Old Gold Newp; Completed Basic US Coin Design Type Set

lermish · February 3, 2023 8:25AM

TLDR - Scroll down

I am a big fan of toned gold and love a deep orange color. One of my main purposes in going to the Long Beach show yesterday was to lot view the upcoming Heritage auction as there were a few Draped Bust $10s that I have been watching. I don't want to comment too much as those auctions are still ongoing but I had my eye on one in particular and wanted to see if I could really stretch another increment or two because it is already well above budget.

While waiting for the doors to open pre-9am a friend came to me excitedly to tell me about a beautiful coin that I should look at ASAP. Well, I was determined to lot view so my first stop was the Heritage compound to look at the coins I was eying. Even the less attractive coins were pretty good looking but the good one was great. Whether I could win it was a different story.

So after looping the bourse I made my way to John Dannreuther's table which was a near the PCGS booth. And I saw the coin and forgot all about the auction. First impressions are that this was a beautiful coin. Fantastic color, very light wear. I don't mind wear on an AU/XF coin but I dislike heavy abrasions; this coin has remarkably smooth surfaces. Despite falling in love immediately I try to maintain my natural cynicism. There are a few hairlines in the obverse fields. They are not distracting but I believe the coin was likely net graded to AU53 due to these hairlines which will potentially preclude CAC approval (though I'll still give it a shot). But when it comes to 225 year old gold and a finite budget, sometimes concessions have to be made.

So I bought it!

I just happen to own a copy of JD's Early US Gold Varieties book and according to JD in person and in print this is the very scarce BD-9 die variety.

Per Heritage Auctions: John Dannreuther estimates a survival between 14 and 18 coins, placing the BD-9 in third place for rare 1799 varieties behind BD-1 and BD-4. In our opinion, the BD-9 is underrated and rarer than Dannreuther estimates. The present example from the Bass Collection is the sixth appearance of this variety in our auctions since 1993. While others may exist, we have a record of just eight coins including one in the Smithsonian Institution, and three details grade coins.

This was also the final coin needed for my main type set. I am very pleased to have completed it with such a special coin. While not quite in the rarified air of our own @winesteven or @gschwernk or @Donato I manage to find myself (for now) at #16 which also helps me accomplish a personal goal of reaching the first page (top 20) of the rankings.

And now the good stuff:) Apologies in advance for not fantastic pics but my hands were shaking from the adrenaline.

calgolddiver · February 3, 2023 8:41AM

congratulations !!! outstanding acquisition !

P0CKETCHANGE · February 3, 2023 8:43AM

WOW! That’s an absolute show-stopper. Congratulations!

ponderit · February 3, 2023 8:54AM

Congrats, truly beautiful!

PeakRarities · February 3, 2023 9:00AM

Congratulations on an outstanding purchase! From our conversations, I know you've really wanted to add an early eagle, and I'm so glad you were finally able to check off the box for this coin. 1799 is a such a cool date , and any one of us would be proud to have that in our collection!

coinbuf · February 3, 2023 9:01AM

Congrats on the newp, finishing (for now) the type set, and your spot in the rankings, all nice accomplishments.

jclovescoins · February 3, 2023 9:02AM

early gold is always nice!!

divecchia · February 3, 2023 9:11AM

Congratulations on your pickup. This is a beautiful gold coin and one I would be very proud to own. Your photos look great especially the reverse. It shows such great detail.

Thanks for sharing your new piece and congrats on making it to #16 on the U.S. Basic Type set. It's a great accomplishment and you should be proud.

Link to the set: https://www.pcgs.com/setregistry/type-sets/design-type-sets/basic-u-s-coin-design-set-1792-present/publishedset/297373

Donato

winesteven · February 3, 2023 9:27AM

@lermish said:

This was also the final coin needed for my main type set. I am very pleased to have completed it with such a special coin. While not quite in the rarified air of our own @winesteven or @gschwernk or @Donato I manage to find myself (for now) at #16 which also helps me accomplish a personal goal of reaching the first page (top 20) of the rankings.

No matter what grade level we each feel comfortable at, I truly believe we all share the pleasure of the collector who chooses to show his/her coins on the forum!

Regarding moving up to #16, congratulations of having met your goal of being on that first page of 20, so you (and others) can see your set without having to click to see "View Entire current List".

I suggest collectors think of Registry placement as I do - I buy the coins I like at the price level that makes me comfortable, and whatever Registry spot that leaves me in is perfectly fine. Two of my sets - a Lincoln Wheat DATE set, and a Classic Silver Commemorative Type set (50 coins in each of those two sets) are loaded with three figure coins. I can afford low four figure coins for those spots, but just don't feel the desire to do that for those sets. So while the rankings are "nice" for those sets, I feel no need to buy higher grades solely for the purpose of moving up in rank.

When asked, I tell people it's "A little Boys game, otherwise known as the Registry".

Steve

dsessom · February 3, 2023 10:01AM

Good Lord, man! That single coin is more valuable than my entire collection! LOL
Looking at your Registry sets just leaves me in awe. I could look at them all day long. Thank you for sharing the images of your coins! They are truly the cream of the crop.

telephoto1 · February 3, 2023 10:06AM

Excellent piece. Congratulations.

dsessom · February 3, 2023 10:07AM

It just occurred to me that at the time this coin was minted, it had approximately the same purchasing power as $2,000 today. (a bit more actually)

Can you imagine walking around with a $2,000 coin in your pocket to spend on every day expenses? Pocket change sure was a lot more valuable back then. Even a lowly half cent had the same purchasing power as a $10 bill today. That, to me, is astounding, and also explains the very existence of half cents.