LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

3198

1861-D $5 MS63 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:180,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1861-D $5 MS63 PCGS
<B>1861-D $5 MS63 PCGS. CAC.</B></I> Variety 39-FF. This is the first time this phenomenal coin has been offered at public auction. It has been known to a few specialists for 10 years or so, but has only traded hands through private transactions. Somewhere between 2,500 and 3,500 pieces were struck of the 1861-D five with perhaps 65-75 examples known today in all grades. The other MS63 was also in the Duke's Creek Collection, but this piece is positioned at the top of the roster of the finest pieces known. This coin received a full paragraph in Doug Winter's <I>Gold Coins of the Dahlonega Mint, 1838-1861</B></I>:<BR> <BR> "To the best of my knowledge, an 1861-D half eagle was the first Dahlonega gold coin to sell for more than $100,000. In 1997, Heritage Rare Coin Galleries and I paid a six-figure price for a superb 1861-D half eagle that was later graded Mint State-63 by PCGS. It was quickly sold to Hancock and Harwell who then placed it in the Duke's Creek collection. Considering that this is the finest known example of the most desirable Dahlonega half eagle, its record price is well-deserved."<BR><BR> There are two distinct striking periods for the 1861-D and each has its own merits. The first period, represented by this coin, was allegedly struck under federal authority. These pieces, believed to have been struck between January and April 1861 are identifiable by a better quality strike and proper alignment of the dies. After the mint was seized by Confederate forces on April 8, the coins tend to take on a more crude appearance and are poorly aligned. This is the general belief of specialists, but there is no way to actually determine a federal coin from one struck under CSA control. <BR> The surfaces of this piece indicate it is an early (USA) striking, if one accepts the striking sequence set forth above. The striking details are a bit soft on the highpoints of the hair above ER in LIBERTY, the obverse stars, and the eagle's claw, but elsewhere the definition is strong and the design elements show good alignment. <BR> The surfaces of this piece are phenomenal for a Dahlonega product. There are no mentionable defects on either side. The only usable pedigree identifier is a faint diagonal streak of grease that was struck into the coin at the time of production, located below the eagle's left (facing) wing and the first upper leaf on the branch below. Mint luster is always uncertain on Dahlonega and Charlotte coins because so few exist in Uncirculated grades, thus there is little opportunity to make generalized statements about luster. This coin shows a decided frosted texture with a slight semi-prooflike sheen in the fields. The color is also wonderful. It is totally original and untampered. Overall the piece has a slight reddish-gold color but there is also a lovely intermingling of lilac on each side. <BR> The well-balanced strike, clean surfaces, excellent mint luster, and original color all add up to exceptional eye appeal. Not only for a Dahlonega five, but this piece would be noteworthy if it was a Philadelphia issue from 1861. To quote Doug Winter in a phone interview about this coin: "This is certainly one of the two finest known, and it is the finest 1861-D five likely to be available on the market anytime soon." This extraordinary coin will likely set a record for a Dahlonega gold coin.<BR><I>Ex: Paul Kagin; Stuart Levine; Doug Winter/Heritage Rare Coin Galleries; Jack Hancock; Duke's Creek Collection. </B></I> <BR> <BR><BR><B>Coin Engraver:</B> Christian Gobrecht<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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