1914-S $5 MS64+ PCGS. CAC....

Description

Elusive 1914-S Indian Half Eagle, MS64+

1914-S $5 MS64+ PCGS. CAC. The 1914-S is one of the more significant condition rarities in the Indian Head half eagle series. Although 263,000 pieces were minted--not an especially low production--most were apparently placed into circulation. This seems logical, as there was still demand for gold coins in the West, even though most parts of the United States were content with banknotes. Any 1914-S five dollar (or any other San Francisco-minted coin) that entered circulation had the potential to receive a fair amount of wear. Inspection of PCGS/NGC population figures bears this out--most certified 1914-S coins grade between Very Fine and About Uncirculated. A number of known "raw" coins grade even lower.
Numerous low-end Uncirculated 1914-S pieces are available, most from a small hoard uncovered some years ago. The population data reflect this, as the two services report about 650 examples in the MS60 to MS62 range (a number, of course, likely resubmissions or cross-over coins). The certified population falls dramatically at the MS63 level to a little more than 30 specimens, but even here 1914-S pieces can only be considered "scarce." It is not until the near-Gem level of preservation that the issue's rarity becomes apparent. A mere 12 coins have been given the MS64 designation by PCGS and NGC; NGC has seen one MS65. This has led Jeff Garrett and Ron Guth to write in their 2006 gold coin Encyclopedia:

"... in MS-64 grades, this date is rarer than many other issues in MS-65. Thus, the 1914-S has earned its place as the most difficult and rarest issue of the series to find in MS-64 or higher grades. This date should be considered the key date to the series."

Medium-to deep orange-gold color adorns both sides of this MS64+ specimen, each of which yields vibrant luster. The latter attribute is particularly significant, as the issue is typically extremely granular and lackluster. Moreover, a well executed strike imparts sharper definition than typically seen on the issue, including the Indian's hair and bonnet feathers, and the eagle's left (viewer's right) shoulder plumage. The mintmark is sharp and well defined in contrast to the ill-defined "blob" seen on most examples. Both sides are remarkably clean, an unusual attribute for the date. In this regard, Mike Fuljenz says of the 1914-S five dollar in Indian Gold Coins of the 20th Century: "On nearly all known examples, the surfaces are very heavily marked and there are often deep, detracting abrasions on the cheek of the Indian and in the left obverse field." The only marks on the present coin are a faint vertical one beneath the chin and a small mark under the O of OF. These are mentioned solely for pedigree purposes (that is, if they can even be seen on a photograph). In summary, this coin yields considerably higher eye appeal than typically seen on high-end Mint State 1914-S half eagles, making it even rarer than the population figures would indicate. Population: 2 in 64+, 0 finer (11/10).
From The Jim O'Neal Collection of $5 Indians.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 28DW, PCGS# 8529, GSID# 9329)

Metal: 90% Gold, 10% Copper
Weight: 8.36 grams
AGW: 0.24188oz
Mintage: 263,000

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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