Lot 1273
1838-C. PCGS graded AU-53. Well struck and lightly toned. Only 17,179 struck. A burst of golden luster, lightly abraded from a few months' circulation had begun to tone in the outer areas when this was placed in its grading holder. Stars are somewhat lightly struck, resulting in them being rounded on their tops, and the date and the date and mintmark are also lightly impressed into the die. The initial year Half Eagle production for this Georgia Mint. Charlotte struck half eagles until 1861, when wartime conditions forced it to close. Scarce in all grades. Very elusive in About Uncirculated, which most collectors would describe as Rare. Desirable AU53 grade, note how few are graded in this and higher grades by PCGS: Pop 4; 7 finer, 3 in 55, 3 in 58, 1 in 63. (PCGS # 8177) .
Historic Note on the 1834-38 William Kneass "Classic Head" pieces: The reverse depicts an eagle with a shield on its breast, holding an olive branch and three arrows in its talons. The inscription UNITED STATES OF AMERICA, 5 D. surrounds. The motto E PLURIBUS UNUM, used earlier, was discontinued.
The authorized Half Eagle format 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 standard. The strategy to dissuade speculators from accumulating these for export by reducing the weight somewhat proved successful; it was no longer profitable to melt or export coins for bullion, and gold coins 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. Most of the mintage was accomplished at Philadelphia. In 1838, the branch mints at Charlotte and Dahlonega produced coins for the first time. Such mintmarked pieces are, as we noted, quite rare today.
Estimated Value $8,000 - 8,500.
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| Realized $14,688 |
