The Full Date 1855-D Gold Dollar

High-grade rarities like the 1916 Standing Liberty Quarter and 1921 Walking Liberty Half Dollar are being closely held by collectors who seemingly refuse to let them go, even with the tempting off er of robust prices. Courtesy of PCGS TrueView.

dealers have been struggling to fi nd interesting coins to buy for inventory. Many dealers have compromised on what they’ll buy. For example, a dealer who mainly stocks Mint State coins might buy a collection or group of circulated silver dollars just to have something to buy and sell and turn for a profi t. Long-Term Holding

In reviewing auction prices realized, as the PCGS Price Guide team does every day, it’s not unusual to see numerous examples of important coins that have not come to auction in many years. For instance, PCGS has graded four examples of the 1921 Walking Liberty Half Dollar in MS66. Th e last one to have sold at a major auction was in 2015 and before that we have to go all the way back to 2002. PCGS has graded six nonfull head 1916 Standing Liberty Quarters in MS66, with none of them coming to auction since 2013. Two examples grade higher – MS66+ and MS67. If you want a top-pop 1880-S Morgan Dollar, perhaps the most common-issue Morgan that can be obtained in Gem condition, of which PCGS has graded fi ve in MS69, just one has ever been sold at auction – in January 2021.

Fortunately, as some collectors upgrade coins, they sell off the duplicates they’ve upgraded, or once they’ve completed sets they decide to sell and begin again with another series. Th ree well-known collectors who have been well-publicized come to mind who deaccession coins while continuing to build their collections are Dell Loy Hansen, Bob Simpson, and Dr. Steven Duckor. Th ey’ve purchased complete sets just to obtain a few coins, upgraded individual coins, and sold off sets to begin again with another series.

In another twist, Ian Russell of GreatCollections has been able to acquire several famous trophy rarities for clients by seeking them out and off ering their owners higher-thanmarket prices in order to pry the coins away from their owners. Th at was much easier to accomplish during the 1980s when money talked, so to speak, but these days, collectors have largely been holding on to their rarities for the long-term.

We encourage collectors to use similar creative methods to locate and obtain important coins. Dealers who are well connected and/or have large client bases are logical choices to get help in acquiring important coins.

Vic Bozarth is a familiar face on the bourse fl oor to many who have attended coin shows over the last fi ve decades. He’s a self-described “coin weenie” who has attended more than 1,000 shows and vast experience both buying and selling many of the fi nest PCGS coins. His numismatic knowledge as a dealer and collector provides a unique perspective on our industry.

Mark Ferguson began buying and selling coins in 1969. He graded coins for PCGS between 1986 and 1990 and currently serves as the company's senior price guide consultant. He’s a numismatic researcher, writer, appraiser, and advisor, and he authored Th e Dollar of 1804: Th e U.S. Mint’s Hidden Secret.

Certifi ed Coins: GreatCollections welcomes coins graded by PCGS, NGC (NCS) and ANACS. Please remove all labels/stickers adhered to holders. Raw Coins: If your coins are not graded, please use our Raw Coin Consignment Form. GreatCollections extends our discounted rates for coin grading directly to members. Insurance: From the moment your coins arrive at GreatCollections, they are covered by our extensive insurance policy with Lloyd’s of London... another benefit provided to all consignors at no cost. Values: If you are unsure of coin values, please leave this field blank. We review all coins that are consigned and will assign values and minimum bids accordingly. Listing Fees: Our listing fees are based on the following schedule and are charged the first time the coin is listed at GreatCollections. Minimum Bid Listing Fee $1-$99 $3 $100-$999 $5 $1,000 and up $10 Up to Five Listings for One Fee: For one listing fee, GreatCollections will relist any coin that doesn’t sell, up to a maximum of five times without any additional listing fees. If you do not want your coins relisted, please let us know under “Special Instructions” on the reverse of this form. Cash Advances: We offer generous cash advances for all consignments at a competitive interest rate. Checks can be sent via overnight Fedex or Express Mail within 24 hours of your coins arriving at GreatCollections. Please check the box on the reverse of this form (below the signature line) and we will contact you as soon as we have reviewed your coins. Timing and Scheduling: Coins are generally listed on our website within 7-21 days of arriving at GreatCollections. If you consign duplicates of the same year, denomination, grade and grading service, we will typically split the coins over multiple days of auctions. Once coins are entered in our system, you can view your coins by logging into MyGC and clicking on “Items Pending” or “Currently Selling”. Currency/Paper Money: GreatCollections also auctions certified currency and paper money graded by PCGS and PMG, together with our exclusive Grade & Auction program offering discounted grading rates. Please use our currency consignment forms. CAC: CAC is a third-party grade verifier founded by John Albanese that reviews PCGS and NGC-graded coins (excluding moderns). GreatCollections is an authorized submitter and can arrange CAC to review your coins prior to auctioning. The process takes about 10 days. Cost is $15 for coins valued up to $10,000, $30 for coins valued up to $25,000 and $50 for coins valued at over $25,000. Minimum Bids: We offer three convenient ways to set Minimum Bids at GreatCollections. 1. You may select GreatCollections to establish a Minimum Bid based on our knowledge of the coin market. We usually set opening bids at 70% of what we believe the coins are worth in today’s market. This is our recommended option that we have found to generate the most bidding activity while protecting you with a Minimum Bid. 2. You may select a percentage of the Values you have listed on the reverse of this form to use as Minimum Bids. Please check either the 50%, 65% or 80% option. 3. You may select that all coins start at a Minimum Bid of $1. This is recommended for liquid/popular coins and is used regularly by dealers, investors and representatives of estates. Regretfully, we cannot accept consignments where the Minimum Bids are higher than 80% of their listed value. If you have any questions regarding setting Minimum Bids, please call us at 1.800.44.COINS (+1.949.679.4180) or e-mail info@GreatCollections.com. Seller’s Fees: Our Seller’s fees are a low 5% for coins up to $1000, and 0% for coins over $1,000. Consignment Proceeds: Checks are mailed within 30 days of your coin(s) selling. To confirm the payment date, please login to your account at GreatCollections, click on MyGC and “View Consignor Statements”.

