CAC Gold Coins By Doug Winter – RareGoldCoins.com ……
The Impossible CAC Gold Set? Rare U.S. Gold Coins That Stop Even Elite Collectors
A new type of gold coin collector has entered the market.
For years, I worked with collectors who preferred CAC-approved coins. They wanted CAC when possible. However, they still bought the right non-CAC coin when the coin made sense.
That mindset has changed. Today, I meet more collectors who buy CAC only. They insist that every coin in their set must carry CAC approval.
That goal sounds simple. Yet, in classic U.S. gold, it can turn into a brutal test.
CAC-Only Sets Work Better in 20th-Century Non-Gold Series
In many 20th-century non-gold series, a CAC-only set makes sense.
For example, a well-funded collector can likely complete a CAC-only set of MS65 Red Lincoln cents. The same collector can also attempt a conditionally tough series such as MS65 Buffalo nickels.
These coins can prove challenging. Even so, enough examples exist.
However, 20th-century gold tells a different story.
Indian Head half eagles and Indian Head eagles come to mind first. In those series, numerous dates remain extremely rare in MS65 with CAC approval. Some dates do not exist at that level.
A collector can still build a great CAC-approved set of Indian Head half eagles, Indian Head eagles, or Saint-Gaudens double eagles. Yet, that collector must accept MS63 and MS64 coins for certain dates.
Classic U.S. Gold Changes the CAC Equation
Now move back to 18th- and 19th-century U.S. gold.
Here, the challenge grows much harder.
Collectors who build by date face a very different market. Many issues appear infrequently. Others appear only with problems. In addition, truly choice coins often hide for years.
So, how realistic is a CAC-only classic gold set?
Let’s look at several series. Also, let’s judge each one at three levels:
Collector-grade coins, high-end circulated coins, and Uncirculated coins.
In other words, should collectors have Great CAC-pectations?
Charlotte Quarter Eagles
Charlotte quarter eagles include two design types. The first is Classic Head. The second is Liberty Head.
The 1838-C quarter eagle starts the Charlotte series with a serious challenge.
At the time of the original CAC study, CAC had approved only four examples in EF45 and below. Therefore, collector-grade examples with CAC approval remained very hard to locate.
A buyer had a better chance in About Uncirculated. CAC had approved 11 AU examples. Even so, the coin still demanded patience.
Uncirculated examples created an even bigger roadblock. CAC had approved only two Mint State coins. As a result, the 1838-C ranked among the toughest coins in the set for the high-end collector.
The Liberty Head Charlotte quarter eagles include several tough dates. At first glance, most should seem available in collector grades with CAC approval.
They are not.
The hardest collector-grade Liberty Head dates included the 1842-C, with only seven stickered coins in EF45 or lower. The 1843-C Small Date had only four. The 1846-C had just two. The 1850-C had four in EF45 and lower. The 1851-C had three. The 1855-C had three. Finally, the 1856-C had none.
That last number matters. It shows why CAC-only collecting can become unforgiving.
Interestingly, a high-grade circulated set of Charlotte quarter eagles may prove easier than a VF-to-EF set.
Six dates had AU CAC populations of five or fewer. These were the 1842-C, 1843-C Small Date, 1846-C, 1852-C, 1856-C, and 1860-C. Two of those dates, the 1846-C and 1860-C, had populations of just three.
Now let’s address the Uncirculated goal.
A full set of Charlotte quarter eagles in Uncirculated, with every coin approved by CAC, remains nearly hopeless. Numerous dates still had no CAC-approved Uncirculated example at the time of the study.
Unless something truly unexpected happens, this project remains unrealistic.
Classic Head Half Eagles
Classic Head half eagles should look easier.
After all, the basic set contains just eight issues. A collector can add varieties, of course. Still, eight coins sounds manageable.
Actually, not really.
The 1838-C and 1838-D had CAC populations of 10 and 13, respectively, in EF45 and lower at the time of the study. Those numbers sound workable. However, both issues attract intense demand.
A patient collector should be able to locate one. Yet, the numbers shrink fast if the collector wants only EF coins.
The 1834 Crosslet 4 also creates trouble. This issue had only eight CAC-approved examples in EF grades. It is sneaky hard. Still, it is not impossible.
In nice AU grades, the 1838-C becomes a real stopper. CAC had approved just four. I have sold all four.
The 1834 Crosslet 4 had a CAC population of eight in AU grades. Even so, I cannot recall seeing more than two or three.
An Uncirculated CAC-only set of Classic Head half eagles is possible in theory. In practice, it is highly unlikely.
Only one CAC-approved Uncirculated 1838-C existed at the time of the study. It was an MS63+ that I sold. CAC had approved only one 1838-D in Uncirculated, an MS62. Also, CAC had approved only two Uncirculated 1834 Crosslet 4 half eagles.
Common-date Classic Head half eagles tell a different story.
CAC-approved examples appear with some regularity. They also bring meaningful premiums.
For example, a PCGS AU55 1835 half eagle might trade around $1,500. A CAC-approved PCGS AU55 example might cost around $2,250.
In my opinion, the premium makes sense. CAC-approved coins usually look better. They also offer stronger liquidity. In addition, more buyers want them.
Three Dollar Gold Pieces
Three Dollar gold pieces seem like a series that should work in collector grades.
