Below is the first of three posts from our own Steve Roach
highlighting impressive gold items in the U.S. market.
The spot price of gold has dropped recently, hitting prices not seen
for the past six years due to various concerns about the global market
coupled with expectations that the Federal Reserve will be slower than
expected in raising interest rates. Despite this, high-end gold coins
continue to excel at auction. Here are three rare examples that
performed well at a Nov. 15 auction by online auctioneer GreatCollections.
1799 Capped Bust gold $10 eagle, MS-63
There is something exciting about
well-preserved gold coins from the 18th century. All are fairly
scarce, due to small mintages and a low survival rate, and examples in
Mint State are rare. At GreatCollections’ Nov. 15 auction, a 1799
Capped Bust, Heraldic Eagle gold $10 eagle, Small Stars obverse,
graded Mint State 63 by Professional Coin Grading Service, sold for a
bid of $64,500. With the 10 percent buyer’s fee added, the total price
realized came to $70,950. The price was on par with a different
example in the same grade that sold for $70,500 at Heritage’s most
recent Long Beach Expo auction.
The Small Star obverse is differentiated from the Large Star obverse
used in 1799 by the long, thin “spiny” rays, as opposed to the short,
fat rays that are closely spaced on the Large Stars issue. The offered
example is a common variety in the series, making it a great type
coin, and it is among the finest known for the variety.