1929 $5 MS64 PCGS....

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Sold on Feb 27, 2014 for:

$58,750.00 Bid Source: Internet bidder

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Description

1929 Indian Half Eagle, MS64
Elusive Final Date of the Series
Very Rare in Finer Grades

1929 $5 MS64 PCGS. A substantial mintage of 662,000 Indian half eagles was accomplished in 1929, but the issue is much more difficult to locate than that generous total would suggest. Apparently, the great majority of the mintage was held in banks and Treasury vaults at the time of issue, with a relatively small number of coins released into circulation. No half eagles were struck in the period from 1916 to 1929, and the Mint may have anticipated a large demand for the denomination when they produced the coins. Unfortunately, the onset of the Great Depression later in the year drastically reduced the need for cash in the shrinking economy and few people needed five dollar coins in the following years. Most of the 1929 half eagles were still languishing in the vaults when President Franklin Roosevelt issued his Gold Recall in 1933. The coins were easily rounded up and turned in to the government, to be melted into gold ingots and stored at Fort Knox in later years.

The 1929 Indian half eagle has always been an elusive date, and collectors began to take notice of the issue in the 1940s. In lot 345 of his April 1949 Charles W. Green Collection, B. Max Mehl noted the following:

"1929 U.S. $5.00 Gold. Last year of issue. Extremely rare, far more so than is generally recognized. It was only in recent years that the rarity of this coin was recognized or discovered. In fact, as recently as only 1944, it cataloged at $25.00, but in March of the same year, 1944, a specimen brought $225.00 at auction. And in December of the same year, 1944, another specimen which appeared at auction, brought $375.00. The next specimen to be offered was in 1946 when it brought $475.00. The last specimen I offered was in my Sale of the Geiss Collection held in February of 1947 where it sold for $365.00. It was not as choice as the specimen here offered. This coin is in absolutely uncirculated condition. One of the rarest of our Half-Eagles and a future really great rarity."

The lot realized $365, the same total as the coin in the Geiss sale. Recent auction appearances include the MS64 PCGS coin in lot 4501 of the ANA Auction (Stack's Bowers, 8/2013) that realized $70,500.

The coin offered here is an attractive Choice specimen with vivid orange-gold surfaces that show only minor signs of contact. The design elements are well-detailed and vibrant mint luster radiates from both sides. Eye appeal is outstanding. The 1929 is very rare in grades above the MS64 level and PCGS has graded only eight coins in higher numeric grades (1/14).
From the collection of Donald E. Bently, sold for the benefit of the Bently Foundation.(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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