1861-D LIBERTY $5 AU55

WELL STRUCK WITH LUSTROUS SURFACES. VERY SCARCE DAHLONAGA HALF EAGLE WITH LESS THAN 100 COINS BELIEVED TO EXIST TODAY IN ALL GRADES. The final Half Eagle struck in the Dahlonega Mint is also the rarest and most intriguing. According to federal records, the original mintage of the 1861-D is a mere 1,597 pieces. We believe that this figure is accurate insofar as those coins struck for the United States of America are concerned. Early in the Civil War (on April 18, 1861, to be exact) rebel forces seized the Dahlonega Mint, after which a limited number of additional 1861-D Half Eagles were produced for the Confederate States of America. Since the Southern Confederacy did not record a mintage figure for this issue, we have no way of knowing how many '61-D Fives its agents struck. A reasonable estimate, however, would be in the neighborhood of 1,000-2,000 coins. As both the United States and the Confederate States used the same die marriage for this issue, and no significant die states are known, there is also no way to distinguish between the coins struck for each government. Nevertheless, the potential to own a genuine piece of Confederate history is present every time an 1861-D Half Eagle appears in the market. Unfortunately for interested buyers, examples turn up with only the greatest infrequency because, in addition to historical significance and romance, this Southern gold issue offers genuine rarity. With just 65-75 coins believed extant in all grades, the 1861-D is the rarest Dahlonega Mint Half Eagle in terms of total number of survivors. This issue is also elusive from a condition standpoint. In fact, AU and Mint State examples are more challenging to locate than those of all other Dahlonega Mint Fives with the exception of the 1842-D Large Date, 1846-D and 1850-D. When offered at all, the '61-D is apt to grade VF or, at best, EF-40. We stress that even Choice EF representatives are scarce, with AU-50 and AU-53 examples exceedingly so. Choice About Uncirculated and Mint State survivors are nothing short of rare, and the Condition Census for the issue begins at the AU-58 level. When one compares Doug Winter's 2003 estimate with current PCGS and NGC population data, and also allowing for the possibility of resubmissions at the certification services, they should arrive at a total of no more than 10-12 Mint State survivors.