1818 $5 STATESOF, BD-2, R.4, MS62 PCGS. CAC....

Description

1818 Capped Head Left Five, MS62
Famous STATESOF, BD-2 Variety
Dramatic Spacing Error

1818 $5 STATESOF, BD-2, R.4, MS62 PCGS. CAC. Bass-Dannreuther Die State c. According to Mint records, 48,588 Capped Head Left half eagles were struck in 1818, and numismatists have identified three different die varieties for the date. This coin represents the BD-2 variety, with the famous STATESOF reverse. The BD-2 is one of the most famous varieties of the early gold series, although recent research indicates it is not quite as rare as early catalogers believed. John Dannreuther estimates the surviving population at 100-125 examples in all grades, certainly a modest total in absolute terms. An old Flat Top 5 punch was used in the denomination on the reverse. Since this punch was used on coins in 1815 (and before), it seems likely the reverse die was prepared at an earlier date and set aside until its use in 1818. It is possible Mint personnel noticed the improper spacing in the legend and decided to retire this reverse die before it failed, as no coins with a terminal state of the die have been seen. This was the only use of both dies.

Although the erroneous spacing of the STATESOF reverse is obvious to present-day numismatists, it was seldom noticed (or at least seldom mentioned) by 19th century catalogers. When John W. Haseltine described an example of the BD-2 in lot 353 of his 69th Sale, he differentiated it from the other 1818 variety in the previous lot by noting star 13 was placed further from the head than on the other coin. The STATESOF error was only widely recognized by students of the series in the early 20th century, when Edgar Adams, John H. Clapp, and Waldo Newcomer documented it in their writings. William Woodin exhibited a specimen of the BD-2 in the 1914 ANS Exhibition.

The present coin is an impressive MS62 specimen with sharply detailed design elements. From a late state of the obverse die, a bisecting die crack travels through the last 8 in the date, the bust, and star 6, to the rim. The lustrous antique-gold surfaces are minimally marked for the grade and overall eye appeal is outstanding. Population (for the variety): 9 in 62, 9 finer (10/16).
From The Hutchinson Collection.

Coin Index Numbers: (Variety PCGS# 519912, Base PCGS# 8121, Greysheet# 351783)

Weight: 8.75 grams

Metal: 91.67% Gold, 8.33% Copper

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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