1812: With a mintage of 58,000, there are 425 examples certified in all grades, making this date the third most “common” date of the type. There are 266 Uncirculated pieces, of which 15 are Gem, making this date expensive but collectable on the rare occasions that an example is available for sale as less than one percent survive. Scarce.

Capped Head Left Large Size Type 1813-1829

1813: With a mintage of 95,500 and 541 examples certified in all grades, this is as close to “common” date as the type allows. There are 325 examples that are Uncirculated of which seven are called Gem, for a total survival rate of one half of one percent, or the most “common” date of the type. Pretty common, with less than one percent surviving. Rare.

1814/3: Overdate with a mintage of 15,500 and 98 examples certified in all grades, for a survival rate of seven-tenths of one percent, or the second most “common” date of the type. There are 62 Uncirculated examples and none of them are Gem, with again less than one percent surviving. Rare.

1815: With a mintage of 635 and eight examples certified in all grades. Dannreuther notes that four examples are impounded in museums. There are four certified called Uncirculated and one Gem. Akers estimated 12 or 13 examples extent, which is probably closer to the actual population than the grading services population reports. The only one I ever saw was owned by Stanley Kesselman in 1976. Extremely Rare to Uncollectible.

1818: With an estimated mintage of 21,000 and 74 examples certified in all grades. Dannreuther explained to me that this population number is incorrect because neither grading services recognized the difference between the 1818 Normal Date and the 1818 5D/50 until a couple of years ago, skewing the numbers and making the Normal date appear more common then it is. Rare in all grades, according to both Dannreuther and DiGenova.

1818 5D/50: With an estimated mintage of 22,000 and 14 examples certified in all grades, for a non survival rate of six-tenths of one percent, and only seven in Uncirculated.
At best, extremely rare, at worst, uncollectible.

1818 STATESOF: With an estimated mintage of 7,500 and 78 examples certified in all grades makes this date Rare. Sixty-four Uncirculated examples certified makes this rarity occasionally available to those who buy aggressively. Less than one percent survives today.

1819: With an estimated mintage of 300, this is one of the famous rarities of the type. Only three examples have been certified in all grades, so you can basically kiss this one goodbye.

1819 5D/50: With a mintage of just over 51,000, there are only 15 examples certified in all grades, for a glorious survival rate of three thousandths of one percent. Only six Uncirculated pieces makes this date Extremely Rare to Uncollectible.

1820 Curved 2 Small Letters: With a mintage of 263,000 for the three types of 1820, and a certified population of four in all grades of the Curved 2 Small Letters, all of which are Uncirculated. Akers noted in 1975 that this date was available in higher grades, and also noted the existence of a Proof in the 1956 Melish Sale, which has never been certified.

1820 Curved 2 Large Letters: With an unknown mintage and a certified population of five in all grades, all of which are Uncirculated. Akers notes the existence of two Proofs. The best 1820 I ever saw James Halpern had in 1978.

1820 Square 2: All Square 2 half eagles have large letters on the reverse. With an unknown mintage, but large, at least a quarter of a million or whatever it was, and a certified population of 95 in all grades, of which 84 are Uncirculated, 10 are Gems and one a Proof. Akers notes three Proofs. Possibly the second most “common” coin of this type. Scarce.

1821: With an incorrect mintage of 34,000 noted and a certified population of 13 in all grades, of which six of which are Uncirculated. Dannreuther notes that most of the mintage was dated 1820 and the Square 2 variety, this coin is way rarer than the “mintage” would suggest. A lone Gem is out there somewhere. Rare.

1822: With another incorrect mintage of nearly 18,000 noted, of which Dannreuther also remarks that they were mostly 1820 dated coins, and at most possibly 500 were actually dated with the year they were made, 1822. A certified population of none in all grades. Three are known, two of which are in the National Collection, and the other one sold in 1982 in the Eliasberg sale for $687,000 to Mr. Pogue. This date is considered the most famous date of the entire gold series, including the 1933 Double Eagle, and possibly the single most desirable US gold coin ever struck. Uncollectible.

1823: With a mintage of 15,000 and a certified population of 53 in all grades, of which 33 are Uncirculated. This is the forth most “common” date of the type. A gem exists and Akers notes there may have been a Proof that hasn’t shown its head since 1885. Scarce, with less than one percent surviving.

1824: With a mintage of just over 17,000 and a certified population of 37 in all grades, of which 22 are Uncirculated and two are Gem, and Akers notes a single Proof. Rare, with less than one percent surviving.

1825/1: Overdate with an estimated mintage of 17,500 of and a certified population of 16 in all grades, of which nine are Uncirculated. Akers notes a couple of Proofs. Rare.

1825/4: Rare overdate with an estimated mintage of 2,500 and a certified population of two in all grades, of which one is are Uncirculated. One was in the Eliasberg Collection and the other in the Kaufman Collection. Extremely Rare and Uncollectible.

1826: With a mintage of 18,000 and a certified population of 19 in all grades, all of which are Uncirculated. Akers notes a Proof. One percent surviving, thus Rare.

1827: With a mintage of nearly 25,000 and a certified population of 28 in all grades, of which 16 are Uncirculated, three of which are Gem. Again less than one percent are still with us. Rare.

1828: With an estimated mintage of 20,000 and a certified population of 11 in all grades, of which six are Uncirculated, way less than one percent, three of which are Gem. Akers was correct in 1975 when he compared the 1828 with the 1815, the rarity being similar. Akers also notes a couple of Proofs. Extremely Rare.

1828/7: Overdate with an estimated mintage of about 8,000 and a certified population of five in all grades, of which four are Uncirculated. As Akers points out, this date is actually rarer than the 1815, with no where near one percent surviving.

1829: With a mintage of 25,000 and a certified population of four in all grades, of which all are Uncirculated. Extremely Rare, and again, no where near one percent survive.

