1834 $5 Classic-Plain 4 PR63 Ultra Cameo NGC. CAC....

Description

Elusive Proof Classic Head Half Eagle
1834 Plain 4, PR63 Ultra Cameo

1834 $5 Classic-Plain 4 PR63 Ultra Cameo NGC. CAC. First Head, Large Plain 4, Breen-6501, McCloskey 1-A. The Classic Head gold coinage, introduced in 1834 to replace the old-tenor gold that had risen in metal content above its face value, removed the motto IN GOD WE TRUST from the reverse scroll and in many other ways differed significantly from the previous Capped Bust coinage. The Mint produced a small number of proofs in celebration of the radical change in design and gold content, but it was clearly a tiny production; fewer still are known today. It appears that the Mint was, unsurprisingly, fairly unaccustomed to the production of proof coinage, which was quite sporadic in the early years. The Classic Head gold proofs, as well as many other early proof coins from the 1820s and 1830s, may best be charitably described as "rustic" in appearance.
More importantly, pre-1838 proof gold is among the most elusive areas of U.S. numismatics, with the Classic Head pieces nearly on par in terms of rarity with the earlier Capped Bust gold coins. Few proofs of any Classic Head gold issue are known today, and they are seldom offered at auction. The Garrett-Guth gold reference notes that perhaps six pieces are known today of the proof 1834 Plain 4 half eagle. Only four times in the past has Heritage had the pleasure of offering any Classic Head half or quarter eagles (the eagle saw a production hiatus from 1804 until 1838), since we began maintaining our Permanent Auction Archives 15 years ago. The coin is also listed in the 100 Greatest U.S. Coins, as number 49.
As only the fourth appearance of a proof Classic Head half eagle at Heritage, this specimen presents a remarkable opportunity for type collectors or specialists in early U.S. proof coins. Like most known 1834 Classic Head half eagles, this example has the date irregularly spaced. The 1 and 3 are higher than the 8 and 4, and the date digits grow successively closer from left to right, with the left point of the 4 nearly touching the 3. The large 4 in the date is close to the curl, and the date is a so-called "fancy" or "script" 8, with a larger juncture of the loops than the loops themselves. On the reverse the denomination 5 D. has the 5 considerably higher than the D, which leans backwards and left toward the numeral. The right-side loop of the D shows traces of recutting to the right of the final letter. The arrowheads are large; the lowest touches the second A in AMERICA. The second S in STATES shows recutting on the middle curve, and the eagle has a tongue.
The highly reflective fields of this pretty greenish-gold example provide wonderful contrast with the deeply frosted devices, pleasingly so on both sides but a bit more intensely frosted on the obverse. The fields on each side reveal some scattered chatter from light contact, preventing a finer grade but hardly distracting. As of (6/08) NGC has certified a single PR65 in numerically finer grade, along with three PR63 Cameos, but this is the sole PR63 Ultra Cameo, and there are none finer with any degree of contrast, either Cameo or Ultra Cameo. This lot is accompanied by a PCGS PR63 label tag.(Registry values: P1)

Coin Index Numbers: (NGC ID# E2NF, PCGS# 8180, GSID# 8861)

Metal: 89.92% Gold, 10.08% Copper
Weight: 8.36 grams
AGW: 0.24169oz

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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