1850 $5 MS65 NGC....

Description

1850 Half Eagle, MS65
The Earle-Eliasberg-Milas Coin
Possibly the Finest-Known Example

1850 $5 MS65 NGC. Available at auction only three times over the past 100 years, this impressive Gem half eagle has never failed to command considerable collector attention -- both for its lustrous, satiny eye appeal, and also for its notable condition rarity. The coin is unmistakable for its deep, orange-gold toning and intense mint luster.

Garrett and Guth reinforced what David Akers believed about the issue -- that its rarity is overlooked by many collectors, and that the 1850 five is far more challenging than many of the more highly touted branch mint issues:

"As can be seen by a quick study of the auction data and population reports, the 1850 half eagle is just as rare as most of the branch-mint issues of the period. Most of the coins found are low grade, and the date is very rare in Mint State condition."

The mintage of 64,400 pieces was low by Philadelphia Mint standards, more comparable to the half eagle mintages at Charlotte and Dahlonega. Even so, few pieces were preserved by collectors, mostly because half eagles were minted for circulation and they were invariably spent.

The earliest appearance of the present coin is traced to the George H. Earle Collection, which was offered by Henry Chapman in 1912. Succinct as always, Chapman described the coin as "Uncirculated, the slightest abrasion. Mint lustre." Not yet recognized for rarity as a date nor widely collected, the coin still realized $11.50, more than the $6.75 brought by an 1839 half eagle (also Uncirculated, the slightest abrasion, with Mint luster). Some 30 years later, the coin passed into the Eliasberg Collection, most likely from the John H. Clapp Collection in 1942, where it remained for 40 years until the Bowers & Ruddy sale of the Eliasberg United States Gold Coin Collection in 1982. From there, it resided in the Edward Milas Collection until it realized a strong $63,250.00 in the Stack's sale of the Milas Collection of Liberty Head No Motto Half Eagles in 1995. The coin is still housed in an early MS65 NGC holder, apparently from that sale.

This exceptional half eagle is known for its luster, which radiates waves of sun-gold brilliance. The strike is bold except for minimal weakness at the date and on the eagle's neck feathers. A pair of microscopic copper alloy marks -- one above the eagle's head, and the other beneath the N of UNITED -- serve as tiny, unobtrusive markers. Light, parallel planchet striations are visible with a glass, as is a random scattering of hair-thin lines across the smooth fields. This piece is the plate coin for Garret and Guth's Encyclopedia of U.S. Gold Coins.

NGC lists two MS65 coins, with no finer examples, supported by three MS61 pieces and two MS62 coins. However, we have only been able to trace this sole MS65 coin, with no other appearances in any auction exceeding MS62 in certified grade. PCGS reports four coins in MS62 as the finest they have seen of the issue, with none finer. NGC Census: 2 in 65, 0 finer (2/15).
From The New Orleans Collection.(Registry values: P6)

Coin Index Numbers: (NGC ID# 25TY, PCGS# 8243, Greysheet# 8896)

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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