Fabled Key Date 1879-O Eagle
From a Mintage of Only 1,500 Coins
1879-O Liberty Head Eagle. Winter-1, the only known dies. AU-53 (PCGS).
A richly original example of this key date in the New Orleans Mint ten-dollar gold eagle series. Deep honey-gold on both sides, with vivid reddish-rose highlights that appear to drift toward the borders. There are also faint remnants of a semi-prooflike finish, with the protected areas around the design elements particularly reflective. Boldly defined overall with a predominantly frosty texture that enhances already strong eye appeal. The New Orleans Mint ceased coinage operations on behalf of the federal government in 1861 after Louisiana seceded from the Union. Although limited coinage operations continued at first on behalf of the State of Louisiana and, eventually, the Confederate States of America, the supply of gold and silver bullion was soon exhausted. The specie-starved South did not have the means to support a large coinage. Confederate control of the New Orleans Mint proved short lived, for it returned to federal control after Union forces under Commodore David Farragut seized the city on April 29, 1862. Coinage operations did not resume on behalf of the federal government until 1879, however, the driving force being the introduction of the Morgan silver dollar the previous year and the need to produce large numbers of those coins pursuant to the terms of the Bland-Allison Act. Indeed, the New Orleans Mint's Morgan dollar production in 1879 amounted to 2,887,000 pieces. Token mintages of eagles and double eagles were also achieved in New Orleans in 1879, both of which are now regarded as among the rarest issues for their respective types. The coin offered here is a survivor from a mintage of just 1,500 pieces and one of fewer than 100 1879-O eagles believed extant. According to Douglas Winter (2020), this is the second rarest New Orleans Mint eagle of the Motto design type, trailing only the 1883-O. The offering of any 1879-O ten is an important opportunity for advanced collectors, and the present aesthetically pleasing AU-53 will attract strong competition when it crosses the auction block.
PCGS# 8685. NGC ID: 265P.
PCGS Population: 6; 15 finer, two of which are Mint State (MS-61 finest).
From the Srotag Collection. Earlier from our sale of the Fairmont Collection-Hendricks Set, Spring 2022 Auction, April, lot 5312.