LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Signature Coin #422  / 

978

1839-O 50C MS67 PCGS. An outstanding example of this i

Currency:USD Category:Coins & Paper Money / US Coins Start Price:110,000.00 USD Estimated At:1.00 - 2.00 USD
1839-O 50C MS67 PCGS. An outstanding example of this i
<B>1839-O 50C MS67 PCGS.</B></I> An outstanding example of this important issue, the only business strike Capped Bust half dollar production from the New Orleans Mint. The Reeded Edge, HALF DOL. type was struck for just two years, principally at Philadelphia. In 1838 and 1839, the mother mint struck nearly 5 million half dollars. During this same two-year span, New Orleans coined fewer than 180,000 pieces, including 20 proofs in 1838. Large-scale half dollar production did not occur at the Gulf of Mexico facility until 1840, by which time the Seated Liberty design was in use.<BR> The 1839-O is scarce in all grades. Third party population data suggests that most survivors are in XF and AU grades, although pieces have been certified as low as Fair 2. Mint State survivors are very scarce, and the vast majority of these grade between MS61 and MS65. At the lofty MS67 level, NGC and PCGS have each certified only a single example, with none finer (9/06). We have not seen the NGC MS67 piece, yet it would surprise us if it exceeded the immense quality of the present Superb Gem.<BR> The MS67 grade is confirmed by the remarkably unabraded surfaces. The reverse and the left obverse are essentially immaculate, and the only contact that be discerned, even with the aid of a loupe, is a faint reeding impression on the field to the right of the highest neck curl. The rich original toning further contributes to the eye appeal. Peach, aqua, and pearl-gray shades intermingle and alternate across the uncommonly smooth fields and devices.<BR> The dies are relatively late state. Both borders are encircled by a network of fine cracks, and a branch crack extends from the eagle's beak to a small break between the bases of the AT in STATES. A relatively heavy rim-to-rim crack from 2 o'clock to 3:30 on the reverse threatens to form a retained break. The mintmark, located above the date for the final time on an O-mint issue, is repunched south. The first three stars and the D S in UNITED STATES show moderate weakness, but the major devices are fully struck aside from a few knuckles on the eagle's right (facing) claw.<BR> In January of last year, Heritage offered the landmark Jules Reiver collection. Mr. Reiver collected not only by date and die marriage, but often by die state as well. This intense interest in die varieties was exemplified by his holdings of Reeded Edge half dollars. He even self-published a Variety Identification Manual for the series, based upon research he began while assisting Heritage with cataloging for their 1986 Salt Lake City Mid-Winter ANA auction. Reiver combed the holdings of major dealers, and formed an extensive Reeded Edge half collection by date, die variety, and die state. Naturally, his ground-breaking Variety Identification Manual concentrates on the plentiful marriages for the Philadelphia issues.<BR> For the 1839-O, Reiver found two die marriages, JR-1 with four die states, and JR-2 with two die states. The two varieties share the same obverse die, with the mintmark recut south, although this recutting fades on later examples of JR-2. The present Superb Gem is an example of JR-1 Die State b. By Die State d, the reverse cracks are so heavy that the reverse field is divided into different planes, an indication that the die was about to shatter and require replacement. Although the obverse die was also notably cracked, it must have been deemed fit for use by the New Orleans coiner, since it was continued for JR-2, paired with a fresh reverse die.<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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