By Doug Winter – RareGoldCoins.com ……
CoinWeek Content Partner
My recent sale of the Star City Collection of Choice Dahlonega Quarter Eagle gold coins made me revisit the rarity levels of Dahlonega Quarter Eagles. All of the coins in this all-PCGS set were CAC-approved. As I looked up the populations of CAC D-mint quarter eagles, I was repeatedly surprised by the small number of coins that had been approved, as well as the percentage of low-grade coins approved versus those in higher grades.
The following chart reflects CAC numbers as of mid-May 2024.
From the chart above, we can make some valuable conclusions. A few of these are as follows:
- The rarest Dahlonega Quarter Eagles according to CAC data are the 1840-D through the 1842-D, the 1846-D/D, the 1852-D, the 1853-D, the 1855-D, the 1856-D, and the 1857-D. All of these have total populations of a dozen coins or less.
- The 1846-D/D is less rare than the CAC data suggests because examples are known that have not yet been designated by either PCGS or NGC.
- The 1857-D is also less rare in high grade than its CAC population leads us to believe, and this is because most examples of this date are either too bright or have artificial color. As a result, these will likely never sticker at CAC.
- The 1840-D and the 1855-D are clearly among the rarest dates of this design in higher grades, but the 1852-D is a bit of an outlier as I think it is a bit more available in higher grades than its very low CAC population suggests.
Here are some year-by-year comments regarding D-mint quarter eagles:
1839-D: I’m pretty surprised by the number approved by CAC as I’ve only handled seven different CAC-approved examples of this date since 2015. As I told someone the other day, the 1839-D is the most overvalued quarter eagle from Dahlonega, but it has such a high level of demand the current value for a nice example (EF and higher) is completely justifiable.
1840-D: This date is so much rarer than most people realize. The example in the Star City set is crazy expensive, but go find another with this degree of eye appeal.
1841-D + 1842-D: If you can locate nice CAC-approved examples of either of these dates at less than $10,000, don’t hesitate to buy them.
1843-D: This is the most “common” D-mint quarter eagle, with over 13% of the total known population of all CAC-approved quarter eagles from this mint. Even so, I’d buy every single nice example I could find at current levels.
1844-D: Another reasonably common issue but I have handled less than a half dozen separate coins in a decade. This date is much scarcer in AU55 and finer than most collectors assume.
1845-D: This is not the common date that most collectors believe it to be. It should bring at least a 25-30% date premium in relation to the 1843-D or the 1844-D.
1846-D + 1847-D: These two issues make excellent type coins as they are a bit scarcer than the 1843-D and 1844-D but better made, and sometimes they come with great natural color.
1848-D: Same comments apply to this date as to the 1845-D.
1849-D: The high-grade CAC population for the 1849-D is higher than it should be. It might be inflated by three to five coins in the AU53 to AU55 range.
1850-D: Same comments for the 1850-D as for the 1849-D. Based on auction appearances and the number I’ve bought and sold in the last decade, “22” CAC-approved coins in AU50 or better seems high for this date.
1851-D: I would have never guessed that the CAC population for the 1851-D would be six in lower grades/nine in higher grades/15 total versus six in lower grades/five in higher grades/11 total for the much rarer—and more expensive—1841-D.
1852-D: How is it possible that just one 1852-D Quarter Eagle has been approved by CAC in EF45 or lower?!?
1853-D: And just two 1853-Ds in EF45 or lower?
1854-D + 1855-D: Both of these traditionally higher-priced dates now feel somewhat undervalued in EF45 and lower grades. The PCGS/CAC EF40 1854-D and the PCGS/CAC EF45 1855-D I sold in Star City were less than $30k for the pair and it feels like the 1855-D alone should be worth this much.
1856-D: Given what the Star City coin looked like (it graded EF45 by PCGS but I saw it as a 53 or finer) I’m now convinced that no one knows how to grade this date.
1857-D: I wish I could figure this date out. Was there a hoard of scrubby AU coins as I’ve long maintained?
1859-D: At one point this issue was extremely scarce with CAC approval, but a few nice coins have entered the market in the last decade.
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