1834 $5 Plain 4 MS65 ★ NGC....

Description

Exceptional MS65 ★ 1834 Classic Five
With Flashy Prooflike Fields

1834 $5 Plain 4 MS65 ★ NGC. First Head, Breen-6501, McCloskey 1-A, R.3. Designed by Engraver William Kneass, the Classic Head half eagle was the first gold coin minted with the reduced weight specified by the 1834 Mint Act. The obverse was adapted from John Reich's Liberty design for the 1808 cent but with an updated, more youthful and classical appearance. The short five-year series has three major 1834 varieties, including a Plain 4 First Head, a Plain 4 Second Head, and the rare Crosslet 4--the horizontal extension of the stroke of the 4 has a serif-like crossbar at the end.
The half eagle has been called the workhorse of early 19th century commerce. But, in spite of fairly robust mintages, half eagles did not extensively circulate. This paradox was due to the fact that the bullion content of gold coins in those years exceeded the face value. Many coins were either stored in bank vaults or exported and melted. Because of this, by the early 1830s gold coins had virtually disappeared from circulation, and it became apparent that something needed to be done. That something was the 1834 Mint Act, which reduced the weight of all gold coins and removed the incentive to melt them. To distinguish the new 1834 half eagles from the old E PLURIBUS UNUM was removed from the reverse.
Though the McCloskey 1-A variety is considered common, most survivors are in VF through Choice Mint State grades. Jeff Garrett and Ron Guth in their Encyclopedia of U.S. Gold Coins, 1795-1933 note that lower Mint State 1834s are " ... fairly easy to find, but anything nicer is extremely rare." This is a wonderful example of the Classic Head type. The devices are fully struck, an attribute that is rarely seen on this or any date in the series. The fields are deeply prooflike and the devices show a slight overlay of mint frost. The color is bright yellow-gold throughout, and of course, there are no mentionable abrasions on either side. The present coin is one of only eleven 1834 half eagles graded MS65 or higher by both NGC and PCGS (6/08), and the only Gem half eagle to receive NGC's ★ designation for exceptional eye appeal. As such it represents a unique opportunity to acquire a beautiful, conditionally rare coin that is considered a striking example of early 1800s Neoclassical coin design.(Registry values: P1)

Coin Index Numbers: (NGC ID# E2KE, PCGS# 8171, GSID# 8856)

Metal: 89.92% Gold, 10.08% Copper
Weight: 8.36 grams
AGW: 0.24169oz
Mintage: 657,460

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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