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Lot
1626

1796/5 $5 Small Eagle--Rim Damage--NCS. XF Details....

2009 May Long Beach, CA Signature US Coin Auction #1125

 
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Auction Ended On: May 29, 2009
Item Activity: 7 Internet/mail/phone bidders
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Location:

Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:
Very Scarce 1796/5 Small Eagle Five
BD-1, XF40 Details
1796/5 $5 Small Eagle--Rim Damage--NCS. XF Details. Breen-6418, BD-1, High R.4. Jeff Garrett and Ron Guth believe the 1796/5 Capped Bust, Small Eagle half eagle is an underrated coin, with a tiny officially reported mintage of 6,196 pieces. John Dannreuther believes even this small total is too large, and some of the reported coins were probably dated 1795. Dannreuther estimates a surviving population of perhaps 80-100 examples in all grades. A search of auction records confirms Heritage has not handled an example of this scarce date in the last three years.
The BD-1 variety is the only one known for the year, and early catalogers usually overlooked the overdate feature. An example appeared in the McCoy Collection (Woodward, 5/1864), lot 1942. Woodward described the piece as "1796 Very fine, and excessively rare." The lot sold for a respectable $21.00 to "Eley" (probably Heman Ely).
The present coin features attractive, orange-gold surfaces with smooth, even wear over the high points of the design. No large or individually distracting marks are present, just numerous tiny abrasions peppered over each side. This offering represents a rare opportunity to acquire an affordable example of this very scarce date.(Registry values: P7) (NGC ID# 25NE, PCGS# 8067)

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