Lot 2268
1827 $5 Capped Head. NGC graded MS-66. Encased in NGC holder 1716198-003. Fully struck. Needle sharp and intense mint luster. Probably ex Starr coin. Look at this year's ANA Sale. Candidate for finest known. During the 1830s, large quantities of silver entered the market from Mexican and South American mines. One result of this was that the price of gold rose sharply in relation to silver, upsetting the pre-1834 gold to silver ratio in our bimetallic monetary setup. United States gold coins became worth more as bullion than as currency. Many were exported.
The 1827 is a Capped Bust Left Half Eagle that rarely appears in the market, and Breen opines that fewer than 0.05% of the original mintage of 24,913 pieces escaped destruction. Analyzed another way, the extant population of this incredibly rare 1820s gold issue is believed to be no more than 15-20 coins. Most are either About Uncirculated or scratched Mint State grades, although unexpectedly, there are a few truly exceptional representatives in numismatic hands. We are aware of the following Gem-quality 1827 Half Eagles (provided by Bowers and Merena's research department):
1. Ex: Garrett Collection Sales (Bowers and Ruddy, November 1979), lot 469. The Garretts acquired the coin from William Hesslein on November 25, 1919.
2. Ex: Walter P. Innes, Jr. Collection (J.C. Morgenthau, July 1937), lot 31; Floyd T. Starr Collection (Stack's, October 1992), lot 1200. The present example, identifiable by a thin, faint reverse planchet streak (as struck) in the left field.
3. Ex: The September 7, 8, 9, 1997 U.S. Coin and Currency Auction (Superior), lot 2930. Certified MS-65 by PCGS at the time of sale, and identifiable by a slanting abrasion over Liberty's portrait behind the nose.
To date, this heart-stopping piece is the single-finest graded 1827 half eagle known to the grading services. This coin is intensely lustrous with yellow-gold, satin-to-softly frosted luster and even color over both sides. Razor-sharp devices include definition you'd never see on a half eagle of this type unless a miracle occurred. A few slight abrasions occur, but none warrant mention; again, referring to the above (Coin #2): the primary provenance marker other than the PCGS holder number is the little reverse planchet streak (as made).
In a sale replete with gold rarities, this 1827 Half Eagle stands as a strong contender for your attention among the gold offerings. Years may go by before another coin of this issue is listed for sale; we encourage interested collectors to get ready potent bids in preparation for this coin's price action in the sale. Pop 1; none finer. (PCGS # 8136) .
Estimated Value $225,000 - 250,000.
From Stack's sale of the Floyd T. Starr Collection, October 1992, lot 1200. Earlier from J.C. Morgenthau's sale of the Walter P. Innes, Jr. Collection, July 1937, lot 31.
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