Capped Bust Small Size Type 1829-1834

1829: With a mintage of 32,000, of which there are certified eight in all grades, and all eight are Uncirculated, one of which is a Gem, for a survival rate of two-tenths of one percent. For some reason the “9” is larger than all the other number in the date. There is one Proof certified and another in the National Collection. Extremely Rare.

1830 Small 5D: With an estimated mintage of about 63,000, of which there are certified 31 in all grades, and of those 24 in Uncirculated. Only one half of one percent still with us. Rare.

1830 Large 5D: With a mintage of estimated at 63,000, of which there are five certified in all grades, four of which are in Uncirculated. There is one Gem and one Proof certified. Akers correctly estimated the surviving population in 1975, so his assumption that there are other Proofs is also probably correct. Rare.

1831: With a mintage of 140,000-plus, of which there are 20 certified in all grades, and six of those are Uncirculated. 1831 comes with both a Large 5D, estimated mintage of 25,000 or more, and Small 5D, estimated mintage of 100,000 or more, just like the 1830, and noted by both Akers and Dannreuther, but the grading services do not distinguish between the two so neither can we on our own census. Rare.

1832 12 Stars Obverse: With an estimated mintage of 2,500, of which there are three certified in all grades, two of which are Uncirculated. Akers lists six by owner in 1975. Extremely Rare, with one-tenth of one percent surviving at all.

1832 13 Stars Obverse: With a mintage estimated at 155,000, of which there are certified 34 in all grades, and 27 of those are in Uncirculated, for a survival rate of two-tenths of one percent. Rare.

1833 Large Date: With an estimated mintage of about 96,000, of which there are certified 31 examples in all grades, of which 21 are Uncirculated and eight are Proof. The hub has been modified this year with a slightly more pronounced head. Rare.

1833 Small Date: Also with a mintage estimated at about 96,000, of which there are certified eight in all grades, seven in Uncirculated. Rare.

1834 Plain 4: With a mintage of 50,000 for both varieties, there are certified 33 examples of the Plain 4 in all grades, of which 14 are Uncirculated. Akers notes there are no Gem or Proof coins, which is borne out by this census. Just over one-half of one percent survives in any grade and thus Rare.

1834 Cross 4: With part of the mintage of the Plain 4, the Cross 4 has 15 certified survivors in all grades, or which 12 are Uncirculated. Rare.

Silvano DiGenova is a WorthPoint Worthologist specializing in coins. Neil Berman contributed to this article.

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The Coinage Act of 1792 authorized the striking of half eagle coins, and sure enough, three years later the mint finally got both the material and the resources together to actually make the coins. The first half eagles were struck on July 31, 1795 from dies created by the Mint’s official first chief engraver, Robert Scot. Since only the major devices were hubbed, and all the other information was added to each die one die at a time, 64 major date variations were created.

There are five major series of half eagles: Draped Bust Small Eagle; Draped Bust Large (or Heraldic) Eagle; Capped Bust Left; Capped Head Left Large Size; and Capped Head Left Small Size. Each had its own set of obverse and reverse dies. Because of the time and expenses that these dies required for preparation, they were always reused so long as they were serviceable. The pressure of production combined with the havoc that must have faced the mint during the Yellow Fever outbreak in Philadelphia and other East Coast cities in 1798 added to the re-usage of dies.

I can think of no series where this confusion under myriad of pressures is more evident than the early half eagles. There are coins struck that dated three years or more after the dies were prepared, giving us varieties of dates with no relationship to the date on the die. There are so many rare coins in this series that it would be safe to say that there are really no common coins in the series at all. The total survivors are less than one half of one percent in all grades. While we can debate whether there was any specimen coins produced, the first Proof is in 1820.

Draped Bust Small Eagle 1795-1798

All the half eagles made between 1795 and 1806 were 25 millimeters in diameter with a reeded edge and weighted one 135 grains of .9167 fine gold alloyed with copper. All were designed by Robert Scot and struck at the Philadelphia mint. There was a total of just over 17,000 made of the small eagle type, of which 566 have been certified in all grades, (or just about a three percent survival rate), and only 138 uncirculated pieces (or only seven-tenths of one percent). Although there are prooflikes known, there are no actual proofs known or rumored to exist (Akers).

1795: With a total mintage of 8,700, there is a total certified population of 483, with only 65 survivors in Uncirculated. Being the first year of issue, this coin must have been saved en masse because it has a large five-percent survival rate, or more than double the average half eagle. This is the “common” date of the type. Noted as rare, both Akers and Dannruther comment on one die with the last S in States struck over a D. Rare.

1796/5: Overdate with a total mintage of just under 6,200, with only 51 coins certified in all grades. Only eight-tenths of one percent survives. Very Rare.

1797 15 Stars Obverse: Ten stars to the right of Liberty and five to the left. With a mintage of about 100 in two die varieties, only seven examples have been certified in all grades. Both Akers and Danruther report that there are about 20 survivors of this date, although that seems a little high to me. Statistically, either the reported mintage is too low or there are well more survivors reported than actually exist. Extremely Rare.

1797 16 Stars Obverse: Eleven stars to the right of Liberty and five to the left. With a mintage of 850 with two die varieties, only 16 examples that have been certified in all grades, including two in uncirculated condition. Danruther reports a gem in the mint collection, but I have never seen it. Fewer than two percent survive. Very Rare.

1798: With less than 100 minted, there are only four examples certified, making this the rarest of the small eagle dates. Danruther reports at least seven exist, possibly eight, of which two are in the mint collection. All known examples are struck with a rusted reverse die. Extremely Rare, bordering on uncollectible.

Draped Bust Large or Heraldic Eagle 1795-1807

The Large eagle type was manufactured from the middle of 1797 until 1807, although the obverses with 1795 were used again three years after they were made. There were a total of 318,000 manufactured at the mint, of which 3,900 are certified in all grades, making a total survival rate of just over one percent. Almost 1,700 Uncirculated examples known, or just about one half of one percent, which makes the “common” dates scarce and every other date Very Scarce to Extremely Rare, with just one percent surviving.

