Lot 2000
1833 $5 Capped Head. Small date. . M-167. PCGS graded MS-65. Probably the very finest known of the date 1833, this glorious half eagle boasts full mint bloom and dazzling luster. The strike is sharp, and nearly all stars are full at the centers save for the first and last. Light coppery toning is noted near the periphery, otherwise this one is bright. PCGS has only graded one coin this high of the date, this specimen, and one in the grade below, next is a single example below those as MS-61. Forget the reported mintage on these, virtually all were melted as the price of gold exceeded the face value and the gold content was reduced in early 1834. As many of this early type were held in the Mint's vaults in 1834, once the new law was pending, the inventory was melted and recoined into the classic heads without motto starting in August of 1834 (the new coins looked sufficiently different that they could easily be told apart). Naturally, the older, heavier and more valuable coins were collected and melted in droves for years to come. Some entire mintages were virtually wiped out, like the 1815, 1819, 1822 and 1829. Through American numismatic history, these half eagles have been the pinnacle series of most advanced numismatists. Many have tried and failed to locate even a handful of examples after years of searching. Therefore, this offering of the finest graded 1833 small date is of great significance, and an opportunity which may not be repeated in a lifetime.
The small date 1833 is actually much rarer than the large date variety. Further, there are two reverse dies used to coin the small dates! Both are quite rare, of course. We checked around and were unable to locate a previous appearance of this coin, but it may be the 1982 Boston ANA specimen (Steve Ivy Auctions) noted in Breen's Encyclopedia. Eliasberg didn't have an example of the small date, and the Garrett coin was not quite mint state. This one can be identified by a small low area on the rim above the eighth star, a tiny nick on the truncation above and left of the 1 in the date, and on the reverse by a small tick below and touching the right serif of the first A in AMERICA. In PCGS holder #6568506.
Estimated Value $90,000-UP.
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