The 1853-O Liberty double eagle claims a small mintage of 71,000 pieces, a much smaller production than any previous year at the famous Southern facility. Undoubtedly, some of the output from the California gold fields was held back, in anticipation of the opening of the San Francisco Mint the following year, rather than risking the hazardous maritime shipping necessary to have the bullion coined at New Orleans in 1853. The coins were all released into circulation at the time of issue, making the 1853-O an elusive issue in high grade.
The NGC population is 57 with 92 graded higher.
Listed at $14,400 in the CDN CPG and $12,750 in the NGC price guide.
Offered at $12,000
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The 1910-S Indian eagle’s high mintage of 811,000 coins is deceiving. Availability was drastically reduced in the mid-1930s during the massive gold melts. Mint State survivors are seldom available, typically grading only in the MS62 and lower range. The date is scarce in MS63, and rare at grades beyond that. That’s easily illustrated by the NGC population of 23 with 6 graded higher. The one offered here is clean and attractive.
Listed at $14,400 in the CDN CPG and $17,500 in the NGC price guide.
Offered at $14,200
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A change in the weight specifications for U.S. gold coins in 1834 prompted a design change to distinguish the new, lower-weight half eagles from previous old-tenor pieces. Earlier half eagles had a greater intrinsic value than their face value, which led to widespread hoarding and melting. Many of the heavier-weight coins were melted and struck as 1834 Classic Head fives, which feature a new portrait of Liberty without a cap. The motto E PLURIBUS UNUM is absent from the reverse. Two date logotypes exist. Most of the 1834 Classic Head half eagles have a Plain 4 in the date, while a single, scarce variety (as offered here) displays a Crosslet 4 date.
The NGC population is 16 with 9 graded higher.
Listed at $18,000 in the NGC price guide.
Offered at $17,500
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Commentary: You know when your country has implemented terrible monetary policy when your fellow citizens consider the U.S. Dollar a safe haven… Could this be a pre-cursor to the United States currency?
The value of Argentina’s currency is being decimated by spiraling inflation.
The publication Central Banking reported on April 27 that Argentina was importing its bank notes from several countries. On May 22 The Guardian newspaper reported Argentina’s newest and highest denomination bank note, the 2,000 peso, was worth $4 U.S. in international exchange markets. On June 20 a New York Times newspaper headline read: “In Argentina, Inflation Passes 100 percent (and the Restaurants Are Packed).”
Javier Milei is an Argentine congressman and economist who is the front runner running for president. Milei has been vocal, saying if he wins he will make the U.S. dollar the official currency and “blow up” the Banco Central de la República Argentina or Central Bank of Argentina.
What’s going on here? The peso has suffered the humiliation of being named the worst-performing currency in emerging markets. Since 1970 Argentina has gone through one inflationary crisis to the next one.
The so-called dollar blue is the informal name given to U.S. currency circulating at a rate of exchange significantly higher than that of the official Argentine peso. Argentina removed exchange restrictions on the U.S. dollar in December 2015, resulting in the official exchange rate and the unofficial “blue” rate converging at that time. On April 1, 2016 the exchange rate was 14.4 pesos to the dollar. By July 29, 2022 the official exchange rate was 131.22 pesos to the dollar while the “blue” rate had morphed to 298 pesos to the dollar—an increase of 127 percent.
According to a May 22 Reuters news report, “Argentina’s new 2,000-peso bill, the largest denomination note, went into circulation on Monday, though due to fast depreciation of the currency it is worth only $8.50 at the official exchange rate and just over $4 in commonly used parallel markets. The peso has shed around a quarter of its value against the dollar this year despite strict capital controls that slow its fall. Most Argentines buy dollars in unofficial markets where they trade at over 480 pesos versus the official rate of 235.”
The June 20 New York Times article explains, “Argentina’s financial crisis has a surprising side effect: a flourishing dining scene in Buenos Aires, as residents rush to spend pesos before they lose more value.” This sounds more like a headline you would read in post-World War One Germany than in 21st century Argentina.
In a recent campaign speech presidential candidate Milei said, “The peso melts like ice in the Sahara Desert.” He has proposed closing the Argentine central bank, replacing the nation’s domestic currency exclusively with the U.S. dollar.
According to the publication El País, Argentina has contracts to import bank notes with Brazil, China, France, Malta, and Spain. El Pais reported shipments of 360 pallets of notes from France, and more than 800 pallets of note from Malta, where security bank note producer De La Rue has a plant. El Pais estimates these shipments will amount to 260 million pieces of currency.
For practical purposes coins don’t circulate, so importing more isn’t even on the table. Coins in denominations of 1, 5, 10, 25, and 50 centavos were introduced in 1992. The 1 peso was added in 1994, followed by the 2 peso in 2010. The 1-centavos denomination ceased production in 2001. The last gasp for coins came in 2017 when a new series of 1- and 5-peso coins were issued. Due to inflation a 2- and 10-peso coin were introduced the following year.
In 1970 peso moneda nacional bank notes were replaced with the peso ley at a rate of 100 peso moneda nacional to one peso ley. In 1983 the currency system exchanged at a rate of 10,000 pesos ley to one peso argentine. The austral replaced the peso argentine at a rate of 1,000 PA to one austral in 1985. This was followed by the peso convertible in 1992 at a rate of 10,000 austral to the peso convertible. Until 2001 bank notes carried the legend “Convertibles de curso legal,” indicating the value of the Argentine bank notes was fixed to the same amount in U.S. dollars. These notes no longer circulate.
