Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
View prices realized
► Sale information
Find similar lots
Early Half Eagles
1827 $5 BD-1, R.6, MS62 NGC. CAC. Bass-Dannreuther Die State a/b. Only dies for the date. Historically, the 1827 Capped Head Left half eagle has always been acknowledged as a rare issue, but the most recent findings suggests the coin may be even more elusive than modern collectors realize. In the 1980s researchers like David Akers and Walter Breen estimated the surviving population of the 1827 at 12-20 examples in all grades, based on frequency of auction appearances and personal knowledge of specimens in the great collections of the time. Unlike larger gold coins from the mid-19th century (eagles and double eagles), the supply of early half eagles has not been materially increased by modern shipwreck recoveries, and no hoard of early gold fives has surfaced in recent years, so one would expect the surviving population of coins like the 1827 half eagle to remain fairly static, allowing for the possibility of a few new discoveries from time to time. Instead, published estimates of the number of survivors have nearly doubled in recent years, ranging from 30-45 examples all told. This increase is probably based on population data, as PCGS and NGC have combined to certify 29 examples, ranging in grade from AU58 to MS66 (11/16). It seems virtually certain that this total includes a number of resubmissions and crossovers that have inflated the statistics, making the 1827 seem more available than it really is. In our January 2014 FUN catalog, Heritage numismatists published a roster of all specimens known to us that included only 17 distinctly separate examples, including three coins in institutional collections that remain unavailable to collectors.
The 1827 half eagle has been a popular issue since the earliest days of the hobby and was featured prominently in auctions of the 1860s, like W. Elliot Woodward's Fifth and Sixth Semi-Annual Sales (October 1864 and March 1865), but pioneering numismatists like Matthew Stickney began acquiring their coins from bankers and bullion brokers at even earlier dates. Stickney purchased his 1827 from New York bullion broker Beebee, Ludlow & Co. on September 20, 1849, along with an 1825 half eagle (presumably the BD-1 variety), two new 1849 gold dollars, and a number of foreign coins. Stickney paid only the bullion price for the two rare half eagles, $5.35 per coin. The record price realized for an 1827 half eagle belongs to the MS65+ PCGS Pogue specimen, which realized $211,500 when it sold in May of 2016.
We can find only one prior auction appearance of this attractive MS62 specimen, in lot 2783 of the Dennis Mendelson Collection (Superior, 2/1991), where it was described as "... uncontested choice Uncirculated condition ... fresh and original." The obverse is sharply detailed and the reverse is sharp in most areas, but some definition has been lost to lapping, as this was the second of three uses for this hardy reverse. The area between the stems of the olive branch shows evidence of die rust. The pleasing orange-gold surfaces show only scattered, minor signs of contact, but a thin planchet fissure from the nose through star 3 serves as a pedigree marker. Vibrant mint luster adds to the outstanding eye appeal.
Ex: Dennis Mendelson Collection (Superior, 2/1991), lot 2783.
From The Hutchinson Collection.
1827 $5 BD-1, R.6, MS62 NGC. CAC. Bass-Dannreuther Die State a/b. Only dies for the date. Historically, the 1827 Capped Head Left half eagle has always been acknowledged as a rare issue, but the most recent findings suggests the coin may be even more elusive than modern collectors realize. In the 1980s researchers like David Akers and Walter Breen estimated the surviving population of the 1827 at 12-20 examples in all grades, based on frequency of auction appearances and personal knowledge of specimens in the great collections of the time. Unlike larger gold coins from the mid-19th century (eagles and double eagles), the supply of early half eagles has not been materially increased by modern shipwreck recoveries, and no hoard of early gold fives has surfaced in recent years, so one would expect the surviving population of coins like the 1827 half eagle to remain fairly static, allowing for the possibility of a few new discoveries from time to time. Instead, published estimates of the number of survivors have nearly doubled in recent years, ranging from 30-45 examples all told. This increase is probably based on population data, as PCGS and NGC have combined to certify 29 examples, ranging in grade from AU58 to MS66 (11/16). It seems virtually certain that this total includes a number of resubmissions and crossovers that have inflated the statistics, making the 1827 seem more available than it really is. In our January 2014 FUN catalog, Heritage numismatists published a roster of all specimens known to us that included only 17 distinctly separate examples, including three coins in institutional collections that remain unavailable to collectors.
The 1827 half eagle has been a popular issue since the earliest days of the hobby and was featured prominently in auctions of the 1860s, like W. Elliot Woodward's Fifth and Sixth Semi-Annual Sales (October 1864 and March 1865), but pioneering numismatists like Matthew Stickney began acquiring their coins from bankers and bullion brokers at even earlier dates. Stickney purchased his 1827 from New York bullion broker Beebee, Ludlow & Co. on September 20, 1849, along with an 1825 half eagle (presumably the BD-1 variety), two new 1849 gold dollars, and a number of foreign coins. Stickney paid only the bullion price for the two rare half eagles, $5.35 per coin. The record price realized for an 1827 half eagle belongs to the MS65+ PCGS Pogue specimen, which realized $211,500 when it sold in May of 2016.
We can find only one prior auction appearance of this attractive MS62 specimen, in lot 2783 of the Dennis Mendelson Collection (Superior, 2/1991), where it was described as "... uncontested choice Uncirculated condition ... fresh and original." The obverse is sharply detailed and the reverse is sharp in most areas, but some definition has been lost to lapping, as this was the second of three uses for this hardy reverse. The area between the stems of the olive branch shows evidence of die rust. The pleasing orange-gold surfaces show only scattered, minor signs of contact, but a thin planchet fissure from the nose through star 3 serves as a pedigree marker. Vibrant mint luster adds to the outstanding eye appeal.
Ex: Dennis Mendelson Collection (Superior, 2/1991), lot 2783.
From The Hutchinson Collection.