1795: All with 15 Stars obverse, 10 stars to left of Liberty and five to the right, and 16 stars on reverse. The total mintage is estimated at 900 to 1,100in three die varieties, two of which Danruther calls unique. The other one has 57 examples certified in all grades, of which 41 are uncirculated, leaving a strong four-and-a-half percent survival rate. Rare.

1797 Normal Date 15 Stars Obverse: Ten stars to the left of Liberty and five to the right. Danruther estimates a mintage of 25 with the unique survivor in the National Collection. There are no others certified or known, making this date the Rarest of the type (and uncollectible).

1797/5 Overdate with 15 Stars Obverse: Ten stars to the right of Liberty and five to the left. With an estimated mintage of 325, just six examples have been certified, of which three are Uncirculated. This is the rarest collectable date of the type.

1797 16 Stars Obverse: Ten stars to the right of Liberty and six to the left, with an estimated mintage of only 50 coins, there are none certified. The only known example is in the Lilly Collection at the Smithsonian. This is the second 1797 date variety that Dannruther lists as previously unpublished in Yeoman, and the second or third uncollectible date.

1798 Large 8, 13 Stars Reverse: With a mintage of about 4,000, a total of one hundred 75 have been certified in all grades, (a four and a half percent survival rate), 23 of which are Uncirculated. Rare.

1798 Large 8, 14 Stars Reverse: With a mintage of about a thousand, just 22 have been certified in all grades, with a lone example in Uncirculated. Extremely Rare with an average of two and one half percent survivors.

1799 Small Stars Reverse: With a mintage of 6,700, only 50 are certified in all grades and fourteen are Uncirculated. Just seven-tenths of one percent are still with us. Very Rare.

1799 Large Stars Reverse: With a mintage of 750, of which 37 are certified in all grades and fourteen are Uncirculated. Five percent survive. Very Rare.

1800: With a mintage of more than 37,000, the mint finally goes into full production in 1800. There are 473 examples certified in all grades, of which 168 are Uncirculated. This is the third most “common” date of the type, although it has an average survival rate of right less than one percent. Very Scarce.

1802/1: Overdate with a mintage of 53,000, of which 462 are certified in all grades and 167 are Uncirculated. This date has the highest mintage of the type and is the fourth most “common” date of the type, although this date has a survival rate of only eight-tenths of one percent. Very Scarce.

1803/2: Overdate with a large mintage of 33,000, of which 571 are certified in all grades and 144 are Uncirculated. There are 14 gems of this date, the second largest number of all half eagles of all early dates. Perhaps the survival rate of close to two percent (twice the average), explains the large number of nice coins, also making this the most “common” date in both quantity and quality for the type. Very Scarce.

1804: Was called Small 8, renamed Normal 8 by Dannruther. With a large mintage of nearly 22,000, of which 190 are certified in all grades and 76 are Uncirculated. Very Scarce. Less than one percent survives.

1804: 8 over 8. Normal 8 punched over a Large 8, with a mintage of 8,500, of which 93 are certified in all grades and 55 are Uncirculated. A full one-percent survival rate makes this coin Rare.

1805: With a large mintage of more than 33,000, of which 344 are certified in all grades, and 200 are Uncirculated. With the average one-percent survival rate, this date is Scarce and is tied for fifth most “common” date of the type with 1807. Really choice examples are occasionally available, although there are only four gems known.

1806 Round 6, 7X6 Stars: Seven stars left of Liberty and six stars right. With a high mintage of over 43,000 (the second highest of the type), 525 are certified in all grades and 245 are Uncirculated. This is the second most “common” date of the type, with just over one percent surviving. Only two gems are known. Scarce.

1806 Pointed 6, 8X5 Stars: Eight stars left of Liberty and five stars right. With a mintage of 20,000, of which 110 are certified in all grades and 67 are Uncirculated. There are no gems known, although occasional choice pieces are known to appear. Rare; only one half of one percent survives.

1807: With a mintage of 32,000, of which one percent survives, 340 are certified in all grades and 88 are Uncirculated. Tied with 1805 as the fifth most “common” date of the type. Choice examples are tough and there is only one known gem, but I’ve never seen it. Scarce.

Silvano DiGenova is a WorthPoint Worthologist specializing in coins. Neil Berman contributed to this article.

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Matte & Roman Finish Proof $20 Saint-Gaudens

By Silvano DiGenova

The pinnacle of U.S. coinage or an unpopular anomaly? Regardless, Proof Saint-Gaudens represent a very rare and short-lived series that clearly should be at the absolute pinnacle of the coin market. They represent the Impressionist paintings of the rare coin market. They have great beauty in their needlepoint stitching and flawless surfaces. In the case of the two years, 1909 & 1910 with the Roman Finishes, they additionally have magnificent eye appeal. The $20 Saint-Gaudens is America’s most popular gold coin by a large majority, and Proofs of the series are an anomaly by contrast, and an exceptionally rare series.

The Saint-Gaudens series in Proof (excluding the Proof High Relief & Ultra High Relief, and a few others that are extremely rare sub varieties, and will be covered later) stretches from 1908 to 1915. The 1908, 1911, 1912, 1913, 1914 and 1915 are “Matte Finishes,” while the 1909 & 1910 are known as “Roman Finishes.” The Romans very much look like a Proof Like Morgan Dollar with mirror and some contrast, but no cameo effect. They are extremely beautiful and full of eye appeal. The Matte has the classic “sandblasted” look, usually flat, with very fine “needlepoint” detail. The individual dates, if completely original, look as follows, and the individual rarity is also discussed.

