1815 $5 BD-1, R.7, MS62 PCGS....

Description

1815 Capped Head Left Half Eagle, BD-1, MS62
Classic 19th Century Gold Rarity
Only 635 Pieces Struck
Ex: 'Colonel' Green-Farouk-Norweb-Bass

1815 $5 BD-1, R.7, MS62 PCGS. Ex: Harry W. Bass, Jr. Collection. Bass-Dannreuther Die State b/e, with an obverse die crack from the edge to star 9, and another connecting stars 12 and 13. The reverse has been lapped to remove clash marks, but a die crack still shows through 5 D and the period in the denomination. The 1815 Capped Head Left half eagle is a sought-after 19th century rarity, from a meager mintage of just 635 pieces. PCGS CoinFacts estimates the surviving population at 11-13 examples in all grades, while John Dannreuther gives a slightly larger estimate of 12-14 survivors in his standard series reference. PCGS and NGC have combined to certify just seven coins between them (11/22). Heritage catalogers David Stone and Mark Van Winkle were only able to trace 10 examples extant in their reference, The 1815 Half Eagle: New Discoveries, including two coins in the National Numismatic Collection at the Smithsonian Institution, and another in the Kungliga Myntkabinettet in Sweden. Heritage Auctions is privileged to present this landmark early gold rarity in just its third auction appearance.

Striking the Coins
The War of 1812 officially ended on February 17, 1815, but the adverse economic effects of the conflict lingered for some time. Accordingly, gold deposits were minimal throughout the year in 1815. Mint records indicate Thomas Parker deposited $337.44 in gold bullion on June 24, Charles Kalkman made a larger deposit worth $1,054 on July 3, and the Bank of Pennsylvania deposited gold valued at $328.03 1/2 on October 30. According to Bullion Journal C in the National Archives, these were the only gold deposits made for the entire year, for a total value of just $1,719.47 1/2. Fortunately, the Mint also had a small stock of uncoined bullion on hand from the previous year to augment the stockpile for coinage operations. On November 3, 1815, the Coiner delivered 635 Capped Head Left half eagles, plus another three examples for assay purposes. Due to a fire at the Mint on January 11,1816, that severely damaged much of the machinery and infrastructure, no more half eagles were struck until 1818.

A single die variety is known for the date. This was the only use of the obverse die, but the reverse was used previously to strike the BD-2 variety of 1813 and the BD-1 variety of 1814.

History of a Rarity
Gold coinage did not circulate widely in this country at the time, due to wartime hoarding and melting, so it is likely that most 1815 half eagles were used to settle accounts in foreign trade. Accordingly, the first numismatist to acquire an 1815 half eagle was probably the King of Sweden, who purchased an example from a Captain Sandeberg in 1851. Sandeberg was a sea captain who reportedly purchased the coin from the estate of his father-in-law, Stockholm merchant Carl Scharp. Scharp probably acquired the coin in the normal course of business, near the time of issue, illustrating how far American coinage circulated at this early date (thanks to Director Ian Wisehn, of the Kungliga Myntkabinettet for this information). Beginning about 1821, changes in the price of silver vs. gold made the intrinsic value of U.S. gold coinage greater than its face value, and the coins were rarely seen in European circulation after that.

The first American collector to own an 1815 half eagle was probably Matthew Stickney, who purchased his coin from New York bullion brokers Beebee & Co. on October 1, 1851, for its bullion value of $5.30, the first pricing information we have for any 1815 half eagle (the record price realized for the issue is $822,500, brought by the PCGS MS65 D. Brent Pogue specimen in 2016). Either two or three examples (accounts vary) surfaced in a single bag of gold brought to a New York bullion broker in 1858, according to Massachusetts coin dealer W. Elliot Woodward and prominent collector William J. Jenks. Those coins were acquired by Jenks and influential numismatist George Seavey, but they only became known to the numismatic community much later.

For much of the 19th century, the 1815 half eagle was believed to be the rarest coin in the U.S. federal series. Joseph Mickley believed no half eagles had been struck in 1815 when he wrote his monograph Dates of United States Coins and Their Degrees of Rarity in 1858. Dr. Montroville W. Dickeson did succeed in finding the mintage figures for the 1815 before he published his American Numismatical Manual the following year, but noted, "We have never met one of them." As late as 1871, prominent coin dealer Edward Cogan noted that he only knew of two examples of the 1815 half eagle, when he wrote a Table of Gold, Silver and Copper Coins NOT Issued by the United States Mint. The first auction appearance of an 1815 half eagle was in the Parmelee Collection of Coins (William Strobridge, 6/1873), lot 780, but the coin was withdrawn.

