1825/Partial 4 $5 PR62 PCGS. BD-1, R.8 as a Proof....

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1825/1 BD-1 Half Eagle, PR62
Proof Obverse, Mint State Reverse
One of Two Privately Held Proofs

1825/Partial 4 $5 PR62 PCGS. BD-1, R.8 as a Proof. Ex: Harry W. Bass, Jr. Collection. Bass-Dannreuther Die State a/a with no apparent die classing, cracks, or signs of lapping on either side. The obverse die was used only for this variety and the reverse die reappears on BD-2. The 1825/4 BD-1 half eagle has traditionally carried the nomenclature of 1825/1. However, following Walter Breen's speculation, John Dannreuther carefully studied the variety and concluded that the original digit was a 4. He writes:

"Comparison with the obvious 1825/4 overdate variety to follow (BD-2), the upright previously considered a 1 likely is a partially effaced 4. The part of the foot visible at the lower right of the 5 seems to be the foot of a 4. Another feature of this die that lends credence to this theory is the angle of the supposed 1. The angle of the original digit is exactly like the 4 on both the 1824 and 1825/4 obverse. It leans further left than the 1 on the 1821 die."

The Guide Book has renamed this the "1825, 5 Over Partial 4" to distinguish between this variety and the extremely rare "1825, 5 Over 4" variety with just two known examples. Saul Teichman has expanded the description to "1825/4/1." While Ron Guth's roster that is presented below shows three proofs, there are also about 20 circulation strikes known.

This example from the Harry W. Bass, Jr. Collection is a one-sided proof with the obverse showing full proof characteristics, and the reverse showing no proof attributes. While there are those in the numismatic field that suggest one-sided proofs are impossible, this coin and several other early proof half eagles suggest otherwise. There are one-sided proofs of other denominations known as well. The obverse die was highly polished and one side of the planchet was specially prepared to receive the obverse die impression. That combination of procedures is not coincidental. This piece and the other proof 1825/4 half eagles were carefully and specially produced at the Mint.

Less than a dozen proofs exist for this design including coinage dates from 1820 to 1829. The list of proofs begins with the 1820 that is offered in this same sale. PCGS grades that coin Mint State while others consider the coin to be a proof. Two proofs of 1821 are known, including one in the Smithsonian Institution and the other example that appeared in part one of the Bass Collection. Three proofs of the 1825 Over Partial 4 half eagle, including the present piece and another example in the Smithsonian Institution. The two proofs of 1826 include one in the Smithsonian Institution and anther that has not been seen since the early 1950s. The Smithsonian Institution holds the only known 1828 proof half eagle. Finally, two proofs are known of the 1829 Large Planchet variety, both in private hands. One of those will appear in part three of the Bass Collection.

This piece is extraordinary. Microscopic obverse hairlines, perhaps remaining from the planchet preparation, limit the grade. That side is fully struck with strong cameo contrast. The mirrored fields are greenish-gold, while the lustrous devices are brilliant yellow. The reverse also features a gold strike with brilliant and frosty light yellow-gold surfaces. A trace of orange toning is limited to the E of UNITED. In our opinion, the reverse, if graded separately would qualify at the MS64 or MS65 level. This impressive half eagle is the third finest of three known, meaning it is the "affordable" proof 1825 Over Partial 4 half eagle.

1825/Partial 4 Proof Five Dollar, JD-1, BD-1, Breen 2-A

1. PR67 Cameo PCGS CAC. George F. Seavey Collection, acquired before 1864; Lorin G. Parmelee Collection, acquired by purchase of the Seavey Collection in 1873 (New York Stamp & Coin Co., 6/1890), lot 957; Charles Steigerwalt, sold privately; William H. Woodin Collection; Waldo C. Newcomer Collection; B. Max Mehl, sold privately; "Colonel" E.H.R. Green Collection; Col. James W. Flanagan Collection (Stack's, 3/1944), lot 1100; J.F. Bell (Jacob Shapiro) Collection (Stack's, 12/1944), lot 346; H.R. Lee Collection (Louis E. Eliasberg, Sr. duplicates) (Stack's, 10/1947), lot 1243; Stack's, sold privately; King Farouk (The Palace Collections of Egypt) (Sotheby's, 2/1954), lot 240; Sol Kaplan; Dr. John E. Wilkison Collection; Mocatta Collection (Stack's Bowers, 8/2022), lot 7160, $4,080,000. The reappearance of this coin in 2022 upended the provenance listing for the Bass coin (#3 below), which had been attached previously to this example.
2. PR67 (grade per Jeff Garrett). Mint Cabinet Collection, presumably transferred from Adam Eckfeldt in 1838; National Numismatic Collection at the Smithsonian Institution (ID #1985.0441.0199).
3. PR62 PCGS. Stanley Kesselman, sold privately on 12/18/1970; Harry W. Bass, Jr. Foundation Collection (HBCC# 3147). The present coin.
Note: The PR63 Eliasberg example (lot 381 in the 1982 sale) reappeared in the D. Brent Pogue sale of 2016 as a PCGS MS64. Dannreuther noted in his book on proof gold coinage that the consensus of opinion at the 1982 sale was that the coin was not a proof.
From The Harry W. Bass, Jr. Core Collection, Part II.(Registry values: P2)

Coin Index Numbers: (PCGS# 8145, Greysheet# 8878)

Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.28oz

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.

View Certification Details from PCGS