1908: Dark brown to olive in color, the ’09 sometimes is not struck as well as the others. Being the first year of issue, the finish probably had not been perfected. Typically, the 1908 comes very dull, and is one of the most unattractive of all the Matte Proofs. It is also the least rare of the series overall, but in PR67 it is tied for fifth according to the PCGS/NGC combined population reports.

1911: Next in the series of Matte Proofs is the 1911 which is possibly the prettiest. The 1911 is generally has the lightest coloration of any of the Mattes. It is a yellow to pale gold in color, with an occasional orange toning. The strike on most 1911s is usually exceptional. This issue ranks sixth as far as rarity among the series of eight Proof Saints, with only 1908 and 1912 being more available. In PR67 or better, it is the most available.

1912: The next date is very similar to that of 1911 in both overall rarity and appearance. The 1912 is relatively light in color, usually a yellow or pale gold, and also occasionally has a light orange tint. Like its predecessor, this date has a fantastic strike. As far as rarity, the 1912 ranks seventh in PR65 or better. In PR67 or better, it is tied as the second most plentiful, only behind the 1911.

1913Rather olive in color, the 1913 is much closer to 1908, in contrast to the 1911 and 1912. The strike is not as fine as the 1911 or 1912. In general, the overall look of the 1913 Matte Proof Twenty is not very appealing. In Proof 65 or better, it ranks as the fifth-rarest, and in PR67, it’s also the fifth-rarest (tied with that of the ’08).

1914: The 1914’s appearance is similar to that of 1913, but slightly brighter and more coppery. The strike for most 1914s is superior to that of 1913, and nearly as perfect as 1911 and 1912. Also in many specimens that I have examined, the 1914s appear to have striations that may look to most people like hairlines. The 1914 is the third-rarest of all the Mattes in PR65 or better. It’s also the second-rarest of all the mattes in PR67 or better for all dates.

1915: This is the final year for the Matte series, and by far the rarest. The 1915 in original condition is quite dark and dull, very similar to the 1908, but sometimes can be a lighter shade. The strike is often weaker than most other dates. With a mintage of only 50, it is no wonder why it’s the rarest of all Proof Saints in our survey. The 1915 has only a total of 20 coins graded in PR65 or better, of which I estimate only 13 are still in holders (due to re-submissions). The 1915 ranks first in PR65 or better, and also first in PR67 or better. In PR67, only one lone coin has ever been graded.

Now we move to examine the Roman Finish dates, of which there are only two. Note: A few 1908 Romans exist, as well as a 1907, but we will cover these in the future.

1909: The 1909 is one of the most attractive of all the Proof Saint-Gaudens, generally exhibiting superior eye appeal. The coloration tends to be slightly coppery and very brilliant. Overall, the 1909 is the third-rarest in PR65 or better, and fourth-rarest in PR67 or better.

1910: Generally, the 1910 looks very much like the 1909, although they tend to be even better in appearance, being more mirrored and golden in color, as opposed to the coppery color of the 1909. Overall, the 1910 is the fourth-rarest, and in PR67 or better, it is the third-rarest.

Although the 1909 and 1910 are not the rarest, they do tend to command the highest prices. This is for several reasons: first, their overall beauty, which, being a Roman finish is much easier to understand than a Matte finish, and as far as eye appeal, they are clearly far superior. Secondly, as a two-year Type, the total number of available coins is far lower for the Romans than the Mattes.

The key element to note about this series is its extreme overall rarity. First, only 687 coins were minted for all the dates: 1908 through 1915. The lowest being that of the 1915 at 50, and the largest 1910 at 167 (although this number is inaccurate as many have been melted).

Of this scant number of production, famed author David W. Akers estimates that only 170 to 210 total coins exist today. Although the total population of grades coins by PCGS & NGC are reported at 322, we are certain that it is overstated by quite a bit. My estimation is approximately 228 as the current graded population (slightly higher than David Akers’ total estimate of survivorship). The following assumptions were used to calculate my estimate of the populations: Firstly, in Proof 65, I believe the reported population numbers are overstated by 40 percent. In Proof 66, they are overstated by as much as 30 percent, and in Proof 67, by as much as 15 percent. Finally, in Proof 68, we will assume the population data is 100 percent accurate, not because anyone has attempted to breakout a PR68, but because anyone doing so and possessing such a coin would have returned the tags.

Therefore, the reason for this large discrepancy in population revolves around the resubmission of many of these coins for profit. However, the next result is a much tighter spread of valuation between grades, except in the case of Proof 67 and Proof 68. My philosophy has always been to recommend the grade which has the lowest premium overall to the previous grade. My feeling is, as in most series, that Proof 68s are overvalued, in relation to the 67s. As time passes, this too will contract. Overall, in the saint-Gaudens series, it’s all about the rarity, and not the grade.

The Proof Saint-Gaudens series is clearly very undervalued relative to the other popular, big, important coins. Let me illustrate some examples. First, lets look at a few “common date” Proof Twenty Dollar Liberties. Grade for grade, compared to Saints, these sell for a large premium. For example, in PR65, the Greysheet Bid is $86,500 for the $20 Liberty, versus $52,500 for the $20 Saint Gaudens. Furthermore, the Twenty Liberty Series is far more extensive, with many more common dates to choose from. So the total population for a Type coin is far greater in PR65 or better. Additionally, even though the Twenty Dollar Liberty premium in the PR65 grade is nearly 65 percent, in higher grades, the Twenty Dollar Liberty has an even larger premium.

Another key example of a coin that illustrates how much Proof Saint-Gaudens are undervalued is the Mint State High Relief Saints. In MS65, a total of 685 have been graded by both PCGS & NGC, while only 108 Proof Saint-Gaudens have been graded in PR65. The Proof 65 Saints have a Bid of $52,500, while the MS65 Saints are Bid at $45,500, 7 times rarer. In grades above MS65, the Mint State High Relief actually sells for more than the Proof Saint-Gaudens. In fact, in MS67, the Mint State High Relief sells at a 25 percent to 60 percent premium to the Proof Saint-Gaudens. The total population of High Reliefs in MS65 or better is 947, while the total population of Proof Saint-Gaudens is a mere 322. Based on this information alone, one would conclude that the Proofs are remarkably undervalued. However, one additional key piece of information must be disclosed, which is that in all probability, 90 percent to 95 percent of all existing Proof Saints have been graded. While in the case of the 12,367 mintage Mint State High Reliefs, with extreme certainty, I can state that the majority of known specimens have not been graded.

