1827 $5 BD-1, R.6, MS62 PCGS. CAC....

Description

1827 Capped Head Half Eagle, MS62 CAC
BD-1, Great Rarity, Exceptional Quality

1827 $5 BD-1, R.6, MS62 PCGS. CAC. Bass-Dannreuther Die State a/b. The obverse working die has no evidence of clashing or lapping, and no cracks. The reverse Die State b has been lapped after an earlier usage to strike 1826 half eagles. Lapping is the light grinding of a working die face to remove clash marks and to reduce the severity of die cracks, possibly done with ground pumice as was reported in eighteenth-century British encyclopedias, and finished with a finer polishing compound that could include oil and emery. Harry Bass recorded in his notebook of the reverse die lapping, and he also observed "Shallow rust between stems" which can be seen on this example with enlarged images.

The Capped Head half eagle design was first engraved in 1813, and used until Chief Engraver William Kneass slightly reduced the diameter of the half eagle in 1829. The initial engraving of the original dies in 1813 was done by Assistant Engraver John Reich under the direction of Chief Engraver Robert Scot. Recent research by numismatist Julia Casey as reported in the John Reich Journal article "Newly Discovered Letters Reveal More about John Reich's Later Life" include a letter to John Quincy Adams in which Reich stated that he "executed all the originals" meaning the Mint terminology used at the time "Original Die" which was later called "master die." William Kneass became Chief Engraver in 1824 after the death of Robert Scot, and he finished the working dies of the Capped Head half eagle design that were sunk from existing hubs.
As a famous rarity, the 1827 half eagle is seldom seen, with John Dannreuther estimating 35 to 45 known. From a Guide Book reported mintage of 24,913 struck from one die marriage, the vast majority were hoarded and melted. There are no PCGS graded examples in low to mid circulated grades, as most coins of this design type did not circulate in commerce.

This is an exquisite example of this great rarity. Rich antique gold toning, in deep orange hues with tinges of olive, cover the surfaces. There are fewer contact marks than usually encountered for the grade, with small marks off the nose of the portrait along with other small marks and luster grazes on both sides that do not impair the wonderful eye appeal of this outstanding coin. The strike is full, with all design elements well formed and clearly defined. Approval by CAC is to be expected for a coin of this fine quality. This is a very rare opportunity to acquire an exceptional 1827 half eagle.
Ex: Possibly George Seavey by 1869; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 474; Lorin G. Parmelee Collection (New York Coin & Stamp, 6/1890), lot 972; George Earle Collection (Henry Chapman, 6/1912), lot 2396; William Woodin, exhibited at the 1914 ANS exhibition; Waldo Newcomer; Colonel E.H.R. Green; King Farouk; Palace Collections of Egypt (Sotheby's, 2/1954), lot 242; Dr. Clifford E. Smith Collection (Stack's, 5/1955), lot 1689; ANA Convention Sale (Stack's, 8/1976), lot 2943; Auction '87 (Paramount, 7/1987), lot 421; Public Auction Sale (Stack's, 10/1988), lot 81; Dr. Nelson Page Aspen Collection (Bowers and Merena, 8/1989), lot 547; January-February Auction (Superior, 1/1993), lot 1356; Husky Collection (Stack's, 6/2008), lot 2088; FUN Signature (Heritage, 1/2012), lot 4871.
From The Cleveland Lake Collection.

Coin Index Numbers: (Variety PCGS# 519939, Base PCGS# 8136, Greysheet# 351793)

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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