Lot 1346
1829. PCGS graded AU-50. CAC Approved. First year of the Capped Bust, Small Dentils type. A choice example for the grade, lightly toned with some rose color around the borders. Only 3,403 struck, with about 75 to 125 examples estimated to have survived. Handsome toning over natural yellow gold surfaces. The strike is sharp throughout and this one shows only light circulation evidence. The surfaces are pleasing too, with no deep or detracting marks.
Why are these so rare? The gold value of these had risen to the point that melting these gold coins was profitable. Hence many did just that, buy up all they could find and melt them down for the profit. This decimated the original mintages and today most of these issues are represented by far less than 1 percent of those struck. Its amazing that some dates weren't entirely eliminated! Today there are enough around that these are highly collectible, but for a price, as type collectors seeking an example keeps pressure on the handful of these that cross the market from year to year. By 1834 the situation became to so bad that an adjustment was made to the gold weight of each denomination in order to halt the future melting of the new coins for a profit. These old tenor coins were survivors and precious few are around today because of these tribulations. Pop 5; 43 finer at PCGS. (PCGS # 7669) .
Estimated Value $8,000 - 9,000.
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