Lot 1965
1818 $5 Capped Head. PCGS graded AU-53. Nice even wear. There are a few light marks on the face, but the fields show exemplary smoothness and a fair amount of original luster at the stars and around the main devices. The rims are in excellent shape as well. The color vivid. The 1818 issue is among the scarcer in this heavily exported series.
Under the act of April 5,1792, the legal ratio of silver to gold was fifteen to one, a ratio that undervalued gold. Since 1803, France and the Latin countries adopted a legal ratio of fifteen and one-half of silver to one of gold, and as a consequence, gold, being undervalued in the United States, was withdrawn from circulation here. Large numbers of half eagles of the period, 1818 included, were sold abroad at a profit by the bullion brokers who were ever on the alert for gain.
The change made by the act of June, 1834, undervalued silver, the ratio of that metal to gold being fixed at close to sixteen to one, but the principal reason assigned for the overvaluation of gold by the act of June 28, 1834, was to provide coins of large denominations to take the place of the notes and bills used by the Bank of the United States, the forerunner "central" bank of this country. Pop 5; 35 finer. (PCGS # 8119) .
Estimated Value $8,000 - 9,000.
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| Realized $9,775 |