I must discuss one final, but controversial, and very important point regarding the Proof Saint-Gaudens series. At this time, many Matte $20s have been dipped, and some individuals, as well as one grading service, look very harshly at this. I say, to each their own taste. However, in nearly all series, dipping is looked upon very favorably (how many Morgans have not been dipped?). I feel discounting value or grade due to dipping is not appropriate. So, I can certainly see paying a premium for a fully original coin or giving it a slight edge when grading such a coin.

The Proof Saint-Gaudens series is certainly one of the most interesting, beautiful, rare and extremely undervalued series in all of American numismatics. I highly recommend it to all who can afford this great series.

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Certified Early Gold (1795-1834) and Why They Are Scarce, Part II

By Silvano DiGenova

Quarter eagles, or two-and-one-half-dollar gold pieces as they are also called, come in six different styles or basic types, those being Draped Bust No Stars, Draped Bust with Stars, Capped Bust Left, Capped Head Left Large Size, and Capped Head Left Small Size. Liberty obverse and Large or Heraldic Eagle reverse all have the same manufacturing characteristics, in that they are all 25 millimeters in diameter, weigh 135 grains of .9167 fine gold and are alloyed with copper, and were struck in a screw press with a reeded collar at the Philadelphia mint. By and large they are mostly softly struck; a well struck coin is always a prize in any grade.

Draped Bust No Stars 1796
1796 Draped Bust No Stars: This type was designed by Chief Engraver of the U.S. Mint Robert Scot and struck in Philadelphia. The obverse is Liberty facing right, the reverse is the Heraldic Eagle seal of the United States. There are two die varieties of the one year type with an estimated mintage of fewer than 1,000. Most show some weakness from a rusted die at the E in “Liberty” and they commonly come partially prooflike, which is not surprising, considering the short mintage. There is no denomination of value on this early gold coin, and there are no known proofs made or rumored (Akers).

There are total of 97 of these coins certified in all grades, of which only 17 are uncirculated, at least two of which are gems, which makes all the coins in all grades either very scarce or rare. While Akers estimated 40 known over 30 years ago, with David Halls estimates of a 20 percent margin of error on both Akers’ estimates (conservative) and the number of certified (aggressive), Akers is pretty close to accurate, a fairly amazing feat, if one puts aside the fact that it is statistically very unlikely that 10 percent of the total mintage of any early gold coin has survived over 200 years. DiGenova recommends this coin in all grades so long as there is even wear on the circulated examples, no problems of any kind and good eye appeal.

Draped Bust With Stars 1796-1807

1796-1807 Draped Bust with Stars: Also designed by Robert Scot and made in Philadelphia, starts in 1796 and runs until 1807. There is an estimated mintage of eighteen and a half thousand for the type in 11 date varieties. Even the common dates are not really common because of the short mintages. There are 750 certified examples of all dates, of which 181 are uncirculated, with just four known gems. There is no denomination on these coins. The 1807, 1802/1 and the 1804 14 stars are the most “common” of these uncommon coins. There are also at least two dozen examples that have been made into jewelry, cleaned harshly or damaged in some other fashion which would make them uncollectible to all but a few numismatists.

1796 With Stars: This variety was created with an entirely new hub, the letters in Liberty being spaced differently than on the No Stars type, and there are eight stars on each side of the head of Liberty (Breen). A total mintage of 432 and only 38 certified examples in all grades, of which 12 are uncirculated. I have seen only one gem and have heard of no others. This date is the fourth rarest early quarter eagle. Akers was right on the money with survival rates on this date as well. Rare.

1797: Just about the same mintage as the 1796 With Stars but three times as rare in Uncirculated. The stars are seven to the left and six to the right of Liberty and a 16 star reverse. Only 26 examples certified, of which four are Uncirculated, Survival rare of about five percent. Rare.

1798: Wide Date, Five Berries: With a mintage estimated at only 800-plus (Dannruther). There are five stars to the right of Liberty and seven to the left. This type has 35 certified examples in all grades, and only 13 uncirculated examples currently known. With a survival rate of four-and-a-half percent, there is one gem known reported but I have never seen it. Rare.

1798 Close Date, Four Berries: While missing from Yeoman’s Guide Book, Akers noted this unusual variety in 1975, and it does appear recently in Dannruther’s notes, so the Red Book should be corrected at some point to include the Close Date. Same stars arrangement as on the Wide Date variety. Estimated mintage of just over about 250 (Dannruther), only one example has been certified in any grade, making this variety a contender for rarest early draped bust quarter eagle. Very Rare and not collectable.

1802/1: With a mintage of over 3,000, this overdate is in the running for the second most “common” of the early draped bust quarter eagles. There are eight stars to the left of Liberty and five to the right. There are 143 certified examples, of which 33 are Uncirculated, making an overall survival rate of one-and-three-quarters. There are two reported Gems. Rare.

1804 14 Stars: With eight stars to the right of Liberty and five to the right. Akers estimates a mintage of three thousand; Dannruther cites a mintage of about 2,800, while Breen estimated 2,300, and one of which will make this the third-most “common” early draped bust quarter eagle, for a total survival rate of three-and-a-half percent. There are 100 certified examples of which nineteen are Uncirculated. Rare.

