1812 $5 BD-1, R.3, MS65 PCGS. CAC....

Description

1812 Capped Bust Left Half Eagle, MS65
Conditionally Rare in This Grade
Popular BD-1 Variety

1812 $5 BD-1, R.3, MS65 PCGS. CAC. Bass-Dannreuther Die State a/a. The two varieties of 1812 half eagle have a common obverse paired with two reverses. A widely spaced 5 D is diagnostic of BD-1, as is the feather tip positioned over the right edge of the flag of the 5, and the D wholly under the branch instead of under the arrow feather as is the case with BD-2.

The 1812 half eagle is part of the Capped Bust Left design type that was coined from 1807 to 1812. Nearly 400,000 pieces were minted of the type, designed by Assistant Engraver John Reich. The design was promptly met with criticism, as some newspaper accounts of the day characterized Reich's new effigy of Liberty as "the artist's fat mistress."

The 1812 issue, with a mintage of 58,057 pieces, is one of the most elusive of the type. More specifically, Jeff Garrett and Ron Guth, in their 2006 treatise entitled Encyclopedia of U.S. Gold Coins, 1795-1933, say that the 1812 is the third-rarest date of the type, slightly more common than the 1808 with 55,578 coins produced, but not as elusive as the 1809, which saw 33,875 pieces minted.

An inspection of the PCGS/NGC population data reveals that 1812 half eagles can be located in Extremely Fine and About Uncirculated condition without too much difficulty. Even specimens n the lower Mint State grades can be located with patience and some searching. Select and near-Gem examples, on the other hand, are quite scarce, and anything finer is decidedly rare. Indeed, the two services have graded only 16 MS65 coins (some of which are likely resubmissions), with two of those in 65+, and a solitary Premium Gem at PCGS, the finest certified (6/19).

Dazzling luster radiates from both sides of this gorgeous Gem, with vivid peach-gold color, accented with whispers of reddish-gold at the margins. The design features are sharply defined, including excellent definition in Liberty's hair strands, all of the star centrals, and most of the eagle's plumage. In fact, the only notable softness that we see is in the upper extremity of the shield. Well preserved surfaces reveal just a few minuscule marks scattered about that are completely within the parameters of the grade designation. We would classify the light, parallel horizontal lines on Liberty's portrait that are visible under magnification as roller marks (as opposed to adjustment marks, that tend to be deeper and less than parallel). These do not detract in the least from the coin's outstanding eye appeal. The early gold specialist will want to give this piece serious consideration. Housed in a green-label holder. Population: 6 in 65 (2 in 65+), 1 finer. CAC: 2 in 65, 1 finer (6/19).
Ex: FUN Signature (Heritage, 1/2008), lot 3154, realized $161,000.
From The Joan Zieg Steinbrenner Collection.

Coin Index Numbers: (NGC ID# 25PL, Variety PCGS# 507601, Base PCGS# 8112, GSID# 393244)

Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.25789oz
Mintage: 58,087

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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