Beginning with this issue, production of double eagles at the Philadelphia Mint was greatly reduced. From 1881 through 1887, a total of only 4,521 business-strikes were made, an average of just 645 coins per year, as well as 592 proofs. These dates, after years of neglect, are now greatly desired by collectors who regard them as some of the classic rarities in all of 19th century numismatics.

Expert’s Corner: 1881 Double Eagle

This is one of the true rarities in the Type Three series, and it is one of the few dates that I recommend in any grade. The 1881 has shown good price performance since the first edition of this book was published, and I expect it to continue to do well as wealthy collectors and investors seek “big ticket” items.

The 1881 double eagle is quite rare in any grade. It has a lower rate of survival than the 1882 and the 1885, and it is especially rare in higher grades. Discounting the proof-only 1883, 1884 and 1887 issues, the 1881 is one of the rarest Liberty Head double eagles in business-strike format.

1881 Double Eagle Gold Coin Rarity, Value, and Key Characteristics

Most 1881 double eagles are well struck. The obverse sometimes shows weakness at the top of Liberty’s head and on the curls near her eye. The reverse is sharper with all of the details generally up and bold. The surfaces on virtually all known examples are very heavily bagmarked. All business strike 1881 double eagles are proof-like to some degree, as one would expect from an issue with such a small mintage. Before production, all business-strike dies are polished. It takes a number of strikings before the polish wears off. Therefore, coins with very small mintage figures, like the 1881 double eagle, are typically seen with degrees of proof-like surfaces. The coloration ranges from medium green-gold to orange-gold. With a coin as rare as this, eye appeal is less of a consideration than it is on, say, an 1881-S. It is quite hard to find an 1881 with good eye appeal. But, then again, this date is hard to find in any level of preservation.

Business-strikes can be distinguished from proofs by a slightly different date position. On the business-strikes, the date is a bit higher and more to the left. Proofs are quite rare, but they are more available than the 1877-1880 issues by virtue of their higher mintage. There are around 16-20 known, including nine to eleven that are gems.

There are an estimated four to five dozen known business-strike 1881 double eagles. Most are in the EF45 to AU53 range. This date becomes very rare in the higher AU grades, and it is extremely rare in uncirculated with just twelve or so known.