An Analysis of 1890 Double Eagles
Morgan White
Posts: 8,380 ✭✭✭✭✭
Three of the four operating mints, Philadelphia, San Francisco, and Carson City minted Double Eagles in 1890. New Orleans last minted Double Eagles in 1879, the first year the Mint was reopened after the Civil War, but would not mint Double Eagles again before closing in 1909.
Philadelphia minted 75,940 Double Eagle in 1890 which was one of the larger mintages of the era after the small mintages for most of the 1880’s and before the 1,000,000+ mintages of the late 1890’s.
1890 Philadelphia Statistics: Mintage 75,940
PCGS Population Total: 978
Percent Mint State: 795/978 = 81%
Percent MS63 or Better: 81/978 = 8%
NGC Population Total: 699
Percent Mint State: 550/699 = 79%
Percent MS63 or Better: 40/699 = 6%
CAC(G) Population Total: 54 (53:1)
Percent Mint State: 49/54 = 91%
Percent MS63 or Better: 5/54 = 9%
San Francisco minted 802,750 Double Eagles in 1890 which was one of the lower mintages for this Mint which typically saw 1,000,000+ mintages for most years of the Type 3 Double Eagles. Although population reports are similar to the 1890-cc, it’s far less available and only a fraction of the price.
1890 San Francisco Statistics: Mintage 802,750
PCGS Population Total: 2496
Percent Mint State: 1836/2496 = 74%
Percent MS63 or Better: 336/2496 = 13%
NGC Population Total: 1994
Percent Mint State: 1366/1994 = 69%
Percent MS63 or Better: 100/1994 = 5%
CAC(G) Population Total: 79 (73:6)
Percent Mint State: 67/79 = 85%
Percent MS63 or Better: 23/79 = 29%
Carson City minted 91,209 Double Eagles in 1890, and is one of the three most common Double Eagles from this Mint, along with the 1875-cc and 1876-cc. Unlike the Philadelphia and San Francisco counterparts, the percentage of uncirculated coins is significantly lower, and high end uncirculated coins even more so. However, like the other two Mints, the vast majority of circulated coins are in the AU range which would be consistent with Double Eagles of this period being used as bank reserves rather than circulating coinage.
1890 Carson City Statistics: Mintage 91,209
PCGS Population Total: 2436
Percent Mint State: 353/2436 = 14%
Percent MS63 or Better: 8/2436 = .003%
NGC Population Total: 2774
Percent Mint State: 248/2774 = 9%
Percent MS63 or Better: 1/2774 = .0003%
CAC(G) Population Total: 428 (417:11)
Percent Mint State: 64/428 = 15%
Percent MS63 or Better: 1/428 = .002%
Conclusions:
Carson City seems to be far more available than the other two Mints, despite San Francisco having similar population numbers. I don’t think that’s due to the San Francisco coins being essentially bullion either because finding uncertified San Francisco examples is just as difficult.
Conversely, Carson City coins are much more expensive than the other two Mints, which is no doubt due to the popularity of Carson City coin in general.
Overall, MS63 and above coins from any of the three Mints are relatively scarce, especially Carson City. That’s to be expected since Double Eagles are heavy coins made of soft gold and acquire contact marks fairly easily.
I think the Philadelphia Double Eagle from this year is the best value, combining scarcity along with a lower price.
Comments
At least part of the answer is the "bullion" issue that you seem to be dismissing. This is best seen in the % Mint State figure that you show. A coin that trades as low premium bullion isn't worth submitting. It may not be the whole story but it is part of the story.
FWIW eBay has 54 1890-S listings compared to 19 1890-CC listings.
My search must be getting filtered in some way that isn't immediately obvious to me. I consistently get this result in the double eagle category, of which 2 are San Fran.
The Fairmont "collection" significantly reshaped the market
https://raregoldcoins.com/blog/2023/12/27/fairmont-gold-pieces-part-i-the-pedigreed-fairmonts
and
https://raregoldcoins.com/blog/2025/5/14/fairmont-gold-pieces-part-x-recapitulation?rq=fairmont
ANA 50 year/Life Member (now "Emeritus")
Some really nice ones above. Wager Super investment potential.
One investor I interface with a lot at shows is looking for these. However they have to be problem free usually A or B coins with super luster.