1803/2 $5 MS64 PCGS....

Description

Important Choice BD-3 1803/2 Half Eagle

1803/2 $5 MS64 PCGS. Breen-6441, BD-3, R.4. A magnificent near-Gem with original and slightly dusky olive-gold toning. The reverse fields are flashy, while the obverse is satiny. Prolonged scrutiny with a lens cannot locate a single relevant mark, although a faint abrasion near the peak of the L in LIBERTY may allow identification of the piece in prior auction appearances with quality photos. The strike is bold throughout with the exception of the area of eagle's left (facing) leg, opposite the highest relief portion of Liberty's cap.
BD-3 shares an obverse die with BD-1 and BD-2, and a reverse die with BD-4. Thus, positive attribution requires two steps. If the T in LIBERTY has a perfect right foot, it is BD-3 or BD-4. Then, if the T in UNITED is clearly recut, it is BD-3. Based on our recent auction records, BD-4 is the most prevalent of the four varieties, while the others have similar rarity. Dannreuther's more extensive research suggests BD-3 is the rarest 1803/2 variety, although it is certainly within reach of the relatively few number of early half dollar die variety specialists.
At the MS64 level, however, the issue becomes a coveted rarity. For all four 1803/2 die varieties combined, the PCGS population is only 10 pieces, with just three pieces finer (6/08).
On the present piece, faint obverse die cracks connect stars 2 through 7, the tops of LIBERTY, and stars 10 through 13. The reverse lacks any cracks, although later strikes of BD-3 show a crack from the left shield corner. This corresponds to the Bass-Dannreuther obverse state e and reverse state a, a combination unlisted in that reference, which also omits any mention of the die cracks through LIBERTY.
High grade early U.S. gold coins, such as the present piece, have been exceptional market performers this decade. Much of the reason for this has to do with the eye appeal of larger diameter gold coins, and their quality of engraving. Chief Engraver Robert Scot has been much maligned over the years, particularly by Walter Breen, but his work on early gold is far above such criticism.(Registry values: P2)

Coin Index Numbers: (NGC ID# 25NY, PCGS# 8084, GSID# 8873)

Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.25789oz
Mintage: 33,506

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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