Classic Head Gold 1834-1839
By Neil Berman and Silvano DiGenova
Superior Galleries of Beverly Hills

Classic Head Quarter Eagle

Quarter Eagles

On June 28th, 1834 the law of the land changed the coined money of the United States, reducing the weight and fineness of gold in American gold coins to match those of the rest of the world. In 1837 the law changed the standards of the coins again, this time increasing the fineness of the coins to .900 gold. Without going into detail, most of the coins prior to 1834 were gone or about to go, so the new coins were the only gold coins circulating. And circulate they did, from the mint directly into commerce, where they really took a beating.

The last of Capped Head Left Small Size (1829-1834) Quarter Eagles were issued in early 1834, and a new design, the Classic Head Quarter Eagle, designed by Mint Engraver William Kneass, was minted and issued for the balance of the same year. This is among the first times the mint changes a design in midyear. Not only was the obverse head of the quarter eagle changed, but the motto, E PLURIBUS UNUM or the Latin “one out of many” was removed from the reverse altogether to match the larger gold coins. Also, the diameter of the coin was reduced to 18.2 millimeters, the weight of the coin was reduced to 64.5 grains, and gold fineness of the coin was reduced in 1834 to .8992 fine gold, and then increased again back to .900 fine gold in 1837.

Besides the main mint in Philadelphia, Pennsylvania, Classic Head Gold coins were manufactured at three additional mints, which were at Charlotte, North Carolina, Dahlonega, Georgia and New Orleans, Louisiana, so this is the first gold coin series with mint marks. This early gold series has an average survival rate of just less than one half of one percent.  The following is a date by date analysis of Classic Gold Quarter Eagles to aid collectors and Investors in making informed purchasing decisions in this short but rewarding gold series.

1834. Hands down the most common date of the Classic Head Quarter Eagles series, which is no surprise, as it was a first year of issue and many first year of issue coins are saved as souvenirs even to this day. This date comes from two distinct dies made from two different hubs, Head of 1834, and Head of 1835. Neither grading service cares to differentiate between them like they both do with the Half Eagles, so we can not either. With a survival rate of one half of one percent. Akers estimates ten proofs, which is low, but please note that twenty-nine proofs have been submitted to the both grading services, a classic example, if you do not mind the pun, of resubmission of the same coin multiple times, as both DiGenova and Hall repeatedly note. MS65 coins brought $23,000 in 1995, $20,700 in 1999 and $20,700 in 2000.  Pittman’s Proof brought $176,000 in 1998 and another $161,000 last year.

1835. Although this date has the second highest mintage, it has a much lower survival rate than, for example, the 1834, which has a similar mintage, and therefore tends to cost more than the 1834. Available in lower circulated grades and occasionally available in the higher grades, an MS65 brought $25,300 in 2002 and another MS65 at $28,750 last year. Pittman’s proof brought $176,000 in 1998.

1836. The largest mintage of the type, in fact this date makes up have the mintage of the entire quarter eagle series. As one would expect, it also provides half the uncirculated examples that are known to the collecting fraternity. This date also comes in three distinct types, that being the Head of 1834, the Head of 1835 or sometimes called Script 8 variety, and the Head of 1837, or times called the Block 8 type. The Head of 1837 becomes the third hub and die change in this short series. Again the grading services do not care to differentiate between all three types, so we note that the Head of 1834 is the most commonly encountered kind, usually in the lower circulated grades.  A MS65 brought $21,850 last year, and Bass’ Script 8 in MS65 brought $25,300 in 2000 and his unique Block 8 in MS66 brought $36,800 in 1999. The Stacks proof was ungraded but brought $207,000 in 2003, so it must have very nice.

1837. A short mintage Philadelphia coin which continues the tradition of rarity from our first mint. While sometimes available in lower grades, this coin is rare in any of the uncirculated grades and just about uncollectible in Choice or Gem Uncirculated, or Proof. An MS64 brought $18,975 last year and Bass’ MS65 $37,950 in 1999. The Bass proof brought $161,000 in 2000 and the proof in the Classic Sale in 2003 brought $241,000.

1838. This year the mint brings out a brand new hub and makes fresh dies, giving us the fourth head, or the Head of 1838, and retires all the earlier dies for some unknown reason. This date is available in circulated grades and occasionally available in the higher grades. An MS65 brought $20,125 at FUN in 2000, Moore’s MS66 $41,800 in 1999, and Bass’ probably unique MS67 $69,000 that same year.

1838-C. The first of two quarter eagles struck at the Charlotte mint. A very short mintage has both the fewest survivors in low grades and high grades1839/8. 9 over 8 overdate. While this date occasionally shows up in the lower grades, the date is rare in uncirculated grades. The high price is $40,250 for the MS63 FUN 1999 coin. Within the last nine years the only five MS62 or MS63 coins have brought between $25,300 and $30,800.

1839/8. All 1839 Quarter Eagles from Philadelphia this year are 9 over 8 overdates, and although the mintage would not show it, the coin is rare and unvalued. It is at least as rare as the lower mintage 1838-C, and since Akers book, one slightly impaired Proof has appeared in the Fairchild sale, bringing $57,500 in 2001, and yet this coin appears to have been submitted four times already for regarding.