Gradually, other examples surfaced, as knowledge of the issue spread, but new appearances were few-and-far-between and the 1815 remains a formidable rarity today. Gold specialist David Akers noted:

"Without question, the 1815 Half Eagle is one of the most famous and desirable of all U.S. coins. A few other coins, even of this type, may be more rare, but with the exception of the 1822 Half Eagle, it is unlikely that any other U.S. gold coin is more desir

The Present Coin
This coin was discovered by Fort Worth coin dealer B. Max Mehl, who sold it to Wisconsin collector H.O. Granberg around 1912. From there, the provenance of this coin reads like a list of Who's Who among 20th century U.S. coin collectors. The coin passed to William Woodin, who would become Secretary of the Treasury under President Franklin Roosevelt. Woodin probably acquired this piece after 1914, since he did not exhibit it with his nearly complete half eagle collection at the 1914 ANS Exhibition. He reportedly sold his half eagles, including this coin, to Baltimore financier Waldo Newcomer around 1926. This coin was later a highlight of the collections of "Colonel" E.H.R. Green and King Farouk of Egypt, two of the most colorful and eccentric collectors of all time. It was acquired at the sale of Farouk's collection in 1954 by Ambassador and Mrs. R. Henry Norweb. Emery May Holden Norweb was probably the foremost female coin collector of the 20th century, and she instilled her love of numismatics in her husband, who had a distinguished career in the diplomatic service. The Norweb's retained their collection throughout their lives and it was sold in a series of blockbuster auctions by Bowers and Merena, beginning in 1987. Extraordinary early gold collector Harry W. Bass, Jr. acquired this piece at the first sale of the Norweb holdings and it has been off the market ever since.

Physical Description
This spectacular MS62 example displays sharply detailed design elements in most areas, with some insignificant loss of detail on the reverse, due to lapping. Star 13 shows Assistant Mint Engraver John Reich's signature notch on the outer point. The lightly marked orange-gold surfaces radiate vibrant mint luster. On close examination, a few die striations are evident on Liberty's cheek. Overall eye appeal is outstanding. This coin is tied with one other MS62 example at NGC for the third spot on the Condition Census for the issue. It has not been publicly offered in 35 years, and it may be that long again before a comparable example becomes available. The discerning collector should bid accordingly. The 1815 half eagle is listed among the 100 Greatest U.S. Coins. This coin is pictured on PCGS CoinFacts. Population: 1 in 62, 2 finer (11/22).

