Unique, "EB on Breast"1787 Brasher Doubloon from
The Gold Rush Collection
The North Georgia Collection Auction: A Night to Remember
by Carl N. Lester
One of the most memorable collections of Dahlonega and Charlotte gold coins ever auctioned was sold by Heritage Numismatic Auctions on January 8, 1999 at the FUN Show in Orlando, Florida. The collection was carefully assembled over more than a decade by a successful North Georgia businessman. One look at the collection would convince even the most dispassionate numismatic observer that the gentleman had a refined "eye for quality." In an era when more and more Charlotte and Dahlonega pieces have been dipped by the "crack-out artists" (in an effort to obtain a higher grade from the grading services), the lion’s share of the North Georgia pieces were wonderfully original coins. Many had gorgeous coloration, which added even more appeal.
For those who may be unfamiliar with the FUN Show, a few background comments are in order. Every year in early January, the Florida United Numismatists (FUN) hold a coin convention in Orlando at the Orange County Convention Center. The event is always well attended and is considered the second largest coin convention held in the United States (after the American Numismatic Association’s annual affair, which is held in a different city every year in the summertime). Drawing cards include the attractions of Orlando and normally mild, sunny weather, which is a respite from the gloomy, winter weather back home, especially for those collectors and dealers living north of the Mason-Dixon.
Heritage had offered several tantalizing previews of the marvelous collection, not the least of which was a beautiful photographic display of many of the coins on their website. The collection was also available for examination at the September Long Beach Show, as well as a late October viewing at Atlanta’s Fay Gold Art Gallery, located in Buckhead. Gold Rush Gallery viewed the coins at Long Beach, in Atlanta, and again in Orlando just before the auction. As a side note, I had been honored by having my brief history of the Dahlonega and Charlotte Mints included in the massive auction catalog.
The collector who had assembled the North Georgia Collection had kept his "number one" Dahlonega set intact, but let go of the Dahlonega duplicates, as well as his entire holding of Charlotte Mint coins. The collection had been handled by the newly created Charlotte Gold Company, which had sold a number of the pieces by private treaty the previous summer. The balance of the coins, totaling 118 Dahlonega and 94 Charlotte pieces, were consigned to Heritage, along with a lone New Orleans quarter eagle and a small grouping of territorial gold. All of the coins had been certified by PCGS, with the "North Georgia" pedigree emblazoned on the holder.
After a nice supper on Friday, January 8 with Al Adams of Gold Rush Gallery, it was time for some "auction action." I thought the event was well attended, but did not have the "standing room only feel" of some of the other big name auctions (Eliasberg, Norweb, Pittman, etc.). A number of active collectors were there, as well as many interested dealers. I had my sights on the first coin in that evening’s session, Lot 7604, an 1849-D gold dollar from the Louis Eliasberg Collection, which had been auctioned in October 1982. I had been trying during the ensuing 16 years to obtain a Dahlonega piece from the Eliasberg Collection for my set, but found out the hard way that it is a lot more difficult once the coins are dispersed. As "my coin" was first up, I did not have long to wait in suspense. Al was bidding on the piece for my account, and after less than 30 seconds of bidding fury, I could finally lay claim to an Eliasberg specimen! The coin, graded AU58 by PCGS, brought more money than the MS60 Trends value, but I felt lucky to have the piece.
In order for web site visitors to be able to get a good flavor of the auction, I will provide a summary of the Dahlonega gold dollars. The accompanying table lists the various coins by lot number. Also included is the PCGS grade assigned on the holder, Gold Rush Gallery’s opinion of the grade, our pre-sale comments concerning the coin, the pre-sale Trends value, and the price realized. Those pieces marked with a check in the comments section were considered by Gold Rush Gallery to be "Premium Quality" for the grade level. By studying the table, one is able to examine how a particular coin fared, in relationship to its PCGS grade, the Trends value, and whether or not we thought the coin had special "eye appeal."
As might be expected, most of the "Premium Quality" coins brought prices in excess of Trends. Both 1849-D gold dollars brought especially strong prices. I thought a few pieces went for considerably less than expected, most notably the 1859-D gold dollar, which was an incredible coin with beautiful, rich color. It was such a good buy that Gold Rush Gallery purchased it for stock. Even though the average price realized for the Dahlonega gold dollars was a healthy $13,098, all of the coins found buyers (in other words, were not bought back by the consignor), which indicates steady demand. There were a few pieces in the North Georgia Collection which did not sell, most notably the extremely rare 1849-C open wreath gold dollar.
When all was said and done, the Dahlonega and Charlotte portion of the North Georgia Collection auction had realized over $2.5 million, with an average of over $12,800 per coin. Both mintmarks showed almost identical strength, with the Dahlonega and Charlotte pieces averaging $12,872 and $12,831, respectively. Regardless of the other impressions of this landmark auction, my memories will be forever colored (a deep gold hue!) by the acquisition of the long sought-after Eliasberg piece, an 1849-D gold dollar. Thus, for me, the North Georgia Collection auction will always be a night to remember.
Dahlonega Mint Gold Dollars from the North Georgia Collection Auction
| Lot Number | Date | PCGS Grade | GRG Grade | GRG Pre-Sale Comments | Trends | Price Realized |
| 7604 | 1849-D | AU58 | AU58-60/MS61 | Premium Quality; Eliasberg:4; graded MS65/60 by Q. David Bowers in 1982; pretty, original coin with a superb pedigree [Note: purchased by Gold Rush Gallery] | 2300/3950 | 5290 |
| 7605 | 1849-D | MS62 | MS62 | Premium Quality; nice, violet highlights; vibrant | 5850 | 10350 |
| 7606 | 1850-D | AU55 | AU50 | Does not do much for me | 5675 | 4830 |
| 7607 | 1851-D | MS62 | MS62 | Premium Quality; vibrant luster; nice copper highlights [Note: purchased for a client by Gold Rush Gallery] | 7500 | 7475 |
| 7608 | 1852-D | MS61 | MS62-63 | Premium Quality; gorgeous, beautiful color; per the Heritage catalog tied for third finest known [Note: purchased for a client by Gold Rush Gallery] | 8000/----- | 12650 |
| 7609 | 1852-D | MS61 | AU58 | Does not do much for me; per the Heritage catalog tied for third finest known (with the previous coin) | 8000/----- | 8510 |
| 7610 | 1853-D | MS61 | MS61 | Bright yellow gold; reverse nice; per the Heritage catalog tied for fifth finest known [Note: purchased for a client by Gold Rush Gallery] | 10000/20000 | 10925 |
| 7611 | 1853-D | MS62 | MS62 | Premium Quality; pretty, original coin; per the Heritage catalog the fourth finest known | 20000 | 22425 |
| 7612 | 1854-D | AU58 | AU55/MS60 | A bit bright but a very rare coin [Note: purchased for a client by Gold Rush Gallery] | 9000/15500 | 10637.50 |
| 7613 | 1855-D | AU50 | XF45/AU50 | I do not like this coin; washed out | 9500 | 10925 |
| 7614 | 1855-D | AU53 | XF45/AU50 | "Full Date"; I do not like this one either | 9500/16500 | 18975 |
| 7615 | 1856-D | AU58 | AU58 | Premium Quality; nice, coppery color; at the low end of the Condition Census [Note: purchased for a client by Gold Rush Gallery] | 10750/34000 | 15525 |
| 7616 | 1857-D | AU58 | AU58-60/MS62 |