GOLD COINS - OF THE - NEW ORLEANS MINT 1839 1909 - second as W i nter Oi OLD COINS -OF THE - HB'W OliLIiAN314MT' 1339 1909 - [Second Edition] By: Douglas Winter With A Historical Overview by Greg Lambousy and An Essay on The Distribution of New Orleans Gold by David Ginsburg N. S N NUMISMATIC ASLIBRARY N. CASCADE AYE O SPPINOS CC RICA 818 RAD E O M L A O C GOLD COINS of the NEW ORLEANS MINT: 1839-1909 [Second Edition] By: Douglas Winter With A Historical Overview by Greg Lambousy and An Essay on The Distribution of New Orleans Gold by David Ginsburg Copyright © 2006 Douglas Winter Published by: Zyrus Press Inc. PO Box 17810, Irvine, CA 92623 Tel: (888) 622-7823 / Fax: (800) 215-9694 www.zyruspress.com ISBN # 0-9742371-6-7 (paperback) All rights reserved, including duplication of any kind or storage in electronic or visual retrieval systems. Written permission is required for reproduction, in whole or part, of this book. llllllllllllllllllllilllllllllllllllll 95027907 ZYRUS H PRESS ABOUT THE AUTHOR Doug Winter is among the most prolific numismatic authors of all time. He has written over ten books on United States gold coinage including the standard references on Charlotte, Dahlonega and Carson City issues as well as Type One, Type Two and Type Three Double Eagles. Doug has been a professional numismatist since 1982. He is the owner of Douglas Winter Numismatics (DWN), a firm located in Portland, Oregon. DWN buys and sells United States coins struck from 1793 to 1933 and is best-known for specializing in choice and rare United States gold. DWN sells to both collectors and dealers and attends all major conventions. The firm’s website address is www.raregoldcoins.com. A third edition of this book is planned in the future and the author would appreciate comments and questions regarding New Orleans gold coinage. He can be reached via email at [email protected] and on the web at www.raregoldcoins.com. ACKNOWLEDGEMENTS The author would like to thank the following people for their assistance with this book: • American Numismatic Rarities • Auctions by Bowers and Merena • Bart Crane • Dr. Joseph Gaines • David Ginsburg • Heritage Numismatic Auctions(Heritageauctions.com) • Robert Kanterman • Reece Kimes (a special thanks for pushing me to finish this book when I otherwise might not have) • Greg Lambousy • Paul Nugget • Numismatic Guaranty Corporation • Dan O’Dowd • Dave Steine The photography and cover design are the work of Sarah Staub from Pinnacle Rarities. I would like to thank Mary Winter for her assistance in proofreading. 4 PREFACE I began research on the first edition of Gold Coins of the New Orleans Mint in the late 1980s and it was published in 1992. It quickly became outdated and, as the years went by, the book became scarce and hard to find. Not a month went by from around 1995 to 2004 without someone asking me when I was going to update the New Orleans gold book. I always had a ready excuse: I was working on another book or I was swamped with projects from my own growing coin firm or I was working on articles for my website. Before I knew it, a decade or more had passed since the first edition had been published and, quite frankly, I was growing embarrassed that the 1992 work was still being cited in print. For its time, it was a good book, but so much information (and so many new coins) had come out since then that it was clear a new book would have to be written. The initial temptation was to slightly update the information from the first edition and rush it into print. But the more I thought about it, the more I realized that the gold coinage from the New Orleans Mint deserved a new, totally updated reference. 1 was reinvigorated in early 2004 when I purchased what was probably the single finest set of New Orleans gold coinage ever assembled. As I cataloged these coins for sale, I got excited about the prospects of working on a second edition of the book and creating a work that would be of similar quality to the books that I had written on Charlotte, Dahlonega and Carson City gold coinage. New Orleans gold coinage remains less popular than its counterparts from Charlotte and Dahlonega, despite the fact that in many cases it is considerably rarer. New Orleans was a bustling commercial hub in the pre-Civil War days and the coins from this mint saw active use, unlike their Charlotte and Dahlonega counterparts which were part of a much less vibrant local economy. People still do not realize just how rare many higher grade pre-Civil War issues from this mint are. As this book will show, many of the quarter eagles, half eagles and eagles from New Orleans are exceedingly rare in Uncirculated. Despite this fact, they remain