Certified Early Gold (1795-1834) and Why They Are Scarce, Part I

By Silvano DiGenova

Methodology of This Study
There are those of us who not only consider early gold as rare coins worthy of our investment dollars, but the ultimate embodiment of the first American mint masters and engravers art as well. The best examples of these coins are rare and desirable as both artifacts of our new nation and tangible evidence of the difficulty that the original founders faced when creating our new currency system. The mintages are small and the survival rates in all grades low. Early United States gold coins in any grade worthy of investment are going to be both rare, and thus hard to come by, and much in demand, and thus expensive to buy.

Collectors have known that pre-1834 gold is rare virtually since the coins were originally made, but just how rare, while not a surprise is statistically amazing. All the mintage figures in this article come from John Dannruther’s new unpublished manuscript, which is very helpful, and sometimes, often, differs from the mintage figures in the Yeoman’s Red Book. I recommend you buy a copy when it is published, as it will unquestionably be the “state of the art” on the subject for years to come.

The population report figures come from both Professional Coin Dealers Grading Services and Numismatic Guaranty Corporation population report figures combined, in some, if not all cases there will be some duplication and other statistical errors, perhaps to the extend of 20 percent in either direction. Grades of individual coins go up and down with the fashions in grading, complicating the issue even further. Additionally, the coins held in old collections, museums and at the National Collection in Washington are not certified, so they will further confuse the survival rates. Therefore, survival rates within are a compilation of the opinions of Silvano DiGenova, John Dannruther, David Akers, David Hall and Neil Berman, DiGenova being the original source and later used to verify his estimates.

Early Money before United States Gold Coins
The first attempts at producing currency inside North America were issued by the Continental Congress, the original 13 Colonies individually, and later the brand new United States of America. Because these were for the most part paper or copper money, what little acceptance they received was on the faith our early patriots and did not readily translate into serious use for international commerce. The paper money devalued into fiat currency as paper money almost always does, and the need for hard currency became apparent immediately during the American Revolution. Production was planned as soon as the new government was able, which was no small undertaking. This was authorized by the new U.S. Government by the Mint Act of 1792.

This new coinage appears to have begun on or about March, 1793 with the production of what we now call chain cents, the design of which the public was not pleased with. The first gold coins, the coins that we are particularly interested in, half eagles, were not manufactured until 1795. It is here, at their little sisters, the quarter eagles, that we start our story.

Early gold coins come in three denominations, those being quarter eagles, half eagles, and eagles, or 10-dollar pieces, as the gold coins were all divisions or multiplications of the eagle 10-dollar denomination. There were no denominations on the coins because it really did not matter to the merchants and governments of the time who used the coins in commerce, as the coins were only worth their weight and fineness in gold, and no more. They were emitted from the mint in the following order. First, the Half Eagles, 744 of them, were struck on July 31, 1795. Next, the Eagles, 1,097 units of the highest denomination coin, on Sept. 22, 1795. Last the lowest denomination gold coins, quarter eagles, and they were first delivered on Sept. 21, 1796 (Dannruther). A quick note on the mintage figures. All mintage figures at the early U.S. Mint are more or less educated guesses, as there was no law governing the use of dies like there is today. Dies were time consuming and expensive to make, and so the dies were used almost indiscriminately until they were no long serviceable, and sometimes even past then, as coins struck from cracked and rusted dies are not uncommon. The date on the gold coin is not necessarily the date that the coin was made at that first American mint, and in some cases has no relationship at all to the date of manufacture.

All the early gold coin types of all denominations are rare for several reasons. First, the very limited mintages made them hard to come by, even when they had just been freshly minted. Then they were removed from circulation for all of the usual reasons including loss and wear. The grand final, so to speak, was the change in the weight of all gold coins by Act of Congress on June 28, 1834 which restated the ratio of the value of gold to silver. With the increase in the relative gold value, the coins were worth more as metal than coins, and they were melted by the thousands. What is left today was saved as souvenirs by the new Americans, shopped overseas, saved as bank reserves both in the States and abroad, or in the hands of early collectors.

Descriptions to be continued in Part II

Methodology of This Study

There are those of us who not only consider early gold as rare coins worthy of our investment dollars, but the ultimate embodiment of the first American mint masters and engravers art as well. The best examples of these coins are rare and desirable as both artifacts of our new nation and tangible evidence of the difficulty that the original founders faced when creating our new currency system. The mintages are small and the survival rates in all grades low. Early United States gold coins in any grade worthy of investment are going to be both rare, and thus hard to come by, and much in demand, and thus expensive to buy.

Collectors have known that pre 1834 gold is rare virtually since the coins were originally made, but just how rare, while not a surprise, is statistically amazing. All the mintage figures in this article come from Joh9n Dannruther’s new unpublished manuscript, which is very helpful, and sometimes, often, differs from the mintage figures in the Yeoman’s Red Book. I recommend you buy a copy when it is published, as it will unquestionably be the “state of the art” on the subject for years to come.

The population report figures come from both Professional Coin Dealers Grading Services and Numismatic Guaranty Corporation population report figures combined, in some if not all cases there will be some duplication and other statistical errors, perhaps to the extend of twenty percent in either direction. Grades of individual coins go up and down with the fashions in grading, complicating the issue even further. Additionally, the coins help in old collections, museums and at the National Collection in Washington are not certified, so they will further confuse the survival rates. Therefore, survival rates within are a compilation of the opinions of Silvano DiGenova, John Dannruther, David Akers, David Hall, and Neil Berman, DiGenova being the original source and later used to verify his estimates.

Early Money before United States Gold Coins

The first attempts at producing currency inside North America were issued by the Continental Congress, the original Thirteen Colonies individually, and later the brand new United States of America. Because these were for the most part paper or copper money, what little acceptance they received was on the faith our early patriots and did not readily translate into serious use for international commerce. The paper money devalued into fiat currency as paper money almost always does, and the need for hard currency became apparent immediately during the American Revolution. Production was planned as soon as the new government was able, which was no small undertaking. This was authorized by the new US Government by the Mint Act of 1792.

