$4,000 Apart For Identical Coins? Here’s What Experts Say

The Whitman Expo’s Spring Baltimore Coin Show

The Whitman Expo’s Spring Baltimore Coin Show began this past weekend, and I visited the event on Thursday to explore the bourse floor and reconnect with fellow coin collectors and dealers.

We had conversations about a variety of topics, including gold prices approaching $3,000, an unstable stock market, the steady supply of premium coins flowing into major auction houses, and a surprising piece of news—a long-established wholesale company is now stepping into the retail coin market. More details on that will come later.

The atmosphere at the show was fairly active, but not overly crowded. Still, the lack of in-person auctions at major events like this one has reduced some of the excitement. Live auctions once added a strong element of energy to these shows, but they’ve now become less viable financially, leaving dealers on the floor to create the buzz. That’s no easy task, and the energy felt somewhat lacking.

The “Blind Box” Trend Struggles to Deliver

There’s been a lot of talk about the “blind box” trend in numismatics. One company promoting these mystery coin boxes had a booth at the show, but I noticed there were no products on display and no customers gathering around. It’s hard to generate enthusiasm when there’s nothing tangible to show.

The Decline of Onsite Grading at Coin Shows

Another issue raised by dealers was the absence of onsite grading. Back in the 2010s, third-party grading services (TPGs) were a major attraction at shows. They offered special labels and fast turnarounds, drawing long lines of collectors eager to submit their coins. At the 2025 Spring Baltimore show, there was no sign of that activity on the first day.

A Memorable Encounter with a Collector Couple

One of the most interesting moments during the March Whitman Expo was meeting a collector and his wife. They were searching for an AU58 1864 Liberty Head Double Eagle and stopped by Russ Augustin of AU Capital Management. They were hoping to get the most value for their money and were especially interested in the scarcer 1864 issue from the Civil War era. Russ presented them with an SS Republic shipwreck coin priced at $22,000. In private, he mentioned his cost didn’t leave much room to negotiate.

Elsewhere on the floor, NFC Coins had another AU58 1864 Liberty Head Double Eagle listed at $18,000—a $4,000 difference. However, the NFC coin didn’t appear to carry a shipwreck pedigree.

Comparing Two 1864 Liberty Head Double Eagle Coin Prices: What I Showed the Collector

The collector turned to Russ and me and asked an important question: “Why is there a $4,000 price difference, and does Russ’s coin really deserve the higher price because of the label?”

I explained that even within the same grade, AU58 coins can vary greatly. Every coin has its own look and characteristics that affect its appeal to collectors. Since both coins were graded AU58 by NGC, they were similar in grade, but that doesn’t make them equal.

Russ’s SS Republic coin had a rough texture and scratches behind Liberty’s head—likely from its time underwater. The reverse, however, was very clean and had little wear. A strong reverse doesn’t help the grade much, but a weak one can lower it.

The NFC coin had a thin hairline from Liberty’s nose to the top rim—not unusual for AU58 coins, but noticeable nonetheless. It didn’t shine as a top-tier example, but it wasn’t poor either.

A Collector’s Eye for Detail

The collector handed both coins to his wife. She immediately noticed a small difference in the date punch. While this was an interesting detail, it wasn’t a major factor in their decision. Collecting by die variety in this series isn’t especially popular.

I remained neutral to avoid influencing their decision. My goal was to point out the pros and cons of both options. Russ’s coin was more expensive but had the shipwreck pedigree; NFC’s coin was cheaper but had minor flaws. They could negotiate either price or wait for a better example. One thing I’ve learned—collectors always have choices.

Market Research: Auction Results Tell a Story

After the show, I looked into auction prices for 1864 $20 Liberty Head Double Eagles. The NFC coin was slightly under the median price seen in auctions since 2023, while examples from the SS Republic were more rarely seen. Higher-quality AU58s do exist, but photos can be misleading due to lighting and editing tricks.

I don’t know which coin the couple chose. I returned Russ’s coin and told him I had left the decision entirely to the buyer. Both dealers were honest and fair. Ultimately, the best purchases come from informed decisions, made once you truly understand what to look for.

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