1849-C Liberty Head Quarter Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

In 1849, gold coinage at the Charlotte Mint consisted of three issues: the 1849-C Gold Dollar, the 1849-C Liberty Head Quarter Eagle, and the 1849-C Liberty Head Half Eagle. The half eagle $5 gold denomination remains the most common of the three, while the 1849-C Open Wreath Gold Dollar, one of two gold dollar varieties struck at Charlotte that year, is the rarest of all gold dollars.

Somewhere in the middle is the 1849-C Liberty Head Quarter Eagle. Its mintage of 10,220 was produced using one of three die pairs sent to the mint that year. The 1849-C is one of the more frequently encountered Charlotte Mint quarter eagles and is typically found in Extra Fine to About Uncirculated.

Published estimates put the surviving 1849-C Liberty Head Quarter Eagle population between 125 and 150 coins in all grades. However, the certified total exceeds 200 coins, which means that the combined grading events reported by NGC and PCGS would be 38% to 66% higher than the actual number of coins. The most logical area where duplication would be concentrated is in About Uncirculated grades, as Mint State examples are rare. Around 60 to 80 duplicates would have to exist within the AU ranks to comport with the estimates above, so a better guess might be that 175 to 200 specimens survive today.

Let’s look at the Mint State population.

Through 2002, only three coins were listed in the NGC/PCGS census in Mint State. Writing in 2008, Gold coin specialist Doug Winter enumerated four. When we studied examples listed for auction over the past 20 years, we see that the Mint State population has increased to the point where we can verify nine non-duplicative Mint State specimens, eight graded by NGC and one graded by PCGS.

What Is the 1849-C Liberty Head Quarter Eagle Worth?

Crusty silver and gold coins from the middle of the 19th century do not have as many champions as Morgan Dollars and popular 20th-century issues do. Examples with extraordinary eye appeal are hard to come by and static mid-19th-century coin design created long series that can be too difficult and too complex for many collectors. As for 19th-century gold, numismatists David W. Akers and Doug Winter were strong advocates, writing standard references and representing the top collectors of their respective eras. But we get the sense that these coins are under-appreciated and undervalued.

In Extra Fine, expect examples to sell for $5,000 to $6,000. Better AU examples have seen values rise to $6,500 to $7,500, while most MS60 to MS61 examples fall within the $10,000 to $15,000 range.

Eye appeal is an issue for all of the Mint State coins. NGC, which has certified 11, relegates all but two to MS60-MS61. With one Gem and no Choice examples, collectors must carefully study coins in person to settle on the best example for their tastes.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS62 (1, 9/2024), NGC MS65 (1, 9/2024), and CAC AU58 (3:0 stickered:graded, 9/2024).

• NGC MS65 #3258105-001: Stack’s, May 1968, Lot 712; “The Harry W. Bass, Jr. Collection, Part II” Bowers and Merena, October 1999, Lot 422 – $39,100; Heritage Auctions, May 2001, Lot 8853; “The Cuyahoga Collection of Charlotte and Dahlonega Mint Gold,” Bowers and Merena, March 4, 2010, Lot 3609 – $103,500; “The Cherokee County Collection,” Heritage Auctions, January 5, 2012, Lot 4757 – $69,000. Previously PCGS MS64. Flashy with hints of Mint Frost remaining. Right leg of eagle is slightly weak, as is typical.
• NGC MS61 #4631632-005: Heritage Auctions, January 9, 2020, Lot 4342 – $9,300. Planchet void to the left of Liberty’s nose. Small tick on the eyebrow. Small tick to the back of lips. Planchet void below. Rim hit below 1 of date. Small tick below star 9.
• NGC MS61 #1850064-002: As NGC MS61 #1931079-003. Heritage Auctions, November 3, 2005, Lot 2373 – $20,700. As NGC MS61 #1850064-002. Heritage Auctions, January 10, 2014, Lot 6441 – $15,275. Gouge on the bottom of jaw. Thin horizontal line from base of bust truncation to middle of the neck. Diagonal mark from hair above ear midway to eye. Small ticks in left obverse field to the bottom right of star 3.
• NGC MS61: Bowers and Merena, June 17, 2010, Lot 3512 – $12,650. Deep diagonal cut below I of LIBERTY to temple. Diagonal cut to the right of star 3. Diagonal planchet depression between stars 9 and 10.
• NGC MS61 #3164049-011: Heritage Auctions, February 6, 2009, Lot 2499 – $12,075.
• PCGS MS60 #30863157: As NGC MS60 #1293449-029. “The Ashland City Collection,” Heritage Auctions, January 11, 2003, Lot 4686 – $14,375. ASHLAND CITY on insert; Bowers and Merena, August 7, 2010, Lot 1500 – $11,500. As PCGS MS60 #30863157. “The Utah Collection of Charlotte Gold Coinage,” Heritage Auctions, July 13, 2021, Lot 3078 – $10,800. Crossed over. Pedigree removed. Gouge on the bottom of the chin. Gouge on jaw. Two horizontal ticks on the jaw. On the reverse, diagonal tick above right wing. Tick in the field below second S of STATES.
• NGC MS60 #429394-001: Heritage Auctions, August 16, 2019, Lot 4560 – $9,000. Lightly impressed centers. Hit obliterates B of LIBERTY. Two diagonal marks on jaw.
• NGC MS60 #3814852-003: As NGC MS60 #1270670-006. “The Twelve Oaks Collection,” Heritage Auctions, September 9, 2016, Lot 13960 – $12,337.50; As NGC MS60 #3814852-003. Heritage Auctions, February 16, 2017, Lot 3919 – $10,868.75. Regraded. Deep oval-shaped gouge to the right of Liberty’s neck. This flaw is surrounded by a small cluster of ticks. Hit between star 1 and 1. Horizontal hit to the upper right of star 1.
• NGC MS60 #3035873-003: Heritage Auctions, October 24, 2008, Lot 1937 – $13,800; Heritage Auctions, May 29, 2009, Lot 1526 – $13,225. Two marks to the bottom left of the ear. Diagonal mark above 4.

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1849-C Liberty Head Quarter Eagle Coin Specifications

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