This new coinage appears to have begun on or about March, 1793 with the production of what we now call chain cents, the design of which the public was not pleased with. The first gold coins, the coins that we are particularly interested in, half eagles, were not manufactured until 1795. It is here, at their little sisters, the quarter eagles, that we start our story.

Early gold coins come in three denominations, those being quarter eagles, half eagles, and eagles, or ten dollar pieces, as the gold coins were all divisions or multiplications of the eagle ten dollar denomination. There were no denominations on the coins because it really did not matter to the merchants and governments of the time who used the coins in commerce, as the coins were only worth their weight and fineness in gold, and no more. They were emitted from the mint in the following order. First, the Half Eagles, seven hundred and forty-four of them, were struck on July 31st, 1795. Next, the Eagles, one thousand ninety-seven units of the highest denomination coin, on September 22, 1795. Last the lowest denomination gold coins, quarter eagles, and they were first delivered on September 21st, 1796 (Dannruther). A quick note on the mintage figures. All mintage figures at the early US Mint are more or less educated guesses, as there was no law governing the use of dies like there is today. Dies were time consuming and expensive to make, and so the dies were used almost indiscriminately until they were no long serviceable, and sometimes even past then, as coins struck from cracked and rusted dies are not uncommon. The date on the gold coin is not necessarily the date that the coin was made at that first American mint, and in some cases has no relationship at all to the date of manufacture.

All the early gold coin types of all denominations are rare for several reasons. First, the very limited mintages made them hard to come by even when they had just been freshly minted. Then they were removed from circulation for all of the usual reasons including loss and wear. The grand final, so to speak, was the change in the weight of all gold coins by Act of Congress on June 28th, 1834 which restated the ratio of the value of gold to silver. With the increase in the relative gold value, the coins were worth more as metal than coins, and they were melted by the thousands. What is left today was saved as souvenirs by the new Americans, shopped overseas, saved as bank reserved both in the States and abroad, or in the hands of early collectors.

Early $10 Gold 1795-1804 by Silvano DiGenova

For rare coin collectors seeking challenge and reward, Early United States Gold coins dated 1795 to 1804 are an ideal choice of specialty. Early Gold coin mintages are remarkable small and the survival rates in all grades are low, making these beautiful coins not only challenging to collect, but also potentially highly rewarding as an investment. Sophisticated collectors often become interested in early Gold coins because these coins are fascinating artifacts from our nation’s infancy, and tangible pieces of history, attesting to the development of our nations system of money.

While collectors have long known that all early Unites States Gold coins are rare, recent analysis by noted authority John Dannruther indicates that these coins are even rarer than was originally thought. The mintage figures in Mr. Dannreuther’s yet unpublished study differ in some instances from the mintages figures in “A Guide Book of United States Coins,” by R.S. Yeoman. When published, Mr. Dannreuther’s study rates to become a standard reference on the topic.

The basis of the population figures in this article is the combined number reported certified by the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC). However, in the opinion of the authors, actual populations may be as much as 20% difference than published figures in some cases, taking into consideration multiple submissions of the same coin(s). In several cases we have made some estimates where we feel the published information does not give as accurate a perspective on the true population. This is due to the services not recognizing certain varieties in the beginning of the population reports and then adding them later. Also in the case of the 1803, besides the population report variety changes, it is with near certainty that virtually all the Large Start reverse Tens certified are actually the Large Start with 14 Star reverse.

Following is a date-by-date analysis of early Eagles to use as an aid in making informed buying decisions in this challenging and rewarding series.

Eagles 1795 – 1804

Eagles are the largest denomination struck of early Gold, and the second denomination of Gold coins manufactured at the new Mint. The first Eagles were struck at the Philadelphia Mint on September 22, 1795.

All Early Eagles are thirty-tree millimeters in diameter, weigh 270 grains of .9167 fine Gold alloyed with .0833 Copper and Silver, have a reeded edge and were designed by Robert Scot except where otherwise mentioned. In those cases the reverse may have been engraved by John Gardner. They come in two types, with both the Small Eagle reverse and with a Large Eagle reverse. A total of 132,500 plus were minted between the two types, with 3,213 examples certified in all grades, a total survival rate of two percent for the entire series, of which 1,550 graded Uncirculated. There are only twenty-five Gem Uncirculated coins reported of all dates, or less than two hundredths of one percent.

The Small Eagle reverse was made with four major varieties, those being the 1795 13 Leave and 9 Leaves, the 1796 with 11 Leaves and the 1797. There is just a total mintage of somewhere between 13,344 and 15,251 coins, of which 524 reported certified in all grades, which is a survival rate of nearly four percent, with 154 graded Uncirculated by both grading services. I would be surprised if there really are that many coins in such a high grade, as widely known coins of this value and subjectivity are frequently regarded and often the tags are not returned. We believe a 20% or more over statement by the population reports is certainly possible.

The large Eagle reverse comes in eleven date/variety combinations, a total of 2,689 examples reported certified in all grades, of which over 1,102 are called Uncirculated. There are also the Proofs of 1804 with a Plain 4 that were struck thirty years after the date on the coin. As states before, we certainly feel like the population data is considerably overstates. Also worth nothing that unlike series such as Morgan Dollars or $20 Saint Gaudens, the majority of the known coins have been graded with the likelihood of undiscovered hoards next to nil.

Draped Bust Small Eagle Type 1795 – 1797

1795 Small Eagle 13 Leaves: With a mintage estimated at just over five thousand from two pairs of dies, this is the most “common” of the Small Eagle Type by a factor of more than two over the next “common” date 1796. With 327 graded we have a relatively large survival rate, probably because this was the first year of the Type and many must have been saved as souvenirs, accounting for the availability in most grades. The grading services have graded 105 as Uncirculated and four as MS65 or better. Certainly duplication exists. Being the first year Type and the most available of the Type, this is always sought after and fully priced within the series. Scarce in Circulated grades, rare in Mint State.

