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1808 $5 MS65 PCGS. Close 5D, Breen-6456, BD-3, R.4....
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Description
Gem 1808 Five Dollar, BD-3
Tied for Finest at PCGS
1808 $5 MS65 PCGS. Close 5D, Breen-6456, BD-3, R.4.
Bass-Dannreuther Obverse State a / Reverse State d. First, a bit of
housekeeping. The BD-3 variety shows a normally spaced 5 D (with a
space between) in the denomination, the one that Bass-Dannreuther
call "Normal 5D." However, the authors call the BD-4, the only
other nonoverdate variety of the year, the "Wide 5 D," with perhaps
two letter spaces intervening. We believe that the traditional
terminology, Close 5D, more aptly distinguishes the one from the
other, but in any case the Close 5D and Normal 5D are used
interchangeably for the same BD-3 variety.The BD-3 is ranked by Bass-Dannreuther as very scarce with 100-125 examples surviving, a bit rarer than the BD-4 at High R.3, or 175-225 known. The obverse is common to both the BD-3 and BD-4 varieties. The reverse die (1807E) was carried over from its first use in 1807, where it was used to strike the 1807 Capped Bust BD-8, and then both overdate 1808/7 varieties. In this late die state, the reverse die has been lapped to remove "all trace of prior clash within shield."
Regarding the 1808 nonoverdate issues (BD-3 and BD-4), David Akers wrote in his series of references in 1975 and 1988:
"The 1808 is far more common than the overdate in all conditions and undoubtedly at least 75% of the recorded mintage was made up of normal date coins. Although not particularly rare as a date, in my experience the 1808 is very difficult to obtain in choice mint state. Certainly it is much more rare in uncirculated condition than the 1807, 1809/8, 1810 Large Date, Large 5 or 1812."
The present Gem example of the BD-3 is a conditionally quite rare coin. While the two 1808/7 overdate varieties are seldom seen, it is the gorgeous, exceptional surface preservation of this coin that sets it apart. Bright, frosted mint luster liberally covers fully struck surfaces. No abrasions are noticeable, save for a few faint horizontal marks on the obverse and a couple of tiny ones in the reverse fields that require magnification to see. As far as we can tell, PCGS does not distinguish between the Wide 5D and Close 5D variants in any of its reporting. This 1808 nonoverdate five is one of only two Gems in the PCGS Population Report, with none finer (6/11). A classic early gold type coin with unassailable credentials.(Registry values: P2)
Coin Index Numbers: (NGC ID# 25PA, PCGS# 8102)
Weight: 8.75 grams
Metal: 91.67% Gold, 8.33% Copper
Learn more at the Newman Numismatic Portal at Washington University in St. Louis.
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