1800 $10 (BD-1, R-3+) NGC MS62 – Certified by NGC in a new holder, this is a wonderful coin that looks better than the grade given to it by NGC, especially on the reverse. Over 200 years old, this was the largest denomination in any metal, with low mintages. As such, all of the early gold coins are extremely scarce to rare, and the present coin is not an exception with a total mintage of just 5,999 pieces, a large drop to the previous year’s output of 37,339 gold eagles.

Because of the low number of coins produced, this issue is generally considered to be very rare. Yet, at least two hundred and as much as three hundred 1800 eagles are known in all grades. However, the majority of these are in lower circulated grades, often showing severe hairlines, damaging or other signs of mishandling.

All 1800 eagles have been struck from a single die pair, which featured a reverse previously used to strike 1799 eagles and which would later be used for some 1801 eagles. Because many dies were combined during the early years, sometimes years after the dates on the dies, mintages are almost always estimates. Bass-Dannreuther, in their reference on early gold coins, suggest that the mintage would be closer to 12,500 pieces. This is based on an average survival rate of 2 to 4 percent of surviving examples. With that mintage, it is still low, even within the context of early American gold.

The present coin has a prominent feature seen on many coins, but not as dramatic as found here. The obverse earns a solid MS-62 grade, with some hits and hairlines limiting the grade, but still having excellent eye-appeal. The coin has full, satiny luster which looks very appealing in hand. The reverse, unbelievably, is of much higher quality, with virtually no large hits seen, except for a few handling marks in the fields, which are booming with luster. In our opinion, the reverse would grade MS-66 without much trouble, which would make it the finest known. However, because of the obverse NGC has limited the grade to MS-62 based on the obverse. Both sides are nearly fully struck, even on the centers, adding to the excellent eye-appeal of this coin.

The fact that an NGC graded MS-65 example has sold for over $300,000 just a few years ago, makes this a prime example of an excellent opportunity for the conscious collector. Early gold has proven to hold its value, regardless of market trends, and thus is also a great coin for the investor seeking a variable portfolio. A great coin which has it all, we expect that this offering will not last long in our inventory.