1833 $5 Small Date, BD-2, R.6 MS64+ PCGS. CAC....

Description

1833 Capped Head Left Five, MS64+ CAC
Elusive Small Date, BD-2 Variety
High Condition Census Example
Ex: Naftzger-Pogue

1833 $5 Small Date, BD-2, R.6 MS64+ PCGS. CAC. Ex: D. Brent Pogue Collection. Bass-Dannreuther Die State a/e, with heavily lapped reverse and die cracks through the letters in NITED and AMER. The 1833 Capped Head Left half eagle is an elusive issue in the early U.S. gold series and examples are always in demand from eager collectors. Widely popular with series specialists, it is equally in vogue with type collectors, who often seek it out as an example of the short-lived Reduced Diameter design type. Heritage Auctions is privileged to present this spectacular Condition Census example in this important offering.

Heavily Melted Issue
According to the 2025 Guide Book, the Philadelphia Mint struck a respectable production of 193,630 Capped Head Left half eagles in 1833. Three die varieties are known for the date, one with a Large Date and two with a Small, Close Date. This coin represents the elusive BD-2 variety, with a Small Date and the period distant from the D in the denomination on the reverse. An entirely different set of numeral punches was used to impress this so-called Small Date obverse, but it is difficult to distinguish this issue from its Large Date counterpart based on the numeral size alone. It is much easier to see the closer spacing of the date and the script-style 8 (rather than symmetrical 8) in the date. The obverse die appears in its perfect state on this variety; after being lapped, it was used to strike the extremely rare BD-3 variety of this date. The hardy reverse die was used previously to strike the BD-1 and BD-2 varieties of 1832 and the BD-1 variety of 1833. The reverse die is seen here in its lapped and cracked die state, after its prior uses. John Dannreuther estimates the BD-2 dies were employed to strike 75,000 to 100,000 pieces of the reported mintage.

After about 1820, changes in the market values of gold versus silver made the intrinsic value of all U.S. gold coins greater than their face value. This resulted in widespread hoarding, exportation, and melting that continued until the great majority of early U.S. gold coinage was destroyed. The massive melting of Old Tenor U.S. gold coinage only increased when Congress addressed the situation by adjusting the specifications of all U.S. federal gold issues to bring the intrinsic value in line with the face value in 1834. By the time coin collecting became popular in this country, around 1857, almost all early U.S. gold coinage was decidedly elusive. PCGS CoinFacts estimates only 25 examples of the Small Date varieties survive today in all grades. This coincides well with John Dannreuther's estimate of 22 to 28 examples extant for the BD-2. The infrequency of auction appearances suggests even these small population estimates may be too large. One Condition Census example of the BD-2 variety is included in the National Numismatic Collection at the Smithsonian Institution, forever out of reach of eager collectors.

A Collector Favorite
The 1833 half eagle has been popular with collectors since the earliest days of the hobby. Examples began appearing at auction at least as early as lot 1655 of the Fifth Semi-Annual Sale (W. Elliot Woodward, 10/1864), "1833 Nearly proof; about as rare as the preceding." The lot realized a strong price of $31, to Heman Ely, a prominent collector from Ohio. Of course, demand for the issue has increased dramatically over the years, and prices realized have risen accordingly. Our roster of significant examples below provides extensive pricing data for high-grade specimens in recent years. As can be seen from the roster, auction appearances of the BD-2 variety have been few and far between over the years. The Heritage Permanent Auction Archives, covering the last 30 years and more than 2.7 million U.S. coin lots, reveals we have only offered an example of the BD-2 on five previous occasions, which includes at least two appearances of the same coin. Clearly, this lot represents an important opportunity for the advanced early gold collector.

The Present Coin
The present coin was once a highlight of the celebrated collection of D. Brent Pogue, a mark of distinction for any coin. This Plus-graded Choice example exhibits well-detailed design elements, with fairly sharp central detail, and some of the typical softness on the obverse stars and peripheral legends on the reverse. The well-preserved antique-gold surfaces radiate satiny mint luster, with some modest prooflike reflectivity in the fields. The surfaces display pleasing orange-gold patina, with a few highlights of green and a few amber alloy spots on the reverse. Some evidence of die rust shows in a band of tiny lumps on the lower reverse, between UN in UNITED and across the central devices, to the R in AMERICA. Overall eye appeal is terrific and the high quality within the grade is confirmed by CAC. With an illustrious pedigree, outstanding eye appeal, and exceptional technical quality, this coin will be a welcome addition to the finest collection or Registry Set. This coin is pictured on PCGS CoinFacts. Population (Small Date varieties): 3 in 64 (2 in 64+), 2 finer. CAC: 1 in 64, 0 finer (3/25).

A Roster of Significant Examples provided by Ron Guth of the Numismatic Detective Agency
1. MS65+ PCGS. John Rowe and Mike Brownlee, sold privately on 10/6/1966; Harry W. Bass, Jr. Foundation Collection (HBCC# 3163); Harry W. Bass, Jr. Core Collection, Part III (Heritage, 5/2023), lot 4565, $252,000; Central States Signature (Heritage, 5/2024), lot 4568, realized $276,000.
2. MS65 PCGS. Benson Collection, Part II (Goldberg Auctions, 2/2002), lot 2000, $90,850; J.B. Worthington Collection (American Numismatic Rarities, 5/2005), lot 366, $150,000.
3. MS65 NGC. ANA Signature (Heritage, 8/1998), lot 7630, $120,750; Anthony Terranova.
4. MS64+ PCGS. CAC. R.E. "Ted" Naftzger, Jr. Collection (Paramount's fixed price list of the R.E. Naftzger, Jr. Collection of Early U.S. Half Eagles, 1/1981); Auction '82 (Paramount, 8/1982), lot 1936, $18,000; Auction '90 (David Akers, 8/1990), lot 1895, $48,400; D. Brent Pogue Collection, Part IV (Stack's Bowers & Sotheby's, 5/2016), lot 4046, $152,750. The present coin.
5. MS64+ PCGS. Pre-Long Beach Sale (Superior, 5/2001), lot 4049, not sold; High Desert Collection (PCGS Set Registry).
6. MS64 PCGS. Spink America (12/2000), lot 845, $74,750.
7. MS64 NGC. Auction '90 (Superior, 8/1990), lot 1319, $121,000.
8. MS64 Uncertified (grade per Jeff Garrett). Josiah Lilly Collection, donated in 1968; National Numismatic Collection at the Smithsonian Institution (ID #NU68.159.0391).
9. MS63 PCGS. Pre-Long Beach Sale (Goldberg Auctions, 5/2006), lot 3800, $126,500.
10. MS63 PCGS. Hutchinson Collection (Heritage, 1/2017), lot 5881, $111,625; D.L. Hansen Collection (PCGS Set Registry).
From The Texas Republic Ranch Collection.

Coin Index Numbers: (Variety PCGS# 519953, Base PCGS# 8158, Greysheet# 198941)

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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