At first, the logic sounds reasonable. The 1854-D, 1855-S, and 1873 are tough. They are hard to find with CAC approval in VF and EF grades.
However, the rest of the series should not create major problems.
Right? …….. Wrong.
Several Three Dollar gold pieces have tiny CAC populations in lower grades. In fact, seven issues had no CAC-approved coins in EF45 and lower at the time of the study.
Those dates were the 1867, 1877, 1880, 1881, 1883, 1887, and 1889.
The 1867 and 1877 explain themselves through scarcity. The other five dates create a different issue. Except for the 1881, they are not rare coins. Instead, they saw little, if any, circulation.
That matters. If few circulated, then few exist in true collector grades today.
If we expand “collector grades” to include About Uncirculated, the set becomes easier. Even so, three dates remain very challenging with CAC approval.
The 1873 Closed 3 had only two CAC-approved AU coins. Both graded AU53.
The 1880 also had just two CAC-approved AU coins. Both graded AU58.
The 1884 had no CAC-approved AU coins. It had only two in lower Uncirculated grades: one MS61 and one MS62.
What about a high-end set in Uncirculated?
Here, three dates had CAC populations of zero in Uncirculated: the 1854-O, 1855-S, and 1860-S.
Of those three, the 1854-O remains reasonably obtainable in CAC-approved AU55 and AU58. The 1855-S and 1860-S create a much tougher problem. Each had only four total CAC-approved coins in the AU55 to AU58 range.
Four other dates had just one CAC-approved Uncirculated coin.
The 1854-D had one in MS62. The 1857-S had one in MS67. The 1858 had one in MS64. The 1873 Closed 3 had one in MS63PL.
Still, several of these dates can be found in AU55 to AU58. The 1860-S and 1873 Closed 3 remain the main exceptions.
Carson City Eagles
Carson City gold has a huge collector base. Yet, the $10 gold pieces create the biggest challenge among the three Carson City gold denominations.
CAC approval makes that challenge even sharper.
For Carson City eagles, “collector grades” can include coins as low as Very Good or Fine. Even with that wider range, several issues remain elusive with CAC approval.
The 1870-CC leads the list. CAC had approved just three in EF45 or lower. Two of those were in very low grades.
The 1873-CC also had only three in EF45 or lower. None graded higher than VF30.
The 1875-CC had five in EF45 or lower. Only one of those graded above VF30.
The 1878-CC had four in EF45 or lower. All graded VF35 or below.
From my experience, the 1870-CC and 1873-CC will prove very difficult in any grade with CAC approval. The 1875-CC and 1878-CC should prove slightly easier.
A high-end Carson City eagle set follows a rough grade pattern.
The 1870s dates usually fall into AU50 to AU55. The 1880s dates often fall into AU58 to MS61. The 1890s dates usually fall into MS63 to MS64.
The main exception is the 1893-CC. It usually falls into AU58 to MS61.
Several Carson City eagles had very low CAC populations in AU grades.
The 1870-CC had just two. The 1871-CC had three. The 1875-CC had four. The 1877-CC had three. The 1879-CC also had three.
Now consider Uncirculated coins.
A full set of Carson City eagles in Uncirculated is impossible. That statement holds true whether the collector requires CAC approval or not.
Several 1870s dates are either unknown in Uncirculated or unique.
Type One Double Eagles
Type One Liberty Head double eagles already make collectors work hard.
Even without CAC, this series demands deep pockets and patience. So, can a collector build the set with most, or even all, of the coins CAC approved?
The two keys are the 1854-O and 1856-O.
As expected, CAC-approved populations were extremely low.
At the time of the study, CAC had approved only two 1854-O double eagles. One graded VF30. The other graded EF45.
CAC had approved four 1856-O double eagles. These included one VF20, two EF45 examples, and one AU50.
After those two keys, the important Type One double eagle dates are the 1855-O, 1859-O, 1860-O, and 1861-O.
Among these, the 1860-O had the lowest CAC population. CAC had approved six total. Three graded EF45 or below.
Next came the 1859-O. CAC had approved seven total. Just two graded EF45 or below.
The 1855-O followed with eight CAC-approved examples. Seven graded EF45 or below.
The 1861-O trailed this group with a surprisingly larger total. CAC had approved 16 examples. Six graded EF45 or below.
These numbers show the reality of a CAC-only Type One Liberty Head double eagle set.
It can be done in theory. However, it is not very likely.
A collector with the money and ambition to build this set will probably not settle for a VF30 or EF45 1854-O. That same collector may not even settle for an AU50 1856-O.
Therefore, a more realistic goal makes sense.
In my view, a CAC-centric Type One set could reach around 90% CAC approval. That would still represent a remarkable collecting achievement.
The Bigger Lesson: CAC Approval Creates Appearance Rarity
CAC approval has changed the way many collectors think about rare U.S. gold.
In common series, CAC can serve as a quality filter. In classic gold, it can do something more important. It can reveal appearance rarity.
That phrase matters.
A coin may seem available by date and grade. Yet, a choice, original, CAC-approved example may prove far rarer than the certified population suggests.
That is the key lesson.
A CAC-only classic gold set can make sense in some areas. In others, it becomes a nearly impossible mission. Still, the pursuit has value. It forces collectors to buy better coins. It also teaches patience, discipline, and market realism.
For serious U.S. gold collectors, that may be the real prize.
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nice coin