1825/4/1 $5 BD-1, High R.5, MS61 PCGS. CAC....

Description

1825/4/1 BD-1 Half Eagle, MS61 CAC
Rare Guide Book Overdate
Ex: Garrett

1825/4/1 $5 BD-1, High R.5, MS61 PCGS. CAC. Bass-Dannreuther Die State a/a. This early die state example lacks any evidence of clashing or lapping. From a nominal mintage of 29,060 pieces, the 1825 Capped Head Left half eagle is an elusive issue, with three die varieties known for the date. This coin represents the BD-1 variety, the only collectible 1825 variety, as only two examples of the BD-2 are known, and the recently discovered BD-3 is currently unique. The BD-1, historically called 1825/1, is a challenging issue in its own right, with a surviving population of 25-30 examples known in all grades. Noted researcher Saul Teichman recently discovered the obverse die was originally dated 1821. It was overdated, but not used in 1824, then overdated again in 1825, making the correct date 1825/4/1 (PCGS currently classifies the issue as 1825/4/1, while NGC certifies it as 1825/4 Partial 4). The obverse die was also used to strike the unique BD-3 variety of this date and the reverse was employed to strike the extremely rare BD-2.

Viewed as a date, the 1825 half eagle is rarer than the 1826 or the 1827, but it is not as difficult to locate as the 1828. The 1825 is an especially difficult issue to locate in Uncirculated condition with the majority of the 10 or so pieces that exist falling in the MS60 to MS62 range. The finest known by a large margin is the PCGS-certified MS65 coin in Pogue IV (Stack's Bowers, 5/2016), lot 4029, which brought $211,500. The Juan Soros coin (Superior, 2/1999), graded MS64 by PCGS, and sold for $80,500.

A different CAC-approved PCGS MS61 example of this die variety sold for $91,063 as lot 1779 in Goldberg Auctions January 2014 sale. An NGC MS61, approved by CAC, brought $87,000 in the Heritage 2018 ANA sale. A non-CAC NGC MS61 set a record price for this variety in MS61 when it was bid up to $99,875 in the FUN Signature (Heritage, 1/2014), lot 5431.

This example displays a rich olive-gold hue and is notable for a full strike. As seen on some examples of this variety, the obverse is more reflective than the reverse, and some of these have been called "proofs" in the past. The obverse is noticeably abraded with a single deep mark seen beneath stars 4 through 6 (making it immediately identifiable as the Garrett coin); the reverse -- which is more satiny in texture -- is far less abraded and grades MS62 to MS63 on its own. This piece represents very nice quality for the grade, and the fact that it has been approved by CAC is further evidence that it is wholesome and appealing.

There are just five 1825/4/1 half eagles graded higher than MS61 at PCGS and it is likely that most -- if not all -- will not be available to advanced collectors for many years to come.
Ex: William Hesslein (11/1919); Garrett Collection (Bowers and Ruddy, 11/1979), lot 467; ANA Auction (Stack's Bowers, 8/2015), lot 10246; purchased as agent by Douglas Winter Numismatics and sold to the McCoy Family Collection; U.S. Coins Signature (Heritage, 8/2020), lot 3996.
From The Texas Republic Ranch Collection.

Coin Index Numbers: (Variety PCGS# 519936, Base PCGS# 8133, Greysheet# 351790)

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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