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Lot
4834

1929 $5 MS64 PCGS....

2011 July Orlando Summer FUN Signature US Coin Auction #1157

 
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Auction Ended On: Jul 8, 2011
Item Activity: 12 Internet/mail/phone bidders
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Location: Orange County Convention Center
9800 International Drive
Orlando, FL 32819
Description:

1929 Five Dollar Indian, MS64
Key to the Series
1929 $5 MS64 PCGS. According to recent research by Roger Burdette, the 1929 half eagle was never available in substantial numbers, even though 662,000 were minted. The 1929 five dollar was first distributed as part of the cent through twenty dollar set sent to the treasurer. The second distribution was 1,000 pieces sent to the treasurer "as part of a standing order to all the Mints." These coins were held by the mints "for special purposes and to supply coins to collectors" who requested them. In October 1931, 200,000 pieces were shipped in anticipation of holiday needs for gifts. Another 280,000 coins were shipped out in February and March 1933. According to Burdette:

"It is very likely that these coins were either internal Treasury transfers or subject to anti-hoarding rules of the Hoover administration. Given the pressure exerted on hoarders to return gold coins they could not prove were used in commerce, it is probable all of these were recovered and melted. Coins turned in to the government were not recorded by date/Mint, only by face value."


Only a few hundred 1929 fives exist today. Almost all examples are Uncirculated or AU. This upper-end MS64 has almost no obverse abrasions and only a few on the reverse (including a shallow planchet flake behind the eagle's head. The surfaces are bright and satiny, with a confirmed reddish tint to the otherwise bright yellow-gold color. The strike details are a bit soft on the lowest headdress feather, as seen on most known 1929s.
From The Little Rock Collection, Part Two.(Registry values: N4719) (NGC ID# 2800, PCGS# 8533)

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