ConsignorTerms & Conditions

1. Consignor agrees that the Auction shall be conducted online by GreatCollections according to the Terms and Conditions published at www.greatcollections.com/terms. This agreement is subject to Arbitration. 2. Consignor warrants that: (1) Consignor is the legal owner of and has full title and interest in the coins/items consigned to GreatCollections; (2) all coins/items consigned to GreatCollections are free and clear of any liens, encumbrances, security interests or contract rights restricting the unconditional right to sell all rights, title and interest in and to such coin/item; and (3) all consigned coins/items are authentic and in respect to certified coins, holders have not been tampered with or resealed. 3. Consignor agrees to pay GreatCollections a Listing Fee for each coins/items offered by Auction and for coins/items sold, a Seller’s Fee. All fees are detailed on the reverse of the Consignment Agreement. 4. In the event that your coins do not sell in their first Auction, GreatCollections agrees to relist coins/items up to four additional times. There will be no Listing Fees charged for these four additional relistings. Should you prefer your coins not to be relisted, please note this in the “Special Instructions” box on the Consignment Form. 5. Consignor acknowledges that the Hammer Price is the final bid price accepted by the Auctioneer. The Hammer Price does not include the Buyer’s Fee, which GreatCollections retains in full. 6. GreatCollections has the right in its sole discretion to reject any Consignment, to cancel any Auction, to postpone or change the date/time of Auction and/or to rescind any sale. GreatCollections also reserves the right in its sole discretion to cancel or reject any bidder from bidding, when we believe it is not in the Consignor’s and/or GreatCollections’ best interest. 7. A Consignor is able to list a Minimum Bid on every coin/item consigned, according to the three options listed on the Consignment Form. It is up to the Consignor to verify that the correct Minimum Bids are entered as soon as their coins/items are uploaded to the GreatCollections website. Any corrections should be reported as early as possible before the end of the Auction. This Minimum Bid amount is disclosed on all items/coins listed at GreatCollections. Consignor may not withdraw any coin/item for any reason. 8. If the successful bidder or buyer is in default and GreatCollections is not satisfied that the amount due for any particular Consignor’s lot[s] will be paid in full, GreatCollections reserves the right to take one or more of the following actions: (1) declare the sale null and void and return the coins/items to the Consignor; (2) declare the sale null and void and reoffer the coins/items in another Auction; and/or (3) proceed against buyer on behalf of Consignor. In addition, GreatCollections offers a return privilege to Buyers. Should your coin/item be returned, we will cancel the sale and relist your item. In the event that GreatCollections cancels the sale of your coins/items or your coins/ items are returned, all Listing Fees and Seller’s Fees will be refunded to Consignor. 9. If you consign raw coins/items to GreatCollections, we will send your coins/items to a major third party grading service such as PCGS, NGC and/or ANACS. For more information, please refer to the Raw Coin Consignment Form, which can be downloaded at www.greatcollections.com/forms. 10. GreatCollections shall remit to Consignor, within 30 days after the close of the Auction, the net proceeds, which equals the Hammer Price less Seller’s Fees, Listing Fees, Interest for Cash Advances, other monies owed to GreatCollections by Consignor and Cash Advances Principal (in order). In the event the Consignor’s sales do not exceed fees or monies owed to GreatCollections, the Consignor agrees to pay GreatCollections all monies owed within seven days of invoice date. In certain instances, an introductory commission may be paid by GreatCollections to an agent of Consignor for referring the Consignment to GreatCollections. 11. GreatCollections will provide insurance for loss or damage for consigned coins while in the possession of GreatCollections and while any are being shipped back to the Consignor, subject to certain terms and exclusions (such as Earthquake coverage). In the event of an insurance claim, our insurance carrier will pay you the Fair Market Value, less the Seller’s Fees and Buyer’s Fees, based on the total insurance proceeds. This payment to you by the insurance carrier shall completely satisfy our obligations regarding the Consignments under this Agreement. 12. Arbitration. Any claim or dispute arising out of the sale of coins/items by GreatCollections shall be settled by arbitration between the parties in accordance with the rules of the Professional Numismatists Guild (PNG) or if the PNG cannot or will not hear the matter, by the American Arbitration Association (AAA). Any claim must be commenced within three months of the Auction date or Buy Now confirmation or the claim is waived. 13. This contract is the entire Agreement between the parties and supersedes all prior Agreements. The warranties and representations contained in this Agreement survive the date of execution by each party herein and the performance of all terms and conditions contained in this agreement. This Agreement shall be governed by the laws of the State of California.

