1828 $5 BD-3, R.8, MS61 PCGS....

Description

1828 BD-3 Half Eagle, MS61
One of Two Confirmed Pieces
The Only Coin Available to Collectors

1828 $5 BD-3, R.8, MS61 PCGS. HBJ-263. Ex: Harry W. Bass, Jr. Collection. This piece was described in the Dunham catalog as "semi-proof" and "just about equal to a perfect brilliant proof." In RARCOA's April 1963 sale of the J.F. Bell Collection it was called "A Brilliant Uncirculated Gem, that appears to be a Proof." There is no denying the prooflike field reflectivity and sharp strike, although this coin has traditionally been considered a circulation strike, in contrast to its twin in the Smithsonian. A hint of cartwheel effect can be produced by rotating the coin beneath a light, revealing also several faint hairlines and small marks in the fields that determine the numeric grade. These attributes are the chief considerations when denying this coin proof classification. However, eye appeal is nonetheless outstanding and virtually equal to that of many low-grade proofs of the era. Rich honey-gold color adorns each side.
Variety Equivalents: Adams-3, Breen 3-B, Miller-155, Bass-3153.
Obverse Die: This is the only use of the obverse die.
Reverse Die: This is the first of four die marriages: 1828 BD-2, 1828 BD-3, 1828 BD-4, and 1829 BD-1.
Bass-Dannreuther Die State a/a: Both dies are perfect with no indication of clash marks, die cracks, or lapping.
PCGS Population Data (10/25): Only seven PCGS submissions of 1828 Normal Date half eagles have passed through the PCGS grading room. Those submissions are graded AU55, AU58, MS61, MS62, MS63+, MS64, and MS65+.
Significant Examples: This example is the second best of two known and the only collectible example of the variety. Our census of 11 1828 half eagles, recording both BD-3 and BD-4, is a combination of efforts from several researchers of the series.
Breen (1966): Both 1828 Normal Date varieties received a rating of R.7 from Walter Breen in 1966. While his variety 2-B is indeed R.7, the 3-B combination is known today as R.8 with just two examples confirmed.
Bass-Dannreuther (2006): "The estimates for the number of coins of this variety is pretty consistent among early gold researchers, with some believing three examples exist while others speculate four. The author has confirmed two examples and believes that the Kreisberg April 4, 1967:775 coin is a third. Saul Teichman lists only two examples of this variety in his half eagle census."
Heritage Commentary: The 1828 half eagle is rare as a date, with only 17 specimens confirmed, including all four varieties (four BD-1 examples, two examples of BD-2, two specimens of the BD-3, and nine examples of the BD-4). The elusive nature of the date was acknowledged in print as early as 1858, when Joseph Mickley published his Dates of United States Coins and Their Degrees of Rarity. Mickley designated the 1828 as R (rare), one of only three early half eagles he considered so elusive (the 1822 and 1824 were the other dates so designated). Today, we recognize the five rarest early half eagle coinage dates as 1822 (three known), 1815 (10 known), 1821 (17 known), 1828 (17 known), and 1829 (17 known).
Doug Winter Commentary: The 1828 is actually more available than the extremely rare 1828/7 but it is still an extremely rare issue with fewer than 20 coins known today. If the presence of both the overdate and the normal date 1828 half eagles in the same sale doesn't impress you, you are very jaded and you are not coming to dinner with me after the sale is over.
Provenance: Recorded below.

