1851-D Liberty Head Quarter Eagle : History & Value

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

The Dahlonega Mint struck three gold coin denominations in 1851, the most common being the $5 1851-D Liberty Head Half Eagle. The 1851-D had a mintage of 11,264 pieces–a small number overall but robust by Dahlonega standards. 1851 marked the final year of D-Mint quarter eagle mintages over 10,000 pieces, as the southern branch mint’s output dropped by more than half for 1852 and would reach a low point of just 874 pieces by 1856.

The Philadelphia Mint prepared three obverse dies for Dahlonega’s 1851-D Liberty Head Quarter Eagle production. One of these dies was utilized, while the reverse die was the same one that had been in use since 1847 and would remain so through 1859.

The 1851-D Liberty Head Quarter Eagle saw heavy circulation. Most lower-grade examples were culled in the late 19th and early 20th centuries before coin collecting took off in America.

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Market Data and Noteworthy Specimens

In numismatist David Akers‘ United States Gold Coins, An Analysis of Auction Records, Volume I (1975), the gold coin specialist estimated a surviving population of 55 pieces. More recently published survival estimates range from 100 to 120 coins in all grades, with five to six known in Mint State. Combining the NGC and PCGS data, one comes up with 13 grading events, but we know that this is an overstatement as NGC still counts the Duke’s Creek MS65 in their dataset and this coin has since been certified by PCGS. Other duplications are likely.

A search through the archives of Goldbergs, Stack’s Bowers Galleries, and Heritage Auctions reveals fewer auction events than the total number of coins certified. We infer that the reported AU grading events probably include numerous resubmissions, especially at NGC.

Top Population: PCGS MS64 (1, 9/2024), NGC MS64* (1, 9/2024), and CAC MS62 (1:0 stickered:graded, 9/2024).

• PCGS MS64: “The Belden Roach Collection,” B. Max Mehl, February 1944; “The Louis Eliasberg, Sr. Collection,” Bowers and Ruddy, October 1982, Lot 158 – $6,325; Hancock and Harwell; George Elliott; “The Georgia Collection,” Mid-American Rare Coin Auctions, January 1987, Lot 1812; Hancock and Harwell; Leon Farmer; Hancock and Harwell. As NGC MS65 #302712-013. “The Duke’s Creek Collection of Dahlonega Gold,” Heritage Auctions, April 7, 2006, Lot 1508 – $63,250. DUKES CREEK on insert. Since this sale, the coin has been certified by PCGS, where it downgraded by one point.
• PCGS MS62+ #41954934: Imaged on PCGS CoinFacts. Dark streaks at stars 4 and 5. Curved streak inside of stars 9 and 10. Diagonal cut in lower right obverse field between bottom of the bun and star 12. Tick on the tip of Liberty’s nose. Highly lustrous.
• PCGS MS62 #38602092: Imaged on PCGS CoinFacts. Specks of red coppery toning at Y of LIBERTY and nearby hair. Copper spot to the right and left of 5. Diagonal mark from star 4 to hair. On the reverse, diagonal planchet void below OF. Dark spots on eagle’s right and left wing.
• PCGS MS62 #44807937: Imaged on PCGS CoinFacts. Nice orange-gold color. Small gouge to the right of star 2. Diagonal cut in the left obverse field to the right of stars 4 and 5. Diagonal gouge to the left of stars 12 and 13. On the reverse, faint carbon spot between eagle’s neck and left wing. Small hit on the top of D mintmark.
• PCGS MS62 #6578739: “The Buxton Collection,” Heritage Auctions, January 14, 2022, Lot 3908 – $26,400. Splotchy light discoloration throughout. Small scattered diagonal marks on face. Tick above eye, below right serif of L. Thin diagonal cut below jaw. Tick between bun and star 12. Reverse dentils weak from 12 to 3 o’clock and from 6 to 9 o’clock. Eagle’s right leg and both talons weak.
• NGC MS62 CAC #3655319-001: “The Georgia Peach Collection,” Stack’s Bowers, August 2015, Lot 10192 – $19,975.
• PCGS MS62 #5549755: Hancock and Harwell; “The Chestatee Collection,” Heritage Auctions, August 13, 1999, Lot 7651 – $12,075; Kansas Collection. Duke’s Creek duplicate. Toning spot on NI of UNITED. Certification number no longer active. 

*Minus the Duke’s Creek MS65.

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1851-D Liberty Head Quarter Eagle Coin Specifications

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