1912-S $5 MS65 PCGS. CAC....

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Sold on Jan 6, 2011 for:

$195,500.00 Bid Source: Live: Floor bidder

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1912-S Five Dollar Indian, MS65
The Only PCGS Gem Certified

1912-S $5 MS65 PCGS. CAC. In a series replete with rarities, the 1912-S ranks second in high-grade rarity only to the 1914-S. An ample number of half eagles were produced in San Francisco in 1912, with 392,000 pieces struck. But a large percentage of those produced were dropped into circulation. Evidence of this can be seen from examination of the population data, which shows dozens of pieces certified in the VF-XF grade range. Once the Mint State threshold is passed, however, the availability of 1912-S fives drops precipitously and the price increases rapidly. But it is not the number of circulated coins that makes the 1912-S the stellar condition rarity it is. Rather, it is the overall poor production of almost all known examples that has prevented all but two pieces from reaching the Gem plateau.
The gold references that deal with the 1912-S are enough to scare away all but the most diehard collectors. Consider these daunting passages from the updated Akers reference:

"The 1912-S is the worst-produced issue in the entire Indian Half Eagle series. ... virtually all examples display an amorphous mintmark that is little more than a blob of metal. ... usually evidence of die deterioration at the borders on one of both sides. ... The typical example has inferior luster and subdued, granular surfaces. ... Distracting abrasions are the norm. ... lowest eye appeal rating in this series."

The remarks above about the typical 1912-S explain why so few collectors actually complete a set of Gem Indian half eagles. They also underscore how special this coin is. The central design elements show the expected softness, but the peripheries are strongly defined. This makes us believe the soft, blobby mintmark is probably more related to the punch used rather than peripheral striking weakness. The "inferior luster" seen on most pieces is simply absent here. Each side sparkles with mint frost, and the surfaces display rich reddish-gold color with light accents of lilac in the recesses of some of the design motifs. Each side has the numerous small abrasions one expects from this reduced relief design, but the "distracting abrasions" that are the norm are conspicuously absent on this piece.
The updated Akers reference demonstrates the significance of high-grade 1912-S fives by pointing out that Eliasberg, Norweb, and Pittman Collections all had AU examples. In Gem condition, this is a prime condition rarity and one of the most elusive issues in high grades in all 20th century gold series. This is the only PCGS MS65, and a second Gem has been certified by NGC (11/10).
From The Jim O'Neal Collection of $5 Indians.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 25ZN, PCGS# 8524, Greysheet# 9326)

Weight: 8.36 grams

Metal: 90% Gold, 10% 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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