1911-D $5 MS65 PCGS. CAC....

Description

1911-D Indian Half Eagle, MS65
Major Condition Census Rarity
CAC-Approved Quality

1911-D $5 MS65 PCGS. CAC. The 1911-D is without doubt one of the rarest half eagles in the Indian gold series at the Gem grade level. PCGS and NGC each list only two pieces in this grade (one of the PCGS coins is Plus designated) and none finer (11/24). Outside of the prior appearance of the coin offered here in a Heritage auction in 2021, where it brought a record price realized of $336,000, none of these top-grade coins have appeared at auction in more than a decade, and appearances prior to that are sparse.

The rarity of the 1911-D in MS65 is compounded by the rarity of coins in the adjacent lower grades of MS64 and MS63. Since our Permanent Auction Archives began in 1993, we have handled an MS63 example of this issue on only nine occasions, and an MS64 coin on just 14 occasions. We have previously seen only two different Gem examples of the 1911-D, including the offering of the MS65+ O'Neal coin that appeared in our 2011 FUN Signature and realized a staggering $299,000 -- which was then an auction record for the issue. Before that, a Gem example in Bowers and Merena's 2006 ANA sale realized $241,500.

The present coin was once a highlight of the fabulous Bob R. Simpson Collection and this offering represents an important opportunity for a collector to acquire a Condition Census example of this coveted issue. In his description for the Duckor specimen in Auction '90, David Akers wrote:

"The 1911-D Half Eagle is a strong candidate for the rarest regular issue 20th Century U.S. gold coin in MS-64 or better condition, and, in fact, it may be the only issue of which there is not even at least one known specimen that is an unquestioned MS-65."

Akers wrote that analysis during the infancy of third party grading, and in the decades that followed a number of Mint State pieces came out of the woodwork, including the aforementioned coins that have earned strong MS65 designations from PCGS and NGC. Yet, the sentiment expressed by Akers concerning the rarity of this issue in high grade stands resolute. Registry collectors typically acquire MS64 examples of this issue for the simple reason that Gems are almost never available. On the rare occasion when a Gem 1911-D comes on the market, the long-patient collector demand awakens. That is what drove this coin to its previously unheard of price level, and it is what will possibly result in a similar showing when this piece crosses the auction block again next January.

Unhindered by surface abrasions, the lustrous surfaces radiate rich orange-gold and light rose hues. This coin is sharply struck, and close examination of the fields fails to reveal any objectionable abrasions. Only a loupe identifies microscopic marks that will serve as future pedigree markers. Eye appeal is outstanding and the high quality within the grade is confirmed by CAC. For a 1911-D half eagle, the technical and visual quality is unsurpassed. The 1911-D half eagle is one of the great condition rarities of the 20th century gold series, and this specimen stands in an elite group of pieces known as the Condition Census. Population: 2 in 65 (1 in 65+), 0 finer. CAC: 2 in 65, 0 finer (11/24).
Ex: ANA World's Fair of Money Signature Auction (Heritage, 8/2021), lot 3031, realized $336,000.(Registry values: N14284)
From The Don Kutz California Collection.

Coin Index Numbers: (NGC ID# 28DR, PCGS# 8521, Greysheet# 9324)

Weight: 8.36 grams

Metal: 90% Gold, 10% 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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