The 1992 peso convertible was initially comprised of coins as explained earlier and bank notes in denominations of 1, 2, 5, 10, 20, 50 and 100 pesos. A coin replaced the 1-peso bank note in 1994. The peso convertible is still in use, but the latest series of notes introduced in May 2022 is comprised of denominations of 100, 200, 500, and 1,000 pesos. In March 2023 the 2,000-peso denomination was added, using the printing plates meant to be used for a proposed 5,000-peso note.
For now Argentine citizens are coping with inflation through the strategies of buying now while paying later, bartering, bulk buying, hoarding U.S. dollars, or spending as fast as you get it.
More than 65 countries currently peg their currency to the U.S. dollar. Five U.S. territories use the dollar as their official currency. Bonaire, the British Virgin Islands, Ecuador, El Salvador, Marshall Islands, Micronesia, Palau, Panama, Timor-Leste, Turks and Caicos, and Zimbabwe are each independent countries that also use U.S. currency exclusively.
The 1841 Seated quarters are rarely encountered in high grades, with this example being one of the two finest. Strong doubling is evident on the reverse legend of this variety. Although slight peripheral softness is seen on the obverse stars, all other details show excellent definition. The frosty silver surfaces are faintly toned with hints of gold. This is the only example to grade MS66 at PCGS, with none higher. Listed at $40,000 in the PCGS price guide.
Offered at $27,250
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The Arrows at Date type of the Seated Liberty half dime was only produced for three years, from 1853 through 1855, at the New Orleans and Philadelphia mints. The Philadelphia issues are by far more plentiful than the O-mint coins, making them ideal for type representation. Yet, among the three P-mint dates, the 1855 is noticeably scarcer than the earlier two. The one offered here boasts highly lustrous, color free surfaces and loads of eye appeal. The PCGS population is (this) 1 with 1 graded higher. Listed at $20,000 in the PCGS price guide. Offered at $14,700
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WE TRUST is die doubled, as always on proofs of this date. Full Red examples of the 1871 proof two cent pieces are scarce but occasionally seen in grades from PR64 to PR66. However, Registry collectors or other advanced specialists may wish to seek a Superb Gem Red example, and here collectors will encounter a severe challenge. PCGS lists only two coins in PR67 Red, and NGC has seen just two additional pieces in the same grade. Listed at $45,000 in the PCGS price guide.
Offered at $24,500
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Since the First San Francisco Mint concentrated on double eagle production, the 1859-S ten-dollar mintage was only 7,000 pieces. None were given numismatic consideration, and PCGS estimates only “40 to 60 known,” comparable with the 1870-CC. The median grade is XF, and only a single example (an MS60 NGC coin) has been certified as Mint State. The NGC population is just 6 with 13 graded higher. Listed at $19,200 in the CDN CPG and $19,000 in the NGC price guide.
Offered at $14,700
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Gold deposits at the New Orleans Mint went into a steep decline after the San Francisco Mint opened for coinage operations in 1854. Accordingly, the famous Southern facility produced only limited numbers of double eagles every year throughout the remainder of the decade. In 1858, the mintage was just 35,250 pieces, certainly a modest production in absolute terms, but actually quite generous in the context of the series. The coins were released into commercial channels and circulated widely in both foreign and domestic trade.
Few 19th century collectors could afford to set aside long date runs of twenty-dollar coins for their collections, and the wealthy collectors who did collect double eagles systematically preferred to update their holdings by purchasing proofs from the Philadelphia Mint every year. There was little numismatic interest in branch mint issues before Augustus Heaton published his landmark treatise on mintmarks in 1893, so New Orleans Mint issues were almost completely neglected. By the time collecting double eagles became popular, in the late 1930s, the 1858-O double eagles had been circulating for decades, suffering much wear and attrition along the way. Doug Winter estimates the surviving population at 225-275 examples in all grades, with only 6-7 specimens in Mint State. Three of the Mint State coins were recovered from the wreck of the S.S. Republic.
This example displays glittering luster at the protected areas on each side.
The PCGS population is 17 with 66 graded higher. Listed at $24,000 in the CDN CPG and $30,000 in the PCGS price guide.
Offered at $24,500
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A low-mintage issue with a production of only 43,517 coins, the 1859 double eagle is a scarce issue that emerges as an important condition rarity in Mint State grades. Only 13 pieces are NGC and PCGS-graded MS60 or finer, and none have been examined at either grading service above MS62 (3/23). The 1859 has the lowest combined NGC and PCGS Mint State population of any Type One double eagle from the Philadelphia Mint aside from the 1861 Paquet rarity, and it boasts the 12th lowest Mint State population of all Type One double eagles. This lustrous orange-gold example shows grade-limiting marks but features a solid strike and excellent eye appeal. Rarely did an important collection from generations ago have a Mint State example of the 1859 double eagle. The NGC population is a mere 4 with 1 (MS62 example) graded higher.
Listed at $50,400 in the CDN CPG and $42,500 in the NGC price guide.
Offered at $43,600
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