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Lot
2416

1862-S $5 AU55 NGC. Only 9,500 Half Eagles were struck in San Francisco in 1862, but that does not properly explain the rar...

2005 November Dallas, TX Signature Auction #388

 
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Auction Ended On: Nov 3, 2005
Item Activity: 6 Internet/mail/phone bidders
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Location: Dallas, TX
Description:
Choice AU 1862-S Half Eagle
1862-S $5 AU55 NGC. Only 9,500 Half Eagles were struck in San Francisco in 1862, but that does not properly explain the rarity of this issue as Mint State is approached. Double Eagles were the denomination of choice for bankers and exporters, due to their convenience; fewer pieces were required to achieve a given value. The few lesser denomination gold coins, then, were useful in local commerce, and they typically circulated until well worn. Since no collectors set pieces aside, it is not surprising that only three pieces have been certified as Mint State by NGC or PCGS, none above MS61. The present example is not Uncirculated, but comes fairly close since the remaining luster is extensive. Softness on the curl below the ear and on the eagle's neck is mint-made. A few moderate marks on the upper left obverse field and above the eagle, but the piece is generally clean for a briefly circulated rare date gold coin. Population: 6 in 55, 3 finer (10/05).(#8293) (Registry values: P8) (NGC ID# 25VR, PCGS# 8293)

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