1876-S $5 MS65 PCGS. CAC....

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Sold on Jan 16, 2025 for:

$336,000.00 Bid Source: Live: Phone bidder

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Description

1876-S Liberty Half Eagle, MS65 CAC
Low-Mintage Gold Rarity
Finest-Known Example
Ex: Garrett

1876-S $5 MS65 PCGS. CAC. The 1876-S Liberty half eagle is one of the rarest and most underrated issues of the long and popular series. In their Encyclopedia of U.S. Gold Coins, Jeff Garrett and Ron Guth note:

"The 1876-S half eagle is a very rare coin in any grade. This date has one of the lowest populations of half eagles certified by the major grading services, and very few examples have appeared at auction in the last two decades. Nearly all of the remaining 1876-S half eagles are heavily worn or damaged ... The population reports list a single example at the MS-65 level ... This remarkable coin was once part of the great Garrett collection."

Currently, PCGS and NGC have combined to certify 74 examples of this issue in all grades, with five specimens in Mint State, including a number of resubmissions and crossovers. PCGS lists one coin in MS60, another in MS 61, and the coin offered here in MS65, while NGC lists a single specimen in MS62 (11/24). NGC also lists an MS65 example, but that citation represents the present coin, in an earlier certification. Heritage Auctions is privileged to present the finest-known example of this overlooked gold rarity in this important offering.

Mintage and Distribution
For most of the 19th century, the San Francisco Mint concentrated on producing double eagles, which were useful in settling large accounts in foreign trade, and neglected the smaller gold denominations to a large extent. This situation began to change later in the decade, but the famous Western facility produced only a token mintage of 4,000 Liberty half eagles in 1876. This anemic mintage is especially surprising, since 1876 was the country's centennial year. The occasion seems to have passed unnoticed among West Coast collectors, as few high-quality examples were saved for numismatic purposes. The issue circulated widely in the hard-money economy of the region, suffering much loss and attrition along the way. As a result, the 1876-S half eagle is a landmark rarity in high grade today.

Auction Appearances
The 1876-S Liberty half eagle was an unappreciated rarity until fairly recent times. This finest-know Garrett coin was one of the first to appear at auction, in lot 413 of the William J. Jenks Collection (John W. Haseltine, 6/1883), where the cataloger noted, "1876 San Francisco Mint. Uncirculated. Nearly proof." The lot realized $11.25, a respectable sum for a coin that could have been acquired for face value only seven years before, if a specimen could have been located. Auction appearances of the 1876-S have been few and far between over the years, but the rarity of the issue has come to be appreciated in recent times, thanks to research by numismatists like Walter Breen and David Akers. The current price realized record for the issue is $87,000, brought by the MS62 NGC specimen in lot 3219 of the Long Beach/Summer FUN Signature (Heritage, 7/2023). The coin offered here realized a then-record price of $34,000 when it sold in 1979 (45 years ago), as part of the celebrated Garrett Collection. We expect this finest-known MS65 example to rewrite the record books when it crosses the auction block next January.

Physical Description
The present coin is a spectacular Gem, with sharply detailed design elements, aside from the mintmark, which is somewhat indistinct on all examples seen. There is a circular punch mark on Liberty's earlobe that is also evident on all known examples. The well-preserved orange-gold surfaces are free of mentionable distractions and show a mix of satiny mint luster and slight prooflike reflectivity in the fields. Overall eye appeal is terrific and the high quality within the grade is confirmed by CAC. This magnificent Gem is the finest-certified example of this rare 19th-century gold issue by a full three grading points and it has been off the market for 45 years. Registry Set enthusiasts will find no adequate replacement for this specimen once this lot has passed. This coin is pictured on PCGS CoinFacts and is the plate coin for David Akers' United States Gold Coins, An Analysis of Auction Records, Volume IV. Population: 1 in 65, 0 finer. CAC: 1 in 65, 0 finer (11/24).
Ex: William J. Jenks; 69th Sale (John W. Haseltine, 6/1883), lot 413; T. Harrison Garrett; Robert and John Work Garrett; John Work Garrett, circa 1919; Johns Hopkins University, by bequest in 1942; Garrett Collection, Part I (Bowers and Ruddy, 11/1979), lot 487.(Registry values: P3)

Coin Index Numbers: (NGC ID# 25WY, PCGS# 8341, Greysheet# 9063)

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.

View Certification Details from PCGS