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Very Rare C. Bechtler Kagin-21 Colon
128 G, Five Dollar, AU55

(1837-42) $5 C. Bechtler Five Dollar, Colons Obverse AU55 PCGS. K-21, R.7. A very rare Christopher Bechtler variety, distinguished from other 128 G(rain) issues by a colon instead of a period after the G. This is a problem-free piece with bright luster about the legends and an absence of noticeable abrasions. A brief lint mark (as struck) beneath the H in BECHTLER serves as an identifier.

The 1981 Don Kagin standard reference for the pioneer gold series lists K-21 as R.8, which suggests two known. However, as of (2/13), PCGS has a population of six pieces in all grades (2 in 55, 1 finer), and NGC has a total census of two examples, which suggests Rarity-7 may be more appropriate. The following examples have appeared at auction in recent decades:

1. MS61 NGC. FUN Signature (Heritage, 1/2011), lot 5713, which realized $92,000.
2. AU58 PCGS. Dr. Jack Adams Collection (Superior, 5/1992), lot 3097; Americana Sale (Stack's, 1/2008), lot 9389, which realized $115,000.
3. AU55 PCGS. The present lot. Provenance unknown.
4. About Uncirculated. Emerson Gaylord (Mayflower, 5/1963); Gibson Collection (Stack's, 11/1974), lot 162; Raymond J. Wayman Collection (Stack's, 9/1981), lot 413.
5. XF45 PCGS. Baltimore ANA Signature (Heritage, 9/2008), lot 1835, which realized $46,000.
6. Very Fine to Extremely Fine. Kreisberg-Schulman, 2/1960, lot 2297; John Jay Pittman Collection, Part One (David Akers, 10/1997), lot 1242, which realized $26,400.

Note: Walter Breen in his 1988 Encyclopedia (under entry 7758) listed Walton:2256 as an example of K-21, but that lot was the K-23 variety. Listed on page 374 of the 2013 Guide Book. (NGC ID# 2B9U, PCGS# 10106)

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Auction Dates
March, 2013
Internet/Mail/Phone Bidders: 7
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