1815 Capped Head Left Half Eagle Roster, BD-1.
This roster was expanded from earlier work by Walter Breen, Carl Carlson, Saul Teichman, Wayne Burt, and Roger W. Burdette. Grades are per the last auction appearance, unless a subsequent certification is known.
1. MS65 PCGS. The Guttag brothers; sold to Virgil Brand in 1925 for $3,500, Brand Journal #136739; Brand Estate in 1926; Armin Brand; B.G. Johnson; J.F. Bell, per an invoice from Johnson to Bell dated 11/15/1945; Hollinbeck Coin Company FPL number 28 dated 1946; possibly Robert Schermerhorn; Texas Sale (Hollinbeck Coin Company, 12/1951), lot 1819; Charles E. Green; Ruth Green add in the April 1952 issue of The Numismatist; H.P. Graves; Davis-Graves Collection (Stack's, 4/1954), lot 1447; Dr. Clifford Smith Collection (Stack's, 5/1955), lot 1680; George O. Walton Estate; 85th ANA Convention Auction (Stack's, 8/1976), lot 2935; Stanley Kesselman; R.E. Naftzger, Jr., Naftzger FPL (Paramount, undated); Pogue Family Collection; D. Brent Pogue Collection (Stack's Bowers, 2/2016), lot 5871, realized $822,500.
2. MS64 NGC. Unidentified New York Collector, circa 1858 per W. Elliot Woodward; Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 138; Heman Ely; Heman Ely Collection (Woodward, 1/1884), lot 830, reserve not met; W. Elliot Woodward; Harold P. Newlin, private treaty; T. Harrison Garrett, private treaty on 10/31/1884; Robert Garrett; John Work Garrett; Johns Hopkins University; Garrett Collection (Bowers and Ruddy, 11/1979), lot 460; Auction '84 (Paramount, 7/1984), lot 901; FUN Signature Auction (Heritage, 1/2009), lot 4062, realized $460,000.
3. MS62 PCGS. B. Max Mehl in 1912; H. O. Granberg; William Woodin; Waldo Newcomer (plate match with the Newcomer plates); B. Max Mehl; Col. E.H.R. Green; King Farouk via Stack's in 1943; Palace Collections of Egypt (Sotheby's, 2/1954), lot 234, purchased by David Spink, acting as an agent for Mrs. R. Henry Norweb; Norweb Collection, Part I (Bowers and Merena, 10/1987), lot 767; Harry Bass; Harry W. Bass, Jr. Foundation, HBCC-3128. The present coin.
4. MS62 NGC. Baltimore Auction (Superior, 7/1993), lot 885; Dr. Richard Ariagno Collection (Ira and Larry Goldberg, 5/1999), lot 718; Dr. Jon Kardatzke Collection, Part II (Goldberg, 6/2000), lot 1306. The earlier pedigree of this specimen is uncertain. In the Kardatzke catalog, the lot description suggests this might be a reappearance of the coin in number 1 above, but the plates do not match.
5. MS62, grade per Garrett and Guth. Beebee, Ludlow & Co., Bullion and Exchange Bankers; sold to Matthew Stickney for $5.30 on October 1, 1851; Mathew Stickney Collection (Henry Chapman, 6/1907), lot 660; James Ten Eyck Collection (B. Max Mehl, 5/1922), lot 183; Col. E.H.R. Green, J.F. Bell Collection (Stack's, 12/1944), lot 338; C.T. Weihman; Memorable Collection (Numismatic Gallery, 3/1948), lot 314, purchased by "Porky" according to John Jay Pittman's annotated copy of the sale, possibly he meant Phillip "Piggy" Ward acting as an agent for Clinton Hester; possibly Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 289, the plates match but some numismatists believe they were stock photos, purchased by "JBS" according to John Jay Pittman's sales room copy of this catalog, probably Joseph B. Stack; Farish Baldenhoffer Collection (Stack's, 11/1955), lot 1232, mistakenly identified as the Farouk coin in this catalog; Josiah K. Lilly; National Numismatic Collection, Smithsonian Institution.
6. MS60, grade per Garrett and Guth. Unidentified New York collector, circa 1858, per William J. Jenks; New York broker; New York City collector, possibly named Lawson; William J. Jenks, via William Miller of Penn Mutual Insurance Company; George Seavey, probably circa 1868; Lorin G. Parmelee; Parmelee Collection of Coins (William Strobridge, 6/1873), lot 780, withdrawn; Gaston L. Feuardent; Bispham Collection (S.H. & H. Chapman, 2/1880), lot 391, bought in per Ed Frossard in the March 1880 issue of Numisma; W. Elliot Woodward; William J. Jenks Collection (Woodward, 6/1883), lot 641; T. Harrison Garrett; Harold P. Newlin in a private transaction on October 31,1884; Mint Cabinet, purchased for $299 on December 4, 1885; National Numismatic Collection, Smithsonian Institution.
7. AU58 PCGS. Unidentified New York collector, circa 1858, per William J. Jenks; New York broker; New York City collector, possibly named Lawson; unknown intermediaries; George Seavey, exhibited before the Boston Numismatic Society on February 4, 1869; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 407, Lorin G. Parmelee, who purchased the entire collection intact before the date of the sale; Parmelee Collection (New York Coin & Stamp, 6/1890), lot 894; H.P. Smith Collection (S.H. & H. Chapman, 5/1906), lot 204; John H. Clapp; Clapp Estate; Louis Eliasberg, Sr. in a private treaty transaction via Stack's in 1942; Eliasberg Estate, United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 370; Harry W. Bass, Jr., Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 805.
8. AU50 NGC. New York Estate, reportedly in the same family since 1820; 142nd Sale (Thomas Elder, 2/1917), lot 210a; Waldo Newcomer; William Cutler Atwater, by private treaty; Atwater Collection (Mehl, 6/1946), lot 1634; Amon Carter, Sr.; Amon Carter, Jr.; Amon Carter Collection (Stack's, 1/1984), lot 655; Charles Kramer Collection (Stack's/Superior, 11/1988), lot 317; Michael Keston Collection (Superior, 1/1996), lot 317; Rogers Collection; Mike Storeim via Hanks and Associates; Pre-Long Beach Sale (Superior, 5/2001), lot 4040, unsold; sold to a private collector after the sale; Red Bank Collection (American Numismatic Rarities, 12/2003), lot 938. Walter Breen attributed this coin to Col. James W. Ellsworth before Waldo Newcomer, and this has some credibility because Breen was close to Wayte Raymond, who sold Ellsworth's collection in the early 1920s and could have given him this information. On the other hand, in his column in Hobbies Magazine in March 1934, Elder claimed the lot in his 142nd Sale realized $3,000, the exact sum Ron Guth reports Newcomer paid for his coin, according to the inventory of his collection. Of course, it is possible that Ellsworth purchased the coin at Elder's sale, and Wayte Raymond later sold the coin to Newcomer at the same price Ellsworth had paid for it.
9. AU Details. ANACS -- Cleaned -- Net XF45. B. Max Mehl, advertised in the October 1938 issue of The Numismatist; Col. James Flanagan Collection (Stack's, 3/1944), lot 1092; bought in by Stack's; purchased privately by James A. Stack in December, 1944; James Stack; James Stack Collection (Stack's, 3/1995), lot 469; Hutchinson Collection; FUN Signature (Heritage, 1/2017), lot 5871.
10. A specimen in the Swedish Mint Museum/ King of Sweden Collection by Joseph Mickley in 1871. See Mason's Stamp and Coin Collector's Magazine, July 1872 issue, American Journal of Numismatics, January 1873 issue, and the Bispham catalog.