less expensive than less rare Charlotte and Dahlonega issues. There were facets of my first book that, upon reflection, I was not happy about. As an example, there was virtually no information included about the history of the New Orleans Mint. I am not a historian and I felt that my contributions about this topic would be unoriginal at best. To remedy this, I commissioned Greg Lambousy, the Director of Collections of the Louisiana State Museum, who wrote what 1 feel is a simply brilliant concise history of the Mint. Also, David Ginsburg has written an article about how gold coins of this era circulated; a study that will explain exactly why so many of these coins are so rare today. The biggest numerical changes in the second edition are probably in regard to the number of post-1880 eagles that are known. Substantial quantities of these coins have been found in Europe since 1992. In some cases, total populations have double or even tripled and 1 don’t doubt that the numbers will continue to rise in the coming years. I have expanded the format I employed in the first edition to one that is, in my opinion, easier to read and more comprehensive. There are now individual features on strike, surfaces, Gold Coins of the New Orleans Mint: 1839-1909 luster, color, eye appeal, die characteristics, major varieties, overall and in-grade rarity levels and auction records for every New Orleans gold issue. This information is completely updated from the first edition and is current and accurate through the end of 2005. I have decided to stop using the Condition Census listings that 1 had included in the first edition of this book as well as in the other gold coin books I had written since 1992. Quite simply, it is too difficult to keep up with the musical chairs that many high grade coins play. A piece that may grade MS61 at PCGS in 2000 becomes an NGC MS62 in 2002 and it might even be in an NGC or PCGS MS63 holder in 2005. The concept of a Condition Census loses its relevance when the same three or four coins are listed over and over again in different incarnations. I have decided to list Significant Pieces Known for each issue. In the case of a date which is extremely rare in higher grades, I have tried to list all of the individual pieces known to me. I have also decided to be more detailed in describing some of the major die varieties for New Orleans gold. 1 do not consider myself to be a “die variety guy” and do not wish the focus of this book to be an in-depth focus of micro-varieties. By the same token, there are a number of extremely interesting major varieties for many of these issues and I feel that this area has strong potential to grow in popularity if the varieties are presented in an easily understood fashion. The ideal use of this book is really the same as my other books. It is an accurate, non- biased work that the average collector can confidently use to help make purchasing decisions. The ideal situation I can envision the book being helpful for is when a collector sees a certain coin in a dealer’s inventory and orders it. When he receives the coin, he can compare its strike to the criteria I have listed in the book. He can also determine if the coin has the right color, if the marks on the coin are average or heavy and what other examples have sold for at auction. If this book can help the average collector make smart purchasing decisions than I think it has accomplished its goal. I hope that there is a need and a demand for a third edition of this book and that, if this is the case, I will be able to do it more quickly than the 14 years which separated the first two editions. Doug Winter May 2006 6 HOW TO USE THIS BOOK This book retains a format similar to the one I employed in my work Gold Coins of the Dahlonega Mint, 1838-1861. However, 1 have expanded it to include a few features which 1 think will prove to be useful to advanced collectors. What follows is a sample page, along with explanations as to what each section represents and how the information included can be useful to the collector. MINTAGE: The mintage figures listed are verified against the Red Book and the Breen Encyclopedia. In the case of disputed figures, both sets are listed. In the case where mintage figures of specific varieties are not known, an estimate may be given based on the number of surviving examples. RARITY RANKING: Every issue is ranked within its own series in terms of its rarity. In the case where there is more than one type known (as with No Motto and With Motto eagles) the types are analyzed separately. OVERALL: Overall rarity refers to the total number of coins estimated to exist. These figures are based on a combination of