1796/5 $5 BD-1 MS(PCGS#519862)

Summer 2025 Global Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3160

Erhaltungsgrad

MS61

Preis

126.000

Losbeschreibung

One of the most significant survivors of this elusive second-year half eagle issue, this coin offers both rare Mint State preservation and a highly desirable numismatic provenance. It is also lovely, with lustrous, frosty to modestly semi-reflective surfaces that are enhanced by dominant honey-olive color. Wisps of pinkish-rose iridescence are also present and provide additional eye appeal. A few faint adjustment marks (as made) on the eagle's breast explain the minor softness in the centers on both sides, but otherwise we note impressively sharp strike detail for an early U.S. Mint gold coin. Several lint marks and other small strike throughs on both sides are also as made, while wispy hairlines and a faint reverse scratch through the final letter A in AMERICA explain the MS-61 assessment from PCGS. The eye appeal is strong, and uncommonly so for this scarce and conditionally challenged issue. BD Die State a/c.<p>Only a fraction of the reported mintage of 6,196 half eagles struck in 1796 actually bore that date - estimated to be between 1,057 and 2,000 coins - with the balance bearing the 1795 date. Only one pair of dies was used to produce these coins and it was a 1795-dated obverse die recut with the 1796 date. Fortunately for collectors who enjoy overdates, this feature is readily apparent. Along with the 1796/5 half dime this represents the earliest such overdates in the nation's coinage. 1796 turned out to be a year when every denomination was struck, from the half cent through to the eagle, a situation that would not be repeated until well into the 19th century.<p>Between 80 and 100 1796/5 half eagles are thought to remain. The half eagle was the principal gold coin used in the early economy and endured all the rigors of commerce. Most specimens are at the higher end of the circulated grade levels, with a small cluster in EF to lower end AU. Mint State coins are exceptionally rare, and we know of only two that are distinctly finer than that offered here: the D. Brent Pogue specimen in PCGS MS-62+ from our September 2015 Pogue II Sale, and an example certified MS-63 by the same service. This sale represents only the second auction appearance for the Bass specimen since 1971, and once it sells it may be many years, if not decades, before another Condition Census 1796/5 half eagle becomes available. An aggressive bidding strategy is clearly in order here.