1929 $5 MS65 PCGS....

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Sold on Aug 15, 2023 for:

$78,000.00 Bid Source: Internet bidder

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Description

1929 Half Eagle, MS65
Final-Year Melt Rarity
Among the Finest Examples Extant

1929 $5 MS65 PCGS. Over a period of about two decades leading up to 1930, Mint Directors occasionally commented in their Annual Reports on a lack of commercial need for small denomination gold, particularly the quarter eagle. That smallest in-production gold denomination was chiefly struck to satisfy seasonal demand for Christmas gifts, and following the minting of these coins once more in 1929, production of the denomination was suspended entirely. The Annual Report of the Mint Director in 1930 stated:

"The only gold coinage [in the fiscal year 1930] was made at Philadelphia and consisted of $1,330,000 in quarter eagles ($2.50 pieces) to meet the usual Christmas demand. Most of these small gold coins quickly return to the vaults after Christmas. Their undesirability for circulation purposes, demonstrated through a series of years, resulted in legislation (act of April 11, 1930), discontinuing both the coinage and issue by the Treasury of quarter eagles after the date of the act."

While half eagles served a more measurable commercial purpose, even this middle denomination was subject to limited demand due to the prevalence of paper gold certificates in circulation, particularly in the East. This is seen in a 13-year hiatus in the coinage of half eagles from 1916 to 1929. Moreover, the coinage of the half eagle in 1929, totaling 662,000 pieces produced during the first half of the year, occurred only at Philadelphia, and the vast majority of the coins were never released into circulation. Four years later, when President Roosevelt issued his executive order recalling government-issued gold, most of the 1929 half eagle mintage still remained in Mint Vaults, save for several hundred individual coins that had been paid out through the Mint Cashier or from leftover assay coins. All 1929 half eagles remaining at the Mint were melted, making the final-year issue immediately scarce on the numismatic market.

This Gem example of the date is a major condition rarity and is among the finest examples certified by either service. Warm rose-gold and orange hues adorn the frosted, unabraded surfaces, producing strong visual appeal. Slight strike softness in seen on the lower headdress feathers as usual, but overall eye appeal is outstanding. The advanced Indian half eagle collector will not find a numerically superior example. Population: 13 in 65, 0 finer (5/23).(Registry values: N7079)

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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