1837 $5 Tall 1, Block 8, HM-2, High R.3, MS66+ PCGS. CAC....

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1837 Classic Head Five, HM-2, MS66+
Spectacular Quality, Tied for Finest-Known

1837 $5 Tall 1, Block 8, HM-2, High R.3, MS66+ PCGS. CAC. Ex: Harry W. Bass, Jr. Collection. Harry Bass must have found this coin fascinating, judging from the length of his commentary. In most cases, the Bass comments are relatively short, always precise, and invariably to the point. Here, he found much to say:

"Obverse: Tall 1 in date. Symmetrical 8. Top of 3 markedly low relative to tops of 8 and 7; its cusp not extending to knobs. Top of 7 slightly curved, centered under curl (distinctive). Clear die center punch in ear. Single forelock. Star 6 above and apart from front hair. A (M) joined to wing. Reverse: Oblate berry, its length less than that of its stem. Stem of top leaves pair attached to other stems. 5 recut, remnants of first at top left and beneath right tip of final 5. D separated from 5 by about the width of the D. Roughness and curved die scribe line visible at denticles opposite right wing tip. Field lump to left of T(E)."

The half eagle format reduction in 1834 from 135 grains to 129 grains made it unprofitable to melt or export gold coins for their bullion value. Almost immediately, five dollar gold coins circulated domestically and mintages increased for a few years, before declining to 207,121 pieces in 1837. Some of the 1837-dated coins were struck in 1838. Three die marriages employed three different obverses and three different reverses. The HM-2 variety is the most available variety by a slim margin, accounting for 46% of the surviving coins. In all, the William Kneass Classic Head design lasted only five years. 1837 was the series' penultimate year.

This is a frosty, high-end Premium Gem coin with the PCGS Plus designation and CAC endorsement. Vibrant mint luster radiates from every angle and view on both sides, detailing the pinpoint sharp strike. Luminous yellow-gold color flashes pale-orange and olive-gray highlights as the coin rotates beneath a light. Only a few incidental, tiny marks are seen under magnification, none of which are the least bit objectionable. Eye appeal is exceptional. Population (all varieties combined): 3 in 66+, 0 finer (2/23).

A Roster of Significant 1837 HM-2 Half Eagles, provided by Ron Guth.
1. MS66+ PCGS. Auction '85 (RARCOA, 7/1985), lot 438; Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 860, $97,750; D. Brent Pogue Collection, Part IV (Stack's Bowers & Sotheby's, 5/2016), lot 4054, $235,000.
2. MS66+ PCGS. Baltimore Rarities Night (Stack's Bowers, 11/2021), lot 4117, $264,000.
3. MS66+ PCGS. Paramount, sold privately on 12/3/1969; Harry W. Bass, Jr. Foundation Collection (HBCC# 1020). The present coin. Tied for finest of the HM-2 variety.
4. MS66 NGC. Southwest Collection (Heritage, 2/2008), lot 2481, $94,875; Wisconsin Gold Type Set Collection (Heritage, 7/2009), lot 1261, $80,500; FUN Signature (Heritage, 1/2011), lot 5104, $80,500.
5. MS65 PCGS CAC. "Colonel" E.H.R. Green Collection; King Farouk (The Palace Collections of Egypt) (Sotheby's, 1/1954), lot 248, part of a large lot; John Jay Pittman Collection, Part I (David Akers, 10/1997), lot 940, $60,500; Central States Signature (Heritage, 4/2010), lot 2253, $100,625.
6. Gem Uncirculated Uncertified. "My Personal Treasures" (Coinhunter / Catherine E. Bullowa, 12/2005), lot 407, $71,500.
7. MS64+ PCGS CAC. Internet Auction (Great Collections, 11/2012), lot 83410, $44,550; Internet Auction (Great Collections, 6/2019), lot 711908, $70,314; Regency Auction 37 (Legend Rare Coin Auctions, 3/2020), lot 400, not sold; D.L. Hansen Collection.
8. MS64+ PCGS. Long Beach Signature (Heritage, 2/2005), lot 7799; C.L. Lee Sale (American Numismatic Rarities, 9/2005), lot 1247, $40,250; Old West and Franklinton Collections (American Numismatic Rarities, 8/2006), lot 1373, $28,000; Charleston Collection (Heritage, 6/2008), lot 1979, $48,875; Daryl J. Haynor Virginian Collection (Stack's Bowers, 8/2022), lot 5051, $66,000.
9. MS64 Old Green Holder PCGS CAC. Los Angeles Signature (Heritage, 7/2009), lot 1260, $29,900.
10. MS64 PCGS. FUN Signature (Heritage, 1/2007), lot 3544, $40,250; McCoy Family Collection (Heritage, 1/2018), lot 5033, $25,200; Central States Signature (Heritage, 4/2018), lot 4350, $27,600.
From The Harry W. Bass, Jr. Core Collection, Part III.

Coin Index Numbers: (NGC ID# 25RZ, Variety PCGS# 765244, Base PCGS# 8175, Greysheet# 329225)

Weight: 8.36 grams

Metal: Gold

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