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Realm of the Coin
Dana Micucci
06/01/2004
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“Gold coins stamped in
Charlotte, Dahlonega and Carson City are among the rarest and most desirable
because of their small mintages—as few as 1,000 were issued for each date,” says
Ryan Denby of the Texas-based precious metals dealer Austin Coin Collecting
Society. “The Charlotte and Dahlonega mints existed for just a short time; they
were raided by Confederate troops at the start of the Civil War and never
reopened.” Gold coins from these mints have sold for six figures, whereas one
might spend a few hundred dollars for a more common mint-state, pre-Civil War
Philadelphia coin. Condition, of course, always plays a large role in
determining value. For example, an 1870 Carson City $20 Liberty Head graded at
AU-50 (almost uncirculated, not mint-state) sold for $172,500 last year at
Heritage in Dallas, while the same issue graded at AU-53 sold for $368,000
earlier this year.
Proofs, issued by the U.S. Mint specifically for
collectors and not intended for circulation, have also attracted investors’
favor. Minted regularly from the 1830s onward, proofs often have greater visual
appeal than mint-state coins because they have bold mirrors, lambent luster and
needle-sharp cameo features, according to Laura Sperber of Legend Numismatics, a
coin dealer based in Lincroft, N.J. “Proofs are very limited in supply, with an
average of about 100 minted for a specific date,” Sperber says. “They often
command higher prices than mint-state coins, but are still undervalued for their
rarity and beauty.
Allure aside, experts advise investors to investigate
carefully. Q. David Bowers of American Numismatic Rarities, a coin auctioneer
and dealer in Wolfeboro, N.H., cautions new collectors to only buy coins that
have been certified and to make purchases from a reputable dealer who belongs to
a professional organization such as the Professional Numismatists Guild or the
International Association of Professional Numismatists. One last piece of advice
worth its weight in…well, you know: “The challenge and pleasure of collecting
gold coins can easily become an addiction,” concludes Bowers.
Additional Information
 Golden Security Blanket
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