1840-C $5 MS63 PCGS. CAC. Variety 1....

Description

1840-C Half Eagle, MS63
An Extremely Rare Condition Census Example

1840-C $5 MS63 PCGS. CAC. Variety 1. The Charlotte Mint, in just its third year of coinage production, minted 18,992 half eagles from one obverse die and two reverse dies. Half eagles coined in 1838 utilized the Classic Head design of William Kneass. In 1839, Christian Gobrecht's new Liberty Head design was introduced. On those first two issues, the C mintmark was located between the date and the bust. However, in 1840 the mintmark was relegated to the reverse, below the eagle, effectively creating a new subtype. The 1840-C half eagles are the first year of issue with that modification. At the same time, the portrait was modified with the bust line more gently curved than in 1839. Other minute design modifications were also implemented.

The obverse die of the 1840-C half eagles has a straight date (unlike the curved date of 1839), approximately centered between the bust and border, and slightly left of center below the bust. While the 1 is vertically centered, the 0 is closer to the border. The left edge of the 1 is over the left corner of a dentil. Defects just inside the dentils below the date are misplaced date digits, a 1 and 8. David Akers described the blundered date in the 1997 sale of the John Jay Pittman coin. He wrote of what appear to be the tops of a 1 and 8 in the denticles below the date that "if this is the case, this is one of the most sensational misplaced dates in U.S. numismatics." Doug Winter notes that it is the only Charlotte Mint coin of any denomination to show a misplaced date.

Two different reverse dies are known. Both reverse dies have a large mintmark that is close to the stem. On variety 1, the mintmark appears to be tilted slightly to the right, and on variety 2 it appears to be tilted slightly to the left. Otherwise, both dies are extremely similar in appearance, although die states will generally suffice to distinguish between them. This reverse has a heavy radial die crack through the I in AMERICA and across the arrowheads.

In all Mint State grades, PCGS has certified eight 1840-C half eagles and NGC 10 (10/17). These figures almost certainly include several duplications, as the auction appearance rate of Uncirculated coins suggests that only a handful of individual coins exist. Moreover, the opportunity to bid on one of the Condition Census pieces with CAC endorsement is as rare as the coins. No MS63 or better 1840-C half eagle has appeared at public auction since our 2011 FUN Signature sale, when we had the privilege of offering an historic three such pieces in one fell swoop.

This Select Mint State representative has a typical strike with weakness at the center, especially at the hair curls below the ear and on the neck, and below ER of LIBERTY. The reverse lacks detail on the eagle's head and neck. The surfaces are fully lustrous with brilliant yellow-gold color and faint greenish hues. Some mint-made planchet roughness remains due to the inadequate die pressure, and a similar granular appearance is seen on nearly every known specimen. Only a few later imperfections can be seen on each side. Considering the coin as a whole, this is a highly appealing example with exceptional desirability. Population: 2 in 63, 1 finer. CAC: 2 in 63, 1 finer (10/17).
Ex: FUN Signature (Heritage, 1/2011), lot 5108.
From The Robert Craig Family Collection. (Registry values: P5)

Coin Index Numbers: (NGC ID# 25SD, PCGS# 8196, Greysheet# 8957)

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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