1805 $5 MS65 PCGS....

Description

Vibrant Gem 1805 Half Eagle, BD-1
Among Finest Certified

1805 $5 MS65 PCGS. Breen-6445, BD-1, High R.3. With more than 200 examples extant, BD-1 is perhaps the most available variety of the five known die marriages dated 1805. This is Die State II: a die crack is observed through the 0 of the date, yet the reverse is free of clashing or die breaks. This information has some relevance when discussing coins in commonly encountered grades. However, the half eagle in this lot is an exceptional specimen that, conditionally, is extremely rare as a date. Garrett-Guth, in their Encyclopedia of U.S. Gold Coins (2006), paint a clear picture regarding the high grade examples of BD-1:

"The 1805 half eagle is a relatively common coin that can be found with ease in circulated grades up to and including MS62 and MS63 grades. Gem examples are extremely rare; only three MS65 coins have been graded by PCGS and NGC, and there have been none graded finer. This issue has appeared at auction more than 120 times since 1995, and the record for this date was set in 2005, when a PCGS MS65 sold for $94,300; this was the first MS65 coin to appear at auction in the past decade."

The combined NGC and PCGS population in MS65 has since increased by one (12/07), assuming that this latest Gem is not a resubmission, which is highly likely at this grade level. Finding a nicer 1805 half eagle is not likely, regardless of financial resources and patience. Even the example in the Smithsonian Institution is considered to grade no better than MS65.
By all rights, this example has claims to a higher grade. Rich, satiny luster blankets both sides, which boast a well balanced yellow-gold coloration. In terms of abrasions, one would expect to see at least a few more distractions than are found on the current piece. A couple of minuscule ticks on Liberty's neck appear to be the only post-striking flaws worthy of mention. However, it must be noted that the reverse does display a couple of areas of adjustment marks; on the cloud under the O in OF and, to a lesser degree, on the eagle's shield. Such file marks are actually common on early half eagles and were applied to overweight planchets in order to bring them to the proper weight specification prior to striking. However, one must wonder if these mint-produced marks are what keep this coin from grading even higher, as the eye appeal is consistent with a Premium Gem example. Population: 2 in 65, 0 finer (12/07).
From The Madison Collection.(Registry values: P2)

Coin Index Numbers: (NGC ID# 25P4, PCGS# 8088, GSID# 8805)

Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.25789oz
Mintage: 33,183

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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