A Roster of known 1828 half eagles (BD-3 and BD-4) provided by Ron Guth of the Numismatic Detective Agency with additional contributions from Mark Borckardt.
1. BD-3. PR67 Uncertified (grade per Jeff Garrett and Ron Guth). National Numismatic Collection; Smithsonian Institution. John Dannreuther notes this is an experimental coin, struck with a close collar.
2. BD-4. MS65+ PCGS. Paramount's Rare Coin List No. 7, 1974, page 52; Fred E. Davies Collection (Paramount, 2/1975), lot 561, $92,500; Auction '79 (Stack's, 7/1979), lot 817, $110,000; D. Brent Pogue Collection, Part IV (Stack's Bowers & Sotheby's, 5/2016), lot 4035, $458,250. Possibly James Ten Eyck, per Mehl's comments in the Dunham catalog; Ten Eyck Collection (B. Max Mehl, 5/1922), lot 193; Waldo Newcomer (plate match from the Newcomer plates); B. Max Mehl, circa 1931; "Colonel" E.H.R. Green, circa 1932
3. BD-4. MS64 PCGS CAC. Dupont Collection; Farish Baldenhofer Collection (Stack's, 11/1955), lot 1246; Samuel W. Wolfson Collection, Part I  (Stack's, 10/1962), lot 372; Auction '82 (Paramount, 8/1982), lot 1933; R.E. "Ted" Naftzger, Jr. Collection (Paramount Fixed Price List, 1/1983); October Sale (Superior, 10/1990), lot 2095, $44,800; Michael Keston Collection (Superior, 1/1996), lot 119, $57,750; Harvey B. Jacobson, Jr. Collection (Heritage, 1/2012), lot 4679, $402,500; Central States Signature (Heritage, 4/2013), lot 4517, $499,375. 
4. BD-4. MS63+ PCGS. William Woodin Collection, displayed at the 1914 ANS Exhibition; Waldo Newcomer Collection; B. Max Mehl, sold privately in the early 1930s; "Colonel" E.H.R. Green Collection; Stack's, sold privately in 1943 via Chase Manhattan Bank; King Farouk; Palace Collections of Egypt (Sotheby's, 2/1954), lot 243; Abe Kosoff; Norweb Collection, Part I (Bowers and Merena, 10/1987), lot 778, $44,000; Harry W. Bass, Jr. Foundation Collection (HBCC# 3152); Heritage (1/2023), lot 9047.
5. BD-4. MS63 Uncertified (grade per Jeff Garrett). Davis-Graves Collection (Stack's, 4/1954), lot 1452; Clifford T. Weihman; Josiah K. Lilly Collection, donated intact in 1968 by Lilly's estate to the National Numismatic Collection in exchange for a $5.5 million tax credit; National Numismatic Collection at the Smithsonian Institution. 
6. BD-4. MS62 PCGS. William Hesslein, sold privately on 11/25/1919; T. Harrison Garrett Collection; Robert Garrett Collection; John Work Garrett Collection, Part I (Bowers and Ruddy, 11/1979), lot 470, $70,000; Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 819, $55,200; Hutchinson Collection (Heritage, 1/2017), lot 5878, $199,750; McCoy Family Collection (Heritage, 8/2020), lot 4001, $222,000; D.L. Hansen Collection. 
7. BD-4. MS62 NGC. H.P. Smith Collection (S.H. & H. Chapman, 5/1906), lot 217, $240; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 386, $26,400; Charles Kramer Collection (Superior, 11/1988), lot 329; Ft. Lauderdale Elite (Superior, 1/2005), lot 1028. 
8. BD-3. MS61 PCGS. David S. Wilson (S.H. Chapman, 3/1907), lot 78, $350; William Forrester Dunham Collection (1939); B. Max Mehl (who purchased the Dunham Collection); William Forrester Dunham Collection (B. Max Mehl, 6/1941), lot 2101, $835; J.F. Bell Collection (RARCOA, 1/1963), lot 605; Auction '81 (RARCOA, 7/1981), lot 442, $40,000; Bryan Sale (Paramount, 1/1982), lot 813; Public Auction Sale (Kreisberg-Schulman, 4/1967), lot 775; Auction '81 (RARCOA, 7/1981), lot 442; Bryan Sale (Paramount, 1/1982), lot 813; Auction '88 (David Akers, 7/1988), lot 904, $42,900; NCI, sold privately on 5/23/1989; Harry W. Bass, Jr. Foundation Collection (HBCC# 3153); Bass Core Collection (Heritage, 5/2023), lot 4561, $228,000. The present specimen.
9. BD-4. AU55 PCGS. Marlene Heathgate Collection (Superior, 6/1997), lot 1492, $37,400. 
10. BD-4. AU Details -- Lightly Tooled on the Obverse -- Uncertified. Joel Rettew fixed price list, winter 1976; Auction '79 (RARCOA, 7/1979), lot 1234; Dr. Jon Kardatzke Collection (Goldberg Auctions, 6/2000), lot 1314, $17,825.
11. BD-4. XF Details -- Repaired -- PCGS. Heman Ely Collection (W. Elliot Woodward, 1/1884), lot 840; All the Kingdoms of the World (W. Elliot Woodward, 10/1884), lot 1156; Randall Collection (W. Elliot Woodward, 6/1885), lot 933; William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1645; Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 663, $8,250; FUN Signature (Heritage, 1/1999), lot 5700, $21,275; Smith and Youngman Collections (Bowers and Merena, 3/2003), lot 2272; 68th Anniversary Sale (Stack's, 10/2003), lot 2112; Dallas Signature (Heritage, 10/2006), lot 2715, $19,550; Donald E. Bently; FUN Signature (Heritage, 1/2014), lot 5434, $30,550; Long Beach Expo (Heritage, 9/2019), lot 4912, $26,400; Dallas Signature  (Heritage, 12/2019), lot 3297, $21,600; Dallas Signature (Heritage, 8/2020), lot 4000, $22,800.  This coin is traceable through its early appearances by the presence of the initials G.W. and the date 1806 inscribed in the fields, mentioned in the descriptions. After the Carter sale, the initials were removed, but the coin is still recognizable.

Early unattributed appearances may include overdates and normal dates:
Sixth Semi-Annual Sale (W. Elliot Woodward, 3/1865), lot 2779; Parmelee Collection of Coins (Strobridge, 6/1873), lot 788; Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 148; Henry Adams Collection (Edward Cogan, 10/1876), lot 1301; Sixty-Ninth Sale (John W. Haseltine, 6/1883), lot 362; Reverend Foster Ely Collection (Scott Stamp & Coin, 11/1888), lot 41; William Woodin, displayed at the 1914 ANS exhibition; James Ten Eyck (B. Max Mehl, 5/1922), lot 193; Sale 305 (J.C. Morgenthau, 4/1933), lot 80; Sale 418 (J.C. Morgenthau, 10/1940), lot 31; Col. James W. Flanagan Collection (Stack's, 3/1944), lot 1104; J.F. Bell Collection (Stack's, 12/1944), lot 350; Hollinbeck Coin Company Fixed Price List # 28; H.R. Lee Collection (Stack's, 10/1947), lot 1248; Golden Jubilee Sale (B. Max Mehl, 5/1950), lot 360; Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 1472 (the plate appears to be BD-3 and possibly a third example of the variety); Texas Sale (Hollinbeck Coin Company, 12/1951), lot 1828; Lichtenfels/Linder Collections (Kreisberg-Schulman, 2/1961), lot 1171.
From The Harvey B. Jacobson, Jr. Collection of Early Half Eagles.

Coin Index Numbers: (Variety PCGS# 519942, Base PCGS# 8138, Greysheet# 198939)

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.

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