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

3199

1861-D $5 MS63 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:135,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1861-D $5 MS63 PCGS
<B>1861-D $5 MS63 PCGS.</B></I> Ex: Harry W. Bass, Jr. Variety 39-FF. This piece is one of only three examples of the 1861-D half eagle certified MS63 at PCGS, with none finer (12/07). NGC has certified three pieces in MS62, none in MS63, and a single piece in MS64 (allowing for duplications, as always). <BR> Branch mint gold expert Douglas Winter (2003) calls the 1861-D issue "the rarest and most numismatically interesting half eagle struck at the Dahlonega Mint." In this way he partly disagrees with David Akers, who wrote (1979) that "the 1861-D is very rare in any condition although I have seen more of this issue than I have of the 1842-D Large Date, Large Letters which, in my opinion, is the rarest D Mint Half Eagle."<BR> Akers continues to describe attributes of the 1861-D: "The typical 1861-D is VF but because of the date's rarity and popularity, it is usually overgraded as are most rare date coins. I have seen several that could reasonably be called 'uncirculated' and a few others at the AU level. Rounded, beveled rims and areas of softness in the strike are common to all examples I have seen."<BR> Notice, however, that Akers does not tacitly disagree with Winter when it comes to the "numismatically interesting" bit: This is because on April 8, 1861, Confederate forces seized the Dahlonega Mint, only four days before the shelling of Fort Sumter, South Carolina, signaled the official start of hostilities in the Civil War. <BR> Many numismatists, including Walter Breen, believe that the 1861-D coinage could be separated into two distinct coining periods, pre- and post-Confederate. Breen specifically says, "2 obvs. Shipped Dec. 19, 1860, received Jan. 7, 1861, one put to press before Feb. 28 with an 1860 rev. Quantity coined by CSA is unknown." In practice, however, there is no proven way to distinguish the two coinages.<BR> The mintage is also the subject of speculation. Most authorities say the federal coinage was 1,597 pieces plus an unspecified number under CSA control, usually put at 1,000 to 2,000 examples. The Garrett-Guth <I>Gold Encyclopedia, </B></I>however, lists the mintage of the 1861-D at 1,597 coins <I>including </B></I>the Confederate production, although the writeup just below corrects what seems to be merely unintentional error, citing the added 1,000 to 2,000 CSA specimens. <BR> This piece is a simply marvelous example of this difficult issue, and it is no wonder that PCGS saw fit on resubmission to upgrade it from MS62 to MS63. There are a few fine hairlines (not from cleaning) visible on the obverse along with a few tiny nicks in the left obverse field. A small mark between stars 5 and 6 will serve as a pedigree marker. The reverse is clean and quite choice. Unlike nearly every known 1861-D half eagle, this piece is totally original. Most examples are heavily abraded, but this piece shows only light evidence of contact. The luster is excellent, with lovely frosty texture on both sides. <BR> This is one of a handful of 1861-D half eagles that are neither cleaned nor processed, and as such it is highly desirable. The coloration is completely original and attractive, with medium orange-gold and rose hues. For those potential bidders who are scared by King Farouk's previous ownership of this coin (see pedigree information below) this is one piece from that collection that is uncleaned! This superb example of an important issue is well struck, attractively toned, and lustrous, and has choice surfaces. The combination of great eye appeal, strong historic associations, and an impressive pedigree makes it one of the most desirable Dahlonega half eagles in existence. The coin at one time resided in the Green Pond Collection auctioned by Heritage, a complete collection of D-mint gold formed by a savvy Southern collector and auctioned in the 2004 FUN Signature Auction<BR> <B>This is the plate coin the second edition of the Winter book on Dahlonega gold.</B></I> According to Winter, this coin is now third in the current Condition Census of finest known 1861-D half eagles, behind another MS63 PCGS coin (Ex: Duke's Creek Collection) also in the present sale and the MS64 NGC example (previously MS63 PCGS, also Ex: Duke's Creek).<BR><I>Ex: The Palace Collection-King Farouk (Sotheby's, 6/54), lot 254; Norweb I (Bowers and Merena, 10/87), lot 868, where it realized $48,400; </B></I> <I>later Ex: Harry Bass II (Bowers and Merena, 10/99), lot 1137, where it brought $48,300; Doug Winter and Lee Minshull; Green Pond Collection (6/2000); Heritage FUN 2004 Signature Sale (1/2004, lot 1065) as MS62, $74,750; since upgraded to MS63 PCGS. </B></I><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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