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Richard Mantia with Mastro Live Auctions talks about Mastro’s new division for numismatics and the world record they recently set with the purchase of a Polish gold 1925 pattern coin. WorthPoint’s Dan Borsey has the story.

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During the 19th century counterstamping of coinage was done as a means of advertising one’s business and also as a forerunner to the modern day shopping coupon.

Dr. George G. Wilkins was the most prolific counterstamper of coins in the United States during the mid-1800s. Estimates range to more than 100,000 coins, mostly large cents and small cents. He seems to have stamped everything crossing his path, though no silver dollars or gold coins are known.

There are two different styles of counterstamps: Large letters with very little space between the “N” and “S” of Wilkins, small letters with full space between the “N” and “S” of Wilkins.

This 1856 Liberty seated dime is one of the specimens not previously known. Examples were 1835 Bust Dimes, 1842, 1853, 1853 with arrows, and 1857. There are seven specimens recorded (known to exist).

This is why I continue to collect coins, medals, and tokens; new doors always open up to me after fifty years of collecting.

Resource: My personal coin collection and “United States Tokens” by Russell Rulau.

Some Alaskan State quarters are showing up with the designer’s initials missing. The designer, Charles Vickers, whose initials CLV are supposed to be showing in the right lower quadrant near the bear’s left paw. Others are showing “ghost images” of the initials and others exhibited just one or two initials.

Debris which builds up around the minting machinery, made up of grease, oil, metal filings known as “mint goop” may work itself into and cover the dies. At first glance it appears like light scratching but are actually a number of tiny “strike through” areas from the metal flecks.

Resources: Numismatic News November 4, 2008

A 2005-P West Virginia state quarter has been found with a “dropped letter” showing as a letter “T” dropped out in the field. This is the result of the “T” of WEST being clogged with debris that was packed in so tight that when it eventually fell out of the die cavity of the “T”, like Jello from a mold, it was struck into the field of the coin leaving behind this very interesting incuse “T.”

Another find is a 1988-P Jefferson five-cent piece that is described as an in-collar flip-over double strike. It was struck normally on the first strike and then re-entered the collar flipped over and rotated in relation to the first strike and struck within the collar again. Because the coin expands ever so slightly after it is ejected from the collar, it is very difficult for it to completely re-enter the collar. As a result the most in-collar double strikes will show what is called a “Partial Collar Strike”.

Resource: Numismatic News Oct. 14, 2008.

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.

Four new reverses on the Lincoln cent (penny) are scheduled to appear in circulation starting February 2009 and will gradually make new appearances throughout the calendar year, in observance of the bicentenniel of Lincoln’s birth. Each design will emulate President Lincoln’s life from childhood up through his Presidency. The composition of these coins will be 97.5% zinc and 2.5% copper.

The original wheat reverse penny was indroduced in 1909 through 1958 and the latter reverse (Lincoln Memorial) was introduced in 1959.

Resource: Coin World Magazine

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

Re-engraving a mystery

The unexplained re-engraving at the Philadelphia Mint of an obverse and reverse pair of 1938 proof Jefferson nickel dies is not unique after all. At least five different 1938 proof nickel obverse dies were enhanced by an engraver who hand carved details directly into working proof dies, and it remains to be seen if any 1938 proof nickel dies have the elusive “normal” design.

Resource: “Numismatic News” Sept. 30, 2008.

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.