1839-C. The second quarter eagle struck at the Charlotte mint often comes with a recut 39 in the date logo. Akers notes an overdate of this coin which is listed next, which PCGS recognizes but apparently NGC does not. Because the varieties are often confused or not recognized at all by many catalogers, I can not determine the rarity, although again Akers seems to think that they are just about the same. Bass’ MS62 at $25,300 seems to hold the record in 1999.

1839/8-C. The overdate 9 over 8 on a Charlotte mint coin. PCGS lists just nine examples in all grades, which might indicate rarity or might indicate that that have relatively recently recognized this variety as separate from the 1839-C which usually comes with a recut date logo. An AU55 brought $9,775 in 1999.

1839-D. Akers did not recognize this plain date, only the date as an overdate. Both grading services do recognize this date, and while available in lower grades, the date is scarce in uncirculated just like the rest of the entire series, but the rarity has long been recognized and there are no bargains to be had on this date.  The Stacks coin, called Brilliant Uncirculated at $55,000 in 1994, and the Bass coin in MS63 at $37,950 in 1999 are high, although an MS64 brought $52,900 last year.

1839/8-D. Both Akers and NGC recognize this variety, while apparently PCGS does not. In any case, the coin is rare and desirable in all grades.

1839-O.  The first quarter eagle from the New Orleans mint, and the third most common coin of the series. While the coin is available in the higher grades, a lack of availability of quality coins of other dates in this series puts pressure on this date by collectors and investors, most of whom require condition as well as rarity for their coins.  An MS64 brought $24,150 in 2001 and another $21,275 in 2002.

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Proofs. While there are 29 coins in the population reports, they appear to me to be repeated submissions of the same coin. Our research has lead us to believe that there are between eleven and fourteen actual coins at most.

Note that neither grading service recognizes all the varieties that the other does, leading to varieties that may appear rare in the census reports but that may not actually be rare if all were counted.

Classic Head Half Eagle

The last of the Capped Head Left Small Planchet Half Eagles (1829-1834) were issued in early 1834 and Mint Engraver William Kneass changed the weight and fineness of the gold coins with the half eagles just as he hade been instructed to change those of the quarter eagles. The new half eagle coins had a new design, including a new head of Liberty on the obverse and the removal of the motto on the reverse, just like the quarter eagle. While they maintained there old size at 22.5 millimeters, the weight dropped from 135 grains for the old coins to 129 grains on the new coins, and the fineness dropped as well from .9167 fine gold to .8992 fine gold in 1834, and was raised again to .900 fine gold in 1837, again just like the quarter eagles. We have again included a date by date analysis of the Classic Gold Half Eagles to aid collections and investors in making informed decisions when buying coins in this gold series.

1834. The Plain 4 variety. The hugh mintage makes up over one third of the entire mintage of this half eagle series, so it will come as no surprise to anyone that it is the most “common” coin of the series in just about all grades. Of course, Gems of this date, like the other entire quarter eagle and half eagles in these series are difficult to find and expensive when they rarely come up for sale.
Akers notes two different size heads, but I’ve never noticed it. MS65 examples have sold for $21,850 in 2000, $33,350 in 2003 and $32,200 last year.

1834. The Crosslet 4 Variety. Part of the mintage of 658,000, probably about 46,000 or seven percent of the mintage was this variety. Akers called it rare and he was being conservative. An AU58 sold for $32,200 in 2000 and an MS62 for $21,850 in 1999.

1835. The third most “common date”, with low grade circulated examples usually available. It is possible to occasionally find a choice example of this date. Akers notes two different heads on this date as well, but again I’ve never noticed it. Jung’s MS64 sold for $26,450 in 2004, and another MS64 sold for $21,850 in 2002. Pittman’s proofs brought $267,000, and $308,000, and $198,000.

1836. The second most “common” date of the series. Coins in all grades including choice are available most of the time. MS64 examples sold for $21,850 in 2004 and Bass’ for $29,900 in 2000. Bass’ Proof in PF63 brought $48,300 in the same sale.

1837. The fifth most “common” date for total coins certified, but the date is just as tough as the others if you need a choice example, gems do not exist and the only proof known is in the Smithsonian. Pittman’s “Very Choice Uncirculated” example at $60,500 and Bass’ MS66 at $97,750 in 1999 come to mind.

1838. The fourth rarest date by total certifications, and a fair number of choice examples exist as well. In MS65, the Sweet coin at $52,900 last year, one at $25,300 in 2000, and the Bass coin at $35,650 in 1999. There is one proof, the Reed coin, at $121,000 in 1996, and a possible proof Bass coin at $115,000 in 1999.

1838-C.  A rare coin in all grades because of the short mintage. While well used circulated examples show up from time to time, uncirculated coins are rare and choice examples never appear, and I do not believe that there is even a gem rumored to exist. Bass’ MS63 at $86,250 in 1999, a MS61 at $41,400 also in 1999, and five AU since 2001 at between $14,950 and $19,550.

1838-D. The 1838-D is a rare coin, and while there is plenty of indication that uncirculated pieces exist, I have never seen a Choice one and never heard of a Gem. The best may be the Ashland coin in MS63 at $36,800 in 2003, an MS62 at $29,000 and a MS60 at $20,700 both in 2004.

Copyright 2005 Superior Galleries of Beverly Hills. All rights reserved.