1838 $5 MS66 PCGS....

Description

Gem MS66 1838 Half Eagle

1838 $5 MS66 PCGS. McCloskey-2B, Breen-6515. Mint records indicate that 286,588 half eagles were coined in Philadelphia during the year, from two die combinations, each with different obverse and reverse dies. Although it can't be stated how many of each variety were produced, the likely division is about 175,000 of the more common variety and the balance representing the scarcer variety. This example is the short arrowhead variety that is considerably rarer than the other variety with longer arrowheads. This is almost certainly the finest known example of this variety, and is quite possibly the finest known of the date.
The Classic Head design dates to August 1834, when the amount of gold in the quarter eagle and half eagle were reduced. Prior to that time, our National gold coinage had a gold value that was greater than the face value, thus those coins already in circulation were quickly removed and hoarded, or melted, and those who had gold refused to have it made into coins. As a result, the years prior to 1834 have become major rarities today. The Classic Head coinage, first struck in August 1834, was an instant success, due simply to the slight weight reduction, from 8.75 grams to 8.31 grams. This change represented a 5% weight reduction and a similar reduction in value from a little over $5.00 per coin to a little under $5.00. The Mint Act of June 28, 1834 was the authorizing legislation to reduce the weight of these coins, and was written to take force on August 1. The language of this coinage act included a weight reduction for the ten dollar gold eagle. Even though such a coin had not be struck for circulation in 30 years, it remained a legally authorized denomination, and had to be included in the new law.
In the past, few people have paid attention to the varieties of Classic Head half eagles, although in the past two decades, more research has been conducted. John McCloskey, who was a co-author of the current reference on early half dimes, prepared a study of the Classic head half eagles the was published by the American Numismatic Society in 1989, as part of the Coinage of the America's Conference. Only one additional variety has been located since that time, and McCloskey discovered the new variety as well. This Gem is sharply struck and has rich greenish-yellow gold color with frosty luster. Only a couple tiny surface marks are visible. This is an exceptional example that will please the connoisseur. Destined for a world-class type or variety set.
From The Gold Rush Collection.(#8176) (Registry values: P1)

Coin Index Numbers: (NGC ID# 25S4, PCGS# 8176, GSID# 8868)

Metal: 90% Gold, 10% Copper
Weight: 8.36 grams
AGW: 0.2419oz
Mintage: 286,588

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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