USA Coin Album: The Fading Wish List - Conclusion

There are so many standout entries in the roster of United States coins that it’s difficult for me to pare the list down to just the most desirable ones, but I’ll try to wrap up my dream team this month.

Years ago I bought a very nice Draped Bust Small Eagle silver dollar dated 1795. It was the more common of the two varieties, that having Liberty’s bust offset to the left. Numismatists believe that this variety was the first USA coin to feature this very charming portrait, and all subsequent Draped Bust coins of various denominations showed it more properly centered. My coin was a nice VF-30 or so (there was no certified grading at the time), and it had totally original surfaces. The only negative was a small, perfectly round test punch right on the eagle’s eye, but this was barely noticeable. Such a dollar is valued about $7,000 today, but I doubt that I paid more than $1500 at the time. It’s yet another great coin that I should have kept, but the continual need to collect and study some new area of numismatics drove me to sacrifice it. I still entertain the hope of replacing this type someday.

Another silver dollar that has always fascinated me is the inaugural issue from the Carson City Mint. There were just 11,758 1870-CC dollars coined, but this date does seem to have been saved for its novelty value. Unfortunately, its historic importance wasn’t recognized until the coins were well worn, and Mint State survivors are quite rare. I’m more inclined to set my sights on a problem-free example grading VF-20 or -30. These, too, are rarely seen, as most survivors have been cleaned and/or damaged to some degree. Finding a suitable specimen will take patience and, probably, the commissioning of a trusted dealer to track it down. Making this date all the more desirable is that the remaining CC-Mint Seated Liberty dollars are all rarities beyond the reach of most collectors.

I was never particularly drawn to gold coins, perhaps because they weren’t in circulation during my lifetime. The quest to fill holes in a folder or album didn’t apply to gold coins by date and mint. Indeed, the only album ever published for a gold coin series was a three-page entry in Wayte Raymond’s National Coin Album line, and this was never a big seller. For me, as is true for most collectors, gold coins are sought by types alone.

A particular favorite of mine is the odd three-dollar gold piece of 1854-89. The only date I want, however, is the 1854 Philadelphia Mint edition. This first entry featured the word DOLLARS in small letters that were replaced with ones of a more suitable size for all subsequent years. Less often noted by numismatic writers, however, is that the 1854 three-dollar pieces also have a much bolder border that gives them a sense of depth lacking in the 1855-89 issues. The Philadelphia Mint coins of 1854 are plentiful across most grades short of gem Mint State, and I’ve long desired to own an example graded AU-58 that possessed natural, uncleaned surfaces. That’s a favorite grade of mine for most gold type coins. In a bit of whimsy, the letters “AU” are also the numismatic abbreviation for the Latin aureum, meaning “golden.”

I’m also drawn to the Type 1 Coronet Liberty double eagles of 1850-66. These impressive coins were struck in response to the immense amount of gold mined during the California Gold Rush of 1849-55, and they also represent this design as originally conceived by U. S. Mint Engraver James B. Longacre. Mint State examples were quite elusive prior to the discovery and salvage of several hoards over the past quarter century. In particular, the many pieces recovered and conserved from the shipwrecked steamers Central America and Republic have given collectors a large selection of desirable survivors. I would prefer an example from the Gold Rush period, though such dates were not widely represented in the hoards cited. Even so, the availability of so many shipwreck coins has kept type coin prices within reason for all common dates of Type 1 double eagles.

Like so many collectors of United States coins, an item high on my want list is the High Relief edition of the Saint-Gaudens double eagle. Looking more like a medal than a coin, this subtype with its date in Roman numerals is an absolute masterpiece, and there are actually a fairly large number of survivors from the 12,367 pieces coined. Many of these, however, have been damaged or badly cleaned, and I would want a problem-free piece grading AU-55 or -58. In the time I’ve been pondering such a purchase, I’ve seen the price rise from around $2,000 to well north of $10,000. It appears that this ship has sailed, at least for me, and therein lies a very good lesson. If you desire to own a coin that has timeless appeal to every generation of collectors, buy it today! The meter is running…

David W. Lange's column, “USA Coin Album,” appears monthly in The Numismatist, the official publication of the American Numismatic Association.