LOT #3495 |
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1834 $5 Plain 4 MS64 NGC. Breen-6499, BD-3, High R.7....
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Sold on Aug 11, 2010 for:
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Description
1834 Capped Head Left Five Dollar, MS64
Plain 4 Variant, Rarely Seen So Fine
BD-3, High R.7, Less Than Six Known
1834 $5 Plain 4 MS64 NGC. Breen-6499, BD-3, High R.7.
Bass-Dannreuther Obverse State b / Reverse State c. The BD-3 die
marriage is extremely rare, with only three to five examples known,
according to John Dannreuther in Early U.S. Gold Coin Varieties,
A Study of Die States, 1795-1834. The cataloger is only aware
of one other example, part of the Harry W. Bass, Jr. Collection
that is now on display at the ANA Museum. This appears to be the
first time we have ever offered an example of this variety, one
of only two known 1834 Capped Head, Plain 4 die marriages. The 1834
Plain 4 obverse, shared between the BD-1 (High R.5) and BD-3 (High
R.7), is mated with a reverse that shows the fletchings over the
right tip of the flag in the 5. A tiny die crack appears on the
obverse from the bust to star 1 and the rim; on the reverse, one
runs from the D in the denomination through the lowest arrowhead
and MERICA.For most collectors the study of early gold is unfamiliar and the acquisition of such pieces is virtually impossible. Most collectors tend to be either generalists or specialists in lower-denomination coins from half cents through silver dollars. But for a few dedicated specialists, early gold has proved to be an especially fertile area of study. Half eagles struck from 1813 through 1834, generally referred to as the Capped Head Left series, may well be the rarest, multiple-year series in U.S. numismatics. An article by Arno Safran in the November 15, 1993 edition of Coin World summed up this and the previous series of five dollar gold pieces and their rarity:
"Half eagles bearing the Scot-modified Capped Head design (1813-29) and the further modified, smaller-size pieces by Kneass (1829-34) are the scarcest types for this denomination. Most of the mintages were either melted by the government or left the country soon after being released into circulation because miscalculations by Treasury officials regarding the ratio between gold and silver were skewed in favor of the yellow metal."
As a result of the massive meltings, the number minted means very little. What is important is not how many were struck, but how many survived the mass meltings in the 1820s and 1830s. In grades from VF30 through MS65, only 58 submission events have occurred for the Plain 4 1834 Capped Head Left five dollar. Subtracting resubmissions this probably represents 40-45 individual coins.
This piece is tied with five other examples of the 1834 Plain 4 (both varieties) as second finest seen by NGC and PCGS combined (7/10). The surfaces are bright with confirmed reflectivity on each side, created by die striations. The strike details are strong, but not completely brought up over the design high points. Numerous small field marks are scattered over both sides, none worthy of individual mention. An important opportunity for the specialist to acquire this exceedingly rare type in high grade.
From The Caleb Louis Collection of U.S. Gold Type.(Registry values: P6)
Coin Index Numbers: (NGC ID# 25RM, PCGS# 8160, GSID# 8855)
Metal: 89.92% Gold, 10.08% Copper
Weight: 8.36 grams
AGW: 0.24169oz
Mintage: 50,141
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 all of [The Caleb Louis Collection of U.S. Gold Type ]
Auction Info
2010 August Boston, MA Signature & Platinum Night ANA Coin Auction #1143 (go to Auction Home page)
Auction Dates
August, 2010
11th-15th
Wednesday-Sunday
Bids + Registered Phone Bidders: 10
Lot Tracking Activity: N/A
Page Views: 1,413
Buyer's Premium per Lot:
15% of the successful bid per lot.
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