Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Early Half Eagles
1831 $5 Large 5D, BD-2, R.6, AU58 PCGS Secure. Bass-Dannreuther Die State c/b. Because of increased gold deposits from recently discovered finds in Georgia and the Carolinas, mintages of half eagles increased greatly after 1830. Unfortunately, the intrinsic value of the coins continued to be much greater than the face value, resulting in widespread hoarding, exportation, and melting. Efforts to rectify the situation began in 1829, when the diameter of the half eagle was reduced significantly, with a corresponding increase in thickness, making the coins appear smaller. No one was fooled by this, however, and the issue was only resolved in 1834, when the gold content of the coins was reduced. Only a tiny fraction of the 140,595-piece half eagle mintage accomplished in 1831 survived long enough to be rescued by early numismatists. Two die varieties are known for the date and both are quite elusive. Both varieties share a common obverse, but the different reverses are easily distinguished by the size of the D in the denomination. This coin represents the BD-2 variety, with the Large D reverse. The BD-2 has a surviving population of 22-30 examples in all grades and probably accounted for 75,000-100,000 pieces of the reported mintage.
Both Walter Breen and John Dannreuther believed the BD-2 was struck after the BD-1 variety of 1831, but John Kraljevich recently noticed that the D. Brent Pogue specimen of the BD-2 appears to be from an earlier die state than the BD-1 in the Pogue Collection. In lot 4041 of the D. Brent Pogue Collection, Part IV (Stack's Bowers, 5/2016) the cataloger noted, "The break between the points of star 5 is far earlier on this coin than the Pogue BD-1." From this, it now seems that the die emission sequence for the 1831 varieties includes at least one remarriage, with the BD-2 coins struck between pairings of the BD-1 dies. With so few examples of both varieties available for study, the exact emission sequence is difficult to establish.
The present coin is a pleasing near-Mint specimen, with just a trace of wear on the sharply detailed design elements. The obverse die break at star 5 is present and a more extensive crack shows on the reverse from OF, through the wing, and on through the letters in AMERIC. The still-lustrous orange-gold surfaces are minimally abraded and eye appeal is quite strong. The 1831 half eagle is rare as a date and type, and we expect intense competition from discerning collectors when this lot is called.
1831 $5 Large 5D, BD-2, R.6, AU58 PCGS Secure. Bass-Dannreuther Die State c/b. Because of increased gold deposits from recently discovered finds in Georgia and the Carolinas, mintages of half eagles increased greatly after 1830. Unfortunately, the intrinsic value of the coins continued to be much greater than the face value, resulting in widespread hoarding, exportation, and melting. Efforts to rectify the situation began in 1829, when the diameter of the half eagle was reduced significantly, with a corresponding increase in thickness, making the coins appear smaller. No one was fooled by this, however, and the issue was only resolved in 1834, when the gold content of the coins was reduced. Only a tiny fraction of the 140,595-piece half eagle mintage accomplished in 1831 survived long enough to be rescued by early numismatists. Two die varieties are known for the date and both are quite elusive. Both varieties share a common obverse, but the different reverses are easily distinguished by the size of the D in the denomination. This coin represents the BD-2 variety, with the Large D reverse. The BD-2 has a surviving population of 22-30 examples in all grades and probably accounted for 75,000-100,000 pieces of the reported mintage.
Both Walter Breen and John Dannreuther believed the BD-2 was struck after the BD-1 variety of 1831, but John Kraljevich recently noticed that the D. Brent Pogue specimen of the BD-2 appears to be from an earlier die state than the BD-1 in the Pogue Collection. In lot 4041 of the D. Brent Pogue Collection, Part IV (Stack's Bowers, 5/2016) the cataloger noted, "The break between the points of star 5 is far earlier on this coin than the Pogue BD-1." From this, it now seems that the die emission sequence for the 1831 varieties includes at least one remarriage, with the BD-2 coins struck between pairings of the BD-1 dies. With so few examples of both varieties available for study, the exact emission sequence is difficult to establish.
The present coin is a pleasing near-Mint specimen, with just a trace of wear on the sharply detailed design elements. The obverse die break at star 5 is present and a more extensive crack shows on the reverse from OF, through the wing, and on through the letters in AMERIC. The still-lustrous orange-gold surfaces are minimally abraded and eye appeal is quite strong. The 1831 half eagle is rare as a date and type, and we expect intense competition from discerning collectors when this lot is called.