US Coins

Market Analysis: 1850 Coronet double eagle sells for $199,750

Gold coins from the era of the Gold Rush ruled at Legend Rare Coin Auctions’ Exclusively Legend auction, including three dating from the 1850s consigned from the Coronet Collection. 

Stopping just $250 shy of $200,000 was an 1850 Coronet gold double eagle graded Mint State 64 by Professional Coin Grading Service with a green Certified Acceptance Corp. sticker that nicely exceeded its $150,000 to $165,000 estimate. 

1850 marked the first year of regular double eagle production and few are finer than this one, where Legend observed, “Every time we view this coin, we just shiver.” Legend had submitted it to PCGS hoping for a Plus grade, but even in absence of the coveted “+” it found strong demand at the New Orleans auction. 

Most of the 1,170,261 double eagles that left the Philadelphia Mint in 1850 entered circulation, and in higher Mint State grades they are rare. 

Doug Winter writes, “New dies and extra care were employed to produce this issue, and as a result the 1850 is among the best-struck Type One double eagles.” He estimates that of a surviving population that may exceed 3,500, fewer than 100 are Mint State.

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