Other Appearances:
A. Henry Adams Collection (Edward Cogan, 10/1876), lot 1297. Possibly the same as E below.
B. William G. Stearns Collection; George W. Pratt purchased the collection, including the 1815 and many other rare gold coins, by private treaty according to the American Journal of Numismatics. Pratt displayed the collection to the Boston Numismatic Society in June of 1872 (see AJN July 1872, pages 16 and 17). The 1815 was not included in the sale of the Pratt Collection (Woodward, 9/1879) after his death. The 1815 may have passed to Jeremiah Colburn, who is reported to have purchased part of Pratt's collection.
C. A specimen displayed by George Creamer at the April 2, 1875 meeting of the Boston Numismatic Society, reported in the July 1875 issue of the American Journal of Numismatics.
D. Phineas Adams; 69th Sale (John W. Haseltine, 6/1883), lot 351,described as having "a small crack in the edge", purchased by George Cogan for $100, acting as an agent for T. Harrison Garrett; T. Harrison Garrett; 25th Sale (George Massamore, 11/1884), lot 925. Possibly the same as the counterfeit in the Connecticut State Library.
E. Moses David; sold to Virgil Brand on August 14, 1899 for $200, Brand Journal #20179; Brand Estate in 1926; Horace Brand; possibly handled by John Ford in 1966; possibly going to John Murrell. (Thanks to Saul Teichman and Wayne Burt for this information).
F. A specimen displayed by Elmer Sears at the 1911 ANA Convention, reported in the September 1911 issue of The Numismatist. Possibly the same as B above.
G. H.R. Lee Sale (Stack's, 10/1947), lot 125. Most of the coins were Eliasberg duplicates, but the 1815 might be the same as number 7 above, between Weihman's purchase at the Bell sale and its appearance at the Memorable Sale. Weihman may have acted as an agent for Stack's to buy the coin in at the 1944 Bell sale. Subsequently, if Stack's offered the coin in the Lee sale, Bell may have repurchased it, and later consigned it to Kosoff in the Memorable Sale.
H. A specimen displayed by Arthur D. Kelley at the 1939 ANA Convention.
I. A specimen advertised by James Kelley in the July 1939 edition of The Numismatist.
J. A specimen advertised by James P. Randall in the April 1949 issue of The Numismatist.
K. A specimen reported stolen from Willis DuPont in 1967. Possibly the same as E above.
From The Harry W. Bass, Jr. Core Collection, Part II.

Coin Index Numbers: (Variety PCGS# 519909, Base PCGS# 8118, Greysheet# 351781)

Weight: 8.75 grams

Metal: 91.67% Gold, 8.33% Copper

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.

View Certification Details from PCGS