1834 $5 PLAIN 4

Description

PCGS 1834 Plain 4 MS 66. First Head, Large Plain 4, Breen-6501. This is one of the finest gold type coins we have ever had the pleasure of handling. First, to dispense with the population data, this is the finest known 1834 and one of only two MS 66 Classic head five-dollar gold pieces certified by either of the major services (the other being an 1837 graded by PCGS also). Beyond that though, the surfaces are immaculate and the overall appearance of the coin is head and shoulders above any others we have ever seen of the Classic type, and that is a strong statement when one considers how nice 1834 half eagles can be.
After decades of American gold coins not circulating because their melted value exceeded their face value, in 1834 Congress finally decided to reduce the weight of U.S. gold coins. The mint anticipated a veritable flood of old tenor gold coins to be turned in for the newer, lighter ones and dies were prepared with the androgynous, and now familiar, Classic head motif. More than 650,000 half eagles were struck and distributed in 1834 with the new design and most circulated heavily. However, a few were saved as mementoes and when one does encounter a high grade Classic quarter eagle or half eagle it is usually dated 1834.
The state of preservation of this coin is unparalleled in our experience and certainly transcends the so-called "common" tag usually given to gold coins of this date. It also attests to the uncommonly high standards of quality that the consignor, Mr. Faraday, had for the coins he placed in his permanent collection. His journal entry for this coin states in a succinct manner what we labor for paragraphs to state: "...Truly exceptional and outstanding strike and overall appearance." The coin was purchased from Bill Mitkoff at the NCNA Convention on September 18, 1971 for an astounding $775. While this amount certainly sounds like a bargain for this coin today, one needs to place $775 in the context of 1971 to see just how far out on a limb Mr. Faraday went to purchase only the finest quality. In September 1971, proof Trade dollars were bid $85, proof Mercury dimes were bid $17.50, and a BU 1884-S dollar was bid $82.50. The Guide Book for 1971 lists BU 1834 Classic fives for $300.
Many 1834 half eagles of this design show prooflike fields. This coin has a strong glimmer of semi-prooflikeness (most readily apparent on the reverse) but the fields also have much cartwheel luster. The combination of both give the piece an extraordinary eye appeal. The strike is also uncommonly bold with all the peripheral obverse stars showing full radials and the eagle's plumage fully brought up on the reverse. There are only the slightest contact marks and luster grazes on each side, none of which are dominant enough to use as identifying marks for pedigree purposes.
One of the highlights of this outstanding ANA sale, and a coin we believe may set a record price for a business strike Classic half eagle.

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.

View Certification Details from PCGS