1929 $5 MS64 PCGS. CAC....

Description

1929 Half Eagle, MS64
Attractively Lustrous Melt Rarity

1929 $5 MS64 PCGS. CAC. In April 1933, President Franklin D. Roosevelt issued Executive Order 6102, prohibiting "the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." The order granted exceptions, including jewelry, gold coins with numismatic value, and industrial necessities. However, recently minted currency issues, still clustered in bank and Treasury vaults, were not exempt from the confiscation, including the many late-series double eagle issues and the 1929 half eagle.

The reason why so many double eagles were stacked away in vaults was largely for backing the numerous gold certificates then in circulation. The time in history when Americans distrusted paper currency had largely disappeared into the past, and even the Western regions saw extensive circulation of gold and silver certificates. The concept of these certificates, however, required that they be backed by an equal dollar value of hard specie. Therefore, even though double eagles were not extensively seen in circulation, their production was mandatory, and their storage in Treasury vaults was widespread. There they remained, when the Recall Order was effected.

The 1929 half eagle was a slightly different story. While gold coins of all denominations ultimately served as backing for paper currency, one of the chief reasons that this issue did not circulate was largely due to a lack of need for it. Regular half eagle production had ceased in 1916 (a year earlier in Philadelphia), and the 1929 issue was the first instance since then that the denomination had been struck at any Mint. While the economy might have been ready to absorb the coins in daily commerce, the issue's coincidental release at the same time that the stock market crashed resulted in any commercial need being dissolved. As a result, most examples of the issue never made it past local bank vaults, and were easily confiscated in 1933.

This surviving representative is one of only a small number known in all grades, and represents an important acquisition for the Indian Head half eagle collector. Both sides display intensely frosted luster beneath shades of rose, olive, and yellow-gold. The lower headdress feathers exhibit slight softness, but the eagle's feathers are well-defined. A scattering of light ticks on each side limits the grade, but in the context of Indian half eagles, which are often lacking in vibrance, this piece is remarkable. Only eight coins are numerically finer at PCGS (12/14).(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.

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