Lot 3284
1838 $5 Classic Head. PCGS graded MS-63 PQ. Final year of this short-lasting design. Well struck and a hint of golden toning. A bright choice specimen that spares no compromises with its rich golden iridescence on both sides. Strike is much sharper than average for the Type (compare to, say, the often weak 1834-36 dates), as it is struck with systematic exactness throughout.
The half eagle standard was reduced from 135 grains to 129 grains via the Act of June 28, 1834. This was put into effect on August 2, 1834, and coins struck on and after that date were of the new lighter weight. The strategy to dissuade exporters proved successful; it was no longer profitable to melt or export gold coins for bullion, and they circulated at par for the first time since the War of 1812.
From 1834 through 1838, large quantities were produced, with bullion supplied from gold production in North Carolina and Georgia and by gold shipments received from France as an indemnity for spoliation against American commerce during the Napoleonic Wars, according to researches by the Harry Bass Foundation. Most of the mintage was accomplished at Philadelphia. In 1838, the branch mints at Charlotte and Dahlonega produced coins for the first time. The total business strike mintage of the Classic Head type totaled 2,113,612 coins. Pop 11; 25 finer; 21 in 64; 3 in 65; 1 in 66. (PCGS # 8176) .
Estimated Value $12,000 - 14,000.
Ex: The Brentwood Park Estate.
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| Realized $14,375 |
