1929 $5 MS64 NGC....

Description

1929 Half Eagle, Frosty MS64
Heavily Melted Series Key

1929 $5 MS64 NGC. By the 1920s, gold coins were no longer circulating extensively on the East Coast, having fallen behind government-backed paper currencies in popularity among the public. This decline in the circulation of gold is reflected by the scant Philadelphia production totals recorded for the various denominations during this period. After 1915, eagle and quarter eagle production was nonexistent in Philadelphia until 1926, and half eagles remained out of production until 1929. Only double eagles were struck with any regularity, but these were primarily to serve as backing for the ever-increasing amount of gold certificates being printed, and did not circulate much outside of the banking sector.

The 662,000-coin half eagle emission of 1929, was merely a token quantity for the denomination, produced largely to fulfill banking needs. No additional coinage of half eagles took place before 1933, when Roosevelt's confiscation order was enacted and gold coinage of all denominations was halted. In the four years since their coinage, almost all of the 1929 half eagles remained in government or bank vaults and were easily within the grasp of the federal hand. These coins were among the first to be destroyed in the following gold melts.

A few hundred 1929 half eagles were spared from the confiscation, and since almost none were ever distributed into commerce, nearly the entire surviving population is in Mint State. Most coins grade in the MS62 to MS64 range, although the number of Choice example is likely lower than the certified population figures suggest. The sheer rarity of this issue in Gem condition prompts many upgrade attempts of MS64 pieces.

This Choice example is among the finer representatives typically offered. The strike is boldly executed and the surfaces display frosty yellow-gold luster with subtle apricot overtones. Light, scattered abrasions preclude a Gem grade. In more than two decades of record-keeping, we have auctioned a finer example of this issue only three times. The collector seeking a high-grade representative of this sought-after key date and melt rarity, this MS64 coin deserves close consideration. Census: 75 in 64 (2 in 64+), 6 finer (6/15).(Registry values: N4719)

Coin Index Numbers: (NGC ID# 28E2, PCGS# 8533, Greysheet# 9316)

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.

View Certification Details from NGC