1929 $5 MS64+ PCGS....

Description

1929 Half Eagle, MS64+
Scarcest Issue in the Series

1929 $5 MS64+ PCGS. Only the Philadelphia Mint coined gold in 1929, and production was focused on the double eagle denomination. Unlike in previous years, these coins were never shipped overseas in the foreign trade in large quantities. During the fiscal year ended June 30, 1929, the foreign trade of domestic U.S. gold coins netted an import of more than $45 million. This reflects a steep drop off in gold coin exports over the previous year, when the foreign trade netted an export of more the $218 million in U.S. gold coin.

The quarter eagles struck in 1929 were distributed to the Federal Reserve Banks and quickly reached public channels, even though the issue never circulated extensively. The denomination made popular Christmas gifts, as noted in an earlier Mint Report, but had little material use in circulation due to its small size and a general lack of demand for circulating gold in most regions. The nearly 1.8 million double eagles and 662,000 half eagles struck in 1929 largely never left Mint vaults and were almost entirely melted down again in the mid-1930s, after President Roosevelt issued his Gold Recall order under the (arguably false) assumption that public hoarding of gold was contributing to the financial crisis of the Great Depression.

The 1929 half eagle is, in terms of total population, the rarest Indian Head five in the series. Several hundred pieces survive, primarily in Mint State, since this issue never circulated. The typical coin will grade MS62 to MS64, and pieces in this range are usually available ... for a price. The 1929 is consistently the most costly acquisition in the series in most grades.

The present coin is one of 11 near-Gems awarded the coveted Plus designation at PCGS. That service lists 10 MS65s finer (11/17), although most collectors would be lucky to ever even see one of those, let alone win it at auction. This high-end Choice example displays frosty, glistening mint luster and original wheat-gold coloration. Slight weakness on the lower headdress feathers is the only mentionable strike deficiency, and a few light field marks are not distracting. An appealing, high-end example of this heavily melted Philadelphia key.
From The Jamestown Collection. (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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