1122

Contact Us: GreatCollections Coin Auctions 17500 Red Hill Ave. Suite 160 | Irvine, CA 92614 Phone: 1.800.44.COINS | 1.949.679.4180 Email: info@greatcollections.com | www.GreatCollections.com

By Doug Winter

An 1855-D Gold Dollar with a full date is a rarity, with most examples of this issue exhibiting a weak date. Courtesy of PCGS TrueView.

A more typical example of an 1855-D gold dollar bearing the weak date and showing clash marks as well as other distractions. Courtesy of PCGS TrueView.

I recently had the pleasure of handling one of just four known uncirculated 1855-D gold dollars that had been part of the Auraria Collection of Dahlonega gold coinage. Graded MS61 by PCGS, this coin exhibits an especially sharp strike for the date with all four digits 100% detailed.

Interestingly, this is the sole 1855-D that has been designated as “Full Date” by PCGS. Th e other three Uncirculated 1855D gold dollars have been graded PCGS MS64+, PCGS MS64, and PCGS MS62. Th e fi rst is a Full Date, while the second and the third are a Weak Date.

Th is is the third time I’ve sold this coin since 2003 as I’ve placed it, previously, in the Vasquez Rocks Collection of gold dollars and earlier in the Green Pond Collection. For all three individuals I’ve sold this coin to, a key factor in the successful transaction was the clarity of the date.

I’ve written about the Full Date 1855-D Dollar before, but I thought it would be appropriate to revisit this issue.

How rare is this variation? I believe that of the PCGSestimated 80 known 1855-D gold dollars, there are an estimated dozen-plus known. Just for kicks, I went through auction records of all the straight-graded 1855-D Dollars sold since 2010. Of the 31 records of sale, 10 were Full Date coins while 21 were Weak Date coins. But this is misleading, as at least two of the Full Date coins have been off ered multiple times since 2010. As far as I can tell, there were around six distinct Full Date coins.

Th en I went through the Doug Winter Numismatics database, which also covers the last 10-plus years. During this time, I’ve sold nine coins, with four being Full Dates and fi ve Weak Dates. However, this ratio doesn’t factor in my personal bias toward Full Date coins versus the less-desirable Weak Date pieces.

Th ere are two die varieties for the 1855-D, and they are as follows: • Variety 7-I: Quickly identifi able by the position of the second “5,” which is fully below the “A” in “DOLLAR.” Always seen with extensive clash marks from the reverse on the obverse. • Variety 7-J: Quickly identifi able by the position of the second “5” which is slightly right of the “A” in “DOLLAR.”

Th e fi rst variety is at least three times as scarce.

More importantly, only Variety 7-I shows the early die-state Full Date coins.

There are at least three die states for Variety 7-J: • On the first, there is some weakness mainly on the “8.” • On the second, the weakness is more extensive with considerable weakness seen on the “8” which extends up to the “LL” in “DOLLAR.” • On the third, the “8” in the date is barely visible (or not all) while the “OLL” are now very weak.

In the past, I have written that there are fewer than 10 known examples of the 1855-D Full Date Dollar. I now think this figure is slightly low, with perhaps 12 or a few more known. This includes the two uncirculated pieces I mentioned above as well as four or five in AU and another four to six in XF.

Now that PCGS designates Full Date coins, I believe that these will become far more desirable than their Weak Date counterparts and that they will command a significant premium. But how much of a premium? My guess is that a more affordable collector-grade 1855-D Full Date (say in XF45) will eventually sell for as much as a 50% premium. The more expensive higher-grade pieces will see a smaller premium due to the high entry cost on entry.

With the Dahlonega-mint coin market now showing a lot more tolerance for strong variety premiums, my gut says that premiums for the 1855-D gold dollar will increase if they continue to be service designated and collectors see for themselves the improved aesthetics of a Full Date versus a Weak Date.

Doug is an award-winning author of over a dozen numismatic books and the recognized expert on US gold. He can be reached at 214675-9897, at dwn@ont.com or through his website, www.raregoldcoins.com.