LOT Old Heritage Auctions  /  2008 April Rosemont, IL (CSNS) US Coin #1104  / 

2462

1915-S $5 MS65 NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:115,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1915-S $5 MS65 NGC
<B>1915-S $5 MS65 NGC.</B></I> Between 1908 and 1929, four mints produced 24 different Indian half eagle issues. Although the 1915-S five is not a standout in terms of recorded mintage-it ranks fourth with a total of 164,000 coins struck-it is prominent as a conditional rarity above the MS63 level, perhaps equal to or slightly second to the 1914-S. An analysis of the NGC <I>Census Report</B></I> and the PCGS <I>Population Report</B></I> (3/08) provides insight into just how rare these two S-mint Indian half eagles actually are in terms of condition. For example, they are the only two issues in the entire series to have a population of a single coin at the MS65 level with none grading finer at both services combined. Furthermore, both the 1914-S and the 1915-S are the only two coins in the series to not have a coin graded above the MS64 level at PCGS. Even the 1909-O, one of the keys to the series and the lowest mintage Indian half eagle at 34,200 pieces, has had four coins graded at the Gem or better level at the two services collectively. Even the most challenging coin of the Indian fives in terms of overall rarity in all grades, the 1929, is more available in MS64 or finer condition than the 1915-S. <BR> The reason for the conditional rarity of the late date S-mint half eagles is that all coins struck were apparently released into circulation. During the early 1900s, circulating coinage was in short supply and desperately needed to meet the demands of a booming West Coast economy. As a result, few coins were saved early on and, as a result, we have a limited number of Mint State pieces available for collectors today. David Akers perhaps said it best in 1979: "Strictly Uncirculated examples are very rare and Choice or Gem quality Mint State pieces are almost impossible to obtain. This date is the rarest S-mint half eagle in any grade and is also [rarer] in Choice Mint State than the 1909-S, 1910-S, 1912-S, 1913-S, 1914-S and 1916-S. In fact, a strong argument could be made that it is the rarest Indian Head half eagle in Choice condition, its only competition coming from the 1909-O and the 1911-D which are also extremely rare in full Mint State." <BR> Any '15-S half eagle survivor in Gem condition-the current coin being the only example-would have been by pure happenstance. Perhaps a bank employee saved one as souvenir, or maybe a San Francisco Mint worker kept a nice example as a memento of his job. We will never know for certain, but numismatists are thankful that at least one Gem piece has survived for future generations of collectors. Unfortunately, once this specimen is sold it may be off of the market for years to come. Of course, we do not know that for certain, but special coins, such as this finest known 1915-S five dollar, do tend to become the prized centerpieces of serious cabinets. When one considers the aforementioned population figures, and the fact that the finest 1915-S five in the Smithsonian Institution is a cleaned AU coin, the importance of a Gem 1915-S is undeniable.<BR> This is a magnificent example that shows a lovely interplay of reddish-golden and pale lilac color. Strongly struck, the only exception is the lowest feather of the headdress, as usually seen on this design type. The only mark that could be used as a future pedigree identifier is a vertical abrasion just below the Indian's chin.<BR><BR><B>Coin Engraver:</B> Bela Lyon Pratt<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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