factors: personal observation, consultation with other experts, auction records and populations figures from PCGS and NGC. Overall rarity is very difficult to estimate on the more common issues and these numbers are likely to change over the course of time. Certain issues, such as New Orleans eagles from the 1890s and early 1900s, may see significant changes in overall rarity over the course of time due to the possibility of more examples being discovered. In most cases this possibility is noted. Ranges that are listed with a plus sign at the end (i.e., 500-700+) are those most likely to see inflation. HIGH GRADE: High grade rarity refers to coins graded AU50 and above. For many New Orleans gold issues this provides a good cut off point in determining the high grade rarity of a coin. The one exception to this rule is with the common Eagles from the 1888-1906 era where “high grade” generally refers to coins that grade MS60 or above. STRIKE: Every issue is analyzed in regard to its strike. I pay particular attention to the typical strike for each issue. For the most part, strike is an extremely important factor in determining the grade and level of desirability for most New Orleans issues. If you are a collector who values sharp strikes, pay careful attention to the conclusion of this section. If a certain New Orleans gold coin is said to always come weakly struck at the obverse center, do not hold out for a coin that is well struck, as it may not exist. But if issues are seen with varying degrees of sharpness, the collector may do well to pass on an example with a poor strike and wait for one which is better detailed. SURFACES: Nearly every New Orleans gold coin is found with heavily abraded surfaces. This section expresses my personal observations over the 7 Gold Coins of the New Orleans Mint: 1839-1909 years in regard to what the surfaces should look like. I would suggest that collectors avoid coins that have marks placed in prime focal points such as the cheek of Liberty. LUSTER: The luster seen on New Orleans gold coins varies from satiny to frosty to prooflike. I do not claim to have seen every New Orleans gold coin, so there is certainly the possibility that, for example, an 1846-0 half eagle could come with a type of luster not mentioned in this book. However, I would be suspicious of any coin whose luster appeared to be substantially different from that described in this book. COLORATION: Depending on the year in which they were struck, New Orleans gold coins can show very different color. The descriptions of color for each issue are for those that are original (i.e., undipped or free of unnatural brightening). Sadly, very few New Orleans gold coins exist that retain their natural coloration. Hopefully, this book will encourage collectors to seek out these coins and to pay premium prices for the few remaining pieces that qualify as original. EYE APPEAL: In my opinion, the concept of “eye appeal” relates to a combination of factors. Basically, if a coin is well struck, relatively free of severe detracting abrasions, lustrous for the grade and attractively colored, it has superior eye appeal. Virtually all New Orleans gold coins are hard to find with good eye appeal. This book tries to explain to collectors what constitutes good eye appeal for each specific issue. DIE CHARACTERISTICS: Many issues have one or more mint-made die characteristics. The presence of these characteristics is usually a good way to determine if a coin is genuine. In many instances, these die characteristics have never been described in print before, and while not essential to appreciating these coins, I find them to be very interesting from a numismatic perspective. MAJOR VARIETIES: Certain New Orleans gold coins are found with more than one die variety. This book does not focus on these but it does attempt to list and describe some of the more important or readily discernible varieties. For a number of high mintage issues (such as the 1854-0 quarter eagle or the 1844-0 half eagle) it is likely that many more varieties exist than those listed by me. If a die variety not listed by me in this book is found by a collector, this does not mean that it is rare. SIGNIFICANT PIECES KNOWN: As mentioned in the Preface of this book, I have decided to discontinue the Condition Census listings I have employed in the past and, instead, list some of the significant pieces known for every issue. When looking at dates that have a small number of examples known in Uncirculated, I have tried to list every one that I know of along with recent auction citations or private treaty sales. These listings are not complete, but they are very accurate as of the end of 2005.