1795 Small Eagle 9 Leaves: With an estimated mintage of only five hundred coins, this is the rarest date of the Type. There are 21 examples reported certified in all grades, which is undoubtedly many of the same coins being resubmitted to the grading service. I doubt there are even the fifteen that Dannreuther seems to think survived. Twelve examples are reported certified in Uncirculated, also likely to be overstated. The population shows four coins in MS63. We are aware of only two with the possibility of three. The 9 Leaf $10 in all grades is far undervalued relative to the 1795 13 Leaf and most of the series. Very rare in all grades, extremely rare in Mint State.

1796 Small Eagle 11 Leaves: With a mintage of just over 4,100, including 125 examples reported certified in all grades makes this the second most “common” date of the Type./ The certified mintages match Dannreuther’s estimates. PCGS and NGC have reported 25 uncirculated survivors. Underrated relative the 1795 13 Leaf. Rare in all grades, very rare in Mint State.

1797 Small Eagle: With a mintage of 3,650, there are only 51 certified in all grades and just 12 in Uncirculated grades. Of the Uncirculated coins, none appear to be higher than MS62. Undervalued in all grades. Rare in all grades, exceedingly rare in Mint condition.

Draped Bust Large or Heraldic Eagle 1797 – 1804
1797 Large Eagles: With a mintage of almost eleven thousand in three die variations, the 1797 is the fourth most “common” date of the Type. There are 305 certified in all grades of which 71 are reported to be Uncirculated. Scarce and very popular as it is the first year of the new type as a result it tends to be more fully priced than the 1803 or very underrated 1800 both of greater rarity when evaluated by year and variety. Scarce in all grades, rare in Mint State.

1798/7 9X4 Stars Obverse. Overdate with nine Stars to the left of Liberty and four to the right. With the obverse of 1795, reverse by John Gardner, and an estimated mintage of nine hundred coins, of which 61 are certified in all grades, only ten of those are Uncirculated. Very rare in all grades. Exceedingly rare in Mint State. Undervalued relative to its rarity, especially in Mint State.

1798/7 7X6 Stars Obverse: Overdate with seven Stars to the left of Liberty and six to the right. With the obverse of 1795, reverse by John Gardner, and an estimated mintage of only eight hundred forty-two. Since there are only 11 coins certified in all grades, Akers call this the rarest date of the Type, and the certified numbers bear him out. Only four Uncirculated coins make this the second rarest in the series and the rarest of the major “Red Book” varieties. In general undervalued, however, always fairly expensive and only necessary to the advanced collector.

1799 Small Stars Obverse: This variety is from seven pairs of dies with an estimated mintage of 7,500. As both services did not designate this variety from the beginning, the population figures do not illustrated an accurate picture. We know that 939 total 1799 have been graded, of which 407 are Uncirculated. In examining several criteria including the following, approximately 1/3 of the 1799 $10 were Small Stars from the time NGC started making the designation. Also examining Jeff Garrett and John Dannreuther’s book on auction records, 36% are Small Stars and 64% Large Stars. It is this ratio that was used to approximate the population report. The proportion of Uncirculated was 30% and therefore we approximated 122 Small Stars in Uncirculated. The 1799 Small Stars, although nearly twice as rare as the Large Stars is still the third most common of all early Tens but at little or no premium over the 1799 Large Stars or 1801, it still presents a very good value and is relatively rare in Mint State.

1800: With a stated mintage of 6,000 from one pair of dies, it has only 198 examples certified in all grades and just 77 in Mint State. Very rare and underrated in all grades. Generally sells for less than the 1797 although far rarer. MS63 and better specimens should trade for far more.

1801: With a mintage of about 44,500 the 1801 has the largest mintage of the Type, and in fact, the early $10 series. Seven hundred sixty-seven examples certified, of which 358 were graded Uncirculated, which while not very likely does illustrate that this is the most “common” of the Type. Available readily in all grades except Gem, which of course barely exist. Very popular as the Type coin for the series. Rather than the 1799 in high grades of MS64 and up.

1803 Small Stars Reverse: The 1803 Small Star reverse has a mintage of 10,800 of which we estimate 249 are certified in all grades and 97 in Mint State grades. Far scarcer than either 1799 and the 1801, this date and variety should carry a considerable premium to those especially in Uncirculated grades.

1803 13 Large Stars Reverse: With a total estimated mintage of only 1,200 from four pairs of dies, we estimate only about four coins are graded in all grades (or less) only one Mint State coin can actually be identified through the last ten years of auctions. This is the rarest of the varieties listed here. Not well known in the marketplace, this coin is highly sought-after by several specialists. Hard to determine an accurate current value, however, what is certain that we would pay far in excess of any current price guide!

1803 14 Large Star Reverse: The extra star in the clouds, with a total estimated mintage of only 3,000 coins, we estimate 67 of the total 319 1803 graded in all varieties are the 14 Star Reverse. This variety was first identified by Harry Bass and, although rare, many more Large Start Reverses are actually the 14 Star as the Small Star is easily worn away or obscured by bag marks. Very popular and rare. Probably priced accurately in today’s market.

1804: All are the Crosslet 4 variety with Small Stars, like the 1803, except the handful of Proofs that were struck in 1834 or 1835, depending on who you ask. All three of the known Proofs have a Plain 4 with Medium Stars, according to Dannreuther. A total mintage of 3,700 business strikes of the Crosslet 4 variety, with only 89 examples surviving certified in all grades. There are 37 certified Uncirculated specimens, but no Gems. Very scarce last year of issue. Also popular because of the profound numismatic year of 1804. Additionally this is notoriously weakly struck. Some examples as high as Mint State have much of the facial and hair detail missing. Very rare in Mint State, especially well struck. Rare in Circulated grades as well as generally under valued.