Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Early Half Eagles
1821 $5 BD-1, High R.6 -- Cleaning -- PCGS Genuine. AU Details. Bass-Dannreuther Die State a/a. According to Mint records, 34,641 Capped Head Left half eagles were struck in 1821, but some of those coins were probably dated 1820. John Dannreuther believes the actual production total for 1821-dated coins may be as low as 20,000 pieces. Only two die varieties are known for the date, with this coin representing the BD-1 variety, with star 13 placed low and touching the curl. The BD-1 is seen more often than the BD-2 variety (which has only two confirmed examples), but it is still a rare issue, with a surviving population of about 15 specimens in all grades. This was the only use of the obverse die, but the reverse was used to strike a total of six half eagle die varieties from 1820-1824.
In addition to the low production total, another factor that definitely contributed to the rarity of the 1821 issue was the widespread hoarding and melting of all U.S. gold coinage, which began in a big way in 1821. The price of gold versus silver on the world market changed dramatically after the specifications for U.S. coinage were established in 1792. Production of silver from Latin American mines increased tremendously during this time period, and the Law of Supply and Demand drove the price of gold up until the intrinsic value of all U.S. gold issues was much greater than its face value. By 1821, U.S. gold coins were seldom seen in circulation, as speculators exported them for profit or melted them for bullion as soon as they were struck. This situation continued until Congress adjusted the specifications for gold coinage in 1834, by which time almost all old-tenor gold coins, including the 1821 half eagles, had been destroyed.
The 1821 half eagle was a favorite of early collectors, and examples began appearing at auction as early as the A.C. Kline Sale in 1855. The earliest numismatic transaction we are aware of was a private sale on January 6, 1846, when pioneering collector Matthew Stickney purchased a BD-1 specimen from bullion and exchange brokers Beebee, Ludlow & Co. for its bullion value of $5.35. Compare that early price with the staggering $564,000 realized by the MS66+ PCGS specimen in the D. Brent Pogue Collection when it sold in May of 2016.
The present coin shows some slight wear on the strongly impressed design elements, but almost all interior detail remains intact and the antique-gold surfaces show only minor abrasions on both sides. The luster is somewhat dimmed by the effects of a light cleaning long ago, but the overall presentation is still attractive for this early gold rarity. We know of no prior history for this coin and believe it has been off the market for some time.
1821 $5 BD-1, High R.6 -- Cleaning -- PCGS Genuine. AU Details. Bass-Dannreuther Die State a/a. According to Mint records, 34,641 Capped Head Left half eagles were struck in 1821, but some of those coins were probably dated 1820. John Dannreuther believes the actual production total for 1821-dated coins may be as low as 20,000 pieces. Only two die varieties are known for the date, with this coin representing the BD-1 variety, with star 13 placed low and touching the curl. The BD-1 is seen more often than the BD-2 variety (which has only two confirmed examples), but it is still a rare issue, with a surviving population of about 15 specimens in all grades. This was the only use of the obverse die, but the reverse was used to strike a total of six half eagle die varieties from 1820-1824.
In addition to the low production total, another factor that definitely contributed to the rarity of the 1821 issue was the widespread hoarding and melting of all U.S. gold coinage, which began in a big way in 1821. The price of gold versus silver on the world market changed dramatically after the specifications for U.S. coinage were established in 1792. Production of silver from Latin American mines increased tremendously during this time period, and the Law of Supply and Demand drove the price of gold up until the intrinsic value of all U.S. gold issues was much greater than its face value. By 1821, U.S. gold coins were seldom seen in circulation, as speculators exported them for profit or melted them for bullion as soon as they were struck. This situation continued until Congress adjusted the specifications for gold coinage in 1834, by which time almost all old-tenor gold coins, including the 1821 half eagles, had been destroyed.
The 1821 half eagle was a favorite of early collectors, and examples began appearing at auction as early as the A.C. Kline Sale in 1855. The earliest numismatic transaction we are aware of was a private sale on January 6, 1846, when pioneering collector Matthew Stickney purchased a BD-1 specimen from bullion and exchange brokers Beebee, Ludlow & Co. for its bullion value of $5.35. Compare that early price with the staggering $564,000 realized by the MS66+ PCGS specimen in the D. Brent Pogue Collection when it sold in May of 2016.
The present coin shows some slight wear on the strongly impressed design elements, but almost all interior detail remains intact and the antique-gold surfaces show only minor abrasions on both sides. The luster is somewhat dimmed by the effects of a light cleaning long ago, but the overall presentation is still attractive for this early gold rarity. We know of no prior history for this coin and believe it has been off the market for some time.